Western Asset Investment Grade Income Fund

Western Asset Investment Grade Income Fund, Inc. operates as a closed-end investment fund/investment trust. It provides a portfolio of investment grade debt, including government securities, bank debt and commercial paper and cash/cash equivalents. The company was founded on March 22, 1973 and is headquartered in Baltimore, MD.

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NEW YORK--(BUSINESS WIRE)--Category: Financials.

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of September 30, 2024

The Western Asset Investment Grade Income Fund has been benefiting from a narrowing discount to NAV to help boost total returns. With this occurring, PAI's appeal has declined, but it still isn't necessarily overvalued and can still benefit from the current interest rate environment. Given the investment-grade fixed-income focus, the fund is quite interest rate sensitive, which means lower risk-free rates could see further upside potential.

PAI: Discount Narrows But Continuing To Hold

The Western Asset Inv Grade Income Fund Inc primarily invests in safe investment-grade bonds, offering a lower yield of 4.83% compared to junk bond funds. Despite its lower yield, the PAI closed-end fund delivered a strong six-month performance, appreciating by 6.76% and outperforming key bond indices. The Fed turned very dovish yesterday, but this does not seem likely to have an outsized positive impact on bonds because the market already priced for the new projections.

PAI: Fed Turns Dovish, What's Next For This Bond Fund?

Western Asset Premier Bond Fund

NEW YORK--(BUSINESS WIRE)--Franklin Templeton Fund Adviser, LLC announced today that certain closed end funds have declared their distributions for the months of September, October and November 2024.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of September, October and November 2024

Adams Diversified Equity Fund

Aberdeen Standard Global Infr Inc Fd

BlackRock Enhanced Equity Dividend Trust

Blackrock Health Sciences Trust

Eaton Vance Tax-Advantaged Global Dividend Income Fund

Flaherty & Crumrine Total Return Fund Inc

John Hancock Tax-Advantaged Dividend Income Fund

Nuveen AMT-Free Municipal Value Fund

Cohen & Steers Real Estate Opportunities and Income Fund

Closed-end funds overall have seen discounts narrow since the start of the year, but opportunities still exist in certain areas of the market. With increased market volatility more recently, that may lead to discounts widening back out, which could create even more opportunities in this structure. I hold 42 positions in my CEF portfolio, with the top 10 positions making up 37.40% of the portfolio—here's a review of those top 10 names.

My Top 10 Closed-End Fund Holdings: August 2024

Western Asset Inv Grade Income Fund Inc has been moving mostly sideways since our last update but continues to offer an attractive discount. The PAI closed-end fund is relatively conservative thanks to being a non-leveraged fund and investing primarily in investment-grade bonds. Potential upside opportunities could come from discount narrowing or rate cuts, though rate cut expectations have been being pushed back further and further.

PAI: Conservative Way To Play Future Rate Cuts

Blackrock ESG Capital Allocation Trust

Cohen And Steers Total Return Realty Fund

Cohen & Steers Reit And Preferred Income Fund Inc

Cohen & Steers Quality Income Realty Fund

The overall broader indexes were heading higher after April's rather brief and shallow pullback. There was a bit more volatility toward the end of the month, which will be interesting to see if that develops into anything more material. Every month I make some purchases to compound and grow my monthly cash flow over time.

4 Closed-End Fund Buys In The Month Of May 2024

Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2024

NEW YORK--(BUSINESS WIRE)--Category: Distribution Related.

Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of June, July and August 2024

BlackRock Enhanced Capital and Income Fund

XAI Octagon Floating Rate & Alternative Income Term Trust

April turned out to be a little more exciting, with the broader equity market pulling back. This helped to create some added volatility that saw discounts widen in some closed-end funds. Every month I put some money to work in an effort to grow my monthly cash flow over time.

5 Closed-End Fund Buys In The Month Of April 2024

BlackRock Utilities Infrastructure & Power Opportunities Trust

John Hancock Premium Dividend Fund

PIMCO Dynamic Income Strategy Fund

4 Closed-End Fund Buys In The Month Of March 2024

The Western Asset Investment Grade Income Fund has a lower yield than most fixed-income closed-end funds and money market funds. The fund has outperformed the Bloomberg U.S. Aggregate Bond Index over the past six months, but it was beaten by some other investment-grade CEFs. The fund's strategy primarily focuses on investing in long-dated investment-grade bonds, which exposes it to interest rate risk.

PAI: Bonds And The Fed May Still Be Too Optimistic

Eaton Vance Tax-Advantaged Dividend Income Fund

Hoya Capital High Dividend Yield ETF

The broader market has continued its march higher throughout February, reaching new record highs. Despite the market continuing to move higher, I believe there are still opportunities to put cash to work.

3 Closed-End Fund (Plus An ETF) Buys In The Month Of February 2024

NEW YORK--(BUSINESS WIRE)--Effective March 1, 2024, the named portfolio management team responsible for the day-to-day oversight of the Fund is as follows:

Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) Announces Portfolio Management Team Update

Cornerstone Strategic Value Fund Inc

Flaherty & Crumrine Dynamic Preferred & Income Fund

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

Miller/Howard High Income Equity Fund

SPDR S&P 500 ETF Trust

Tortoise Essential Assets Income Term Fund

January saw some mixed results in terms of sector performance, with real estate returning some of the gains they saw in the previous couple of months.

5 Closed-End Fund Buys In The Month Of January 2024 (Includes 2 Swaps)

BlackRock Science & Technology

NXG NextGen Infrastructure Income Fund

PIMCO Dynamic Income Opportunities Fund

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

Reaves Utility Income Fund

I have a total of 41 positions in my closed-end fund portfolio, with the top ten positions making up 36.52% of the portfolio. We have four new names making their way to my top ten list since the prior update, but three were already positions that have simply grown to be larger allocations. Closed-end funds overall look to be a place of opportunity as discounts remain historically wide across both equity and fixed-income-focused funds.

My Top 10 Closed-End Fund Holdings: December 2023

Western Asset Investment Grade Income Fund's latest report reflects an increase in income generation year-over-year and quarter-over-quarter. The fund's discount remains attractive relative to its historical levels, making it a potentially attractive investment choice for conservative investors. PAI has increased its distribution and has a fully covered payout ratio, providing income for investors while waiting for potential appreciation and discount contraction to drive total returns.

PAI: Investment-Grade Focused Fund Sees Another Distribution Bump

Voya Global Advantage and Premium Opportunity Fund

The market is anticipating rate cuts, which led to a rally in November as rates on risk-free Treasuries retreated. Closed-end funds present good investment opportunities, trading at historically deep discounts. While the key theme this year had been primarily to avoid adding significant amounts of leverage, I made an exception with adding a PIMCO fund.

4 Closed-End Fund Buys From The Month Of November 2023

Blackrock Core Bond Trust

Blackrock Income Trust

BlackRock Credit Allocation Income Trust

BlackRock Enhanced Government Fund

First Trust Mortgage Income Fund

Western Asset Global Corp Defined Opportunity Fund Inc

iShares iBoxx High Yield Corporate Bond ETF

Western Asset Investment Grade Defined Opportunity Trust

iShares iBoxx $ Investment Grade Corporate Bond ETF

MFS Government Markets Income Trust

MFS Intermediate Income Trust

Investment-grade corporate-focused closed-end funds offer attractive fixed-income options with higher yields in the current higher-rate environment. Leverage and discounts/premiums in CEFs add volatility to consider when investing in these funds, which would otherwise be for more conservative investors. Besides the higher yields, when rates decline investment-grade funds should see a significant rebound, adding a catalyst for potential upside and 'locking in' higher yields now.

Closed-End Funds: Investment-Grade Corporate Fixed-Income Exposure To Consider

BlackRock Health Sciences Trust II

SPDR S&P Biotech ETF

Health Care Select Sector SPDR Fund

September was the worst month for equities in 2023, but that's simply creating buying opportunities for the long-term investor. I added to four different positions in my CEF portfolio this month, though they are all familiar names that I've already owned. The theme this month was once again avoiding taking on leveraged funds, and none of the four funds take on any leverage in the form of borrowings.

4 Closed-End Fund Buys In The Month Of September 2023

The Western Asset Inv Grade Income Fund Inc has a current yield of 4.96%, lower than most money market funds. The PAI closed-end fund has outperformed bond indices over the past year, but its low yield and limited potential for capital gains make it unattractive. The fund's use of leverage is relatively low, but it also limits its ability to provide a higher yield.

PAI: Yield Is Too Low, Just Buy Treasuries

Duff & Phelps Global Utility Income Fund Inc

PIMCO Dynamic Income Fund

PIMCO Income Strategy Fund II

Brookfield Real Assets Income Fund

This month, I added to 5 different closed-end funds, but it came from the result of selling off 2 for swaps as well. Swap opportunities come up as we can exploit the discount/premium mechanics in closed-end funds. Overall, I have continued to stick with a low or no-leverage theme in this environment as I look to de-risk my CEF portfolio.

5 Closed-End Fund Buys In The Month Of August 2023 (Plus 2 I Sold)

Western Asset Diversified Income Fund

WDI and PAI are two funds that can deliver regular income to investors with a monthly distribution, though they pay out substantially different levels of yield. These are two quite different funds in terms of strategy and being leveraged vs. non-leveraged, but together could be considered quite complementary, weighing the positions depending on one's risk tolerance. Despite their different strategies, both funds are delivering income to investors on a monthly basis, and their distributions are covered by net investment income.

WDI And PAI: Attractively Discounted And Delivering Investors Income

ArrowMark Financial

Invesco Senior Loan ETF

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

Invesco S&P 500 Equal Weight ETF

BANX has bounced back after being sold off during the banking crisis, with its NAV increasing by 2.62% in April. ETW offers a more defensive approach with a call-writing strategy and global exposure, including Europe and Asia/Pacific. PAI is a non-leveraged fund focusing on investment-grade bonds, offering a less aggressive play with what should be a relatively limited downside.

3 Closed-End Fund Buys In The Month Of May 2023

April saw the market continuing to push off the lows it touched in March due to bank failures. Despite the overall uncertainty and precarious banking situation, the overall market volatility has continued to sink lower and lower.

3 Closed-End Fund Buys In The Month Of April 2023

News for Western Asset Investment Grade Income Fund ETF (PAI)