May 04, 2011 at 17:00 PM EDT
Western Asset Income Fund Announces Financial Position as of March 31, 2011

Western Asset Income Fund, which is listed on the New York Stock Exchange under the symbol “PAI”, today announced the financial position of the Fund as of March 31, 2011.

Current QPrevious QPrior Yr Q
March 31, 2011December 31, 2010March 31, 2010
Total Net Assets $ 131,431,810 $ 130,458,405 $ 128,402,548
NAV Per Share of Common Stock (a) $ 13.93 $ 13.82 $ 13.62
Market Price Per Share $ 13.04 $ 12.89 $ 13.20
Premium / (Discount) -6.39 % -6.73 % -3.08 %
Outstanding Shares 9,436,904 9,436,904 9,429,567
Total Net Investment Income (b) $ 1,832,679 $ 1,844,930 $ 1,884,622
Total Net Realized/Unrealized Gain/(Loss) (b) $ 980,927 $ (2,430,633 ) $ 3,902,069
Net Increase (Decrease) in Net Assets From Operations (b) $ 2,813,606 $ (585,703 ) $ 5,786,691

Earnings per Common Share Outstanding

Total Net Investment Income (b) $ 0.20 $ 0.20 $ 0.20
Total Net Realized/Unrealized Gain/(Loss) (b) $ 0.10 $ (0.26 ) $ 0.41
Net Increase (Decrease) in Net Assets From Operations (b) $ 0.30 $ (0.06 ) $ 0.61
Undistributed/(Overdistributed) Net Investment Income (c) $ (114,369 ) $ (106,851 ) $ (152,465 )
Undistributed/(Overdistributed) Net Investment Income
Per Share (c) $ (0.01 ) $ (0.01 ) $ (0.02 )

Footnotes:

(a) NAVs are calculated as of the close of business on the last business day in the periods indicated above.
(b) For the quarter indicated.
(c) As of the period indicated above.

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission, as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-Q. These reports are available on the Commission’s website at www.sec.gov.To obtain information on Form N-Q or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.

Western Asset Income Fund is a closed-end investment company that invests predominantly in a diversified portfolio of debt securities. Its investment adviser is Western Asset Management Company; a subsidiary of Legg Mason, Inc. Western Asset Management Company has managed the Fund since its inception in March 1973.

For more information, please call 1-888-777-0102 or consult the Fund’s web site at www.leggmason.com/cef.

Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.

Contacts:

Legg Mason & Co., LLC
Brenda Grandell, 212-857-8087
Director, Closed-End Funds
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