EX-PAI

NPORT-EX 1 Investment_Grade_Income_Fund.htm EX-PAI

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 90.2%
COMMUNICATION SERVICES - 10.0%
Diversified Telecommunication Services - 3.5%
AT&T Inc., Senior Notes		4.300	%		2/15/30	$	80,000	$	80,994
AT&T Inc., Senior Notes		4.500	%		5/15/35		360,000		355,220
AT&T Inc., Senior Notes		6.350	%		3/15/40		50,000		58,074
AT&T Inc., Senior Notes		5.350	%		9/1/40		30,000		31,568
AT&T Inc., Senior Notes		4.800	%		6/15/44		210,000		206,497
AT&T Inc., Senior Notes		4.550	%		3/9/49		310,000		293,238
AT&T Inc., Senior Notes (3 mo. USD LIBOR + 1.180%)		3.777	%		6/12/24		480,000		476,399	^(a)
British Telecommunications PLC, Senior Notes		9.625	%		12/15/30		70,000		100,504
Koninklijke KPN NV, Senior Notes		8.375	%		10/1/30		410,000		521,696
Telefonica Emisiones SAU, Senior Notes		7.045	%		6/20/36		60,000		73,109
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		1,790,000		1,968,605
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		630,000		738,361

Total Diversified Telecommunication Services									4,904,265

Entertainment - 0.7%
Walt Disney Co., Senior Notes		6.550	%		3/15/33		545,000		722,452	^(b)
Walt Disney Co., Senior Notes		7.750	%		12/1/45		130,000		207,465	^(b)

Total Entertainment									929,917

Media - 3.8%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		110,000		122,816
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		260,000		291,866
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		5/1/47		350,000		349,289
Comcast Corp., Senior Notes		6.450	%		3/15/37		220,000		280,555
Comcast Corp., Senior Notes		6.950	%		8/15/37		160,000		214,129
Comcast Corp., Senior Notes		6.400	%		5/15/38		950,000		1,218,674
Fox Corp., Senior Notes		4.709	%		1/25/29		270,000		289,750	^(b)
Fox Corp., Senior Notes		5.476	%		1/25/39		510,000		564,896	^(b)
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		180,000		199,123
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		200,000		233,305
Time Warner Cable LLC, Senior Secured Notes		6.750	%		6/15/39		10,000		11,172
Time Warner Cable LLC, Senior Secured Notes		5.500	%		9/1/41		50,000		49,257

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Media - (continued)
Time Warner Entertainment Co. LP, Senior Secured Notes		8.375	%		3/15/23	$	180,000	$	210,703
Time Warner Entertainment Co. LP, Senior Secured Notes		8.375	%		7/15/33		410,000		535,170
UBM PLC, Senior Notes		5.750	%		11/3/20		570,000		589,544	^(b)
Warner Media LLC, Senior Notes		4.900	%		6/15/42		150,000		150,462

Total Media									5,310,711

Wireless Telecommunication Services - 2.0%
America Movil SAB de CV, Senior Notes		6.125	%		3/30/40		850,000		1,065,707
Sprint Corp., Senior Notes		7.250	%		9/15/21		640,000		673,600
Sprint Corp., Senior Notes		7.875	%		9/15/23		340,000		357,000
Telefonica Europe BV, Senior Notes		8.250	%		9/15/30		230,000		303,293
Vodafone Group PLC, Senior Notes		5.250	%		5/30/48		370,000		367,380

Total Wireless Telecommunication Services									2,766,980

TOTAL COMMUNICATION SERVICES									13,911,873

CONSUMER DISCRETIONARY - 2.8%
Automobiles - 0.6%
Ford Motor Credit Co. LLC, Senior Notes		8.125	%		1/15/20		410,000		425,015
General Motors Co., Senior Notes		6.600	%		4/1/36		170,000		178,091
General Motors Co., Senior Notes		6.750	%		4/1/46		270,000		282,013

Total Automobiles									885,119

Diversified Consumer Services - 0.2%
Board of Trustees of The Leland Stanford Junior University		3.089	%		5/1/29		340,000		343,060

Hotels, Restaurants & Leisure - 1.1%
Marriott International Inc., Senior Notes		3.600	%		4/15/24		200,000		201,937
McDonald’s Corp., Senior Notes		4.700	%		12/9/35		150,000		160,992
McDonald’s Corp., Senior Notes		4.875	%		12/9/45		230,000		249,144
McDonald’s Corp., Senior Notes		4.450	%		9/1/48		10,000		10,279
Sands China Ltd., Senior Notes		4.600	%		8/8/23		200,000		206,558
Sands China Ltd., Senior Notes		5.125	%		8/8/25		450,000		469,660
Sands China Ltd., Senior Notes		5.400	%		8/8/28		200,000		210,020

Total Hotels, Restaurants & Leisure									1,508,590

Household Durables - 0.1%
Newell Brands Inc., Senior Notes		4.200	%		4/1/26		200,000		191,073

Multiline Retail - 0.3%
Target Corp., Senior Notes		3.375	%		4/15/29		340,000		344,647

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Specialty Retail - 0.5%
Home Depot Inc., Senior Notes		3.900	%		12/6/28	$	590,000	$	627,488

TOTAL CONSUMER DISCRETIONARY									3,899,977

CONSUMER STAPLES - 4.8%
Beverages - 2.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		840,000		844,990	^(b)
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		1,390,000		1,449,279
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		270,000		259,812
Pernod Ricard SA, Senior Notes		5.750	%		4/7/21		350,000		368,771	^(b)
Pernod Ricard SA, Senior Notes		5.500	%		1/15/42		670,000		761,857	^(b)

Total Beverages									3,684,709

Food & Staples Retailing - 0.1%
Kroger Co., Senior Notes		4.650	%		1/15/48		90,000		83,528

Food Products - 0.4%
Kraft Heinz Foods Co., Senior Notes		5.000	%		7/15/35		50,000		49,351
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		150,000		142,136
Kraft Heinz Foods Co., Senior Notes		5.200	%		7/15/45		20,000		19,332
Mars Inc., Senior Notes		2.700	%		4/1/25		140,000		139,518	^(b)
Mars Inc., Senior Notes		3.200	%		4/1/30		140,000		140,142	^(b)

Total Food Products									490,479

Tobacco - 1.7%
Altria Group Inc., Senior Notes		3.800	%		2/14/24		190,000		193,489
Altria Group Inc., Senior Notes		4.400	%		2/14/26		410,000		421,803
Altria Group Inc., Senior Notes		4.800	%		2/14/29		870,000		897,714
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		100,000		98,785
Reynolds American Inc., Senior Notes		8.125	%		5/1/40		270,000		332,867
Reynolds American Inc., Senior Notes		7.000	%		8/4/41		320,000		357,077
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		90,000		92,527

Total Tobacco									2,394,262

TOTAL CONSUMER STAPLES									6,652,978

ENERGY - 15.9%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes		5.000	%		11/15/45		200,000		212,971

Oil, Gas & Consumable Fuels - 15.8%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		465,000		580,836
Anadarko Petroleum Corp., Senior Notes		4.850	%		3/15/21		367,000		380,574
Anadarko Petroleum Corp., Senior Notes		5.550	%		3/15/26		460,000		501,426

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Apache Corp., Senior Notes		6.000	%		1/15/37	$	106,000	$	115,899
Apache Corp., Senior Notes		5.100	%		9/1/40		160,000		157,602
Apache Corp., Senior Notes		5.250	%		2/1/42		90,000		90,865
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		510,000		519,631
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		600,000		623,601
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		170,000		169,634
Concho Resources Inc., Senior Notes		4.300	%		8/15/28		180,000		185,844
ConocoPhillips, Senior Notes		6.500	%		2/1/39		810,000		1,094,397
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		690,000		714,895
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		140,000		143,993
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		350,000		397,469
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		320,000		353,191
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		740,000		799,200
Energy Transfer Operating LP, Senior Notes		7.500	%		10/15/20		250,000		266,361
Energy Transfer Operating LP, Senior Notes		4.200	%		9/15/23		860,000		889,141
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		30,000		32,199
Energy Transfer Operating LP, Senior Notes		6.625	%		10/15/36		20,000		22,608
Energy Transfer Operating LP, Senior Notes		5.800	%		6/15/38		40,000		42,889
Enterprise Products Operating LLC, Senior Notes		6.125	%		10/15/39		320,000		384,649
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. USD LIBOR + 2.570%)		5.375	%		2/15/78		360,000		321,669	^(a)
Kerr-McGee Corp., Senior Notes		6.950	%		7/1/24		1,080,000		1,241,908
Kinder Morgan Inc., Senior Notes		7.800	%		8/1/31		2,000,000		2,576,341
Lukoil International Finance BV, Senior Notes		4.563	%		4/24/23		200,000		204,006	^(b)
MEG Energy Corp., Senior Notes		6.375	%		1/30/23		600,000		557,250	^(b)
MPLX LP, Senior Notes		4.800	%		2/15/29		420,000		442,519
MPLX LP, Senior Notes		4.500	%		4/15/38		380,000		361,509
Newfield Exploration Co., Senior Notes		5.750	%		1/30/22		220,000		235,071
Noble Energy Inc., Senior Notes		6.000	%		3/1/41		390,000		432,295
Noble Energy Inc., Senior Notes		5.250	%		11/15/43		150,000		153,191
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		190,000		209,447
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		280,000		277,592
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		300,000		291,285
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		450,000		470,160
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		2,065,000		1,956,587
Phillips 66, Senior Notes		5.875	%		5/1/42		160,000		194,851
Shell International Finance BV, Senior Notes		6.375	%		12/15/38		250,000		338,654

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26	$	470,000	$	588,083
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.250	%		12/1/26		230,000		277,002
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		5.400	%		8/15/41		310,000		337,279
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		660,000		669,177
Western Midstream Operating LP, Senior Notes		4.750	%		8/15/28		440,000		447,045
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		47,000		59,080
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		37,000		47,150
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		610,000		849,386

Total Oil, Gas & Consumable Fuels									22,005,441

TOTAL ENERGY									22,218,412

FINANCIALS - 32.4%
Banks - 20.6%
Banco Nacional de Costa Rica, Senior Notes		5.875	%		4/25/21		340,000		342,125	^(b)
Banco Santander SA, Senior Notes		3.848	%		4/12/23		400,000		403,638
Bank of America Corp., Senior Notes		5.875	%		2/7/42		320,000		400,100
Bank of America Corp., Senior Notes (3.004% to 12/20/22 then 3 mo. USD LIBOR + 0.790%)		3.004	%		12/20/23		107,000		106,624	^(a)
Bank of America Corp., Senior Notes (3.458% to 3/15/24 then 3 mo. USD LIBOR + 0.970%)		3.458	%		3/15/25		70,000		70,745	^(a)
Bank of America Corp., Senior Notes (4.271% to 7/23/28 then 3 mo. USD LIBOR + 1.310%)		4.271	%		7/23/29		440,000		458,526	^(a)
Bank of America Corp., Subordinated Notes		6.110	%		1/29/37		320,000		380,185
Bank of America Corp., Subordinated Notes		7.750	%		5/14/38		900,000		1,250,968
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		240,000		271,769	^(b)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		450,000		489,638
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		700,000		716,625	^(a)(c)
Barclays PLC, Senior Notes (4.338% to 5/16/23 then 3 mo. USD LIBOR + 1.356%)		4.338	%		5/16/24		380,000		384,385	^(a)
BNP Paribas SA, Junior Subordinated Notes (7.625% to 3/30/21 then USD 5 year ICE Swap Rate + 6.314%)		7.625	%		3/30/21		330,000		346,216	^(a)(b)(c)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		280,000		302,537	^(a)(b)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		410,000		428,092	^(b)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		251,000		377,764

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Citigroup Inc., Senior Notes		5.875	%		1/30/42	$	240,000	$	295,205
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		210,000		213,926	^(a)
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		750,000		822,787
Citigroup Inc., Subordinated Notes		6.125	%		8/25/36		404,000		478,319
Citigroup Inc., Subordinated Notes		6.675	%		9/13/43		370,000		473,225
Citizens Bank NA, Senior Notes		3.250	%		2/14/22		750,000		757,252
Cooperatieve Rabobank UA, Junior Subordinated Notes (11.000% to 6/30/19 then 3 mo. USD LIBOR + 10.868%)		11.000	%		6/30/19		708,000		723,930	^(a)(b)(c)
Cooperatieve Rabobank UA, Senior Notes		5.750	%		12/1/43		450,000		538,081
Cooperatieve Rabobank UA, Senior Notes		5.250	%		8/4/45		340,000		383,944
Credit Agricole SA, Junior Subordinated Notes (8.375% to 10/13/19 then 3 mo. USD LIBOR + 6.982%)		8.375	%		10/13/19		560,000		576,800	^(a)(b)(c)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)		8.125	%		12/23/25		1,040,000		1,170,989	^(a)(b)(c)
Danske Bank AS, Senior Notes		5.000	%		1/12/22		610,000		625,853	^(b)
Danske Bank AS, Senior Notes		5.375	%		1/12/24		230,000		239,349	^(b)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		300,000		297,280	^(a)(c)
HSBC Holdings PLC, Subordinated Notes		4.250	%		8/18/25		210,000		214,648
ING Bank NV, Subordinated Notes		5.800	%		9/25/23		600,000		647,229	^(b)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		300,000		292,256	^(b)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		690,000		674,224	^(b)
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to 8/1/23 then 3 mo. USD LIBOR + 3.300%)		6.000	%		8/1/23		260,000		271,223	^(a)(c)
JPMorgan Chase & Co., Senior Notes (3 mo. USD LIBOR + 1.220%)		3.897	%		1/23/49		50,000		48,492	^(a)
JPMorgan Chase & Co., Subordinated Notes		5.625	%		8/16/43		440,000		522,888
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		490,000		543,014
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 6/27/24 then USD 5 year ICE Swap Rate + 4.760%)		7.500	%		6/27/24		360,000		371,700	^(a)(c)
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 then USD 5 year ICE Swap Rate + 4.496%)		7.500	%		9/27/25		370,000		375,789	^(a)(c)
Lloyds Banking Group PLC, Senior Notes		3.900	%		3/12/24		210,000		212,923

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Mitsubishi UFJ Financial Group Inc., Senior Notes		3.218	%		3/7/22	$	520,000	$	524,366
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		480,000		531,003
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (7.648% to 9/30/31 then 3 mo. USD LIBOR + 2.500%)		7.648	%		9/30/31		1,360,000		1,717,000	^(a)(c)
Royal Bank of Scotland Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		590,000		629,825	^(a)(c)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.100	%		6/10/23		1,010,000		1,073,188
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		350,000		373,815
Santander UK Group Holdings PLC, Subordinated Notes		4.750	%		9/15/25		210,000		209,084	^(b)
Standard Chartered PLC, Subordinated Notes		5.700	%		3/26/44		410,000		445,920	^(b)
UBS Group Funding Switzerland AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		580,000		589,057	^(a)(b)(c)
UniCredit SpA, Senior Notes		6.572	%		1/14/22		590,000		617,661	^(b)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		840,000		848,007	^(a)(b)(d)
Wachovia Capital Trust III Ltd., Junior Subordinated Bonds (the greater of 3 mo. USD LIBOR + 0.930% or 5.570%)		5.570	%		4/29/19		1,190,000		1,176,345	^(a)(c)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		310,000		302,568
Wells Fargo & Co., Subordinated Notes		5.375	%		11/2/43		430,000		484,133
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		580,000		609,521

Total Banks									28,632,756

Capital Markets - 5.0%
CME Group Inc., Senior Notes		5.300	%		9/15/43		440,000		539,564
Credit Suisse Group AG, Junior Subordinated Notes (6.250% to 12/18/24 then USD 5 year ICE Swap Rate + 3.455%)		6.250	%		12/18/24		1,170,000		1,169,653	^(a)(b)(c)
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		400,000		402,090	^(a)(b)(c)
Credit Suisse USA Inc., Senior Notes		7.125	%		7/15/32		40,000		53,760
Goldman Sachs Group Inc., Senior Notes		5.375	%		3/15/20		270,000		276,368
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		570,000		704,053

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37	$	640,000	$	781,135
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		500,000		529,559
KKR Group Finance Co. III LLC, Senior Notes		5.125	%		6/1/44		820,000		839,308	^(b)
Moody’s Corp, Senior Notes		2.750	%		12/15/21		500,000		500,167
Morgan Stanley, Senior Notes		5.500	%		7/24/20		100,000		103,425
Morgan Stanley, Senior Notes		6.375	%		7/24/42		90,000		116,391
Raymond James Financial Inc., Senior Notes		4.950	%		7/15/46		90,000		95,328
State Street Corp., Senior Notes (4.141% to 12/3/28 then 3 mo. USD LIBOR + 1.030%)		4.141	%		12/3/29		470,000		504,265	^(a)
UBS AG Stamford, CT, Subordinated Notes		7.625	%		8/17/22		340,000		374,600

Total Capital Markets									6,989,666

Consumer Finance - 1.6%
Navient Corp., Senior Notes		7.250	%		1/25/22		830,000		882,912
Navient Corp., Senior Notes		6.125	%		3/25/24		290,000		291,088
Synchrony Financial, Senior Notes		4.375	%		3/19/24		300,000		304,200
Synchrony Financial, Senior Notes		3.700	%		8/4/26		856,000		807,316

Total Consumer Finance									2,285,516

Diversified Financial Services - 2.0%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust, Senior Notes		4.875	%		1/16/24		330,000		343,333
Carlyle Finance LLC, Senior Notes		5.650	%		9/15/48		110,000		109,213	^(b)
Carlyle Holdings II Finance LLC, Senior Notes		5.625	%		3/30/43		220,000		216,663	^(b)
ILFC E-Capital Trust I ((Highest of 3 mo. USD LIBOR, 10 year U.S. Treasury Constant Maturity Rate and 30 year U.S. Treasury Constant Maturity Rate) + 1.550%)		4.570	%		12/21/65		470,000		371,993	^(a)(b)
ILFC E-Capital Trust II, Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year U.S. Treasury Constant Maturity Rate and 30 year U.S. Treasury Constant Maturity Rate) + 1.800%)		4.850	%		12/21/65		270,000		213,300	^(a)(b)
International Lease Finance Corp., Senior Notes		6.250	%		5/15/19		130,000		130,479
International Lease Finance Corp., Senior Notes		8.250	%		12/15/20		190,000		205,283
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		392,000		402,741	^(b)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		220,000		228,943	^(b)
Voya Financial Inc., Senior Notes		5.700	%		7/15/43		500,000		581,469

Total Diversified Financial Services									2,803,417

Insurance - 3.2%
Allstate Corp., Junior Subordinated Notes (6.500% to 5/15/37 then 3 mo. USD LIBOR + 2.120%)		6.500	%		5/15/57		480,000		528,708	^(a)

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Insurance - (continued)
American International Group Inc., Junior Subordinated Notes (6.250% to 3/15/37 then 3 mo. USD LIBOR + 2.056%)		6.250	%		3/15/87	$	80,000	$	79,315	^(a)
American International Group Inc., Senior Notes		6.400	%		12/15/20		90,000		95,208
American International Group Inc., Senior Notes		4.750	%		4/1/48		70,000		69,730
Aon PLC, Senior Notes		4.750	%		5/15/45		90,000		93,566
AXA SA, Subordinated Notes		8.600	%		12/15/30		200,000		262,187
Delphi Financial Group Inc., Senior Notes		7.875	%		1/31/20		170,000		176,462
Fidelity & Guaranty Life Holdings Inc., Senior Notes		5.500	%		5/1/25		230,000		232,012	^(b)
Liberty Mutual Group Inc., Senior Notes		7.800	%		3/15/37		190,000		217,823	^(b)
Liberty Mutual Insurance Co., Subordinated Notes		7.875	%		10/15/26		490,000		591,766	^(b)
Massachusetts Mutual Life Insurance Co., Subordinated Notes		4.900	%		4/1/77		260,000		275,440	^(b)
MetLife Inc., Junior Subordinated Notes		6.400	%		12/15/36		1,150,000		1,235,025
Teachers Insurance & Annuity Association of
America, Subordinated Notes		6.850	%		12/16/39		400,000		550,522	^(b)

Total Insurance									4,407,764

TOTAL FINANCIALS									45,119,119

HEALTH CARE - 7.1%
Biotechnology - 0.3%
Celgene Corp., Senior Notes		5.000	%		8/15/45		250,000		262,733
Gilead Sciences Inc., Senior Notes		5.650	%		12/1/41		60,000		70,364
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		50,000		52,410

Total Biotechnology									385,507

Health Care Equipment & Supplies - 1.0%
Abbott Laboratories, Senior Notes		2.900	%		11/30/21		540,000		542,494
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		230,000		266,333
Becton Dickinson and Co., Senior Notes		4.685	%		12/15/44		200,000		206,698
Becton Dickinson and Co., Senior Notes		4.669	%		6/6/47		410,000		430,029

Total Health Care Equipment & Supplies									1,445,554

Health Care Providers & Services - 5.1%
Cigna Corp., Senior Notes		4.125	%		11/15/25		340,000		352,212	^(b)
Cigna Corp., Senior Notes		4.375	%		10/15/28		340,000		352,994	^(b)
Cigna Corp., Senior Notes		4.800	%		8/15/38		340,000		350,057	^(b)
CVS Health Corp., Senior Notes		4.100	%		3/25/25		940,000		965,916
CVS Health Corp., Senior Notes		4.300	%		3/25/28		540,000		547,651
CVS Health Corp., Senior Notes		4.780	%		3/25/38		570,000		565,304
CVS Health Corp., Senior Notes		5.125	%		7/20/45		340,000		346,058

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		5.050	%		3/25/48	$	560,000	$	564,998
Dartmouth-Hitchcock Health, Secured Bonds		4.178	%		8/1/48		100,000		101,908
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		220,000		234,234
Humana Inc., Senior Notes		8.150	%		6/15/38		80,000		110,263
Humana Inc., Senior Notes		4.800	%		3/15/47		230,000		242,637
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		730,000		696,420
Orlando Health Obligated Group, Senior Notes		4.089	%		10/1/48		170,000		171,170
UnitedHealth Group Inc., Senior Notes		3.500	%		2/15/24		1,330,000		1,369,828
UnitedHealth Group Inc., Senior Notes		3.700	%		12/15/25		160,000		166,629

Total Health Care Providers & Services									7,138,279

Pharmaceuticals - 0.7%
Allergan Funding SCS, Senior Notes		4.550	%		3/15/35		190,000		186,371
Allergan Funding SCS, Senior Notes		4.750	%		3/15/45		200,000		199,057
Bausch Health Americas Inc., Senior Notes		8.500	%		1/31/27		80,000		85,000	^(b)
Bausch Health Cos. Inc., Senior Notes		9.000	%		12/15/25		320,000		348,816	^(b)
Bausch Health Cos. Inc., Senior Secured Notes		5.750	%		8/15/27		90,000		92,502	^(b)
Zoetis Inc., Senior Notes		4.700	%		2/1/43		30,000		31,915

Total Pharmaceuticals									943,661

TOTAL HEALTH CARE									9,913,001

INDUSTRIALS - 4.7%
Aerospace & Defense - 1.4%
Avolon Holdings Funding Ltd., Senior Notes		5.125	%		10/1/23		210,000		214,200	^(b)
Boeing Co., Senior Notes		2.800	%		3/1/24		320,000		320,593
Huntington Ingalls Industries Inc., Senior Notes		3.483	%		12/1/27		200,000		196,080
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		40,000		43,441
Northrop Grumman Systems Corp., Senior Notes		7.875	%		3/1/26		870,000		1,094,000
United Technologies Corp., Senior Notes		4.625	%		11/16/48		110,000		116,868

Total Aerospace & Defense									1,985,182

Airlines - 0.4%
Continental Airlines Pass-Through Trust, Senior Secured Notes		7.250	%		11/10/19		129,481		132,264
Continental Airlines Pass-Through Trust, Senior Secured Notes		7.256	%		3/15/20		8,376		8,439
Continental Airlines Pass-Through Trust, Senior Secured Notes		6.250	%		4/11/20		75,235		76,589
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		43,620		48,121
Delta Air Lines Pass-Through Certificates Trust, Senior Secured Notes		7.750	%		12/17/19		71,289		73,277
US Airways Pass-Through Trust, Senior Secured Notes		5.900	%		10/1/24		235,809		256,242

Total Airlines									594,932

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Commercial Services & Supplies - 1.4%
Republic Services Inc., Senior Notes		5.500	%		9/15/19	$	130,000	$	131,544
Republic Services Inc., Senior Notes		5.250	%		11/15/21		330,000		350,357
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., Senior Notes		5.250	%		4/15/21		320,000		320,896	^(b)
Waste Connections Inc., Senior Notes		4.250	%		12/1/28		480,000		510,119
Waste Management Holdings Inc., Senior Notes		7.100	%		8/1/26		260,000		319,241
Waste Management Inc., Senior Notes		7.750	%		5/15/32		250,000		346,844

Total Commercial Services & Supplies									1,979,001

Industrial Conglomerates - 0.8%
General Electric Co., Senior Notes		6.750	%		3/15/32		200,000		231,160
General Electric Co., Senior Notes		6.875	%		1/10/39		716,000		847,917

Total Industrial Conglomerates									1,079,077

Machinery - 0.2%
Caterpillar Inc., Senior Notes		4.750	%		5/15/64		220,000		244,139

Road & Rail - 0.2%
Union Pacific Corp., Senior Notes		4.375	%		11/15/65		320,000		309,615

Transportation Infrastructure - 0.3%
SMBC Aviation Capital Finance DAC, Senior Notes		4.125	%		7/15/23		350,000		357,730	^(b)

TOTAL INDUSTRIALS									6,549,676

INFORMATION TECHNOLOGY - 2.1%
Communications Equipment - 0.4%
Harris Corp., Senior Notes		4.854	%		4/27/35		260,000		279,423
Harris Corp., Senior Notes		5.054	%		4/27/45		210,000		231,940

Total Communications Equipment									511,363

Semiconductors & Semiconductor Equipment - 0.4%
Intel Corp., Senior Notes		4.900	%		7/29/45		130,000		153,339
KLA-Tencor Corp., Senior Notes		4.100	%		3/15/29		110,000		112,175
KLA-Tencor Corp., Senior Notes		5.000	%		3/15/49		70,000		74,385
Texas Instruments Inc., Senior Notes		3.875	%		3/15/39		270,000		279,985

Total Semiconductors & Semiconductor Equipment									619,884

Software - 0.8%
Microsoft Corp., Senior Notes		4.250	%		2/6/47		970,000		1,082,113

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		3.850	%		8/4/46	$	340,000	$	344,344
HP Inc., Senior Notes		4.650	%		12/9/21		310,000		323,333

Total Technology Hardware, Storage & Peripherals									667,677

TOTAL INFORMATION TECHNOLOGY									2,881,037

MATERIALS - 7.4%
Chemicals - 0.7%
Dow Chemical Co., Senior Notes		7.375	%		11/1/29		800,000		1,012,296

Metals & Mining - 6.5%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		250,000		265,625	^(b)
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		800,000		826,000	^(b)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		500,000		486,522	^(b)
ArcelorMittal, Senior Notes		5.125	%		6/1/20		70,000		71,585
ArcelorMittal, Senior Notes		5.250	%		8/5/20		800,000		822,146
ArcelorMittal, Senior Notes		6.125	%		6/1/25		50,000		55,376
ArcelorMittal, Senior Notes		4.550	%		3/11/26		470,000		481,016
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		50,000		57,220
Barrick PD Australia Finance Pty Ltd., Senior Notes		5.950	%		10/15/39		180,000		210,724
BHP Billiton Finance USA Ltd., Senior Notes (6.750% to 10/19/25 then USD 5 year ICE Swap Rate + 5.093%)		6.750	%		10/19/75		470,000		521,007	^(a)(b)
First Quantum Minerals Ltd., Senior Notes		7.000	%		2/15/21		72,000		73,350	^(b)
Freeport-McMoRan Inc., Senior Notes		3.550	%		3/1/22		60,000		59,475
Freeport-McMoRan Inc., Senior Notes		6.875	%		2/15/23		630,000		670,162
Glencore Finance Canada Ltd., Senior Notes		6.900	%		11/15/37		430,000		484,021	^(b)
Glencore Finance Canada Ltd., Senior Notes		5.550	%		10/25/42		150,000		150,071	^(b)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		530,000		535,712	^(b)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		360,000		349,686	^(b)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		170,000		163,425	^(b)
Hudbay Minerals Inc., Senior Notes		7.250	%		1/15/23		30,000		31,200	^(b)
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes		7.125	%		11/1/22		380,000		335,350	^(b)
Southern Copper Corp., Senior Notes		5.375	%		4/16/20		150,000		154,045
Southern Copper Corp., Senior Notes		5.250	%		11/8/42		470,000		490,660
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		1,148,000		1,319,052
Yamana Gold Inc., Senior Notes		4.950	%		7/15/24		370,000		380,523

Total Metals & Mining									8,993,953

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Paper & Forest Products - 0.2%
Georgia-Pacific LLC, Senior Notes		7.375	%		12/1/25	$	250,000	$	306,789

TOTAL MATERIALS									10,313,038

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.4%
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		250,000		255,000
Welltower Inc., Senior Notes		4.125	%		3/15/29		320,000		326,721

Total Equity Real Estate Investment Trusts (REITs)									581,721

Real Estate Management & Development - 0.3%
Security Capital Group Inc., Senior Notes		7.700	%		6/15/28		280,000		328,096

TOTAL REAL ESTATE									909,817

UTILITIES - 2.3%
Electric Utilities - 2.3%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds		4.500	%		4/1/44		210,000		232,966
FirstEnergy Corp., Senior Notes		3.900	%		7/15/27		310,000		314,806
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		830,000		1,098,835
Jersey Central Power & Light Co., Senior Notes		4.300	%		1/15/26		100,000		104,195	^(b)
MidAmerican Energy Co.		3.650	%		4/15/29		150,000		156,244
Pacific Gas & Electric Co., Senior Notes		3.300	%		12/1/27		500,000		438,750	*^(e)
Southern California Edison Co.		4.125	%		3/1/48		310,000		295,995
Virginia Electric & Power Co., Senior Notes		8.875	%		11/15/38		390,000		615,753

TOTAL UTILITIES									3,257,544

TOTAL CORPORATE BONDS & NOTES (Cost - $117,135,318)									125,626,472

SOVEREIGN BONDS - 5.8%
Argentina - 1.8%
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		370,000		314,916
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/26/27		120,000		97,455
Argentine Republic Government International Bond, Senior Notes		5.875	%		1/11/28		390,000		300,349
Argentine Republic Government International Bond, Senior Notes		7.625	%		4/22/46		150,000		118,687
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/11/48		150,000		110,813
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		1,220,000		1,015,650	^(b)
Provincia de Cordoba, Senior Notes		7.450	%		9/1/24		740,000		597,550	^(b)

Total Argentina									2,555,420

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Canada - 0.7%
Province of Quebec Canada, Senior Notes		7.970	%		7/22/36	$	650,000	$	1,010,614

Colombia - 0.7%
Colombia Government International Bond, Senior Notes		4.500	%		3/15/29		870,000		920,025

Ecuador - 0.7%
Ecuador Government International Bond, Senior Notes		10.750	%		3/28/22		610,000		683,962	^(b)
Ecuador Government International Bond, Senior Notes		10.750	%		1/31/29		310,000		342,628	^(b)

Total Ecuador									1,026,590

Egypt - 0.4%
Egypt Government International Bond, Senior Notes		7.600	%		3/1/29		240,000		246,952	^(b)
Egypt Government International Bond, Senior Notes		8.700	%		3/1/49		240,000		250,208	^(b)

Total Egypt									497,160

Ghana - 0.2%
Ghana Government International Bond, Senior Notes		8.950	%		3/26/51		310,000		311,514	^(b)

Indonesia - 0.2%
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		240,000		236,900

Mexico - 0.2%
Mexico Government International Bond, Senior Notes		4.350	%		1/15/47		360,000		338,310

Qatar - 0.5%
Qatar Government International Bond, Senior Notes		3.375	%		3/14/24		410,000		414,485	^(b)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		270,000		284,589	^(b)

Total Qatar									699,074

United Arab Emirates - 0.3%
Abu Dhabi Government International Bond, Senior Notes		4.125	%		10/11/47		440,000		445,236	^(b)

Uruguay - 0.1%
Uruguay Government International Bond, Senior Notes		4.975	%		4/20/55		70,000		73,500

TOTAL SOVEREIGN BONDS (Cost - $8,270,455)									8,114,343

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 1.5%
U.S. Government Obligations - 1.5%
U.S. Treasury Bonds		3.375	%		11/15/48	$	390,000	$	434,126
U.S. Treasury Notes		2.875	%		9/30/23		220,000		225,947
U.S. Treasury Notes		2.875	%		7/31/25		120,000		124,015
U.S. Treasury Notes		2.625	%		2/15/29		1,285,000		1,308,767

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $2,031,394)									2,092,855

MUNICIPAL BONDS - 1.4%
Alabama - 0.2%
Alabama State Economic Settlement Authority, BP Settlement Revenue, Series B		3.163	%		9/15/25		280,000		281,795

California - 0.8%
Los Angeles County, CA Public Works Financing Authority Revenue, Multiple Capital Projects I, Series 2010 B, Taxable Build America Bonds		7.618	%		8/1/40		650,000		988,676
University of California Revenue, Taxable, General Series AG		4.062	%		5/15/33		150,000		155,668

Total California									1,144,344

Florida - 0.1%
Sumter Landing, FL, Community Development District Recreational Revenue, Taxable Community Development District		4.172	%		10/1/47		170,000		172,933

Illinois - 0.3%
Illinois State, GO, Taxable, Build America Bonds, Series 2010-3		6.725	%		4/1/35		310,000		335,510

TOTAL MUNICIPAL BONDS (Cost - $1,872,287)									1,934,582


						SHARES
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Capital Markets - 0.0%
Carlyle Group LP		5.875	%				1,600		36,624

Insurance - 0.1%
Delphi Financial Group Inc. (3 mo. USD LIBOR + 3.190%)		5.874	%				5,725		132,391	^(a)

TOTAL PREFERRED STOCKS (Cost - $183,068)									169,015

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $129,492,522)									137,937,267

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.1%
Western Asset Government Cash Management Portfolio LLC (Cost - $190,457)		2.440	%		190,457	$	190,457	^(f)

TOTAL INVESTMENTS - 99.1% (Cost - $129,682,979)							138,127,724
Other Assets in Excess of Liabilities - 0.9%							1,267,312

TOTAL NET ASSETS - 100.0%						$	139,395,036

*	Non-income producing security.

(a)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

(c)	Security has no maturity date. The date shown represents the next call date.

(d)	Securities traded on a when-issued or delayed delivery basis.

(e)	The coupon payment on these securities is currently in default as of March 31, 2019.

(f)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control. At March 31, 2019, the total market value of investments in Affiliated Companies was $190,457 and the cost was $190,457 (Note 2).


Abbreviations used in this schedule:

GO		— General Obligation
GTD		— Guaranteed
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
USD		— United States Dollar

At March 31, 2019, the Fund had the following open futures contracts:


	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Buy:
U.S. Treasury 2-Year Notes		25		6/19	$	5,308,179	$	5,327,344	$	19,165
U.S. Treasury 5-Year Notes		112		6/19		12,898,273		12,972,751		74,478
U.S. Treasury Ultra Long-Term Bonds		34		6/19		5,525,563		5,712,000		186,437

										280,080

See Notes to Schedule of Investments.

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.


Schedule of investments (unaudited) (cont’d)		March 31, 2019


	NUMBER OF CONTRACTS		EXPIRATION DATE		NOTIONAL AMOUNT		MARKET VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Contracts to Sell:
U.S. Treasury 10-Year Notes		89		6/19	$	10,897,065	$	11,055,469	$	(158,404	)
U.S. Treasury Long-Term Bonds		105		6/19		15,305,860		15,713,906		(408,046	)

										(566,450	)

Net unrealized depreciation on open futures contracts									$	(286,370	)

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Investment Grade Income Fund Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end diversified investment company. The Fund seeks a high level of current income, consistent with prudent investment risk. Capital appreciation is a secondary investment objective.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

Notes to Schedule of Investments (unaudited) (continued)

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to Schedule of Investments (unaudited) (continued)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	125,626,472		—	$	125,626,472
Sovereign Bonds		—		8,114,343		—		8,114,343
U.S. Government & Agency Obligations		—		2,092,855		—		2,092,855
Municipal Bonds		—		1,934,582		—		1,934,582
Preferred Stocks:
Financials	$	36,624		132,391		—		169,015

Total Long-Term Investments		36,624		137,900,643		—		137,937,267

Short-Term Investments†		—		190,457		—		190,457

Total Investments	$	36,624	$	138,091,100		—	$	138,127,724

Other Financial Instruments:
Futures Contracts	$	280,080		—		—	$	280,080

Total	$	316,704	$	138,091,100		—	$	138,407,804


LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	566,450		—		—	$	566,450

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. The Fund may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset Management Company, LLC, the Fund’s investment adviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason, Inc. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Fund’s relative ownership, the following companies were considered affiliated companies for all or some portion of the period ended March 31, 2019. The following transactions were effected in shares of such companies for the period ended March 31, 2019.

Notes to Schedule of Investments (unaudited) (continued)


	Affiliate Value at December 31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2019
	Affiliate Value at December 31, 2018		Cost		Shares		Cost		Shares		Realized Gain (Loss)		Interest Income				Affiliate Value at March 31, 2019
Western Asset Government Cash Management Portfolio LLC	$	268	$	13,006,455		13,006,455	$	12,816,266		12,816,266		—	$	6,454		—	$	190,457