Company: WIA
Filing Date: 2025-01-28
Form Type: N-CSR
Source: 0001133228-25-000566
Chunk: 6

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-01-28
Form: N-CSR
Chunk 6
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 period was its exposure to spread sectors, mainly due to corporate credit exposures – but also to structured products – as credit spreads tightened over the course of the reporting period. The Fund’s interest rate positioning (duration and yield curve positioning combined) also contributed to returns as real yields fell. Finally, commodity exposures were additive for performance. Q. What were the leading detractors from performance? A. The most significant detractor from the Fund’s performance was its emerging markets (EM) exposures, mainly due to EM currency positions, though local-currency and U.S. dollar-denominated EM bond positions provided a partial offset. The Fund’s tactical Treasury

4 Western Asset Inflation-Linked Income Fund 2024 Annual Report

exposure was the other main detractor from performance as breakeven inflation rates fluctuated but ended the reporting period higher. Looking for additional information? The Fund is traded under the symbol “WIA” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol “XWIAX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.franklintempleton.com. In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern time, for the Fund’s current NAV, market price and other information. Thank you for your investment in the Western Asset Inflation-Linked Income Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals. Sincerely, Western Asset Management Company, LLC December 12, 2024 RISKS: The Fund is a diversified closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. The Fund’s common shares are traded on the NYSE. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a