Sec Form 13D Filing - CASCADE INVESTMENT L.L.C. filing for WESTERN ASSET INFLATION-LINKED (WIA) - 2022-10-14

Jacki Badal, Esq.

2365 Carillon Point

Kirkland, WA 98033
(425) 889-7900

All common shares of beneficial interest, no par value (the “Common Shares”), of Western Asset Inflation-Linked Income Fund (the “Issuer”) held by Cascade Investment, L.L.C. (“Cascade”) may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade.

Based on 23,322,256 Common Shares outstanding as of May 31, 2022, as reported in the Issuer’s Form N-CSR filed on July 28, 2022.

Includes Common Shares held by Cascade. All Common Shares of the Issuer held by Cascade may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade.

Based on 23,322,256 Common Shares outstanding as of May 31, 2022, as reported in the Issuer’s Form N-CSR filed on July 28, 2022.

(a)       This statement is being filed jointly by Cascade and WHG (together, the “Reporting Persons”).

(b)      The business addresses of the Reporting Persons are as follows:

·         Cascade: 2365 Carillon Point, Kirkland, Washington 98033

·         WHG: 500 Fifth Ave North, Seattle, Washington 98109

(c)      Cascade is a limited liability company organized under the laws of the State of Washington. Cascade is a private investment entity that seeks appreciation of its assets for the benefit of its member. WHG controls Cascade as its sole member. The address of Cascade’s principal office is set forth in paragraph (b) of this item.

WHG, a natural person, is a Co-Trustee of the Bill & Melinda Gates Foundation (the “Foundation”) and its asset trust. The Foundation is a nonprofit organization fighting poverty, disease, and inequity around the world; its business address is 500 Fifth Avenue North, Seattle, Washington 98109.

(d)       None.

(e)       None.

(f)       WHG is a citizen of the United States of America.

Cascade acquired its Common Shares with working capital and through dividend reinvestment.

Since its most recent Schedule 13D filing, Cascade purchased 200,000 Common Shares with working capital for an aggregate purchase price of $2,077,803.82, excluding commissions. Cascade also acquired 166,106 Common Shares pursuant to a dividend reinvestment plan of the Issuer. Other than the reinvestment of dividends, Cascade paid no consideration to acquire these shares.

The Reporting Persons acquired the Common Shares for investment purposes, from working capital and through dividend reinvestment.

The Reporting Persons intend to continuously review and evaluate all of their alternatives with respect to their investment in the Issuer and intend to take any and all actions that they deem appropriate with respect to the performance of their investment. This may include increasing or decreasing their ownership interest in the Issuer depending upon subsequent changes to market conditions, developments affecting the Issuer, their general investment policies, or other factors.

Michael Larson, Cascade’s business manager, serves on the Issuer’s board of trustees.

Except as set forth herein, the Reporting Persons have no current intention, plan or proposal with respect to items (a) through (j) of Schedule 13D.

(a)      See items 11 and 13 of the cover pages to this Amendment for the aggregate number of Common Shares and percentage of Common Shares beneficially owned by each of the Reporting Persons.

(b)     See items 7 through 10 of the cover pages to this Amendment for the number of Common Shares beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote and sole or shared power to dispose or to direct the disposition.

(c)      During the past sixty days, Cascade acquired (i) 142,862 Common Shares on October 12, 2022, and (ii) 23,244 Common Shares on September 7, 2022—in each case pursuant to the dividend reinvestment plan of the Issuer (the “DRIP”). The number of shares received pursuant to the DRIP was based on the formula described in the DRIP. Other than the reinvestment of dividends, Cascade paid no consideration to acquire these shares.

(d)      None.

(e)      Not applicable. 

This Amendment is being filed jointly by the Reporting Persons pursuant to the Joint Filing Agreement dated January 3, 2006, and included with the signature page to the Reporting Persons’ Schedule 13D with respect to the Issuer filed on January 3, 2006, SEC File No. 005-81249, and incorporated by reference herein.

Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated October 11, 2013, by and on behalf of Michael Larson, filed as Exhibit 99.1 to Amendment No. 9 to Cascade’s Schedule 13D with respect to Western Asset/Claymore Inflation-Linked Opportunities & Income Fund on December 11, 2013, SEC File No. 005-81261, and incorporated by reference herein.

Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of WHG, filed as Exhibit 99.2 to Amendment No. 1 to Cascade’s Schedule 13D with respect to Otter Tail Corporation on April 15, 2009, SEC File No. 005-06638, and incorporated by reference herein.