WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| SOVEREIGN BONDS - 86.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angola - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Angolan Government International Bond, Senior Notes |
|
|
8.250 |
% |
|
|
5/9/28 |
|
|
|
9,650,000 |
|
|
$ |
9,317,202 |
(a) |
| Angolan Government International Bond, Senior Notes |
|
|
8.750 |
% |
|
|
4/14/32 |
|
|
|
1,000,000 |
|
|
|
921,697 |
(b) |
| Angolan Government International Bond, Senior Notes |
|
|
9.125 |
% |
|
|
11/26/49 |
|
|
|
4,560,000 |
|
|
|
3,870,756 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Angola |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,109,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentina - 5.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentine Republic Government International Bond, Senior Notes, Stepbond (3.625% to 7/9/24 then 4.125%) |
|
|
3.625 |
% |
|
|
7/9/35 |
|
|
|
25,300,000 |
|
|
|
10,552,294 |
|
| Ciudad Autonoma De Buenos Aires, Senior Notes |
|
|
7.500 |
% |
|
|
6/1/27 |
|
|
|
5,500,000 |
|
|
|
5,232,719 |
(b) |
| Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%) |
|
|
6.375 |
% |
|
|
9/1/37 |
|
|
|
20,224,127 |
|
|
|
8,316,210 |
(b) |
| Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%) |
|
|
6.375 |
% |
|
|
9/1/37 |
|
|
|
3,485,035 |
|
|
|
1,433,055 |
(a) |
| Provincia de Cordoba, Senior Notes |
|
|
6.990 |
% |
|
|
6/1/27 |
|
|
|
9,949,022 |
|
|
|
7,760,237 |
(b)(c) |
| Provincia de Cordoba, Senior Notes |
|
|
6.990 |
% |
|
|
6/1/27 |
|
|
|
550,000 |
|
|
|
429,000 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,723,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Armenia - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Armenia International Bond, Senior Notes |
|
|
3.600 |
% |
|
|
2/2/31 |
|
|
|
7,000,000 |
|
|
|
5,696,936 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahamas Government International Bond, Senior Notes |
|
|
9.000 |
% |
|
|
6/16/29 |
|
|
|
8,000,000 |
|
|
|
7,856,000 |
(b) |
| Bahamas Government International Bond, Senior Notes |
|
|
6.950 |
% |
|
|
11/20/29 |
|
|
|
3,000,000 |
|
|
|
2,695,990 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Bahamas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,551,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahrain - 3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahrain Government International Bond, Senior Notes |
|
|
7.000 |
% |
|
|
10/12/28 |
|
|
|
2,000,000 |
|
|
|
2,062,634 |
(a) |
| Bahrain Government International Bond, Senior Notes |
|
|
5.625 |
% |
|
|
9/30/31 |
|
|
|
10,000,000 |
|
|
|
9,447,500 |
(a) |
| Bahrain Government International Bond, Senior Notes |
|
|
6.000 |
% |
|
|
9/19/44 |
|
|
|
6,000,000 |
|
|
|
4,982,322 |
(b) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
1 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Bahrain - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bahrain Government International Bond, Senior Notes |
|
|
7.500 |
% |
|
|
9/20/47 |
|
|
|
7,400,000 |
|
|
$ |
7,108,634 |
(b) |
| Bahrain Government International Bond, Senior Notes |
|
|
6.250 |
% |
|
|
1/25/51 |
|
|
|
1,000,000 |
|
|
|
832,511 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Bahrain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,433,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benin - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benin Government International Bond, Senior Notes |
|
|
7.960 |
% |
|
|
2/13/38 |
|
|
|
3,200,000 |
|
|
|
3,122,000 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brazil - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brazil Notas do Tesouro Nacional Serie F, Notes |
|
|
10.000 |
% |
|
|
1/1/33 |
|
|
|
31,700,000 |
BRL |
|
|
6,000,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia Government International Bond, Senior Notes |
|
|
3.250 |
% |
|
|
4/22/32 |
|
|
|
5,000,000 |
|
|
|
3,905,877 |
(c) |
| Colombia Government International Bond, Senior Notes |
|
|
4.125 |
% |
|
|
2/22/42 |
|
|
|
10,000,000 |
|
|
|
6,785,159 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Colombia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,691,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costa Rica - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costa Rica Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
2/19/31 |
|
|
|
1,050,000 |
|
|
|
1,066,096 |
(a) |
| Costa Rica Government International Bond, Senior Notes |
|
|
7.158 |
% |
|
|
3/12/45 |
|
|
|
4,200,000 |
|
|
|
4,407,805 |
(b)(c) |
| Costa Rica Government International Bond, Senior Notes |
|
|
7.300 |
% |
|
|
11/13/54 |
|
|
|
1,800,000 |
|
|
|
1,914,890 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Costa Rica |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,388,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic - 4.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic International Bond, Senior Notes |
|
|
9.750 |
% |
|
|
6/5/26 |
|
|
|
136,500,000 |
DOP |
|
|
2,329,275 |
(a) |
| Dominican Republic International Bond, Senior Notes |
|
|
6.000 |
% |
|
|
7/19/28 |
|
|
|
7,300,000 |
|
|
|
7,266,544 |
(b)(c) |
| Dominican Republic International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
9/23/32 |
|
|
|
3,800,000 |
|
|
|
3,413,262 |
(a)(c) |
| Dominican Republic International Bond, Senior Notes |
|
|
13.625 |
% |
|
|
2/3/33 |
|
|
|
158,950,000 |
DOP |
|
|
3,279,389 |
(a) |
| Dominican Republic International Bond, Senior Notes |
|
|
11.250 |
% |
|
|
9/15/35 |
|
|
|
170,000,000 |
DOP |
|
|
3,124,438 |
(b) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Dominican Republic - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dominican Republic International Bond, Senior Notes |
|
|
5.300 |
% |
|
|
1/21/41 |
|
|
|
8,000,000 |
|
|
$ |
6,818,695 |
(a)(c) |
| Dominican Republic International Bond, Senior Notes |
|
|
5.875 |
% |
|
|
1/30/60 |
|
|
|
4,400,000 |
|
|
|
3,752,092 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Dominican Republic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,983,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecuador - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecuador Government International Bond, Senior Notes |
|
|
0.000 |
% |
|
|
7/31/30 |
|
|
|
1,010,709 |
|
|
|
500,571 |
(b) |
| Ecuador Government International Bond, Senior Notes, Step bond (3.500% to 7/31/24 then 5.500%) |
|
|
3.500 |
% |
|
|
7/31/35 |
|
|
|
2,010,000 |
|
|
|
1,063,045 |
(a) |
| Ecuador Government International Bond, Senior Notes, Step bond (2.500% to 7/31/24 then 5.000%) |
|
|
2.500 |
% |
|
|
7/31/40 |
|
|
|
12,680,000 |
|
|
|
6,197,984 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ecuador |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,761,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Egypt - 3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Egypt Government International Bond, Senior Notes |
|
|
3.875 |
% |
|
|
2/16/26 |
|
|
|
2,400,000 |
|
|
|
2,216,220 |
(a) |
| Egypt Government International Bond, Senior Notes |
|
|
5.800 |
% |
|
|
9/30/27 |
|
|
|
640,000 |
|
|
|
579,066 |
(a) |
| Egypt Government International Bond, Senior Notes |
|
|
6.588 |
% |
|
|
2/21/28 |
|
|
|
2,000,000 |
|
|
|
1,830,620 |
(a) |
| Egypt Government International Bond, Senior Notes |
|
|
5.875 |
% |
|
|
2/16/31 |
|
|
|
5,000,000 |
|
|
|
4,012,675 |
(a) |
| Egypt Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
5/29/32 |
|
|
|
1,600,000 |
|
|
|
1,366,624 |
(b) |
| Egypt Government International Bond, Senior Notes |
|
|
7.903 |
% |
|
|
2/21/48 |
|
|
|
15,060,000 |
|
|
|
11,457,497 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Egypt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,462,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| El Salvador - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| El Salvador Government International Bond, Senior Notes |
|
|
5.875 |
% |
|
|
1/30/25 |
|
|
|
6,000,000 |
|
|
|
5,762,378 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethiopia - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethiopia International Bond, Senior Notes |
|
|
6.625 |
% |
|
|
12/11/24 |
|
|
|
10,900,000 |
|
|
|
8,008,884 |
*(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gabon - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gabon Government International Bond, Senior Notes |
|
|
6.625 |
% |
|
|
2/6/31 |
|
|
|
2,000,000 |
|
|
|
1,711,316 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
3 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Ghana - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ghana Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
5/16/29 |
|
|
|
5,700,000 |
|
|
$ |
2,947,977 |
*(a)(d) |
| Ghana Government International Bond, Senior Notes |
|
|
10.750 |
% |
|
|
10/14/30 |
|
|
|
6,360,000 |
|
|
|
4,348,046 |
(b)(c) |
| Ghana Government International Bond, Senior Notes |
|
|
10.750 |
% |
|
|
10/14/30 |
|
|
|
6,240,000 |
|
|
|
4,266,007 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ghana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,562,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guatemala - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guatemala Government Bond, Senior Notes |
|
|
5.375 |
% |
|
|
4/24/32 |
|
|
|
6,800,000 |
|
|
|
6,546,476 |
(b)(c) |
| Guatemala Government Bond, Senior Notes |
|
|
6.600 |
% |
|
|
6/13/36 |
|
|
|
3,000,000 |
|
|
|
3,073,379 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Guatemala |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,619,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hungary - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Magyar Export-Import Bank Zrt, Senior Notes |
|
|
6.125 |
% |
|
|
12/4/27 |
|
|
|
1,900,000 |
|
|
|
1,914,444 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia - 2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia Government International Bond, Senior Notes |
|
|
6.625 |
% |
|
|
2/17/37 |
|
|
|
3,210,000 |
|
|
|
3,635,325 |
(a)(c) |
| Indonesia Government International Bond, Senior Notes |
|
|
5.250 |
% |
|
|
1/17/42 |
|
|
|
13,800,000 |
|
|
|
13,834,531 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Indonesia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,469,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast - 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast Government International Bond, Senior Notes |
|
|
5.375 |
% |
|
|
7/23/24 |
|
|
|
1,350,000 |
|
|
|
1,342,540 |
(b)(c) |
| Ivory Coast Government International Bond, Senior Notes |
|
|
5.250 |
% |
|
|
3/22/30 |
|
|
|
4,800,000 |
EUR |
|
|
4,833,003 |
(a) |
| Ivory Coast Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
1/30/33 |
|
|
|
3,070,000 |
|
|
|
3,051,687 |
(b)(c) |
| Ivory Coast Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
6/15/33 |
|
|
|
2,500,000 |
|
|
|
2,260,663 |
(a) |
| Ivory Coast Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
6/15/33 |
|
|
|
3,540,000 |
|
|
|
3,201,098 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ivory Coast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,688,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jamaica - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jamaica Government International Bond, Senior Notes |
|
|
9.625 |
% |
|
|
11/3/30 |
|
|
|
617,000,000 |
JMD |
|
|
4,263,434 |
|
| Jamaica Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
3/15/39 |
|
|
|
1,760,000 |
|
|
|
2,094,135 |
|
| Jamaica Government International Bond, Senior Notes |
|
|
7.875 |
% |
|
|
7/28/45 |
|
|
|
2,000,000 |
|
|
|
2,358,595 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Jamaica |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,716,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Jordan - 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
1/29/26 |
|
|
|
440,000 |
|
|
$ |
433,290 |
(b) |
| Jordan Government International Bond, Senior Notes |
|
|
7.750 |
% |
|
|
1/15/28 |
|
|
|
3,120,000 |
|
|
|
3,169,748 |
(b) |
| Jordan Government International Bond, Senior Notes |
|
|
7.500 |
% |
|
|
1/13/29 |
|
|
|
1,600,000 |
|
|
|
1,600,037 |
(a) |
| Jordan Government International Bond, Senior Notes |
|
|
5.850 |
% |
|
|
7/7/30 |
|
|
|
6,350,000 |
|
|
|
5,857,945 |
(a) |
| Jordan Government International Bond, Senior Notes |
|
|
7.375 |
% |
|
|
10/10/47 |
|
|
|
5,020,000 |
|
|
|
4,444,959 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Jordan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,505,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kazakhstan - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tengizchevroil Finance Co. International Ltd., Senior Secured Notes |
|
|
4.000 |
% |
|
|
8/15/26 |
|
|
|
6,800,000 |
|
|
|
6,441,953 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kenya - 2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Kenya Government International Bond, Senior Notes |
|
|
7.250 |
% |
|
|
2/28/28 |
|
|
|
6,680,000 |
|
|
|
6,392,219 |
(a) |
| Republic of Kenya Government International Bond, Senior Notes |
|
|
9.750 |
% |
|
|
2/16/31 |
|
|
|
5,100,000 |
|
|
|
5,237,063 |
(b)(c) |
| Republic of Kenya Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
5/22/32 |
|
|
|
4,400,000 |
|
|
|
4,136,572 |
(a) |
| Republic of Kenya Government International Bond, Senior Notes |
|
|
6.300 |
% |
|
|
1/23/34 |
|
|
|
200,000 |
|
|
|
164,023 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Kenya |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,929,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico - 4.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexican Bonos, Bonds |
|
|
8.000 |
% |
|
|
9/5/24 |
|
|
|
115,300,000 |
MXN |
|
|
6,842,564 |
|
| Mexican Bonos, Bonds |
|
|
5.000 |
% |
|
|
3/6/25 |
|
|
|
311,710,000 |
MXN |
|
|
17,839,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,681,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mozambique - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mozambique International Bond, Senior Notes |
|
|
9.000 |
% |
|
|
9/15/31 |
|
|
|
1,000,000 |
|
|
|
858,890 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria - 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
9/28/28 |
|
|
|
6,700,000 |
|
|
|
6,079,821 |
(a) |
| Nigeria Government International Bond, Senior Notes |
|
|
8.375 |
% |
|
|
3/24/29 |
|
|
|
1,500,000 |
|
|
|
1,467,315 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
5 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Nigeria - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nigeria Government International Bond, Senior Notes |
|
|
7.875 |
% |
|
|
2/16/32 |
|
|
|
2,600,000 |
|
|
$ |
2,361,164 |
(a) |
| Nigeria Government International Bond, Senior Notes |
|
|
7.696 |
% |
|
|
2/23/38 |
|
|
|
10,930,000 |
|
|
|
9,010,583 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Nigeria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,918,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oman - 4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oman Government International Bond, Senior Notes |
|
|
4.750 |
% |
|
|
6/15/26 |
|
|
|
3,200,000 |
|
|
|
3,148,933 |
(a) |
| Oman Government International Bond, Senior Notes |
|
|
4.750 |
% |
|
|
6/15/26 |
|
|
|
5,270,000 |
|
|
|
5,185,898 |
(b) |
| Oman Government International Bond, Senior Notes |
|
|
5.625 |
% |
|
|
1/17/28 |
|
|
|
9,000,000 |
|
|
|
9,051,926 |
(b) |
| Oman Government International Bond, Senior Notes |
|
|
6.000 |
% |
|
|
8/1/29 |
|
|
|
6,000,000 |
|
|
|
6,142,084 |
(b) |
| Oman Government International Bond, Senior Notes |
|
|
6.750 |
% |
|
|
1/17/48 |
|
|
|
6,500,000 |
|
|
|
6,669,325 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Oman |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,198,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Panama - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Panama Government International Bond, Senior Notes |
|
|
9.375 |
% |
|
|
4/1/29 |
|
|
|
910,000 |
|
|
|
1,020,375 |
(c) |
| Panama Government International Bond, Senior Notes |
|
|
6.700 |
% |
|
|
1/26/36 |
|
|
|
159,000 |
|
|
|
154,732 |
(c) |
| Panama Government International Bond, Senior Notes |
|
|
4.500 |
% |
|
|
5/15/47 |
|
|
|
5,000,000 |
|
|
|
3,465,369 |
(c) |
| Panama Government International Bond, Senior Notes |
|
|
4.500 |
% |
|
|
1/19/63 |
|
|
|
4,200,000 |
|
|
|
2,701,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Panama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,342,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paraguay - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paraguay Government International Bond, Senior Notes |
|
|
7.900 |
% |
|
|
2/9/31 |
|
|
|
22,024,000,000 |
PYG |
|
|
3,096,287 |
(b) |
| Paraguay Government International Bond, Senior Notes |
|
|
4.950 |
% |
|
|
4/28/31 |
|
|
|
3,950,000 |
|
|
|
3,809,792 |
(b)(c) |
| Paraguay Government International Bond, Senior Notes |
|
|
5.400 |
% |
|
|
3/30/50 |
|
|
|
1,910,000 |
|
|
|
1,684,210 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Paraguay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,590,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peru - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Peruvian Government International Bond, Senior Notes |
|
|
8.750 |
% |
|
|
11/21/33 |
|
|
|
5,498,000 |
|
|
|
6,805,150 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Poland - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank Gospodarstwa Krajowego, Senior Notes |
|
|
5.375 |
% |
|
|
5/22/33 |
|
|
|
3,000,000 |
|
|
$ |
2,988,318 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Qatar - 3.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Qatar Government International Bond, Senior Notes |
|
|
5.103 |
% |
|
|
4/23/48 |
|
|
|
7,920,000 |
|
|
|
7,718,917 |
(b)(c) |
| Qatar Government International Bond, Senior Notes |
|
|
4.817 |
% |
|
|
3/14/49 |
|
|
|
14,100,000 |
|
|
|
13,242,833 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Qatar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,961,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rwanda - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rwanda International Government Bond, Senior Notes |
|
|
5.500 |
% |
|
|
8/9/31 |
|
|
|
4,050,000 |
|
|
|
3,297,093 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senegal - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senegal Government International Bond, Senior Notes |
|
|
6.250 |
% |
|
|
7/30/24 |
|
|
|
2,170,000 |
|
|
|
2,159,031 |
(a) |
| Senegal Government International Bond, Senior Notes |
|
|
6.250 |
% |
|
|
5/23/33 |
|
|
|
2,000,000 |
|
|
|
1,709,706 |
(a) |
| Senegal Government International Bond, Senior Notes |
|
|
6.750 |
% |
|
|
3/13/48 |
|
|
|
6,000,000 |
|
|
|
4,467,817 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Senegal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,336,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| South Africa - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of South Africa Government Bond, Senior Notes |
|
|
6.500 |
% |
|
|
2/28/41 |
|
|
|
93,920,000 |
ZAR |
|
|
2,834,460 |
|
| Republic of South Africa Government International Bond, Senior Notes |
|
|
5.000 |
% |
|
|
10/12/46 |
|
|
|
5,000,000 |
|
|
|
3,385,345 |
(c) |
| Republic of South Africa Government International Bond, Senior Notes |
|
|
5.750 |
% |
|
|
9/30/49 |
|
|
|
2,000,000 |
|
|
|
1,455,908 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total South Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,675,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sri Lanka - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sri Lanka Government International Bond, Senior Notes |
|
|
7.550 |
% |
|
|
3/28/30 |
|
|
|
5,000,000 |
|
|
|
2,949,649 |
*(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supranational - 4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Africa Finance Corp., Senior Notes |
|
|
3.750 |
% |
|
|
10/30/29 |
|
|
|
3,000,000 |
|
|
|
2,649,045 |
(a) |
| African Export-Import Bank, Senior Notes |
|
|
3.798 |
% |
|
|
5/17/31 |
|
|
|
3,000,000 |
|
|
|
2,557,314 |
(b)(c) |
| Asian Development Bank, Senior Notes |
|
|
11.750 |
% |
|
|
7/24/24 |
|
|
|
13,000,000,000 |
COP |
|
|
3,354,170 |
|
| European Bank for Reconstruction & Development, Senior Notes |
|
|
13.500 |
% |
|
|
7/15/24 |
|
|
|
1,344,000,000 |
KZT |
|
|
2,990,907 |
|
| Inter-American Development Bank, Senior Notes |
|
|
7.900 |
% |
|
|
3/2/25 |
|
|
|
900,000,000 |
CRC |
|
|
1,846,574 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
7 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Supranational - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Bank for Reconstruction & Development, Senior Notes |
|
|
6.850 |
% |
|
|
4/24/28 |
|
|
|
250,000,000 |
INR |
|
$ |
2,998,495 |
|
| International Finance Corp., Senior Notes |
|
|
14.750 |
% |
|
|
4/17/24 |
|
|
|
39,000,000,000 |
UZS |
|
|
3,097,981 |
|
| International Finance Corp., Senior Notes |
|
|
6.280 |
% |
|
|
5/27/24 |
|
|
|
304,000,000 |
UYU |
|
|
8,053,409 |
|
| International Finance Corp., Senior Notes |
|
|
12.000 |
% |
|
|
11/3/27 |
|
|
|
10,850,000,000 |
COP |
|
|
3,025,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Supranational |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,573,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tunisia - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banque Centrale de Tunisie International Bond, Senior Notes |
|
|
5.750 |
% |
|
|
1/30/25 |
|
|
|
3,760,000 |
|
|
|
3,556,584 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Turkey - 2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Turkey Government International Bond, Senior Notes |
|
|
5.125 |
% |
|
|
2/17/28 |
|
|
|
4,000,000 |
|
|
|
3,804,856 |
|
| Turkey Government International Bond, Senior Notes |
|
|
9.375 |
% |
|
|
3/14/29 |
|
|
|
3,000,000 |
|
|
|
3,268,200 |
|
| Turkey Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
5/15/34 |
|
|
|
3,040,000 |
|
|
|
3,055,960 |
|
| Turkey Government International Bond, Senior Notes |
|
|
4.875 |
% |
|
|
4/16/43 |
|
|
|
8,160,000 |
|
|
|
5,747,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Turkey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,876,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ukraine - 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ukraine Government International Bond, Senior Notes |
|
|
6.750 |
% |
|
|
6/20/28 |
|
|
|
1,700,000 |
EUR |
|
|
560,649 |
*(a)(d) |
| Ukraine Government International Bond, Senior Notes |
|
|
7.750 |
% |
|
|
9/1/29 |
|
|
|
8,800,000 |
|
|
|
2,913,592 |
*(a)(d) |
| Ukraine Government International Bond, Senior Notes |
|
|
9.750 |
% |
|
|
11/1/30 |
|
|
|
15,080,000 |
|
|
|
5,330,720 |
*(a)(d) |
| Ukraine Government International Bond, Senior Notes |
|
|
7.375 |
% |
|
|
9/25/34 |
|
|
|
4,650,000 |
|
|
|
1,360,663 |
*(a)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ukraine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,165,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United Arab Emirates - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Finance Department Government of Sharjah, Senior Notes |
|
|
4.000 |
% |
|
|
7/28/50 |
|
|
|
3,000,000 |
|
|
|
1,982,958 |
(a) |
| Finance Department Government of Sharjah, Senior Notes |
|
|
4.375 |
% |
|
|
3/10/51 |
|
|
|
4,000,000 |
|
|
|
2,815,232 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total United Arab Emirates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,798,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Uruguay - 2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Uruguay Government International Bond, Senior Notes |
|
|
9.750 |
% |
|
|
7/20/33 |
|
|
|
44,763,800 |
UYU |
|
$ |
1,254,734 |
|
| Uruguay Government International Bond, Senior Notes |
|
|
5.750 |
% |
|
|
10/28/34 |
|
|
|
10,408,526 |
|
|
|
11,001,812 |
(c) |
| Uruguay Government International Bond, Senior Notes |
|
|
5.100 |
% |
|
|
6/18/50 |
|
|
|
4,341,000 |
|
|
|
4,217,588 |
(c) |
| Uruguay Government International Bond, Senior Notes |
|
|
4.975 |
% |
|
|
4/20/55 |
|
|
|
1,180,000 |
|
|
|
1,111,997 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Uruguay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,586,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Uzbekistan - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Uzbekistan International Bond, Senior Notes |
|
|
3.700 |
% |
|
|
11/25/30 |
|
|
|
4,000,000 |
|
|
|
3,346,860 |
(a) |
| Republic of Uzbekistan International Bond, Senior Notes |
|
|
3.900 |
% |
|
|
10/19/31 |
|
|
|
2,000,000 |
|
|
|
1,655,274 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Uzbekistan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,002,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Venezuela - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Venezuela Government International Bond, Senior Notes |
|
|
— |
|
|
|
10/13/19 |
|
|
|
22,130,000 |
|
|
|
3,133,357 |
*(a)(e) |
| Venezuela Government International Bond, Senior Notes |
|
|
8.250 |
% |
|
|
10/13/24 |
|
|
|
7,000,000 |
|
|
|
1,035,006 |
*(a)(d) |
| Venezuela Government International Bond, Senior Notes |
|
|
9.250 |
% |
|
|
9/15/27 |
|
|
|
4,205,000 |
|
|
|
760,364 |
*(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Venezuela |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,928,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vietnam - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vietnam Government International Bond, Senior Notes |
|
|
4.800 |
% |
|
|
11/19/24 |
|
|
|
4,700,000 |
|
|
|
4,667,097 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Zambia - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Zambia Government International Bond, Senior Notes |
|
|
8.500 |
% |
|
|
4/14/24 |
|
|
|
3,440,000 |
|
|
|
2,551,792 |
*(b)(c)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(Cost - $552,531,803) |
|
|
|
|
|
|
|
|
|
|
|
535,568,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS & NOTES - 51.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Turk Telekomunikasyon AS, Senior Notes |
|
|
4.875 |
% |
|
|
6/19/24 |
|
|
|
4,600,000 |
|
|
|
4,586,103 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cable Onda SA, Senior Notes |
|
|
4.500 |
% |
|
|
1/30/30 |
|
|
|
3,290,000 |
|
|
|
2,959,850 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Millicom International Cellular SA, Senior Notes |
|
|
6.250 |
% |
|
|
3/25/29 |
|
|
|
6,624,000 |
|
|
|
6,473,414 |
(b)(c)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,019,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
9 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| CONSUMER DISCRETIONARY - 2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Prosus NV, Senior Notes |
|
|
3.680 |
% |
|
|
1/21/30 |
|
|
|
3,200,000 |
|
|
$ |
2,811,760 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gohl Capital Ltd., Senior Notes |
|
|
4.250 |
% |
|
|
1/24/27 |
|
|
|
3,130,000 |
|
|
|
3,012,171 |
(a) |
| Melco Resorts Finance Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
12/4/29 |
|
|
|
4,500,000 |
|
|
|
4,126,469 |
(a)(c) |
| Sands China Ltd., Senior Notes |
|
|
5.400 |
% |
|
|
8/8/28 |
|
|
|
2,700,000 |
|
|
|
2,649,612 |
|
| Wynn Macau Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
10/1/27 |
|
|
|
3,000,000 |
|
|
|
2,874,017 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,662,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,474,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER STAPLES - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, Senior Notes |
|
|
5.250 |
% |
|
|
4/27/29 |
|
|
|
4,150,000 |
|
|
|
3,958,716 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 18.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels - 18.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ecopetrol SA, Senior Notes |
|
|
4.625 |
% |
|
|
11/2/31 |
|
|
|
3,000,000 |
|
|
|
2,497,738 |
(c) |
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
5/28/45 |
|
|
|
9,060,000 |
|
|
|
6,771,503 |
(c) |
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
11/2/51 |
|
|
|
3,000,000 |
|
|
|
2,161,507 |
(c) |
| Empresa Generadora de Electricidad Haina SA, Senior Notes |
|
|
5.625 |
% |
|
|
11/8/28 |
|
|
|
4,250,000 |
|
|
|
3,869,646 |
(b)(c) |
| KazMunayGas National Co. JSC, Senior Notes |
|
|
3.500 |
% |
|
|
4/14/33 |
|
|
|
11,000,000 |
|
|
|
9,178,125 |
(a) |
| KazMunayGas National Co. JSC, Senior Notes |
|
|
6.375 |
% |
|
|
10/24/48 |
|
|
|
5,300,000 |
|
|
|
4,963,551 |
(b)(c) |
| KazTransGas JSC, Senior Notes |
|
|
4.375 |
% |
|
|
9/26/27 |
|
|
|
3,200,000 |
|
|
|
3,017,712 |
(a) |
| Oleoducto Central SA, Senior Notes |
|
|
4.000 |
% |
|
|
7/14/27 |
|
|
|
2,400,000 |
|
|
|
2,244,366 |
(b)(c) |
| Pertamina Persero PT, Senior Notes |
|
|
6.500 |
% |
|
|
5/27/41 |
|
|
|
3,500,000 |
|
|
|
3,740,633 |
(b)(c) |
| Pertamina Persero PT, Senior Notes |
|
|
4.150 |
% |
|
|
2/25/60 |
|
|
|
2,000,000 |
|
|
|
1,522,503 |
(a)(c) |
| Petrobras Global Finance BV, Senior Notes |
|
|
7.375 |
% |
|
|
1/17/27 |
|
|
|
5,600,000 |
|
|
|
5,825,338 |
(c) |
| Petrobras Global Finance BV, Senior Notes |
|
|
5.750 |
% |
|
|
2/1/29 |
|
|
|
6,000,000 |
|
|
|
5,965,189 |
(c) |
| Petrobras Global Finance BV, Senior Notes |
|
|
6.850 |
% |
|
|
6/5/2115 |
|
|
|
13,800,000 |
|
|
|
12,814,158 |
(c) |
| Petroleos de Venezuela SA, Senior Notes |
|
|
— |
|
|
|
11/17/21 |
|
|
|
16,630,000 |
|
|
|
1,746,150 |
*(e) |
| Petroleos de Venezuela SA, Senior Notes |
|
|
6.000 |
% |
|
|
5/16/24 |
|
|
|
8,145,000 |
|
|
|
777,848 |
*(d) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Petroleos del Peru SA, Senior Notes |
|
|
5.625 |
% |
|
|
6/19/47 |
|
|
|
3,800,000 |
|
|
$ |
2,555,869 |
(a)(c) |
| Petroleos Mexicanos, Senior Notes |
|
|
6.500 |
% |
|
|
3/13/27 |
|
|
|
2,000,000 |
|
|
|
1,885,226 |
(c) |
| Petroleos Mexicanos, Senior Notes |
|
|
5.350 |
% |
|
|
2/12/28 |
|
|
|
15,500,000 |
|
|
|
13,742,520 |
(c) |
| Petroleos Mexicanos, Senior Notes |
|
|
6.500 |
% |
|
|
6/2/41 |
|
|
|
8,200,000 |
|
|
|
5,573,685 |
(c) |
| Petroleos Mexicanos, Senior Notes |
|
|
5.500 |
% |
|
|
6/27/44 |
|
|
|
200,000 |
|
|
|
121,995 |
(c) |
| Petronas Capital Ltd., Senior Notes |
|
|
4.800 |
% |
|
|
4/21/60 |
|
|
|
7,000,000 |
|
|
|
6,355,385 |
(b)(c) |
| QazaqGaz NC JSC, Senior Notes |
|
|
4.375 |
% |
|
|
9/26/27 |
|
|
|
3,000,000 |
|
|
|
2,829,105 |
(b)(c) |
| Transportadora de Gas del Peru SA, Senior Notes |
|
|
4.250 |
% |
|
|
4/30/28 |
|
|
|
1,080,000 |
|
|
|
1,051,088 |
(a) |
| Transportadora de Gas Internacional SA ESP, Senior Notes |
|
|
5.550 |
% |
|
|
11/1/28 |
|
|
|
2,300,000 |
|
|
|
2,270,756 |
(b)(c) |
| Ultrapar International SA, Senior Notes |
|
|
5.250 |
% |
|
|
10/6/26 |
|
|
|
3,190,000 |
|
|
|
3,130,364 |
(b)(c) |
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
3/23/25 |
|
|
|
375,000 |
|
|
|
372,851 |
(a) |
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
7/28/25 |
|
|
|
5,430,000 |
|
|
|
5,322,851 |
(b)(c) |
| YPF SA, Senior Notes |
|
|
8.500 |
% |
|
|
7/28/25 |
|
|
|
500,000 |
|
|
|
490,134 |
(a)(c) |
| YPF SA, Senior Notes |
|
|
6.950 |
% |
|
|
7/21/27 |
|
|
|
1,320,000 |
|
|
|
1,193,199 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ENERGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,990,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks - 4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco de Credito del Peru, Subordinated Notes (3.250% to 9/30/26 then 5 year Treasury Constant Maturity Rate +
2.450%) |
|
|
3.250 |
% |
|
|
9/30/31 |
|
|
|
1,000,000 |
|
|
|
924,263 |
(b)(c)(g) |
| Banco de Credito e Inversiones SA, Junior Subordinated Notes (8.750% to 5/8/29 then 5 year Treasury Constant Maturity
Rate + 4.944%) |
|
|
8.750 |
% |
|
|
2/8/29 |
|
|
|
3,830,000 |
|
|
|
3,952,081 |
(b)(c)(g)(h) |
| Banco Mercantil del Norte SA, Junior Subordinated Notes (5.875% to 1/24/27 then 5 year Treasury Constant Maturity Rate
+ 4.643%) |
|
|
5.875 |
% |
|
|
1/24/27 |
|
|
|
6,000,000 |
|
|
|
5,719,967 |
(a)(c)(g)(h) |
| Banco Nacional de Comercio Exterior SNC, Subordinated Notes (2.720% to 8/11/26 then 5 year Treasury Constant Maturity
Rate + 2.000%) |
|
|
2.720 |
% |
|
|
8/11/31 |
|
|
|
2,300,000 |
|
|
|
2,069,150 |
(a)(c)(g) |
| Banco Nacional de Panama, Senior Notes |
|
|
2.500 |
% |
|
|
8/11/30 |
|
|
|
4,000,000 |
|
|
|
3,136,809 |
(a)(c) |
| Bank Leumi Le-Israel BM, Senior Notes |
|
|
5.125 |
% |
|
|
7/27/27 |
|
|
|
3,300,000 |
|
|
|
3,242,999 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
11 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank Leumi Le-Israel BM, Subordinated Notes (7.129% to 7/18/28 then 5 year Treasury Constant Maturity Rate +
3.466%) |
|
|
7.129 |
% |
|
|
7/18/33 |
|
|
|
1,000,000 |
|
|
$ |
988,585 |
(a)(g) |
| Bank of East Asia Ltd., Subordinated Notes (4.875% to 4/22/27 then 5 year Treasury Constant Maturity Rate +
2.300%) |
|
|
4.875 |
% |
|
|
4/22/32 |
|
|
|
2,800,000 |
|
|
|
2,633,162 |
(a)(g) |
| BBVA Bancomer SA, Subordinated Notes (5.350% to 11/12/24 then 5 year Treasury Constant Maturity Rate +
3.000%) |
|
|
5.350 |
% |
|
|
11/12/29 |
|
|
|
1,350,000 |
|
|
|
1,338,445 |
(b)(c)(g) |
| HSBC Holdings PLC, Junior Subordinated Notes (8.000% to 9/7/28 then 5 year Treasury Constant Maturity Rate +
3.858%) |
|
|
8.000 |
% |
|
|
3/7/28 |
|
|
|
1,800,000 |
|
|
|
1,872,812 |
(c)(g)(h) |
| UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%) |
|
|
7.296 |
% |
|
|
4/2/34 |
|
|
|
3,080,000 |
|
|
|
3,168,201 |
(b)(c)(g) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,046,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Markets - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Suisse AG AT1 Claim |
|
|
— |
|
|
|
— |
|
|
|
2,000,000 |
|
|
|
230,000 |
*(i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indian Railway Finance Corp. Ltd., Senior Notes |
|
|
2.800 |
% |
|
|
2/10/31 |
|
|
|
1,800,000 |
|
|
|
1,528,686 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sagicor Financial Co. Ltd., Senior Notes |
|
|
5.300 |
% |
|
|
5/13/28 |
|
|
|
3,600,000 |
|
|
|
3,433,860 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL FINANCIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,239,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HEALTH CARE - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
3.150 |
% |
|
|
10/1/26 |
|
|
|
8,000,000 |
|
|
|
7,485,530 |
(c) |
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
8.125 |
% |
|
|
9/15/31 |
|
|
|
1,630,000 |
|
|
|
1,789,820 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL HEALTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,275,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIALS - 4.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Avolon Holdings Funding Ltd., Senior Notes |
|
|
2.125 |
% |
|
|
2/21/26 |
|
|
|
2,000,000 |
|
|
|
1,864,207 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Air Freight & Logistics - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DP World Ltd., Senior Notes |
|
|
5.625 |
% |
|
|
9/25/48 |
|
|
|
3,400,000 |
|
|
$ |
3,244,909 |
(b)(c) |
| ENA Master Trust, Senior Secured Notes |
|
|
4.000 |
% |
|
|
5/19/48 |
|
|
|
1,850,000 |
|
|
|
1,303,066 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Air Freight & Logistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,547,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction & Engineering - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, Senior Secured Notes |
|
|
4.050 |
% |
|
|
4/27/26 |
|
|
|
7,650,000 |
|
|
|
7,252,999 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ground Transportation - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Empresa de los Ferrocarriles del Estado, Senior Notes |
|
|
3.830 |
% |
|
|
9/14/61 |
|
|
|
1,800,000 |
|
|
|
1,200,839 |
(b)(c) |
| Empresa de Transporte de Pasajeros Metro SA, Senior Notes |
|
|
5.000 |
% |
|
|
1/25/47 |
|
|
|
2,560,000 |
|
|
|
2,231,472 |
(b)(c) |
| Lima Metro Line 2 Finance Ltd., Senior Secured Notes |
|
|
4.350 |
% |
|
|
4/5/36 |
|
|
|
3,188,297 |
|
|
|
2,957,649 |
(b)(c) |
| Transnet SOC Ltd., Senior Notes |
|
|
8.250 |
% |
|
|
2/6/28 |
|
|
|
3,100,000 |
|
|
|
3,090,529 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Ground Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,480,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alfa SAB de CV, Senior Notes |
|
|
6.875 |
% |
|
|
3/25/44 |
|
|
|
1,000,000 |
|
|
|
1,010,429 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes |
|
|
6.500 |
% |
|
|
6/20/27 |
|
|
|
1,300,000 |
|
|
|
1,308,198 |
(b)(c) |
| Singapore Airlines Ltd., Senior Notes |
|
|
3.375 |
% |
|
|
1/19/29 |
|
|
|
1,000,000 |
|
|
|
932,583 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Passenger Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,240,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation Infrastructure - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adani Ports & Special Economic Zone Ltd., Senior Notes |
|
|
3.828 |
% |
|
|
2/2/32 |
|
|
|
700,000 |
|
|
|
575,372 |
(a) |
| Mersin Uluslararasi Liman Isletmeciligi AS, Senior Notes |
|
|
8.250 |
% |
|
|
11/15/28 |
|
|
|
2,870,000 |
|
|
|
2,968,412 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation Infrastructure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,543,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,940,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 9.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals - 4.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Braskem America Finance Co., Senior Notes |
|
|
7.125 |
% |
|
|
7/22/41 |
|
|
|
210,000 |
|
|
|
189,598 |
(a)(c) |
| GC Treasury Center Co. Ltd., Senior Notes |
|
|
4.400 |
% |
|
|
3/30/32 |
|
|
|
1,193,000 |
|
|
|
1,084,364 |
(a) |
| MEGlobal BV, Senior Notes |
|
|
2.625 |
% |
|
|
4/28/28 |
|
|
|
1,600,000 |
|
|
|
1,428,688 |
(b)(c) |
| MEGlobal Canada ULC, Senior Notes |
|
|
5.875 |
% |
|
|
5/18/30 |
|
|
|
4,100,000 |
|
|
|
4,144,657 |
(b)(c) |
| OCP SA, Senior Notes |
|
|
3.750 |
% |
|
|
6/23/31 |
|
|
|
7,000,000 |
|
|
|
5,984,475 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
13 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Chemicals - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Orbia Advance Corp. SAB de CV, Senior Notes |
|
|
5.875 |
% |
|
|
9/17/44 |
|
|
|
2,800,000 |
|
|
$ |
2,548,258 |
(a)(c) |
| Orbia Advance Corp. SAB de CV, Senior Notes |
|
|
5.875 |
% |
|
|
9/17/44 |
|
|
|
4,960,000 |
|
|
|
4,516,068 |
(b)(c) |
| Sasol Financing USA LLC, Senior Notes |
|
|
5.500 |
% |
|
|
3/18/31 |
|
|
|
5,900,000 |
|
|
|
4,975,552 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,871,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction Materials - 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cemex SAB de CV, Senior Notes |
|
|
5.450 |
% |
|
|
11/19/29 |
|
|
|
4,200,000 |
|
|
|
4,138,649 |
(a)(c) |
| Cemex SAB de CV, Subordinated Notes (9.125% to 6/14/28 then 5 year Treasury Constant Maturity Rate +
5.157%) |
|
|
9.125 |
% |
|
|
3/14/28 |
|
|
|
2,000,000 |
|
|
|
2,173,958 |
(b)(c)(g)(h) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Construction Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,312,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metals & Mining - 3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Antofagasta PLC, Senior Notes |
|
|
5.625 |
% |
|
|
5/13/32 |
|
|
|
3,100,000 |
|
|
|
3,111,030 |
(b)(c) |
| CSN Resources SA, Senior Notes |
|
|
8.875 |
% |
|
|
12/5/30 |
|
|
|
3,000,000 |
|
|
|
3,097,011 |
(b)(c) |
| Freeport Indonesia PT, Senior Notes |
|
|
4.763 |
% |
|
|
4/14/27 |
|
|
|
2,000,000 |
|
|
|
1,957,766 |
(b)(c) |
| Fresnillo PLC, Senior Notes |
|
|
4.250 |
% |
|
|
10/2/50 |
|
|
|
4,000,000 |
|
|
|
3,022,482 |
(b)(c) |
| POSCO, Senior Notes |
|
|
5.750 |
% |
|
|
1/17/28 |
|
|
|
3,500,000 |
|
|
|
3,553,164 |
(b)(c) |
| Southern Copper Corp., Senior Notes |
|
|
7.500 |
% |
|
|
7/27/35 |
|
|
|
310,000 |
|
|
|
358,680 |
(c) |
| Southern Copper Corp., Senior Notes |
|
|
6.750 |
% |
|
|
4/16/40 |
|
|
|
5,490,000 |
|
|
|
6,105,643 |
(c) |
| Volcan Cia Minera SAA, Senior Notes |
|
|
4.375 |
% |
|
|
2/11/26 |
|
|
|
2,000,000 |
|
|
|
1,244,357 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,450,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Suzano Austria GmbH, Senior Notes |
|
|
5.750 |
% |
|
|
7/14/26 |
|
|
|
3,450,000 |
|
|
|
3,451,829 |
(b)(c) |
| Suzano Austria GmbH, Senior Notes |
|
|
6.000 |
% |
|
|
1/15/29 |
|
|
|
3,940,000 |
|
|
|
3,962,324 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,414,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MATERIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,048,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified REITs - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trust Fibra Uno, Senior Notes |
|
|
4.869 |
% |
|
|
1/15/30 |
|
|
|
4,200,000 |
|
|
|
3,708,484 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500% PIK) |
|
|
8.500 |
% |
|
|
9/30/29 |
|
|
|
753,099 |
|
|
|
21,177 |
(j) |
| Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% PIK) |
|
|
9.000 |
% |
|
|
9/30/30 |
|
|
|
579,306 |
|
|
|
14,483 |
(j) |
| Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% PIK) |
|
|
9.800 |
% |
|
|
9/30/31 |
|
|
|
753,099 |
|
|
|
17,020 |
(j) |
| China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 then 1.000%) |
|
|
0.000 |
% |
|
|
3/30/2173 |
|
|
|
1,197,066 |
|
|
|
13,383 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
VALUE |
|
| Real Estate Management & Development - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
— |
|
|
|
1/23/22 |
|
|
|
4,050,000 |
|
|
$ |
81,000 |
*(a)(e) |
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
7.950 |
% |
|
|
6/21/24 |
|
|
|
2,000,000 |
|
|
|
40,000 |
*(a)(d) |
| China Aoyuan Group Ltd., Senior Secured Notes |
|
|
5.880 |
% |
|
|
3/1/27 |
|
|
|
700,000 |
|
|
|
14,000 |
*(a)(d) |
| China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) |
|
|
5.500 |
% |
|
|
9/30/31 |
|
|
|
299,257 |
|
|
|
4,552 |
(j) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
205,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,914,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES - 5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities - 4.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comision Federal de Electricidad, Senior Notes |
|
|
3.875 |
% |
|
|
7/26/33 |
|
|
|
1,000,000 |
|
|
|
820,448 |
(a)(c) |
| Comision Federal de Electricidad, Senior Notes |
|
|
4.677 |
% |
|
|
2/9/51 |
|
|
|
1,000,000 |
|
|
|
707,562 |
(a)(c) |
| Enel Chile SA, Senior Notes |
|
|
4.875 |
% |
|
|
6/12/28 |
|
|
|
5,150,000 |
|
|
|
5,025,894 |
(c) |
| Engie Energia Chile SA, Senior Notes |
|
|
4.500 |
% |
|
|
1/29/25 |
|
|
|
4,000,000 |
|
|
|
3,949,871 |
(a)(c) |
| Eskom Holdings SOC Ltd., Senior Notes |
|
|
4.314 |
% |
|
|
7/23/27 |
|
|
|
9,600,000 |
|
|
|
8,840,352 |
(a) |
| Instituto Costarricense de Electricidad, Senior Notes |
|
|
6.750 |
% |
|
|
10/7/31 |
|
|
|
3,100,000 |
|
|
|
3,138,881 |
(b)(c) |
| Korea Electric Power Corp., Senior Notes |
|
|
5.375 |
% |
|
|
4/6/26 |
|
|
|
800,000 |
|
|
|
802,736 |
(b)(c) |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes |
|
|
5.250 |
% |
|
|
5/15/47 |
|
|
|
5,810,000 |
|
|
|
5,285,643 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,571,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gas Utilities - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Promigas SA ESP/Gases del Pacifico SAC, Senior Notes |
|
|
3.750 |
% |
|
|
10/16/29 |
|
|
|
3,000,000 |
|
|
|
2,651,338 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Independent Power and Renewable Electricity Producers - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Enel Generacion Chile SA, Senior Notes |
|
|
4.250 |
% |
|
|
4/15/24 |
|
|
|
500,000 |
|
|
|
499,856 |
(c) |
| Minejesa Capital BV, Senior Secured Notes |
|
|
5.625 |
% |
|
|
8/10/37 |
|
|
|
3,100,000 |
|
|
|
2,822,748 |
(b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Independent Power and Renewable Electricity Producers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,322,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,545,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS & NOTES
(Cost - $333,825,099) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
320,406,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
15 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
(Percentages shown based on Fund net assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
|
|
|
|
|
|
SHARES |
|
|
VALUE |
|
| COMMON STOCKS - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd.
(Cost - $6,006) |
|
|
|
|
|
|
|
|
|
|
299,256 |
|
|
$ |
6,041 |
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT† |
|
|
|
|
| CONVERTIBLE BONDS & NOTES - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate Management & Development - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| China Aoyuan Group Ltd., Senior Notes
(Cost - $1,393) |
|
|
0.000 |
% |
|
|
9/30/28 |
|
|
|
106,980 |
|
|
|
1,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $886,364,301) |
|
|
|
|
|
|
|
855,981,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS - 0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Egypt Treasury Bills
(Cost - $3,159,611) |
|
|
27.469 |
% |
|
|
12/10/24 |
|
|
|
185,900,000 |
EGP |
|
|
3,313,985 |
(k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| MONEY MARKET FUNDS - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $2,139,084) |
|
|
5.271 |
% |
|
|
|
|
|
|
2,139,084 |
|
|
|
2,139,084 |
(l)(m) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Cost - $5,298,695) |
|
|
|
5,453,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 138.5%
(Cost - $891,662,996) |
|
|
|
861,434,773 |
|
| Liabilities in Excess of Other Assets - (38.5)% |
|
|
|
|
|
|
|
(239,382,769 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
$ |
622,052,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
16 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
| † |
Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† |
Represents less than 0.1%. |
| * |
Non-income producing security. |
| (a) |
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to
securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (b) |
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold
in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (c) |
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
|
| (d) |
The coupon payment on this security is currently in default as of March 31, 2024. |
| (e) |
The maturity principal is currently in default as of March 31, 2024. |
| (f) |
Securities traded on a when-issued or delayed delivery basis. |
| (g) |
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above. |
| (h) |
Security has no maturity date. The date shown represents the next call date. |
| (i) |
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
| (j) |
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest
payments in cash or additional securities. |
| (k) |
Rate shown represents yield-to-maturity. |
| (l) |
Rate shown is one-day yield as of the end of the reporting period. |
| (m) |
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company”
represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2024, the total market value of investments in Affiliated Companies
was $2,139,084 and the cost was $2,139,084 (Note 2). |
Abbreviation(s) used in this schedule:
|
|
|
| BRL |
|
— Brazilian Real |
| COP |
|
— Colombian Peso |
| CRC |
|
— Costa Rica Colon |
| DOP |
|
— Dominican Peso |
| EGP |
|
— Egyptian Pound |
| EUR |
|
— Euro |
| ICE |
|
— Intercontinental Exchange |
| INR |
|
— Indian Rupee |
| JMD |
|
— Jamaican Dollar |
| JSC |
|
— Joint Stock Company |
| KZT |
|
— Kazakhstani Tenge |
| MXN |
|
— Mexican Peso |
| PIK |
|
— Payment-In-Kind |
| USD |
|
— United States Dollar |
| UYU |
|
— Uruguayan Peso |
| UZS |
|
— Uzbekistani Som |
| ZAR |
|
— South African Rand |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
17 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
At March 31, 2024, the Fund had the following open futures contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Notional
Amount |
|
|
Market
Value |
|
|
Unrealized
Depreciation |
|
| Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Long-Term Bonds |
|
|
115 |
|
|
|
6/24 |
|
|
$ |
13,658,197 |
|
|
$ |
13,850,312 |
|
|
$ |
(192,115 |
) |
At March 31, 2024, the Fund had the following open forward foreign currency contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Currency
Purchased |
|
|
Currency
Sold |
|
|
Counterparty |
|
Settlement
Date |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| USD |
|
|
6,149,062 |
|
|
|
SGD |
|
|
|
8,144,433 |
|
|
Deutsche Bank AG |
|
|
4/15/24 |
|
|
$ |
112,356 |
|
| USD |
|
|
1,817,484 |
|
|
|
COP |
|
|
|
7,268,120,000 |
|
|
JPMorgan Chase & Co. |
|
|
4/15/24 |
|
|
|
(56,980 |
) |
| USD |
|
|
3,775,826 |
|
|
|
MXN |
|
|
|
65,506,800 |
|
|
JPMorgan Chase & Co. |
|
|
4/15/24 |
|
|
|
(153,850 |
) |
| TRY |
|
|
87,246,000 |
|
|
|
USD |
|
|
|
2,427,235 |
|
|
BNP Paribas SA |
|
|
6/14/24 |
|
|
|
36,897 |
|
| USD |
|
|
31,392,200 |
|
|
|
CNY |
|
|
|
222,555,000 |
|
|
JPMorgan Chase & Co. |
|
|
6/14/24 |
|
|
|
360,244 |
|
| USD |
|
|
20,659,615 |
|
|
|
EUR |
|
|
|
18,823,701 |
|
|
JPMorgan Chase & Co. |
|
|
6/14/24 |
|
|
|
288,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized appreciation on open forward foreign currency contracts |
|
|
|
|
|
$ |
586,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Abbreviation(s) used in this table:
|
|
|
| CNY |
|
— Chinese Yuan Renminbi |
| COP |
|
— Colombian Peso |
| EUR |
|
— Euro |
| MXN |
|
—Mexican Peso |
| SGD |
|
— Singapore Dollar |
| TRY |
|
— Turkish Lira |
| USD |
|
— United States Dollar |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the
date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to
Schedule of Investments.
|
|
|
|
|
|
18 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Emerging Markets Debt Fund Inc. (the “Fund”) was incorporated in Maryland on April 16, 2003 and is registered as a
non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors authorized 100 million shares of $0.001 par value common stock. The Fund’s
primary investment objective is to seek high current income and the Fund’s secondary objective is to seek capital appreciation.
The Fund follows the
accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant
accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal,
mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer
quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads,
default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by
the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When
the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for
a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently
been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the
exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the
oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
19 |
Notes to Schedule of Investments (unaudited) (continued)
determinations, evaluating the effectiveness of the Fund’s pricing policies, and
reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of
pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing
methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted
cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts
and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same
class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the
security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the
last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of
security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount
estimated future cash flows to present value.
|
|
|
|
|
|
20 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation
techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| |
• |
|
Level 1 – unadjusted quoted prices in active markets for identical investments |
| |
• |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.) |
| |
• |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair
value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated
with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and
liabilities carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Long-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sovereign Bonds |
|
|
— |
|
|
$ |
535,568,193 |
|
|
|
— |
|
|
$ |
535,568,193 |
|
| Corporate Bonds & Notes |
|
|
— |
|
|
|
320,406,122 |
|
|
|
— |
|
|
|
320,406,122 |
|
| Common Stocks |
|
$ |
6,041 |
|
|
|
— |
|
|
|
— |
|
|
|
6,041 |
|
| Convertible Bonds & Notes |
|
|
— |
|
|
|
1,348 |
|
|
|
— |
|
|
|
1,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
6,041 |
|
|
|
855,975,663 |
|
|
|
— |
|
|
|
855,981,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sovereign Bonds |
|
|
— |
|
|
|
3,313,985 |
|
|
|
— |
|
|
|
3,313,985 |
|
| Money Market Funds |
|
|
2,139,084 |
|
|
|
— |
|
|
|
— |
|
|
|
2,139,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Investments |
|
|
2,139,084 |
|
|
|
3,313,985 |
|
|
|
— |
|
|
|
5,453,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
2,145,125 |
|
|
$ |
859,289,648 |
|
|
|
— |
|
|
$ |
861,434,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
797,530 |
|
|
|
— |
|
|
$ |
797,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
2,145,125 |
|
|
$ |
860,087,178 |
|
|
|
— |
|
|
$ |
862,232,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
21 |
Notes to Schedule of Investments (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts†† |
|
$ |
192,115 |
|
|
|
— |
|
|
|
— |
|
|
$ |
192,115 |
|
| Forward Foreign Currency Contracts†† |
|
|
— |
|
|
$ |
210,830 |
|
|
|
— |
|
|
|
210,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
192,115 |
|
|
$ |
210,830 |
|
|
|
— |
|
|
$ |
402,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| † |
See Schedule of Investments for additional detailed categorizations. |
| †† |
Reflects the unrealized appreciation (depreciation) of the instruments. |
2. Transactions with affiliated company
As defined by
the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for
all or some portion of the period ended March 31, 2024. The following transactions were effected in such company for the period ended March 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Affiliate
Value at
December 31,
2023 |
|
|
Purchased |
|
|
Sold |
|
| |
|
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
|
— |
|
|
$ |
28,047,430 |
|
|
|
28,047,430 |
|
|
$ |
25,908,346 |
|
|
|
25,908,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (cont’d) |
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
March 31,
2024 |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
|
— |
|
|
$ |
22,666 |
|
|
|
— |
|
|
$ |
2,139,084 |
|
|
|
|
|
|
|
22 |
|
Western Asset Emerging Markets Debt Fund Inc. 2024 Quarterly Report |
|
|
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