Western Asset Income Fund (the Fund) is a closed-end diversified investment company. The Fund’s primary investment objective is to provide current income through investment in a diversified portfolio of debt securities. Its secondary investment objective is capital appreciation. Western Asset Income Fund seeks to invest at least 75% in debt securities rated within the four highest grades, and in government securities, bank debt, commercial paper, cash or cash equivalents, and up to 25% in other fixed-income securities, convertible bonds, convertible preferred and preferred stock. Western Asset Income Fund seeks to invest not more than 25% of its assets in securities restricted as to resale. The Fund’s portfolio includes corporate bonds and notes, Yankee bonds, and the United States Government and Agency obligations. The Fund’s investment advisors are Western Asset Management Company and Western Asset Management Company Limited.