Company: WIA
Filing Date: 2025-07-29
Form Type: N-CSRS
Source: 0001133228-25-007660
Chunk: 1

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-07-29
Form: N-CSRS
Chunk 1
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 the Plan at any time without prior notice to the Fund’s shareholders, however, at this time there are no reasonably foreseeable circumstances that might cause the termination of the Plan. The amendment or termination of the Plan could have an adverse effect on the market price of the Fund’s common shares. The Plan is subject to the periodic review by the Board to determine if an adjustment should be made. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution or from the terms of the Fund’s Plan. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.

Fund objectives The Fund’s primary investment objective is to provide current income. Capital appreciation, when consistent with current income, is a secondary investment objective.

Under normal market conditions and at the time of purchase, the Fund will invest at least 80% of its total managed assets in inflation-linked securities and at least 60% of its total managed assets in U.S. Treasury Inflation Protected Securities (TIPS). The Fund may also invest up to 40% of its total managed assets in non-U.S. dollar investments. What’s inside

| Letter from the president                              | III |
| Performance review                                     |  IV |
| Fund at a glance                                       |   1 |
| Consolidated schedule of investments                   |   2 |
| Consolidated statement of assets and liabilities       |  14 |
| Consolidated statement of operations                   |  15 |
| Consolidated statements of changes in net assets       |  16 |
| Consolidated statement of cash flows                   |  17 |
| Consolidated financial highlights                      |  19 |
| Notes to consolidated financial statements             |  21 |
| Board approval of management and subadvisoryagreements |  40 |
| Additional shareholderinformation                      |  44 |
| Dividend reinvestment plan                             |  45 |

Western Asset Inflation-Linked Income Fund II

Letter from the president

Dear Shareholder, We are pleased to provide the semi-annual report of Western Asset Inflation-Linked Income Fund for the six-month reporting period ended May 31, 2025. Please read on for Fund performance information during the Fund’s reporting period. As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish