Karpus Management Inc.

09/18/2024 | Press release | Distributed by Public on 09/18/2024 12:48

Amendment to Beneficial Ownership Report - Form SC 13D/A

Schedule 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A
Under the Securities Exchange Act of 1934

(Amendment No. 2)*



WESTERN ASSET INFLATION-LINKED INCOME FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

95766Q106

(CUSIP Number)

Daniel L. Lippincott, President and Chief Investment Officer
Karpus Management, Inc.
d/b/a Karpus Investment Management
183 Sully's Trail

Pittsford, New York 14534
(585) 586-4680

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

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

September 16, 2024

(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. ☒

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

__________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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).

CUSIP No. 95766Q106

13DPage 2 of 5 Pages

1.

NAME OF REPORTING PERSON

Karpus Management Inc. d/b/a Karpus Investment Management

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

3.

SEC USE ONLY

4.

SOURCE OF FUNDS

WC

5.

CHECK BOX 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

7,405,780.234 Shares

8.

SHARED VOTING POWER

0 Shares

9.

SOLE DISPOSITIVE POWER

7,650,780.234 Shares

10.

SHARED DISPOSITIVE POWER

0 Shares

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

7,650,780.234 Shares

12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

32.80%

14.

TYPE OF REPORTING PERSON

IA

CUSIP No. 95766Q106

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EXPLANATORY NOTE

This amendment No. 2 ("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, and by Amendment No. 1 on May 20, 2024 ( 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 meanings set forth in the Original Schedule 13D.



Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

Karpus an independent registered investment advisor, has accumulated 7,650,780.234 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 7,650,780.234 Shares beneficially owned by Karpus is approximately $74,839,279.11, 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.

Item 5(a)-(c) are hereby amended to read as follows:

(a) As of the close of business on September 16, 2024, Karpus beneficially owned an aggregate of 7,650,780.234 Shares held in the Accounts, which represents approximately 32.80% of the 23,322,256 Shares reported as outstanding as of July 30, 2024, on the Form N-CSR filed by the Issuer for period ending May 31, 2024.
(b) 1. Sole power to vote or direct vote:         7,405,780.234
2. Shared power to vote or direct vote:          0
3. Sole power to dispose or direct the disposition:         7,650,780.234
4. Shared power to dispose or direct the disposition:         0
(c)The transactions in the Shares by Karpus through the Accounts during the past sixty (60) days are set forth in Schedule B and incorporated herein by reference.

CUSIP No. 95766Q106

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SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:    September 18, 2024

KARPUS MANAGEMENT, INC.

By:
/s/ Jodi L. Hedberg
Name: Jodi L. Hedberg
Title: Chief Compliance Officer

CUSIP No. 95766Q106

13D Page 5 of 5 Pages

SCHEDULE A

Executive Officers & Directors of Karpus Management, Inc., d/b/a Karpus Investment Management

Name Position & Present Principal Occupation Business Address Shares Owned
Kathleen Finnerty Crane

Chief Financial Officer

183 Sully's Trail, Pittsford, New York 14534 125 Shares
Thomas Michael Duffy

Senior Vice President and

Director of Operations

183 Sully's Trail, Pittsford, New York 14534 0 Shares
Daniel Lee Lippincott

President and Chief Investment Officer

183 Sully's Trail, Pittsford, New York 14534 0 Shares
Jodi Lee Hedberg Chief Compliance Officer 183 Sully's Trail, Pittsford, New York 14534 0 Shares
Thomas Wayne Griffith Director

17 East Market Street, West Chester, Pennsylvania 19382

0 Shares
Carlos Manuel Yuste Director 17 East Market Street, West Chester, Pennsylvania 19382 0 Shares

SCHEDULE B

Transactions in the Shares in the past sixty (60) days.

Nature of the Transaction

Shares

Purchased/(Sold)

Price Per

Share($)

Date of

Purchase / Sale

KARPUS MANAGEMENT, INC., D/B/A/ KARPUS INVESTMENT MANAGEMENT
(THROUGH THE ACCOUNTS)

Sale of Common Stock (310) $8.02 7/22/2024
Purchase of Common Stock 2,625 $7.97 7/24/2024
Purchase of Common Stock 200 $8.01 7/29/2024
Purchase of Common Stock 3,000 $8.14 8/1/2024
Sale of Common Stock (125) $8.11 8/5/2024
Purchase of Common Stock 600 $8.10 8/6/2024
Purchase of Common Stock 525 $8.05 8/7/2024
Purchase of Common Stock 2,575 $8.15 8/14/2024
Purchase of Common Stock 400 $8.10 8/15/2024
Sale of Common Stock (350) $8.17 8/21/2024
Sale of Common Stock (545) $8.26 8/22/2024
Sale of Common Stock (2,725) $8.29 8/23/2024
Sale of Common Stock (270) $8.25 8/26/2024
Sale of Common Stock (1,026) $8.20 8/28/2024
Sale of Common Stock (1,668) $8.21 8/30/2024
Sale of Common Stock (53) $8.20 9/5/2024
Purchase of Common Stock 32,253 $8.21 9/6/2024
Purchase of Common Stock 64,623 $8.23 9/9/2024
Purchase of Common Stock 6,334 $8.26 9/10/2024
Purchase of Common Stock 100 $8.22 9/11/2024
Sale of Common Stock (1,370) $8.33 9/13/2024
Purchase of Common Stock 254,840 $8.36 9/16/2024