Western Asset Inflation-Linked Opportunities and Income Fund

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Western Asset Inflation-Linked Opportunities and Income Fund WESTERN ASSET INFLATION-LINKED OPPORTUNITIES & INCOME FUND (NYSE – WIW) 620 Eighth Avenue, 47th Floor New York, New York 10018 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD MAY 14, 2021 To the Shareholders of Western Asset Inflation-Linked Opportunities & Income Fund The Annual Meeting of Shareholders (the “Annual Meeting”) of Western Asset Inflation-Linked Opportunities & Income Fund (the “Fund”) is scheduled to be held as a virtual meeting on Friday, May 14, 2021 at 10:00 a.m., Eastern Time, for the following purposes: (1) Electing four Class II Trustees to hold office for the term indicated; and (2) Transacting such other business as may properly come before the Annual Meeting and any adjournment(s) or postponement(s) thereof. Due to recommendations from public officials or public health and travel concerns arising from the coronavirus known as COVID-19, and to support the health and well-being of our shareholders, the Annual Meeting will be accessible solely by means of remote communication. The Board of Trustees has fixed the close of business on March 30, 2021 as the record date for the determination of shareholders entitled to receive notice of and to vote at the Annual Meeting and any adjournment(s) or postponement(s) thereof. To participate in the Annual Meeting at http://www.meetingcenter.io/216433709, you must enter the 14-digit control number found on your proxy card, voting instruction form or notice you previously received. The password for the Annual Meeting is LMF2021. You may vote during the Annual Meeting by following the instructions available on the Annual Meeting website during the Annual Meeting. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Annual Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services (“Computershare”), the Fund’s proxy solicitor. You may forward an email from your intermediary or attach an image of your legal proxy to [email protected]. Requests for registration must be received no later than 5:00 p.m., Eastern Time, on May 11, 2021. You will receive a confirmation email from Computershare of your registration and a control number that will allow you to vote at the Annual Meeting. Whether or not you plan to attend the Annual Meeting, we urge you to authorize a proxy to vote your shares in advance of the Annual Meeting by one of the methods described in the proxy materials for the Annual Meeting. The Proxy Statement is available on the Internet at www.proxy-direct.com/lmf-32020. The enclosed proxy is being solicited on behalf of the Board of Trustees of the Fund. By Order of the Board of Trustees Marc A. De Oliveira, Secretary April 6, 2021 IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE BY TELEPHONE, INTERNET OR MAIL. IF YOU ARE VOTING BY MAIL PLEASE DATE, FILL IN, SIGN AND MAIL THE ENCLOSED PROXY IN THE ACCOMPANYING ENVELOPE, WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES. IF YOU WISH TO ATTEND THE VIRTUAL ANNUAL MEETING AND VOTE, YOU WILL BE ABLE TO DO SO AND SUCH VOTE WILL REVOKE ANY PROXY YOU MAY HAVE SUBMITTED. MERELY ATTENDING THE ANNUAL MEETING, HOWEVER, WILL NOT REVOKE ANY PREVIOUSLY SUBMITTED PROXY. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN, PLEASE SEND IN YOUR PROXY CARD (OR VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS CONTAINED ON THE PROXY CARD) TODAY. [THIS PAGE INTENTIONALLY LEFT BLANK] WESTERN ASSET INFLATION-LINKED OPPORTUNITIES &INCOME FUND 620 Eighth Avenue, 47th Floor New York, New York 10018 PROXY STATEMENT Important Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to be Held on May 14, 2021: The proxy statement is available at https://www.proxy-direct.com/lmf-32020 The accompanying proxy is solicited by the Board of Trustees (the “Board”) of Western Asset Inflation-Linked Opportunities & Income Fund (the “Fund”) for use at the annual meeting of shareholders of the Fund, to be held on May 14, 2021 at 10:00 a.m., Eastern Time, in a virtual format at http://www.meetingcenter.io/216433709 (the “Annual Meeting”), and at any adjournment(s) or postponement(s) thereof. At the Annual Meeting, shareholders will be asked to consider the re-election of Robert Abeles, Jr., Jane F. Dasher, Anita L. DeFrantz, and Jane E. Trust (collectively, the “Nominees”) to the Board. This Proxy Statement and the accompanying form of proxy were first mailed to shareholders on or about April 6, 2021. Please note that only one annual or semi-annual report or Proxy Statement may be delivered to two or more shareholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual or semi-annual report or the Proxy Statement, or for instructions as to how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the Fund at 620 Eighth Avenue, 47th Floor, New York, New York 10018 or by calling toll free at 1-888-777-0102. The Board has fixed the close of business on March 30, 2021 as the record date (the “Record Date”) for the determination of shareholders entitled to notice of and to vote at the Annual Meeting and any adjournment(s) or postponement(s) thereof. To participate in the Annual Meeting at http://www.meetingcenter.io/216433709, you must enter the 14-digit control number found on your proxy card, voting instruction form or notice you previously received. The password for the Annual Meeting is LMF2021. You may vote during the Annual Meeting by following the instructions available on the Annual Meeting website during the Annual Meeting. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Annual Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services (“Computershare”), the Fund’s proxy solicitor. You may forward an email from your intermediary or attach an image of your legal proxy to [email protected]. Requests for registration must be received no 1 later than 5:00 p.m., Eastern Time, on May 11, 2021. You will receive a confirmation email from Computershare of your registration and a control number that will allow you to vote at the Annual Meeting. As of the close of business on the Record Date, the Fund had issued and outstanding 61,184,134 common shares of beneficial interest, no par value (the “Shares”). The Shares constitute the only outstanding voting securities of the Fund entitled to be voted at the Annual Meeting. Except as described below, shareholders of the Fund as of the close of business on the Record Date will be entitled to one vote for each Share held, and a fractional vote with respect to fractional Shares, with no cumulative voting rights. Thirty percent (30%) of the Shares entitled to vote on a particular matter at the Annual Meeting must be represented to constitute a quorum for the transaction of business at the Annual Meeting (unless a larger quorum is required by any provision of law, the Agreement and Declaration of Trust, as amended or restated from time to time (the “Declaration of Trust”) or the Amended and Restated Bylaws (the “Bylaws”)). The Bylaws include provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares generally only to the extent the authorization of such voting rights is approved by other shareholders of the Fund (collectively, the “Control Share Provisions”). Subject to various conditions and exceptions, the Bylaws define a “Control Share Acquisition” to include an acquisition of Fund shares that, but for the Control Share Acquisition Provisions, would entitle the beneficial owner, upon the acquisition of such shares, to vote or direct the voting of shares having voting power in the election of Fund board members within any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Shares acquired prior to November 2, 2020 are excluded from the definition of Control Share Acquisition, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds. Subject to various conditions and procedural requirements set forth in the Bylaws, including the delivery of a “Control Share Acquisition Statement” to the Fund’s Secretary setting forth certain required information, a shareholder who obtains beneficial ownership of shares in a Control Share Acquisition generally may request a vote of Fund shareholders (excluding such acquiring shareholder and certain other interested shareholders) to approve the authorization of voting rights for such shares at the next meeting of Fund shareholders, notice of which has not been given prior to the receipt by the Fund of the Control Share Acquisition Statement. Except when a different vote is required by any provision of law or the Fund’s Declaration of Trust or Bylaws, a plurality of the quorum of Shares necessary for the transaction of business at the Annual Meeting will decide any questions and a majority of the votes entitled to be cast at the Annual Meeting with respect to the election of the Class II Trustees is required to elect a Nominee as a member of the Class II Trustees.
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