Fund Description: Western Asset Inflation-Linked Opportunities & Income Fund, formerly Western Asset/Claymore Inflation-Linked Opportunities & Income Fund, formerly the Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund 2, is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: TheWestern Asset Inflation-Linked Opportunities & Income Fund's primary investment objective is to provide current income. Capital appreciation, when consistent with current income, is a secondary investment objective. FUND STRATEGY: Under normal market conditions, the Fund will invest at least 80% of its total managed assets in inflation-linked securities. The Fund may also invest up to 40% of its total managed assets in below investment grade securities. The Fund may invest up to 100% of its total managed assets in non-U.S. dollar investments which gives the Fund flexibility to invest up to 100% of it’s total managed assets in non-U.S. dollar inflation-linked securities (up to 100% of it’s non-U.S. dollar exposure may be unhedged). The Fund currently expects that the average effective duration of its portfolio will range between zero and 15 years, although this target duration may change from time to time. The Fund uses various investment strategies designed to help limit risk and to preserve capital. Though the Fund is not required to be hedged at all times, the hedging strategies include, among others, the use of swaps, futures contracts, short sales, options on futures or options based on U.S. Treasury securities, an index of longer-term securities or other instruments. FUND MANAGEMENT: The Fund’s investment adviser is Guggenheim Fund Investment Advisors, LLC, formerly Claymore Advisors, LLC,. The Fund’s investment manager is Western Asset Management Company.