Western Asset Income Fund – ‘NSAR-B’ for 12/31/98 – ‘EX-6’

As of:  Friday, 2/26/99   ·   For:  12/31/98   ·   Accession #:  276300-99-4   ·   File #:  811-02351

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Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      N-SAR (3.0)                                            8     34K 
 2: EX-6        Opinion of Counsel re: Discount on Capital Shares      2±     7K 

‘EX-6’   —   Opinion of Counsel re: Discount on Capital Shares

[ARTICLE] 6                                                                     
[CIK] 0000075398                                                                
[NAME] PACIFIC AMERICAN INCOME SHARES                                           
[MULTIPLIER] 1000                                                               

                                                                [Download Table]
                                                      
[PERIOD-TYPE]                   12-MOS                
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-START]                             JAN-01-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                           167271
[INVESTMENTS-AT-VALUE]                          170897
[RECEIVABLES]                                    12284
[ASSETS-OTHER]                                      15
[OTHER-ITEMS-ASSETS]                             28093
[TOTAL-ASSETS]                                  211289
[PAYABLE-FOR-SECURITIES]                         36948
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        28238
[TOTAL-LIABILITIES]                              65186
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                        142679
[SHARES-COMMON-STOCK]                             9389
[SHARES-COMMON-PRIOR]                             9319
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                          (202)
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                          3626
[NET-ASSETS]                                    146103
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                                10795
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                    1128
[NET-INVESTMENT-INCOME]                           9667
[REALIZED-GAINS-CURRENT]                          3310
[APPREC-INCREASE-CURRENT]                       (3823)
[NET-CHANGE-FROM-OPS]                             9154
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                        11012
[DISTRIBUTIONS-OF-GAINS]                          3273
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                 70
[NET-CHANGE-IN-ASSETS]                          (4036)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                         1106
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                              778
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                   1152
[AVERAGE-NET-ASSETS]                            146877
[PER-SHARE-NAV-BEGIN]                            16.11
[PER-SHARE-NII]                                   1.04
[PER-SHARE-GAIN-APPREC]                          (.06)
[PER-SHARE-DIVIDEND]                            (1.18)
[PER-SHARE-DISTRIBUTIONS]                        (.35)
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              15.56
[EXPENSE-RATIO]                                    .76
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0