WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Schedule of investments (unaudited)

March 31, 2012

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †		VALUE
SOVEREIGN BONDS — 62.6%
Argentina — 3.1%
Republic of Argentina	7.820%	12/31/33	4,365,384	EUR	$	3,697,041	(a)
Republic of Argentina, Discount Notes	8.280%	12/31/33	1,107,062		820,886
Republic of Argentina, GDP Linked Securities	4.191%	12/15/35	23,241,004	EUR	3,669,988		(a)(b)
Republic of Argentina, GDP Linked Securities, Senior Bonds	4.383%	12/15/35	4,205,000		557,162		(a)(b)
Republic of Argentina, Senior Bonds	7.000%	9/12/13	2,787,000		2,817,671
Republic of Argentina, Senior Bonds	7.000%	10/3/15	3,025,000		2,854,844
Republic of Argentina, Senior Bonds	2.260%	12/31/38	482,573	EUR	193,726
Republic of Argentina, Senior Notes	8.750%	6/2/17	5,914,660		5,752,007
Total Argentina					20,363,325
Brazil — 6.2%
Brazil Nota do Tesouro Nacional, Notes	10.000%	1/1/14	4,325,000	BRL	2,383,412
Brazil Nota do Tesouro Nacional, Notes	10.000%	1/1/17	52,592,000	BRL	28,070,204
Federative Republic of Brazil	7.125%	1/20/37	7,698,250		10,604,339
Total Brazil					41,057,955
Chile — 1.0%
Banco del Estado de Chile, Senior Notes	4.125%	10/7/20	1,630,000		1,695,200		(c)
Corporacion Nacional del Cobre de Chile, Senior Notes	3.750%	11/4/20	1,800,000		1,853,091		(c)
Republic of Chile, Senior Notes	3.875%	8/5/20	2,636,000		2,846,880
Total Chile					6,395,171
Colombia — 3.5%
Republic of Colombia	7.375%	9/18/37	7,751,000		10,928,910
Republic of Colombia, Senior Bonds	6.125%	1/18/41	970,000		1,193,100
Republic of Colombia, Senior Notes	7.375%	3/18/19	8,695,000		11,199,160
Total Colombia					23,321,170
India — 0.2%
ICICI Bank Ltd., Junior Subordinated Bonds	6.375%	4/30/22	740,000		706,700		(a)(c)
ICICI Bank Ltd., Subordinated Bonds	6.375%	4/30/22	820,000		783,100		(a)(c)
Total India					1,489,800
Indonesia — 5.3%
Republic of Indonesia, Notes	5.250%	1/17/42	11,070,000		11,665,012		(c)
Republic of Indonesia, Senior Bonds	6.875%	1/17/18	675,000		808,313		(c)
Republic of Indonesia, Senior Bonds	10.250%	7/15/22	16,432,000,000	IDR	2,364,113
Republic of Indonesia, Senior Bonds	11.000%	9/15/25	34,333,000,000	IDR	5,265,208
Republic of Indonesia, Senior Bonds	10.250%	7/15/27	31,685,000,000	IDR	4,663,198
Republic of Indonesia, Senior Bonds	6.625%	2/17/37	1,650,000		2,046,000		(c)
Republic of Indonesia, Senior Bonds	9.750%	5/15/37	37,732,000,000	IDR	5,568,792
Republic of Indonesia, Senior Notes	4.875%	5/5/21	2,378,000		2,589,047		(c)
Total Indonesia					34,969,683
Malaysia — 1.7%
Government of Malaysia, Senior Bonds	3.835%	8/12/15	32,245,000	MYR	10,724,191
Government of Malaysia, Senior Bonds	4.262%	9/15/16	1,710,000	MYR	579,418
Total Malaysia					11,303,609
Mexico — 5.8%
Mexican Bonos, Bonds	8.000%	6/11/20	260,805,900	MXN	23,091,407
Mexican Bonos, Bonds	8.500%	11/18/38	37,020,000	MXN	3,242,732
United Mexican States, Bonds	10.000%	12/5/24	29,520,000	MXN	3,021,600
United Mexican States, Medium-Term Notes	5.625%	1/15/17	4,000		4,646
United Mexican States, Medium-Term Notes	6.050%	1/11/40	1,838,000		2,223,980
United Mexican States, Senior Notes	5.950%	3/19/19	4,442,000		5,348,168

See Notes to Schedule of Investments.

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Schedule of investments (unaudited) (continued)

March 31, 2012

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †		VALUE
Mexico — continued
United Mexican States, Senior Notes	5.125%	1/15/20	1,320,000		$	1,521,300
Total Mexico					38,453,833
Panama — 1.7%
Republic of Panama	9.375%	4/1/29	4,900,000		7,871,850
Republic of Panama	6.700%	1/26/36	2,361,000		3,116,520
Total Panama					10,988,370
Peru — 6.2%
Republic of Peru	8.750%	11/21/33	12,375,000		19,255,500
Republic of Peru, Bonds	7.840%	8/12/20	22,599,000	PEN	9,841,274
Republic of Peru, Bonds	6.550%	3/14/37	1,128,000		1,442,712
Republic of Peru, Global Senior Bonds	7.350%	7/21/25	6,000,000		8,226,000
Republic of Peru, Senior Notes	7.125%	3/30/19	1,350,000		1,728,000
Total Peru					40,493,486
Philippines — 0.4%
Republic of Philippines, Senior Bonds	5.500%	3/30/26	2,350,000		2,687,812
Poland — 2.7%
Republic of Poland, Senior Notes	6.375%	7/15/19	2,950,000		3,444,125
Republic of Poland, Senior Notes	5.125%	4/21/21	5,750,000		6,169,750
Republic of Poland, Senior Notes	5.000%	3/23/22	7,752,000		8,209,523
Total Poland					17,823,398
Russia — 7.3%
RSHB Capital, Loan Participation Notes, Senior Notes	6.299%	5/15/17	130,000		138,450		(c)
RSHB Capital, Loan Participation Notes, Senior Secured Bonds	6.299%	5/15/17	2,728,000		2,905,320		(c)
RSHB Capital, Loan Participation Notes, Senior Secured Notes	9.000%	6/11/14	320,000		356,800		(c)
Russian Federation	5.625%	4/4/42	11,800,000		11,511,254		(c)(d)
Russian Foreign Bond - Eurobond	11.000%	7/24/18	105,000		147,787		(c)
Russian Foreign Bond - Eurobond	12.750%	6/24/28	404,000		729,725		(c)
Russian Foreign Bond-Eurobond, Senior Bonds	7.500%	3/31/30	26,610,960		31,966,416		(c)
Total Russia					47,755,752
Sri Lanka — 0.4%
Sri Lanka Government International Bond, Senior Notes	6.250%	7/27/21	2,390,000		2,390,650		(c)
Turkey — 7.6%
Republic of Turkey, Notes	6.750%	5/30/40	4,190,000		4,588,050
Republic of Turkey, Senior Bonds	5.625%	3/30/21	950,000		996,075
Republic of Turkey, Senior Bonds	11.875%	1/15/30	6,800,000		11,517,500
Republic of Turkey, Senior Notes	7.500%	7/14/17	1,240,000		1,435,300
Republic of Turkey, Senior Notes	7.500%	11/7/19	2,500,000		2,943,750
Republic of Turkey, Senior Notes	6.875%	3/17/36	25,387,000		28,306,505
Total Turkey					49,787,180
Venezuela — 9.5%
Bolivarian Republic of Venezuela	5.750%	2/26/16	33,830,000		30,193,275		(c)
Bolivarian Republic of Venezuela	7.000%	12/1/18	7,220,000		6,064,800		(c)
Bolivarian Republic of Venezuela	7.650%	4/21/25	1,674,000		1,272,240
Bolivarian Republic of Venezuela, Collective Action Securities, Global Senior Bonds	9.375%	1/13/34	10,661,000		8,928,587
Bolivarian Republic of Venezuela, Collective Action Securities, Notes	10.750%	9/19/13	3,850,000		4,032,875
Bolivarian Republic of Venezuela, Global Senior Bonds	8.500%	10/8/14	1,959,000		1,973,693
Bolivarian Republic of Venezuela, Senior Bonds	9.250%	9/15/27	3,700,000		3,281,900

See Notes to Schedule of Investments.

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Schedule of investments (unaudited) (continued)

March 31, 2012

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
Venezuela — continued
Bolivarian Republic of Venezuela, Senior Notes	7.750%	10/13/19	8,205,000	$	6,933,225	(c)
Total Venezuela				62,680,595
TOTAL SOVEREIGN BONDS (Cost — $373,194,373)				411,961,789
CORPORATE BONDS & NOTES — 35.7%
CONSUMER DISCRETIONARY — 1.3%
Media — 1.3%
Globo Communicacoes e Participacoes SA, Bonds	7.250%	4/26/22	1,273,000	1,330,285		(c)
Globo Communicacoes e Participacoes SA, Senior Bonds	7.250%	4/26/22	190,000	198,550		(c)
Grupo Televisa SA, Senior Bonds	6.625%	1/15/40	6,050,000	6,892,009
TOTAL CONSUMER DISCRETIONARY				8,420,844
CONSUMER STAPLES — 0.2%
Personal Products — 0.2%
Hypermarcas SA, Notes	6.500%	4/20/21	1,570,000	1,538,600		(c)
ENERGY — 16.7%
Oil, Gas & Consumable Fuels — 16.7%
Dolphin Energy Ltd., Senior Secured Bonds	5.888%	6/15/19	3,632,899	3,946,237		(c)
Ecopetrol SA, Senior Notes	7.625%	7/23/19	3,940,000	4,895,450
KazMunayGas Finance Sub BV, Senior Notes	8.375%	7/2/13	1,230,000	1,313,357		(c)
KazMunayGaz Finance Sub BV, Senior Notes	8.375%	7/2/13	8,250,000	8,809,102		(c)
LUKOIL International Finance BV, Bonds	6.656%	6/7/22	6,945,000	7,708,950		(c)
Novatek Finance Ltd., Notes	6.604%	2/3/21	2,700,000	2,997,675		(c)
Pacific Rubiales Energy Corp., Senior Notes	7.250%	12/12/21	3,090,000	3,397,455		(c)
Pan American Energy LLC, Senior Notes	7.875%	5/7/21	2,830,000	2,787,550		(c)
Pan American Energy LLC, Senior Notes	7.875%	5/7/21	1,446,000	1,424,310		(c)
Pemex Project Funding Master Trust, Senior Bonds	6.625%	6/15/35	12,609,000	14,500,350
Petrobras International Finance Co., Senior Notes	5.375%	1/27/21	3,110,000	3,364,208
Petrobras International Finance Co., Senior Notes	6.875%	1/20/40	5,535,000	6,558,261
Petrobras International Finance Co., Senior Notes	6.750%	1/27/41	2,330,000	2,713,902
Petroleos Mexicanos, Notes	8.000%	5/3/19	1,170,000	1,485,900
Petroleos Mexicanos, Senior Notes	5.500%	1/21/21	9,210,000	10,200,075
Petroleum Co. of Trinidad & Tobago Ltd., Senior Notes	9.750%	8/14/19	2,670,000	3,318,810		(c)
Petronas Capital Ltd.	5.250%	8/12/19	9,290,000	10,402,710		(c)
Petronas Capital Ltd., Senior Notes	5.250%	8/12/19	1,256,000	1,406,437		(c)
PT Pertamina Persero, Notes	5.250%	5/23/21	3,430,000	3,644,375		(c)
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Bonds	6.750%	9/30/19	3,626,000	4,287,745		(c)
Reliance Holdings USA Inc., Senior Notes	4.500%	10/19/20	3,360,000	3,245,878		(c)
TNK-BP Finance SA	6.625%	3/20/17	1,063,000	1,177,273		(c)
TNK-BP Finance SA, Senior Notes	7.500%	7/18/16	4,420,000	5,005,650		(c)
TNK-BP Finance SA, Senior Notes	7.500%	7/18/16	1,140,000	1,291,050		(c)
TOTAL ENERGY				109,882,710
INDUSTRIALS — 1.4%
Building Products — 0.2%
Rearden G Holdings EINS GmbH, Senior Notes	7.875%	3/30/20	1,230,000	1,309,089		(c)
Construction & Engineering — 0.8%
Odebrecht Finance Ltd., Senior Notes	7.000%	4/21/20	3,580,000	4,008,884		(c)
Odebrecht Finance Ltd., Senior Notes	6.000%	4/5/23	1,190,000	1,242,717		(c)
Total Construction & Engineering				5,251,601
Industrial Conglomerates — 0.4%
Sinochem Overseas Capital Co., Ltd., Senior Notes	4.500%	11/12/20	2,645,000	2,536,603		(c)
TOTAL INDUSTRIALS				9,097,293
MATERIALS — 9.4%
Chemicals — 0.5%
Braskem Finance Ltd., Senior Notes	7.000%	5/7/20	2,653,000	2,995,237		(c)

See Notes to Schedule of Investments.

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Schedule of investments (unaudited) (continued)

March 31, 2012

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
Containers & Packaging — 0.5%
Suzano Trading Ltd., Senior Notes	5.875%	1/23/21	3,230,000	$	3,173,475	(c)
Metals & Mining — 7.4%
Corporacion Nacional del Cobre de Chile, Senior Notes	3.875%	11/3/21	3,000,000	3,078,837		(c)
CSN Resources SA, Senior Bonds	6.500%	7/21/20	1,550,000	1,743,750		(c)
CSN Resources SA, Senior Bonds	6.500%	7/21/20	1,506,000	1,694,250		(c)
Evraz Group SA, Notes	8.250%	11/10/15	790,000	842,756		(c)
Evraz Group SA, Notes	9.500%	4/24/18	1,250,000	1,382,475		(c)
Evraz Group SA, Notes	6.750%	4/27/18	7,135,000	6,858,876		(c)
Evraz Group SA, Senior Notes	9.500%	4/24/18	1,870,000	2,068,183		(c)
Southern Copper Corp., Senior Notes	5.375%	4/16/20	1,240,000	1,366,936
Southern Copper Corp., Senior Notes	6.750%	4/16/40	4,750,000	5,180,630
Vale Overseas Ltd., Notes	8.250%	1/17/34	8,610,000	11,345,767
Vale Overseas Ltd., Notes	6.875%	11/21/36	5,063,000	5,897,580
Vedanta Resources PLC, Senior Notes	8.750%	1/15/14	4,154,000	4,309,775		(c)
Vedanta Resources PLC, Senior Notes	6.750%	6/7/16	2,410,000	2,265,400		(c)
Vedanta Resources PLC, Senior Notes	9.500%	7/18/18	550,000	561,000		(c)
Total Metals & Mining				48,596,215
Paper & Forest Products — 1.0%
Celulosa Arauco y Constitucion SA, Senior Notes	7.250%	7/29/19	1,545,000	1,839,619
Celulosa Arauco y Constitucion SA, Senior Notes	4.750%	1/11/22	955,000	982,365		(c)
Empresas CMPC SA, Notes	4.750%	1/19/18	1,540,000	1,621,238		(c)
Fibria Overseas Finance Ltd., Senior Notes	7.500%	5/4/20	1,440,000	1,528,272		(c)
Fibria Overseas Finance Ltd., Senior Notes	6.750%	3/3/21	890,000	918,925		(c)
Total Paper & Forest Products				6,890,419
TOTAL MATERIALS				61,655,346
TELECOMMUNICATION SERVICES — 4.5%
Diversified Telecommunication Services — 3.9%
Axtel SAB de CV, Senior Notes	7.625%	2/1/17	11,871,000	9,734,220		(c)
Axtel SAB de CV, Senior Notes	7.625%	2/1/17	1,027,000	842,140		(c)
Axtel SAB de CV, Senior Notes	9.000%	9/22/19	2,297,000	1,895,025		(c)
Qtel International Finance Ltd., Senior Notes	4.750%	2/16/21	1,380,000	1,433,544		(c)
Telemar Norte Leste SA, Senior Notes	5.500%	10/23/20	2,370,000	2,448,210		(c)
UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes	8.250%	5/23/16	974,000	1,060,443		(c)
Vimpel Communications, Loan Participation Notes	8.375%	4/30/13	1,820,000	1,915,550		(c)
VIP Finance Ireland Ltd. for OJSC Vimpel Communications, Loan Participation Notes, Secured Notes	8.375%	4/30/13	6,305,000	6,636,012		(c)
Total Diversified Telecommunication Services				25,965,144
Wireless Telecommunication Services — 0.6%
Indosat Palapa Co. BV, Senior Notes	7.375%	7/29/20	1,882,000	2,089,020		(c)
Oi S.A., Senior Notes	5.750%	2/10/22	1,570,000	1,619,062		(c)
Total Wireless Telecommunication Services				3,708,082
TOTAL TELECOMMUNICATION SERVICES				29,673,226
UTILITIES — 2.2%
Electric Utilities — 0.6%
Centrais Eletricas Brasileiras SA, Senior Notes	6.875%	7/30/19	580,000	689,504		(c)
Majapahit Holding BV, Senior Notes	7.750%	1/20/20	2,960,000	3,581,600		(c)
Total Electric Utilities				4,271,104
Gas Utilities — 0.7%
Empresa de Energia de Bogota SA, Senior Notes	6.125%	11/10/21	2,330,000	2,481,450		(c)
Transportadora de Gas Internacional SA ESP, Senior Notes	5.700%	3/20/22	1,900,000	1,952,250		(c)
Total Gas Utilities				4,433,700

See Notes to Schedule of Investments.

WESTERN ASSET EMERGING MARKETS DEBT FUND INC.

Schedule of investments (unaudited) (continued)

March 31, 2012

SECURITY	RATE	MATURITY DATE	FACE AMOUNT †	VALUE
Independent Power Producers & Energy Traders — 0.7%
AES Gener SA, Notes	5.250%	8/15/21	1,510,000	$	1,600,600	(c)
Colbun SA, Senior Notes	6.000%	1/21/20	2,510,000	2,679,766		(c)
Total Independent Power Producers & Energy Traders				4,280,366
Multi-Utilities — 0.2%
Empresas Publicas de Medellin ESP, Senior Notes	7.625%	7/29/19	1,320,000	1,582,020		(c)
TOTAL UTILITIES				14,567,190
TOTAL CORPORATE BONDS & NOTES (Cost — $217,069,229)				234,835,209

		EXPIRATION DATE	WARRANTS
WARRANTS — 0.1%
Bolivarian Republic of Venezuela, Oil-linked payment obligations (Cost - $364,095)		4/15/20	11,745	362,627		(a)
TOTAL INVESTMENTS — 98.4% (Cost — $590,627,697#)				647,159,625
Other Assets in Excess of Liabilities — 1.6%				10,306,533
TOTAL NET ASSETS — 100.0%				$	657,466,158

†		Face amount denominated in U.S. dollars, unless otherwise noted.
(a)		Variable rate security. Interest rate disclosed is as of the most recent information available.
(b)		The security’s interest income payments are contingent upon the performance of Argentina’s GDP. There are no principal payments over the life of the security or upon the expiration of the security.
(c)		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.
(d)		Security is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1).
#		Aggregate cost for federal income tax purposes is substantially the same.

	Abbreviations used in this schedule:
		BRL	- Brazilian Real
		EUR	- Euro
		GDP	- Gross Domestic Product
		IDR	- Indonesian Rupiah
		MXN	- Mexican Peso
		MYR	- Malaysian Ringgit
		OJSC	- Open Joint Stock Company
		PEN	- Peruvian Nuevo Sol

See Notes to Schedule of Investments.

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 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. The valuations for fixed income 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 fair valuation techniques and methodologies. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. 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. 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. 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). 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.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North American Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to 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.

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—quoted prices in active markets for identical investments

Notes to Schedule of Investments (unaudited) (continued)

· 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

	QUOTED PRICES		OTHER SIGNIFICANT OBSERVABLE INPUTS		SIGNIFICANT UNOBSERVABLE INPUTS
DESCRIPTION	(LEVEL 1)		(LEVEL 2)		(LEVEL 3)	TOTAL
Long-term investments†:
Sovereign bonds	—		$	411,961,789	—	$	411,961,789
Corporate bonds & notes	—		234,835,209		—	234,835,209
Warrants	—		362,627		—	362,627
Total investments	—		$	647,159,625	—	$	647,159,625
Other financial instruments:
Forward foreign currency contracts	—		360,243		—	360,243
Total		—	$	647,519,868	—	$	647,519,868

LIABILITIES

	QUOTED PRICES		OTHER SIGNIFICANT OBSERVABLE INPUTS		SIGNIFICANT UNOBSERVABLE INPUTS
DESCRIPTION	(LEVEL 1)		(LEVEL 2)		(LEVEL 3)	TOTAL
Other financial instruments:
Futures contracts	$	476,283	—		—	$	476,283
Forward foreign currency contracts	—		$	44,473	—	44,473
Total	$	476,283	$	44,473	—	$	520,756

†See Schedule of Investments for additional detailed categorizations.

(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 uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Notes to Schedule of Investments (unaudited) (continued)

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 enters 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) Swap agreements. The Fund invests 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 other 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.

For average notional amounts of swaps held during the period ended March 31, 2012, see Note 3.

Interest rate swaps

The Fund enters into interest rate swap contracts to gain exposure to certain currency markets. The Fund may also enter into interest rate swap contracts to manage its exposure to interest rate risk. 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.

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.

(f) 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.

Notes to Schedule of Investments (unaudited) (continued)

(g) 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.

(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) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(j) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions, where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s investment manager attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment manager. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

The Fund has entered into master agreements with certain of its derivative counterparties that provide for general obligations, representations, agreements, collateral, events of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

As of March 31, 2012, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $44,473. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

(k) 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.

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

2. Investments

At March 31, 2012, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Notes to Schedule of Investments (unaudited) (continued)

Gross unrealized appreciation	$	65,998,253
Gross unrealized depreciation	(9,466,325		)
Net unrealized appreciation	$	56,531,928

At March 31, 2012, the Fund had the following open futures contracts:

	NUMBER OF CONTRACTS	EXPIRATION DATE	BASIS VALUE		MARKET VALUE		UNREALIZED (LOSS)
Contracts to Buy:
U.S. Treasury 10-Year Notes	253	6/12	$	33,235,830	$	32,759,547	$	(476,283	)

At March 31, 2012, the Fund had the following open forward foreign currency contracts:

FOREIGN CURRENCY	COUNTERPARTY	LOCAL CURRENCY	MARKET VALUE	SETTLEMENT DATE	UNREALIZED GAIN (LOSS)
Contracts to Sell:
Brazilian Real	JPMorgan Chase & Co.	27,301,420	$ 14,911,570	4/16/12	$	360,243
Euro	JPMorgan Chase & Co.	5,662,860	7,552,972	4/16/12		(44,473	)
Net unrealized gain on open forward foreign currency contracts					$	315,770

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 March 31, 2012.

	Futures Contracts				Forward Foreign Currency Contracts
Primary Underlying Risk Disclosure	Unrealized Appreciation	Unrealized Depreciation			Unrealized Appreciation		Unrealized Depreciation			Total
Interest rate risk	—	$	(476,283	)	—		—			$	(476,283	)
Foreign exchange risk	—	—			360,243		(44,473		)	315,770
Total	—	$	(476,283	)	$	360,243	$	(44,473	)	$	(160,513	)

During the period ended March 31, 2012, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Futures contracts (to buy)	$	33,131,141
Forward foreign currency contracts (to sell)	23,616,842

	Average Notional Balance
Interest rate swap contracts†	$	6,258,676

†At March 31, 2012, there were no open positions held in this derivative.

4. Recent accounting pronouncement

In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (“ASU No. 2011-04”). ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements. ASU No. 2011-04 is effective during interim and annual periods beginning after December 15, 2011. Management has evaluated ASU No. 2011-04 and concluded that it does not materially impact the financial statement amounts; however, as required, additional disclosure has been included about fair value measurement.

Investment Company Act file number			811-21343

Western Asset Emerging Markets Debt Fund Inc.
(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49th Floor, New York, NY					10018
(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:		March 31, 2012

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

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

By	/s/ Richard F. Sennett
	Richard F. Sennett
	Principal Financial Officer

Summary of Investments by Country **
Brazil	15.0	%
Mexico	14.0
Russia	13.4
Venezuela	9.7
Turkey	7.7
Indonesia	6.8
Peru	6.3
Colombia	5.8
Argentina	3.8
Malaysia	3.6
Chile	2.8
Poland	2.8
India	1.8
Panama	1.7
Kazakhstan	1.6
Qatar	0.9
United Arab Emirates	0.6
Trinidad and Tobago	0.5
Philippines	0.4
China	0.4
Sri Lanka	0.4
	100.0	%