Company: WIA
Filing Date: 2025-01-28
Form Type: N-CSR
Source: 0001133228-25-000566
Chunk: 66

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-01-28
Form: N-CSR
Chunk 66
---
 Singapore”), as
applicable. As compliance with the policy is monitored by Western Asset, the policy has been adopted from the US Compliance Manual and
all defined terms are those defined in the US Compliance Manual rather than the compliance manual of any other Western Asset affiliate.

BACKGROUND

An investment adviser is required to adopt and
implement policies and procedures that we believe are reasonably designed to ensure that proxies are voted in the best interest of clients,
in accordance with fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940 (“Advisers Act”). The authority
to vote the proxies of our clients is established through investment management agreements or comparable documents. In addition to SEC
requirements governing advisers, long-standing fiduciary standards and responsibilities have been established for ERISA accounts. Unless
a manager of ERISA assets has been expressly precluded from voting proxies, the Department of Labor has determined that the responsibility
for these votes lies with the investment manager.

POLICY

As a fixed income only manager, the occasion to
vote proxies is very rare, for instance, when fixed income securities are converted into equity by their terms or in connection with
a bankruptcy or corporate workout. However, the Firm has adopted and implemented policies and procedures that we believe are reasonably
designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6
under the Advisers Act. In addition to SEC requirements governing advisers, our proxy voting policies reflect the long-standing fiduciary
standards and responsibilities for ERISA accounts. Unless a manager of ERISA assets has been expressly precluded from voting proxies,
the Department of Labor has determined that the responsibility for these votes lies with the investment manager.

While the guidelines included in the procedures
are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration
the Firm’s contractual obligations to our clients and all other relevant facts and circumstances at the time of the vote (such
that these guidelines may be overridden to the extent the Firm deems appropriate).

In exercising its voting authority, Western Asset
will not consult or enter into agreements with officers, directors or employees of Franklin Resources (Franklin Resources includes Franklin
Resources, Inc. and organizations operating as Franklin Resources) or any of its affiliates (other than Western Asset affiliated companies)
regarding the voting of any securities owned by its clients.

PROCEDURES

Responsibility and Oversight