In plain terms — Western Asset Investment Grade Income Fund
Shares currently cost about 9.0% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.0% discount, so today's level is unusually wide for this fund (Z-score -2.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.5% a year of the share price (5.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.10 of assets — a ReinvestCapture™ rate of 6.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -7.97% | 0.64% | -2.78 | 64 |
| 6 months | -7.73% | 0.58% | -3.49 | 126 |
| 1 year | -6.96% | 1.08% | -2.59 | 250 |
| 3 years | -5.79% | — | — | — |
| 5 years | -5.80% | — | — | — |
Current contemporaneous premium/discount -9.75% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.75% to -3.29%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -3.42% | -6.70% | -9.62% | -11.67% | +0.51% | -6.38% |
| Market price total return | -2.99% | -5.44% | -6.41% | -6.98% | +5.69% | -1.76% |
| NAV return | -1.65% | -3.70% | -5.51% | -6.85% | +1.14% | -4.59% |
| NAV total return | -1.24% | -2.50% | -2.42% | -2.27% | +6.05% | -0.17% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Western Asset Investment Grade Income Fund Inc. (PAI) functions as a closed-end mutual fund, concentrating its investments in fixed-income securities. Its oversight is primarily provided by Western Asset Management Company, with Western Asset Management Company Limited acting as a co-manager. The fund strategically allocates capital mainly within the debt markets of the United States. Its holdings are predominantly composed of investment-grade debt, which includes government bonds, bank-issued obligations, commercial paper, and highly liquid assets like cash. To evaluate its effectiveness, the fund's performance is benchmarked against both the Barclays U.S. Corporate High Yield Index and the Barclays U.S. Credit Index. This fund was founded in the U.S. on March 22, 1973.
CEF Explorer research page for Western Asset Investment Grade Income Fund Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.