SCHEDULE: Sit Investment Associates Discloses 12.1% Stake in Western Asset Fund

Sit Investment Associates and its subsidiary have reported a 12.1% beneficial ownership stake in Western Asset Investment Grade Income Fund Inc. common stock.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC jointly reported beneficial ownership of 1,148,642 shares of common stock in Western Asset Investment Grade Income Fund Inc.
• This ownership represents 12.1% of the issuer's common stock outstanding.
• The ownership percentage is based on 9,510,962 shares of common stock outstanding as of June 30, 2025, as reported in the Issuer's Form N-CSRS.
• Both reporting persons, Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, are registered investment advisers.
• They possess shared voting and shared dispositive power over all 1,148,642 beneficially owned shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: This is a neutral regulatory filing disclosing beneficial ownership, with no inherent positive or negative sentiment regarding the issuer's performance or outlook.

Management Comments

• Paul Rasmussen, Vice President of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, certified the information set forth in the statement.
• Roger J. Sit, Chairman & CEO of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, signed the Joint Filing Agreement.

Industry Context

This filing is a routine disclosure of significant beneficial ownership by institutional investment advisers, common in the asset management industry. It indicates a substantial, but passive, investment in a closed-end fund focused on investment-grade income.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, confirming a substantial, non-activist investment.
• Management: Awareness of a large, passive institutional investor in the fund.

Key Dates

Keywords

Western Asset Investment Grade Income Fund Inc., Sit Investment Associates, Sit Fixed Income Advisors II, Schedule 13G, Beneficial Ownership, Common Stock, Investment Adviser, Institutional Ownership