Western Asset Income Fund (the Fund) is a closed-end diversified investment company. The Fund's objective is to seek a high level of current income, consistent with prudent investment risk. Capital appreciation is a secondary objective. The Fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. The Fund's investment policies provide that its portfolio be invested as follows: at least 75% in debt securities rated within the four highest grades, and in government securities, bank debt, commercial paper, cash or cash equivalents; up to 25% in other fixed-income securities, convertible bonds, convertible preferred and preferred stock; and not more than 25% in securities restricted as to resale. Western Asset Management Company (Western Asset) is the Fund's advisor.