N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-21343
Western Asset Emerging Markets Debt Fund Inc.
(Exact name of registrant as specified in charter)
55 Water Street, New York, NY			10041
(Address of principal executive offices)			(Zip code)
Robert I. Frenkel, Esq. Legg Mason & Co., LLC 100 First Stamford Place Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code:		(888)777-0102
Date of fiscal year end:	December 31
Date of reporting period:	September 30, 2010

ITEM 1.SCHEDULE OF INVESTMENTS

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

FORM N-Q

SEPTEMBER 30, 2010

Schedule of investments (unaudited)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †		VALUE
SOVEREIGN BONDS— 56.9%
Argentina— 4.7%
Republic of Argentina	7.820%	12/31/33	11,988,451	EUR	$	11,603,714	(a)
Republic of Argentina, Discount Notes	8.280%	12/31/33	1,066,406		883,784
Republic of Argentina, GDP Linked Securities	2.840%	12/15/35	33,381,004	EUR	4,971,603		*
Republic of Argentina, GDP Linked Securities	3.720%	12/15/35	27,105,123	ARS	730,785		*
Republic of Argentina, GDP Linked Securities, Senior Bonds	3.169%	12/15/35	4,205,000		504,600		*
Republic of Argentina, Senior Bonds	7.000%	9/12/13	2,787,000		2,617,070
Republic of Argentina, Senior Bonds	7.000%	10/3/15	3,025,000		2,666,874
Republic of Argentina, Senior Bonds	2.260%	12/31/38	482,573	EUR	221,175
Republic of Argentina, Senior Notes	8.750%	6/2/17	5,914,660		5,729,827
Total Argentina					29,929,432
Brazil— 7.4%
Brazil Nota do Tesouro Nacional, Notes	10.000%	1/1/12	47,282,000	BRL	27,459,608
Brazil Nota do Tesouro Nacional, Notes	10.000%	1/1/14	2,768,000	BRL	1,553,895
Brazil Nota do Tesouro Nacional, Notes	10.000%	1/1/17	6,560,000	BRL	3,588,483
Federative Republic of Brazil	7.125%	1/20/37	9,518,250		12,564,090
Federative Republic of Brazil, Senior Notes	4.875%	1/22/21	1,550,000		1,708,875
Total Brazil					46,874,951
Chile— 0.4%
Republic of Chile, Senior Notes	3.875%	8/5/20	2,636,000		2,747,424
Colombia— 4.8%
Republic of Colombia	7.375%	9/18/37	13,499,000		17,852,427
Republic of Colombia, Senior Bonds	6.125%	1/18/41	970,000		1,115,500
Republic of Colombia, Senior Notes	7.375%	3/18/19	8,945,000		11,360,150
Total Colombia					30,328,077
Hungary— 0.8%
Republic of Hungary, Senior Notes	6.250%	1/29/20	4,680,000		5,043,463
Indonesia— 3.9%
Republic of Indonesia, Senior Bonds	6.875%	1/17/18	3,230,000		3,908,300		(b)
Republic of Indonesia, Senior Bonds	10.250%	7/15/22	16,432,000,000	IDR	2,175,350
Republic of Indonesia, Senior Bonds	11.000%	9/15/25	34,333,000,000	IDR	4,814,141
Republic of Indonesia, Senior Bonds	10.250%	7/15/27	31,685,000,000	IDR	4,139,527
Republic of Indonesia, Senior Bonds	6.625%	2/17/37	4,470,000		5,449,864		(b)
Republic of Indonesia, Senior Bonds	9.750%	5/15/37	37,732,000,000	IDR	4,648,168
Total Indonesia					25,135,350
Mexico— 2.1%
United Mexican States	8.125%	12/30/19	7,776,000		10,555,920
United Mexican States, Medium-Term Notes	5.625%	1/15/17	774,000		889,326
United Mexican States, Medium-Term Notes	6.050%	1/11/40	1,838,000		2,113,700
Total Mexico					13,558,946
Panama— 2.0%
Republic of Panama	7.250%	3/15/15	4,638,000		5,565,600
Republic of Panama	9.375%	4/1/29	4,900,000		7,448,000
Total Panama					13,013,600
Peru— 3.3%
Republic of Peru	8.750%	11/21/33	6,945,000		10,365,412
Republic of Peru, Bonds	6.550%	3/14/37	1,128,000		1,373,340
Republic of Peru, Global Senior Bonds	7.350%	7/21/25	6,000,000		7,815,000
Republic of Peru, Senior Notes	7.125%	3/30/19	1,350,000		1,697,625
Total Peru					21,251,377
Poland— 0.6%
Republic of Poland, Senior Notes	6.375%	7/15/19	2,950,000		3,490,352
Qatar— 0.3%
State of Qatar, Senior Notes	4.000%	1/20/15	1,630,000		1,727,800		(b)

See Notes to Schedule of Investments.

1

Schedule of investments (unaudited) (cont’d)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †		VALUE
Russia— 9.4%
Russian Agricultural Bank, Credit-Linked Notes (HSBC Bank PLC)	8.900%	12/20/10	91,819,000	RUB	$	2,894,551	(a)(b)(d)
RSHB Capital, Loan Participation Notes, Secured Notes	7.125%	1/14/14	2,190,000		2,362,462		(b)
RSHB Capital, Loan Participation Notes, Senior Notes	6.299%	5/15/17	130,000		136,175		(b)
RSHB Capital, Loan Participation Notes, Senior Secured Bonds	6.299%	5/15/17	2,728,000		2,857,580		(b)
RSHB Capital, Loan Participation Notes, Senior Secured Notes	9.000%	6/11/14	6,940,000		7,998,350		(b)
Russian Foreign Bond-Eurobond	11.000%	7/24/18	105,000		150,019		(b)
Russian Foreign Bond-Eurobond	12.750%	6/24/28	404,000		737,300		(b)
Russian Foreign Bond-Eurobond, Senior Bonds	7.500%	3/31/30	35,859,070		42,912,549		(b)
Total Russia					60,048,986
Turkey— 9.5%
Republic of Turkey, Notes	6.750%	5/30/40	4,190,000		4,798,137
Republic of Turkey, Senior Bonds	5.625%	3/30/21	950,000		1,040,250
Republic of Turkey, Senior Bonds	11.875%	1/15/30	6,800,000		12,053,000
Republic of Turkey, Senior Notes	7.500%	7/14/17	1,240,000		1,509,700
Republic of Turkey, Senior Notes	7.500%	11/7/19	2,500,000		3,087,500
Republic of Turkey, Senior Notes	6.875%	3/17/36	32,802,000		38,296,335
Total Turkey					60,784,922
United Arab Emirates— 0.3%
MDC-GMTN B.V., Senior Notes	5.750%	5/6/14	1,590,000		1,740,799		(b)
Venezuela— 7.4%
Bolivarian Republic of Venezuela	5.750%	2/26/16	33,830,000		23,640,404		(b)
Bolivarian Republic of Venezuela	7.000%	12/1/18	7,220,000		4,801,300		(b)
Bolivarian Republic of Venezuela	7.650%	4/21/25	1,674,000		1,025,325
Bolivarian Republic of Venezuela, Collective Action Securities	1.513%	4/20/11	4,752,000		4,603,500		(a)(b)
Bolivarian Republic of Venezuela, Collective Action Securities, Global Senior Bonds	9.375%	1/13/34	10,661,000		7,302,785
Bolivarian Republic of Venezuela, Collective Action Securities, Notes	10.750%	9/19/13	3,850,000		3,647,875
Bolivarian Republic of Venezuela, Global Senior Bonds	8.500%	10/8/14	1,959,000		1,655,355
Bolivarian Republic of Venezuela, Senior Bonds	9.250%	9/15/27	750,000		553,125
Total Venezuela					47,229,669
TOTAL SOVEREIGN BONDS (Cost — $323,745,487)					362,905,148
COLLATERALIZED SENIOR LOANS— 0.4%
ENERGY— 0.4%
Oil, Gas & Consumable Fuels— 0.4%
Ashmore Energy International, Synthetic Revolving Credit Facility	3.433%	3/30/12	327,637		308,225		(c)
Ashmore Energy International, Term Loan	3.289%	3/30/14	2,657,775		2,500,302		(c)
TOTAL COLLATERALIZED SENIOR LOANS (Cost — $2,782,691)					2,808,527
CORPORATE BONDS & NOTES— 41.4%
CONSUMER DISCRETIONARY— 3.5%
Media— 3.5%
Globo Communicacoes e Participacoes SA, Bonds	7.250%	4/26/22	1,273,000		1,368,475		(b)
Globo Communicacoes e Participacoes SA, Senior Bonds	7.250%	4/26/22	190,000		204,250		(b)
Grupo Televisa SA, Senior Bonds	6.625%	1/15/40	6,050,000		6,912,633
Grupo Televisa SA, Senior Notes	6.625%	3/18/25	7,980,000		9,019,219
NET Servicos de Comunicacao SA, Bonds	7.500%	1/27/20	2,640,000		2,989,800		(b)
NET Servicos de Comunicacao SA, Bonds	7.500%	1/27/20	1,450,000		1,642,125		(b)
TOTAL CONSUMER DISCRETIONARY					22,136,502

See Notes to Schedule of Investments.

2

Schedule of investments (unaudited) (cont’d)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
ENERGY— 18.7%
Oil, Gas & Consumable Fuels— 18.7%
Dolphin Energy Ltd., Senior Secured Bonds	5.888%	6/15/19	2,638,075	$	2,851,358	(b)
Ecopetrol SA, Senior Notes	7.625%	7/23/19	3,940,000	4,787,100
KazMunaiGaz Finance Sub BV, Senior Notes	8.375%	7/2/13	9,210,000	10,223,100		(b)
KazMunaiGaz Finance Sub BV, Senior Notes	8.375%	7/2/13	1,420,000	1,579,750		(b)
LUKOIL International Finance BV, Bonds	6.356%	6/7/17	2,091,000	2,192,936		(b)
LUKOIL International Finance BV, Bonds	6.656%	6/7/22	8,272,000	8,561,520		(b)
Pan American Energy LLC, Senior Notes	7.875%	5/7/21	2,830,000	2,964,425		(b)
Pan American Energy LLC, Senior Notes	7.875%	5/7/21	460,000	481,850		(b)
Pemex Project Funding Master Trust, Senior Bonds	6.625%	6/15/35	19,234,000	21,107,969
Petrobras International Finance Co., Senior Notes	6.875%	1/20/40	5,535,000	6,363,822
Petroleos Mexicanos, Bonds	5.500%	1/21/21	9,210,000	9,854,700		(b)
Petroleos Mexicanos, Notes	8.000%	5/3/19	1,170,000	1,456,650
Petroleum Co. of Trinidad & Tobago Ltd., Senior Notes	9.750%	8/14/19	2,670,000	3,284,100		(b)
Petronas Capital Ltd.	5.250%	8/12/19	18,310,000	20,221,052		(b)
Petronas Capital Ltd., Senior Notes	5.250%	8/12/19	1,726,000	1,931,323		(b)
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Bonds	6.750%	9/30/19	3,626,000	4,323,258		(b)
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Notes	5.500%	9/30/14	4,020,000	4,426,575		(b)
TNK-BP Finance SA	6.625%	3/20/17	2,593,000	2,751,821		(b)
TNK-BP Finance SA, Senior Notes	7.500%	3/13/13	2,657,000	2,899,451		(b)
TNK-BP Finance SA, Senior Notes	7.500%	7/18/16	4,420,000	4,933,825		(b)
TNK-BP Finance SA, Senior Notes	7.500%	7/18/16	1,140,000	1,271,100		(b)
TNK-BP Finance SA, Senior Notes	7.875%	3/13/18	490,000	554,925		(b)
TOTAL ENERGY				119,022,610
FINANCIALS— 0.6%
Commercial Banks— 0.5%
Banco del Estado de Chile, Senior Notes	4.125%	10/7/20	1,630,000	1,617,612		(b)
ICICI Bank Ltd., Subordinated Bonds	6.375%	4/30/22	820,000	825,318		(a)(b)
ICICI Bank Ltd., Subordinated Bonds	6.375%	4/30/22	740,000	745,788		(a)(b)
Total Commercial Banks				3,188,718
Diversified Financial Services— 0.1%
TNK-BP Finance SA, Senior Notes	6.875%	7/18/11	540,000	558,900		(b)
TOTAL FINANCIALS				3,747,618
INDUSTRIALS— 1.3%
Building Products— 0.5%
GTL Trade Finance Inc., Senior Notes	7.250%	10/20/17	1,220,000	1,364,875		(b)
GTL Trade Finance Inc., Senior Notes	7.250%	10/20/17	577,000	645,519		(b)
Rearden G Holdings EINS GmbH, Senior Notes	7.875%	3/30/20	1,230,000	1,322,250		(b)
Total Building Products				3,332,644
Construction & Engineering— 0.8%
Odebrecht Finance Ltd., Senior Notes	7.500%	10/18/17	940,000	1,029,300		(b)
Odebrecht Finance Ltd., Senior Notes	7.000%	4/21/20	3,580,000	3,848,500		(b)
Total Construction & Engineering				4,877,800
TOTAL INDUSTRIALS				8,210,444
MATERIALS— 7.8%
Containers & Packaging— 0.5%
Suzano Trading Ltd., Senior Notes	5.875%	1/23/21	3,230,000	3,246,150		(b)
Metals & Mining— 6.7%
CSN Resources SA, Senior Bonds	6.500%	7/21/20	1,550,000	1,660,438		(b)
CSN Resources SA, Senior Bonds	6.500%	7/21/20	506,000	542,053		(b)
Evraz Group SA, Notes	8.875%	4/24/13	2,320,000	2,476,600		(b)
Evraz Group SA, Notes	8.875%	4/24/13	2,200,000	2,351,140		(b)
Evraz Group SA, Notes	9.500%	4/24/18	1,250,000	1,406,250		(b)
Freeport-McMoRan Copper & Gold Inc., Senior Notes	8.375%	4/1/17	411,000	459,360

See Notes to Schedule of Investments.

3

Schedule of investments (unaudited) (cont’d)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
Metals & Mining— continued
Gerdau Holdings Inc., Senior Notes	7.000%	1/20/20	964,000	$	1,082,090	(b)
Southern Copper Corp., Senior Notes	5.375%	4/16/20	1,240,000	1,318,971
Southern Copper Corp., Senior Notes	6.750%	4/16/40	1,440,000	1,579,409
Vale Overseas Ltd., Notes	8.250%	1/17/34	10,065,000	12,863,140
Vale Overseas Ltd., Notes	6.875%	11/21/36	6,066,000	6,945,315
Vedanta Resources PLC, Senior Notes	8.750%	1/15/14	8,730,000	9,428,400		(b)
Vedanta Resources PLC, Senior Notes	9.500%	7/18/18	550,000	595,375		(b)
Total Metals & Mining				42,708,541
Paper & Forest Products— 0.6%
Celulosa Arauco y Constitucion SA, Senior Notes	7.250%	7/29/19	2,915,000	3,467,815
TOTAL MATERIALS				49,422,506
TELECOMMUNICATION SERVICES— 7.0%
Diversified Telecommunication Services— 4.1%
Axtel SAB de CV, Senior Notes	7.625%	2/1/17	11,981,000	10,992,567		(b)
Axtel SAB de CV, Senior Notes	7.625%	2/1/17	1,037,000	954,040		(b)
Axtel SAB de CV, Senior Notes	9.000%	9/22/19	2,207,000	2,046,993		(b)
Telemar Norte Leste SA, Senior Notes	5.500%	10/23/20	2,370,000	2,411,475		(b)
UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes	8.250%	5/23/16	1,124,000	1,227,970		(b)
Vimpel Communications, Loan Participation Notes	8.375%	4/30/13	1,820,000	1,972,425		(b)
VIP Finance Ireland Ltd. for OJSC Vimpel Communications, Loan Participation Notes, Secured Notes	8.375%	4/30/13	6,305,000	6,856,921		(b)
Total Diversified Telecommunication Services				26,462,391
Wireless Telecommunication Services— 2.9%
America Movil SAB de CV, Senior Notes	5.625%	11/15/17	2,860,000	3,240,997
Indosat Palapa Co. BV, Senior Notes	7.375%	7/29/20	1,882,000	2,084,315		(b)
True Move Co., Ltd.	10.750%	12/16/13	1,210,000	1,291,675		(b)
True Move Co., Ltd.	10.375%	8/1/14	3,058,000	3,249,125		(b)
True Move Co., Ltd., Notes	10.750%	12/16/13	7,880,000	8,411,900		(b)
Total Wireless Telecommunication Services				18,278,012
TOTAL TELECOMMUNICATION SERVICES				44,740,403
UTILITIES— 2.5%
Electric Utilities— 1.8%
Centrais Eletricas Brasileiras SA, Senior Notes	6.875%	7/30/19	2,605,000	3,086,925		(b)
Centrais Eletricas Brasileiras SA, Senior Notes	6.875%	7/30/19	1,580,000	1,872,300		(b)
EEB International Ltd.	8.750%	10/31/14	880,000	963,600		(b)
EEB International Ltd., Senior Bonds	8.750%	10/31/14	1,750,000	1,916,250		(b)
Majapahit Holding BV, Senior Notes	7.750%	1/20/20	2,960,000	3,566,800		(b)
Total Electric Utilities				11,405,875
Independent Power Producers & Energy Traders— 0.4%
Colbun SA, Senior Notes	6.000%	1/21/20	2,510,000	2,656,857		(b)
Multi-Utilities— 0.3%
Empresas Publicas de Medellin ESP, Senior Notes	7.625%	7/29/19	1,320,000	1,584,000		(b)
TOTAL UTILITIES				15,646,732
TOTAL CORPORATE BONDS & NOTES (Cost — $235,658,626)				262,926,815

	EXPIRATION DATE	WARRANTS
WARRANTS— 0.1%
Bolivarian Republic of Venezuela, Oil-linked payment obligations (Cost - $364,095)	4/15/20	11,745	315,647
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $562,550,899)			628,956,137

		MATURITY DATE	FACE AMOUNT †
SHORT-TERM INVESTMENTS— 1.2%
U.S. Government Agencies— 0.1%
Federal National Mortgage Association (FNMA), Discount Notes (Cost - $384,435)	0.240%	5/9/11	385,000	384,577	(e)(f)

See Notes to Schedule of Investments.

4

Schedule of investments (unaudited) (cont’d)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
Repurchase Agreements— 1.1%
Morgan Stanley tri-party repurchase agreement dated 9/30/10; Proceeds at maturity - $7,379,041; (Fully collateralized by U.S. government agency obligations, 0.990% due 10/26/12; Market value - $7,527,550) (Cost - $7,379,000)	0.200%	10/1/10	7,379,000	$	7,379,000
TOTAL SHORT-TERM INVESTMENTS (Cost — $7,763,435)				7,763,577
TOTAL INVESTMENTS — 100.0% (Cost — $570,314,334#)				$	636,719,714

†	Face amount denominated in U.S. dollars, unless otherwise noted.
*	Variable rate security. Interest rate disclosed is as of the most recent available information.
(a)	Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.
(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, unless otherwise noted.
(c)	Interest rates disclosed represent the effective rates on collateralized senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(d)	Security is valued in good faith at fair value in accordance with procedures approved by the Board of Directors (See Note 1).
(e)	Rate shown represents yield-to-maturity.
(f)	All or a portion of this security is held at the broker as collateral for open futures contracts.
#	Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:
ARS	- Argentine Peso
BRL	- Brazilian Real
EUR	- Euro
GDP	- Gross Domestic Product
IDR	- Indonesian Rupiah
OJSC	- Open Joint Stock Company
RUB	- Russian Ruble

See Notes to Schedule of Investments.

5

Schedule of investments (unaudited) (cont’d)

September 30, 2010

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Summary of Investments by Country **

Russia	14.5	%
Brazil	13.9
Mexico	12.4
Turkey	9.6
Venezuela	7.5
Colombia	6.2
Argentina	5.2
Indonesia	4.0
Malaysia	3.5
Peru	3.3
Panama	2.0
Thailand	2.0
Kazakhstan	1.9
Chile	1.7
Qatar	1.7
United Kingdom	1.6
Cayman Islands	1.5
Ireland	1.1
United States	1.0
Netherlands	0.9
Hungary	0.8
United Arab Emirates	0.7
Poland	0.5
Trinidad and Tobago	0.5
Luxembourg	0.4
India	0.2
Germany	0.2
Short-Term Investments	1.2
	100.0	%

**As a percentage of total investments. Please note that Fund holdings are as of September 30, 2010 and are subject to change.

See Notes to Schedule of Investments.

6

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 total return. High current income is a secondary objective.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation.  Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service, which are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the last quoted bid and asked prices as of the close of business of that market. 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 prices are not readily available, or are determined not to reflect fair value, 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 at fair value as determined in accordance with procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value.

The Fund has adopted Financial Accounting Standards Board Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below.

·Level 1—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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)			SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Long-term investments†:
Sovereign bonds	—		$	362,905,148		—	$	362,905,148
Collateralized senior loans	—		2,808,527			—	2,808,527
Corporate bonds & notes	—		262,926,815			—	262,926,815
Warrants	—		315,647			—	315,647
Total long-term investments	—		$	628,956,137		—	$	628,956,137
Short-term investments†	—		7,763,577			—	7,763,577
Total investments	—		$	636,719,714		—	$	636,719,714
Other financial instruments:
Futures contracts	$	284,857	—			—	$	284,857
Forward foreign currency contracts	—		$	(735,409	)	—	(735,409		)
Interest rate swaps	—		77,493			—	77,493
Total other financial instruments	$	284,857	$	(657,916	)	—	$	(373,059	)
Total	$	284,857	$	636,061,798		—	$	636,346,655

†See Schedule of Investments for additional detailed categorizations.

7

Notes to Schedule of Investments (unaudited) (continued)

(b) Repurchase Agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian, acting on the Fund’s behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

(c) Futures Contracts. The Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or cash equivalents with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded.

Futures contracts involve, to varying degrees, risk of loss. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(d) Forward Foreign Currency Contracts. The Fund may enter into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

When entering into a forward foreign currency contract, the Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(e) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation.  Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

8

Notes to Schedule of Investments (unaudited) (continued)

(f) Swap Agreements. The Fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with ordinary portfolio transactions.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments.

Interest Rate Swaps. The Fund may enter into interest rate swap contracts.  Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional principal amount.  Interest rate swaps are marked-to-market daily based upon quotations from market makers. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

(g) Loan Participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of off-set against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any off-set between the lender and the borrower.

(h) Credit and Market Risk.  The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

(i) Other Risks.  Consistent with its objective to seek high current income, the Fund may invest in instruments whose values and interest rates are linked to foreign currencies, interest rates, indices or some other financial indicator. The value at maturity or interest rates for these instruments will increase or decrease according to the change in the indicator to which they are indexed, amongst other factors. These securities are generally more volatile in nature, and the risk of loss of principal may be greater.

(j) Security Transactions.  Security transactions are accounted for on a trade date basis.

2.  Investments

At September 30, 2010, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	81,203,976
Gross unrealized depreciation	(14,798,596)
Net unrealized appreciation	$	66,405,380

9

Notes to Schedule of Investments (unaudited) (continued)

At September 30, 2010, the Fund had the following open futures contracts:

	NUMBER OF CONTRACTS	EXPIRATION DATE	BASIS VALUE	MARKET VALUE	UNREALIZED GAIN
Contracts to Buy:
U.S. Treasury 10-Year Notes	253	12/10	$31,605,002	$31,889,859	$284,857

At September 30, 2010, the Fund had the following open forward foreign currency contracts:

FOREIGN CURRENCY	COUNTERPARTY	LOCAL CURRENCY	MARKET VALUE	SETTLEMENT DATE	UNREALIZED GAIN (LOSS)
Contracts to Buy:
Colombian Peso	Citibank, N.A.	5,733,000,000	$3,182,322	10/15/10	$62,323
Contracts to Sell:
Colombian Peso	Citibank, N.A.	5,733,000,000	$3,182,322	10/15/10	$(7,904	)
Euro	JPMorgan Chase & Co.	13,620,000	18,565,971	10/15/10	(789,828	)
					(797,732	)
Net unrealized loss on open forward foreign currency contracts					$(735,409	)

At September 30, 2010, the Fund had the following open swap contracts:

INTEREST RATE SWAPS

SWAP COUNTERPARTY	NOTIONAL AMOUNT	TERMINATION DATE	PAYMENTS MADE BY THE FUND		PAYMENTS RECEIVED BY THE FUND‡		UPFRONT PREMIUMS PAID (RECEIVED)	UNREALIZED APPRECIATION (DEPRECIATION)
Credit Suisse	$10,229,627	1/2/12	BRL-CDI	*	10.560	%	—	$36,819	**
Credit Suisse	14,805,077	1/2/12	BRL-CDI	*	10.510	%	—	40,674	**
Total	$25,034,704						—	$77,493

‡ Percentage shown is an annual percentage rate.

* Based on the Overnight Brazilian Interbank Deposit Rate. As of September 30, 2010 the Brazil CETIP Interbank Deposit (CDI) rate was 10.61%.

**Swap contract is valued in good faith at fair value in accordance with procedures approved by the Board of Directors.

3. Derivative Instruments and Hedging Activities

Financial Accounting Standards Board Codification Topic 815 requires enhanced disclosure about an entity’s derivative and hedging activities.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure at September 30, 2010.

	Futures Contracts			Forward Foreign Currency Contracts					Swap
Primary Underlying Risk Disclosure	Unrealized Appreciation		Unrealized Depreciation	Unrealized Appreciation		Unrealized Depreciation			Contracts, at value		Total
Interest Rate Contracts	$	284,857	—	—		—			$	77,493	$	362,350
Foreign Exchange Contracts	—		—	$	62,323	$	(797,732	)	—		(735,409		)
Total	$	284,857	—	$	62,323	$	(797,732	)	$	77,493	$	(373,059	)

During the period ended September 30, 2010, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Forward foreign currency contracts (to buy)	$ 1,379,996
Forward foreign currency contracts (to sell)	4,427,814
Futures contracts (to buy)	41,562,634

10

Notes to Schedule of Investments (unaudited) (continued)

	Average Notional Balance
Interest rate swap contracts	$	25,034,703

The Fund has several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund.  Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties.  These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and/or a percentage decrease in the Fund’s Net Asset Value or NAV.  The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty.

11

ITEM 2.	CONTROLS AND PROCEDURES.
	(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
	(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 3.	EXHIBITS.
	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Western Asset Emerging Markets Debt Fund Inc.

By	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer

Date:  November 23, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer

Date:  November 23, 2010

By	/s/ Kaprel Ozsolak
	Kaprel Ozsolak
	Chief Financial Officer

Date:  November 23, 2010

EX-99.CERT

Exhibit 99.CERT

CERTIFICATIONS

I, R. Jay Gerken, certify that:

1.I have reviewed this report on Form N-Q of Western Asset Emerging Markets Debt Fund Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 23, 2010	/s/ R. Jay Gerken
		R. Jay Gerken
		Chief Executive Officer

I, Kaprel Ozsolak, certify that:

1.I have reviewed this report on Form N-Q of Western Asset Emerging Markets Debt Fund Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 23, 2010	/s/ Kaprel Ozsolak
		Kaprel Ozsolak
		Chief Financial Officer