Company: WIA
Filing Date: 2025-01-28
Form Type: N-CSR
Source: 0001133228-25-000566
Chunk: 69

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-01-28
Form: N-CSR
Chunk 69
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 but not recalled and, therefore, not voted by the fund.      |

Records are maintained in an easily accessible
place for a period of not less than five (5) years with the first two (2) years in Western Asset’s offices.

Disclosure

Western Asset’s proxy policies and procedures
are described in the Firm’s Form ADV Part 2A. Clients are provided with a copy of these policies and procedures upon request. In
addition, clients may receive reports on how their proxies have been voted, upon request.

Conflicts of Interest

All proxies that potentially present conflicts
of interest are reviewed by the Regulatory Affairs Group for a materiality assessment. Issues to be reviewed include, but are not limited
to:

Voting Guidelines

Western Asset’s substantive voting decisions
are based on the particular facts and circumstances of each proxy vote and are evaluated by the designated research analyst or portfolio
manager. The examples outlined below are meant as guidelines to aid in the decision making process.

Situations can arise in which more than one Western
Asset client invests in instruments of the same issuer or in which a single client may invest in instruments of the same issuer but in
multiple accounts or strategies. Multiple clients or the same client in multiple accounts or strategies may have different investment
objectives, investment styles, or investment professionals involved in making decisions. While there may be differences, votes are always
cast in the best interests of the client and the investment objectives agreed with Western Asset. As a result, there may be circumstances
where Western Asset casts different votes on behalf of different clients or on behalf of the same client with multiple accounts or strategies.

Guidelines are grouped according to the types of proposals generally
presented to shareholders. Part I deals with proposals which have been approved and are recommended by a company’s board of directors;
Part II deals with proposals submitted by shareholders for inclusion in proxy statements; Part III addresses issues relating to voting
shares of investment companies; and Part IV addresses unique considerations pertaining to foreign issuers.

| I. | Board              
 Approved Proposals |

The vast majority of matters presented to shareholders
for a vote involve proposals made by a company itself that have been approved and recommended by its board of directors. In view of the
enhanced corporate governance practices currently being implemented in public companies, Western Asset generally votes in support of
decisions reached by independent boards of directors. More specific guidelines related to certain board-approved proposals are as follows:

Western Asset votes proxies for the election of the company’s
nominees