N-CSRS 1 waigif-efp17074_ncsrs.htm WESTERN ASSET INVESTMENT GRADE INCOME FUND INC (PAI) - N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02351

Western Asset Investment Grade Income Fund Inc.

(Exact name of registrant as specified in charter)

One Madison Avenue, 17th Floor, New York, NY 10010

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-777-0102

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

| ITEM 1. | REPORT TO STOCKHOLDERS

| (a) | The Report to Shareholders is filed herewith

Semi-Annual Report
June 30, 2025
WESTERN ASSET
INVESTMENT GRADE INCOME FUND INC. (PAI)

Fund objectives
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.
What’s inside

Letter from the president | III
Performance review | IV
Fund at a glance | 1
Schedule of investments | 2
Statement of assets and liabilities | 24
Statement of operations | 25
Statements of changes in net assets | 26
Financial highlights | 27
Notes to financial statements | 28
Board approval of management and subadvisory agreements | 39
Additional shareholder information | 42
Dividend reinvestment plan | 43

II
Western Asset Investment Grade Income Fund Inc.

Letter from the president
Dear Shareholder,
We are pleased to provide the semi-annual report of Western Asset Investment Grade Income Fund Inc. for the six-month reporting period ended June 30, 2025. Please read on for Fund performance information during the Fund’s reporting period.
As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:
•
Fund prices and performance,
•
Market insights and commentaries from our portfolio managers, and
•
A host of educational resources.
We look forward to helping you meet your financial goals.
Sincerely,
Jane Trust, CFA
President and Chief Executive Officer
July 31, 2025
Western Asset Investment Grade Income Fund Inc.

III

Performance review
For the six months ended June 30, 2025, Western Asset Investment Grade Income Fund Inc. returned 4.36% based on its net asset value (NAV)i and 6.34% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg U.S. Corporate High Yield Bond Index ii and the Bloomberg U.S. Credit Index iii, returned 4.57% and 4.22%, respectively, for the same period.
The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV.
During the six-month period, the Fund made distributions to shareholders totaling $0.31 per share. As of June 30, 2025, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of June 30, 2025. Past performance is no guarantee of future results.

Performance Snapshot as of June 30, 2025 (unaudited)
Price Per Share | 6-Month Total Return**
$13.14 (NAV) | 4.36 %†
$12.98 (Market Price) | 6.34 %‡

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.
** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.
† Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.
‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.
Looking for additional information?
The Fund is traded under the symbol “PAI” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol “XPAIX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund
*
This estimate is not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.

IV
Western Asset Investment Grade Income Fund Inc.

issues a quarterly press release that can be found on most major financial websites as well as www.franklintempleton.com.
In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.
Thank you for your investment in the Western Asset Investment Grade Income Fund Inc. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.
Sincerely,
Jane Trust, CFA
President and Chief Executive Officer
July 31, 2025
RISKS: The Fund is a diversified closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. The Fund’s common stock is traded on the NYSE. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Diversification does not assure against market loss. The Fund’s investments are subject to a number of risks, including interest rate, credit and inflation risks. As interest rates rise, bond prices fall, reducing the value of a fixed income investment’s price. The Fund may invest in high yield bonds (commonly known as “junk” bonds), which are rated below investment grade and carry more risk than higher-rated securities. To the extent that the Fund invests in asset-backed, mortgage-backed or mortgage-related securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities. Leverage may result in greater volatility of NAV and the market price of the shares of the Fund’s common stock and increases a shareholder’s risk of loss. The Fund may invest, to a limited extent, in foreign securities, including emerging or developing markets. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations and social, political, and economic uncertainties which could result in significant volatility. These risks are magnified in emerging or developing markets. Emerging or developing market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market
Western Asset Investment Grade Income Fund Inc.

V

Performance review (cont’d)
conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The Fund may also invest in money market funds, including funds affiliated with the Fund’s investment advisers. For more information on Fund risks, see Summary of information regarding the Fund - Principal Risk Factors in this report.
This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.
All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.
i
Net asset value (NAV) is calculated by subtracting total liabilities and outstanding preferred stock (if any) from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the shares of common stock outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.
ii
The Bloomberg U.S. Corporate High Yield Bond Index covers the universe of fixed-rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures and 144A securities are also included.
iii
The Bloomberg U.S. Credit Index is an index composed of corporate and non-corporate debt issues that are investment grade (rated Baa3/BBB- or higher).
Important data provider notices and terms available at www.franklintempletondatasources.com.

VI
Western Asset Investment Grade Income Fund Inc.

Fund at a glance† (unaudited)
Investment breakdown (%) as a percent of total investments
†
The bar graph above represents the composition of the Fund’s investments as of June 30, 2025, and December 31, 2024, and does not include derivatives, such as futures contracts. The Fund’s portfolio is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

1

Schedule of investments (unaudited)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Corporate Bonds & Notes — 91.3%
Communication Services — 8.0%
Diversified Telecommunication Services — 1.9%
AT&T Inc., Senior Notes | 4.300% | 2/15/30 | $80,000 | $79,766
AT&T Inc., Senior Notes | 5.375% | 8/15/35 | 290,000 | 295,406
AT&T Inc., Senior Notes | 6.350% | 3/15/40 | 50,000 | 51,717
AT&T Inc., Senior Notes | 4.900% | 6/15/42 | 150,000 | 131,634
AT&T Inc., Senior Notes | 4.800% | 6/15/44 | 210,000 | 187,140
AT&T Inc., Senior Notes | 4.550% | 3/9/49 | 310,000 | 256,592
AT&T Inc., Senior Notes | 3.300% | 2/1/52 | 120,000 | 79,396
AT&T Inc., Senior Notes | 3.500% | 9/15/53 | 130,000 | 88,060
AT&T Inc., Senior Notes | 6.050% | 8/15/56 | 50,000 | 51,062
AT&T Inc., Senior Notes | 3.800% | 12/1/57 | 130,000 | 91,048
AT&T Inc., Senior Notes | 3.500% | 2/1/61 | 70,000 | 45,049
British Telecommunications PLC, Senior Notes | 9.625% | 12/15/30 | 70,000 | 86,129
Telefonica Emisiones SA, Senior Notes | 7.045% | 6/20/36 | 60,000 | 66,650
Telefonica Europe BV, Senior Notes | 8.250% | 9/15/30 | 230,000 | 265,981
Verizon Communications Inc., Senior Notes | 5.500% | 3/16/47 | 630,000 | 613,719
Total Diversified Telecommunication Services | 2,389,349
Entertainment — 0.4%
Flutter Treasury DAC, Senior Secured Notes | 5.875% | 6/4/31 | 210,000 | 211,706 (a)
Walt Disney Co., Senior Notes | 7.750% | 12/1/45 | 130,000 | 164,002
Warnermedia Holdings Inc., Senior Notes | 5.141% | 3/15/52 | 125,000 | 77,813
Total Entertainment | 453,521
Interactive Media & Services — 0.2%
Alphabet Inc., Senior Notes | 5.250% | 5/15/55 | 250,000 | 246,400
Media — 3.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | 4.500% | 5/1/32 | 580,000 | 540,483
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 6.384% | 10/23/35 | 110,000 | 115,590
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 3.500% | 3/1/42 | 80,000 | 57,078
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 6.484% | 10/23/45 | 260,000 | 257,794
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 5.375% | 5/1/47 | 350,000 | 303,985

See Notes to Financial Statements.

2
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(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 | 5.750% | 4/1/48 | $70,000 | $63,704
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 3.900% | 6/1/52 | 160,000 | 109,902
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 3.950% | 6/30/62 | 80,000 | 51,586
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes | 5.500% | 4/1/63 | 210,000 | 177,702
Comcast Corp., Senior Notes | 6.450% | 3/15/37 | 220,000 | 242,011
Comcast Corp., Senior Notes | 6.950% | 8/15/37 | 160,000 | 182,750
Comcast Corp., Senior Notes | 6.400% | 5/15/38 | 950,000 | 1,014,559
Comcast Corp., Senior Notes | 6.050% | 5/15/55 | 200,000 | 204,362
DISH DBS Corp., Senior Secured Notes | 5.750% | 12/1/28 | 160,000 | 138,800 (a)
Fox Corp., Senior Notes | 5.476% | 1/25/39 | 510,000 | 499,426
Time Warner Cable Enterprises LLC, Senior Secured Notes | 8.375% | 7/15/33 | 410,000 | 477,626
Time Warner Cable LLC, Senior Secured Notes | 6.550% | 5/1/37 | 180,000 | 186,001
Time Warner Cable LLC, Senior Secured Notes | 7.300% | 7/1/38 | 200,000 | 218,219
Time Warner Cable LLC, Senior Secured Notes | 6.750% | 6/15/39 | 10,000 | 10,372
Time Warner Cable LLC, Senior Secured Notes | 5.500% | 9/1/41 | 50,000 | 45,494
Total Media | 4,897,444
Wireless Telecommunication Services — 1.6%
America Movil SAB de CV, Senior Notes | 6.125% | 3/30/40 | 850,000 | 888,048
SoftBank Corp., Senior Notes | 5.332% | 7/9/35 | 400,000 | 400,000 (a)(b)
T-Mobile USA Inc., Senior Notes | 4.500% | 4/15/50 | 210,000 | 173,759
T-Mobile USA Inc., Senior Notes | 3.400% | 10/15/52 | 230,000 | 153,781
T-Mobile USA Inc., Senior Notes | 5.875% | 11/15/55 | 230,000 | 230,067
Vodafone Group PLC, Senior Notes | 5.250% | 5/30/48 | 210,000 | 193,294
Vodafone Group PLC, Senior Notes | 4.250% | 9/17/50 | 10,000 | 7,800
Total Wireless Telecommunication Services | 2,046,749
Total Communication Services | 10,033,463
Consumer Discretionary — 6.3%
Automobile Components — 0.4%
ZF North America Capital Inc., Senior Notes | 6.750% | 4/23/30 | 560,000 | 538,478 (a)
Automobiles — 1.6%
Ford Motor Co., Senior Notes | 3.250% | 2/12/32 | 290,000 | 244,606

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

3

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Automobiles — continued
Ford Motor Credit Co. LLC, Senior Notes | 2.700% | 8/10/26 | $400,000 | $389,550
General Motors Co., Senior Notes | 6.125% | 10/1/25 | 120,000 | 120,219
General Motors Co., Senior Notes | 6.600% | 4/1/36 | 170,000 | 180,174
General Motors Co., Senior Notes | 6.750% | 4/1/46 | 270,000 | 275,952
Hyundai Capital America, Senior Notes | 5.250% | 1/8/27 | 200,000 | 201,918 (a)
Volkswagen Group of America Finance LLC, Senior Notes | 5.250% | 3/22/29 | 620,000 | 627,488 (a)
Total Automobiles | 2,039,907
Broadline Retail — 0.5%
Alibaba Group Holding Ltd., Senior Notes | 5.250% | 5/26/35 | 320,000 | 323,722 (a)
Amazon.com Inc., Senior Notes | 3.950% | 4/13/52 | 330,000 | 260,632
Total Broadline Retail | 584,354
Diversified Consumer Services — 0.2%
California Institute of Technology, Senior Notes | 3.650% | 9/1/2119 | 110,000 | 69,594
Washington University, Senior Notes | 3.524% | 4/15/54 | 90,000 | 64,588
Washington University, Senior Notes | 4.349% | 4/15/2122 | 110,000 | 84,136
Total Diversified Consumer Services | 218,318
Hotels, Restaurants & Leisure — 2.7%
Carnival Corp., Senior Notes | 5.750% | 3/1/27 | 430,000 | 433,819 (a)
Carnival Corp., Senior Notes | 5.750% | 3/15/30 | 500,000 | 508,783 (a)
Carnival Corp., Senior Secured Notes | 7.875% | 6/1/27 | 160,000 | 169,336
Full House Resorts Inc., Senior Secured Notes | 8.250% | 2/15/28 | 310,000 | 301,434 (a)
International Game Technology PLC, Senior Secured Notes | 5.250% | 1/15/29 | 290,000 | 287,581 (a)
McDonald’s Corp., Senior Notes | 4.875% | 12/9/45 | 230,000 | 207,644
McDonald’s Corp., Senior Notes | 4.450% | 9/1/48 | 10,000 | 8,333
Melco Resorts Finance Ltd., Senior Notes | 7.625% | 4/17/32 | 200,000 | 202,304 (a)
Royal Caribbean Cruises Ltd., Senior Notes | 3.700% | 3/15/28 | 270,000 | 263,115
Sands China Ltd., Senior Notes | 5.400% | 8/8/28 | 200,000 | 201,616
Sands China Ltd., Senior Notes | 4.375% | 6/18/30 | 200,000 | 191,303
Sands China Ltd., Senior Notes | 3.250% | 8/8/31 | 330,000 | 291,415
Wynn Macau Ltd., Senior Notes | 5.500% | 10/1/27 | 240,000 | 239,575 (a)
Total Hotels, Restaurants & Leisure | 3,306,258
Household Durables — 0.3%
Lennar Corp., Senior Notes | 5.000% | 6/15/27 | 190,000 | 191,398
MDC Holdings Inc., Senior Notes | 6.000% | 1/15/43 | 200,000 | 181,111
Total Household Durables | 372,509

See Notes to Financial Statements.

4
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Specialty Retail — 0.6%
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | 11.500% | 8/15/29 | $200,000 | $195,897 (a)
Home Depot Inc., Senior Notes | 3.625% | 4/15/52 | 270,000 | 196,719
Lithia Motors Inc., Senior Notes | 3.875% | 6/1/29 | 190,000 | 181,352 (a)
Lowe’s Cos. Inc., Senior Notes | 4.250% | 4/1/52 | 280,000 | 219,376
Total Specialty Retail | 793,344
Total Consumer Discretionary | 7,853,168
Consumer Staples — 3.8%
Beverages — 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | 4.900% | 2/1/46 | 840,000 | 770,593
Anheuser-Busch InBev Worldwide Inc., Senior Notes | 4.600% | 4/15/48 | 70,000 | 62,312
Coca-Cola Co., Senior Notes | 4.200% | 3/25/50 | 110,000 | 91,886
Total Beverages | 924,791
Consumer Staples Distribution & Retail — 0.1%
Kroger Co., Senior Notes | 5.500% | 9/15/54 | 130,000 | 123,490
Food Products — 1.1%
Gruma SAB de CV, Senior Notes | 5.390% | 12/9/34 | 200,000 | 201,319 (a)
J M Smucker Co., Senior Notes | 6.200% | 11/15/33 | 230,000 | 246,979
JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, Senior Notes | 5.950% | 4/20/35 | 300,000 | 311,094 (a)
JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, Senior Notes | 6.375% | 2/25/55 | 140,000 | 143,863 (a)
Kraft Heinz Foods Co., Senior Notes | 5.000% | 6/4/42 | 110,000 | 99,298
Mars Inc., Senior Notes | 5.650% | 5/1/45 | 110,000 | 110,330 (a)
Mars Inc., Senior Notes | 5.700% | 5/1/55 | 240,000 | 239,585 (a)
Total Food Products | 1,352,468
Tobacco — 1.9%
Altria Group Inc., Senior Notes | 4.800% | 2/14/29 | 870,000 | 879,883
Altria Group Inc., Senior Notes | 3.875% | 9/16/46 | 330,000 | 244,272
BAT Capital Corp., Senior Notes | 6.250% | 8/15/55 | 110,000 | 111,486
Imperial Brands Finance PLC, Senior Notes | 6.125% | 7/27/27 | 330,000 | 340,765 (a)
Philip Morris International Inc., Senior Notes | 4.500% | 3/20/42 | 100,000 | 88,170
Reynolds American Inc., Senior Notes | 8.125% | 5/1/40 | 270,000 | 319,226
Reynolds American Inc., Senior Notes | 7.000% | 8/4/41 | 320,000 | 335,739
Reynolds American Inc., Senior Notes | 5.850% | 8/15/45 | 90,000 | 86,903
Total Tobacco | 2,406,444
Total Consumer Staples | 4,807,193

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

5

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Energy — 11.8%
Energy Equipment & Services — 0.2%
Halliburton Co., Senior Notes | 5.000% | 11/15/45 | $200,000 | $177,157
Oil, Gas & Consumable Fuels — 11.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Senior Notes | 6.625% | 2/1/32 | 250,000 | 258,390 (a)
Antero Resources Corp., Senior Notes | 5.375% | 3/1/30 | 130,000 | 130,914 (a)
APA Corp., Senior Notes | 6.000% | 1/15/37 | 106,000 | 96,336 (a)
APA Corp., Senior Notes | 5.250% | 2/1/42 | 39,000 | 31,225 (a)
BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year Treasury Constant Maturity Rate + 1.924%) | 6.125% | 3/18/35 | 120,000 | 120,102 (c)(d)
Cameron LNG LLC, Senior Secured Notes | 3.302% | 1/15/35 | 20,000 | 17,155 (a)
Cheniere Energy Partners LP, Senior Notes | 3.250% | 1/31/32 | 220,000 | 197,333
Cheniere Energy Partners LP, Senior Notes | 5.550% | 10/30/35 | 50,000 | 50,412 (a)(b)
Columbia Pipelines Operating Co. LLC, Senior Notes | 6.036% | 11/15/33 | 290,000 | 304,458 (a)
ConocoPhillips, Senior Notes | 6.500% | 2/1/39 | 810,000 | 903,965
Continental Resources Inc., Senior Notes | 4.375% | 1/15/28 | 60,000 | 59,181
Continental Resources Inc., Senior Notes | 4.900% | 6/1/44 | 80,000 | 62,927
Devon Energy Corp., Senior Notes | 5.600% | 7/15/41 | 320,000 | 296,291
Devon Energy Corp., Senior Notes | 5.750% | 9/15/54 | 130,000 | 117,142
Diamondback Energy Inc., Senior Notes | 6.250% | 3/15/53 | 230,000 | 227,679
Ecopetrol SA, Senior Notes | 5.875% | 11/2/51 | 260,000 | 171,399
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 | 330,000 | 336,984 (c)(d)
Energy Transfer LP, Senior Notes | 5.250% | 4/15/29 | 30,000 | 30,733
Energy Transfer LP, Senior Notes | 8.250% | 11/15/29 | 160,000 | 181,296
Energy Transfer LP, Senior Notes | 6.625% | 10/15/36 | 20,000 | 21,595
Energy Transfer LP, Senior Notes | 5.800% | 6/15/38 | 40,000 | 40,170
Enterprise Products Operating LLC, Senior Notes | 6.125% | 10/15/39 | 320,000 | 341,039
Enterprise Products Operating LLC, Senior Notes | 5.550% | 2/16/55 | 360,000 | 347,665
Enterprise Products Operating LLC, Senior Notes | 3.950% | 1/31/60 | 100,000 | 72,849
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 | 424,023 (d)
EOG Resources Inc., Senior Notes | 4.375% | 4/15/30 | 120,000 | 120,002
Expand Energy Corp., Senior Notes | 6.750% | 4/15/29 | 170,000 | 172,141 (a)
Expand Energy Corp., Senior Notes | 5.700% | 1/15/35 | 70,000 | 71,059

See Notes to Financial Statements.

6
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Oil, Gas & Consumable Fuels — continued
Greensaif Pipelines Bidco Sarl, Senior Secured Notes | 6.103% | 8/23/42 | $350,000 | $350,509 (a)
KazMunayGas National Co. JSC, Senior Notes | 3.500% | 4/14/33 | 200,000 | 173,736 (a)
Kinder Morgan Inc., Senior Notes | 7.800% | 8/1/31 | 2,000,000 | 2,305,325
Occidental Petroleum Corp., Senior Notes | 7.500% | 5/1/31 | 465,000 | 512,125
Occidental Petroleum Corp., Senior Notes | 7.875% | 9/15/31 | 190,000 | 213,117
ONEOK Inc., Senior Notes | 6.050% | 9/1/33 | 460,000 | 482,870
ONEOK Inc., Senior Notes | 6.625% | 9/1/53 | 10,000 | 10,402
Petrobras Global Finance BV, Senior Notes | 7.375% | 1/17/27 | 190,000 | 197,228
Petrobras Global Finance BV, Senior Notes | 6.900% | 3/19/49 | 140,000 | 133,094
Petrobras Global Finance BV, Senior Notes | 5.500% | 6/10/51 | 100,000 | 77,472
Petrobras Global Finance BV, Senior Notes | 6.850% | 6/5/2115 | 300,000 | 267,622
Phillips 66, Senior Notes | 5.875% | 5/1/42 | 160,000 | 158,968
Saudi Arabian Oil Co., Senior Notes | 6.375% | 6/2/55 | 520,000 | 520,346 (a)
Shell International Finance BV, Senior Notes | 6.375% | 12/15/38 | 250,000 | 277,538
Targa Resources Corp., Senior Notes | 5.500% | 2/15/35 | 300,000 | 301,196
Targa Resources Corp., Senior Notes | 4.950% | 4/15/52 | 160,000 | 133,642
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | 6.875% | 1/15/29 | 490,000 | 499,844
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | 7.850% | 2/1/26 | 470,000 | 474,861
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | 7.250% | 12/1/26 | 230,000 | 237,672
Transcontinental Gas Pipe Line Co. LLC, Senior Notes | 5.400% | 8/15/41 | 310,000 | 297,283
Venture Global Plaquemines LNG LLC, Senior Secured Notes | 6.750% | 1/15/36 | 80,000 | 80,000 (a)(b)
Western Midstream Operating LP, Senior Notes | 4.750% | 8/15/28 | 680,000 | 679,943
Western Midstream Operating LP, Senior Notes | 4.050% | 2/1/30 | 90,000 | 86,590
Williams Cos. Inc., Senior Notes | 7.500% | 1/15/31 | 47,000 | 53,209
Williams Cos. Inc., Senior Notes | 7.750% | 6/15/31 | 37,000 | 42,187
Williams Cos. Inc., Senior Notes | 8.750% | 3/15/32 | 610,000 | 734,538
Williams Cos. Inc., Senior Notes | 3.500% | 10/15/51 | 50,000 | 34,314
Total Oil, Gas & Consumable Fuels | 14,540,096
Total Energy | 14,717,253
Financials — 34.5%
Banks — 18.8%
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 | 198,107 (a)(c)(d)

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

7

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Banks — continued
Banco Mercantil del Norte SA, Junior Subordinated Notes (8.750% to 5/20/35 then 10 year Treasury Constant Maturity Rate + 4.299%) | 8.750% | 5/20/35 | $200,000 | $202,212 (a)(c)(d)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Mexico, SAB de CV, Senior Notes | 5.621% | 12/10/29 | 200,000 | 204,200 (a)
Banco Santander SA, Senior Notes | 5.294% | 8/18/27 | 400,000 | 406,825
Banco Santander SA, Senior Notes | 3.490% | 5/28/30 | 200,000 | 190,390
Bank of America Corp., Senior Notes | 5.875% | 2/7/42 | 320,000 | 334,666
Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR + 1.310%) | 5.511% | 1/24/36 | 460,000 | 473,154 (d)
Bank of America Corp., Subordinated Notes | 6.110% | 1/29/37 | 320,000 | 338,134
Bank of America Corp., Subordinated Notes | 7.750% | 5/14/38 | 900,000 | 1,075,014
Bank of America Corp., Subordinated Notes (5.518% to 10/25/34 then SOFR + 1.738%) | 5.518% | 10/25/35 | 610,000 | 610,283 (d)
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 | 382,666 (d)
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 | 369,279 (d)
Barclays PLC, Senior Notes (5.785% to 2/25/35 then SOFR + 1.590%) | 5.785% | 2/25/36 | 230,000 | 235,197 (d)
Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%) | 5.088% | 6/20/30 | 640,000 | 643,247 (d)
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 | 996,371 (a)(c)(d)
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 | 284,859 (a)(d)
BNP Paribas SA, Senior Notes (5.786% to 1/13/32 then SOFR + 1.620%) | 5.786% | 1/13/33 | 250,000 | 260,228 (a)(d)
BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%) | 6.714% | 10/19/29 | 350,000 | 370,777 (a)(d)
CaixaBank SA, Senior Notes (5.581% to 7/3/35 then SOFR + 1.790%) | 5.581% | 7/3/36 | 420,000 | 424,469 (a)(b)(d)
Citigroup Inc., Senior Notes | 8.125% | 7/15/39 | 251,000 | 316,260
Citigroup Inc., Senior Notes | 5.875% | 1/30/42 | 240,000 | 248,317
Citigroup Inc., Subordinated Notes | 6.125% | 8/25/36 | 404,000 | 418,218
Citigroup Inc., Subordinated Notes | 6.675% | 9/13/43 | 370,000 | 403,965

See Notes to Financial Statements.

8
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Banks — continued
Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%) | 6.174% | 5/25/34 | $250,000 | $261,808 (d)
Cooperatieve Rabobank UA, Senior Notes | 5.750% | 12/1/43 | 450,000 | 453,902
Cooperatieve Rabobank UA, Senior Notes | 5.250% | 8/4/45 | 340,000 | 321,408
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 | 1,053,879 (a)(c)(d)
Credit Agricole SA, Senior Notes (6.316% to 10/3/28 then SOFR + 1.860%) | 6.316% | 10/3/29 | 290,000 | 304,855 (a)(d)
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 | 292,337 (c)(d)
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 | 302,663 (c)(d)
HSBC Holdings PLC, Senior Notes | 4.950% | 3/31/30 | 200,000 | 203,455
HSBC Holdings PLC, Senior Notes (5.450% to 3/3/35 then SOFR + 1.560%) | 5.450% | 3/3/36 | 370,000 | 372,178 (d)
HSBC Holdings PLC, Senior Notes (5.546% to 3/4/29 then SOFR + 1.460%) | 5.546% | 3/4/30 | 340,000 | 350,191 (d)
HSBC Holdings PLC, Senior Notes (6.254% to 3/9/33 then SOFR + 2.390%) | 6.254% | 3/9/34 | 840,000 | 899,076 (d)
HSBC Holdings PLC, Subordinated Notes | 7.625% | 5/17/32 | 70,000 | 79,301
HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%) | 4.762% | 3/29/33 | 400,000 | 391,799 (d)
ING Groep NV, Senior Notes (5.525% to 3/25/35 then SOFR + 1.610%) | 5.525% | 3/25/36 | 260,000 | 264,797 (d)
Intesa Sanpaolo SpA, Senior Notes | 7.000% | 11/21/25 | 200,000 | 201,593 (a)
Intesa Sanpaolo SpA, Senior Notes | 7.800% | 11/28/53 | 200,000 | 234,067 (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 | 247,041 (a)(d)
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 | 39,520 (d)
JPMorgan Chase & Co., Senior Notes (5.534% to 11/29/44 then SOFR + 1.550%) | 5.534% | 11/29/45 | 310,000 | 310,901 (d)
JPMorgan Chase & Co., Subordinated Notes | 5.625% | 8/16/43 | 440,000 | 444,436
JPMorgan Chase & Co., Subordinated Notes | 4.950% | 6/1/45 | 490,000 | 447,668
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 | 371,918 (c)(d)

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

9

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Banks — continued
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 | $285,418 (c)(d)
NatWest Group PLC, Senior Notes (5.115% to 5/23/30 then 1 year Treasury Constant Maturity Rate + 1.050%) | 5.115% | 5/23/31 | 410,000 | 416,857 (d)
PNC Financial Services Group Inc., Senior Notes (4.812% to 10/21/31 then SOFR + 1.259%) | 4.812% | 10/21/32 | 440,000 | 441,149 (d)
Societe Generale SA, Senior Notes (6.100% to 4/13/32 then 1 year Treasury Constant Maturity Rate + 1.600%) | 6.100% | 4/13/33 | 220,000 | 228,839 (a)(d)
Standard Chartered PLC, Subordinated Notes | 5.700% | 3/26/44 | 410,000 | 395,788 (a)
Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 1.190%) | 5.567% | 7/8/31 | 370,000 | 370,000 (b)(d)
Swedbank AB, Senior Notes | 5.407% | 3/14/29 | 310,000 | 320,053 (a)
Synovus Financial Corp., Senior Notes (6.168% to 11/1/29 then SOFR + 2.347%) | 6.168% | 11/1/30 | 170,000 | 174,452 (d)
Toronto-Dominion Bank, Junior Subordinated Notes (7.250% to 7/31/29 then 5 year Treasury Constant Maturity Rate + 2.977%) | 7.250% | 7/31/84 | 200,000 | 205,751 (d)
Truist Financial Corp., Senior Notes (5.867% to 6/8/33 then SOFR + 2.361%) | 5.867% | 6/8/34 | 160,000 | 167,210 (d)
Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR + 2.446%) | 7.161% | 10/30/29 | 230,000 | 248,832 (d)
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | 5.836% | 6/12/34 | 300,000 | 315,233 (d)
Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%) | 4.611% | 4/25/53 | 380,000 | 324,073 (d)
Wells Fargo & Co., Senior Notes (5.211% to 12/3/34 then SOFR + 1.380%) | 5.211% | 12/3/35 | 680,000 | 682,885 (d)
Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%) | 5.557% | 7/25/34 | 450,000 | 464,582 (d)
Wells Fargo & Co., Senior Notes (5.605% to 4/23/35 then SOFR + 1.740%) | 5.605% | 4/23/36 | 230,000 | 237,500 (d)
Wells Fargo & Co., Subordinated Notes | 5.375% | 11/2/43 | 430,000 | 408,090
Wells Fargo & Co., Subordinated Notes | 4.750% | 12/7/46 | 580,000 | 497,527
Westpac Banking Corp., Subordinated Notes | 4.421% | 7/24/39 | 110,000 | 99,946
Total Banks | 23,519,816
Capital Markets — 6.9%
Ares Capital Corp., Senior Notes | 5.500% | 9/1/30 | 490,000 | 488,611
Ares Management Corp., Senior Notes | 5.600% | 10/11/54 | 180,000 | 170,064

See Notes to Financial Statements.

10
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Capital Markets — continued
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 | $297,251 (c)(d)
Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%) | 5.853% | 5/19/34 | 260,000 | 276,298 (d)
Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%) | 6.136% | 8/24/34 | 600,000 | 649,426 (d)
CI Financial Corp., Senior Notes | 7.500% | 5/30/29 | 420,000 | 443,353 (a)
CI Financial Corp., Senior Notes | 3.200% | 12/17/30 | 260,000 | 229,470
CME Group Inc., Senior Notes | 5.300% | 9/15/43 | 440,000 | 441,566
Credit Suisse AG AT1 Claim | — | — | 1,700,000 | 0 *(e)(f)(g)
Credit Suisse USA LLC, Senior Notes | 7.125% | 7/15/32 | 40,000 | 45,569
Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 then 5 year Treasury Constant Maturity Rate + 2.461%) | 6.850% | 2/10/30 | 160,000 | 165,518 (c)(d)
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 | 106,438 (c)(d)
Goldman Sachs Group Inc., Senior Notes | 6.250% | 2/1/41 | 570,000 | 609,767
Goldman Sachs Group Inc., Senior Notes (5.536% to 1/28/35 then SOFR + 1.380%) | 5.536% | 1/28/36 | 350,000 | 359,058 (d)
Goldman Sachs Group Inc., Subordinated Notes | 6.750% | 10/1/37 | 640,000 | 703,085
Goldman Sachs Group Inc., Subordinated Notes | 5.150% | 5/22/45 | 500,000 | 449,550
Intercontinental Exchange Inc., Senior Notes | 4.950% | 6/15/52 | 250,000 | 226,417
Intercontinental Exchange Inc., Senior Notes | 5.200% | 6/15/62 | 260,000 | 243,649
KKR Group Finance Co. X LLC, Senior Notes | 3.250% | 12/15/51 | 90,000 | 57,829 (a)
Morgan Stanley, Senior Notes | 6.375% | 7/24/42 | 90,000 | 98,426
Morgan Stanley, Senior Notes (5.664% to 4/17/35 then SOFR + 1.757%) | 5.664% | 4/17/36 | 210,000 | 217,694 (d)
Morgan Stanley, Subordinated Notes (5.297% to 4/20/32 then SOFR + 2.620%) | 5.297% | 4/20/37 | 130,000 | 129,565 (d)
Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury Constant Maturity Rate + 2.430%) | 5.948% | 1/19/38 | 50,000 | 51,456 (d)
Raymond James Financial Inc., Senior Notes | 4.650% | 4/1/30 | 70,000 | 70,951
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 | 261,698 (c)(d)

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

11

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(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 | $211,053 (a)(c)(d)
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 | 336,084 (a)(c)(d)
UBS Group AG, Senior Notes (5.580% to 5/9/35 then SOFR + 1.760%) | 5.580% | 5/9/36 | 340,000 | 347,821 (a)(d)
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 | 247,098 (a)(d)
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) | 6.537% | 8/12/33 | 380,000 | 413,464 (a)(d)
UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) | 9.016% | 11/15/33 | 250,000 | 309,193 (a)(d)
Total Capital Markets | 8,657,422
Consumer Finance — 0.4%
American Express Co., Senior Notes (5.667% to 4/25/35 then SOFR + 1.790%) | 5.667% | 4/25/36 | 270,000 | 279,698 (d)
Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + 2.600%) | 5.817% | 2/1/34 | 150,000 | 154,804 (d)
Total Consumer Finance | 434,502
Financial Services — 2.2%
Apollo Global Management Inc., Senior Notes (6.000% to 12/15/34 then 5 year Treasury Constant Maturity Rate + 2.168%) | 6.000% | 12/15/54 | 60,000 | 58,658 (d)
Carlyle Finance LLC, Senior Notes | 5.650% | 9/15/48 | 110,000 | 104,736 (a)
Citadel LP, Senior Notes | 6.000% | 1/23/30 | 60,000 | 62,060 (a)
Citadel LP, Senior Notes | 6.375% | 1/23/32 | 160,000 | 167,165 (a)
Everest Reinsurance Holdings Inc., Senior Notes | 3.500% | 10/15/50 | 140,000 | 95,714
ILFC E-Capital Trust I, Ltd. GTD | 6.430% | 12/21/65 | 470,000 | 394,161 (a)(d)
ILFC E-Capital Trust II, Ltd. GTD | 6.680% | 12/21/65 | 270,000 | 230,704 (a)(d)
Jane Street Group/JSG Finance Inc., Senior Secured Notes | 6.125% | 11/1/32 | 620,000 | 626,306 (a)
LPL Holdings Inc., Senior Notes | 5.650% | 3/15/35 | 320,000 | 321,928
LPL Holdings Inc., Senior Notes | 5.750% | 6/15/35 | 170,000 | 172,061
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | 4.000% | 10/15/33 | 140,000 | 125,350 (a)

See Notes to Financial Statements.

12
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Financial Services — continued
SMBC Aviation Capital Finance DAC, Senior Notes | 5.300% | 4/3/29 | $380,000 | $387,977 (a)
Total Financial Services | 2,746,820
Insurance — 5.7%
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 | 493,400 (d)
American International Group Inc., Junior Subordinated Notes | 6.250% | 3/15/37 | 80,000 | 78,741
Americo Life Inc., Senior Notes | 3.450% | 4/15/31 | 80,000 | 71,422 (a)
Arthur J Gallagher & Co., Senior Notes | 5.150% | 2/15/35 | 490,000 | 490,515
Athene Holding Ltd., Senior Notes | 6.250% | 4/1/54 | 400,000 | 395,203
Athene Holding Ltd., Senior Notes | 6.625% | 5/19/55 | 450,000 | 464,098
AXA SA, Subordinated Notes | 8.600% | 12/15/30 | 200,000 | 237,145
Belrose Funding Trust II, Senior Notes | 6.792% | 5/15/55 | 200,000 | 204,612 (a)
Brown & Brown Inc., Senior Notes | 5.250% | 6/23/32 | 40,000 | 40,820
Brown & Brown Inc., Senior Notes | 5.550% | 6/23/35 | 310,000 | 316,237
Brown & Brown Inc., Senior Notes | 6.250% | 6/23/55 | 10,000 | 10,318
Global Atlantic Fin Co., Senior Notes | 6.750% | 3/15/54 | 300,000 | 307,679 (a)
Liberty Mutual Insurance Co., Subordinated Notes | 7.875% | 10/15/26 | 490,000 | 506,448 (a)
Massachusetts Mutual Life Insurance Co., Subordinated Notes | 4.900% | 4/1/77 | 260,000 | 214,209 (a)
Meiji Yasuda Life Insurance Co., Subordinated Notes (6.100% to 6/11/35 then 5 year Treasury Constant Maturity Rate + 2.911%) | 6.100% | 6/11/55 | 210,000 | 210,118 (a)(d)
MetLife Inc., Junior Subordinated Notes | 6.400% | 12/15/36 | 1,150,000 | 1,206,458
MetLife Inc., Subordinated Notes (6.350% to 3/15/35 then 5 year Treasury Constant Maturity Rate + 2.078%) | 6.350% | 3/15/55 | 280,000 | 288,030 (d)
New York Life Insurance Co., Subordinated Notes | 4.450% | 5/15/69 | 90,000 | 70,146 (a)
Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5 year Treasury Constant Maturity Rate + 3.189%) | 6.500% | 4/30/55 | 240,000 | 248,625 (a)(d)
Northwestern Mutual Life Insurance Co., Subordinated Notes | 6.170% | 5/29/55 | 220,000 | 229,923 (a)
Northwestern Mutual Life Insurance Co., Subordinated Notes | 3.625% | 9/30/59 | 110,000 | 74,913 (a)

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

13

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Insurance — continued
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 | $123,570 (d)
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 | 178,339 (d)
RenaissanceRe Holdings Ltd., Senior Notes | 5.750% | 6/5/33 | 190,000 | 195,611
Teachers Insurance & Annuity Association of America, Subordinated Notes | 6.850% | 12/16/39 | 400,000 | 451,527 (a)
Total Insurance | 7,108,107
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Blackstone Holdings Finance Co. LLC, Senior Notes | 6.200% | 4/22/33 | 450,000 | 482,596 (a)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | 5.500% | 8/1/30 | 120,000 | 120,857 (b)
Total Mortgage Real Estate Investment Trusts (REITs) | 603,453
Total Financials | 43,070,120
Health Care — 5.7%
Biotechnology — 1.0%
Amgen Inc., Senior Notes | 5.250% | 3/2/33 | 740,000 | 758,036
Amgen Inc., Senior Notes | 5.650% | 3/2/53 | 300,000 | 293,120
Amgen Inc., Senior Notes | 5.750% | 3/2/63 | 110,000 | 107,023
Gilead Sciences Inc., Senior Notes | 5.650% | 12/1/41 | 60,000 | 61,046
Gilead Sciences Inc., Senior Notes | 4.750% | 3/1/46 | 50,000 | 44,800
Total Biotechnology | 1,264,025
Health Care Equipment & Supplies — 0.3%
Becton Dickinson & Co., Senior Notes | 4.669% | 6/6/47 | 80,000 | 68,662
Stryker Corp., Senior Notes | 5.200% | 2/10/35 | 260,000 | 265,112
Total Health Care Equipment & Supplies | 333,774
Health Care Providers & Services — 3.5%
Cardinal Health Inc., Senior Notes | 5.350% | 11/15/34 | 480,000 | 489,740
Centene Corp., Senior Notes | 4.250% | 12/15/27 | 100,000 | 98,547
Centene Corp., Senior Notes | 4.625% | 12/15/29 | 70,000 | 68,131
Cigna Group, Senior Notes | 4.800% | 8/15/38 | 300,000 | 282,218
CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year Treasury Constant Maturity Rate + 2.886%) | 7.000% | 3/10/55 | 150,000 | 155,086 (d)
CVS Health Corp., Senior Notes | 4.780% | 3/25/38 | 560,000 | 514,271
Dartmouth-Hitchcock Health, Secured Notes | 4.178% | 8/1/48 | 100,000 | 75,790
HCA Inc., Senior Notes | 4.125% | 6/15/29 | 210,000 | 206,382

See Notes to Financial Statements.

14
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Health Care Providers & Services — continued
HCA Inc., Senior Notes | 5.125% | 6/15/39 | $110,000 | $103,525
HCA Inc., Senior Notes | 5.500% | 6/15/47 | 220,000 | 204,597
HCA Inc., Senior Notes | 5.250% | 6/15/49 | 350,000 | 311,190
HCA Inc., Senior Notes | 6.200% | 3/1/55 | 390,000 | 393,098
Horizon Mutual Holdings Inc., Senior Notes | 6.200% | 11/15/34 | 280,000 | 275,778 (a)
Humana Inc., Senior Notes | 8.150% | 6/15/38 | 80,000 | 95,117
Humana Inc., Senior Notes | 4.800% | 3/15/47 | 150,000 | 124,502
Inova Health System Foundation, Senior Notes | 4.068% | 5/15/52 | 90,000 | 71,326
Orlando Health Obligated Group, Senior Notes | 5.475% | 10/1/35 | 200,000 | 205,765
Orlando Health Obligated Group, Senior Notes | 4.089% | 10/1/48 | 170,000 | 137,383
UnitedHealth Group Inc., Senior Notes | 5.300% | 6/15/35 | 100,000 | 101,961
UnitedHealth Group Inc., Senior Notes | 5.500% | 7/15/44 | 120,000 | 116,960
UnitedHealth Group Inc., Senior Notes | 5.625% | 7/15/54 | 260,000 | 252,388
UnitedHealth Group Inc., Senior Notes | 5.950% | 6/15/55 | 80,000 | 81,302
Total Health Care Providers & Services | 4,365,057
Pharmaceuticals — 0.9%
Bausch Health Cos. Inc., Senior Notes | 5.000% | 1/30/28 | 80,000 | 65,950 (a)
Bristol-Myers Squibb Co., Senior Notes | 6.250% | 11/15/53 | 140,000 | 150,140
Pfizer Investment Enterprises Pte Ltd., Senior Notes | 5.110% | 5/19/43 | 300,000 | 286,264
Takeda US Financing Inc., Senior Notes | 5.200% | 7/7/35 | 200,000 | 200,102 (b)
Takeda US Financing Inc., Senior Notes | 5.900% | 7/7/55 | 270,000 | 271,555 (b)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | 8.125% | 9/15/31 | 200,000 | 226,722
Total Pharmaceuticals | 1,200,733
Total Health Care | 7,163,589
Industrials — 5.5%
Aerospace & Defense — 1.6%
Boeing Co., Senior Notes | 6.528% | 5/1/34 | 900,000 | 978,465
Boeing Co., Senior Notes | 5.705% | 5/1/40 | 210,000 | 207,611
HEICO Corp., Senior Notes | 5.350% | 8/1/33 | 240,000 | 245,775
Hexcel Corp., Senior Notes | 5.875% | 2/26/35 | 270,000 | 274,835
L3Harris Technologies Inc., Senior Notes | 5.400% | 7/31/33 | 190,000 | 195,255
RTX Corp., Senior Notes | 4.625% | 11/16/48 | 110,000 | 94,635
Total Aerospace & Defense | 1,996,576
Air Freight & Logistics — 0.2%
FedEx Corp., Senior Notes | 5.250% | 5/15/50 | 70,000 | 61,884 (a)
United Parcel Service Inc., Senior Notes | 5.950% | 5/14/55 | 180,000 | 184,864
Total Air Freight & Logistics | 246,748

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

15

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Building Products — 0.3%
Quikrete Holdings Inc., Senior Secured Notes | 6.375% | 3/1/32 | $340,000 | $349,841 (a)
Commercial Services & Supplies — 0.7%
Rollins Inc., Senior Notes | 5.250% | 2/24/35 | 110,000 | 110,460
Waste Connections Inc., Senior Notes | 4.250% | 12/1/28 | 480,000 | 482,178
Waste Management Inc., Senior Notes | 4.650% | 3/15/30 | 320,000 | 324,576
Total Commercial Services & Supplies | 917,214
Ground Transportation — 0.2%
Union Pacific Corp., Senior Notes | 4.375% | 11/15/65 | 320,000 | 245,843
Industrial Conglomerates — 0.9%
Honeywell International Inc., Senior Notes | 4.950% | 9/1/31 | 320,000 | 328,875
Honeywell International Inc., Senior Notes | 5.000% | 2/15/33 | 350,000 | 355,818
Siemens Funding BV, Senior Notes | 5.800% | 5/28/55 | 370,000 | 381,037 (a)
Total Industrial Conglomerates | 1,065,730
Machinery — 0.3%
Caterpillar Inc., Senior Notes | 4.750% | 5/15/64 | 220,000 | 193,530
Otis Worldwide Corp., Senior Notes | 5.125% | 11/19/31 | 230,000 | 236,995
Total Machinery | 430,525
Passenger Airlines — 0.7%
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | 5.500% | 4/20/26 | 36,667 | 36,605 (a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | 4.500% | 10/20/25 | 63,500 | 63,355 (a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | 4.750% | 10/20/28 | 180,000 | 180,502 (a)
Southwest Airlines Co., Senior Notes | 5.125% | 6/15/27 | 190,000 | 191,785
United Airlines Inc., Senior Secured Notes | 4.625% | 4/15/29 | 440,000 | 427,396 (a)
Total Passenger Airlines | 899,643
Trading Companies & Distributors — 0.6%
Air Lease Corp., Senior Notes | 5.850% | 12/15/27 | 320,000 | 331,110
Aircastle Ltd./Aircastle Ireland DAC, Senior Notes | 5.250% | 3/15/30 | 200,000 | 201,771 (a)
Aircastle Ltd./Aircastle Ireland DAC, Senior Notes | 5.750% | 10/1/31 | 150,000 | 154,341 (a)
Total Trading Companies & Distributors | 687,222
Total Industrials | 6,839,342
Information Technology — 4.1%
IT Services — 0.2%
Kyndryl Holdings Inc., Senior Notes | 4.100% | 10/15/41 | 300,000 | 239,274

See Notes to Financial Statements.

16
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Semiconductors & Semiconductor Equipment — 2.1%
Broadcom Inc., Senior Notes | 4.350% | 2/15/30 | $300,000 | $298,969
Broadcom Inc., Senior Notes | 4.150% | 11/15/30 | 113,000 | 111,225
Broadcom Inc., Senior Notes | 4.300% | 11/15/32 | 370,000 | 359,022
Broadcom Inc., Senior Notes | 4.926% | 5/15/37 | 152,000 | 147,599 (a)
Foundry JV Holdco LLC, Senior Secured Notes | 5.900% | 1/25/33 | 250,000 | 259,402 (a)
Foundry JV Holdco LLC, Senior Secured Notes | 6.250% | 1/25/35 | 420,000 | 441,620 (a)
Foundry JV Holdco LLC, Senior Secured Notes | 6.100% | 1/25/36 | 230,000 | 238,234 (a)
Intel Corp., Senior Notes | 4.900% | 7/29/45 | 130,000 | 110,492
Intel Corp., Senior Notes | 4.750% | 3/25/50 | 10,000 | 8,166
Intel Corp., Senior Notes | 5.700% | 2/10/53 | 60,000 | 55,880
Intel Corp., Senior Notes | 4.950% | 3/25/60 | 60,000 | 48,867
Intel Corp., Senior Notes | 3.200% | 8/12/61 | 120,000 | 68,445
Micron Technology Inc., Senior Notes | 5.800% | 1/15/35 | 150,000 | 155,195
Micron Technology Inc., Senior Notes | 6.050% | 11/1/35 | 150,000 | 157,044
Micron Technology Inc., Senior Notes | 3.366% | 11/1/41 | 30,000 | 22,035
NVIDIA Corp., Senior Notes | 3.700% | 4/1/60 | 80,000 | 58,886
Total Semiconductors & Semiconductor Equipment | 2,541,081
Software — 1.5%
Autodesk Inc., Senior Notes | 5.300% | 6/15/35 | 90,000 | 91,580
Microsoft Corp., Senior Notes | 4.250% | 2/6/47 | 970,000 | 863,436
Oracle Corp., Senior Notes | 3.950% | 3/25/51 | 310,000 | 229,011
Oracle Corp., Senior Notes | 4.100% | 3/25/61 | 380,000 | 274,977
Synopsys Inc., Senior Notes | 5.000% | 4/1/32 | 130,000 | 131,735
Synopsys Inc., Senior Notes | 5.150% | 4/1/35 | 180,000 | 181,503
Synopsys Inc., Senior Notes | 5.700% | 4/1/55 | 130,000 | 129,345
Total Software | 1,901,587
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc., Senior Notes | 3.850% | 8/4/46 | 340,000 | 275,411
Dell International LLC/EMC Corp., Senior Notes | 8.350% | 7/15/46 | 30,000 | 38,297
Hewlett Packard Enterprise Co., Senior Notes | 5.600% | 10/15/54 | 100,000 | 92,427
Total Technology Hardware, Storage & Peripherals | 406,135
Total Information Technology | 5,088,077
Materials — 5.0%
Chemicals — 1.1%
Dow Chemical Co., Senior Notes | 7.375% | 11/1/29 | 800,000 | 887,079
OCP SA, Senior Notes | 3.750% | 6/23/31 | 200,000 | 179,589 (a)
OCP SA, Senior Notes | 6.750% | 5/2/34 | 200,000 | 207,592 (a)

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

17

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Chemicals — continued
Sociedad Quimica y Minera de Chile SA, Senior Notes | 3.500% | 9/10/51 | $240,000 | $154,469 (a)
Total Chemicals | 1,428,729
Construction Materials — 0.5%
Amrize Finance US LLC, Senior Notes | 5.400% | 4/7/35 | 200,000 | 203,021 (a)
CRH America Finance Inc., Senior Notes | 5.500% | 1/9/35 | 370,000 | 379,383
Total Construction Materials | 582,404
Metals & Mining — 3.1%
ArcelorMittal SA, Senior Notes | 4.550% | 3/11/26 | 470,000 | 469,278
ArcelorMittal SA, Senior Notes | 6.550% | 11/29/27 | 160,000 | 166,843
Barrick PD Australia Finance Pty Ltd., Senior Notes | 5.950% | 10/15/39 | 180,000 | 186,864
Capstone Copper Corp., Senior Notes | 6.750% | 3/31/33 | 40,000 | 40,983 (a)
Freeport-McMoRan Inc., Senior Notes | 5.450% | 3/15/43 | 210,000 | 198,584
Glencore Finance Canada Ltd., Senior Notes | 6.900% | 11/15/37 | 430,000 | 474,454 (a)
Glencore Finance Canada Ltd., Senior Notes | 5.550% | 10/25/42 | 150,000 | 143,364 (a)
Glencore Funding LLC, Senior Notes | 3.375% | 9/23/51 | 70,000 | 46,535 (a)
Glencore Funding LLC, Senior Notes | 6.141% | 4/1/55 | 140,000 | 141,659 (a)
Southern Copper Corp., Senior Notes | 5.250% | 11/8/42 | 470,000 | 437,018
Vale Overseas Ltd., Senior Notes | 6.875% | 11/21/36 | 1,148,000 | 1,247,543
Yamana Gold Inc., Senior Notes | 4.625% | 12/15/27 | 350,000 | 348,621
Yamana Gold Inc., Senior Notes | 2.630% | 8/15/31 | 30,000 | 26,528
Total Metals & Mining | 3,928,274
Paper & Forest Products — 0.3%
Georgia-Pacific LLC, Senior Notes | 7.375% | 12/1/25 | 250,000 | 252,775
Georgia-Pacific LLC, Senior Notes | 4.950% | 6/30/32 | 90,000 | 91,127 (a)
Total Paper & Forest Products | 343,902
Total Materials | 6,283,309
Real Estate — 0.2%
Diversified REITs — 0.1%
VICI Properties LP, Senior Notes | 5.750% | 4/1/34 | 190,000 | 194,341
Residential REITs — 0.1%
Invitation Homes Operating Partnership LP, Senior Notes | 4.150% | 4/15/32 | 80,000 | 75,779
Total Real Estate | 270,120
Utilities — 6.4%
Electric Utilities — 5.3%
Baltimore Gas and Electric Co., Senior Notes | 5.450% | 6/1/35 | 370,000 | 379,423

See Notes to Financial Statements.

18
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Electric Utilities — continued
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | 4.800% | 3/15/30 | $280,000 | $285,101
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | 5.050% | 3/1/35 | 310,000 | 309,869
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | 4.500% | 4/1/44 | 210,000 | 182,311
Comision Federal de Electricidad, Senior Notes | 6.450% | 1/24/35 | 200,000 | 197,658 (a)
Commonwealth Edison Co., First Mortgage Bonds | 5.950% | 6/1/55 | 240,000 | 248,739
Dominion Energy South Carolina Inc., First Mortgage Bonds | 5.300% | 1/15/35 | 240,000 | 245,544
Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year Treasury Constant Maturity Rate + 4.698%) | 5.375% | 3/9/26 | 210,000 | 198,245 (c)(d)
Electricite de France SA, Senior Notes | 5.750% | 1/13/35 | 400,000 | 408,891 (a)
Enel Finance International NV, Senior Notes | 7.050% | 10/14/25 | 330,000 | 331,963 (a)
Entergy Texas Inc., First Mortgage Bonds | 5.250% | 4/15/35 | 280,000 | 282,427
Georgia Power Co., Senior Notes | 4.850% | 3/15/31 | 190,000 | 194,213
Georgia Power Co., Senior Notes | 5.200% | 3/15/35 | 360,000 | 365,211
Interstate Power and Light Co., Senior Notes | 5.450% | 9/30/54 | 50,000 | 48,157
Jersey Central Power & Light Co., Senior Notes | 5.100% | 1/15/35 | 90,000 | 89,777
Oglethorpe Power Corp., First Mortgage Bonds | 5.900% | 2/1/55 | 250,000 | 245,933
Ohio Edison Co., Senior Notes | 5.500% | 1/15/33 | 90,000 | 92,219 (a)
Oncor Electric Delivery Co. LLC, Secured Notes | 5.800% | 4/1/55 | 200,000 | 201,077 (a)
Oncor Electric Delivery Co. LLC, Senior Secured Notes | 5.350% | 4/1/35 | 100,000 | 101,916 (a)
Pacific Gas and Electric Co., First Mortgage Bonds | 5.700% | 3/1/35 | 130,000 | 128,904
Pacific Gas and Electric Co., First Mortgage Bonds | 3.300% | 8/1/40 | 20,000 | 14,323
Pacific Gas and Electric Co., First Mortgage Bonds | 4.950% | 7/1/50 | 240,000 | 193,680
Pacific Gas and Electric Co., First Mortgage Bonds | 6.750% | 1/15/53 | 140,000 | 141,013
PacifiCorp, Junior Subordinated Notes (7.375% to 9/15/30 then 5 year Treasury Constant Maturity Rate + 3.319%) | 7.375% | 9/15/55 | 30,000 | 31,262 (d)
PG&E Wildfire Recovery Funding LLC, Senior Secured Notes | 5.081% | 6/1/41 | 120,000 | 117,746

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

19

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Electric Utilities — continued
PG&E Wildfire Recovery Funding LLC, Senior Secured Notes | 5.212% | 12/1/47 | $30,000 | $28,538
Southern California Edison Co., First Mortgage Bonds | 4.125% | 3/1/48 | 310,000 | 225,168
Southern California Edison Co., First Mortgage Bonds | 6.200% | 9/15/55 | 100,000 | 95,849
Southern Co., Junior Subordinated Notes (4.000% to 1/15/26 then 5 year Treasury Constant Maturity Rate + 3.733%) | 4.000% | 1/15/51 | 62,000 | 61,742 (d)
Trans-Allegheny Interstate Line Co., Senior Notes | 5.000% | 1/15/31 | 140,000 | 142,505 (a)
Virginia Electric & Power Co., Senior Notes | 8.875% | 11/15/38 | 390,000 | 515,807
Vistra Operations Co. LLC, Senior Secured Notes | 6.000% | 4/15/34 | 210,000 | 218,260 (a)
Vistra Operations Co. LLC, Senior Secured Notes | 5.700% | 12/30/34 | 340,000 | 346,497 (a)
Total Electric Utilities | 6,669,968
Gas Utilities — 0.2%
Southern California Gas Co., First Mortgage Bonds | 6.000% | 6/15/55 | 220,000 | 224,315
Independent Power and Renewable Electricity Producers — 0.7%
AES Andes SA, Senior Notes | 6.250% | 3/14/32 | 200,000 | 204,202 (a)
AES Corp., Junior Subordinated Notes (6.950% to 7/15/30 then 5 year Treasury Constant Maturity Rate + 2.890%) | 6.950% | 7/15/55 | 120,000 | 117,361 (d)
Calpine Corp., Senior Secured Notes | 4.500% | 2/15/28 | 260,000 | 258,055 (a)
Capital Power US Holdings Inc., Senior Notes | 6.189% | 6/1/35 | 290,000 | 299,414 (a)
Total Independent Power and Renewable Electricity Producers | 879,032
Multi-Utilities — 0.2%
Ameren Illinois Co., First Mortgage Bonds | 5.625% | 3/1/55 | 110,000 | 108,803
PECO Energy Co., First Mortgage Bonds | 5.250% | 9/15/54 | 80,000 | 75,927
Total Multi-Utilities | 184,730
Total Utilities | 7,958,045
Total Corporate Bonds & Notes (Cost — $114,605,423) | 114,083,679
Sovereign Bonds — 3.3%
Argentina — 0.4%
Argentine Republic Government International Bond, Senior Notes | 1.000% | 7/9/29 | 31,808 | 26,703
Argentine Republic Government International Bond, Senior Notes, Step bond (4.125% to 7/9/27 then 4.750%) | 4.125% | 7/9/35 | 292,973 | 197,820

See Notes to Financial Statements.

20
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Argentina — continued
Provincia de Buenos Aires, Senior Notes | 6.625% | 9/1/37 | $389,474 | $280,908 (a)
Total Argentina | 505,431
Brazil — 0.3%
Brazilian Government International Bond, Senior Notes | 6.125% | 3/15/34 | 330,000 | 327,545
Canada — 0.6%
Province of Quebec Canada, Senior Notes | 7.970% | 7/22/36 | 650,000 | 819,363
Colombia — 0.7%
Colombia Government International Bond, Senior Notes | 4.500% | 3/15/29 | 870,000 | 827,977
Ivory Coast — 0.2%
Ivory Coast Government International Bond, Senior Notes | 7.625% | 1/30/33 | 300,000 | 296,611 (a)
Mexico — 0.9%
Mexico Government International Bond, Senior Notes | 5.850% | 7/2/32 | 200,000 | 202,650 (b)
Mexico Government International Bond, Senior Notes | 6.625% | 1/29/38 | 200,000 | 203,300 (b)
Mexico Government International Bond, Senior Notes | 4.280% | 8/14/41 | 200,000 | 154,010
Mexico Government International Bond, Senior Notes | 4.350% | 1/15/47 | 360,000 | 260,505
Mexico Government International Bond, Senior Notes | 6.400% | 5/7/54 | 310,000 | 286,130
Total Mexico | 1,106,595
Paraguay — 0.2%
Paraguay Government International Bond, Senior Notes | 6.650% | 3/4/55 | 200,000 | 200,240 (a)
Total Sovereign Bonds (Cost — $4,071,079) | 4,083,762
Municipal Bonds — 1.2%
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 | 765,025
Regents of the University of California Medical Center Pooled Revenue, Series Q | 4.563% | 5/15/53 | 110,000 | 93,043
Total California | 858,068

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

21

Schedule of investments (unaudited)(cont’d)
June 30, 2025
Western Asset Investment Grade Income Fund Inc.
(Percentages shown based on Fund net assets)

Security |  | Rate | Maturity Date | Face Amount | Value
Florida — 0.1%
Sumter Landing, FL, Community Development District Recreational Revenue, Taxable Community Development District | 4.172% | 10/1/47 | $170,000 | $147,779
Illinois — 0.2%
Illinois State, GO, Taxable, Build America Bonds, Series 2010-3 | 6.725% | 4/1/35 | 238,461 | 252,340
New York — 0.2%
New York State Dormitory Authority Revenue, New York University, Series B | 5.832% | 7/1/55 | 270,000 | 282,469
Total Municipal Bonds (Cost — $1,677,205) | 1,540,656
U.S. Government & Agency Obligations — 1.2%
U.S. Government Obligations — 1.2%
U.S. Treasury Bonds | 4.625% | 2/15/55 | 70,000 | 68,163
U.S. Treasury Notes | 4.000% | 5/31/30 | 1,220,000 | 1,232,009
U.S. Treasury Notes | 4.250% | 5/15/35 | 140,000 | 140,230
Total U.S. Government & Agency Obligations (Cost — $1,427,036) | 1,440,402
|  |  |  | Shares |
Preferred Stocks — 0.1%
Financials — 0.1%
Insurance — 0.1%
Delphi Financial Group Inc. (3 mo. Term SOFR + 3.452%) (Cost — $143,068) | 7.778% |  | 5,725 | 139,547 (d)
Total Investments before Short-Term Investments (Cost — $121,923,811) | 121,288,046
Short-Term Investments — 1.6%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $2,013,045) | 4.301% |  | 2,013,045 | 2,013,045 (h)(i)
Total Investments — 98.7% (Cost — $123,936,856) | 123,301,091
Other Assets in Excess of Liabilities — 1.3% | 1,675,414
Total Net Assets — 100.0% | $124,976,505

See Notes to Financial Statements.

22
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Western Asset Investment Grade Income Fund Inc.

* | 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) | Securities traded on a when-issued or delayed delivery basis.
(c) | Security has no maturity date. The date shown represents the next call date.
(d) | 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.
(e) | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(f) | Security is valued using significant unobservable inputs (Note 1).
(g) | Value is less than $1.
(h) | Rate shown is one-day yield as of the end of the reporting period.
(i) | 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 June 30, 2025, the total market value of investments in Affiliated Companies was $2,013,045 and the cost was $2,013,045 (Note 7).

Abbreviation(s) used in this schedule:
DAC | — | Designated Activity Company
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

At June 30, 2025, 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 | 86 | 9/25 | $17,815,946 | $17,890,016 | $74,070
U.S. Treasury 5-Year Notes | 39 | 9/25 | 4,205,149 | 4,251,000 | 45,851
U.S. Treasury 10-Year Notes | 6 | 9/25 | 661,346 | 672,750 | 11,404
U.S. Treasury Long-Term Bonds | 4 | 9/25 | 461,507 | 461,875 | 368
|  |  |  |  | 131,693
Contracts to Sell: |  |  |  |  |
U.S. Treasury Ultra 10-Year Notes | 117 | 9/25 | 13,045,103 | 13,369,079 | (323,976 )
Net unrealized depreciation on open futures contracts | $(192,283 )

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

23

Statement of assets and liabilities (unaudited)
June 30, 2025

Assets: |
Investments in unaffiliated securities, at value (Cost — $121,923,811) | $121,288,046
Investments in affiliated securities, at value (Cost — $2,013,045) | 2,013,045
Cash | 303,924
Receivable for securities sold | 3,142,060
Interest receivable | 1,691,273
Deposits with brokers for open futures contracts | 318,305
Dividends receivable from affiliated investments | 5,999
Other assets | 13,944
Prepaid expenses | 6,303
Total Assets | 128,782,899
Liabilities: |
Payable for securities purchased | 3,111,298
Distributions payable | 499,324
Payable to brokers — net variation margin on open futures contracts | 55,516
Investment management fee payable | 53,347
Directors’ fees payable | 4,641
Accrued expenses | 82,268
Total Liabilities | 3,806,394
Total Net Assets | $124,976,505
Net Assets: |
Par value ($0.01 par value; 9,510,962 shares issued and outstanding; 20,000,000 shares authorized) | $95,110
Paid-in capital in excess of par value | 132,042,402
Total distributable earnings (loss) | (7,161,007 )
Total Net Assets | $124,976,505
Shares Outstanding | 9,510,962
Net Asset Value | $13.14

See Notes to Financial Statements.

24
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Statement of operations (unaudited)
For the Six Months Ended June 30, 2025

Investment Income: |
Interest | $3,498,863
Dividends from affiliated investments | 23,121
Dividends from unaffiliated investments | 5,670
Less: Foreign taxes withheld | (1,552 )
Total Investment Income | 3,526,102
Expenses: |
Investment management fee (Note 2) | 333,377
Franchise taxes | 34,182
Fund accounting fees | 33,070
Audit and tax fees | 22,744
Transfer agent fees | 14,217
Shareholder reports | 12,663
Legal fees | 10,332
Stock exchange listing fees | 6,199
Directors’ fees | 6,089
Insurance | 373
Custody fees | 337
Excise tax (Note 1) | 200
Miscellaneous expenses | 6,114
Total Expenses | 479,897
Less: Fee waivers and/or expense reimbursements (Note 2) | (12,432 )
Net Expenses | 467,465
Net Investment Income | 3,058,637
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):
Net Realized Gain (Loss) From: |
Investment transactions in unaffiliated securities | (1,580,586 )
Futures contracts | 216,791
Net Realized Loss | (1,363,795 )
Change in Net Unrealized Appreciation (Depreciation) From: |
Investments in unaffiliated securities | 3,789,994
Futures contracts | (248,793 )
Change in Net Unrealized Appreciation (Depreciation) | 3,541,201
Net Gain on Investments and Futures Contracts | 2,177,406
Increase in Net Assets From Operations | $5,236,043

See Notes to Financial Statements.
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

25

Statements of changes in net assets

For the Six Months Ended June 30, 2025 (unaudited) and the Year Ended December 31, 2024 | 2025 | 2024
Operations: |  |
Net investment income | $3,058,637 | $6,027,991
Net realized loss | (1,363,795 ) | (977,266 )
Change in net unrealized appreciation (depreciation) | 3,541,201 | (1,267,765 )
Increase in Net Assets From Operations | 5,236,043 | 3,782,960
Distributions to Shareholders From (Note 1): |  |
Total distributable earnings | (2,976,931 ) | (5,749,377 )
Decrease in Net Assets From Distributions to Shareholders | (2,976,931 ) | (5,749,377 )
Increase (Decrease) in Net Assets | 2,259,112 | (1,966,417 )
Net Assets: |  |
Beginning of period | 122,717,393 | 124,683,810
End of period | $124,976,505 | $122,717,393

See Notes to Financial Statements.

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Financial highlights

For a share of common stock outstanding throughout each year ended December 31, unless otherwise noted:
| 2025 1,2 | 2024 1 | 2023 1 | 2022 1 | 2021 1 | 2020 1
Net asset value, beginning of period | $12.90 | $13.11 | $12.56 | $15.69 | $16.23 | $15.48
Income (loss) from operations:
Net investment income | 0.32 | 0.63 | 0.61 | 0.59 | 0.58 | 0.58
Net realized and unrealized gain (loss) | 0.23 | (0.24 ) | 0.50 | (3.16 ) | (0.56 ) | 0.78
Total income (loss) from operations | 0.55 | 0.39 | 1.11 | (2.57) | 0.02 | 1.36
Less distributions from: |  |  |  |  |  |
Net investment income | (0.31 )3 | (0.60 ) | (0.56 ) | (0.56 ) | (0.56 ) | (0.61 )
Total distributions | (0.31 ) | (0.60 ) | (0.56 ) | (0.56 ) | (0.56 ) | (0.61 )
Net asset value, end of period | $13.14 | $12.90 | $13.11 | $12.56 | $15.69 | $16.23
Market price, end of period | $12.98 | $12.51 | $12.04 | $11.58 | $15.63 | $15.90
Total return, based on NAV 4,5 | 4.36 % | 3.08 % | 9.14 % | (16.51 )% | 0.14 % | 9.11 %
Total return, based on Market Price 6 | 6.34 % | 9.11 % | 9.05 % | (22.56 )% | 1.88 % | 6.62 %
Net assets, end of period (millions) | $125 | $123 | $125 | $119 | $149 | $154
Ratios to average net assets:
Gross expenses | 0.79 %7 | 0.76 % | 0.82 % | 0.77 % | 0.73 % | 0.81 %
Net expenses 8,9 | 0.77 7 | 0.74 | 0.80 | 0.75 | 0.71 | 0.79
Net investment income | 5.01 7 | 4.86 | 4.86 | 4.39 | 3.66 | 3.80
Portfolio turnover rate | 44 % | 29 % | 14 % | 17 % | 18 % | 41 %

1 | Per share amounts have been calculated using the average shares method.
2 | For the six months ended June 30, 2025 (unaudited).
3 | The actual source of the Fund’s current fiscal year distributions may be from net investment income, realized capital gains, return of capital or a combination thereof. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.
4 | Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5 | The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
6 | The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
7 | Annualized.
8 | Reflects fee waivers and/or expense reimbursements.
9 | The investment adviser has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

See Notes to Financial Statements.
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Notes to financial statements (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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(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 (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Fund’s adviser is assisted by the Global Fund Valuation Committee (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. 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, 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 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 — 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.
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Notes to financial statements (unaudited)(cont’d)
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: |  |  |  |
Financials | — | $43,070,120 | $0 * | $43,070,120
Other Corporate Bonds & Notes | — | 71,013,559 | — | 71,013,559
Sovereign Bonds | — | 4,083,762 | — | 4,083,762
Municipal Bonds | — | 1,540,656 | — | 1,540,656
U.S. Government & Agency Obligations | — | 1,440,402 | — | 1,440,402
Preferred Stocks | — | 139,547 | — | 139,547
Total Long-Term Investments | — | 121,288,046 | 0 * | 121,288,046
Short-Term Investments† | $2,013,045 | — | — | 2,013,045
Total Investments | $2,013,045 | $121,288,046 | $0 * | $123,301,091
Other Financial Instruments: |  |  |  |
Futures Contracts†† | $131,693 | — | — | $131,693
Total | $2,144,738 | $121,288,046 | — | $123,432,784
LIABILITIES
Description | Quoted Prices (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total
Other Financial Instruments: |  |  |  |
Futures Contracts†† | $323,976 | — | — | $323,976

† | See Schedule of Investments for additional detailed categorizations.
* | Amount represents less than $1.
†† | Reflects the unrealized appreciation (depreciation) of the instruments.

(b)Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c)Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.
Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.
(d)Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
(e)Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(f)Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its
Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

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Notes to financial statements (unaudited)(cont’d)
assessment and (iii) requiring collateral from the counterparty for certain transactions.
Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment adviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.
As of June 30, 2025, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.
(g)Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(h)Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. The actual source of the Fund’s monthly distributions may be from net investment income, realized capital gains, return of capital or a combination thereof. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(i)Compensating balance arrangements. The Fund had an arrangement with its custodian bank whereby a portion of the custodian’s fees was paid indirectly by credits earned on the Fund’s cash on deposit with the bank. Effective April 1, 2025, credits earned, if any, are recognized as income.
(j)Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.
However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the period, the Fund paid $8,200 of federal income taxes attributable to calendar year 2024, of which $200 was accrued during the period.
Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2024, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
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Notes to financial statements (unaudited)(cont’d)
(k)Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
2.Investment management agreement and other transactions with affiliates
The Fund has entered into an Investment Advisory Agreement with Western Asset Management Company, LLC (“Adviser”), pursuant to which the Adviser provides investment advice and administrative services to the Fund. In return for its services, the Fund pays the Adviser a monthly fee at an annual rate of 0.70% of the average monthly net assets of the Fund up to $60,000,000 and 0.40% of such net assets in excess of $60,000,000. If expenses (including the Adviser’s fee but excluding interest, taxes, brokerage fees, the expenses of any offering by the Fund of its securities, and extraordinary expenses beyond the control of the Fund) borne by the Fund in any fiscal year exceed 1.5% of average net assets of the Fund up to $30,000,000 and 1% of average net assets of the Fund over $30,000,000, the Adviser has contractually agreed to reimburse the Fund for any excess. The Adviser or its affiliates has also agreed to waive $24,000 annually in Fund operating expenses. This waiver is ongoing and will not be terminated without Board approval.
The Adviser has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”).
During the six months ended June 30, 2025, fees waived and/or expenses reimbursed amounted to $12,432, which included an affiliated money market fund waiver of $531.
Western Asset Management Company Limited (“Western London”), as subadviser to the Fund, provides the Fund with investment research, advice, management and supervision and a continuous investment program for the Fund’s portfolio of non-dollar securities consistent with the Fund’s investment objectives and policies. As compensation, the Adviser pays Western London a fee based on the pro rata assets of the Fund managed by Western London during the month.
Under the terms of an administrative services agreement among the Fund, the Adviser, and Franklin Templeton Fund Adviser, LLC (“FTFA”), the Adviser (not the Fund) pays FTFA a monthly fee of $3,000 (an annual rate of $36,000).
The Adviser, FTFA and Western London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).
All officers and one Director of the Fund are employees of Franklin Resources or its affiliates and do not receive compensation from the Fund.

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

3.Investments
During the six months ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

| Investments | U.S. Government & Agency Obligations
Purchases | $38,345,632 | $14,937,165
Sales | 39,734,175 | 14,549,451

At June 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

| Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Depreciation
Securities | $123,936,929 | $3,526,419 | $(4,162,257) | $(635,838)
Futures contracts | — | 131,693 | (323,976) | (192,283)

4.Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2025.

ASSET DERIVATIVES 1
| Interest Rate Risk
Futures contracts 2 | $131,693

LIABILITY DERIVATIVES 1
| Interest Rate Risk
Futures contracts 2 | $323,976

1 | Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2 | Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

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Notes to financial statements (unaudited)(cont’d)
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended June 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
| Interest Rate Risk
Futures contracts | $216,791

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
| Interest Rate Risk
Futures contracts | $(248,793 )

During the six months ended June 30, 2025, the volume of derivative activity for the Fund was as follows:

| Average Market Value*
Futures contracts (to buy) | $22,636,480
Futures contracts (to sell) | 12,505,788

* | Based on the average of the market values at each month-end during the period.

5.Distributions subsequent to June 30, 2025
The following distributions have been declared by the Board and are payable subsequent to the period end of this report:

Record Date | Payable Date | Amount
6/23/2025 | 7/1/2025 | $0.0525
7/24/2025 | 8/1/2025 | $0.0525
8/22/2025 | 9/2/2025 | $0.0525

6.Stock repurchase program
On November 20, 2015, the Fund announced that the Board had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance shareholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. During the six months ended June 30, 2025, and the year ended December 31, 2024, the Fund did not repurchase any shares.

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

7.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 six months ended June 30, 2025. The following transactions were effected in such company for the six months ended June 30, 2025.

| Affiliate Value at December 31, 2024 | Purchased | Sold
Cost | Shares | Proceeds | Shares
Western Asset Premier Institutional Government Reserves, Premium Shares | $771,867 | $21,584,760 | 21,584,760 | $20,343,582 | 20,343,582

(cont’d) | Realized Gain (Loss) | Dividend Income | Net Increase (Decrease) in Unrealized Appreciation (Depreciation) | Affiliate Value at June 30, 2025
Western Asset Premier Institutional Government Reserves, Premium Shares | — | $23,121 | — | $2,013,045

8.Deferred capital losses
As of December 31, 2024, the Fund had deferred capital losses of $6,330,585, which have no expiration date, that will be available to offset future taxable capital gains.
9.Recent accounting pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.
10.Operating segments
The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund’s financial position or results of operations.
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37

Notes to financial statements (unaudited)(cont’d)
The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Adviser serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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Western Asset Investment Grade Income Fund Inc. 2025 Semi-Annual Report

Board approval of management and
subadvisory agreements (unaudited)
The Executive and Contracts Committee of the Board of Directors (the “Executive and Contracts Committee”) considered the Investment Advisory Agreement (the “Advisory Agreement”) between the Fund and Western Asset Management Company, LLC (“Western Asset”) and the Investment Subadvisory Agreement (together with the “Advisory Agreement,” the “Agreements”) between Western Asset and Western Asset Management Company Limited (“WAML,” and together with Western Asset, the “Advisers”) with respect to the Fund at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Directors their considerations and recommendation with respect to the Agreements, and the Board of Directors, including a majority of the Independent Directors, considered and approved renewal of the Agreements.
The Directors noted that although Western Asset’s business is operated through separate legal entities, such as WAML, senior investment personnel at Western Asset have supervisory oversight responsibility over the investment decisions made by WAML. Therefore, in connection with their deliberations noted below, the Directors primarily focused on the information provided by Western Asset when considering the approval of the Agreement between Western Asset and WAML.
In arriving at their decision to approve the renewal of the Agreements, the Directors met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Directors; reviewed performance and expense information for peer groups of comparable funds and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Directors at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters, such as information on public trading in the Fund’s shares and differences between the Fund’s share price and net asset value per share, and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral.
As part of their review, the Directors examined the Advisers’ ability to provide high quality investment management services to the Fund. The Directors considered the investment philosophy and research and decision-making processes of the Advisers; the experience of their key advisory personnel responsible for management of the Fund; the ability of the Advisers to attract and retain capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Advisers’ risk management
Western Asset Investment Grade Income Fund Inc.

39

Board approval of management and
subadvisory agreements (unaudited)(cont’d)
processes); the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Directors reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Directors concluded that the Advisers’ investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.
The Board reviewed the qualifications, backgrounds and responsibilities of the Advisers’ senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Advisers and their affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.
In reviewing the quality of the services provided to the Fund, the Directors also reviewed comparisons of the performance of the Fund to the performance of a group consisting of all (including the Fund) closed-end, non-leveraged, BBB-rated corporate debt funds (the “Performance Universe”) and the Bloomberg U.S. Credit Index (the “Index”). The Directors noted that performance of the Fund was below the median of the Performance Universe for the 1- and 5-year periods ended December 31, 2024, equal to the median of the Performance Universe for the 3-year period ended December 31, 2024 and above the median of the Performance Universe for the 10-year period ended December 31, 2024. The Board noted that the Fund’s performance exceeded that of the Index for all relevant periods. The Directors considered the factors involved in the Fund’s performance relative to the performance of the Index and the Performance Universe. The Directors concluded that the Advisers’ management of the Fund would continue to be in the best interests of the shareholders.
The Directors also considered the management fee and total expenses payable by the Fund. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Directors also noted that the Fund does not pay any management fees directly to WAML because Western Asset pays WAML for services provided to the Fund out of the management fee Western Asset receives from the Fund. The Directors noted that, when measured as a percentage of net assets for its most recently completed fiscal year, the Fund’s advisory fee paid to Western Asset was equal to the median of the advisory fees paid by funds in its peer group and that the Fund’s total expenses were equal to the median in its peer group. They also noted that the advisory fee

40
Western Asset Investment Grade Income Fund Inc.

paid by the Fund was higher than the advisory fee paid by the other client of the Advisers with a similar investment strategy, but that the administrative and operational responsibilities for the Advisers with respect to the Fund were also relatively higher. The Directors concluded that the management fee paid by the Fund relative to the fees paid by the Advisers’ other clients was reasonable.
The Directors further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and Franklin Templeton Fund Adviser, LLC, the Fund’s administrator, and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Directors noted that Western Asset does not have soft dollar arrangements.
Finally, the Directors considered, in light of the profitability information provided by Western Asset, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Directors concluded that because the Fund is a closed-end fund and does not make a continuous offer of its securities, the Fund’s size was relatively fixed and it would be unlikely that the Advisers would realize economies of scale from the Fund’s growth.
In their deliberations with respect to these matters, the Independent Directors were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Directors weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Directors, including the Independent Directors, did not identify any single matter as all-important or controlling, and each Director may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Directors judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.
Based upon their review, the Directors, including all of the Independent Directors, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.
Western Asset Investment Grade Income Fund Inc.

41

Additional shareholder information (unaudited)
Results of annual meeting of shareholders
The Annual Meeting of Shareholders of Western Asset Investment Grade Income Fund Inc. was held on May 16, 2025 for the purpose of considering and voting upon the proposal presented at the Meeting. The following table provides information concerning the matters voted upon at the Meeting:
Election of Directors

Nominees | FOR | WITHHELD
Robert Abeles, Jr. | 7,569,659 | 177,706
Jane F. Dasher | 6,881,658 | 865,707
Anita L. DeFrantz | 6,845,779 | 901,586
Susan B. Kerley | 6,882,397 | 864,968
Michael Larson | 6,878,853 | 868,512
Ronald L. Olson | 6,878,145 | 869,220
Avedick B. Poladian | 6,879,303 | 868,062
William E. B. Siart | 6,842,359 | 905,006
Jaynie Miller Studenmund | 6,879,844 | 867,521
Peter J. Taylor | 7,594,577 | 152,788
Jane E. Trust | 7,608,102 | 139,263

At June 30, 2025, the Directors of the Fund were Robert Abeles, Jr., Jane F. Dasher, Anita L. DeFrantz, Susan B. Kerley, Michael Larson, Ronald L. Olson, Avedick B. Poladian, William E.B. Siart, Jaynie Miller Studenmund, Peter J. Taylor and Jane E. Trust.

42
Western Asset Investment Grade Income Fund Inc.

Dividend reinvestment plan (unaudited)
The Fund offers to all shareholders a Dividend Reinvestment Plan (“Plan”). For participants in the Plan, cash distributions (e.g., dividends and capital gains) of registered shareholders (those who own shares in their own name on the Fund’s records) are automatically invested in shares of the Fund. Interested shareholders may obtain more information or sign up for the Plan by contacting the agent. Shareholders who own shares in a brokerage, bank, or other financial institution account must contact the Company where their account is held in order to participate in the Plan.
If you elect to participate in the Plan you will automatically receive your dividend or net capital gains distribution in newly issued shares of the Fund if the market price of a share on the date of the distribution is at or above the net asset value (“NAV”) of a Fund share. The number of shares to be issued to you will be determined by dividing the amount of the cash distribution to which you are entitled (net of any applicable withholding taxes) by the greater of the NAV per share on such date or 95% of the market price of a share on such date. If the market price of a share on such distribution date is below the NAV the Agent will, as agent for the participants, buy shares of the Fund’s stock through a broker on the open market or in a negotiated transaction (subject to price and other terms to which the agent may agree). The price per share of shares purchased for each participant’s account with respect to a particular dividend or other distribution will be the average price (including brokerage commissions, transfer taxes and any other costs of purchase) of all shares purchased with respect to that dividend or other distribution. All shares of common stock acquired on your behalf through the Plan will be automatically credited to an account maintained on the books of the Agent. Full and fractional shares will be voted by the Agent in accordance with your instructions.
Additional information regarding the plan
The Fund will pay all costs applicable to the Plan, with the exceptions noted below. Brokerage commissions, transfer taxes and any other costs of purchase or sale by the Agent under the Plan will be charged to participants. The commission participants pay for selling shares under the Plan is calculated as $2.50 plus $0.15 per share. Beneficial shareholders should contact the company holding their account for further information concerning fees that may apply to selling shares under the Plan. In the event the Fund determines to no longer pay the costs applicable to the Plan, the Agent will terminate the Plan and may, but is not obligated to, offer a new plan under which it would impose a direct service charge on participants.
All shares acquired through the Plan receive voting rights and are eligible for any stock split, stock dividend, or other rights accruing to shareholders that the Board of Directors may declare. Distributions to Plan participants will be in the form of stock, unless the Agent is notified in writing 10 days prior to the record date fixed by the Board of Directors for the distribution that you wish to receive a cash payment. Beneficial shareholders should contact the company holding their account for further information regarding deadlines that might apply.
You may terminate participation in the Plan at any time by giving written notice to the Agent. Such termination will be effective prior to the record date next succeeding the receipt of such instructions or by a later date of termination specified in such instructions.
Western Asset Investment Grade Income Fund Inc.

43

Dividend reinvestment plan (unaudited) (cont’d)
Upon termination of the Plan, a participant may request a certificate for the full shares credited to his or her account or may request the sale of all or part of such shares. If the participant instructs the Agent to sell the shares credited to the participant’s account, the Agent may accumulate such shares and those of any other terminating participants for purposes of such sale. Brokerage charges, transfer taxes, and any other costs of sale will be allocated pro rata among the selling participants. Any such sale may be made on any securities exchange where such shares are traded, in the over-the-counter market or in negotiated transactions, and may be subject to such terms of price, delivery, etc., as the Agent may agree to. Fractional shares credited to a terminating account will be paid for in cash at the current market price at the time of termination.
Dividends and other distributions invested in additional shares under the Plan are subject to income tax just as if they had been received in cash. After year end, dividends paid on the accumulated shares will be included in the Form 1099-DIV information return to the Internal Revenue Service and only one Form 1099-DIV will be sent to each participant each year.
Registered shareholders can make inquiries regarding the Plan, as well as sign up or terminate their participation in the Plan by contacting Computershare Inc., P.O. Box 43006 Providence, RI 02940-3078, telephone number 1-888-888-0151. Beneficial Shareholders can make inquiries regarding the Plan as well as sign up or terminate their participation in the Plan by contacting the company where their account is held.

44
Western Asset Investment Grade Income Fund Inc.

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Western Asset
Investment Grade Income Fund Inc.
Directors
Robert Abeles, Jr.
Jane F. Dasher
Anita L. DeFrantz
Susan B. Kerley
Michael Larson
Ronald L. Olson
Avedick B. Poladian
William E.B. Siart
Chair
Jaynie M. Studenmund
Peter J. Taylor
Jane Trust
Officers
Jane Trust
President and Chief Executive Officer
Christopher Berarducci
Treasurer and Principal Financial
Officer
Ted P. Becker
Chief Compliance Officer
Marc A. De Oliveira
Secretary and Chief Legal Officer
Thomas C. Mandia
Senior Vice President
Jeanne M. Kelly
Senior Vice President
Western Asset Investment Grade Income Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
Investment advisers
Western Asset Management Company, LLC
Western Asset Management Company Limited
Custodian
The Bank of New York Mellon
Transfer agent
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
I ndependent registered public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD 21202
Legal counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
New York Stock Exchange Symbol
PAI

Franklin Templeton Funds Privacy and Security Notice
Your Privacy and the Security of Your Personal Information is Very Important to Us
This Privacy and Security Notice (the “Privacy Notice”) addresses the Funds’ privacy and data protection practices with respect to nonpublic personal information the Fund receives. The Legg Mason Funds include the Western Asset Money Market Funds (Funds) sold by the Funds’ distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.
The Type of Nonpublic Personal Information the Funds Collect About You
The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:
• Personal information included on applications or other forms;
• Account balances, transactions, and mutual fund holdings and positions;
• Bank account information, legal documents, and identity verification documentation; and
• Online account access user IDs, passwords, security challenge question responses.
How the Funds Use Nonpublic Personal Information About You
The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:
• Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;
• Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;
• Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;
• The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;
• Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.
Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic
NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice
(cont’d)
personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.
The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.
Keeping You Informed of the Funds’ Privacy and Security Practices
The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time, they will notify you promptly if this privacy policy changes.
The Funds’ Security Practices
The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.
Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.
In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.franklintempleton.com, or contact the Funds at 1-877-721-1926 for the Western Asset Money Market Funds or 1-888-777-0102 for the Legg Mason-sponsored closed-end funds. For additional information related to certain state privacy rights, please visit https://www.franklintempleton.com/help/privacy-policy.
Revised December 2023.
NOT PART OF THE SEMI-ANNUAL REPORT

Western Asset Investment Grade Income Fund Inc.
Western Asset Investment Grade Income Fund Inc.
One Madison Avenue
17th Floor
New York, NY 10010
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, shares of its stock.
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-888-777-0102 or visit the Fund’s website at www.franklintempleton.com.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton’s website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton’s website in this report.
This report is transmitted to the shareholders of Western Asset Investment Grade Income Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.
Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078
90001-S 8/25

| (b) | Not applicable

| ITEM 2. | CODE OF ETHICS.

Not applicable.

| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

| ITEM 6. | SCHEDULE OF INVESTMENTS.

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

| (b) | Not applicable.

| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 13. | INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Effective August 19, 2025, the individuals responsible for day-to-day portfolio management, development of investment strategy, oversight and coordination of the Fund are Michael Buchanan, Ryan Brist, Dan Alexander and Molly Schwartz. These investment professionals, all of whom are employed by Western Asset Management Company work together with a broader investment management team.

| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

| ITEM 16. | CONTROLS AND PROCEDURES.

| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting.

| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

| (a) | Not applicable.

| (b) | Not applicable.

| ITEM 19. | EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Western Asset Investment Grade Income Fund Inc.

By: | /s/ Jane Trust |
| Jane Trust |
| Chief Executive Officer |

Date: | August 25, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/ Jane Trust |
| Jane Trust |
| Chief Executive Officer |

Date: | August 25, 2025

By: | /s/ Christopher Berarducci |
| Christopher Berarducci |
| Principal Financial Officer |

Date: | August 25, 2025