[SCHEDULE 13G/A] Western Asset Inflation-Linked Opportunities & Income Fund SEC Filing

Rhea-AI Filing Summary

On 06/30/2025, Morgan Stanley and its subsidiary Parametric Portfolio Associates LLC filed Amendment No. 2 to Schedule 13G for Western Asset Inflation-Linked Opportunities & Income Fund (WIW). The joint filers report beneficial ownership of 5,224,323 common shares, equal to 8.5 % of the fund’s outstanding shares. Both entities have 0 shares with sole voting or dispositive power; voting authority over 536,173 shares and dispositive authority over the full stake are held on a shared basis. Morgan Stanley is classified as a parent holding company (HC, CO) and Parametric as an investment adviser (IA, CO), indicating the position is distributed across client and affiliate accounts. The filing is made under Rule 13d-1(b), certifying that the stake is passive and not intended to influence control of the issuer.

Positive

• Institutional ownership rises to 8.5 %, signalling confidence from Morgan Stanley and improving WIW’s liquidity profile.

Negative

• Limited voting authority (0.8 % of shares) suggests the new holder is unlikely to advocate for management or policy changes, limiting potential upside from activism.

Insights

Securities Analyst

TL;DR – Passive 8.5 % stake by Morgan Stanley/Parametric; neutral governance impact.

The 13G shows a sizeable but passive holding. Morgan Stanley’s 5.2 M-share position lifts institutional ownership, potentially enhancing WIW’s liquidity and market visibility. However, with no sole voting power and only 0.8 M shares subject to shared voting, influence on fund policy is minimal. Because the filing is under Rule 13d-1(b), no activist intentions are signalled. Overall valuation or distribution policy for WIW is unlikely to change on this disclosure alone.

Closed-End Fund Specialist

TL;DR – Large adviser stake can support secondary-market demand; modestly positive.

Parametric’s involvement as an IA suggests the stake resides in systematic income portfolios, providing a stable shareholder base for WIW. For a leveraged inflation-linked bond fund, an 8.5 % holding by a well-capitalised broker-dealer group can improve trading depth and potentially narrow the fund’s market discount. Absence of control intent limits downside risk of disruptive governance moves. Impact is constructive but not transformative.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

95766R104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 95766R104

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 536,173.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,224,323.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,224,323.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 95766R104

1

Names of Reporting Persons

Parametric Portfolio Associates LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 536,173.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,224,323.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,224,323.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND
(b)	Address of issuer's principal executive offices: 620 EIGHTH AVENUE, 47TH FLOOR, NEW YORK, NY, 10018
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Parametric Portfolio Associates LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 800 Fifth Avenue, Suite 2800, Seattle, WA 98104
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 95766R104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 8.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/05/2025

Parametric Portfolio Associates LLC

Signature:	Cindy Kim
Name/Title:	Authorized Signatory, Parametric Portfolio Associates LLC
Date:	08/05/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

How many WIW shares does Morgan Stanley now own?

The filing reports 5,224,323 common shares, representing 8.5 % of the fund.

Is Morgan Stanley’s stake in WIW activist or passive?

It is passive; the Schedule 13G was filed under Rule 13d-1(b) with certifications of no control intent.

What voting power does Morgan Stanley have in WIW?

Morgan Stanley/Parametric have 0 sole voting power and shared voting power over 536,173 shares.

When was the reportable event for this WIW Schedule 13G/A?

The ownership position is dated 06/30/2025 and the filing was signed on 08/05/2025.

Why is Parametric Portfolio Associates included in the WIW filing?

Parametric is a subsidiary investment adviser managing the shares; it shares dispositive power over the full 5.2 M-share position.