Western Asset EM Debt Fund board approves mergers of EMD and SBW into ESD
The boards of three Western Asset closed-end funds approved proposals to merge Western Asset Emerging Markets Income Fund (EMD) and Western Asset Worldwide Income Fund (SBW) into Western Asset Emerging Markets Debt Fund (ESD), subject to stockholder approval, with the mergers anticipated in the third quarter of 2016. The filing also says ESD's board approved changing its primary investment objective to high current income, which would also need stockholder approval, and that EMD and SBW stockholders would receive ESD common stock based on each fund's net asset value per share if approved.
Key points
- EMD and SBW would each merge into ESD, subject to stockholder approval of each fund; neither merger depends on the other.
- Mergers are anticipated to occur during the third quarter of 2016; fractional shares would be paid in cash.
- Net assets as of January 31, 2016: EMD about $330 million, SBW about $152 million, ESD about $495 million.
- ESD's primary objective would become high current income and its secondary objective capital appreciation.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 16, 2016.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.