Karpus Management (NYSE: WIA) discloses 34.93% ownership in Western Asset Inflation-Linked Income Fund

Rhea-AI Filing Summary

Karpus Management, Inc. has filed Amendment No. 4 reporting an updated large ownership position in Western Asset Inflation-Linked Income Fund. As of the close of business on January 5, 2026, Karpus beneficially owned 8,146,653.87 common shares, representing about 34.93% of the 23,322,256 shares outstanding reported by the fund as of July 29, 2025. Karpus accumulated these shares on behalf of client accounts under limited powers of attorney.

The filing states that the aggregate purchase price for the 8,146,653.87 shares beneficially owned is approximately $77,696,709.73, excluding brokerage commissions. The shares were purchased for client accounts using their funds, generally through open market transactions, and may include margin loans from brokerage firms in the ordinary course of business. Karpus reports sole voting and sole dispositive power over the reported shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

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)

01/05/2026

(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).

SCHEDULE 13D

CUSIP No. 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 8,146,653.87
8	Shared Voting Power 0.00
9	Sole Dispositive Power 8,146,653.87
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

8,146,653.87

12

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

13

Percent of class represented by amount in Row (11)

34.93 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

This Amendment No. 4 ("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, and by Amendment No. 3 filed on April 9, 2025 (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 8,146,653.87 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 8,146,653.87 Shares beneficially owned by Karpus is approximately $77,696,709.73, 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 January 5, 2026, Karpus beneficially owned an aggregate of 8,146,653.87 Shares held in the Accounts, which represents approximately 34.93% of the 23,322,256 Shares outstanding, which is the total number of Shares outstanding as of July 29, 2025 on Form N-CSR filed by the Issuer for the reporting period ending May 31, 2025.
(b)	Item 5(b) is hereby amended to read as follows: Sole voting power and sole dispositive power: 8,146,653.87
(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:	01/07/2026

FAQ

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

Karpus Management, Inc. reports beneficial ownership of 8,146,653.87 common shares of Western Asset Inflation-Linked Income Fund as of the close of business on January 5, 2026.

What percentage of Western Asset Inflation-Linked Income Fund does Karpus Management’s stake represent?

Karpus’s reported holdings of 8,146,653.87 shares represent approximately 34.93% of the fund’s 23,322,256 shares outstanding, based on the issuer’s Form N-CSR for the period ending May 31, 2025.

How much has Karpus Management paid in total for its WIA share position?

The aggregate purchase price for the 8,146,653.87 shares beneficially owned by Karpus is approximately $77,696,709.73, excluding brokerage commissions.

In what capacity does Karpus Management hold its WIA shares and who has voting power?

Karpus holds the shares on behalf of accounts it manages under limited powers of attorney. It reports sole voting power and sole dispositive power over 8,146,653.87 shares, with no shared voting or dispositive power.

What is the source of funds used by Karpus Management to buy WIA shares?

The filing states the source of funds as working capital (WC) of the managed accounts. Purchases were generally open market transactions, and working capital may include margin loans made by brokerage firms in the ordinary course of business.

What type of reporting person is Karpus Management in this Schedule 13D/A filing?

Karpus Management, Inc. identifies itself as an investment adviser (IA) and an independent registered investment advisor acting on behalf of client accounts.

What event date triggered this Amendment No. 4 to the Schedule 13D for WIA?

The reported Date of Event that required this amendment is January 5, 2026, which corresponds to the updated ownership information disclosed.