Company: EMD
Filing Date: 2025-02-27
Form Type: N-CSR
Source: 0001133228-25-001572
Chunk: 4

Company: WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
Filing Date: 2025-02-27
Form: N-CSR
Chunk 4
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 the Fund’s NAV. The Fund’s manager believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. During the twelve-month period, the Fund made distributions to shareholders totaling $1.02 per share of which $0.17 will be treated as a return of capital for tax purposes. * The performance table shows the Fund’s twelve-month total return based on its NAV and market price as of December 31, 2024. Past performance is no guarantee of future results.

| Performance Snapshotas of December 31, 2024 |                        |
|:--------------------------------------------|:-----------------------|
| Price Per Share                             | 12-MonthTotal Return** |
| $10.61 (NAV)                                | 10.43%†                |
| $9.62 (Market Price)                        | 16.10%‡                |

All figures represent past performance and are not a guarantee of future results. ** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. † Total return assumes the reinvestment of all distributions, including returns of capital, at NAV. ‡ Total return assumes the reinvestment of all distributions, including returns of capital, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan. Q. What were the leading contributors to performance? A. The leading contributor to performance was our overweight, and increasing our overweight, to one of the strongest performing portions of emerging markets: frontier sovereigns and quasi-sovereigns. Valuations were attractive and in general countries benefited from stable global growth, lower inflation trends, and central banks globally generally flipping from tightening to easing cycles. Our quality biases were beneficial, with short-duration lower quality issuers outperforming. These issuers also provided additional income relative to investment-grade bonds in 2024. An example of a lower quality country bias that performed well was our overweight to Argentina corporates and sovereigns. President Javier Miley took office at the end of 2023 and has managed to cut government spending to reduce deficits while maintaining his popularity. The fiscal policy adjustments have led to a more stable macroeconomic

* For the tax character of distributions paid during the fiscal year ended December 31, 2024, please refer to page