Schedule of Investments (unaudited)
March 31, 2026
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 Western Asset Emerging Markets Debt Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Sovereign Bonds — 73.5%
Angola — 3.0%
Angolan Government International Bond, Senior Notes
8.250%
5/9/28
2,150,000
 
 $2,170,810
 (a)
Angolan Government International Bond, Senior Notes
8.000%
11/26/29
4,930,000
 
4,881,623
 (b)
Angolan Government International Bond, Senior Notes
9.125%
11/26/49
13,560,000
 
11,825,421
 (a)
Total Angola
18,877,854
Argentina — 4.2%
Argentine Republic Government International Bond, Senior Notes, Step
bond (4.125% to 7/9/27 then 4.750%)
4.125%
7/9/35
20,300,000
 
14,666,750
 (c)
Bonos Para La Reconstruccion De Una Argentina Libre, Senior Notes
3.000%
5/31/26
1,020,000
 
360,408
 
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
10,051,223
 
7,601,238
 (b)
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
3,157,370
 
2,387,761
 (a)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
1,199,267
 
1,197,635
 (b)(c)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
412,500
 
411,939
 (a)(c)
Total Argentina
26,625,731
Armenia — 1.0%
 
Republic of Armenia International Bond, Senior Notes
3.600%
2/2/31
7,000,000
 
6,233,369
 (b)
Bahamas — 1.8%
Bahamas Government International Bond, Senior Notes
9.000%
6/16/29
8,000,000
 
8,548,000
 (b)
Bahamas Government International Bond, Senior Notes
6.950%
11/20/29
3,000,000
 
3,012,000
 (b)
Total Bahamas
11,560,000
Bahrain — 2.6%
Bahrain Government International Bond, Senior Notes
7.000%
10/12/28
2,000,000
 
1,995,520
 (a)
Bahrain Government International Bond, Senior Notes
5.625%
9/30/31
7,000,000
 
6,489,124
 (a)
Bahrain Government International Bond, Senior Notes
7.500%
9/20/47
7,400,000
 
7,018,119
 (b)
Bahrain Government International Bond, Senior Notes
6.250%
1/25/51
1,000,000
 
815,621
 (a)
Total Bahrain
16,318,384
Benin — 0.5%
 
Benin Government International Bond, Senior Notes
7.960%
2/13/38
3,200,000
 
3,145,487
 (b)
Chile — 0.6%
 
Chile Government International Bond, Senior Notes
3.500%
1/31/34
4,000,000
 
3,617,000
 (d)
Colombia — 1.7%
Colombia Government International Bond, Senior Notes
3.250%
4/22/32
3,500,000
 
2,925,090
 
Colombia Government International Bond, Senior Notes
4.125%
2/22/42
11,500,000
 
7,812,525
 
Total Colombia
10,737,615
Costa Rica — 1.2%
Costa Rica Government International Bond, Senior Notes
6.125%
2/19/31
1,050,000
 
1,075,694
 (a)(c)
Costa Rica Government International Bond, Senior Notes
7.158%
3/12/45
4,200,000
 
4,471,278
 (b)(c)
Costa Rica Government International Bond, Senior Notes
7.300%
11/13/54
1,800,000
 
1,947,663
 (b)(c)
Total Costa Rica
7,494,635
Dominican Republic — 3.0%
Dominican Republic International Bond, Senior Notes
6.000%
7/19/28
3,200,000
 
3,229,760
 (b)(c)
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
3,800,000
 
3,510,820
 (a)(c)
Dominican Republic International Bond, Senior Notes
10.500%
3/15/37
85,000,000
 DOP
1,457,535
 (a)
Dominican Republic International Bond, Senior Notes
5.300%
1/21/41
8,000,000
 
6,826,400
 (a)(c)
Dominican Republic International Bond, Senior Notes
5.875%
1/30/60
4,400,000
 
3,686,980
 (a)(c)
Total Dominican Republic
18,711,495
See Notes to Schedule of Investments.
1
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Ecuador — 2.2%
Ecuador Government International Bond, Senior Notes
6.900%
7/31/35
4,760,000
 
 $4,203,937
 (a)
Ecuador Government International Bond, Senior Notes, Step bond
(5.000% to 7/31/26 then 5.500%)
5.000%
7/31/40
12,680,000
 
9,953,800
 (b)
Total Ecuador
14,157,737
Egypt — 2.8%
Egypt Government International Bond, Senior Notes
5.800%
9/30/27
640,000
 
632,707
 (a)
Egypt Government International Bond, Senior Notes
6.588%
2/21/28
2,000,000
 
1,992,823
 (a)
Egypt Government International Bond, Senior Notes
5.875%
2/16/31
5,000,000
 
4,612,936
 (a)
Egypt Government International Bond, Senior Notes
7.625%
5/29/32
1,600,000
 
1,547,432
 (b)
Egypt Government International Bond, Senior Notes
7.903%
2/21/48
10,560,000
 
8,619,606
 (a)
Total Egypt
17,405,504
El Salvador — 1.1%
El Salvador Government International Bond, Senior Notes
0.250%
4/17/30
6,250,000
 
240,424
 (b)
El Salvador Government International Bond, Senior Notes
9.250%
4/17/30
6,250,000
 
6,509,000
 (b)(c)
Total El Salvador
6,749,424
Ethiopia — 1.8%
 
Ethiopia International Bond, Senior Notes
6.625%
12/11/26
10,900,000
 
11,165,231
 (a)(e)
Gabon — 0.3%
 
Gabon Government International Bond, Senior Notes
6.625%
2/6/31
2,000,000
 
1,675,274
 (a)
Ghana — 0.4%
 
Ghana Government International Bond, Senior Notes, Step bond (5.000%
to 7/3/28 then 6.000%)
5.000%
7/3/29
2,562,313
 
2,449,445
 (b)(c)
Guatemala — 1.2%
Guatemala Government Bond, Senior Notes
5.375%
4/24/32
4,300,000
 
4,261,300
 (b)(c)
Guatemala Government Bond, Senior Notes
6.600%
6/13/36
3,000,000
 
3,157,500
 (b)(c)
Total Guatemala
7,418,800
Hungary — 2.1%
Hungary Government International Bond, Senior Notes
5.500%
3/26/36
11,000,000
 
10,734,095
 (b)(c)
Hungary Government International Bond, Senior Notes
3.125%
9/21/51
1,300,000
 
777,248
 (b)(c)
Magyar Export-Import Bank Zrt, Senior Notes
6.125%
12/4/27
1,900,000
 
1,922,625
 (b)(c)
Total Hungary
13,433,968
Indonesia — 1.3%
Indonesia Government International Bond, Senior Notes
6.625%
2/17/37
3,210,000
 
3,494,487
 (a)(c)
Indonesia Government International Bond, Senior Notes
5.250%
1/17/42
5,000,000
 
4,790,833
 (b)(d)
Total Indonesia
8,285,320
Ivory Coast — 3.0%
Ivory Coast Government International Bond, Senior Notes
5.250%
3/22/30
4,800,000
 EUR
5,485,710
 (a)
Ivory Coast Government International Bond, Senior Notes
7.625%
1/30/33
3,910,000
 
3,983,664
 (b)(c)
Ivory Coast Government International Bond, Senior Notes
6.125%
6/15/33
2,500,000
 
2,361,352
 (a)
Ivory Coast Government International Bond, Senior Notes
6.125%
6/15/33
1,200,000
 
1,133,449
 (b)
Ivory Coast Government International Bond, Senior Notes
6.750%
2/25/41
7,000,000
 
6,164,400
 (b)(c)
Total Ivory Coast
19,128,575
Jamaica — 0.6%
 
Jamaica Government International Bond, Senior Notes
9.625%
11/3/30
617,000,000
 JMD
4,117,009
 
Jordan — 2.3%
Jordan Government International Bond, Senior Notes
7.750%
1/15/28
3,120,000
 
3,188,856
 (b)
See Notes to Schedule of Investments.
2
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Jordan — continued
Jordan Government International Bond, Senior Notes
7.500%
1/13/29
1,600,000
 
 $1,645,158
 (a)
Jordan Government International Bond, Senior Notes
5.850%
7/7/30
6,350,000
 
6,262,492
 (a)
Jordan Government International Bond, Senior Notes
7.375%
10/10/47
3,820,000
 
3,594,514
 (b)
Total Jordan
14,691,020
Kenya — 0.9%
Republic of Kenya Government International Bond, Senior Notes
7.250%
2/28/28
4,680,000
 
4,653,032
 (a)
Republic of Kenya Government International Bond, Senior Notes
8.000%
5/22/32
900,000
 
867,893
 (a)
Total Kenya
5,520,925
Mexico — 1.2%
Eagle Funding Luxco Sarl, Senior Notes
5.500%
8/17/30
1,400,000
 
1,409,100
 (b)(c)
Mexican Bonos, Senior Notes
8.500%
11/18/38
119,570,000
 MXN
6,139,303
 
Total Mexico
7,548,403
Mozambique — 0.2%
 
Mozambique International Bond, Senior Notes
9.000%
9/15/31
2,000,000
 
1,503,810
 (a)
Nigeria — 2.5%
Nigeria Government International Bond, Senior Notes
6.125%
9/28/28
1,820,000
 
1,810,134
 (a)
Nigeria Government International Bond, Senior Notes
8.375%
3/24/29
1,500,000
 
1,577,824
 (a)
Nigeria Government International Bond, Senior Notes
7.875%
2/16/32
2,600,000
 
2,636,338
 (a)
Nigeria Government International Bond, Senior Notes
7.696%
2/23/38
9,930,000
 
9,609,131
 (a)
Total Nigeria
15,633,427
Oman — 2.3%
Oman Government International Bond, Senior Notes
5.625%
1/17/28
7,500,000
 
7,596,354
 (b)
Oman Government International Bond, Senior Notes
6.750%
1/17/48
6,500,000
 
6,773,303
 (a)
Total Oman
14,369,657
Panama — 1.1%
Panama Government International Bond, Senior Notes
9.375%
4/1/29
910,000
 
1,026,098
 (c)
Panama Government International Bond, Senior Notes
4.500%
4/16/50
2,430,000
 
1,852,389
 (c)
Panama Government International Bond, Senior Notes
3.870%
7/23/60
6,700,000
 
4,377,043
 (c)
Total Panama
7,255,530
Paraguay — 1.2%
Paraguay Government International Bond, Senior Notes
7.900%
2/9/31
22,024,000,000
 PYG
3,344,982
 (b)
Paraguay Government International Bond, Senior Notes
2.739%
1/29/33
1,900,000
 
1,673,425
 (b)(c)
Paraguay Government International Bond, Senior Notes
6.650%
3/4/55
2,220,000
 
2,309,688
 (b)(c)
Total Paraguay
7,328,095
Peru — 1.1%
 
Peruvian Government International Bond, Senior Notes
8.750%
11/21/33
5,498,000
 
6,659,178
 (c)
Poland — 2.1%
Bank Gospodarstwa Krajowego, Senior Notes
5.375%
5/22/33
6,300,000
 
6,389,542
 (b)(c)
Republic of Poland Government International Bond, Senior Notes
4.875%
10/4/33
7,000,000
 
7,011,834
 (d)
Total Poland
13,401,376
Qatar — 2.1%
Qatar Government International Bond, Senior Notes
4.625%
6/2/46
10,000,000
 
8,649,265
 (a)
Qatar Government International Bond, Senior Notes
5.103%
4/23/48
4,920,000
 
4,547,963
 (b)(c)
Total Qatar
13,197,228
Romania — 3.4%
Romanian Government International Bond, Senior Notes
3.625%
3/27/32
16,840,000
 
14,808,089
 (a)
See Notes to Schedule of Investments.
3
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Romania — continued
Romanian Government International Bond, Senior Notes
7.500%
2/10/37
6,200,000
 
 $6,562,166
 (b)(c)
Total Romania
21,370,255
Saudi Arabia — 0.3%
 
Saudi Government International Bond, Senior Notes
4.625%
10/4/47
2,500,000
 
2,062,023
 (a)
Senegal — 0.2%
 
Senegal Government International Bond, Senior Notes
6.250%
5/23/33
2,000,000
 
1,070,284
 (a)
South Africa — 1.9%
Republic of South Africa Government Bond
6.250%
3/31/36
35,700,000
 ZAR
1,695,656
 
Republic of South Africa Government Bond
6.500%
2/28/41
93,920,000
 ZAR
4,151,842
 
Republic of South Africa Government International Bond, Senior Notes
6.125%
12/11/37
1,250,000
 
1,161,250
 (b)(c)
Republic of South Africa Government International Bond, Senior Notes
5.000%
10/12/46
5,000,000
 
3,607,744
 (c)
Republic of South Africa Government International Bond, Senior Notes
5.750%
9/30/49
2,000,000
 
1,548,874
 (c)
Total South Africa
12,165,366
South Korea — 0.2%
 
Korea Housing Finance Corp., Senior Notes
3.875%
9/17/30
1,000,000
 
984,435
 (b)
Sri Lanka — 0.1%
 
Sri Lanka Government International Bond, Senior Notes, Step bond
(3.100% to 7/15/27 then 3.350%)
3.100%
1/15/30
517,950
 
476,526
 (b)
Supranational — 4.6%
Africa Finance Corp., Senior Notes
3.750%
10/30/29
3,000,000
 
2,846,096
 (a)
African Export-Import Bank, Senior Notes
2.634%
5/17/26
3,100,000
 
3,097,874
 (a)
African Export-Import Bank, Senior Notes
3.798%
5/17/31
3,000,000
 
2,673,523
 (b)(c)
Asian Development Bank, Senior Notes
30.000%
7/29/26
223,720,000
 TRY
4,593,005
 
Asian Development Bank, Senior Notes
20.750%
8/27/26
5,000,000,000
 NGN
3,577,579
 
European Bank for Reconstruction & Development, Senior Notes
21.000%
7/21/26
2,850,000,000
 NGN
2,069,112
 
Inter-American Development Bank, Senior Notes
6.650%
2/6/31
1,000,000,000
 CRC
2,092,861
 
International Bank for Reconstruction & Development, Senior Notes
8.050%
5/10/28
312,500,000
 UYU
7,747,782
 
Total Supranational
28,697,832
Turkey — 1.9%
Turkiye Government International Bond, Senior Notes
5.125%
2/17/28
4,000,000
 
3,949,027
 
Turkiye Government International Bond, Senior Notes
9.375%
3/14/29
3,000,000
 
3,241,419
 
Turkiye Government International Bond, Senior Notes
7.625%
5/15/34
3,040,000
 
3,095,011
 
Turkiye Government International Bond, Senior Notes
4.875%
4/16/43
2,160,000
 
1,520,880
 
Total Turkey
11,806,337
Ukraine — 1.9%
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/30
807,487
 
474,907
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/34
3,017,457
 
1,297,417
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
4.500%
2/1/34
6,686,005
 
3,579,976
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/35
2,549,964
 
1,190,227
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
4.500%
2/1/35
4,258,403
 
2,243,300
 (a)
Ukraine Government International Bond, Senior Notes, Step bond
(0.000% to 2/1/27 then 3.000%)
0.000%
2/1/36
2,124,969
 
992,040
 (a)
See Notes to Schedule of Investments.
4
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Ukraine — continued
Ukraine Government International Bond, Senior Notes, Step bond
(4.500% to 2/1/27 then 6.000%)
4.500%
2/1/36
3,837,998
 
 $1,984,097
 (a)
Total Ukraine
11,761,964
Uruguay — 2.2%
Uruguay Government International Bond, Senior Notes
5.750%
10/28/34
10,408,526
 
10,890,441
 (d)
Uruguay Government International Bond, Senior Notes
5.100%
6/18/50
3,260,000
 
2,998,874
 (c)
Total Uruguay
13,889,315
Uzbekistan — 1.1%
Republic of Uzbekistan International Bond, Senior Notes
3.700%
11/25/30
4,000,000
 
3,644,779
 (a)
Republic of Uzbekistan International Bond, Senior Notes
3.900%
10/19/31
2,000,000
 
1,810,034
 (b)
Republic of Uzbekistan International Bond, Senior Notes
6.900%
2/28/32
1,560,000
 
1,630,654
 (b)
Total Uzbekistan
7,085,467
Venezuela — 2.3%
Venezuela Government International Bond, Senior Notes
7.750%
10/13/26
22,130,000
 
9,128,625
 *(a)(e)
Venezuela Government International Bond, Senior Notes
8.250%
10/13/26
7,000,000
 
3,020,500
 *(a)(e)
Venezuela Government International Bond, Senior Notes
9.250%
9/15/27
4,205,000
 
2,018,400
 *(e)
Total Venezuela
14,167,525
 
Total Sovereign Bonds (Cost — $428,022,793)
461,953,835
Corporate Bonds & Notes — 55.8%
Communication Services — 3.9%
Diversified Telecommunication Services — 2.2%
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
2,000,000
 
1,402,422
 (b)(c)
IHS Holding Ltd., Senior Notes
7.875%
5/29/30
2,160,000
 
2,190,359
 (b)(c)
Telecom Argentina SA, Senior Notes
9.250%
5/28/33
6,150,000
 
6,373,045
 (b)(c)
Turk Telekomunikasyon AS, Senior Notes
7.375%
5/20/29
4,000,000
 
4,044,869
 (b)
Total Diversified Telecommunication Services
14,010,695
Entertainment — 0.4%
Discovery Global Holdings Inc., Senior Notes
4.279%
3/15/32
871,000
 
771,923
 (c)
Flutter Treasury DAC, Senior Secured Notes
5.875%
6/4/31
1,800,000
 
1,784,700
 (b)(c)
Total Entertainment
2,556,623
Media — 1.0%
Grupo Televisa SAB, Senior Notes
5.000%
5/13/45
9,850,000
 
6,125,804
 (c)
Wireless Telecommunication Services — 0.3%
Millicom International Cellular SA, Senior Notes
6.250%
3/25/29
1,638,900
 
1,633,878
 (b)(c)
 
Total Communication Services
24,327,000
Consumer Discretionary — 5.7%
Automobile Components — 1.0%
Adient Global Holdings Ltd., Senior Notes
8.250%
4/15/31
2,250,000
 
2,335,295
 (b)(c)
ZF North America Capital Inc., Senior Notes
7.125%
4/14/30
2,500,000
 
2,466,818
 (b)(c)
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
1,500,000
 
1,452,123
 (b)(c)
Total Automobile Components
6,254,236
Automobiles — 0.2%
Hyundai Capital Services Inc., Senior Notes
5.250%
1/22/28
1,500,000
 
1,519,761
 (a)(c)
Broadline Retail — 1.3%
Alibaba Group Holding Ltd., Senior Notes
2.125%
2/9/31
1,600,000
 
1,446,878
 (c)
Prosus NV, Senior Notes
3.257%
1/19/27
2,000,000
 
1,974,803
 (b)(c)
See Notes to Schedule of Investments.
5
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Broadline Retail — continued
Prosus NV, Senior Notes
3.680%
1/21/30
3,200,000
 
 $3,031,896
 (a)(c)
Prosus NV, Senior Notes
3.061%
7/13/31
2,000,000
 
1,792,853
 (b)(c)
Total Broadline Retail
8,246,430
Hotels, Restaurants & Leisure — 3.2%
Las Vegas Sands Corp., Senior Notes
5.625%
6/15/28
3,500,000
 
3,546,272
 (c)
Las Vegas Sands Corp., Senior Notes
3.900%
8/8/29
1,500,000
 
1,446,228
 (c)
Las Vegas Sands Corp., Senior Notes
6.000%
6/14/30
1,290,000
 
1,327,465
 (c)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
4,500,000
 
4,325,975
 (a)(c)
Melco Resorts Finance Ltd., Senior Notes
6.500%
9/24/33
2,830,000
 
2,718,727
 (b)(c)
Sands China Ltd., Senior Notes
5.400%
8/8/28
2,700,000
 
2,721,919
 (c)
Wynn Macau Ltd., Senior Notes
5.500%
10/1/27
3,000,000
 
2,972,533
 (b)(c)
Wynn Macau Ltd., Senior Notes
5.125%
12/15/29
750,000
 
719,753
 (b)(c)
Total Hotels, Restaurants & Leisure
19,778,872
 
Total Consumer Discretionary
35,799,299
Consumer Staples — 1.6%
Beverages — 0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL,
Senior Notes
5.250%
4/27/29
3,130,000
 
3,048,069
 (b)(c)
Food Products — 0.8%
Grupo Nutresa SA, Senior Notes
8.000%
5/12/30
3,000,000
 
3,180,750
 (b)(c)
Ulker Biskuvi Sanayi AS, Senior Notes
7.875%
7/8/31
2,000,000
 
2,021,294
 (b)
Total Food Products
5,202,044
Personal Care Products — 0.3%
Natura &Co. Luxembourg Holdings Sarl, Senior Notes
4.125%
5/3/28
2,000,000
 
1,892,786
 (a)(c)
 
Total Consumer Staples
10,142,899
Energy — 18.2%
Energy Equipment & Services — 0.5%
Yinson Boronia Production BV, Senior Secured Notes
8.947%
7/31/42
2,914,380
 
3,181,163
 (b)(c)
Oil, Gas & Consumable Fuels — 17.7%
Ecopetrol SA, Senior Notes
5.875%
5/28/45
4,900,000
 
3,611,547
 (c)
Ecopetrol SA, Senior Notes
5.875%
11/2/51
3,000,000
 
2,115,121
 (c)
EIG Pearl Holdings Sarl, Senior Secured Notes
3.545%
8/31/36
1,939,832
 
1,738,097
 (b)(c)
Empresa Generadora de Electricidad Haina SA, Senior Notes
5.625%
11/8/28
4,250,000
 
4,117,102
 (b)(c)
Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes
1.750%
9/30/27
585,848
 
570,432
 (a)
Greensaif Pipelines Bidco Sarl, Senior Secured Notes
5.853%
2/23/36
1,500,000
 
1,507,032
 (b)(c)
KazMunayGas National Co. JSC, Senior Notes
3.500%
4/14/33
16,300,000
 
14,645,854
 (a)
Pertamina Persero PT, Senior Notes
6.500%
5/27/41
1,500,000
 
1,533,111
 (b)(c)
Pertamina Persero PT, Senior Notes
4.150%
2/25/60
2,000,000
 
1,390,247
 (a)(c)
Petrobras Global Finance BV, Senior Notes
7.375%
1/17/27
3,000,000
 
3,051,789
 (c)
Petrobras Global Finance BV, Senior Notes
5.750%
2/1/29
4,000,000
 
4,059,068
 (c)
Petrobras Global Finance BV, Senior Notes
6.850%
6/5/2115
13,800,000
 
12,566,767
 (c)
Petroleos de Venezuela SA, Senior Notes
6.000%
5/16/26
8,145,000
 
2,803,509
 *(a)(e)
Petroleos de Venezuela SA, Senior Notes
9.000%
11/17/26
16,630,000
 
6,402,550
 *(a)(e)
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
3,800,000
 
3,015,927
 (a)(c)
Petroleos del Peru SA, Senior Notes
5.625%
6/19/47
3,300,000
 
2,318,580
 (b)(c)
Petroleos Mexicanos, Senior Notes
6.500%
3/13/27
2,000,000
 
2,020,424
 (c)
See Notes to Schedule of Investments.
6
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Petroleos Mexicanos, Senior Notes
5.350%
2/12/28
15,500,000
 
 $15,339,398
 (c)
Petroleos Mexicanos, Senior Notes
6.500%
6/2/41
8,200,000
 
6,922,480
 (c)
Petronas Capital Ltd., Senior Notes
2.480%
1/28/32
3,000,000
 
2,686,615
 (a)(c)
Puma International Financing SA, Senior Notes
7.750%
4/25/29
3,250,000
 
3,321,099
 (b)(c)
QazaqGaz National Co. JSC, Senior Notes
4.375%
9/26/27
4,200,000
 
4,171,104
 (a)
QazaqGaz NC JSC, Senior Notes
4.375%
9/26/27
3,000,000
 
2,979,360
 (b)(c)
Raizen Fuels Finance SA, Senior Notes
6.450%
3/5/34
1,500,000
 
825,938
 (b)
Tengizchevroil Finance Co. International Ltd., Senior Secured Notes
4.000%
8/15/26
3,900,000
 
3,890,583
 (a)(c)
Transportadora de Gas del Peru SA, Senior Notes
4.250%
4/30/28
648,000
 
644,625
 (a)(c)
Transportadora de Gas Internacional SA ESP, Senior Notes
5.550%
11/1/28
750,000
 
747,428
 (b)(c)
Ultrapar International SA, Senior Notes
5.250%
10/6/26
690,000
 
689,715
 (b)(c)
YPF SA, Senior Notes
6.950%
7/21/27
1,320,000
 
1,326,011
 (b)(c)
Total Oil, Gas & Consumable Fuels
111,011,513
 
Total Energy
114,192,676
Financials — 5.0%
Banks — 4.4%
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%
5/8/29
3,830,000
 
4,029,409
 (b)(c)(f)(g)
Banco del Estado de Chile, Junior Subordinated Notes (7.950% to 5/2/29
then 5 year Treasury Constant Maturity Rate + 3.228%)
7.950%
5/2/29
2,000,000
 
2,107,140
 (b)(c)(f)(g)
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
2,500,000
 
2,471,084
 (a)(c)(f)(g)
Banco Nacional de Panama, Senior Notes
2.500%
8/11/30
4,000,000
 
3,549,225
 (a)(c)
Bank Leumi Le-Israel BM, Senior Notes
5.125%
7/27/27
3,300,000
 
3,298,352
 (a)
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
 
1,030,245
 (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
 
2,789,604
 (a)(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
 
1,859,425
 (c)(f)(g)
Mizrahi Tefahot Bank Ltd., Subordinated Notes (3.077% to 4/7/26 then 5
year Treasury Constant Maturity Rate + 2.250%)
3.077%
4/7/31
1,500,000
 
1,500,792
 (a)(g)
Standard Chartered PLC, Senior Notes (2.608% to 1/12/27 then 1 year
Treasury Constant Maturity Rate + 1.180%)
2.608%
1/12/28
2,300,000
 
2,266,085
 (a)(g)
Ueno Bank SA, Senior Notes
6.700%
3/6/31
3,100,000
 
3,072,503
 (b)(c)
Total Banks
27,973,864
Capital Markets — 0.0%††
Credit Suisse AG AT1 Claim
—
—
2,000,000
 
0
 *(h)(i)(j)
Insurance — 0.6%
Sagicor Financial Co. Ltd., Senior Notes
5.300%
5/13/28
3,600,000
 
3,585,924
 (b)(c)
 
Total Financials
31,559,788
Health Care — 2.4%
Health Care Providers & Services — 0.3%
CHS/Community Health Systems Inc., Secured Notes
6.875%
4/15/29
1,750,000
 
1,684,668
 (b)(c)
Pharmaceuticals — 2.1%
Biocon Biologics Global PLC, Senior Secured Notes
6.670%
10/9/29
2,000,000
 
1,978,647
 (b)(c)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
3.150%
10/1/26
6,500,000
 
6,439,315
 (c)
See Notes to Schedule of Investments.
7
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Pharmaceuticals — continued
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
8.125%
9/15/31
1,630,000
 
 $1,824,247
 (c)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
4,000,000
 
2,969,984
 (c)
Total Pharmaceuticals
13,212,193
 
Total Health Care
14,896,861
Industrials — 4.5%
Aerospace & Defense — 0.2%
Czechoslovak Group AS, Senior Secured Notes
6.500%
1/10/31
1,560,000
 
1,596,115
 (b)
Construction & Engineering — 1.0%
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower
Partners Colombia SAS, Senior Secured Notes
7.875%
2/3/30
6,500,000
 
6,595,669
 (b)(c)
Electrical Equipment — 0.2%
LG Energy Solution Ltd., Senior Notes
5.375%
4/2/30
1,250,000
 
1,260,827
 (a)(c)
Ground Transportation — 1.5%
Empresa de los Ferrocarriles del Estado, Senior Notes
3.830%
9/14/61
1,800,000
 
1,217,509
 (b)(c)
Empresa de Transporte de Pasajeros Metro SA, Senior Notes
5.000%
1/25/47
2,560,000
 
2,304,133
 (b)(c)
Lima Metro Line 2 Finance Ltd., Senior Secured Notes
4.350%
4/5/36
2,775,991
 
2,640,693
 (b)(c)
Transnet SOC, Senior Notes
8.250%
2/6/28
3,100,000
 
3,210,890
 (b)(c)
Total Ground Transportation
9,373,225
Machinery — 0.5%
HTA Group Ltd., Senior Notes
7.500%
6/4/29
1,000,000
 
1,018,869
 (b)
Iochpe-Maxion Austria GmbH/Maxion Wheels de Mexico S de RL de CV,
Senior Notes
5.000%
5/7/28
2,000,000
 
1,944,301
 (a)(c)
Total Machinery
2,963,170
Passenger Airlines — 0.5%
Latam Airlines Group SA, Senior Secured Notes
7.875%
4/15/30
3,000,000
 
3,033,750
 (b)(c)
Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd., Senior Notes
3.828%
2/2/32
700,000
 
619,118
 (a)(c)
Mersin Uluslararasi Liman Isletmeciligi AS, Senior Notes
8.250%
11/15/28
2,870,000
 
2,927,783
 (b)
Total Transportation Infrastructure
3,546,901
 
Total Industrials
28,369,657
Information Technology — 0.4%
Communications Equipment — 0.4%
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
2,250,000
 
2,366,528
 (b)(c)
 
Materials — 6.4%
Chemicals — 3.2%
MEGlobal BV, Senior Notes
2.625%
4/28/28
1,600,000
 
1,502,827
 (b)(c)
MEGlobal Canada ULC, Senior Notes
5.875%
5/18/30
4,100,000
 
4,142,564
 (b)(c)
OCP SA, Senior Notes
3.750%
6/23/31
7,000,000
 
6,366,122
 (a)
Orbia Advance Corp. SAB de CV, Senior Notes
2.875%
5/11/31
990,000
 
805,315
 (a)(c)
Sasol Financing USA LLC, Senior Notes
4.375%
9/18/26
6,000,000
 
5,974,732
 (c)
Sasol Financing USA LLC, Senior Notes
5.500%
3/18/31
1,400,000
 
1,264,214
 (c)
Total Chemicals
20,055,774
Construction Materials — 0.2%
Cemex SAB de CV, Senior Notes
5.450%
11/19/29
1,000,000
 
1,000,859
 (a)(c)
Metals & Mining — 3.0%
Antofagasta PLC, Senior Notes
5.625%
5/13/32
1,100,000
 
1,116,202
 (b)(c)
See Notes to Schedule of Investments.
8
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Metals & Mining — continued
Antofagasta PLC, Senior Notes
5.625%
9/9/35
3,000,000
 
 $2,967,595
 (b)(c)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
4,000,000
 
4,152,376
 (b)(c)
Fresnillo PLC, Senior Notes
4.250%
10/2/50
3,000,000
 
2,279,161
 (b)(c)
POSCO, Senior Notes
5.750%
1/17/28
3,500,000
 
3,571,878
 (b)(d)
Samarco Mineracao SA, Senior Notes (9.500% PIK)
9.500%
6/30/31
2,314,558
 
2,278,756
 (a)(c)(k)
Southern Copper Corp., Senior Notes
7.500%
7/27/35
310,000
 
354,691
 (c)
Southern Copper Corp., Senior Notes
6.750%
4/16/40
344,000
 
374,178
 (c)
Vedanta Resources Finance II PLC, Senior Notes
10.875%
9/17/29
2,000,000
 
2,092,782
 (b)
Total Metals & Mining
19,187,619
 
Total Materials
40,244,252
Real Estate — 1.8%
Diversified REITs — 1.4%
Trust Fibra Uno, Senior Notes
4.869%
1/15/30
5,250,000
 
5,040,140
 (b)(c)
Trust Fibra Uno, Senior Notes
4.869%
1/15/30
2,800,000
 
2,688,075
 (a)(c)
Trust Fibra Uno, Senior Notes
6.390%
1/15/50
1,250,000
 
1,125,869
 (a)(c)
Total Diversified REITs
8,854,084
Real Estate Management & Development — 0.1%
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500%
PIK)
8.500%
9/30/29
2,067,693
 
108,140
 (a)(k)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000%
PIK)
9.000%
9/30/30
1,683,971
 
25,260
 (a)(k)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800%
PIK)
9.800%
9/30/31
2,222,875
 
30,564
 (a)(k)
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31
then 1.000%)
0.000%
3/30/2173
2,917,855
 
21,884
 (a)(f)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
5.500%
9/30/31
813,074
 
6,098
 (a)(k)
Total Real Estate Management & Development
191,946
Retail REITs — 0.3%
InRetail Shopping Malls, Senior Notes
5.650%
10/16/32
2,000,000
 
1,947,000
 (b)(c)
 
Total Real Estate
10,993,030
Utilities — 5.9%
Electric Utilities — 3.8%
AES Panama Generation Holdings SRL, Senior Secured Notes
4.375%
5/31/30
933,509
 
864,882
 (a)(c)
Comision Federal de Electricidad, Senior Notes
3.348%
2/9/31
2,020,000
 
1,811,009
 (b)(c)
Comision Federal de Electricidad, Senior Notes
3.875%
7/26/33
1,000,000
 
857,059
 (a)(c)
Comision Federal de Electricidad, Senior Notes
4.677%
2/9/51
1,000,000
 
714,958
 (a)(c)
Eskom Holdings, Senior Notes
4.314%
7/23/27
9,600,000
 
9,464,662
 (a)
Instituto Costarricense de Electricidad, Senior Notes
6.750%
10/7/31
3,100,000
 
3,229,316
 (b)(c)
Pampa Energia SA, Senior Notes
7.950%
9/10/31
350,000
 
365,278
 (b)(c)
Pampa Energia SA, Senior Notes
7.875%
12/16/34
1,000,000
 
1,034,650
 (b)(c)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior
Notes
5.250%
5/15/47
3,810,000
 
3,301,007
 (a)(c)
Threelands Energy Ltd. Sarl, Senior Notes
7.450%
10/20/35
2,000,000
 
2,026,900
 (b)(c)
Total Electric Utilities
23,669,721
Gas Utilities — 0.7%
Grupo Energia Bogota SA ESP, Senior Notes
5.750%
10/22/35
2,000,000
 
1,916,470
 (b)(c)
See Notes to Schedule of Investments.
9
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Gas Utilities — continued
Promigas SA ESP/Gases del Pacifico SAC, Senior Notes
3.750%
10/16/29
3,000,000
 
 $2,755,551
 (a)(c)
Total Gas Utilities
4,672,021
Independent Power and Renewable Electricity Producers — 1.2%
AES Andes SA, Junior Subordinated Notes (8.150% to 6/10/30 then 5
year Treasury Constant Maturity Rate + 3.835%)
8.150%
6/10/55
2,000,000
 
2,103,391
 (b)(c)(g)
AES Andes SA, Senior Notes
6.250%
3/14/32
800,000
 
821,553
 (b)(c)
Minejesa Capital BV, Senior Secured Notes
5.625%
8/10/37
3,100,000
 
2,958,624
 (b)(c)
Saavi Energia Sarl, Senior Notes
8.875%
2/10/35
1,600,000
 
1,681,040
 (b)(c)
Total Independent Power and Renewable Electricity Producers
7,564,608
Water Utilities — 0.2%
Nova Securitisation SARL, Senior Secured Notes
5.750%
2/3/31
1,500,000
 
1,453,096
 (b)(c)
 
Total Utilities
37,359,446
Total Corporate Bonds & Notes (Cost — $346,347,917)
350,251,436
U.S. Government & Agency Obligations — 2.5%
U.S. Government Obligations — 2.5%
U.S. Treasury Notes
3.875%
5/31/27
4,750,000
4,753,525
 
U.S. Treasury Notes
3.875%
7/31/27
5,000,000
5,002,539
 
U.S. Treasury Notes
3.375%
2/29/28
2,500,000
2,480,469
 
U.S. Treasury Notes
3.625%
9/30/31
3,500,000
3,434,238
 
 
Total U.S. Government & Agency Obligations (Cost — $15,726,733)
15,670,771
Convertible Bonds & Notes — 0.0%††
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes (Cost — $23,941)
0.000%
9/30/28
260,782
 
6,204
 (a)
 
 
 
 
Shares
 
Common Stocks — 0.0%††
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd. (Cost — $14,663)
729,465
5,570
 *(h)
Total Investments before Short-Term Investments (Cost — $790,136,047)
827,887,816
 
 
Rate
Maturity
Date
Face
Amount†
 
Short-Term Investments — 3.6%
U.S. Treasury Bills — 2.9%
U.S. Treasury Bills
1.854%
4/2/26
6,000,000
5,999,396
 (l)
U.S. Treasury Bills
0.040%
5/5/26
6,500,000
6,477,807
 (l)
U.S. Treasury Bills
3.676%
6/2/26
6,000,000
5,962,731
 (l)
 
Total U.S. Treasury Bills (Cost — $18,440,389)
18,439,934
See Notes to Schedule of Investments.
10
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
 Western Asset Emerging Markets Debt Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
 
Shares
Value
Money Market Funds — 0.7%
Western Asset Premier Institutional Government Reserves, Premium
Shares (Cost — $4,360,323)  
3.589%
4,360,323
 
 $4,360,323
 (m)(n)
 
Total Short-Term Investments (Cost — $22,800,712)
22,800,257
Total Investments — 135.4% (Cost — $812,936,759)
850,688,073
Liabilities in Excess of Other Assets — (35.4)%
(222,566,799
)
Total Net Assets — 100.0%
$628,121,274
 
†
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)
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.
(e)
The coupon payment on this security is currently in default as of March 31, 2026.
(f)
Security has no maturity date. The date shown represents the next call date.
(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 is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(i)
Security is valued using significant unobservable inputs (Note 1).
(j)
Value is less than $1.
(k)
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.
(l)
Rate shown represents yield-to-maturity.
(m)
Rate shown is one-day yield as of the end of the reporting period.
(n)
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, 2026, the total market value of
investments in Affiliated Companies was $4,360,323 and the cost was $4,360,323 (Note 2).
 
Abbreviation(s) used in this schedule:
CRC
—
Costa Rican Colon
DAC
—
Designated Activity Company
DOP
—
Dominican Peso
EUR
—
Euro
JMD
—
Jamaican Dollar
JSC
—
Joint Stock Company
MXN
—
Mexican Peso
NGN
—
Nigerian Naira
PIK
—
Payment-In-Kind
PYG
—
Paraguay Guarani
TRY
—
Turkish Lira
UYU
—
Uruguayan Peso
ZAR
—
South African Rand
See Notes to Schedule of Investments.
11
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2026
 Western Asset Emerging Markets Debt Fund Inc.
At March 31, 2026, the Fund had the following open reverse repurchase agreements: 
Counterparty
Rate
Effective
Date
Maturity
Date
Face Amount
of Reverse
Repurchase
Agreements
Asset Class
of Collateral*
Collateral
Value**
Deutsche Bank AG
4.270%
1/29/2026
04/29/2026
 $3,359,854
Sovereign Bonds
 $3,640,722
Deutsche Bank AG
4.300%
2/13/2026
05/13/2026
6,505,246
Sovereign Bonds
7,146,059
Deutsche Bank AG
4.320%
1/29/2026
04/29/2026
5,805,242
Sovereign Bonds
6,424,425
Deutsche Bank AG
4.500%
2/13/2026
05/13/2026
4,463,827
Sovereign Bonds
4,844,792
Royal Bank of Canada
4.120%
1/20/2026
04/21/2026
3,420,595
Corporate Bonds & Notes
3,606,875
 
$23,554,764
$25,662,873
 
*
Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.
**
Including accrued interest.
At March 31, 2026, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes
479
6/26
 $100,085,351
 $99,366,304
 $(719,047)
Contracts to Sell:
U.S. Treasury Ultra 10-Year Notes
102
6/26
11,788,693
11,578,594
210,099
Net unrealized depreciation on open futures contracts
$(508,948)
At March 31, 2026, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
USD
1,658,419
ZAR
27,498,500
Bank of America N.A.
4/15/26
 $35,238
USD
5,760,018
EUR
4,949,320
Bank of America N.A.
6/15/26
19,468
Net unrealized appreciation on open forward foreign currency contracts
$54,706
 
Abbreviation(s) used in this table:
EUR
—
Euro
USD
—
United States Dollar
ZAR
—
South African Rand
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.
12
Western Asset Emerging Markets Debt Fund Inc. 2026 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 diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Directors (the “Board”) 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 FundBoard.
Pursuant to policies adopted by the Board, 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 determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. 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, 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 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
13
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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.
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
—
 $461,953,835
—
 $461,953,835
Corporate Bonds & Notes:
Financials
—
31,559,788
 $0
*
31,559,788
Other Corporate Bonds & Notes
—
318,691,648
—
318,691,648
U.S. Government & Agency Obligations
—
15,670,771
—
15,670,771
Convertible Bonds & Notes
—
6,204
—
6,204
Common Stocks
—
5,570
—
5,570
Total Long-Term Investments
—
827,887,816
0
*
827,887,816
Short-Term Investments†:
U.S. Treasury Bills
—
18,439,934
—
18,439,934
Money Market Funds
 $4,360,323
—
—
4,360,323
Total Short-Term Investments
4,360,323
18,439,934
—
22,800,257
Total Investments
$4,360,323
$846,327,750
$0
*
$850,688,073
Other Financial Instruments:
Futures Contracts††
 $210,099
—
—
 $210,099
Forward Foreign Currency Contracts††
—
 $54,706
—
54,706
Total Other Financial Instruments
$210,099
$54,706
—
$264,805
Total
$4,570,422
$846,382,456
—
$850,952,878
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $719,047
—
—
 $719,047
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
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, 2026. The following transactions were effected
14
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report
in such company for the period ended March 31, 2026.
 
 
Affiliate
Value at

December 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $692,208
 $57,920,689
57,920,689
 $54,252,574
54,252,574

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
March 31,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $37,488
—
 $4,360,323
15
Western Asset Emerging Markets Debt Fund Inc. 2026 Quarterly Report