PAI - Western Asset Investment Grade Income Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. 1607 Capital specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes.

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.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   1607 Capital cut its stake to 5.9% (from 7%), as a passive investor.

   Original document →

2. Jan 6, 2026

   Sit Investment raised its stake to 12.1% (from 6.9%), as a passive investor.

   Original document →

3. Feb 13, 2025

   1607 Capital raised its stake to 7% (from 5.2%), as a passive investor.

   Original document →

4. Nov 14, 2024

   1607 Capital cut its stake to 5.2% (from 9.3%), as a passive investor.

   Original document →

5. Feb 14, 2024

   Sit Investment now owns 6.9%, 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 →
  Among the 90 funds we follow that invest in bonds, 4 charge a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.68 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.68 in the fiscal year ended Dec 31, 2025; $0.60 in the year ended Dec 31, 2024; $0.56 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.77% a year in the fiscal year ended Dec 31, 2025; 0.74% a year in the year ended Dec 31, 2024; 0.8% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $126 million at Dec 31, 2025; $123 million at Dec 31, 2024; $125 million at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 29, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 29, 2023 →.
• The fund had about 9.52 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +5.3%, counting payouts; the holdings +8.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +9.1%, counting payouts; the holdings +3.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +9.1%, counting payouts; the holdings +9.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -22.6%, counting payouts; the holdings -16.5%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +1.9%, counting payouts; the holdings +0.1%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -1.2%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $9,880 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -1.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 75 funds that invest in bonds with a fiscal year ending within six months of this one, 45 reported a higher share return for that year and 29 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (98%), the rest asset-backed bonds. About 76% issued in the U.S.

1. Kinder Morgan, Kmi 7.8 08/01/31 Gmtn - 1.8%
2. Goldman Sachs Group - 1.2%
3. Vale Overseas, Valebz 6.875 11/21/36 - 1%
4. Metlife, Met 6.4 12/15/36 - 0.9%
5. Cash and short-term - 0.9%
6. Bank of America, Bac 7.75 05/14/38 - 0.9%
7. BNP Paribas SA, BNP V8.5 Perp 144A - 0.8%
8. Comcast, Cmcsa 6.4 05/15/38 - 0.8%
9. Boeing Company, Ba 6.528 05/01/34 - 0.8%
10. Conocophillips, Cop 6.5 02/01/39 - 0.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →