WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 92.8%
COMMUNICATION SERVICES - 10.4%
Diversified Telecommunication Services - 3.4%
AT&T Inc., Senior Notes		4.300	%		2/15/30	$	80,000	$	86,081
AT&T Inc., Senior Notes		4.500	%		5/15/35		360,000		385,131
AT&T Inc., Senior Notes		6.350	%		3/15/40		50,000		63,501
AT&T Inc., Senior Notes		5.350	%		9/1/40		30,000		34,750
AT&T Inc., Senior Notes		4.900	%		6/15/42		150,000		165,980
AT&T Inc., Senior Notes		4.800	%		6/15/44		210,000		230,007
AT&T Inc., Senior Notes		4.550	%		3/9/49		310,000		334,818
British Telecommunications PLC, Senior Notes		9.625	%		12/15/30		70,000		109,551
Corning Inc., Senior Notes		3.900	%		11/15/49		130,000		128,051
Telefonica Emisiones SA, Senior Notes		7.045	%		6/20/36		60,000		71,675
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		1,790,000		1,991,674
Verizon Communications Inc., Senior Notes		5.500	%		3/16/47		630,000		865,978
Total Diversified Telecommunication Services									4,467,197
Media - 4.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		5/1/32		580,000		568,878	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		110,000		130,960
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		260,000		314,912
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		5/1/47		350,000		379,411
Comcast Corp., Senior Notes		6.450	%		3/15/37		220,000		315,763
Comcast Corp., Senior Notes		6.950	%		8/15/37		160,000		249,528
Comcast Corp., Senior Notes		6.400	%		5/15/38		950,000		1,377,356
Fox Corp., Senior Notes		5.476	%		1/25/39		510,000		592,787	(a)
Interpublic Group of Cos. Inc., Senior Notes		4.750	%		3/30/30		140,000		138,992
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		180,000		202,578
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		200,000		246,121
Time Warner Cable LLC, Senior Secured Notes		6.750	%		6/15/39		10,000		11,369
Time Warner Cable LLC, Senior Secured Notes		5.500	%		9/1/41		50,000		52,459
Time Warner Entertainment Co. LP, Senior Secured Notes		8.375	%		3/15/23		180,000		203,429
Time Warner Entertainment Co. LP, Senior Secured Notes		8.375	%		7/15/33		410,000		565,229
Walt Disney Co., Senior Notes		6.550	%		3/15/33		545,000		774,998
Walt Disney Co., Senior Notes		7.750	%		12/1/45		130,000		229,252
Total Media									6,354,022

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       1

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Wireless Telecommunication Services - 2.1%
America Movil SAB de CV, Senior Notes		6.125	%		3/30/40	$	850,000	$	1,119,022
Sprint Corp., Senior Notes		7.250	%		9/15/21		640,000		663,142
Sprint Corp., Senior Notes		7.875	%		9/15/23		340,000		375,304
Telefonica Europe BV, Senior Notes		8.250	%		9/15/30		230,000		321,306
Vodafone Group PLC, Senior Notes		5.250	%		5/30/48		210,000		254,099
Vodafone Group PLC, Senior Notes		4.250	%		9/17/50		10,000		10,412
Total Wireless Telecommunication Services									2,743,285
TOTAL COMMUNICATION SERVICES									13,564,504
CONSUMER DISCRETIONARY - 3.2%
Automobiles - 0.3%
General Motors Co., Senior Notes		6.600	%		4/1/36		170,000		148,320
General Motors Co., Senior Notes		6.750	%		4/1/46		270,000		216,510
Total Automobiles									364,830
Diversified Consumer Services - 0.3%
Board of Trustees of The Leland Stanford Junior University		3.089	%		5/1/29		340,000		355,643
Hotels, Restaurants & Leisure - 1.4%
Marriott International Inc., Senior Notes		3.600	%		4/15/24		200,000		186,272
McDonald’s Corp., Senior Notes		4.700	%		12/9/35		150,000		169,803
McDonald’s Corp., Senior Notes		4.875	%		12/9/45		230,000		269,627
McDonald’s Corp., Senior Notes		4.450	%		9/1/48		10,000		11,128
Melco Resorts Finance Ltd., Senior Notes		5.375	%		12/4/29		380,000		330,286	(a)
Sands China Ltd., Senior Notes		4.600	%		8/8/23		200,000		205,698
Sands China Ltd., Senior Notes		5.125	%		8/8/25		450,000		435,355
Sands China Ltd., Senior Notes		5.400	%		8/8/28		200,000		188,954
Total Hotels, Restaurants & Leisure									1,797,123
Household Durables - 0.3%
Lennar Corp., Senior Notes		5.000	%		6/15/27		250,000		230,886
MDC Holdings Inc., Senior Notes		6.000	%		1/15/43		200,000		190,165
Total Household Durables									421,051

See Notes to Schedule of Investments.

  2     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Specialty Retail - 0.9%
Home Depot Inc., Senior Notes		3.900	%		12/6/28	$	590,000	$	658,706
Home Depot Inc., Senior Notes		3.300	%		4/15/40		60,000		61,595
Home Depot Inc., Senior Notes		3.350	%		4/15/50		50,000		52,389
Target Corp., Senior Notes		3.375	%		4/15/29		340,000		368,297
Total Specialty Retail									1,140,987
TOTAL CONSUMER DISCRETIONARY									4,079,634
CONSUMER STAPLES - 5.6%
Beverages - 3.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.900	%		2/1/46		840,000		919,004
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		1,390,000		1,494,748
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		70,000		74,411
Coca-Cola Co., Senior Notes		4.125	%		3/25/40		180,000		219,844
Coca-Cola Co., Senior Notes		4.200	%		3/25/50		110,000		144,057
Pernod Ricard SA, Senior Notes		5.750	%		4/7/21		350,000		360,237	(a)
Pernod Ricard SA, Senior Notes		5.500	%		1/15/42		670,000		726,112	(a)
Total Beverages									3,938,413
Food & Staples Retailing - 0.0%
Kroger Co., Senior Notes		4.650	%		1/15/48		30,000		34,094
Food Products - 0.2%
Kraft Heinz Foods Co., Senior Notes		5.000	%		6/4/42		110,000		104,623
Mars Inc., Senior Notes		3.200	%		4/1/30		140,000		146,438	(a)
Total Food Products									251,061
Tobacco - 2.4%
Altria Group Inc., Senior Notes		3.800	%		2/14/24		190,000		192,953
Altria Group Inc., Senior Notes		4.400	%		2/14/26		410,000		432,326
Altria Group Inc., Senior Notes		4.800	%		2/14/29		870,000		907,375
Philip Morris International Inc., Senior Notes		2.875	%		5/1/24		680,000		693,992
Philip Morris International Inc., Senior Notes		4.500	%		3/20/42		100,000		111,970
Reynolds American Inc., Senior Notes		8.125	%		5/1/40		270,000		306,326
Reynolds American Inc., Senior Notes		7.000	%		8/4/41		320,000		347,432
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		90,000		97,130
Total Tobacco									3,089,504
TOTAL CONSUMER STAPLES									7,313,072
ENERGY - 13.3%
Energy Equipment & Services - 0.2%
Halliburton Co., Senior Notes		2.920	%		3/1/30		130,000		101,068
Halliburton Co., Senior Notes		5.000	%		11/15/45		200,000		155,070
Total Energy Equipment & Services									256,138

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       3

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - 13.1%
Apache Corp., Senior Notes		6.000	%		1/15/37	$	106,000	$	59,416
Apache Corp., Senior Notes		5.100	%		9/1/40		160,000		70,914
Apache Corp., Senior Notes		5.250	%		2/1/42		90,000		41,002
BP Capital Markets America Inc., Senior Notes		3.410	%		2/11/26		440,000		440,567
BP Capital Markets America Inc., Senior Notes		3.000	%		2/24/50		470,000		440,384
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		20,000		17,378	(a)
Cameron LNG LLC, Senior Secured Notes		3.701	%		1/15/39		40,000		35,583	(a)
Cimarex Energy Co., Senior Notes		4.375	%		6/1/24		600,000		473,685
Cimarex Energy Co., Senior Notes		3.900	%		5/15/27		170,000		114,098
Concho Resources Inc., Senior Notes		4.300	%		8/15/28		180,000		155,757
ConocoPhillips, Senior Notes		6.500	%		2/1/39		810,000		1,014,907
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		690,000		383,912
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		140,000		64,983
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		350,000		277,114
Devon Energy Corp., Senior Notes		5.600	%		7/15/41		320,000		197,477
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		740,000		725,601
Energy Transfer Operating LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		210,000		128,625	(b)(c)
Energy Transfer Operating LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		560,000		337,725	(b)(c)
Energy Transfer Operating LP, Senior Notes		4.200	%		9/15/23		860,000		752,631
Energy Transfer Operating LP, Senior Notes		5.250	%		4/15/29		30,000		24,929
Energy Transfer Operating LP, Senior Notes		6.625	%		10/15/36		20,000		18,598
Energy Transfer Operating LP, Senior Notes		5.800	%		6/15/38		40,000		34,783
Energy Transfer Operating LP, Senior Notes		5.000	%		5/15/50		250,000		196,608
Enterprise Products Operating LLC, Senior Notes		6.125	%		10/15/39		320,000		328,931
Enterprise Products Operating LLC, Senior Notes		3.950	%		1/31/60		100,000		85,194
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		252,628	(c)
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		200,000		221,163
Exxon Mobil Corp., Senior Notes		2.995	%		8/16/39		120,000		120,630
Exxon Mobil Corp., Senior Notes		4.227	%		3/19/40		140,000		164,373
Kinder Morgan Inc., Senior Notes		7.800	%		8/1/31		2,000,000		2,277,762
MPLX LP, Senior Notes		4.800	%		2/15/29		60,000		52,948
MPLX LP, Senior Notes		4.500	%		4/15/38		380,000		297,902
Noble Energy Inc., Senior Notes		6.000	%		3/1/41		390,000		261,876
Noble Energy Inc., Senior Notes		5.250	%		11/15/43		150,000		88,393

See Notes to Schedule of Investments.

  4     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24	$	1,080,000	$	608,124
Occidental Petroleum Corp., Senior Notes		5.550	%		3/15/26		460,000		243,721
Occidental Petroleum Corp., Senior Notes		3.200	%		8/15/26		160,000		76,839
Occidental Petroleum Corp., Senior Notes		3.500	%		8/15/29		160,000		75,760
Occidental Petroleum Corp., Senior Notes		7.500	%		5/1/31		465,000		240,564
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		5.625	%		10/15/27		120,000		85,266	(a)
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		200,000		137,500	(a)
Petrobras Global Finance BV, Senior Notes		7.375	%		1/17/27		190,000		195,763
Petrobras Global Finance BV, Senior Notes		6.900	%		3/19/49		280,000		273,441
Petrobras Global Finance BV, Senior Notes		6.850	%		6/5/2115		300,000		286,591
Petroleos Mexicanos, Senior Notes		6.875	%		8/4/26		450,000		346,969
Petroleos Mexicanos, Senior Notes		6.625	%		6/15/35		1,005,000		699,184
Phillips 66, Senior Notes		5.875	%		5/1/42		160,000		159,290
Range Resources Corp., Senior Notes		9.250	%		2/1/26		460,000		278,587	(a)
Shell International Finance BV, Senior Notes		6.375	%		12/15/38		250,000		346,180
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		470,000		536,094
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.250	%		12/1/26		230,000		284,307
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		5.400	%		8/15/41		310,000		321,710
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		660,000		336,864
Western Midstream Operating LP, Senior Notes		4.750	%		8/15/28		680,000		319,821
Western Midstream Operating LP, Senior Notes		4.050	%		2/1/30		90,000		39,376
Western Midstream Operating LP, Senior Notes		5.450	%		4/1/44		80,000		31,122
Western Midstream Operating LP, Senior Notes		5.250	%		2/1/50		270,000		112,569
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		47,000		54,716
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		37,000		39,420
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		610,000		663,817
WPX Energy Inc., Senior Notes		4.500	%		1/15/30		110,000		60,143
Total Oil, Gas & Consumable Fuels									17,012,215
TOTAL ENERGY									17,268,353
FINANCIALS - 31.5%
Banks - 21.4%
Banco Mercantil del Norte SA, Junior Subordinated Notes (7.500% to 6/27/29 then 10 year Treasury Constant Maturity Rate + 5.470%)		7.500	%		6/27/29		200,000		152,752	(a)(b)(c)
Banco Nacional de Costa Rica, Senior Notes		5.875	%		4/25/21		340,000		333,186	(a)

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       5

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Banco Santander SA, Senior Notes		3.848	%		4/12/23	$	400,000	$	402,555
Bank of America Corp., Senior Notes		5.875	%		2/7/42		320,000		452,011
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		72,291	(c)
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. USD LIBOR + 3.150%)		4.083	%		3/20/51		160,000		183,648	(c)
Bank of America Corp., Subordinated Notes		6.110	%		1/29/37		320,000		412,271
Bank of America Corp., Subordinated Notes		7.750	%		5/14/38		900,000		1,333,286
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		240,000		256,466	(a)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		450,000		460,571
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%)		5.088	%		6/20/30		640,000		670,032	(c)
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		322,369	(a)(b)(c)
BNP Paribas SA, Senior Notes (3.052% to 1/13/30 then SOFR + 1.507%)		3.052	%		1/13/31		360,000		337,893	(a)(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		309,612	(a)(c)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		410,000		432,979	(a)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		251,000		394,858
Citigroup Inc., Senior Notes		5.875	%		1/30/42		240,000		305,570
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		750,000		822,640
Citigroup Inc., Subordinated Notes		6.125	%		8/25/36		404,000		480,293
Citigroup Inc., Subordinated Notes		6.675	%		9/13/43		370,000		486,544
Commonwealth Bank of Australia, Subordinated Notes		3.743	%		9/12/39		220,000		186,387	(a)
Cooperatieve Rabobank UA, Senior Notes		5.750	%		12/1/43		450,000		558,742
Cooperatieve Rabobank UA, Senior Notes		5.250	%		8/4/45		340,000		414,173
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		1,077,724	(a)(b)(c)
Danske Bank A/S, Senior Notes		5.000	%		1/12/22		1,780,000		1,829,166	(a)
Danske Bank A/S, Senior Notes		3.875	%		9/12/23		200,000		197,776	(a)
Danske Bank A/S, Senior Notes		5.375	%		1/12/24		230,000		237,586	(a)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		200,000		186,239	(a)(c)
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		280,745	(b)(c)

See Notes to Schedule of Investments.

  6     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
HSBC Holdings PLC, Senior Notes		4.950	%		3/31/30	$	200,000	$	218,660
HSBC Holdings PLC, Senior Notes (3.973% to 5/22/29 then 3 mo. USD LIBOR + 1.610%)		3.973	%		5/22/30		530,000		543,934	(c)
HSBC Holdings PLC, Subordinated Notes		4.250	%		8/18/25		210,000		217,259
HSBC Holdings PLC, Subordinated Notes		7.625	%		5/17/32		70,000		95,610
ING Bank NV, Subordinated Notes		5.800	%		9/25/23		600,000		651,185	(a)
Intesa Sanpaolo SpA, Senior Notes		3.125	%		7/14/22		300,000		286,601	(a)
Intesa Sanpaolo SpA, Senior Notes		4.700	%		9/23/49		200,000		172,531	(a)
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		257,581	(b)(c)
JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. USD LIBOR + 1.220%)		3.897	%		1/23/49		50,000		57,540	(c)
JPMorgan Chase & Co., Subordinated Notes		5.625	%		8/16/43		440,000		571,828
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		490,000		616,092
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		311,049	(b)(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		332,813	(b)(c)
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		480,000		521,222
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		1,741,242	(b)(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		578,392	(b)(c)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.100	%		6/10/23		1,010,000		1,046,346
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		350,000		367,565
Royal Bank of Scotland Group PLC, Subordinated Notes (3.754% to 11/1/24 then 5 year Treasury Constant Maturity Rate + 2.100%)		3.754	%		11/1/29		230,000		212,951	(c)
Santander UK Group Holdings PLC, Subordinated Notes		4.750	%		9/15/25		210,000		209,350	(a)
Standard Chartered PLC, Subordinated Notes		5.700	%		3/26/44		410,000		427,561	(a)
UniCredit SpA, Senior Notes		6.572	%		1/14/22		590,000		601,524	(a)

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       7

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34	$	1,040,000	$	988,502	(a)(c)
Wachovia Capital Trust III Ltd., Junior Subordinated Bonds (the greater of 3 mo. USD LIBOR + 0.930% or 5.570%)		5.570	%		5/1/20		1,190,000		1,156,109	(b)(c)
Wells Fargo & Co., Senior Notes (3.196% to 6/17/26 then 3 mo. USD LIBOR + 1.170%)		3.196	%		6/17/27		410,000		423,306	(c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. USD LIBOR + 4.240%)		5.013	%		4/4/51		260,000		334,833	(c)
Wells Fargo & Co., Subordinated Notes		5.375	%		11/2/43		430,000		505,860
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		580,000		643,558
Westpac Banking Corp., Subordinated Notes		4.421	%		7/24/39		110,000		107,791
Total Banks									27,789,160
Capital Markets - 4.1%
CME Group Inc., Senior Notes		5.300	%		9/15/43		440,000		592,791
Credit Suisse Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)		4.194	%		4/1/31		250,000		256,524	(a)(c)(d)
Credit Suisse USA Inc., Senior Notes		7.125	%		7/15/32		40,000		56,903
Goldman Sachs Group Inc., Senior Notes		6.250	%		2/1/41		570,000		770,169
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		640,000		849,597
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		500,000		579,932
KKR Group Finance Co. III LLC, Senior Notes		5.125	%		6/1/44		820,000		841,609	(a)
KKR Group Finance Co. VI LLC, Senior Notes		3.750	%		7/1/29		70,000		69,942	(a)
Morgan Stanley, Senior Notes		5.500	%		7/24/20		100,000		100,950
Morgan Stanley, Senior Notes		6.375	%		7/24/42		90,000		125,928
Raymond James Financial Inc., Senior Notes		4.650	%		4/1/30		80,000		83,383
Raymond James Financial Inc., Senior Notes		4.950	%		7/15/46		90,000		104,016
UBS AG Stamford, CT, Subordinated Notes		7.625	%		8/17/22		340,000		350,367
UBS Group 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		545,603	(a)(b)(c)
Total Capital Markets									5,327,714
Consumer Finance - 0.8%
Navient Corp., Senior Notes		7.250	%		1/25/22		830,000		804,818
Navient Corp., Senior Notes		6.125	%		3/25/24		290,000		270,416
Total Consumer Finance									1,075,234

See Notes to Schedule of Investments.

  8     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Diversified Financial Services - 1.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.875	%		1/16/24	$	330,000	$	284,243
Carlyle Finance LLC, Senior Notes		5.650	%		9/15/48		110,000		122,153	(a)
Carlyle Finance Subsidiary LLC, Senior Notes		3.500	%		9/19/29		150,000		134,599	(a)
Carlyle Holdings II Finance LLC, Senior Notes		5.625	%		3/30/43		220,000		245,656	(a)
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		470,000		306,205	(a)(e)
ILFC E-Capital Trust I Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate and 30 year Treasury Constant Maturity Rate) + 1.550%)		3.330	%		12/21/65		470,000		215,845	(a)(c)
ILFC E-Capital Trust II, Ltd. GTD ((Highest of 3 mo. USD LIBOR, 10 year Treasury Constant Maturity Rate or 30 year Treasury Constant Maturity Rate) + 1.800%)		3.570	%		12/21/65		270,000		110,782	(a)(c)
International Lease Finance Corp., Senior Notes		8.250	%		12/15/20		190,000		188,654
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		392,000		354,789	(a)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		220,000		189,785	(a)
Total Diversified Financial Services									2,152,711
Insurance - 3.3%
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		519,238	(c)
American International Group Inc., Junior Subordinated Notes		6.250	%		3/15/37		80,000		64,193
American International Group Inc., Senior Notes		6.400	%		12/15/20		90,000		92,576
American International Group Inc., Senior Notes		4.750	%		4/1/48		70,000		74,164
AXA SA, Subordinated Notes		8.600	%		12/15/30		200,000		266,421
Fidelity & Guaranty Life Holdings Inc., Senior Notes		5.500	%		5/1/25		230,000		228,912	(a)
Liberty Mutual Insurance Co., Subordinated Notes		7.875	%		10/15/26		490,000		651,112	(a)
Massachusetts Mutual Life Insurance Co., Subordinated Notes		4.900	%		4/1/77		260,000		276,689	(a)
MetLife Inc., Junior Subordinated Notes (6.400% to 12/15/36 then 3 mo. USD LIBOR + 2.205%)		6.400	%		12/15/36		1,150,000		1,203,872
New York Life Insurance Co., Subordinated Notes		4.450	%		5/15/69		90,000		94,428	(a)
Nippon Life Insurance Co., Subordinated Notes (3.400% to 1/23/30 then 5 year Treasury Constant Maturity Rate + 2.612%)		3.400	%		1/23/50		200,000		192,712	(a)(c)

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       9

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Insurance - (continued)
Northwestern Mutual Life Insurance Co., Subordinated Notes		3.625	%		9/30/59	$	110,000	$	96,969	(a)
Teachers Insurance & Annuity Association of America, Subordinated Notes		6.850	%		12/16/39		400,000		556,948	(a)
Total Insurance									4,318,234
Investment Companies - 0.2%
MDGH - GMTN BV, Senior Notes		2.500	%		11/7/24		320,000		305,841	(a)
TOTAL FINANCIALS									40,968,894
HEALTH CARE - 9.3%
Biotechnology - 1.3%
AbbVie Inc., Senior Notes		3.200	%		11/21/29		710,000		717,240	(a)
AbbVie Inc., Senior Notes		4.050	%		11/21/39		740,000		764,733	(a)
Gilead Sciences Inc., Senior Notes		5.650	%		12/1/41		60,000		81,954
Gilead Sciences Inc., Senior Notes		4.750	%		3/1/46		50,000		64,108
Total Biotechnology									1,628,035
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories, Senior Notes		4.900	%		11/30/46		90,000		123,330
Becton Dickinson and Co., Senior Notes		4.669	%		6/6/47		410,000		443,534
Total Health Care Equipment & Supplies									566,864
Health Care Providers & Services - 6.2%
Centene Corp., Senior Notes		4.750	%		1/15/25		240,000		242,099	(a)
Centene Corp., Senior Notes		4.250	%		12/15/27		100,000		98,555	(a)
Centene Corp., Senior Notes		4.625	%		12/15/29		360,000		363,798	(a)
Centene Corp., Senior Notes		3.375	%		2/15/30		500,000		466,875	(a)
Cigna Corp., Senior Notes		4.125	%		11/15/25		340,000		364,312
Cigna Corp., Senior Notes		4.800	%		8/15/38		340,000		383,854
Cigna Corp., Senior Notes		3.200	%		3/15/40		140,000		130,950
CVS Health Corp., Senior Notes		2.625	%		8/15/24		140,000		142,271
CVS Health Corp., Senior Notes		4.100	%		3/25/25		940,000		996,102
CVS Health Corp., Senior Notes		4.300	%		3/25/28		540,000		578,751
CVS Health Corp., Senior Notes		4.780	%		3/25/38		570,000		632,566
CVS Health Corp., Senior Notes		5.125	%		7/20/45		340,000		392,943
CVS Health Corp., Senior Notes		5.050	%		3/25/48		560,000		642,323
Dartmouth-Hitchcock Health, Secured Bonds		4.178	%		8/1/48		100,000		110,498
DH Europe Finance II Sarl, Senior Notes		3.250	%		11/15/39		40,000		39,741
DH Europe Finance II Sarl, Senior Notes		3.400	%		11/15/49		10,000		9,864
HCA Inc., Senior Secured Notes		4.125	%		6/15/29		210,000		211,066
HCA Inc., Senior Secured Notes		5.125	%		6/15/39		110,000		114,120
HCA Inc., Senior Secured Notes		5.500	%		6/15/47		220,000		240,626

See Notes to Schedule of Investments.

  10     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
HCA Inc., Senior Secured Notes		5.250	%		6/15/49	$	350,000	$	375,714
Humana Inc., Senior Notes		8.150	%		6/15/38		80,000		117,039
Humana Inc., Senior Notes		4.800	%		3/15/47		230,000		257,294
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		690,000		640,834
Orlando Health Obligated Group, Senior Notes		4.089	%		10/1/48		170,000		181,293
UnitedHealth Group Inc., Senior Notes		3.700	%		12/15/25		160,000		172,726
UnitedHealth Group Inc., Senior Notes		3.500	%		8/15/39		140,000		151,721
Total Health Care Providers & Services									8,057,935
Pharmaceuticals - 1.4%
Allergan Funding SCS, Senior Notes		4.550	%		3/15/35		130,000		143,522
Bausch Health Cos. Inc., Senior Notes		5.000	%		1/30/28		80,000		76,336	(a)
Bausch Health Cos. Inc., Senior Notes		5.250	%		1/30/30		80,000		76,245	(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		910,000		1,006,715	(a)
Bristol-Myers Squibb Co., Senior Notes		5.000	%		8/15/45		250,000		335,633	(a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		7.125	%		1/31/25		200,000		199,251	(a)
Zoetis Inc., Senior Notes		4.700	%		2/1/43		30,000		33,876
Total Pharmaceuticals									1,871,578
TOTAL HEALTH CARE									12,124,412
INDUSTRIALS - 7.5%
Aerospace & Defense - 2.6%
Avolon Holdings Funding Ltd., Senior Notes		5.125	%		10/1/23		210,000		181,791	(a)
Avolon Holdings Funding Ltd., Senior Notes		3.950	%		7/1/24		140,000		113,180	(a)
Boeing Co., Senior Notes		2.800	%		3/1/24		320,000		300,975
Boeing Co., Senior Notes		3.100	%		5/1/26		1,400,000		1,290,724
Huntington Ingalls Industries Inc., Senior Notes		3.483	%		12/1/27		200,000		197,741
Lockheed Martin Corp., Senior Notes		4.500	%		5/15/36		40,000		42,419
Northrop Grumman Systems Corp., Senior Notes		7.875	%		3/1/26		870,000		1,108,119
United Technologies Corp., Senior Notes		4.625	%		11/16/48		110,000		130,539
Total Aerospace & Defense									3,365,488
Airlines - 0.7%
Continental Airlines Pass-Through Trust		6.250	%		4/11/20		58,005		57,982
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		540,000		433,474
Delta Air Lines Inc., Senior Notes		3.750	%		10/28/29		150,000		121,451
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		35,560		36,586
US Airways Pass-Through Trust, Senior Secured Notes		5.900	%		10/1/24		210,608		212,624
Total Airlines									862,117

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       11

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Building Products - 0.4%
Carrier Global Corp., Senior Notes		2.493	%		2/15/27	$	160,000	$	153,338	(a)
Carrier Global Corp., Senior Notes		3.377	%		4/5/40		180,000		159,482	(a)
Carrier Global Corp., Senior Notes		3.577	%		4/5/50		200,000		173,553	(a)
Total Building Products									486,373
Commercial Services & Supplies - 1.0%
California Institute of Technology, Senior Notes		3.650	%		9/1/2119		110,000		114,439
Republic Services Inc., Senior Notes		5.250	%		11/15/21		330,000		347,335
Waste Connections Inc., Senior Notes		4.250	%		12/1/28		480,000		512,713
Waste Management Inc., Senior Notes		4.000	%		7/15/39		350,000		382,183
Total Commercial Services & Supplies									1,356,670
Construction & Engineering - 0.7%
Vinci SA, Senior Notes		3.750	%		4/10/29		890,000		962,129	(a)
Industrial Conglomerates - 0.9%
General Electric Co., Senior Notes		6.750	%		3/15/32		200,000		237,908
General Electric Co., Senior Notes		6.875	%		1/10/39		716,000		888,279
Total Industrial Conglomerates									1,126,187
Machinery - 0.6%
Caterpillar Inc., Senior Notes		4.750	%		5/15/64		220,000		248,766
Otis Worldwide Corp., Senior Notes		2.565	%		2/15/30		520,000		508,673	(a)
Otis Worldwide Corp., Senior Notes		3.112	%		2/15/40		80,000		75,867	(a)
Total Machinery									833,306
Road & Rail - 0.3%
Union Pacific Corp., Senior Notes		4.375	%		11/15/65		320,000		343,422
Transportation Infrastructure - 0.3%
SMBC Aviation Capital Finance DAC, Senior Notes		4.125	%		7/15/23		350,000		378,261	(a)
TOTAL INDUSTRIALS									9,713,953
INFORMATION TECHNOLOGY - 2.8%
Communications Equipment - 0.4%
Harris Corp., Senior Notes		4.854	%		4/27/35		260,000		282,230
Harris Corp., Senior Notes		5.054	%		4/27/45		210,000		232,520
Total Communications Equipment									514,750
IT Services - 0.1%
International Business Machines Corp., Senior Notes		3.500	%		5/15/29		110,000		119,615
Semiconductors & Semiconductor Equipment - 0.8%
Intel Corp., Senior Notes		4.900	%		7/29/45		130,000		170,664
Intel Corp., Senior Notes		4.750	%		3/25/50		60,000		81,289
Intel Corp., Senior Notes		4.950	%		3/25/60		60,000		83,678

See Notes to Schedule of Investments.

  12     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Semiconductors & Semiconductor Equipment - (continued)
NVIDIA Corp., Senior Notes		3.500	%		4/1/40	$	60,000	$	63,794
NVIDIA Corp., Senior Notes		3.500	%		4/1/50		190,000		207,177
NVIDIA Corp., Senior Notes		3.700	%		4/1/60		80,000		89,715
Texas Instruments Inc., Senior Notes		3.875	%		3/15/39		270,000		311,643
Total Semiconductors & Semiconductor Equipment									1,007,960
Software - 1.0%
Microsoft Corp., Senior Notes		4.250	%		2/6/47		970,000		1,255,353
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		3.850	%		8/4/46		340,000		411,350
HP Inc., Senior Notes		4.650	%		12/9/21		310,000		312,332
Total Technology Hardware, Storage & Peripherals									723,682
TOTAL INFORMATION TECHNOLOGY									3,621,360
MATERIALS - 6.0%
Chemicals - 0.8%
Dow Chemical Co., Senior Notes		7.375	%		11/1/29		800,000		1,006,004
Ecolab Inc., Senior Notes		4.800	%		3/24/30		80,000		90,218
Total Chemicals									1,096,222
Metals & Mining - 4.9%
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		400,000		366,220	(a)
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		500,000		473,183	(a)
ArcelorMittal SA, Senior Notes		6.125	%		6/1/25		50,000		49,582
ArcelorMittal SA, Senior Notes		4.550	%		3/11/26		470,000		422,452
Barrick North America Finance LLC, Senior Notes		5.700	%		5/30/41		50,000		61,783
Barrick PD Australia Finance Pty Ltd., Senior Notes		5.950	%		10/15/39		180,000		222,431
BHP Billiton Finance USA Ltd., Senior Notes (6.750% to 10/19/25, then USD 5 year ICE Swap Rate + 5.093% to 10/19/45, then USD 5 year ICE Swap Rate + 5.843%)		6.750	%		10/19/75		470,000		499,142	(a)(c)
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		340,000		288,364	(a)
First Quantum Minerals Ltd., Senior Notes		7.500	%		4/1/25		200,000		167,689	(a)
Freeport-McMoRan Inc., Senior Notes		3.550	%		3/1/22		60,000		58,295
Glencore Finance Canada Ltd., Senior Notes		6.900	%		11/15/37		430,000		419,039	(a)
Glencore Finance Canada Ltd., Senior Notes		5.550	%		10/25/42		150,000		120,950	(a)
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		530,000		488,078	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		360,000		328,906	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		170,000		156,039	(a)
Southern Copper Corp., Senior Notes		5.375	%		4/16/20		150,000		149,362

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       13

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Metals & Mining - (continued)
Southern Copper Corp., Senior Notes		5.250	%		11/8/42	$	470,000	$	480,427
Vale Overseas Ltd., Senior Notes		6.875	%		11/21/36		1,148,000		1,286,696
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		350,000		351,499
Total Metals & Mining									6,390,137
Paper & Forest Products - 0.3%
Georgia-Pacific LLC, Senior Notes		7.375	%		12/1/25		250,000		316,610
TOTAL MATERIALS									7,802,969
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.6%
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		250,000		244,394
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		4.625	%		8/1/29		170,000		159,056
Welltower Inc., Senior Notes		4.125	%		3/15/29		320,000		327,345
Total Equity Real Estate Investment Trusts (REITs)									730,795
Real Estate Management & Development - 0.2%
Security Capital Group Inc., Senior Notes		7.700	%		6/15/28		280,000		315,748
TOTAL REAL ESTATE									1,046,543
UTILITIES - 2.4%
Electric Utilities - 2.4%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds		4.500	%		4/1/44		210,000		246,460
Exelon Corp., Senior Notes		4.050	%		4/15/30		120,000		121,443
FirstEnergy Corp., Senior Notes		3.900	%		7/15/27		310,000		315,582
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		830,000		1,083,085
Jersey Central Power & Light Co., Senior Notes		4.300	%		1/15/26		100,000		108,286	(a)
MidAmerican Energy Co., First Mortgage Bonds		3.650	%		4/15/29		150,000		161,291
Oncor Electric Delivery Co. LLC, Senior Secured Notes		3.100	%		9/15/49		150,000		146,180
Southern California Edison Co., First Mortgage Bonds		4.125	%		3/1/48		310,000		332,175
Virginia Electric & Power Co., Senior Notes		8.875	%		11/15/38		390,000		616,448
TOTAL UTILITIES									3,130,950
TOTAL CORPORATE BONDS & NOTES (Cost - $117,927,852)									120,634,644
SOVEREIGN BONDS - 3.9%
Argentina - 0.5%
Argentine Republic Government International Bond, Senior Notes		7.500	%		4/22/26		370,000		106,379

See Notes to Schedule of Investments.

  14     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Argentina - (continued)
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/26/27	$	120,000	$	34,201
Argentine Republic Government International Bond, Senior Notes		5.875	%		1/11/28		390,000		108,619
Argentine Republic Government International Bond, Senior Notes		7.625	%		4/22/46		150,000		39,752
Argentine Republic Government International Bond, Senior Notes		6.875	%		1/11/48		150,000		40,314
Provincia de Buenos Aires, Senior Notes		9.125	%		3/16/24		1,220,000		329,400	(a)
Total Argentina									658,665
Canada - 0.8%
Province of Quebec Canada, Senior Notes		7.970	%		7/22/36		650,000		1,026,163
Colombia - 0.7%
Colombia Government International Bond, Senior Notes		4.500	%		3/15/29		870,000		899,208
Ghana - 0.2%
Ghana Government International Bond, Senior Notes		8.950	%		3/26/51		310,000		220,336	(a)
Indonesia - 0.2%
Indonesia Government International Bond, Senior Notes		4.350	%		1/11/48		240,000		247,383
Kenya - 0.3%
Kenya Government International Bond, Senior Notes		8.000	%		5/22/32		460,000		426,644	(a)
Mexico - 0.3%
Mexico Government International Bond, Senior Notes		4.350	%		1/15/47		360,000		351,547
Qatar - 0.5%
Qatar Government International Bond, Senior Notes		3.375	%		3/14/24		410,000		418,497	(a)
Qatar Government International Bond, Senior Notes		4.817	%		3/14/49		270,000		319,318	(a)
Total Qatar									737,815
United Arab Emirates - 0.4%
Abu Dhabi Government International Bond, Senior Notes		4.125	%		10/11/47		440,000		479,007	(a)
Uruguay - 0.0%
Uruguay Government International Bond, Senior Notes		4.975	%		4/20/55		70,000		80,172
TOTAL SOVEREIGN BONDS (Cost - $6,578,803)									5,126,940

See Notes to Schedule of Investments.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       15

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 1.5%
Alabama - 0.2%
Alabama State Economic Settlement Authority, BP Settlement Revenue, Series B		3.163	%		9/15/25	$	240,000	$	247,997
California - 0.9%
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		1,036,262
University of California Revenue, Taxable, General Series AG		4.062	%		5/15/33		150,000		159,083
Total California									1,195,345
Florida - 0.1%
Sumter Landing, FL, Community Development District Recreational Revenue, Taxable Community Development District		4.172	%		10/1/47		170,000		191,632
Illinois - 0.3%
Illinois State, GO, Taxable, Build America Bonds, Series 2010-3		6.725	%		4/1/35		310,000		335,547
TOTAL MUNICIPAL BONDS (Cost - $1,822,856)									1,970,521
						Shares
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Insurance - 0.1%
Delphi Financial Group Inc. (3 mo. USD LIBOR + 3.190%) (Cost - $143,068)		4.882	%				5,725		130,244	(c)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $126,472,579)									127,862,349
SHORT-TERM INVESTMENTS - 0.5%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $605,462)0.334%							605,462		605,462	(f)
TOTAL INVESTMENTS - 98.8% (Cost - $127,078,041)									128,467,811
Other Assets in Excess of Liabilities - 1.2%									1,578,267
TOTAL NET ASSETS - 100.0%								$	130,046,078

See Notes to Schedule of Investments.

  16     Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

Schedule of investments (unaudited) (cont’d) March 31, 2020

(a) 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.

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

(c) 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.

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

(e) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

(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, 2020, the total market value of investments in Affiliated Companies was $605,462 and the cost was $605,462 (Note 2).

Abbreviations used in this schedule:

GO	— General Obligation
GTD	— Guaranteed
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
PIK	— Payment-In-Kind
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

At March 31, 2020, 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		71		6/20	$	15,373,717	$	15,647,180	$	273,463
U.S. Treasury 5-Year Notes		89		6/20		10,863,987		11,156,985		292,998
U.S. Treasury Ultra Long-Term Bonds		31		6/20		6,082,756		6,878,125		795,369
										1,361,830
Contracts to Sell:
U.S. Treasury 10-Year Notes		71		6/20		9,479,963		9,846,813		(366,850	)
U.S. Treasury Long-Term Bonds		137		6/20		22,688,723		24,531,562		(1,842,839	)
										(2,209,689	)
Net unrealized depreciation on open futures contracts									$	(847,859	)

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.

Western Asset Investment Grade Income Fund Inc. 2020 Quarterly Report       17

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.

18

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.

19

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		—	$	120,634,644		—	$	120,634,644
Sovereign Bonds		—		5,126,940		—		5,126,940
Municipal Bonds		—		1,970,521		—		1,970,521
Preferred Stocks		—		130,244		—		130,244
Total Long-Term Investments		—		127,862,349		—		127,862,349
Short-Term Investments†	$	605,462		—		—		605,462
Total Investments	$	605,462	$	127,862,349		—	$	128,467,811
Other Financial Instruments:
Futures Contracts	$	1,361,830		—		—	$	1,361,830
Total	$	1,967,292	$	127,862,349		—	$	129,829,641
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	2,209,689		—		—	$	2,209,689

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

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. Based on the Fund’s relative ownership, the following company was considered an affiliated company for all or some portion of the period ended March 31, 2020. The following transactions were effected in shares of such company for the period ended March 31, 2020.

	Affiliate Value at December 31, 2019		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	28,103	$	8,841,248		8,841,248	$	8,263,889		8,263,889

20

Notes to Schedule of Investments (unaudited) (continued)

(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2020
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	1,209		—	$	605,462

21