PAI - Western Asset Investment Grade Income Fund
A closed-end fund run by Western Asset. Invests in bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - 2 large investors hold a stake, but none of them has asked for changes.
- Sit Investment owns 12.1% as a passive investor. On file since Feb 14, 2024.
- 1607 Capital owns 5.9% as a passive investor. On file since Feb 8, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
Aug 14, 2026
1607 Capital cut its stake to 5.9% (from 7%), as a passive investor.
Original document → -
Jan 6, 2026
Sit Investment raised its stake to 12.1% (from 6.9%), as a passive investor.
Original document → -
Feb 13, 2025
1607 Capital raised its stake to 7% (from 5.2%), as a passive investor.
Original document → -
Nov 14, 2024
1607 Capital cut its stake to 5.2% (from 9.3%), as a passive investor.
Original document → -
Feb 14, 2024
Sit Investment now owns 6.9%, as a passive investor.
Original document →
Show all 6 events
-
Feb 8, 2024
1607 Capital now owns 9.3%, as a passive investor.
Original document →
About this fund
- Run by Western Asset Management Company, LLC. Part of the FRANKLIN TEMPLETON fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Size: about $125 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.5% a year in management fees; 0.8% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.68 a share, all of it income. As of Dec 31, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Dec 31, 2025): $13.24. The shares traded at $12.48, about 5.7% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: up 1.5% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -1.8%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +8.1%. How the share price did: the shares returned +5.3% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Mostly bonds (98%), the rest asset-backed bonds. About 76% issued in the U.S.
- Kinder Morgan, Kmi 7.8 08/01/31 Gmtn - 1.8%
- Vale Overseas, Valebz 6.875 11/21/36 - 1%
- Metlife, Met 6.4 12/15/36 - 0.9%
- Cash and short-term - 0.9%
- Bank of America, Bac 7.75 05/14/38 - 0.9%
- BNP Paribas SA, BNP V8.5 Perp 144A - 0.8%
- Comcast, Cmcsa 6.4 05/15/38 - 0.8%
- Boeing Company, Ba 6.528 05/01/34 - 0.8%
- Conocophillips, Cop 6.5 02/01/39 - 0.7%
- HSBC Holdings PLC, HSBC V6.254 03/09/34 - 0.7%
Show all 25
- America Movil Sab de Cv, Amxlmm 6.125 03/30/40 - 0.7%
- Altria Group, Mo 4.8 02/14/29 - 0.7%
- Dow Chemical Company, Dow 7.375 11/01/29 - 0.7%
- Quebec, Province of - Direction de L'emission Des Emprunts Ministre Des Finances, Q 7.97 07/22/36 Mtn - 0.6%
- Anheuser-Busch Companies LLC, Abibb 4.9 02/01/46 * - 0.6%
- Los Angeles County Public Works Financing Authority (CA), CA Losfac 7.62 08/01/2040 - 0.6%
- Amgen, Amgn 5.25 03/02/33 - 0.6%
- Goldman Sachs Group, Gs V5.065 01/21/37 - 0.6%
- Morgan Stanley, Ms V5.073 01/30/37 - 0.6%
- Williams Companies, Wmb 8.75 03/15/32 - 0.6%
- Goldman Sachs Group, Gs 6.75 10/01/37 - 0.6%
- Wells Fargo & Company, Wfc V5.211 12/03/35 - 0.5%
- Barclays PLC, Bacr V5.088 06/20/30 - 0.5%
- Charles Schwab, Schw V6.136 08/24/34 - 0.5%
- Jane Street Group LLC / Jsg Finance, Janest 6.125 11/01/32 144A - 0.5%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Aug 14, 2026 | 1607 Capital | 5.9% | Updated notice |
| Jan 6, 2026 | Sit Investment | 12.1% | Updated notice |
| Feb 13, 2025 | 1607 Capital | 7% | Updated notice |
| Nov 14, 2024 | 1607 Capital | 5.2% | Updated notice |
| Feb 14, 2024 | Sit Investment | 6.9% | Passive investor |
| Feb 8, 2024 | 1607 Capital | 9.3% | Updated notice |
No announcements from the fund on file.
- Run by
- Western Asset Management Company, LLC
- Fund family
- FRANKLIN TEMPLETON
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-02351
- Auditor
- PricewaterhouseCoopers LLP
- Fiscal year end
- Dec 31, 2025
- Number of holdings
- 473
- Preferred share classes
- none
Email me when something new is filed for PAI
Free. One email per notice or announcement, usually within a day. No password.