Fund Description: Western Asset Investment Grade Income Fund Inc., formerly Western Asset Income Fund, formerly Pacific American Income Shares, Inc., is a closed-end, diversified management investment company. INVESTMENT OBJECTIVE: The Fund's primary investment objective is to provide current income for its shareholders. Capital appreciation, when consistent with current income, is a secondary investment objective. FUND STRATEGY: 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. The Fund will invest at least 80% of its net assets in fixed income securities that are rated in the Baa or BBB categories or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organization. The Fund may invest up to 20% in other fixed income securities, and not more than 25% in securities restricted as to resale. FUND MANAGEMENT: Western Asset Management Company, a wholly owned subsidiary of Legg Mason, Inc., is the investment advisor to the Fund. Western Asset Management Company Ltd. Serves as the sub-adviser to the Fund.