Western Asset Investment Grade Income Fund Inc. Announces Financial Position as of March 31, 2024
Western Asset Investment Grade Income Fund (NYSE: PAI) released its financial status as of March 31, 2024. Total net assets were $123.7 million, slightly down from $124.7 million in the previous quarter but up from $121.5 million last year. The NAV per share was $13.01, a decrease from $13.11 in Q4 2023 but an increase from $12.78 in Q1 2023. The market price per share was $12.19, reflecting a 6.30% discount to NAV.
The fund's total net investment income was $1.49 million, down from $1.59 million in the previous quarter, but higher than $1.46 million a year ago. Net realized/unrealized loss was $1.06 million compared to gains of $8.93 million last quarter and $1.95 million in Q1 2023. The net increase in net assets from operations was $431,965, a sharp drop from $10.52 million last quarter and $3.41 million last year.
Earnings per share were $0.05, down from $1.11 in Q4 2023 and $0.35 in Q1 2023. Undistributed net investment income per share was $0.11, compared to $0.10 last quarter and $0.07 in Q1 2023.
- Total net assets increased to $123.7 million from $121.5 million last year.
- NAV per share rose to $13.01 from $12.78 a year ago.
- Total net investment income increased to $1.49 million from $1.46 million last year.
- Undistributed net investment income per share increased to $0.11 from $0.07 last year.
- Stable outstanding shares at 9,510,962.
- Total net assets decreased from $124.7 million last quarter to $123.7 million.
- NAV per share dropped from $13.11 last quarter to $13.01.
- Market price per share increased, but still reflected a 6.30% discount to NAV.
- Total net investment income decreased from $1.59 million last quarter to $1.49 million.
- Net realized/unrealized gain/loss swung to a $1.06 million loss from an $8.93 million gain last quarter.
- Net increase in net assets from operations plummeted to $431,965 from $10.52 million last quarter.
- Earnings per share dropped sharply to $0.05 from $1.11 last quarter and $0.35 a year ago.
| Current Q | Previous Q | Prior Yr Q | ||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||
| Total Net Assets | $ |
123,727,175 |
|
$ |
124,683,810 |
|
$ |
121,524,028 |
|
|||
| NAV Per Share of Common Stock (a) | $ |
13.01 |
|
$ |
13.11 |
|
$ |
12.78 |
|
|||
| Market Price Per Share | $ |
12.19 |
|
$ |
12.04 |
|
$ |
11.94 |
|
|||
| Premium / (Discount) |
|
(6.30 |
)% |
|
(8.16 |
)% |
|
(6.57 |
)% |
|||
| Outstanding Shares |
|
9,510,962 |
|
|
9,510,962 |
|
|
9,510,962 |
|
|||
| Total Net Investment Income (b) | $ |
1,488,784 |
|
$ |
1,589,397 |
|
$ |
1,459,629 |
|
|||
| Total Net Realized/Unrealized Gain/(Loss) (b) | $ |
(1,056,819 |
) |
$ |
8,927,993 |
|
$ |
1,948,271 |
|
|||
| Net Increase (Decrease) in Net Assets From Operations (b) | $ |
431,965 |
|
$ |
10,517,390 |
|
$ |
3,407,900 |
|
|||
| Earnings per Common Share Outstanding | ||||||||||||
| Total Net Investment Income (b) | $ |
0.16 |
|
$ |
0.17 |
|
$ |
0.15 |
|
|||
| Total Net Realized/Unrealized Gain/(Loss) (b) | $ |
(0.11 |
) |
$ |
0.94 |
|
$ |
0.20 |
|
|||
| Net Increase (Decrease) in Net Assets From Operations (b) | $ |
0.05 |
|
$ |
1.11 |
|
$ |
0.35 |
|
|||
| Undistributed/(Overdistributed) Net Investment Income (c) | $ |
1,041,868 |
|
$ |
941,684 |
|
$ |
667,497 |
|
|||
| Undistributed/(Overdistributed) Net Investment Income | ||||||||||||
| Per Share (c) | $ |
0.11 |
|
$ |
0.10 |
|
$ |
0.07 |
|
|||
Footnotes:
(a) NAVs are calculated as of the close of business on the last business day in the periods indicated above.
(b) For the quarter indicated.
(c) As of the period indicated above.
This financial data is unaudited.
The Fund files its semi-annual and annual reports with the Securities and Exchange Commission (“SEC”), as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at www.sec.gov. To obtain information on Forms N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.
Western Asset Investment Grade Income Fund Inc. is a closed-end investment company that invests predominantly in a diversified portfolio of debt securities. Its investment adviser is Western Asset Management Company; a subsidiary of Franklin Resources. Western Asset Management Company has managed the Fund since its inception in March 1973.
For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s web site at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.
Category: Financials
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
View source version on businesswire.com: https://www.businesswire.com/news/home/20240523060887/en/
Investor Contact: Fund Investor Services 1-888-777-0102
Source: Franklin Resources, Inc. and Legg Mason Closed End Funds
FAQ
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