Company: WIA
Filing Date: 2025-07-29
Form Type: N-CSRS
Source: 0001133228-25-007660
Chunk: 2

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-07-29
Form: N-CSRS
Chunk 2
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 this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including: • Fund prices and performance, • Market insights and commentaries from our portfolio managers, and • A host of educational resources. We look forward to helping you meet your financial goals. Sincerely, Jane Trust, CFA

President and Chief Executive Officer June 30, 2025

III Western Asset Inflation-Linked Income Fund

Performance review

For the six months ended May 31, 2025, Western Asset Inflation-Linked Income Fund returned 2.98% based on its net asset value (NAV) i and 2.65% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg U.S. Government Inflation-Linked 1-10 Year Index ii and the Bloomberg U.S. Government Inflation-Linked All Maturities Index iii , returned 3.34% and 1.87%, respectively, for the same period. The Bloomberg World Government Inflation-Linked All Maturities Index iv and the Fund’s Custom Benchmark v returned 2.23% and 1.72%, respectively, over the same time frame. The Fund has adopted a managed distribution policy. Pursuant to this policy, the Fund intends to make regular monthly distributions to common shareholders at a fixed rate per common share, which rate may be adjusted from time to time by the Fund’s Board of Trustees. This policy has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s investment adviser believes the policy helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. During the six-month period, the Fund made distributions to shareholders totaling $0.31 per share. As of May 31, 2025, the Fund estimates that 56% of the distributions were sourced from net investment income and 44% constituted a return of capital. * The performance table shows the Fund’s six-month total return based on its NAV and market price as of May 31, 2025. Past performance is no guarantee of future results.

| Performance Snapshotas of May 31, 2025 (unaudited) |                       |
|:---------------------------------------------------|:----------------------|
| Price Per Share                                    | 6-MonthTotal Return** |
| $9.12 (NAV)                                        | 2.98