Company: WIA
Filing Date: 2025-01-28
Form Type: N-CSR
Source: 0001133228-25-000566
Chunk: 5

Company: WESTERN ASSET INFLATION-LINKED INCOME FUND
Filing Date: 2025-01-28
Form: N-CSR
Chunk 5
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4. Past performance is no guarantee of future results.

* For the tax character of distributions paid during the fiscal year ended November 30, 2024, please refer to page 46 of this report.

Western Asset Inflation-Linked Income Fund 2024 Annual Report 3

Fund overview (cont’d)

| Performance Snapshotas of November 30, 2024 |                        |
|:--------------------------------------------|:-----------------------|
| Price Per Share                             | 12-MonthTotal Return** |
| $9.16 (NAV)                                 | 5.97%†                 |
| $8.28 (Market Price)                        | 11.94%‡                |

All figures represent past performance and are not a guarantee of future results. ** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. † Total return assumes the reinvestment of all distributions, including returns of capital, at NAV. ‡ Total return assumes the reinvestment of all distributions, including returns of capital, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan. One of the distinguishing features of closed-end funds compared to other investment vehicles is the ability to trade at a premium or discount to NAV. Since the Fund is listed on the NYSE, the share price may trade above (premium) or below (discount) its NAV. Whereas the NAV is reflective of the Fund’s underlying investments, the share price is reflective of the overall supply and demand in the marketplace. Historically, the majority of closed-end funds have traded at a discount to NAV. This Fund is no exception to this phenomenon. We believe the Fund’s discount may be driven by a number of factors, including the overall closed-end fund market, current distribution rate and muted demand for inflation-linked investment products. While there are actions that may temporarily reduce the discount to NAV, which the Board regularly evaluates, we believe that if investor demand for inflation-linked investments increases, that development, among other factors, may help reduce the Fund’s share price discount to NAV over time. Western Asset continues to believe the Fund offers investors the opportunity for long-term inflation protection while providing a source of diversification for investors’ fixed income portfolios. Q. What were the leading contributors to performance? A. The largest contributor to the Fund’s performance during the reporting