MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
N-30B-2, 1995-12-07
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<PAGE>
                                 MORGAN STANLEY
                        EMERGING MARKETS DEBT FUND, INC.

- ---------------------------------------------

OFFICERS AND DIRECTORS

<TABLE>
<S>                          <C>
Barton M. Biggs              Frederick B. Whittemore
CHAIRMAN OF THE BOARD        DIRECTOR
OF DIRECTORS                 James W. Grisham
Warren J. Olsen              VICE PRESIDENT
PRESIDENT AND DIRECTOR       Harold J. Schaaff, Jr.
Peter J. Chase               VICE PRESIDENT
DIRECTOR                     Joseph P. Stadler
John W. Croghan              VICE PRESIDENT
DIRECTOR                     Valerie Y. Lewis
David B. Gill                SECRETARY
DIRECTOR                     James R. Rooney
Graham E. Jones              TREASURER
DIRECTOR                     Joanna M. Haigney
John A. Levin                ASSISTANT TREASURER
DIRECTOR
William G. Morton, Jr.
DIRECTOR
</TABLE>

- ---------------------------------------------
INVESTMENT ADVISER

Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
- ---------------------------------------------------------
ADMINISTRATOR
The Chase Manhattan Bank, N.A.
73 Tremont Street
Boston, Massachusetts 02108
- ---------------------------------------------------------
CUSTODIANS
Morgan Stanley Trust Company (International)
One Pierrepont Plaza
Brooklyn, New York 11201
The Chase Manhattan Bank, N.A. (Domestic)
770 Broadway
New York, New York 10003
- ---------------------------------------------------------
SHAREHOLDER SERVICING AGENT
The First National Bank of Boston
Investor Relations Department
P.O. Box 644, Mail Stop 46-02-09
Boston, Massachusetts 02102-0644
(617) 575-2900
- ---------------------------------------------------------
LEGAL COUNSEL
Rogers & Wells
200 Park Avenue
New York, New York 10166
- ---------------------------------------------------------
INDEPENDENT ACCOUNTANTS

Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036

- ---------------------------------------------------------
For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726.

                            ------------------------

                                 MORGAN STANLEY
                                EMERGING MARKETS
                                DEBT FUND, INC.
                             ---------------------

                              THIRD QUARTER REPORT
                               SEPTEMBER 30, 1995
                      MORGAN STANLEY ASSET MANAGEMENT INC.
                               INVESTMENT ADVISER
<PAGE>
LETTER TO SHAREHOLDERS
- -------

For  the  three months  ended September  30, 1995,  the Morgan  Stanley Emerging
Markets Debt Fund, Inc. had a total return, based on net asset value per  share,
of  7.26% compared to 5.96% for the J.P. Morgan Emerging Markets Bond Index (the
"Index"). For the nine months ended September 30, 1995, the Fund's total  return
was  18.31%  compared to  15.74% for  the  Index. We  believe that  the markets'
two-quarter strength is  extendable into the  next several quarters--albeit  not
nearly  at the  same pace  as the  last six  months--by virtue  of still broadly
attractive valuations which exist in the  benchmark assets for the 14  countries
in which the Fund is invested.

Gains  were extended  in most  of the  major positions  in the  Fund, as overall
confidence in Latin and  other emerging markets  recovered following the  Mexico
devaluation  of December 1994.  Although the trajectory  of the recovery leveled
off in the third quarter  relative to the very strong  30% move in the  previous
quarter,  several  important developments  in key  countries contributed  to the
market's strength.

We believe that Brazil will continue  to stabilize and attract foreign  capital.
Brazilian  Brady bonds  provided a  total return  of 11%  in the  third quarter.
Macroeconomic indicators strengthened across the board over the quarter: monthly
inflation reached 1 1/2%  in August; the key  trade deficit reversed during  the
summer,  going from a $800 million deficit in  June to a $325 million surplus in
August; the country's  reserves have continued  to swell, reaching  a hefty  $48
billion  at  the end  of  September. On  the  political reform  front, President
Cardoso is slowly but surely  guiding key political and administrative  measures
into  and  through  Congress. Amid  steady  progress  on both  the  economic and
political fronts Brazilian bonds provide  a generous spread premium of  900-1200
basis  points  over U.S.  Treasuries.  These assets  represent  one of  the most
attractive risk/return profiles in any fixed income market today.

Mexican assets are  going to go  through a  long recovery process.  The move  to
macroeconomic  stability, in  the wake of  extremely severe  dislocations in the
Mexican economy,  will necessarily  be  a multi-year  process. We  believe  that
ultimately  Mexico  will  achieve  economic  stability  over  the  next  several
quarters, most probably by mid-1996, but the road toward equilibrium is indeed a
bumpy ride. And political turbulence will continue to afflict both Mexican  debt
and  equity markets. In this atmosphere we  have focused on assets within Mexico
which appear to be the most oversold  and undervalued. Some of these are  Mexico
peso-denominated Treasury bills--Cetes--which are providing the Fund with yields
(in pesos) of 40-45%.

Our view is that in a 1996 growth recovery environment in Mexico, accompanied by
very  strict  fiscal  and  monetary  policies,  the  inflationary  trends  point
downwards; hence the currently very high real interest rates of 20-25% on  these
instruments are very attractive over a 12-month horizon.

We  continued along the path of reducing  the Fund's weighting in Argentina over
the quarter. In mid-May the weighting in Argentina stood at 20%; by September 30
the allocation  had declined  to 6.2%  of  the Fund.  The medium-  to  long-term
fundamental  outlook for  this country  looks great:  vast natural  resources, a
well-educated, professional middle-class, huge  gains in structural reform  over
the  last five years,  and a consensus commitment  to sustaining the hard-fought
economic gains  of  the  President  Menem/ Finance  Minister  Cavallo  era.  But
overshadowing  this  rosy long-term  outlook are  short-term  worries of  a dual
nature; political, in  the form  of backbiting  between the  Menem, Cavallo  and
other  intense  political  interests in  Buenos  Aires; and  secondly,  and more
fundamentally, the  Argentine economy  is  currently in  the  midst of  a  sharp
recession,  with  attendant  upward  pressure  on  unemployment,  sharply  lower
industrial production, and a lot of nervousness in the

                                       1
<PAGE>
local markets. We await  the dust to settle  in Argentina before reallocating  a
significant portion of the Fund to that country.

Elsewhere  we are  holding 14%  of the Fund's  assets in  Russia in  the form of
non-performing  dollar-denominated  loans.   These  loans  are   slated  to   be
restructured  within  the next  nine  months, at  which  point they  will become
dollar-denominated bonds,  obligations  of  the Russian  federation.  Given  the
dramatic  turnaround in  the macroeconomic  fortunes of  Russia, plus  the clear
commitment by authorities to rectify  the country's external debt situation,  we
forecast  strong upward movement in  the process of Russian  assets, in both the
fixed income and equity sectors.

SUMMARY

Our view remains that emerging debt prices, while staging a powerful rally since
mid-March, have  further  upside potential  based  on the  simple  but  powerful
combination  of extremely attractive valuations--  largely dollar bonds yielding
12% to 18%, along with a sometimes  fitful but surely improving outlook for  the
world's major developing countries.

Effective for the first quarterly dividend payable in 1996, the Fund's Directors
have  set the  Fund's quarterly dividend  paid to  shareholders at approximately
$0.36 per share, subject to the Fund having sufficient earnings. As required  to
maintain  the Fund's favorable  tax status, ordinary income  earned in excess of
the quarterly amount (and capital gains,  if any) not previously distributed  to
shareholders   will  be  declared  annually  as   part  of  the  fourth  quarter
distribution.

Sincerely,

           [SIG]

Barton M. Biggs
CHAIRMAN

           [SIG]

Paul Ghaffari
FUND MANAGER

November 7, 1995

                                       2
<PAGE>
Morgan Stanley Emerging Markets Debt Fund, Inc.
Investment Summary as of September 30, 1995
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
HISTORICAL
INFORMATION
                                                             TOTAL RETURN (%)
                         ----------------------------------------------------------------------------------------

                               MARKET VALUE (1)            NET ASSET VALUE (2)                INDEX (3)
                         ----------------------------  ----------------------------  ----------------------------
                                           AVERAGE                       AVERAGE                       AVERAGE
                           CUMULATIVE       ANNUAL       CUMULATIVE       ANNUAL       CUMULATIVE       ANNUAL
                         ----------------------------  ----------------------------  ----------------------------
<S>                      <C>             <C>           <C>             <C>           <C>             <C>
CURRENT QUARTER                 8.91%            --           7.26%            --           5.96%            --

FISCAL YEAR TO DATE            22.01             --          18.31             --          15.74             --

ONE YEAR                       12.34          12.34%         10.21          10.21%          6.04           6.04%

SINCE INCEPTION*               14.25           6.27          18.92           8.24          11.69           5.18
</TABLE>

PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- --------------------------------------------------------------------------------

RETURNS AND PER SHARE INFORMATION (2)

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
     PERIODS ENDED SEPTEMBER 30:         1993*      1994     9 MONTHS ENDED 9/30/95 (UNAUDITED)
<S>                                    <C>        <C>        <C>
Net Asset Value                          $ 18.96    $ 12.23                              $ 11.97
Income Dividends                            0.16       1.49                                 1.24
Capital Gains and Other Distributions          -       0.41                                    -
Fund Total Return (2)                     35.96%   (25.95%)                               18.31%
Index Total Return (1)                    18.67%   (18.68%)                               15.74%
</TABLE>

(1)Assumes dividends and distributions, if any, were reinvested.

(2)Total  investment  return based  on per  share net  asset value  reflects the
   effects of changes in net asset value  on the performance of the Fund  during
   each   period,  and  assumes  dividends   and  distributions,  if  any,  were
   reinvested. These percentages are not an  indication of the performance of  a
   shareholder's investment in the Fund based on market value due to differences
   between the market price of the stock and the net asset value of the Fund.

(3)JP Morgan Emerging Markets Bond Index

 * The Fund commenced operations on July 23, 1993.

                                       3
<PAGE>
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio Summary as of September 30, 1995
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

PORTFOLIO INVESTMENTS DIVERSIFICATION

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S>                      <C>
Debt Instruments             84.5%
Short-Term Investments       15.5%
</TABLE>

- --------------------------------------------------------------------------------

COUNTRY WEIGHTINGS

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S>          <C>
Algeria           2.2%
Argentina         6.2%
Brazil           17.4%
Bulgaria          3.6%
Ecuador           4.1%
India             1.1%
Mexico            6.8%
Morocco           6.0%
Nigeria           6.4%
Panama            3.2%
Peru              0.4%
Poland            4.0%
Russia           14.1%
Venezuela         9.0%
Other            15.5%
</TABLE>

- --------------------------------------------------------------------------------

TEN LARGEST HOLDINGS

<TABLE>
<C>        <S>
       1.  Bank for Foreign Economic Affairs (USD)
       2.  Federative Republic of Brazil 'C' Bond
           'Euro' 8.00%, 4/15/14 PIK
       3.  Central Bank of Nigeria Par Bond 6.25%,
           11/15/20
       4.  Petroleos Mexicanos 8.625%, 12/1/23
       5.  Kingdom of Morocco Restructuring and
           Consolidation Agreement 'A' 1990 6.6875%,
           1/1/09
       6.  Republic of Venezuela Debt Conversion Bond
           'DL' 6.8125%, 12/18/07
       7.  Federative Republic of Brazil 'C' Bond
           8.00%, 4/15/14 PIK
       8.  Republic of Panama Unrestructured Loans
       9.  Republic of Argentina 'L' Bond 'Euro'
           6.8125%, 3/31/05
      10.  Bank for Foreign Economic Affairs (DEM)
</TABLE>

                                       4
<PAGE>
INVESTMENTS (UNAUDITED)
(Showing Percentage of Total Value of Investments)

- ------------

SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
                                          FACE AMOUNT        VALUE
                                                (000)        (000)
<S>                            <C>        <C>          <C>
- ---------------------------------------------------------
- ------------
DEBT INSTRUMENTS (84.4%)
- --------------------------------------------------
- ----------
ALGERIA (2.2%)
LOAN AGREEMENTS
  +++Algeria Loan Agreement
   1989, 7.625%, 12/31/96      FRF            27,830   U.S.$ 2,119
  +++Algeria Reprofiled Loan
   Agreement 'A' 1992
   8.3125%, 12/31/00           U.S.$          10,220         4,292
                                                       -----------
                                                             6,411
                                                       -----------
- -----------------------------------------------------------------
- -------------
ARGENTINA (6.2%)
BONDS
  Compania Austral de
   Inversiones (Convertible)
   7.00%, 3/7/96                               1,000         1,249
  Nortel Inversora `A' 6.00%,
   3/31/07                                    11,541         6,088
  +++Republic of Argentina
   'L' Bond 'Euro' 6.8125%,
   3/31/05                                    14,500         9,008
  +++Republic of Argentina
   Discount Bond 6.875%,
   3/31/23                                     3,000         1,748
                                                       -----------
                                                            18,093
                                                       -----------
- -----------------------------------------------------------------
- -------------
BRAZIL (17.4%)
BONDS
  +++Federative Republic of
   Brazil 'C' Bond 'Euro'
   8.00%, 4/15/14 PIK                         53,008        28,227
  +++Federative Republic of
   Brazil 'C' Bond 8.00%,
   4/15/14 PIK                                18,337         9,764
  +++Federative Republic of
   Brazil 'YL4' Bond 4.25%,
   4/15/24                                    13,250         6,443
  +++Federative Republic of
   Brazil 'YL3' Bond 4.25%,
   4/15/24                                     1,500           729
  +++Federative Republic of
   Brazil Eligible Interest
   Bond 'Euro' 7.25%, 4/15/06                  2,250         1,496
  +++Federative Republic of
   Brazil `New' Money Bond
   7.3125%, 4/15/09                            6,250         3,813
                                                       -----------
                                                            50,472
                                                       -----------
- -----------------------------------------------------------------
- -------------

<CAPTION>
                                          FACE AMOUNT        VALUE
                                                (000)        (000)
<S>                            <C>        <C>          <C>
- ---------------------------------------------------------
- ------------
BULGARIA (3.6%)
BONDS
  +++Republic of Bulgaria
   Front-Loaded Interest
   Reduction Bond 'A' 'Euro'
   2.00%, 7/28/12              U.S.$           4,500   U.S.$ 1,187
  +++Republic of Bulgaria
   Discount Bond 'A' 6.75%,
   7/28/24                                        49            25
  +++Republic of Bulgaria
   Discount Bond 'B' 7.25%,
   7/28/24                                       880           444
  +++Republic of Bulgaria
   Interest Arrears Bond
   6.75%, 7/28/11                              3,024         1,366
  +++Republic of Bulgaria
   Interest Arrears Bond
   'Euro' 6.75%, 7/28/11                      16,648         7,523
                                                       -----------
                                                            10,545
                                                       -----------
- -----------------------------------------------------------------
- -------------
ECUADOR (4.1%)
BONDS
  +++Republic of Ecuador
   Discount Bond 6.8125%,
   2/28/25                                       792           390
  +++Republic of Ecuador
   Discount Bond 'Euro'
   6.8125%, 2/28/25                           15,115         7,444
  +++Republic of Ecuador
   Eligible Interest Bond
   `Euro' 6.75%, 12/21/04                        688           410
  +++Republic of Ecuador Par
   Bond 3.00%, 2/28/25                            65            21
  +++Republic of Ecuador Past
   Due Interest Bond 6.8125%,
   2/27/15                                    11,277         3,651
                                                       -----------
                                                            11,916
                                                       -----------
- -----------------------------------------------------------------
- -------------
INDIA (1.1%)
BONDS
  +++Saurashtra Cement Co.
   17.00%, 3/1/97              INR           940,000         3,117
                                                       -----------
- -----------------------------------------------------------------
- -------------
MEXICO (6.8%)
BONDS
  Grupo Industrial Durango
   12.00%, 7/15/01             U.S.$           5,500         5,087
  Petroleos Mexicanos 8.625%,
   12/1/23                                    20,000        14,500
                                                       -----------
                                                            19,587
                                                       -----------
- -----------------------------------------------------------------
- -------------
</TABLE>

                                       5
<PAGE>
<TABLE>
<CAPTION>
                                          FACE AMOUNT        VALUE
                                                (000)        (000)
- ---------------------------------------------------------
- ------------
<S>                            <C>        <C>          <C>
MOROCCO (6.0%)
LOAN AGREEMENTS
  +++Kingdom of Morocco
   Restructuring and
   Consolidation Agreement
   'A' 1990 8.5175%, 12/31/00
   (Participation: Salomon
   Brothers)                   JPY           792,741   U.S.$ 4,112
  +++Kingdom of Morocco
   Restructuring and
   Consolidation Agreement
   'A' 1990 6.6875%, 1/1/09
   (Participation: Goldman
   Sachs, Lehman Brothers,
   Paribas, Salomon Brothers)  U.S.$          21,500        13,437
                                                       -----------
                                                            17,549
                                                       -----------
- -----------------------------------------------------------------
- -------------
NIGERIA (6.4%)
BOND
  Central Bank of Nigeria Par
   Bond 6.25%, 11/15/20
   (includes 35,250 warrants)                 32,500        14,578
                                                       -----------
NOTE
  Central Bank of Nigeria
   Promissory Note 4.16%,
   1/5/10                                     11,000         3,905
                                                       -----------
                                                            18,483
                                                       -----------
- -----------------------------------------------------------------
- -------------
PANAMA (3.2%)
LOAN AGREEMENT
  Republic of Panama
   Unrestructured Loans                       15,483         9,271
                                                       -----------
- -----------------------------------------------------------------
- -------------
PERU (0.4%)
LOAN AGREEMENT
  Republic of Peru --
   Petroperu Working Capital
   Loan                                        2,000         1,280
                                                       -----------
- -----------------------------------------------------------------
- -------------
POLAND (4.0%)
BONDS
  +++Republic of Poland Past
   Due Interest Bond 3.25%,
   10/27/14                                    8,796         5,569
  +++Republic of Poland Past
   Due Interest Bond 'Euro'
   3.25%, 10/27/14                             1,500           950
                                                       -----------
                                                             6,519
                                                       -----------
INDEXED NOTE
  Morgan Guaranty Trust
   Company of New York Polish
   Zloty Linked Note, zero
   coupon, due 11/29/95                        5,000         5,101
                                                       -----------
                                                            11,620
                                                       -----------
- -----------------------------------------------------------------
- -------------
RUSSIA (14.0%)
LOAN AGREEMENTS
  Bank for Foreign Economic
   Affairs                                    98,150        32,160
  Bank for Foreign Economic
   Affairs                     DEM            34,500         8,480
                                                       -----------
                                                            40,640
                                                       -----------
- -----------------------------------------------------------------
- -------------
<CAPTION>
                                          FACE AMOUNT        VALUE
                                                (000)        (000)
<S>                            <C>        <C>          <C>
- ---------------------------------------------------------
- ------------
VENEZUELA (9.0%)
BONDS
  +++Republic of Venezuela
   Debt Conversion Bond 'DL'
   6.8125%, 12/18/07           U.S.$          21,500   U.S.$10,871
  +++Republic of Venezuela
   Discount Bond 'A' 7.1875%,
   3/31/20                                     3,000         1,586
  +++Republic of Venezuela
   Discount Bond 'B' 6.9375%,
   3/31/20                                     5,000         2,644
  Republic of Venezuela Par
   Bond 'A' 6.75%, 3/31/20                    10,500         5,368
  Republic of Venezuela Par
   Bond 'B' 6.75%, 3/31/20                    11,000         5,624
                                                       -----------
                                                            26,093
                                                       -----------
- -----------------------------------------------------------------
- -------------
TOTAL DEBT INSTRUMENTS
  (Cost $241,180)                                          245,077
                                                       -----------
- -----------------------------------------------------------------
- -------------
                                              SHARES
- ---------------------------------------------------------
- ------------
PURCHASED OPTIONS (0.1%)
- ---------------------------------------------------------
- ------------
RUSSIA (0.1%)
  Vnesh call, expiring
   10/16/95, strike price DEM
   31.25                       DEM                80           244
                                                       -----------
- -----------------------------------------------------------------
- -------------
VENEZUELA (0.0%)
  Venezuela Debt Conversion
   Bond call, expiring
   10/23/95, strike price
   U.S.$51.625                 U.S.$          11,000            67
                                                       -----------
- -----------------------------------------------------------------
- -------------
TOTAL PURCHASED OPTIONS
  (Cost $293)                                                  311
                                                       -----------
- -----------------------------------------------------------------
- -------------
                                                 FACE
                                               AMOUNT
                                                (000)
- ---------------------------------------------------------
- ------------
SHORT TERM INVESTMENTS (15.4%)
- ---------------------------------------------------------
- ------------
MEXICO (8.6%)
MEXICAN CETES
  12/21/95                     MXN            24,000         3,475
  1/11/96                                     30,719         4,358
  1/18/96                                     75,884        10,698
  2/8/96                                      20,000         2,767
  2/22/96                                     12,093         1,653
  7/25/96                                     15,839         1,901
                                                       -----------
                                                            24,852
                                                       -----------
- -----------------------------------------------------------------
- -------------
UNITED STATES (6.8%)
REPURCHASE AGREEMENT
  Chase Manhattan Bank, N.A.,
   6.00%, dated 9/29/95, due
   10/2/95 to be repurchased
   at U.S.$19,672,
   collateralized by
   U.S.$18,530 United States
   Treasury Bond, 7.25%, due
   5/15/16, valued at
   U.S.$20,059 (Cost
   U.S.$19,662).               U.S.$          19,662        19,662
                                                       -----------
- -----------------------------------------------------------------
- -------------
TOTAL SHORT TERM INVESTMENTS
  (Cost U.S.$45,802)                                        44,514
                                                       -----------
- -----------------------------------------------------------------
- -------------
</TABLE>

                                       6
<PAGE>
<TABLE>
<CAPTION>
                                               AMOUNT        VALUE
                                                (000)        (000)
<S>                            <C>        <C>          <C>
- ---------------------------------------------------------
- ------------
FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (0.1%)
  French Franc                 FRF               262   U.S.$    53
  Indian Rupee                 INR             8,660           255
                                                       -----------
  (Cost U.S.$330)                                              308
                                                       -----------
- -----------------------------------------------------------------
- -------------
TOTAL INVESTMENTS (100.0%)
  (Cost $287,605)                                          290,210
                                                       -----------
- -----------------------------------------------------------------
- -------------
OTHER ASSETS AND LIABILITIES
  Other Assets                 U.S.$          46,283
  Liabilities                                (79,289)      (33,006)
                               ----------------------  -----------
- -----------------------------------------------------------------
- -------------
NET ASSETS
  Applicable to 21,481,113
   issued and outstanding
   U.S.$.01 par values shares
   (100,000,000 shares
   authorized)                                         U.S.$257,204
                                            ---------------------
- -----------------------------------------------------------------
- -------------
NET ASSET VALUE PER SHARE                              U.S.$ 11.97
                                            ---------------------
- -----------------------------------------------------------------
- -------------

<CAPTION>
                                                 FACE
                                               AMOUNT        VALUE
                                                (000)        (000)
<S>                            <C>        <C>          <C>
- ---------------------------------------------------------
- ------------
SECURITY SOLD SHORT
  United Mexican States Par
   Bond 'A' 6.25%, 12/31/19
   (Includes 12,000 Mexican
   Recovery Rights) (Proceeds
   U.S.$7,003)                 U.S.$          12,000   U.S.$ 7,305
                                                     -------------
- -----------------------------------------------------------------
- -------------
</TABLE>

+++ -- Variable/floating rate or step coupon security -- rate disclosed is as of
       September 30, 1995
PIK -- Payment-in-Kind
DEM -- Deutsche Mark
JPY -- Japanese Yen
MXN -- Mexican New Peso

                                       7


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