Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
CORPORATE BONDS & NOTES - 93.1%
COMMUNICATION SERVICES - 8.8%
Diversified Telecommunication Services - 2.0%
AT&T Inc., Senior Notes			4.300	%			2/15/30			$	80,000			$	76,905
AT&T Inc., Senior Notes			4.500	%			5/15/35				360,000				336,415
AT&T Inc., Senior Notes			6.350	%			3/15/40				50,000				50,865
AT&T Inc., Senior Notes			4.900	%			6/15/42				150,000				134,709
AT&T Inc., Senior Notes			4.800	%			6/15/44				210,000				189,197
AT&T Inc., Senior Notes			4.550	%			3/9/49				310,000				265,947
AT&T Inc., Senior Notes			3.300	%			2/1/52				120,000				83,139
AT&T Inc., Senior Notes			3.500	%			9/15/53				130,000				91,791
AT&T Inc., Senior Notes			3.800	%			12/1/57				130,000				94,199
AT&T Inc., Senior Notes			3.500	%			2/1/61				70,000				47,898
British Telecommunications PLC, Senior Notes			9.625	%			12/15/30				70,000				85,895
Telefonica Emisiones SA, Senior Notes			7.045	%			6/20/36				60,000				67,211
Telefonica Europe BV, Senior Notes			8.250	%			9/15/30				230,000				262,998
Verizon Communications Inc., Senior Notes			5.500	%			3/16/47				630,000				647,807
Total Diversified Telecommunication Services															2,434,976
Entertainment - 1.9%
Walt Disney Co., Senior Notes			6.550	%			3/15/33				545,000				613,146
Walt Disney Co., Senior Notes			7.750	%			12/1/45				130,000				170,021
Warnermedia Holdings Inc., Senior Notes			5.141	%			3/15/52				1,820,000				1,511,775
Total Entertainment															2,294,942
Media - 3.6%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes			4.500	%			5/1/32				580,000				466,465
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			6.384	%			10/23/35				110,000				108,777
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			3.500	%			3/1/42				80,000				53,432
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			6.484	%			10/23/45				260,000				241,166
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			5.375	%			5/1/47				350,000				282,249
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			5.750	%			4/1/48				70,000				58,992

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		1

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Media - (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			5.250	%			4/1/53			$	160,000			$	126,855
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			3.950	%			6/30/62				80,000				48,326
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes			5.500	%			4/1/63				210,000				164,887
Comcast Corp., Senior Notes			6.450	%			3/15/37				220,000				243,493
Comcast Corp., Senior Notes			6.950	%			8/15/37				160,000				184,703
Comcast Corp., Senior Notes			6.400	%			5/15/38				950,000				1,029,387
DISH DBS Corp., Senior Secured Notes			5.750	%			12/1/28				160,000				110,261	(a)
Fox Corp., Senior Notes			5.476	%			1/25/39				510,000				485,702
Time Warner Cable Enterprises LLC, Senior Secured Notes			8.375	%			7/15/33				410,000				457,957
Time Warner Cable LLC, Senior Secured Notes			6.550	%			5/1/37				180,000				170,272
Time Warner Cable LLC, Senior Secured Notes			7.300	%			7/1/38				200,000				202,174
Time Warner Cable LLC, Senior Secured Notes			6.750	%			6/15/39				10,000				9,532
Time Warner Cable LLC, Senior Secured Notes			5.500	%			9/1/41				50,000				41,664
Total Media															4,486,294
Wireless Telecommunication Services - 1.3%
America Movil SAB de CV, Senior Notes			6.125	%			3/30/40				850,000				900,157
Sprint LLC, Senior Notes			7.125	%			6/15/24				150,000				150,351
T-Mobile USA Inc., Senior Notes			4.375	%			4/15/40				60,000				53,468
T-Mobile USA Inc., Senior Notes			4.500	%			4/15/50				210,000				182,159
T-Mobile USA Inc., Senior Notes			3.400	%			10/15/52				230,000				163,282
Vodafone Group PLC, Senior Notes			5.250	%			5/30/48				210,000				200,714
Vodafone Group PLC, Senior Notes			4.250	%			9/17/50				10,000				8,079
Total Wireless Telecommunication Services															1,658,210
TOTAL COMMUNICATION SERVICES															10,874,422
CONSUMER DISCRETIONARY - 6.4%
Automobile Components - 0.3%
ZF North America Capital Inc., Senior Notes			4.750	%			4/29/25				400,000				395,316	(a)
Automobiles - 1.9%
Ford Motor Co., Senior Notes			3.250	%			2/12/32				290,000				241,387
Ford Motor Credit Co. LLC, Senior Notes			2.700	%			8/10/26				400,000				372,986
General Motors Co., Senior Notes			6.125	%			10/1/25				190,000				191,679
General Motors Co., Senior Notes			6.600	%			4/1/36				170,000				180,872
General Motors Co., Senior Notes			6.750	%			4/1/46				270,000				291,974

 

See Notes to Schedule of Investments.

 

2		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Automobiles - (continued)
Hyundai Capital America, Senior Notes			5.250	%			1/8/27			$	200,000			$	199,876	(a)
Nissan Motor Co. Ltd., Senior Notes			4.810	%			9/17/30				200,000				186,891	(a)
Volkswagen Group of America Finance LLC, Senior Notes			5.250	%			3/22/29				620,000				620,725	(a)
Total Automobiles															2,286,390
Broadline Retail - 0.6%
Amazon.com Inc., Senior Notes			3.950	%			4/13/52				330,000				277,259
MercadoLibre Inc., Senior Notes			2.375	%			1/14/26				470,000				440,815
Total Broadline Retail															718,074
Diversified Consumer Services - 0.2%
California Institute of Technology, Senior Notes			3.650	%			9/1/2119				110,000				76,553
Washington University, Senior Notes			3.524	%			4/15/54				90,000				70,365
Washington University, Senior Notes			4.349	%			4/15/2122				110,000				92,714
Total Diversified Consumer Services															239,632
Hotels, Restaurants & Leisure - 2.4%
Genting New York LLC/GENNY Capital Inc., Senior Notes			3.300	%			2/15/26				550,000				527,929	(a)
Marriott International Inc., Senior Notes			3.600	%			4/15/24				200,000				199,812
McDonald’s Corp., Senior Notes			4.700	%			12/9/35				150,000				146,012
McDonald’s Corp., Senior Notes			4.875	%			12/9/45				230,000				214,808
McDonald’s Corp., Senior Notes			4.450	%			9/1/48				10,000				8,779
Melco Resorts Finance Ltd., Senior Notes			5.375	%			12/4/29				380,000				348,327	(a)
Royal Caribbean Cruises Ltd., Senior Notes			3.700	%			3/15/28				270,000				251,490
Sands China Ltd., Senior Notes			5.125	%			8/8/25				450,000				444,203
Sands China Ltd., Senior Notes			5.400	%			8/8/28				200,000				196,268
Sands China Ltd., Senior Notes			4.625	%			6/18/30				200,000				183,562
Sands China Ltd., Senior Notes			3.250	%			8/8/31				330,000				276,530
Wynn Macau Ltd., Senior Notes			5.500	%			10/1/27				240,000				229,921	(a)
Total Hotels, Restaurants & Leisure															3,027,641
Household Durables - 0.4%
Lennar Corp., Senior Notes			5.000	%			6/15/27				190,000				189,059
MDC Holdings Inc., Senior Notes			2.500	%			1/15/31				100,000				86,193
MDC Holdings Inc., Senior Notes			6.000	%			1/15/43				200,000				203,429
Total Household Durables															478,681
Specialty Retail - 0.6%
Home Depot Inc., Senior Notes			3.625	%			4/15/52				270,000				206,430
Lithia Motors Inc., Senior Notes			4.625	%			12/15/27				110,000				105,729	(a)
Lithia Motors Inc., Senior Notes			3.875	%			6/1/29				190,000				171,410	(a)

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		3

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Specialty Retail - (continued)
Lowe’s Cos. Inc., Senior Notes			3.750	%			4/1/32			$	80,000			$	73,515
Lowe’s Cos. Inc., Senior Notes			4.250	%			4/1/52				280,000				229,648
Total Specialty Retail															786,732
TOTAL CONSUMER DISCRETIONARY															7,932,466
CONSUMER STAPLES - 3.7%
Beverages - 1.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes			4.900	%			2/1/46				840,000				798,782
Anheuser-Busch InBev Worldwide Inc., Senior Notes			4.600	%			4/15/48				70,000				64,041
Coca-Cola Co., Senior Notes			4.125	%			3/25/40				180,000				157,878
Coca-Cola Co., Senior Notes			4.200	%			3/25/50				110,000				97,737
Pernod Ricard SA, Senior Notes			5.500	%			1/15/42				670,000				682,676	(a)
Total Beverages															1,801,114
Food Products - 0.3%
J M Smucker Co., Senior Notes			6.200	%			11/15/33				230,000				245,475
Kraft Heinz Foods Co., Senior Notes			5.000	%			6/4/42				110,000				103,331
Total Food Products															348,806
Tobacco - 2.0%
Altria Group Inc., Senior Notes			4.400	%			2/14/26				410,000				404,137
Altria Group Inc., Senior Notes			4.800	%			2/14/29				870,000				861,945
Imperial Brands Finance PLC, Senior Notes			6.125	%			7/27/27				330,000				336,797	(a)
Philip Morris International Inc., Senior Notes			4.500	%			3/20/42				100,000				87,484
Reynolds American Inc., Senior Notes			8.125	%			5/1/40				270,000				313,120
Reynolds American Inc., Senior Notes			7.000	%			8/4/41				320,000				334,986
Reynolds American Inc., Senior Notes			5.850	%			8/15/45				90,000				83,568
Total Tobacco															2,422,037
TOTAL CONSUMER STAPLES															4,571,957
ENERGY - 14.5%
Energy Equipment & Services - 0.1%
Halliburton Co., Senior Notes			5.000	%			11/15/45				200,000				187,930
Oil, Gas & Consumable Fuels - 14.4%
Apache Corp., Senior Notes			6.000	%			1/15/37				106,000				105,504
Apache Corp., Senior Notes			5.100	%			9/1/40				20,000				17,177
Apache Corp., Senior Notes			5.250	%			2/1/42				90,000				76,003
Cameron LNG LLC, Senior Secured Notes			3.302	%			1/15/35				20,000				16,656	(a)
Cameron LNG LLC, Senior Secured Notes			3.701	%			1/15/39				40,000				33,318	(a)
Cheniere Energy Partners LP, Senior Notes			3.250	%			1/31/32				220,000				187,577
Chesapeake Energy Corp., Senior Notes			6.750	%			4/15/29				170,000				171,959	(a)

 

See Notes to Schedule of Investments.

 

4		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Oil, Gas & Consumable Fuels - (continued)
Columbia Pipelines Operating Co. LLC, Senior Notes			6.036	%			11/15/33			$	290,000			$	300,617	(a)
Columbia Pipelines Operating Co. LLC, Senior Notes			6.544	%			11/15/53				240,000				260,240	(a)
ConocoPhillips, Senior Notes			6.500	%			2/1/39				810,000				919,461
Continental Resources Inc., Senior Notes			2.268	%			11/15/26				80,000				73,667	(a)
Continental Resources Inc., Senior Notes			4.375	%			1/15/28				140,000				135,341
Continental Resources Inc., Senior Notes			2.875	%			4/1/32				120,000				97,844	(a)
Continental Resources Inc., Senior Notes			4.900	%			6/1/44				90,000				74,882
Devon Energy Corp., Senior Notes			5.850	%			12/15/25				350,000				352,053
Devon Energy Corp., Senior Notes			5.600	%			7/15/41				320,000				308,751
Diamondback Energy Inc., Senior Notes			6.250	%			3/15/53				230,000				248,403
Ecopetrol SA, Senior Notes			5.375	%			6/26/26				540,000				531,350
Ecopetrol SA, Senior Notes			5.875	%			11/2/51				260,000				187,331
Energy Transfer 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				207,150	(b)(c)
Energy Transfer 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				548,120	(b)(c)
Energy Transfer LP, Senior Notes			8.000	%			4/1/29				350,000				363,863	(a)
Energy Transfer LP, Senior Notes			5.250	%			4/15/29				30,000				30,043
Energy Transfer LP, Senior Notes			8.250	%			11/15/29				160,000				182,129
Energy Transfer LP, Senior Notes			6.625	%			10/15/36				20,000				21,189
Energy Transfer LP, Senior Notes			5.800	%			6/15/38				40,000				39,926
Enterprise Products Operating LLC, Senior Notes			6.125	%			10/15/39				320,000				343,510
Enterprise Products Operating LLC, Senior Notes			3.300	%			2/15/53				150,000				106,582
Enterprise Products Operating LLC, Senior Notes			3.950	%			1/31/60				100,000				77,833
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. Term SOFR + 2.832%)			5.375	%			2/15/78				430,000				401,822	(c)
EOG Resources Inc., Senior Notes			4.375	%			4/15/30				240,000				234,959
Exxon Mobil Corp., Senior Notes			4.227	%			3/19/40				140,000				127,617
KazMunayGas National Co. JSC, Senior Notes			3.500	%			4/14/33				200,000				166,875	(a)
Kinder Morgan Inc., Senior Notes			7.800	%			8/1/31				2,000,000				2,269,485
MPLX LP, Senior Notes			4.800	%			2/15/29				60,000				59,293
MPLX LP, Senior Notes			4.500	%			4/15/38				380,000				337,624
Occidental Petroleum Corp., Senior Notes			7.500	%			5/1/31				465,000				517,897
Occidental Petroleum Corp., Senior Notes			7.875	%			9/15/31				190,000				215,516
ONEOK Inc., Senior Notes			6.050	%			9/1/33				460,000				479,981

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		5

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Oil, Gas & Consumable Fuels - (continued)
ONEOK Inc., Senior Notes			6.625	%			9/1/53			$	460,000			$	507,310
Parsley Energy LLC/Parsley Finance Corp., Senior Notes			4.125	%			2/15/28				200,000				191,006	(a)
Petrobras Global Finance BV, Senior Notes			7.375	%			1/17/27				190,000				197,645
Petrobras Global Finance BV, Senior Notes			6.900	%			3/19/49				280,000				271,807
Petrobras Global Finance BV, Senior Notes			5.500	%			6/10/51				100,000				81,387
Petrobras Global Finance BV, Senior Notes			6.850	%			6/5/2115				300,000				278,569
Phillips 66, Senior Notes			5.875	%			5/1/42				160,000				168,227
QatarEnergy, Senior Notes			3.300	%			7/12/51				490,000				347,008	(a)
Reliance Industries Ltd., Senior Notes			3.625	%			1/12/52				300,000				216,898	(a)
Shell International Finance BV, Senior Notes			6.375	%			12/15/38				250,000				283,048
Targa Resources Corp., Senior Notes			4.950	%			4/15/52				160,000				140,317
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes			6.875	%			1/15/29				490,000				504,484
Transcontinental Gas Pipe Line Co. LLC, Senior Notes			7.850	%			2/1/26				470,000				487,787
Transcontinental Gas Pipe Line Co. LLC, Senior Notes			7.250	%			12/1/26				230,000				239,385
Transcontinental Gas Pipe Line Co. LLC, Senior Notes			3.250	%			5/15/30				130,000				117,719
Transcontinental Gas Pipe Line Co. LLC, Senior Notes			5.400	%			8/15/41				310,000				310,636
Transcontinental Gas Pipe Line Co. LLC, Senior Notes			3.950	%			5/15/50				30,000				23,747
Western Midstream Operating LP, Senior Notes			4.650	%			7/1/26				660,000				647,980
Western Midstream Operating LP, Senior Notes			4.750	%			8/15/28				680,000				662,017
Western Midstream Operating LP, Senior Notes			4.050	%			2/1/30				90,000				84,029
Western Midstream Operating LP, Senior Notes			5.450	%			4/1/44				80,000				73,588
Western Midstream Operating LP, Senior Notes			5.250	%			2/1/50				270,000				241,692
Williams Cos. Inc., Senior Notes			7.500	%			1/15/31				47,000				52,416
Williams Cos. Inc., Senior Notes			7.750	%			6/15/31				37,000				41,070
Williams Cos. Inc., Senior Notes			8.750	%			3/15/32				610,000				734,492
Williams Cos. Inc., Senior Notes			3.500	%			10/15/51				50,000				35,573
Total Oil, Gas & Consumable Fuels															17,769,385
TOTAL ENERGY															17,957,315
FINANCIALS - 33.2%
Banks - 19.4%
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				199,641	(a)(b)(c)

 

See Notes to Schedule of Investments.

 

6		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Banks - (continued)
Banco Mercantil del Norte SA, Junior Subordinated Notes (8.375% to 10/14/30 then 10 year Treasury Constant Maturity Rate + 7.760%)			8.375	%			10/14/30			$	250,000			$	256,729	(a)(b)(c)
Banco Santander SA, Senior Notes			5.294	%			8/18/27				400,000				399,229
Banco Santander SA, Senior Notes			3.490	%			5/28/30				200,000				181,462
Bank of America Corp., Senior Notes			5.875	%			2/7/42				320,000				341,659
Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR + 3.412%)			4.083	%			3/20/51				160,000				131,301	(c)
Bank of America Corp., Subordinated Notes			6.110	%			1/29/37				320,000				340,093
Bank of America Corp., Subordinated Notes			7.750	%			5/14/38				900,000				1,092,730
Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5 year Treasury Constant Maturity Rate + 4.017%)			8.000	%			1/27/84				360,000				367,228	(c)
Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury Constant Maturity Rate + 2.050%)			4.588	%			5/4/37				390,000				353,842	(c)
Barclays PLC, Junior Subordinated Notes (6.125% to 6/15/26 then 5 year Treasury Constant Maturity Rate + 5.867%)			6.125	%			12/15/25				1,060,000				1,024,363	(b)(c)
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%)			5.088	%			6/20/30				640,000				616,886	(c)
BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year Treasury Constant Maturity Rate + 4.354%)			8.500	%			8/14/28				940,000				984,887	(a)(b)(c)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR + 2.829%)			5.198	%			1/10/30				280,000				278,580	(a)(c)
BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%)			6.714	%			10/19/29				350,000				366,348	(a)(c)
BPCE SA, Subordinated Notes			5.150	%			7/21/24				410,000				408,318	(a)
BPCE SA, Subordinated Notes (3.582% to 10/19/41 then SOFR + 1.952%)			3.582	%			10/19/42				270,000				195,398	(a)(c)
Citigroup Inc., Senior Notes			8.125	%			7/15/39				251,000				321,393
Citigroup Inc., Senior Notes			5.875	%			1/30/42				240,000				254,037
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)			3.785	%			3/17/33				420,000				375,350	(c)
Citigroup Inc., Subordinated Notes			5.500	%			9/13/25				750,000				749,941
Citigroup Inc., Subordinated Notes			6.125	%			8/25/36				404,000				421,229
Citigroup Inc., Subordinated Notes			6.675	%			9/13/43				370,000				415,163
Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%)			6.174	%			5/25/34				250,000				254,003	(c)

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		7

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Banks - (continued)
Commonwealth Bank of Australia, Subordinated Notes			3.743	%			9/12/39			$	220,000			$	175,911	(a)
Cooperatieve Rabobank UA, Senior Notes			5.750	%			12/1/43				450,000				458,904
Cooperatieve Rabobank UA, Senior Notes			5.250	%			8/4/45				340,000				333,958
Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury Constant Maturity Rate + 1.420%)			3.758	%			4/6/33				350,000				312,491	(a)(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				1,062,818	(a)(b)(c)
Credit Agricole SA, Senior Notes (6.316% to 10/3/28 then SOFR + 1.860%)			6.316	%			10/3/29				290,000				300,797	(a)(c)
HSBC Holdings PLC, Junior Subordinated Notes (4.600% to 6/17/31 then 5 year Treasury Constant Maturity Rate + 3.649%)			4.600	%			12/17/30				320,000				271,513	(b)(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				294,345	(b)(c)
HSBC Holdings PLC, Senior Notes			4.950	%			3/31/30				200,000				198,680
HSBC Holdings PLC, Senior Notes (5.546% to 3/4/29 then SOFR + 1.460%)			5.546	%			3/4/30				340,000				342,141	(c)
HSBC Holdings PLC, Senior Notes (6.254% to 3/9/33 then SOFR + 2.390%)			6.254	%			3/9/34				840,000				885,714	(c)
HSBC Holdings PLC, Subordinated Notes			7.625	%			5/17/32				70,000				78,460
HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%)			4.762	%			3/29/33				400,000				372,034	(c)
Intesa Sanpaolo SpA, Senior Notes			7.000	%			11/21/25				200,000				203,781	(a)
Intesa Sanpaolo SpA, Senior Notes			4.700	%			9/23/49				200,000				151,946	(a)
Intesa Sanpaolo SpA, Senior Notes (7.778% to 6/20/53 then 1 year Treasury Constant Maturity Rate + 3.900%)			7.778	%			6/20/54				220,000				234,823	(a)(c)
Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate + 2.600%)			4.198	%			6/1/32				200,000				167,353	(a)(c)
Intesa Sanpaolo SpA, Subordinated Notes (4.950% to 6/1/41 then 1 year Treasury Constant Maturity Rate + 2.750%)			4.950	%			6/1/42				200,000				149,316	(a)(c)
JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR + 3.562%)			8.868	%			5/1/24				260,000				260,203	(b)(c)
JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. Term SOFR + 1.482%)			3.897	%			1/23/49				50,000				40,781	(c)

 

See Notes to Schedule of Investments.

 

8		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Banks - (continued)
JPMorgan Chase & Co., Subordinated Notes			5.625	%			8/16/43			$	440,000			$	458,608
JPMorgan Chase & Co., Subordinated Notes			4.950	%			6/1/45				490,000				466,264
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				358,134	(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				369,446	(b)(c)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%)			8.000	%			9/27/29				270,000				272,529	(b)(c)
Mitsubishi UFJ Financial Group Inc., Senior Notes (4.315% to 4/19/32 then 1 year Treasury Constant Maturity Rate + 1.550%)			4.315	%			4/19/33				330,000				312,402	(c)
NatWest 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				226,133	(c)
Santander UK Group Holdings PLC, Subordinated Notes			4.750	%			9/15/25				210,000				206,209	(a)
Standard Chartered PLC, Subordinated Notes			5.700	%			3/26/44				410,000				407,697	(a)
Swedbank AB, Senior Notes			5.407	%			3/14/29				310,000				310,382	(a)
Truist Financial Corp., Senior Notes (5.867% to 6/8/33 then SOFR + 2.361%)			5.867	%			6/8/34				250,000				253,158	(c)
Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR + 2.446%)			7.161	%			10/30/29				230,000				245,351	(c)
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				1,069,782	(a)(c)
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%)			5.836	%			6/12/34				300,000				305,891	(c)
Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%)			4.611	%			4/25/53				380,000				336,100	(c)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%)			5.013	%			4/4/51				230,000				216,094	(c)
Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%)			5.557	%			7/25/34				570,000				572,449	(c)
Wells Fargo & Co., Subordinated Notes			5.375	%			11/2/43				430,000				415,645
Wells Fargo & Co., Subordinated Notes			4.750	%			12/7/46				580,000				509,136
Westpac Banking Corp., Subordinated Notes			4.421	%			7/24/39				110,000				96,964
Total Banks															24,034,153

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		9

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Capital Markets - 7.5%
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate + 3.079%)			4.000	%			12/1/30			$	320,000			$	270,401	(b)(c)
Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%)			5.853	%			5/19/34				260,000				266,420	(c)
Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%)			6.136	%			8/24/34				600,000				626,310	(c)
CI Financial Corp., Senior Notes			3.200	%			12/17/30				330,000				270,575
CI Financial Corp., Senior Notes			4.100	%			6/15/51				160,000				100,072
CME Group Inc., Senior Notes			5.300	%			9/15/43				440,000				449,648
Credit Suisse AG AT1 Claim			—				—				1,700,000				195,500	*(d)
Credit Suisse USA Inc., Senior Notes			7.125	%			7/15/32				40,000				44,887
Goldman Sachs Group Inc., Junior Subordinated Notes (7.500% to 2/10/29 then 5 year Treasury Constant Maturity Rate + 3.156%)			7.500	%			2/10/29				100,000				106,434	(b)(c)
Goldman Sachs Group Inc., Senior Notes			5.700	%			11/1/24				380,000				380,214
Goldman Sachs Group Inc., Senior Notes			6.250	%			2/1/41				570,000				621,133
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)			3.615	%			3/15/28				740,000				708,028	(c)
Goldman Sachs Group Inc., Subordinated Notes			6.750	%			10/1/37				640,000				699,542
Goldman Sachs Group Inc., Subordinated Notes			5.150	%			5/22/45				500,000				483,787
Intercontinental Exchange Inc., Senior Notes			4.950	%			6/15/52				250,000				236,270
Intercontinental Exchange Inc., Senior Notes			5.200	%			6/15/62				260,000				255,312
KKR Group Finance Co. III LLC, Senior Notes			5.125	%			6/1/44				820,000				758,118	(a)
KKR Group Finance Co. VI LLC, Senior Notes			3.750	%			7/1/29				70,000				65,373	(a)
KKR Group Finance Co. X LLC, Senior Notes			3.250	%			12/15/51				90,000				60,644	(a)
Morgan Stanley, Senior Notes			6.375	%			7/24/42				90,000				101,658
Morgan Stanley, Senior Notes (4.889% to 7/20/32 then SOFR + 2.076%)			4.889	%			7/20/33				280,000				271,674	(c)
Morgan Stanley, Subordinated Notes (5.297% to 4/20/32 then SOFR + 2.620%)			5.297	%			4/20/37				130,000				124,813	(c)
Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury Constant Maturity Rate + 2.430%)			5.948	%			1/19/38				100,000				100,284	(c)
Raymond James Financial Inc., Senior Notes			4.650	%			4/1/30				70,000				69,133
Raymond James Financial Inc., Senior Notes			4.950	%			7/15/46				90,000				82,864
State Street Corp., Junior Subordinated Notes (6.700% to 3/15/29 then 5 year Treasury Constant Maturity Rate + 2.613%)			6.700	%			3/15/29				250,000				254,306	(b)(c)

 

See Notes to Schedule of Investments.

 

10		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Capital Markets - (continued)
UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then USD 5 year SOFR ICE Swap Rate + 4.160%)			7.750	%			4/12/31			$	200,000			$	206,194	(a)(b)(c)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year Treasury Constant Maturity Rate + 4.758%)			9.250	%			11/13/33				290,000				328,001	(a)(b)(c)
UBS Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%)			4.194	%			4/1/31				250,000				232,293	(a)(c)
UBS Group AG, Senior Notes (6.301% to 9/22/33 then 1 year Treasury Constant Maturity Rate + 2.000%)			6.301	%			9/22/34				230,000				240,890	(a)(c)
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)			6.537	%			8/12/33				380,000				400,891	(a)(c)
UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%)			9.016	%			11/15/33				250,000				303,572	(a)(c)
Total Capital Markets															9,315,241
Consumer Finance - 0.1%
Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + 2.600%)			5.817	%			2/1/34				150,000				149,879	(c)
Financial Services - 2.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes			3.000	%			10/29/28				430,000				389,300
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes			3.850	%			10/29/41				540,000				427,973
Carlyle Finance LLC, Senior Notes			5.650	%			9/15/48				110,000				106,722	(a)
Carlyle Finance Subsidiary LLC, Senior Notes			3.500	%			9/19/29				150,000				138,970	(a)
Carlyle Holdings II Finance LLC, Senior Notes			5.625	%			3/30/43				220,000				214,684	(a)
Everest Reinsurance Holdings Inc., Senior Notes			3.500	%			10/15/50				140,000				98,309
ILFC E-Capital Trust I, Ltd. GTD (3 mo. Term SOFR + 1.812%)			7.145	%			12/21/65				470,000				368,285	(a)(c)
ILFC E-Capital Trust II, Ltd. GTD (3 mo. Term SOFR + 2.062%)			7.395	%			12/21/65				270,000				216,820	(a)(c)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes			2.875	%			10/15/26				160,000				147,977	(a)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes			4.000	%			10/15/33				140,000				118,730	(a)
SMBC Aviation Capital Finance DAC, Senior Notes			5.300	%			4/3/29				380,000				379,306	(a)(e)
Total Financial Services															2,607,076

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		11

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Insurance - 3.7%
Allianz SE, Junior Subordinated Notes (3.500% to 4/30/26 then 5 year Treasury Constant Maturity Rate + 2.973%)			3.500	%			11/17/25			$	200,000			$	186,001	(a)(b)(c)
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				488,890	(c)
American International Group Inc., Junior Subordinated Notes			6.250	%			3/15/37				80,000				73,598
American International Group Inc., Senior Notes			4.750	%			4/1/48				70,000				64,744
Americo Life Inc., Senior Notes			3.450	%			4/15/31				80,000				62,737	(a)
AXA SA, Subordinated Notes			8.600	%			12/15/30				200,000				236,378
Fidelity & Guaranty Life Holdings Inc., Senior Notes			5.500	%			5/1/25				230,000				228,129	(a)
Liberty Mutual Insurance Co., Subordinated Notes			7.875	%			10/15/26				490,000				510,823	(a)
Massachusetts Mutual Life Insurance Co., Subordinated Notes			4.900	%			4/1/77				260,000				220,255	(a)
MetLife Inc., Junior Subordinated Notes			6.400	%			12/15/36				1,150,000				1,179,374
New York Life Insurance Co., Subordinated Notes			4.450	%			5/15/69				90,000				73,442	(a)
Nippon Life Insurance Co., Subordinated Notes (2.750% to 1/21/31 then 5 year Treasury Constant Maturity Rate + 2.653%)			2.750	%			1/21/51				200,000				167,252	(a)(c)
Northwestern Mutual Life Insurance Co., Subordinated Notes			3.625	%			9/30/59				110,000				77,542	(a)
Prudential Financial Inc., Junior Subordinated Notes (6.500% to 3/15/34 then 5 year Treasury Constant Maturity Rate + 2.404%)			6.500	%			3/15/54				120,000				121,959	(c)
Prudential Financial Inc., Junior Subordinated Notes (6.750% to 3/1/33 then 5 year Treasury Constant Maturity Rate + 2.848%)			6.750	%			3/1/53				170,000				177,173	(c)
RenaissanceRe Holdings Ltd., Senior Notes			5.750	%			6/5/33				190,000				191,715
Teachers Insurance & Annuity Association of America, Subordinated Notes			6.850	%			12/16/39				400,000				455,223	(a)
Total Insurance															4,515,235
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
Blackstone Holdings Finance Co. LLC, Senior Notes			6.200	%			4/22/33				450,000				473,278	(a)
TOTAL FINANCIALS															41,094,862

 

See Notes to Schedule of Investments.

 

12		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
HEALTH CARE - 7.6%
Biotechnology - 1.5%
AbbVie Inc., Senior Notes			4.050	%			11/21/39			$	740,000			$	659,315
Amgen Inc., Senior Notes			5.250	%			3/2/33				740,000				746,560
Amgen Inc., Senior Notes			5.650	%			3/2/53				300,000				305,904
Amgen Inc., Senior Notes			5.750	%			3/2/63				110,000				112,282
Gilead Sciences Inc., Senior Notes			5.650	%			12/1/41				60,000				61,794
Gilead Sciences Inc., Senior Notes			4.750	%			3/1/46				50,000				45,958
Total Biotechnology															1,931,813
Health Care Equipment & Supplies - 0.4%
Abbott Laboratories, Senior Notes			4.900	%			11/30/46				90,000				87,913
Becton Dickinson & Co., Senior Notes			4.669	%			6/6/47				410,000				367,701
Total Health Care Equipment & Supplies															455,614
Health Care Providers & Services - 4.3%
Centene Corp., Senior Notes			4.250	%			12/15/27				100,000				95,423
Centene Corp., Senior Notes			4.625	%			12/15/29				360,000				342,034
Centene Corp., Senior Notes			3.375	%			2/15/30				500,000				442,786
Cigna Group, Senior Notes			4.800	%			8/15/38				340,000				319,593
CVS Health Corp., Senior Notes			4.100	%			3/25/25				530,000				523,528
CVS Health Corp., Senior Notes			4.300	%			3/25/28				540,000				527,140
CVS Health Corp., Senior Notes			4.780	%			3/25/38				570,000				526,643
CVS Health Corp., Senior Notes			5.125	%			7/20/45				340,000				313,537
CVS Health Corp., Senior Notes			5.050	%			3/25/48				560,000				508,917
Dartmouth-Hitchcock Health, Secured Bonds			4.178	%			8/1/48				100,000				80,561
Elevance Health Inc., Senior Notes			5.350	%			10/15/25				320,000				320,290
HCA Inc., Senior Notes			4.125	%			6/15/29				210,000				198,936
HCA Inc., Senior Notes			5.125	%			6/15/39				110,000				103,909
HCA Inc., Senior Notes			5.500	%			6/15/47				220,000				209,314
HCA Inc., Senior Notes			5.250	%			6/15/49				350,000				319,706
Humana Inc., Senior Notes			8.150	%			6/15/38				80,000				97,466
Humana Inc., Senior Notes			4.800	%			3/15/47				150,000				132,422
Inova Health System Foundation, Senior Notes			4.068	%			5/15/52				90,000				77,144
Orlando Health Obligated Group, Senior Notes			4.089	%			10/1/48				170,000				145,078
Total Health Care Providers & Services															5,284,427
Pharmaceuticals - 1.4%
Bausch Health Cos. Inc., Senior Notes			5.000	%			1/30/28				80,000				36,421	(a)
Bristol-Myers Squibb Co., Senior Notes			6.250	%			11/15/53				140,000				157,815
Pfizer Investment Enterprises Pte Ltd., Senior Notes			4.750	%			5/19/33				390,000				384,187

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		13

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Pharmaceuticals - (continued)
Pfizer Investment Enterprises Pte Ltd., Senior Notes			5.110	%			5/19/43			$	400,000			$	391,382
Pfizer Investment Enterprises Pte Ltd., Senior Notes			5.300	%			5/19/53				290,000				288,540
Pfizer Investment Enterprises Pte Ltd., Senior Notes			5.340	%			5/19/63				60,000				58,840
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes			7.125	%			1/31/25				200,000				201,274
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes			8.125	%			9/15/31				200,000				219,610
Zoetis Inc., Senior Notes			4.700	%			2/1/43				30,000				27,490
Total Pharmaceuticals															1,765,559
TOTAL HEALTH CARE															9,437,413
INDUSTRIALS - 5.9%
Aerospace & Defense - 1.9%
Avolon Holdings Funding Ltd., Senior Notes			3.950	%			7/1/24				140,000				139,201	(a)
Avolon Holdings Funding Ltd., Senior Notes			4.250	%			4/15/26				530,000				511,723	(a)
Boeing Co., Senior Notes			3.250	%			2/1/28				370,000				340,573
Boeing Co., Senior Notes			5.705	%			5/1/40				210,000				201,154
Boeing Co., Senior Notes			5.805	%			5/1/50				130,000				123,118
HEICO Corp., Senior Notes			5.350	%			8/1/33				240,000				240,913
Huntington Ingalls Industries Inc., Senior Notes			3.483	%			12/1/27				200,000				187,930
L3Harris Technologies Inc., Senior Notes			5.400	%			7/31/33				190,000				191,300
L3Harris Technologies Inc., Senior Notes			4.854	%			4/27/35				260,000				248,770
Lockheed Martin Corp., Senior Notes			4.500	%			5/15/36				40,000				38,032
RTX Corp., Senior Notes			4.625	%			11/16/48				110,000				97,861
Total Aerospace & Defense															2,320,575
Building Products - 0.1%
Carrier Global Corp., Senior Notes			3.577	%			4/5/50				100,000				74,590
Commercial Services & Supplies - 0.4%
Waste Connections Inc., Senior Notes			4.250	%			12/1/28				480,000				468,412
Construction & Engineering - 0.7%
Vinci SA, Senior Notes			3.750	%			4/10/29				890,000				852,150	(a)
Ground Transportation - 0.2%
Union Pacific Corp., Senior Notes			4.375	%			11/15/65				320,000				252,097
Industrial Conglomerates - 0.6%
General Electric Co., Senior Notes			6.875	%			1/10/39				94,000				111,660

 

See Notes to Schedule of Investments.

 

14		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Industrial Conglomerates - (continued)
Honeywell International Inc., Senior Notes			4.950	%			9/1/31			$	320,000			$	322,572
Honeywell International Inc., Senior Notes			5.000	%			2/15/33				350,000				354,162
Total Industrial Conglomerates															788,394
Machinery - 0.2%
Caterpillar Inc., Senior Notes			4.750	%			5/15/64				220,000				203,165
Passenger Airlines - 0.9%
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes			5.500	%			4/20/26				82,500				81,990	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes			5.750	%			4/20/29				110,000				108,212	(a)
Delta Air Lines Inc., Senior Secured Notes			7.000	%			5/1/25				260,000				263,499	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes			4.500	%			10/20/25				222,250				220,033	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes			4.750	%			10/20/28				180,000				176,110	(a)
Southwest Airlines Co., Senior Notes			5.125	%			6/15/27				190,000				189,708
United Airlines Pass-Through Trust			4.875	%			1/15/26				116,760				114,958
Total Passenger Airlines															1,154,510
Trading Companies & Distributors - 0.9%
Air Lease Corp., Senior Notes			5.850	%			12/15/27				320,000				325,075
Aircastle Ltd., Senior Notes			5.250	%			8/11/25				630,000				624,685	(a)
Aviation Capital Group LLC, Senior Notes			5.500	%			12/15/24				180,000				179,354	(a)
Total Trading Companies & Distributors															1,129,114
TOTAL INDUSTRIALS															7,243,007
INFORMATION TECHNOLOGY - 3.7%
Electronic Equipment, Instruments & Components - 0.3%
TD SYNNEX Corp., Senior Notes			1.250	%			8/9/24				380,000				373,882
IT Services - 0.3%
International Business Machines Corp., Senior Notes			3.500	%			5/15/29				110,000				103,640
Kyndryl Holdings Inc., Senior Notes			4.100	%			10/15/41				300,000				230,271
Total IT Services															333,911
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom Inc., Senior Notes			4.150	%			11/15/30				113,000				106,904
Broadcom Inc., Senior Notes			4.300	%			11/15/32				370,000				347,789
Broadcom Inc., Senior Notes			3.187	%			11/15/36				14,000				11,147	(a)
Broadcom Inc., Senior Notes			4.926	%			5/15/37				152,000				144,335	(a)
Foundry JV Holdco LLC, Senior Secured Notes			5.875	%			1/25/34				300,000				300,785	(a)
Intel Corp., Senior Notes			4.900	%			7/29/45				130,000				125,626

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		15

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Semiconductors & Semiconductor Equipment - (continued)
Intel Corp., Senior Notes			4.750	%			3/25/50			$	10,000			$	9,065
Intel Corp., Senior Notes			4.950	%			3/25/60				60,000				55,980
Intel Corp., Senior Notes			3.200	%			8/12/61				120,000				78,229
Micron Technology Inc., Senior Notes			3.366	%			11/1/41				30,000				22,306
NVIDIA Corp., Senior Notes			3.500	%			4/1/50				190,000				151,387
NVIDIA Corp., Senior Notes			3.700	%			4/1/60				80,000				63,847
Texas Instruments Inc., Senior Notes			4.600	%			2/15/28				250,000				250,215
Texas Instruments Inc., Senior Notes			3.875	%			3/15/39				270,000				241,822
Total Semiconductors & Semiconductor Equipment															1,909,437
Software - 1.2%
Microsoft Corp., Senior Notes			4.250	%			2/6/47				970,000				910,278
Oracle Corp., Senior Notes			3.950	%			3/25/51				310,000				236,375
Oracle Corp., Senior Notes			4.100	%			3/25/61				380,000				285,588
Total Software															1,432,241
Technology Hardware, Storage & Peripherals - 0.4%
Apple Inc., Senior Notes			3.850	%			8/4/46				340,000				287,878
Dell International LLC/EMC Corp., Senior Notes			8.100	%			7/15/36				120,000				145,166
Dell International LLC/EMC Corp., Senior Notes			8.350	%			7/15/46				30,000				38,842
Total Technology Hardware, Storage & Peripherals															471,886
TOTAL INFORMATION TECHNOLOGY															4,521,357
MATERIALS - 5.5%
Chemicals - 1.3%
Celanese US Holdings LLC, Senior Notes			5.900	%			7/5/24				310,000				310,091
Dow Chemical Co., Senior Notes			7.375	%			11/1/29				800,000				891,146
Ecolab Inc., Senior Notes			4.800	%			3/24/30				80,000				80,434
OCP SA, Senior Notes			3.750	%			6/23/31				200,000				170,985	(a)
Sociedad Quimica y Minera de Chile SA, Senior Notes			3.500	%			9/10/51				240,000				164,335	(a)
Total Chemicals															1,616,991
Metals & Mining - 3.8%
Anglo American Capital PLC, Senior Notes			4.000	%			9/11/27				500,000				477,411	(a)
ArcelorMittal SA, Senior Notes			4.550	%			3/11/26				470,000				462,742
ArcelorMittal SA, Senior Notes			6.550	%			11/29/27				160,000				166,119
Barrick North America Finance LLC, Senior Notes			5.700	%			5/30/41				50,000				51,288
Barrick PD Australia Finance Pty Ltd., Senior Notes			5.950	%			10/15/39				180,000				187,377
Freeport-McMoRan Inc., Senior Notes			5.450	%			3/15/43				210,000				201,229
Glencore Finance Canada Ltd., Senior Notes			6.900	%			11/15/37				430,000				470,899	(a)

 

See Notes to Schedule of Investments.

 

16		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Metals & Mining - (continued)
Glencore Finance Canada Ltd., Senior Notes			5.550	%			10/25/42			$	150,000			$	144,770	(a)
Glencore Funding LLC, Senior Notes			4.000	%			3/27/27				360,000				348,152	(a)
Glencore Funding LLC, Senior Notes			3.875	%			10/27/27				170,000				163,186	(a)
Glencore Funding LLC, Senior Notes			3.375	%			9/23/51				70,000				47,979	(a)
Southern Copper Corp., Senior Notes			5.250	%			11/8/42				470,000				445,751
Vale Overseas Ltd., Senior Notes			6.875	%			11/21/36				1,148,000				1,227,722
Yamana Gold Inc., Senior Notes			4.625	%			12/15/27				350,000				335,169
Yamana Gold Inc., Senior Notes			2.630	%			8/15/31				30,000				25,029
Total Metals & Mining															4,754,823
Paper & Forest Products - 0.4%
Georgia-Pacific LLC, Senior Notes			7.375	%			12/1/25				250,000				257,614
Suzano Austria GmbH, Senior Notes			3.125	%			1/15/32				230,000				191,213
Total Paper & Forest Products															448,827
TOTAL MATERIALS															6,820,641
REAL ESTATE - 0.7%
Diversified REITs - 0.2%
VICI Properties LP, Senior Notes			5.750	%			4/1/34				190,000				188,377
Health Care REITs - 0.2%
Welltower OP LLC, Senior Notes			4.125	%			3/15/29				320,000				306,533
Residential REITs - 0.1%
Invitation Homes Operating Partnership LP, Senior Notes			4.150	%			4/15/32				80,000				73,262
Retail REITs - 0.2%
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes			3.750	%			9/17/24				200,000				197,408	(a)
Specialized REITs - 0.0%††
Extra Space Storage LP, Senior Notes			3.900	%			4/1/29				60,000				56,545
TOTAL REAL ESTATE															822,125
UTILITIES - 3.1%
Electric Utilities - 3.1%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds			4.500	%			4/1/44				210,000				187,679
Comision Federal de Electricidad, Senior Notes			3.348	%			2/9/31				200,000				167,485	(a)
Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year Treasury Constant Maturity Rate + 4.698%)			5.375	%			3/15/26				270,000				261,951	(b)(c)
Enel Finance International NV, Senior Notes			6.800	%			10/14/25				330,000				336,734	(a)
Exelon Corp., Senior Notes			4.050	%			4/15/30				120,000				113,231
FirstEnergy Corp., Senior Notes			4.150	%			7/15/27				310,000				297,560

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		17

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Electric Utilities - (continued)
FirstEnergy Corp., Senior Notes			7.375	%			11/15/31			$	830,000			$	977,917
MidAmerican Energy Co., First Mortgage Bonds			3.650	%			4/15/29				150,000				142,747
Ohio Edison Co., Senior Notes			5.500	%			1/15/33				90,000				89,869	(a)
Pacific Gas and Electric Co., First Mortgage Bonds			3.300	%			8/1/40				20,000				14,700
Pacific Gas and Electric Co., First Mortgage Bonds			4.950	%			7/1/50				240,000				206,652
Pacific Gas and Electric Co., First Mortgage Bonds			6.750	%			1/15/53				140,000				152,708
PG&E Wildfire Recovery Funding LLC, Senior Secured Notes			5.081	%			6/1/41				120,000				119,474
PG&E Wildfire Recovery Funding LLC, Senior Secured Notes			5.212	%			12/1/47				30,000				29,937
Southern California Edison Co., First Mortgage Bonds			4.125	%			3/1/48				310,000				250,623
Virginia Electric & Power Co., Senior Notes			8.875	%			11/15/38				390,000				522,936
TOTAL UTILITIES															3,872,203
TOTAL CORPORATE BONDS & NOTES (Cost - $118,589,516)															115,147,768
SOVEREIGN BONDS - 3.8%
Argentina - 0.6%
Argentine Republic Government International Bond, Senior Notes			1.000	%			7/9/29				35,342				19,095
Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%)			3.625	%			7/9/35				412,972				172,246
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%)			6.375	%			9/1/37				1,329,161				546,554	(a)
Total Argentina															737,895
Brazil - 0.3%
Brazilian Government International Bond, Senior Notes			6.125	%			3/15/34				330,000				326,933
Canada - 0.6%
Province of Quebec Canada, Senior Notes			7.970	%			7/22/36				650,000				802,461
Chile - 0.1%
Chile Government International Bond, Senior Notes			2.550	%			7/27/33				200,000				162,916
Colombia - 0.6%
Colombia Government International Bond, Senior Notes			4.500	%			3/15/29				870,000				802,967

 

See Notes to Schedule of Investments.

 

18		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE				MATURITY DATE				FACE AMOUNT				VALUE
Indonesia - 0.2%
Indonesia Government International Bond, Senior Notes			4.350	%			1/11/48			$	240,000			$	210,001
Ivory Coast - 0.2%
Ivory Coast Government International Bond, Senior Notes			7.625	%			1/30/33				300,000				298,210	(a)
Kenya - 0.4%
Republic of Kenya Government International Bond, Senior Notes			8.000	%			5/22/32				460,000				432,460	(a)
Mexico - 0.8%
Mexico Government International Bond, Senior Notes			3.500	%			2/12/34				230,000				191,870
Mexico Government International Bond, Senior Notes			4.280	%			8/14/41				200,000				160,877
Mexico Government International Bond, Senior Notes			4.350	%			1/15/47				360,000				281,329
Mexico Government International Bond, Senior Notes			6.400	%			5/7/54				310,000				309,544
Total Mexico															943,620
TOTAL SOVEREIGN BONDS (Cost - $5,114,671)															4,717,463
MUNICIPAL BONDS - 1.1%
California - 0.7%
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				801,305
Regents of the University of California Medical Center Pooled Revenue, Series Q			4.563	%			5/15/53				110,000				100,473
Total California															901,778
Florida - 0.1%
Sumter Landing, FL, Community Development District Recreational Revenue, Taxable Community Development District			4.172	%			10/1/47				170,000				151,356
Illinois - 0.3%
Illinois State, GO, Taxable, Build America Bonds, Series 2010-3			6.725	%			4/1/35				286,154				301,905
TOTAL MUNICIPAL BONDS (Cost - $1,474,700)															1,355,039
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.2%
U.S. Government Obligations - 0.2%
U.S. Treasury Bonds			4.750	%			11/15/53				250,000				266,934
U.S. Treasury Notes			5.000	%			8/31/25				40,000				40,087
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $305,632)															307,021

 

See Notes to Schedule of Investments.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		19

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024
(Percentages shown based on Fund net assets)

 

SECURITY		RATE								SHARES				VALUE
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Insurance - 0.1%
Delphi Financial Group Inc. (3 mo. Term SOFR + 3.452%) (Cost - $143,068)			8.759	%							5,725			$	138,573	(c)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $125,627,587)															121,665,864
SHORT-TERM INVESTMENTS - 0.9%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $1,120,029)			5.271	%							1,120,029				1,120,029	(f)(g)
TOTAL INVESTMENTS - 99.2% (Cost - $126,747,616)															122,785,893
Other Assets in Excess of Liabilities - 0.8%															941,276
TOTAL NET ASSETS - 100.0%														$	123,727,169

 

††	Represents less than 0.1%.

 

*	Non-income producing security.

 

(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)	Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

 

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

 

(f)	Rate shown is one-day yield as of the end of the reporting period.

 

(g)

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 with the Fund. At March 31, 2024, the total market value of investments in Affiliated Companies was $1,120,029 and the cost was $1,120,029 (Note 2).

Abbreviation(s) used in this schedule:

 

GO		— General Obligation
GTD		— Guaranteed
ICE		— Intercontinental Exchange
JSC		— Joint Stock Company
LIBOR		— London Interbank Offered Rate
SOFR		— Secured Overnight Financing Rate
USD		— United States Dollar

 

See Notes to Schedule of Investments.

 

20		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)		March 31, 2024

 

At March 31, 2024, 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			43				6/24			$	8,808,352			$	8,792,828			$	(15,524	)
U.S. Treasury 5-Year Notes			51				6/24				5,451,529				5,457,797				6,268
U.S. Treasury Ultra Long-Term Bonds			23				6/24				2,918,486				2,967,000				48,514
																			39,258
Contracts to Sell:
U.S. Treasury 10-Year Notes			1				6/24				111,483				110,797				686
U.S. Treasury Long-Term Bonds			51				6/24				6,055,362				6,142,313				(86,951	)
U.S. Treasury Ultra 10-Year Notes			26				6/24				2,958,543				2,979,844				(21,301	)
																			(107,566	)
Net unrealized depreciation on open futures contracts																		$	(68,308	)

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. 2024 Quarterly Report		21

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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 diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. To a lesser extent, the Fund may also invest in privately placed debt securities and in certain equity securities. Capital appreciation is a secondary investment objective.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(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 typically 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 adviser to be unreliable, the market price may be determined by the adviser 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.

Pursuant to policies adopted by the Board of Directors, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser is assisted by the Global Fund Valuation Committee

 

22		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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Notes to Schedule of Investments (unaudited) (continued)

 

(the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s adviser and 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.

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.

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		23

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Notes to Schedule of Investments (unaudited) (continued)

 

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 – unadjusted 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.

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			—			$	115,147,768				—			$	115,147,768
Sovereign Bonds			—				4,717,463				—				4,717,463
Municipal Bonds			—				1,355,039				—				1,355,039
U.S. Government & Agency Obligations			—				307,021				—				307,021
Preferred Stocks			—				138,573				—				138,573
Total Long-Term Investments			—				121,665,864				—				121,665,864
Short-Term Investments†		$	1,120,029				—				—				1,120,029
Total Investments		$	1,120,029			$	121,665,864				—			$	122,785,893
Other Financial Instruments:
Futures Contracts††		$	55,468				—				—			$	55,468
Total		$	1,175,497			$	121,665,864				—			$	122,841,361
LIABILITIES
DESCRIPTION		QUOTED PRICES (LEVEL 1)				OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)				SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)				TOTAL
Other Financial Instruments:
Futures Contracts††		$	123,776				—				—			$	123,776

 

†	See Schedule of Investments for additional detailed categorizations.

 

††	Reflects the unrealized appreciation (depreciation) of the instruments.

 

24		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report

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Notes to Schedule of Investments (unaudited) (continued)

 

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 with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2024. The following transactions were effected in such company for the period ended March 31, 2024.

 

		Affiliate Value at December 31, 2023				Purchased								Sold								Realized Gain (Loss)				Dividend Income				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)				Affiliate Value at March 31, 2024
						Cost				Shares				Proceeds				Shares
Western Asset Premier Institutional Government Reserves, Premium Shares		$	1,282,190			$	3,874,117				3,874,117			$	4,036,278				4,036,278				—			$	18,189				—			$	1,120,029

 

		Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report		25

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