Western Asset Investment Grade Opportunity Trust Inc. (IGI)

Western Asset Investment Grade Opportunity Trust is a closed-end fund managed by Franklin Templeton's Western Asset Management unit. It invests primarily in investment-grade corporate bonds and aims to provide current income, with capital appreciation as a secondary goal. As a closed-end fund, it has a fixed number of shares that trade on the NYSE at prices that can differ from net asset value. It pays monthly distributions to shareholders.

The fund launched in 2009 as the Western Asset Investment Grade Defined Opportunity Trust. It was originally designed as a term fund with a planned termination date of December 2, 2024, at which point it would liquidate. That structure appealed to investors who wanted a defined end date for their investment.

In June 2024 stockholders approved converting the fund into a perpetual vehicle, eliminating the scheduled termination. The plan included a tender offer for up to all of the common shares at net asset value, with the fund to continue only if enough assets remained afterward. The fund survived the tender, adopted its current name and kept the IGI symbol and CUSIP. It continues to trade on the NYSE and pay regular monthly distributions.