Karpus discloses 8.4M-share position in Western Asset (NYSE: WIA)

Rhea-AI Filing Summary

Karpus Management, Inc. filed an amended ownership report showing it beneficially owns 8,398,525.7 common shares of Western Asset Inflation-Linked Income Fund. This stake represents approximately 36.01% of the 23,322,256 shares outstanding as of January 28, 2026.

Karpus accumulated these shares on behalf of client accounts under limited powers of attorney, with an aggregate purchase price of about $79,675,414.94, excluding brokerage commissions. The firm reports sole voting and sole dispositive power over the entire position as of April 28, 2026.

Insights

Institutional ownership analyst

Karpus reports a sizable 36% stake with sole control over voting and disposition.

Karpus Management now reports beneficial ownership of 8.4 million Western Asset Inflation-Linked Income Fund shares, or about 36.01% of the fund’s outstanding common shares. The position is held across client accounts where Karpus acts under limited powers of attorney.

The filing states Karpus has sole voting and dispositive power over these shares, giving it significant influence on shareholder decisions. The aggregate purchase price is approximately $79,675,414.94, reflecting a substantial long-term capital commitment by its clients. Any future changes to this stake would appear in later ownership updates.

Key Figures

Beneficially owned shares: 8,398,525.7 shares Ownership percentage: 36.01% Shares outstanding: 23,322,256 shares +3 more

6 metrics

Beneficially owned shares 8,398,525.7 shares Shares beneficially owned by Karpus as of April 28, 2026

Ownership percentage 36.01% Portion of Western Asset Inflation-Linked Income Fund common shares

Shares outstanding 23,322,256 shares Total shares outstanding as of January 28, 2026 (Form N-CSR)

Aggregate purchase price $79,675,414.94 Total cost of Karpus’s beneficially owned shares, excluding commissions

Sole voting and dispositive power 8,398,525.7 shares Shares over which Karpus has sole voting and dispositive authority

Amendment number Amendment No. 5 Amendment to prior Schedule 13D filings by Karpus

Key Terms

beneficially owned, sole voting power, sole dispositive power, limited powers of attorney, +2 more

6 terms

beneficially owned financial

"Karpus beneficially owned an aggregate of 8,398,525.7 Shares held in the Accounts"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole voting power and sole dispositive power: 8,398,525.7"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole voting power and sole dispositive power: 8,398,525.7"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

limited powers of attorney financial

"Shares on behalf of accounts managed by Karpus (the "Accounts") under limited powers of attorney"

margin loans financial

"working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business)"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

Schedule 13D regulatory

"has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/30/2026 - 12:20 PM Learn about SEC filing dates

FAQ

How many Western Asset Inflation-Linked Income Fund (WIA) shares does Karpus now report owning?

Karpus Management reports beneficial ownership of 8,398,525.7 common shares of Western Asset Inflation-Linked Income Fund. These shares are held in client accounts managed under limited powers of attorney, giving Karpus authority to vote and dispose of the entire position.

What percentage of Western Asset Inflation-Linked Income Fund’s shares does Karpus hold?

Karpus reports holding approximately 36.01% of Western Asset Inflation-Linked Income Fund’s outstanding common shares. This percentage is based on 23,322,256 shares outstanding, as disclosed in the issuer’s Form N-CSR for the period ending November 30, 2025.

What is the total purchase price Karpus paid for its WIA share position?

The aggregate purchase price for the 8,398,525.7 Western Asset Inflation-Linked Income Fund shares is about $79,675,414.94. This figure excludes brokerage commissions and reflects purchases made for Karpus-managed client accounts, primarily through open market transactions.

Does Karpus have voting control over its WIA holdings?

Yes. The filing states Karpus has sole voting power and sole dispositive power over 8,398,525.7 Western Asset Inflation-Linked Income Fund shares. These authorities apply to shares held in client accounts managed under limited powers of attorney granted to Karpus.

As of what date are Karpus’s WIA ownership figures reported?

Karpus’s beneficial ownership of 8,398,525.7 Western Asset Inflation-Linked Income Fund shares is reported as of the close of business on April 28, 2026. The total shares outstanding figure used, 23,322,256, comes from the issuer’s Form N-CSR dated January 28, 2026.

Where did the funds come from for Karpus’s WIA share purchases?

All funds used to buy Western Asset Inflation-Linked Income Fund shares came from the Karpus-managed client accounts themselves. Purchases were mainly open market transactions, and working capital could include margin loans from brokerage firms in the ordinary course of business.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Western Asset Inflation-Linked Income Fund

(Name of Issuer)

Common Shares

(Title of Class of Securities)

95766Q106

(CUSIP Number)

Jodi L. Hedberg, CCO
Karpus Management, Inc., 183 Sully's Trail
Pittsford, NY, 14534
585-586-4680

Adam W. Finerman, Esq.
BakerHostetler, 45 Rockfeller Plaza
New York, NY, 10111
212-589-4233

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/28/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 95766Q106

1

Name of reporting person

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,398,525.70
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,398,525.70
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,398,525.70

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

36.01 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

This Amendment No. 5 ("Amendment") amends and supplements the statement on Schedule 13D filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus"), on December 13, 2023, as amended by Amendment No. 1 filed on May 20, 2024, by Amendment No. 2 filed on September 18, 2024, by Amendment No. 3 filed on April 9, 2025, and by Amendment No. 4 filed on January 7, 2026 (collectively, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock of Western Asset Inflation-Linked Income Fund, ("Shares"), a Massachusetts corporation (the "Issuer"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: Western Asset Inflation-Linked Income Fund
(c)	Address of Issuer's Principal Executive Offices: One Madison Avenue, 17th Floor, New York, NEW YORK , 10010.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended to read as follows: Karpus an independent registered investment advisor, has accumulated 8,398,525.7 Shares on behalf of accounts managed by Karpus (the "Accounts") under limited powers of attorney. All funds that have been utilized in making such purchases for the Accounts (which are open market purchases unless otherwise noted) are from such Accounts. The aggregate purchase price of the 8,398,525.7 Shares beneficially owned by Karpus is approximately $79,675,414.94, excluding brokerage commissions. The Shares purchased by Karpus with working capital (which may at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases except as otherwise noted herein.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended to read as follows: As of the close of business on April 28, 2026, Karpus beneficially owned an aggregate of 8,398,525.7 Shares held in the Accounts, which represents approximately 36.01% of the 23,322,256 Shares outstanding, which is the total number of Shares outstanding as of January 28, 2026 on Form N-CSR filed by the Issuer for the reporting period ending November 30, 2025.
(b)	Item 5(b) is hereby amended to read as follows: Sole voting power and sole dispositive power: 8,398,525.7
(c)	Item 5(c) is hereby amended to read as follows: The transactions in the Shares by Karpus through the Accounts during the past sixty (60) days are set forth on Schedule B and incorporated herein for reference.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	04/30/2026