Western Asset Investment Grade Income Fund

PAI

Market cap $116M

We screen ~400 closed-end funds for full distribution coverage, prioritizing funds with coverage above 100% to reduce risk of distribution cuts. Top Income-Covered CEFs trading at wide discounts, like BGX and VFL, offer both high yields and potential for price appreciation if discounts narrow. Funds with the most negative z-scores, such as JHI and FMY, are trading below their historical average discounts, highlighting potential value opportunities.

The Western Asset Investment Grade Income Fund is rated 'Sell' due to unfavorable macro conditions despite its robust investment-grade bond portfolio.

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

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

The Income-Covered Closed-End Fund Report screens for CEFs with distribution coverage exceeding 100%, targeting funds less likely to cut payouts. Discounted, fully-covered CEFs offer dual benefits: potential price appreciation from narrowing discounts and enhanced yields based on full NAV distributions. Composite metrics combining yield, discount, and z-score help identify CEFs offering value on both absolute and relative terms, with high income potential.

Western Asset Income Fund offers primarily investment-grade corporate bond exposure and is also non-leveraged, positioning it as a conservative CEF option. PAI's share price has dropped rather sharply, widening its discount to 7.32%, making the current valuation more attractive for risk-averse investors who still want some yield. The fund maintains strong distribution coverage, with NII coverage at ~108% and a 5.19% yield, supported by rising net investment income and no leverage-related headwinds.

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

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

This report screens ~400 closed-end funds for those with distribution coverage above 100%, aiming to identify lower-risk income opportunities for investors. Key metrics include premium/discount, z-score, leverage, baseline expense, and coverage. Top picks feature funds that offer high yields, deep discounts, and strong coverage, highlighting attractive value and income potential.

This report screens ~400 closed-end funds (CEFs) for those with 100%+ net investment income coverage, highlighting lower risk of distribution cuts. Top lists identify CEFs with the widest discounts, most attractive z-scores, highest covered yields, and best combinations of value and income. Investors are encouraged to use these rankings as a starting point for due diligence, not as final buy or sell recommendations.