WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| CORPORATE BONDS & NOTES - 93.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMUNICATION SERVICES - 8.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Telecommunication Services - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AT&T Inc., Senior Notes |
|
|
4.300 |
% |
|
|
2/15/30 |
|
|
$ |
80,000 |
|
|
$ |
76,905 |
|
| AT&T Inc., Senior Notes |
|
|
4.500 |
% |
|
|
5/15/35 |
|
|
|
360,000 |
|
|
|
336,415 |
|
| AT&T Inc., Senior Notes |
|
|
6.350 |
% |
|
|
3/15/40 |
|
|
|
50,000 |
|
|
|
50,865 |
|
| AT&T Inc., Senior Notes |
|
|
4.900 |
% |
|
|
6/15/42 |
|
|
|
150,000 |
|
|
|
134,709 |
|
| AT&T Inc., Senior Notes |
|
|
4.800 |
% |
|
|
6/15/44 |
|
|
|
210,000 |
|
|
|
189,197 |
|
| AT&T Inc., Senior Notes |
|
|
4.550 |
% |
|
|
3/9/49 |
|
|
|
310,000 |
|
|
|
265,947 |
|
| AT&T Inc., Senior Notes |
|
|
3.300 |
% |
|
|
2/1/52 |
|
|
|
120,000 |
|
|
|
83,139 |
|
| AT&T Inc., Senior Notes |
|
|
3.500 |
% |
|
|
9/15/53 |
|
|
|
130,000 |
|
|
|
91,791 |
|
| AT&T Inc., Senior Notes |
|
|
3.800 |
% |
|
|
12/1/57 |
|
|
|
130,000 |
|
|
|
94,199 |
|
| AT&T Inc., Senior Notes |
|
|
3.500 |
% |
|
|
2/1/61 |
|
|
|
70,000 |
|
|
|
47,898 |
|
| British Telecommunications PLC, Senior Notes |
|
|
9.625 |
% |
|
|
12/15/30 |
|
|
|
70,000 |
|
|
|
85,895 |
|
| Telefonica Emisiones SA, Senior Notes |
|
|
7.045 |
% |
|
|
6/20/36 |
|
|
|
60,000 |
|
|
|
67,211 |
|
| Telefonica Europe BV, Senior Notes |
|
|
8.250 |
% |
|
|
9/15/30 |
|
|
|
230,000 |
|
|
|
262,998 |
|
| Verizon Communications Inc., Senior Notes |
|
|
5.500 |
% |
|
|
3/16/47 |
|
|
|
630,000 |
|
|
|
647,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,434,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Entertainment - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Walt Disney Co., Senior Notes |
|
|
6.550 |
% |
|
|
3/15/33 |
|
|
|
545,000 |
|
|
|
613,146 |
|
| Walt Disney Co., Senior Notes |
|
|
7.750 |
% |
|
|
12/1/45 |
|
|
|
130,000 |
|
|
|
170,021 |
|
| Warnermedia Holdings Inc., Senior Notes |
|
|
5.141 |
% |
|
|
3/15/52 |
|
|
|
1,820,000 |
|
|
|
1,511,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,294,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Media - 3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes |
|
|
4.500 |
% |
|
|
5/1/32 |
|
|
|
580,000 |
|
|
|
466,465 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
6.384 |
% |
|
|
10/23/35 |
|
|
|
110,000 |
|
|
|
108,777 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
3.500 |
% |
|
|
3/1/42 |
|
|
|
80,000 |
|
|
|
53,432 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
6.484 |
% |
|
|
10/23/45 |
|
|
|
260,000 |
|
|
|
241,166 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
5.375 |
% |
|
|
5/1/47 |
|
|
|
350,000 |
|
|
|
282,249 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/1/48 |
|
|
|
70,000 |
|
|
|
58,992 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
1 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Media - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
5.250 |
% |
|
|
4/1/53 |
|
|
$ |
160,000 |
|
|
$ |
126,855 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
3.950 |
% |
|
|
6/30/62 |
|
|
|
80,000 |
|
|
|
48,326 |
|
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes |
|
|
5.500 |
% |
|
|
4/1/63 |
|
|
|
210,000 |
|
|
|
164,887 |
|
| Comcast Corp., Senior Notes |
|
|
6.450 |
% |
|
|
3/15/37 |
|
|
|
220,000 |
|
|
|
243,493 |
|
| Comcast Corp., Senior Notes |
|
|
6.950 |
% |
|
|
8/15/37 |
|
|
|
160,000 |
|
|
|
184,703 |
|
| Comcast Corp., Senior Notes |
|
|
6.400 |
% |
|
|
5/15/38 |
|
|
|
950,000 |
|
|
|
1,029,387 |
|
| DISH DBS Corp., Senior Secured Notes |
|
|
5.750 |
% |
|
|
12/1/28 |
|
|
|
160,000 |
|
|
|
110,261 |
(a) |
| Fox Corp., Senior Notes |
|
|
5.476 |
% |
|
|
1/25/39 |
|
|
|
510,000 |
|
|
|
485,702 |
|
| Time Warner Cable Enterprises LLC, Senior Secured Notes |
|
|
8.375 |
% |
|
|
7/15/33 |
|
|
|
410,000 |
|
|
|
457,957 |
|
| Time Warner Cable LLC, Senior Secured Notes |
|
|
6.550 |
% |
|
|
5/1/37 |
|
|
|
180,000 |
|
|
|
170,272 |
|
| Time Warner Cable LLC, Senior Secured Notes |
|
|
7.300 |
% |
|
|
7/1/38 |
|
|
|
200,000 |
|
|
|
202,174 |
|
| Time Warner Cable LLC, Senior Secured Notes |
|
|
6.750 |
% |
|
|
6/15/39 |
|
|
|
10,000 |
|
|
|
9,532 |
|
| Time Warner Cable LLC, Senior Secured Notes |
|
|
5.500 |
% |
|
|
9/1/41 |
|
|
|
50,000 |
|
|
|
41,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,486,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wireless Telecommunication Services - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| America Movil SAB de CV, Senior Notes |
|
|
6.125 |
% |
|
|
3/30/40 |
|
|
|
850,000 |
|
|
|
900,157 |
|
| Sprint LLC, Senior Notes |
|
|
7.125 |
% |
|
|
6/15/24 |
|
|
|
150,000 |
|
|
|
150,351 |
|
| T-Mobile USA Inc., Senior Notes |
|
|
4.375 |
% |
|
|
4/15/40 |
|
|
|
60,000 |
|
|
|
53,468 |
|
| T-Mobile USA Inc., Senior Notes |
|
|
4.500 |
% |
|
|
4/15/50 |
|
|
|
210,000 |
|
|
|
182,159 |
|
| T-Mobile USA Inc., Senior Notes |
|
|
3.400 |
% |
|
|
10/15/52 |
|
|
|
230,000 |
|
|
|
163,282 |
|
| Vodafone Group PLC, Senior Notes |
|
|
5.250 |
% |
|
|
5/30/48 |
|
|
|
210,000 |
|
|
|
200,714 |
|
| Vodafone Group PLC, Senior Notes |
|
|
4.250 |
% |
|
|
9/17/50 |
|
|
|
10,000 |
|
|
|
8,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,658,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,874,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY - 6.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobile Components - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ZF North America Capital Inc., Senior Notes |
|
|
4.750 |
% |
|
|
4/29/25 |
|
|
|
400,000 |
|
|
|
395,316 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Automobiles - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ford Motor Co., Senior Notes |
|
|
3.250 |
% |
|
|
2/12/32 |
|
|
|
290,000 |
|
|
|
241,387 |
|
| Ford Motor Credit Co. LLC, Senior Notes |
|
|
2.700 |
% |
|
|
8/10/26 |
|
|
|
400,000 |
|
|
|
372,986 |
|
| General Motors Co., Senior Notes |
|
|
6.125 |
% |
|
|
10/1/25 |
|
|
|
190,000 |
|
|
|
191,679 |
|
| General Motors Co., Senior Notes |
|
|
6.600 |
% |
|
|
4/1/36 |
|
|
|
170,000 |
|
|
|
180,872 |
|
| General Motors Co., Senior Notes |
|
|
6.750 |
% |
|
|
4/1/46 |
|
|
|
270,000 |
|
|
|
291,974 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
2 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Automobiles - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hyundai Capital America, Senior Notes |
|
|
5.250 |
% |
|
|
1/8/27 |
|
|
$ |
200,000 |
|
|
$ |
199,876 |
(a) |
| Nissan Motor Co. Ltd., Senior Notes |
|
|
4.810 |
% |
|
|
9/17/30 |
|
|
|
200,000 |
|
|
|
186,891 |
(a) |
| Volkswagen Group of America Finance LLC, Senior Notes |
|
|
5.250 |
% |
|
|
3/22/29 |
|
|
|
620,000 |
|
|
|
620,725 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,286,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadline Retail - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amazon.com Inc., Senior Notes |
|
|
3.950 |
% |
|
|
4/13/52 |
|
|
|
330,000 |
|
|
|
277,259 |
|
| MercadoLibre Inc., Senior Notes |
|
|
2.375 |
% |
|
|
1/14/26 |
|
|
|
470,000 |
|
|
|
440,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Broadline Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified Consumer Services - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| California Institute of Technology, Senior Notes |
|
|
3.650 |
% |
|
|
9/1/2119 |
|
|
|
110,000 |
|
|
|
76,553 |
|
| Washington University, Senior Notes |
|
|
3.524 |
% |
|
|
4/15/54 |
|
|
|
90,000 |
|
|
|
70,365 |
|
| Washington University, Senior Notes |
|
|
4.349 |
% |
|
|
4/15/2122 |
|
|
|
110,000 |
|
|
|
92,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
239,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hotels, Restaurants & Leisure - 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Genting New York LLC/GENNY Capital Inc., Senior Notes |
|
|
3.300 |
% |
|
|
2/15/26 |
|
|
|
550,000 |
|
|
|
527,929 |
(a) |
| Marriott International Inc., Senior Notes |
|
|
3.600 |
% |
|
|
4/15/24 |
|
|
|
200,000 |
|
|
|
199,812 |
|
| McDonald’s Corp., Senior Notes |
|
|
4.700 |
% |
|
|
12/9/35 |
|
|
|
150,000 |
|
|
|
146,012 |
|
| McDonald’s Corp., Senior Notes |
|
|
4.875 |
% |
|
|
12/9/45 |
|
|
|
230,000 |
|
|
|
214,808 |
|
| McDonald’s Corp., Senior Notes |
|
|
4.450 |
% |
|
|
9/1/48 |
|
|
|
10,000 |
|
|
|
8,779 |
|
| Melco Resorts Finance Ltd., Senior Notes |
|
|
5.375 |
% |
|
|
12/4/29 |
|
|
|
380,000 |
|
|
|
348,327 |
(a) |
| Royal Caribbean Cruises Ltd., Senior Notes |
|
|
3.700 |
% |
|
|
3/15/28 |
|
|
|
270,000 |
|
|
|
251,490 |
|
| Sands China Ltd., Senior Notes |
|
|
5.125 |
% |
|
|
8/8/25 |
|
|
|
450,000 |
|
|
|
444,203 |
|
| Sands China Ltd., Senior Notes |
|
|
5.400 |
% |
|
|
8/8/28 |
|
|
|
200,000 |
|
|
|
196,268 |
|
| Sands China Ltd., Senior Notes |
|
|
4.625 |
% |
|
|
6/18/30 |
|
|
|
200,000 |
|
|
|
183,562 |
|
| Sands China Ltd., Senior Notes |
|
|
3.250 |
% |
|
|
8/8/31 |
|
|
|
330,000 |
|
|
|
276,530 |
|
| Wynn Macau Ltd., Senior Notes |
|
|
5.500 |
% |
|
|
10/1/27 |
|
|
|
240,000 |
|
|
|
229,921 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,027,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Household Durables - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lennar Corp., Senior Notes |
|
|
5.000 |
% |
|
|
6/15/27 |
|
|
|
190,000 |
|
|
|
189,059 |
|
| MDC Holdings Inc., Senior Notes |
|
|
2.500 |
% |
|
|
1/15/31 |
|
|
|
100,000 |
|
|
|
86,193 |
|
| MDC Holdings Inc., Senior Notes |
|
|
6.000 |
% |
|
|
1/15/43 |
|
|
|
200,000 |
|
|
|
203,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
478,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialty Retail - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home Depot Inc., Senior Notes |
|
|
3.625 |
% |
|
|
4/15/52 |
|
|
|
270,000 |
|
|
|
206,430 |
|
| Lithia Motors Inc., Senior Notes |
|
|
4.625 |
% |
|
|
12/15/27 |
|
|
|
110,000 |
|
|
|
105,729 |
(a) |
| Lithia Motors Inc., Senior Notes |
|
|
3.875 |
% |
|
|
6/1/29 |
|
|
|
190,000 |
|
|
|
171,410 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
3 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Specialty Retail - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lowe’s Cos. Inc., Senior Notes |
|
|
3.750 |
% |
|
|
4/1/32 |
|
|
$ |
80,000 |
|
|
$ |
73,515 |
|
| Lowe’s Cos. Inc., Senior Notes |
|
|
4.250 |
% |
|
|
4/1/52 |
|
|
|
280,000 |
|
|
|
229,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
786,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,932,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER STAPLES - 3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beverages - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes |
|
|
4.900 |
% |
|
|
2/1/46 |
|
|
|
840,000 |
|
|
|
798,782 |
|
| Anheuser-Busch InBev Worldwide Inc., Senior Notes |
|
|
4.600 |
% |
|
|
4/15/48 |
|
|
|
70,000 |
|
|
|
64,041 |
|
| Coca-Cola Co., Senior Notes |
|
|
4.125 |
% |
|
|
3/25/40 |
|
|
|
180,000 |
|
|
|
157,878 |
|
| Coca-Cola Co., Senior Notes |
|
|
4.200 |
% |
|
|
3/25/50 |
|
|
|
110,000 |
|
|
|
97,737 |
|
| Pernod Ricard SA, Senior Notes |
|
|
5.500 |
% |
|
|
1/15/42 |
|
|
|
670,000 |
|
|
|
682,676 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Beverages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,801,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Food Products - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| J M Smucker Co., Senior Notes |
|
|
6.200 |
% |
|
|
11/15/33 |
|
|
|
230,000 |
|
|
|
245,475 |
|
| Kraft Heinz Foods Co., Senior Notes |
|
|
5.000 |
% |
|
|
6/4/42 |
|
|
|
110,000 |
|
|
|
103,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
348,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tobacco - 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Altria Group Inc., Senior Notes |
|
|
4.400 |
% |
|
|
2/14/26 |
|
|
|
410,000 |
|
|
|
404,137 |
|
| Altria Group Inc., Senior Notes |
|
|
4.800 |
% |
|
|
2/14/29 |
|
|
|
870,000 |
|
|
|
861,945 |
|
| Imperial Brands Finance PLC, Senior Notes |
|
|
6.125 |
% |
|
|
7/27/27 |
|
|
|
330,000 |
|
|
|
336,797 |
(a) |
| Philip Morris International Inc., Senior Notes |
|
|
4.500 |
% |
|
|
3/20/42 |
|
|
|
100,000 |
|
|
|
87,484 |
|
| Reynolds American Inc., Senior Notes |
|
|
8.125 |
% |
|
|
5/1/40 |
|
|
|
270,000 |
|
|
|
313,120 |
|
| Reynolds American Inc., Senior Notes |
|
|
7.000 |
% |
|
|
8/4/41 |
|
|
|
320,000 |
|
|
|
334,986 |
|
| Reynolds American Inc., Senior Notes |
|
|
5.850 |
% |
|
|
8/15/45 |
|
|
|
90,000 |
|
|
|
83,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,422,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,571,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY - 14.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Equipment & Services - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Halliburton Co., Senior Notes |
|
|
5.000 |
% |
|
|
11/15/45 |
|
|
|
200,000 |
|
|
|
187,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil, Gas & Consumable Fuels - 14.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apache Corp., Senior Notes |
|
|
6.000 |
% |
|
|
1/15/37 |
|
|
|
106,000 |
|
|
|
105,504 |
|
| Apache Corp., Senior Notes |
|
|
5.100 |
% |
|
|
9/1/40 |
|
|
|
20,000 |
|
|
|
17,177 |
|
| Apache Corp., Senior Notes |
|
|
5.250 |
% |
|
|
2/1/42 |
|
|
|
90,000 |
|
|
|
76,003 |
|
| Cameron LNG LLC, Senior Secured Notes |
|
|
3.302 |
% |
|
|
1/15/35 |
|
|
|
20,000 |
|
|
|
16,656 |
(a) |
| Cameron LNG LLC, Senior Secured Notes |
|
|
3.701 |
% |
|
|
1/15/39 |
|
|
|
40,000 |
|
|
|
33,318 |
(a) |
| Cheniere Energy Partners LP, Senior Notes |
|
|
3.250 |
% |
|
|
1/31/32 |
|
|
|
220,000 |
|
|
|
187,577 |
|
| Chesapeake Energy Corp., Senior Notes |
|
|
6.750 |
% |
|
|
4/15/29 |
|
|
|
170,000 |
|
|
|
171,959 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
4 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Columbia Pipelines Operating Co. LLC, Senior Notes |
|
|
6.036 |
% |
|
|
11/15/33 |
|
|
$ |
290,000 |
|
|
$ |
300,617 |
(a) |
| Columbia Pipelines Operating Co. LLC, Senior Notes |
|
|
6.544 |
% |
|
|
11/15/53 |
|
|
|
240,000 |
|
|
|
260,240 |
(a) |
| ConocoPhillips, Senior Notes |
|
|
6.500 |
% |
|
|
2/1/39 |
|
|
|
810,000 |
|
|
|
919,461 |
|
| Continental Resources Inc., Senior Notes |
|
|
2.268 |
% |
|
|
11/15/26 |
|
|
|
80,000 |
|
|
|
73,667 |
(a) |
| Continental Resources Inc., Senior Notes |
|
|
4.375 |
% |
|
|
1/15/28 |
|
|
|
140,000 |
|
|
|
135,341 |
|
| Continental Resources Inc., Senior Notes |
|
|
2.875 |
% |
|
|
4/1/32 |
|
|
|
120,000 |
|
|
|
97,844 |
(a) |
| Continental Resources Inc., Senior Notes |
|
|
4.900 |
% |
|
|
6/1/44 |
|
|
|
90,000 |
|
|
|
74,882 |
|
| Devon Energy Corp., Senior Notes |
|
|
5.850 |
% |
|
|
12/15/25 |
|
|
|
350,000 |
|
|
|
352,053 |
|
| Devon Energy Corp., Senior Notes |
|
|
5.600 |
% |
|
|
7/15/41 |
|
|
|
320,000 |
|
|
|
308,751 |
|
| Diamondback Energy Inc., Senior Notes |
|
|
6.250 |
% |
|
|
3/15/53 |
|
|
|
230,000 |
|
|
|
248,403 |
|
| Ecopetrol SA, Senior Notes |
|
|
5.375 |
% |
|
|
6/26/26 |
|
|
|
540,000 |
|
|
|
531,350 |
|
| Ecopetrol SA, Senior Notes |
|
|
5.875 |
% |
|
|
11/2/51 |
|
|
|
260,000 |
|
|
|
187,331 |
|
| Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate +
5.134%) |
|
|
6.750 |
% |
|
|
5/15/25 |
|
|
|
210,000 |
|
|
|
207,150 |
(b)(c) |
| Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate +
5.306%) |
|
|
7.125 |
% |
|
|
5/15/30 |
|
|
|
560,000 |
|
|
|
548,120 |
(b)(c) |
| Energy Transfer LP, Senior Notes |
|
|
8.000 |
% |
|
|
4/1/29 |
|
|
|
350,000 |
|
|
|
363,863 |
(a) |
| Energy Transfer LP, Senior Notes |
|
|
5.250 |
% |
|
|
4/15/29 |
|
|
|
30,000 |
|
|
|
30,043 |
|
| Energy Transfer LP, Senior Notes |
|
|
8.250 |
% |
|
|
11/15/29 |
|
|
|
160,000 |
|
|
|
182,129 |
|
| Energy Transfer LP, Senior Notes |
|
|
6.625 |
% |
|
|
10/15/36 |
|
|
|
20,000 |
|
|
|
21,189 |
|
| Energy Transfer LP, Senior Notes |
|
|
5.800 |
% |
|
|
6/15/38 |
|
|
|
40,000 |
|
|
|
39,926 |
|
| Enterprise Products Operating LLC, Senior Notes |
|
|
6.125 |
% |
|
|
10/15/39 |
|
|
|
320,000 |
|
|
|
343,510 |
|
| Enterprise Products Operating LLC, Senior Notes |
|
|
3.300 |
% |
|
|
2/15/53 |
|
|
|
150,000 |
|
|
|
106,582 |
|
| Enterprise Products Operating LLC, Senior Notes |
|
|
3.950 |
% |
|
|
1/31/60 |
|
|
|
100,000 |
|
|
|
77,833 |
|
| Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. Term SOFR + 2.832%) |
|
|
5.375 |
% |
|
|
2/15/78 |
|
|
|
430,000 |
|
|
|
401,822 |
(c) |
| EOG Resources Inc., Senior Notes |
|
|
4.375 |
% |
|
|
4/15/30 |
|
|
|
240,000 |
|
|
|
234,959 |
|
| Exxon Mobil Corp., Senior Notes |
|
|
4.227 |
% |
|
|
3/19/40 |
|
|
|
140,000 |
|
|
|
127,617 |
|
| KazMunayGas National Co. JSC, Senior Notes |
|
|
3.500 |
% |
|
|
4/14/33 |
|
|
|
200,000 |
|
|
|
166,875 |
(a) |
| Kinder Morgan Inc., Senior Notes |
|
|
7.800 |
% |
|
|
8/1/31 |
|
|
|
2,000,000 |
|
|
|
2,269,485 |
|
| MPLX LP, Senior Notes |
|
|
4.800 |
% |
|
|
2/15/29 |
|
|
|
60,000 |
|
|
|
59,293 |
|
| MPLX LP, Senior Notes |
|
|
4.500 |
% |
|
|
4/15/38 |
|
|
|
380,000 |
|
|
|
337,624 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
7.500 |
% |
|
|
5/1/31 |
|
|
|
465,000 |
|
|
|
517,897 |
|
| Occidental Petroleum Corp., Senior Notes |
|
|
7.875 |
% |
|
|
9/15/31 |
|
|
|
190,000 |
|
|
|
215,516 |
|
| ONEOK Inc., Senior Notes |
|
|
6.050 |
% |
|
|
9/1/33 |
|
|
|
460,000 |
|
|
|
479,981 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
5 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Oil, Gas & Consumable Fuels - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ONEOK Inc., Senior Notes |
|
|
6.625 |
% |
|
|
9/1/53 |
|
|
$ |
460,000 |
|
|
$ |
507,310 |
|
| Parsley Energy LLC/Parsley Finance Corp., Senior Notes |
|
|
4.125 |
% |
|
|
2/15/28 |
|
|
|
200,000 |
|
|
|
191,006 |
(a) |
| Petrobras Global Finance BV, Senior Notes |
|
|
7.375 |
% |
|
|
1/17/27 |
|
|
|
190,000 |
|
|
|
197,645 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.900 |
% |
|
|
3/19/49 |
|
|
|
280,000 |
|
|
|
271,807 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
5.500 |
% |
|
|
6/10/51 |
|
|
|
100,000 |
|
|
|
81,387 |
|
| Petrobras Global Finance BV, Senior Notes |
|
|
6.850 |
% |
|
|
6/5/2115 |
|
|
|
300,000 |
|
|
|
278,569 |
|
| Phillips 66, Senior Notes |
|
|
5.875 |
% |
|
|
5/1/42 |
|
|
|
160,000 |
|
|
|
168,227 |
|
| QatarEnergy, Senior Notes |
|
|
3.300 |
% |
|
|
7/12/51 |
|
|
|
490,000 |
|
|
|
347,008 |
(a) |
| Reliance Industries Ltd., Senior Notes |
|
|
3.625 |
% |
|
|
1/12/52 |
|
|
|
300,000 |
|
|
|
216,898 |
(a) |
| Shell International Finance BV, Senior Notes |
|
|
6.375 |
% |
|
|
12/15/38 |
|
|
|
250,000 |
|
|
|
283,048 |
|
| Targa Resources Corp., Senior Notes |
|
|
4.950 |
% |
|
|
4/15/52 |
|
|
|
160,000 |
|
|
|
140,317 |
|
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes |
|
|
6.875 |
% |
|
|
1/15/29 |
|
|
|
490,000 |
|
|
|
504,484 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
7.850 |
% |
|
|
2/1/26 |
|
|
|
470,000 |
|
|
|
487,787 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
7.250 |
% |
|
|
12/1/26 |
|
|
|
230,000 |
|
|
|
239,385 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
3.250 |
% |
|
|
5/15/30 |
|
|
|
130,000 |
|
|
|
117,719 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
5.400 |
% |
|
|
8/15/41 |
|
|
|
310,000 |
|
|
|
310,636 |
|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes |
|
|
3.950 |
% |
|
|
5/15/50 |
|
|
|
30,000 |
|
|
|
23,747 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
4.650 |
% |
|
|
7/1/26 |
|
|
|
660,000 |
|
|
|
647,980 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
4.750 |
% |
|
|
8/15/28 |
|
|
|
680,000 |
|
|
|
662,017 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
4.050 |
% |
|
|
2/1/30 |
|
|
|
90,000 |
|
|
|
84,029 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.450 |
% |
|
|
4/1/44 |
|
|
|
80,000 |
|
|
|
73,588 |
|
| Western Midstream Operating LP, Senior Notes |
|
|
5.250 |
% |
|
|
2/1/50 |
|
|
|
270,000 |
|
|
|
241,692 |
|
| Williams Cos. Inc., Senior Notes |
|
|
7.500 |
% |
|
|
1/15/31 |
|
|
|
47,000 |
|
|
|
52,416 |
|
| Williams Cos. Inc., Senior Notes |
|
|
7.750 |
% |
|
|
6/15/31 |
|
|
|
37,000 |
|
|
|
41,070 |
|
| Williams Cos. Inc., Senior Notes |
|
|
8.750 |
% |
|
|
3/15/32 |
|
|
|
610,000 |
|
|
|
734,492 |
|
| Williams Cos. Inc., Senior Notes |
|
|
3.500 |
% |
|
|
10/15/51 |
|
|
|
50,000 |
|
|
|
35,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,769,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ENERGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,957,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 33.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banks - 19.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Mercantil del Norte SA, Junior Subordinated Notes (7.500% to 6/27/29 then 10 year Treasury Constant Maturity Rate
+ 5.470%) |
|
|
7.500 |
% |
|
|
6/27/29 |
|
|
|
200,000 |
|
|
|
199,641 |
(a)(b)(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
6 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Mercantil del Norte SA, Junior Subordinated Notes (8.375% to 10/14/30 then 10 year Treasury Constant Maturity
Rate + 7.760%) |
|
|
8.375 |
% |
|
|
10/14/30 |
|
|
$ |
250,000 |
|
|
$ |
256,729 |
(a)(b)(c) |
| Banco Santander SA, Senior Notes |
|
|
5.294 |
% |
|
|
8/18/27 |
|
|
|
400,000 |
|
|
|
399,229 |
|
| Banco Santander SA, Senior Notes |
|
|
3.490 |
% |
|
|
5/28/30 |
|
|
|
200,000 |
|
|
|
181,462 |
|
| Bank of America Corp., Senior Notes |
|
|
5.875 |
% |
|
|
2/7/42 |
|
|
|
320,000 |
|
|
|
341,659 |
|
| Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR + 3.412%) |
|
|
4.083 |
% |
|
|
3/20/51 |
|
|
|
160,000 |
|
|
|
131,301 |
(c) |
| Bank of America Corp., Subordinated Notes |
|
|
6.110 |
% |
|
|
1/29/37 |
|
|
|
320,000 |
|
|
|
340,093 |
|
| Bank of America Corp., Subordinated Notes |
|
|
7.750 |
% |
|
|
5/14/38 |
|
|
|
900,000 |
|
|
|
1,092,730 |
|
| Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5 year Treasury Constant Maturity Rate +
4.017%) |
|
|
8.000 |
% |
|
|
1/27/84 |
|
|
|
360,000 |
|
|
|
367,228 |
(c) |
| Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury Constant Maturity Rate +
2.050%) |
|
|
4.588 |
% |
|
|
5/4/37 |
|
|
|
390,000 |
|
|
|
353,842 |
(c) |
| Barclays PLC, Junior Subordinated Notes (6.125% to 6/15/26 then 5 year Treasury Constant Maturity Rate +
5.867%) |
|
|
6.125 |
% |
|
|
12/15/25 |
|
|
|
1,060,000 |
|
|
|
1,024,363 |
(b)(c) |
| Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + 3.054%) |
|
|
5.088 |
% |
|
|
6/20/30 |
|
|
|
640,000 |
|
|
|
616,886 |
(c) |
| BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year Treasury Constant Maturity Rate +
4.354%) |
|
|
8.500 |
% |
|
|
8/14/28 |
|
|
|
940,000 |
|
|
|
984,887 |
(a)(b)(c) |
| BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR + 2.829%) |
|
|
5.198 |
% |
|
|
1/10/30 |
|
|
|
280,000 |
|
|
|
278,580 |
(a)(c) |
| BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%) |
|
|
6.714 |
% |
|
|
10/19/29 |
|
|
|
350,000 |
|
|
|
366,348 |
(a)(c) |
| BPCE SA, Subordinated Notes |
|
|
5.150 |
% |
|
|
7/21/24 |
|
|
|
410,000 |
|
|
|
408,318 |
(a) |
| BPCE SA, Subordinated Notes (3.582% to 10/19/41 then SOFR + 1.952%) |
|
|
3.582 |
% |
|
|
10/19/42 |
|
|
|
270,000 |
|
|
|
195,398 |
(a)(c) |
| Citigroup Inc., Senior Notes |
|
|
8.125 |
% |
|
|
7/15/39 |
|
|
|
251,000 |
|
|
|
321,393 |
|
| Citigroup Inc., Senior Notes |
|
|
5.875 |
% |
|
|
1/30/42 |
|
|
|
240,000 |
|
|
|
254,037 |
|
| Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%) |
|
|
3.785 |
% |
|
|
3/17/33 |
|
|
|
420,000 |
|
|
|
375,350 |
(c) |
| Citigroup Inc., Subordinated Notes |
|
|
5.500 |
% |
|
|
9/13/25 |
|
|
|
750,000 |
|
|
|
749,941 |
|
| Citigroup Inc., Subordinated Notes |
|
|
6.125 |
% |
|
|
8/25/36 |
|
|
|
404,000 |
|
|
|
421,229 |
|
| Citigroup Inc., Subordinated Notes |
|
|
6.675 |
% |
|
|
9/13/43 |
|
|
|
370,000 |
|
|
|
415,163 |
|
| Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%) |
|
|
6.174 |
% |
|
|
5/25/34 |
|
|
|
250,000 |
|
|
|
254,003 |
(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
7 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commonwealth Bank of Australia, Subordinated Notes |
|
|
3.743 |
% |
|
|
9/12/39 |
|
|
$ |
220,000 |
|
|
$ |
175,911 |
(a) |
| Cooperatieve Rabobank UA, Senior Notes |
|
|
5.750 |
% |
|
|
12/1/43 |
|
|
|
450,000 |
|
|
|
458,904 |
|
| Cooperatieve Rabobank UA, Senior Notes |
|
|
5.250 |
% |
|
|
8/4/45 |
|
|
|
340,000 |
|
|
|
333,958 |
|
| Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury Constant Maturity Rate +
1.420%) |
|
|
3.758 |
% |
|
|
4/6/33 |
|
|
|
350,000 |
|
|
|
312,491 |
(a)(c) |
| Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%) |
|
|
8.125 |
% |
|
|
12/23/25 |
|
|
|
1,040,000 |
|
|
|
1,062,818 |
(a)(b)(c) |
| Credit Agricole SA, Senior Notes (6.316% to 10/3/28 then SOFR + 1.860%) |
|
|
6.316 |
% |
|
|
10/3/29 |
|
|
|
290,000 |
|
|
|
300,797 |
(a)(c) |
| HSBC Holdings PLC, Junior Subordinated Notes (4.600% to 6/17/31 then 5 year Treasury Constant Maturity Rate +
3.649%) |
|
|
4.600 |
% |
|
|
12/17/30 |
|
|
|
320,000 |
|
|
|
271,513 |
(b)(c) |
| HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%) |
|
|
6.500 |
% |
|
|
3/23/28 |
|
|
|
300,000 |
|
|
|
294,345 |
(b)(c) |
| HSBC Holdings PLC, Senior Notes |
|
|
4.950 |
% |
|
|
3/31/30 |
|
|
|
200,000 |
|
|
|
198,680 |
|
| HSBC Holdings PLC, Senior Notes (5.546% to 3/4/29 then SOFR + 1.460%) |
|
|
5.546 |
% |
|
|
3/4/30 |
|
|
|
340,000 |
|
|
|
342,141 |
(c) |
| HSBC Holdings PLC, Senior Notes (6.254% to 3/9/33 then SOFR + 2.390%) |
|
|
6.254 |
% |
|
|
3/9/34 |
|
|
|
840,000 |
|
|
|
885,714 |
(c) |
| HSBC Holdings PLC, Subordinated Notes |
|
|
7.625 |
% |
|
|
5/17/32 |
|
|
|
70,000 |
|
|
|
78,460 |
|
| HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%) |
|
|
4.762 |
% |
|
|
3/29/33 |
|
|
|
400,000 |
|
|
|
372,034 |
(c) |
| Intesa Sanpaolo SpA, Senior Notes |
|
|
7.000 |
% |
|
|
11/21/25 |
|
|
|
200,000 |
|
|
|
203,781 |
(a) |
| Intesa Sanpaolo SpA, Senior Notes |
|
|
4.700 |
% |
|
|
9/23/49 |
|
|
|
200,000 |
|
|
|
151,946 |
(a) |
| Intesa Sanpaolo SpA, Senior Notes (7.778% to 6/20/53 then 1 year Treasury Constant Maturity Rate +
3.900%) |
|
|
7.778 |
% |
|
|
6/20/54 |
|
|
|
220,000 |
|
|
|
234,823 |
(a)(c) |
| Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate +
2.600%) |
|
|
4.198 |
% |
|
|
6/1/32 |
|
|
|
200,000 |
|
|
|
167,353 |
(a)(c) |
| Intesa Sanpaolo SpA, Subordinated Notes (4.950% to 6/1/41 then 1 year Treasury Constant Maturity Rate +
2.750%) |
|
|
4.950 |
% |
|
|
6/1/42 |
|
|
|
200,000 |
|
|
|
149,316 |
(a)(c) |
| JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR + 3.562%) |
|
|
8.868 |
% |
|
|
5/1/24 |
|
|
|
260,000 |
|
|
|
260,203 |
(b)(c) |
| JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. Term SOFR + 1.482%) |
|
|
3.897 |
% |
|
|
1/23/49 |
|
|
|
50,000 |
|
|
|
40,781 |
(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
8 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Banks - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JPMorgan Chase & Co., Subordinated Notes |
|
|
5.625 |
% |
|
|
8/16/43 |
|
|
$ |
440,000 |
|
|
$ |
458,608 |
|
| JPMorgan Chase & Co., Subordinated Notes |
|
|
4.950 |
% |
|
|
6/1/45 |
|
|
|
490,000 |
|
|
|
466,264 |
|
| Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 6/27/24 then USD 5 year ICE Swap Rate +
4.760%) |
|
|
7.500 |
% |
|
|
6/27/24 |
|
|
|
360,000 |
|
|
|
358,134 |
(b)(c) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 then USD 5 year ICE Swap Rate +
4.496%) |
|
|
7.500 |
% |
|
|
9/27/25 |
|
|
|
370,000 |
|
|
|
369,446 |
(b)(c) |
| Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 then 5 year Treasury Constant Maturity Rate
+ 3.913%) |
|
|
8.000 |
% |
|
|
9/27/29 |
|
|
|
270,000 |
|
|
|
272,529 |
(b)(c) |
| Mitsubishi UFJ Financial Group Inc., Senior Notes (4.315% to 4/19/32 then 1 year Treasury Constant Maturity Rate +
1.550%) |
|
|
4.315 |
% |
|
|
4/19/33 |
|
|
|
330,000 |
|
|
|
312,402 |
(c) |
| NatWest Group PLC, Subordinated Notes (3.754% to 11/1/24 then 5 year Treasury Constant Maturity Rate +
2.100%) |
|
|
3.754 |
% |
|
|
11/1/29 |
|
|
|
230,000 |
|
|
|
226,133 |
(c) |
| Santander UK Group Holdings PLC, Subordinated Notes |
|
|
4.750 |
% |
|
|
9/15/25 |
|
|
|
210,000 |
|
|
|
206,209 |
(a) |
| Standard Chartered PLC, Subordinated Notes |
|
|
5.700 |
% |
|
|
3/26/44 |
|
|
|
410,000 |
|
|
|
407,697 |
(a) |
| Swedbank AB, Senior Notes |
|
|
5.407 |
% |
|
|
3/14/29 |
|
|
|
310,000 |
|
|
|
310,382 |
(a) |
| Truist Financial Corp., Senior Notes (5.867% to 6/8/33 then SOFR + 2.361%) |
|
|
5.867 |
% |
|
|
6/8/34 |
|
|
|
250,000 |
|
|
|
253,158 |
(c) |
| Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR + 2.446%) |
|
|
7.161 |
% |
|
|
10/30/29 |
|
|
|
230,000 |
|
|
|
245,351 |
(c) |
| UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%) |
|
|
7.296 |
% |
|
|
4/2/34 |
|
|
|
1,040,000 |
|
|
|
1,069,782 |
(a)(c) |
| US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) |
|
|
5.836 |
% |
|
|
6/12/34 |
|
|
|
300,000 |
|
|
|
305,891 |
(c) |
| Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%) |
|
|
4.611 |
% |
|
|
4/25/53 |
|
|
|
380,000 |
|
|
|
336,100 |
(c) |
| Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%) |
|
|
5.013 |
% |
|
|
4/4/51 |
|
|
|
230,000 |
|
|
|
216,094 |
(c) |
| Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%) |
|
|
5.557 |
% |
|
|
7/25/34 |
|
|
|
570,000 |
|
|
|
572,449 |
(c) |
| Wells Fargo & Co., Subordinated Notes |
|
|
5.375 |
% |
|
|
11/2/43 |
|
|
|
430,000 |
|
|
|
415,645 |
|
| Wells Fargo & Co., Subordinated Notes |
|
|
4.750 |
% |
|
|
12/7/46 |
|
|
|
580,000 |
|
|
|
509,136 |
|
| Westpac Banking Corp., Subordinated Notes |
|
|
4.421 |
% |
|
|
7/24/39 |
|
|
|
110,000 |
|
|
|
96,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,034,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
9 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Capital Markets - 7.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate +
3.079%) |
|
|
4.000 |
% |
|
|
12/1/30 |
|
|
$ |
320,000 |
|
|
$ |
270,401 |
(b)(c) |
| Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%) |
|
|
5.853 |
% |
|
|
5/19/34 |
|
|
|
260,000 |
|
|
|
266,420 |
(c) |
| Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%) |
|
|
6.136 |
% |
|
|
8/24/34 |
|
|
|
600,000 |
|
|
|
626,310 |
(c) |
| CI Financial Corp., Senior Notes |
|
|
3.200 |
% |
|
|
12/17/30 |
|
|
|
330,000 |
|
|
|
270,575 |
|
| CI Financial Corp., Senior Notes |
|
|
4.100 |
% |
|
|
6/15/51 |
|
|
|
160,000 |
|
|
|
100,072 |
|
| CME Group Inc., Senior Notes |
|
|
5.300 |
% |
|
|
9/15/43 |
|
|
|
440,000 |
|
|
|
449,648 |
|
| Credit Suisse AG AT1 Claim |
|
|
— |
|
|
|
— |
|
|
|
1,700,000 |
|
|
|
195,500 |
*(d) |
| Credit Suisse USA Inc., Senior Notes |
|
|
7.125 |
% |
|
|
7/15/32 |
|
|
|
40,000 |
|
|
|
44,887 |
|
| Goldman Sachs Group Inc., Junior Subordinated Notes (7.500% to 2/10/29 then 5 year Treasury Constant Maturity Rate
+ 3.156%) |
|
|
7.500 |
% |
|
|
2/10/29 |
|
|
|
100,000 |
|
|
|
106,434 |
(b)(c) |
| Goldman Sachs Group Inc., Senior Notes |
|
|
5.700 |
% |
|
|
11/1/24 |
|
|
|
380,000 |
|
|
|
380,214 |
|
| Goldman Sachs Group Inc., Senior Notes |
|
|
6.250 |
% |
|
|
2/1/41 |
|
|
|
570,000 |
|
|
|
621,133 |
|
| Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%) |
|
|
3.615 |
% |
|
|
3/15/28 |
|
|
|
740,000 |
|
|
|
708,028 |
(c) |
| Goldman Sachs Group Inc., Subordinated Notes |
|
|
6.750 |
% |
|
|
10/1/37 |
|
|
|
640,000 |
|
|
|
699,542 |
|
| Goldman Sachs Group Inc., Subordinated Notes |
|
|
5.150 |
% |
|
|
5/22/45 |
|
|
|
500,000 |
|
|
|
483,787 |
|
| Intercontinental Exchange Inc., Senior Notes |
|
|
4.950 |
% |
|
|
6/15/52 |
|
|
|
250,000 |
|
|
|
236,270 |
|
| Intercontinental Exchange Inc., Senior Notes |
|
|
5.200 |
% |
|
|
6/15/62 |
|
|
|
260,000 |
|
|
|
255,312 |
|
| KKR Group Finance Co. III LLC, Senior Notes |
|
|
5.125 |
% |
|
|
6/1/44 |
|
|
|
820,000 |
|
|
|
758,118 |
(a) |
| KKR Group Finance Co. VI LLC, Senior Notes |
|
|
3.750 |
% |
|
|
7/1/29 |
|
|
|
70,000 |
|
|
|
65,373 |
(a) |
| KKR Group Finance Co. X LLC, Senior Notes |
|
|
3.250 |
% |
|
|
12/15/51 |
|
|
|
90,000 |
|
|
|
60,644 |
(a) |
| Morgan Stanley, Senior Notes |
|
|
6.375 |
% |
|
|
7/24/42 |
|
|
|
90,000 |
|
|
|
101,658 |
|
| Morgan Stanley, Senior Notes (4.889% to 7/20/32 then SOFR + 2.076%) |
|
|
4.889 |
% |
|
|
7/20/33 |
|
|
|
280,000 |
|
|
|
271,674 |
(c) |
| Morgan Stanley, Subordinated Notes (5.297% to 4/20/32 then SOFR + 2.620%) |
|
|
5.297 |
% |
|
|
4/20/37 |
|
|
|
130,000 |
|
|
|
124,813 |
(c) |
| Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury Constant Maturity Rate +
2.430%) |
|
|
5.948 |
% |
|
|
1/19/38 |
|
|
|
100,000 |
|
|
|
100,284 |
(c) |
| Raymond James Financial Inc., Senior Notes |
|
|
4.650 |
% |
|
|
4/1/30 |
|
|
|
70,000 |
|
|
|
69,133 |
|
| Raymond James Financial Inc., Senior Notes |
|
|
4.950 |
% |
|
|
7/15/46 |
|
|
|
90,000 |
|
|
|
82,864 |
|
| State Street Corp., Junior Subordinated Notes (6.700% to 3/15/29 then 5 year Treasury Constant Maturity Rate +
2.613%) |
|
|
6.700 |
% |
|
|
3/15/29 |
|
|
|
250,000 |
|
|
|
254,306 |
(b)(c) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
10 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Capital Markets - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then USD 5 year SOFR ICE Swap Rate + 4.160%) |
|
|
7.750 |
% |
|
|
4/12/31 |
|
|
$ |
200,000 |
|
|
$ |
206,194 |
(a)(b)(c) |
| UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year Treasury Constant Maturity Rate +
4.758%) |
|
|
9.250 |
% |
|
|
11/13/33 |
|
|
|
290,000 |
|
|
|
328,001 |
(a)(b)(c) |
| UBS Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%) |
|
|
4.194 |
% |
|
|
4/1/31 |
|
|
|
250,000 |
|
|
|
232,293 |
(a)(c) |
| UBS Group AG, Senior Notes (6.301% to 9/22/33 then 1 year Treasury Constant Maturity Rate + 2.000%) |
|
|
6.301 |
% |
|
|
9/22/34 |
|
|
|
230,000 |
|
|
|
240,890 |
(a)(c) |
| UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) |
|
|
6.537 |
% |
|
|
8/12/33 |
|
|
|
380,000 |
|
|
|
400,891 |
(a)(c) |
| UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) |
|
|
9.016 |
% |
|
|
11/15/33 |
|
|
|
250,000 |
|
|
|
303,572 |
(a)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,315,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Finance - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + 2.600%) |
|
|
5.817 |
% |
|
|
2/1/34 |
|
|
|
150,000 |
|
|
|
149,879 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Services - 2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes |
|
|
3.000 |
% |
|
|
10/29/28 |
|
|
|
430,000 |
|
|
|
389,300 |
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes |
|
|
3.850 |
% |
|
|
10/29/41 |
|
|
|
540,000 |
|
|
|
427,973 |
|
| Carlyle Finance LLC, Senior Notes |
|
|
5.650 |
% |
|
|
9/15/48 |
|
|
|
110,000 |
|
|
|
106,722 |
(a) |
| Carlyle Finance Subsidiary LLC, Senior Notes |
|
|
3.500 |
% |
|
|
9/19/29 |
|
|
|
150,000 |
|
|
|
138,970 |
(a) |
| Carlyle Holdings II Finance LLC, Senior Notes |
|
|
5.625 |
% |
|
|
3/30/43 |
|
|
|
220,000 |
|
|
|
214,684 |
(a) |
| Everest Reinsurance Holdings Inc., Senior Notes |
|
|
3.500 |
% |
|
|
10/15/50 |
|
|
|
140,000 |
|
|
|
98,309 |
|
| ILFC E-Capital Trust I, Ltd. GTD (3 mo. Term SOFR + 1.812%) |
|
|
7.145 |
% |
|
|
12/21/65 |
|
|
|
470,000 |
|
|
|
368,285 |
(a)(c) |
| ILFC E-Capital Trust II, Ltd. GTD (3 mo. Term SOFR + 2.062%) |
|
|
7.395 |
% |
|
|
12/21/65 |
|
|
|
270,000 |
|
|
|
216,820 |
(a)(c) |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes |
|
|
2.875 |
% |
|
|
10/15/26 |
|
|
|
160,000 |
|
|
|
147,977 |
(a) |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes |
|
|
4.000 |
% |
|
|
10/15/33 |
|
|
|
140,000 |
|
|
|
118,730 |
(a) |
| SMBC Aviation Capital Finance DAC, Senior Notes |
|
|
5.300 |
% |
|
|
4/3/29 |
|
|
|
380,000 |
|
|
|
379,306 |
(a)(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,607,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
11 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Insurance - 3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allianz SE, Junior Subordinated Notes (3.500% to 4/30/26 then 5 year Treasury Constant Maturity Rate +
2.973%) |
|
|
3.500 |
% |
|
|
11/17/25 |
|
|
$ |
200,000 |
|
|
$ |
186,001 |
(a)(b)(c) |
| Allstate Corp., Junior Subordinated Notes (6.500% to 5/15/37 then 3 mo. USD LIBOR + 2.120%) |
|
|
6.500 |
% |
|
|
5/15/57 |
|
|
|
480,000 |
|
|
|
488,890 |
(c) |
| American International Group Inc., Junior Subordinated Notes |
|
|
6.250 |
% |
|
|
3/15/37 |
|
|
|
80,000 |
|
|
|
73,598 |
|
| American International Group Inc., Senior Notes |
|
|
4.750 |
% |
|
|
4/1/48 |
|
|
|
70,000 |
|
|
|
64,744 |
|
| Americo Life Inc., Senior Notes |
|
|
3.450 |
% |
|
|
4/15/31 |
|
|
|
80,000 |
|
|
|
62,737 |
(a) |
| AXA SA, Subordinated Notes |
|
|
8.600 |
% |
|
|
12/15/30 |
|
|
|
200,000 |
|
|
|
236,378 |
|
| Fidelity & Guaranty Life Holdings Inc., Senior Notes |
|
|
5.500 |
% |
|
|
5/1/25 |
|
|
|
230,000 |
|
|
|
228,129 |
(a) |
| Liberty Mutual Insurance Co., Subordinated Notes |
|
|
7.875 |
% |
|
|
10/15/26 |
|
|
|
490,000 |
|
|
|
510,823 |
(a) |
| Massachusetts Mutual Life Insurance Co., Subordinated Notes |
|
|
4.900 |
% |
|
|
4/1/77 |
|
|
|
260,000 |
|
|
|
220,255 |
(a) |
| MetLife Inc., Junior Subordinated Notes |
|
|
6.400 |
% |
|
|
12/15/36 |
|
|
|
1,150,000 |
|
|
|
1,179,374 |
|
| New York Life Insurance Co., Subordinated Notes |
|
|
4.450 |
% |
|
|
5/15/69 |
|
|
|
90,000 |
|
|
|
73,442 |
(a) |
| Nippon Life Insurance Co., Subordinated Notes (2.750% to 1/21/31 then 5 year Treasury Constant Maturity Rate +
2.653%) |
|
|
2.750 |
% |
|
|
1/21/51 |
|
|
|
200,000 |
|
|
|
167,252 |
(a)(c) |
| Northwestern Mutual Life Insurance Co., Subordinated Notes |
|
|
3.625 |
% |
|
|
9/30/59 |
|
|
|
110,000 |
|
|
|
77,542 |
(a) |
| Prudential Financial Inc., Junior Subordinated Notes (6.500% to 3/15/34 then 5 year Treasury Constant Maturity Rate
+ 2.404%) |
|
|
6.500 |
% |
|
|
3/15/54 |
|
|
|
120,000 |
|
|
|
121,959 |
(c) |
| Prudential Financial Inc., Junior Subordinated Notes (6.750% to 3/1/33 then 5 year Treasury Constant Maturity Rate
+ 2.848%) |
|
|
6.750 |
% |
|
|
3/1/53 |
|
|
|
170,000 |
|
|
|
177,173 |
(c) |
| RenaissanceRe Holdings Ltd., Senior Notes |
|
|
5.750 |
% |
|
|
6/5/33 |
|
|
|
190,000 |
|
|
|
191,715 |
|
| Teachers Insurance & Annuity Association of America, Subordinated Notes |
|
|
6.850 |
% |
|
|
12/16/39 |
|
|
|
400,000 |
|
|
|
455,223 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,515,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Blackstone Holdings Finance Co. LLC, Senior Notes |
|
|
6.200 |
% |
|
|
4/22/33 |
|
|
|
450,000 |
|
|
|
473,278 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL FINANCIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,094,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
12 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| HEALTH CARE - 7.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Biotechnology - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AbbVie Inc., Senior Notes |
|
|
4.050 |
% |
|
|
11/21/39 |
|
|
$ |
740,000 |
|
|
$ |
659,315 |
|
| Amgen Inc., Senior Notes |
|
|
5.250 |
% |
|
|
3/2/33 |
|
|
|
740,000 |
|
|
|
746,560 |
|
| Amgen Inc., Senior Notes |
|
|
5.650 |
% |
|
|
3/2/53 |
|
|
|
300,000 |
|
|
|
305,904 |
|
| Amgen Inc., Senior Notes |
|
|
5.750 |
% |
|
|
3/2/63 |
|
|
|
110,000 |
|
|
|
112,282 |
|
| Gilead Sciences Inc., Senior Notes |
|
|
5.650 |
% |
|
|
12/1/41 |
|
|
|
60,000 |
|
|
|
61,794 |
|
| Gilead Sciences Inc., Senior Notes |
|
|
4.750 |
% |
|
|
3/1/46 |
|
|
|
50,000 |
|
|
|
45,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Biotechnology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,931,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Equipment & Supplies - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Abbott Laboratories, Senior Notes |
|
|
4.900 |
% |
|
|
11/30/46 |
|
|
|
90,000 |
|
|
|
87,913 |
|
| Becton Dickinson & Co., Senior Notes |
|
|
4.669 |
% |
|
|
6/6/47 |
|
|
|
410,000 |
|
|
|
367,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
455,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care Providers & Services - 4.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Centene Corp., Senior Notes |
|
|
4.250 |
% |
|
|
12/15/27 |
|
|
|
100,000 |
|
|
|
95,423 |
|
| Centene Corp., Senior Notes |
|
|
4.625 |
% |
|
|
12/15/29 |
|
|
|
360,000 |
|
|
|
342,034 |
|
| Centene Corp., Senior Notes |
|
|
3.375 |
% |
|
|
2/15/30 |
|
|
|
500,000 |
|
|
|
442,786 |
|
| Cigna Group, Senior Notes |
|
|
4.800 |
% |
|
|
8/15/38 |
|
|
|
340,000 |
|
|
|
319,593 |
|
| CVS Health Corp., Senior Notes |
|
|
4.100 |
% |
|
|
3/25/25 |
|
|
|
530,000 |
|
|
|
523,528 |
|
| CVS Health Corp., Senior Notes |
|
|
4.300 |
% |
|
|
3/25/28 |
|
|
|
540,000 |
|
|
|
527,140 |
|
| CVS Health Corp., Senior Notes |
|
|
4.780 |
% |
|
|
3/25/38 |
|
|
|
570,000 |
|
|
|
526,643 |
|
| CVS Health Corp., Senior Notes |
|
|
5.125 |
% |
|
|
7/20/45 |
|
|
|
340,000 |
|
|
|
313,537 |
|
| CVS Health Corp., Senior Notes |
|
|
5.050 |
% |
|
|
3/25/48 |
|
|
|
560,000 |
|
|
|
508,917 |
|
| Dartmouth-Hitchcock Health, Secured Bonds |
|
|
4.178 |
% |
|
|
8/1/48 |
|
|
|
100,000 |
|
|
|
80,561 |
|
| Elevance Health Inc., Senior Notes |
|
|
5.350 |
% |
|
|
10/15/25 |
|
|
|
320,000 |
|
|
|
320,290 |
|
| HCA Inc., Senior Notes |
|
|
4.125 |
% |
|
|
6/15/29 |
|
|
|
210,000 |
|
|
|
198,936 |
|
| HCA Inc., Senior Notes |
|
|
5.125 |
% |
|
|
6/15/39 |
|
|
|
110,000 |
|
|
|
103,909 |
|
| HCA Inc., Senior Notes |
|
|
5.500 |
% |
|
|
6/15/47 |
|
|
|
220,000 |
|
|
|
209,314 |
|
| HCA Inc., Senior Notes |
|
|
5.250 |
% |
|
|
6/15/49 |
|
|
|
350,000 |
|
|
|
319,706 |
|
| Humana Inc., Senior Notes |
|
|
8.150 |
% |
|
|
6/15/38 |
|
|
|
80,000 |
|
|
|
97,466 |
|
| Humana Inc., Senior Notes |
|
|
4.800 |
% |
|
|
3/15/47 |
|
|
|
150,000 |
|
|
|
132,422 |
|
| Inova Health System Foundation, Senior Notes |
|
|
4.068 |
% |
|
|
5/15/52 |
|
|
|
90,000 |
|
|
|
77,144 |
|
| Orlando Health Obligated Group, Senior Notes |
|
|
4.089 |
% |
|
|
10/1/48 |
|
|
|
170,000 |
|
|
|
145,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,284,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pharmaceuticals - 1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bausch Health Cos. Inc., Senior Notes |
|
|
5.000 |
% |
|
|
1/30/28 |
|
|
|
80,000 |
|
|
|
36,421 |
(a) |
| Bristol-Myers Squibb Co., Senior Notes |
|
|
6.250 |
% |
|
|
11/15/53 |
|
|
|
140,000 |
|
|
|
157,815 |
|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes |
|
|
4.750 |
% |
|
|
5/19/33 |
|
|
|
390,000 |
|
|
|
384,187 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
13 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Pharmaceuticals - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes |
|
|
5.110 |
% |
|
|
5/19/43 |
|
|
$ |
400,000 |
|
|
$ |
391,382 |
|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes |
|
|
5.300 |
% |
|
|
5/19/53 |
|
|
|
290,000 |
|
|
|
288,540 |
|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes |
|
|
5.340 |
% |
|
|
5/19/63 |
|
|
|
60,000 |
|
|
|
58,840 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
7.125 |
% |
|
|
1/31/25 |
|
|
|
200,000 |
|
|
|
201,274 |
|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes |
|
|
8.125 |
% |
|
|
9/15/31 |
|
|
|
200,000 |
|
|
|
219,610 |
|
| Zoetis Inc., Senior Notes |
|
|
4.700 |
% |
|
|
2/1/43 |
|
|
|
30,000 |
|
|
|
27,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,765,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL HEALTH CARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,437,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIALS - 5.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aerospace & Defense - 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Avolon Holdings Funding Ltd., Senior Notes |
|
|
3.950 |
% |
|
|
7/1/24 |
|
|
|
140,000 |
|
|
|
139,201 |
(a) |
| Avolon Holdings Funding Ltd., Senior Notes |
|
|
4.250 |
% |
|
|
4/15/26 |
|
|
|
530,000 |
|
|
|
511,723 |
(a) |
| Boeing Co., Senior Notes |
|
|
3.250 |
% |
|
|
2/1/28 |
|
|
|
370,000 |
|
|
|
340,573 |
|
| Boeing Co., Senior Notes |
|
|
5.705 |
% |
|
|
5/1/40 |
|
|
|
210,000 |
|
|
|
201,154 |
|
| Boeing Co., Senior Notes |
|
|
5.805 |
% |
|
|
5/1/50 |
|
|
|
130,000 |
|
|
|
123,118 |
|
| HEICO Corp., Senior Notes |
|
|
5.350 |
% |
|
|
8/1/33 |
|
|
|
240,000 |
|
|
|
240,913 |
|
| Huntington Ingalls Industries Inc., Senior Notes |
|
|
3.483 |
% |
|
|
12/1/27 |
|
|
|
200,000 |
|
|
|
187,930 |
|
| L3Harris Technologies Inc., Senior Notes |
|
|
5.400 |
% |
|
|
7/31/33 |
|
|
|
190,000 |
|
|
|
191,300 |
|
| L3Harris Technologies Inc., Senior Notes |
|
|
4.854 |
% |
|
|
4/27/35 |
|
|
|
260,000 |
|
|
|
248,770 |
|
| Lockheed Martin Corp., Senior Notes |
|
|
4.500 |
% |
|
|
5/15/36 |
|
|
|
40,000 |
|
|
|
38,032 |
|
| RTX Corp., Senior Notes |
|
|
4.625 |
% |
|
|
11/16/48 |
|
|
|
110,000 |
|
|
|
97,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,320,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Building Products - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Carrier Global Corp., Senior Notes |
|
|
3.577 |
% |
|
|
4/5/50 |
|
|
|
100,000 |
|
|
|
74,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Services & Supplies - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Waste Connections Inc., Senior Notes |
|
|
4.250 |
% |
|
|
12/1/28 |
|
|
|
480,000 |
|
|
|
468,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction & Engineering - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vinci SA, Senior Notes |
|
|
3.750 |
% |
|
|
4/10/29 |
|
|
|
890,000 |
|
|
|
852,150 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ground Transportation - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Union Pacific Corp., Senior Notes |
|
|
4.375 |
% |
|
|
11/15/65 |
|
|
|
320,000 |
|
|
|
252,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial Conglomerates - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General Electric Co., Senior Notes |
|
|
6.875 |
% |
|
|
1/10/39 |
|
|
|
94,000 |
|
|
|
111,660 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
14 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Industrial Conglomerates - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Honeywell International Inc., Senior Notes |
|
|
4.950 |
% |
|
|
9/1/31 |
|
|
$ |
320,000 |
|
|
$ |
322,572 |
|
| Honeywell International Inc., Senior Notes |
|
|
5.000 |
% |
|
|
2/15/33 |
|
|
|
350,000 |
|
|
|
354,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Industrial Conglomerates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
788,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Machinery - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Caterpillar Inc., Senior Notes |
|
|
4.750 |
% |
|
|
5/15/64 |
|
|
|
220,000 |
|
|
|
203,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Airlines - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.500 |
% |
|
|
4/20/26 |
|
|
|
82,500 |
|
|
|
81,990 |
(a) |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes |
|
|
5.750 |
% |
|
|
4/20/29 |
|
|
|
110,000 |
|
|
|
108,212 |
(a) |
| Delta Air Lines Inc., Senior Secured Notes |
|
|
7.000 |
% |
|
|
5/1/25 |
|
|
|
260,000 |
|
|
|
263,499 |
(a) |
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes |
|
|
4.500 |
% |
|
|
10/20/25 |
|
|
|
222,250 |
|
|
|
220,033 |
(a) |
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes |
|
|
4.750 |
% |
|
|
10/20/28 |
|
|
|
180,000 |
|
|
|
176,110 |
(a) |
| Southwest Airlines Co., Senior Notes |
|
|
5.125 |
% |
|
|
6/15/27 |
|
|
|
190,000 |
|
|
|
189,708 |
|
| United Airlines Pass-Through Trust |
|
|
4.875 |
% |
|
|
1/15/26 |
|
|
|
116,760 |
|
|
|
114,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Passenger Airlines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,154,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trading Companies & Distributors - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Air Lease Corp., Senior Notes |
|
|
5.850 |
% |
|
|
12/15/27 |
|
|
|
320,000 |
|
|
|
325,075 |
|
| Aircastle Ltd., Senior Notes |
|
|
5.250 |
% |
|
|
8/11/25 |
|
|
|
630,000 |
|
|
|
624,685 |
(a) |
| Aviation Capital Group LLC, Senior Notes |
|
|
5.500 |
% |
|
|
12/15/24 |
|
|
|
180,000 |
|
|
|
179,354 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,129,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,243,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INFORMATION TECHNOLOGY - 3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electronic Equipment, Instruments & Components - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TD SYNNEX Corp., Senior Notes |
|
|
1.250 |
% |
|
|
8/9/24 |
|
|
|
380,000 |
|
|
|
373,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IT Services - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Business Machines Corp., Senior Notes |
|
|
3.500 |
% |
|
|
5/15/29 |
|
|
|
110,000 |
|
|
|
103,640 |
|
| Kyndryl Holdings Inc., Senior Notes |
|
|
4.100 |
% |
|
|
10/15/41 |
|
|
|
300,000 |
|
|
|
230,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
333,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Semiconductors & Semiconductor Equipment - 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Broadcom Inc., Senior Notes |
|
|
4.150 |
% |
|
|
11/15/30 |
|
|
|
113,000 |
|
|
|
106,904 |
|
| Broadcom Inc., Senior Notes |
|
|
4.300 |
% |
|
|
11/15/32 |
|
|
|
370,000 |
|
|
|
347,789 |
|
| Broadcom Inc., Senior Notes |
|
|
3.187 |
% |
|
|
11/15/36 |
|
|
|
14,000 |
|
|
|
11,147 |
(a) |
| Broadcom Inc., Senior Notes |
|
|
4.926 |
% |
|
|
5/15/37 |
|
|
|
152,000 |
|
|
|
144,335 |
(a) |
| Foundry JV Holdco LLC, Senior Secured Notes |
|
|
5.875 |
% |
|
|
1/25/34 |
|
|
|
300,000 |
|
|
|
300,785 |
(a) |
| Intel Corp., Senior Notes |
|
|
4.900 |
% |
|
|
7/29/45 |
|
|
|
130,000 |
|
|
|
125,626 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
15 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Semiconductors & Semiconductor Equipment - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intel Corp., Senior Notes |
|
|
4.750 |
% |
|
|
3/25/50 |
|
|
$ |
10,000 |
|
|
$ |
9,065 |
|
| Intel Corp., Senior Notes |
|
|
4.950 |
% |
|
|
3/25/60 |
|
|
|
60,000 |
|
|
|
55,980 |
|
| Intel Corp., Senior Notes |
|
|
3.200 |
% |
|
|
8/12/61 |
|
|
|
120,000 |
|
|
|
78,229 |
|
| Micron Technology Inc., Senior Notes |
|
|
3.366 |
% |
|
|
11/1/41 |
|
|
|
30,000 |
|
|
|
22,306 |
|
| NVIDIA Corp., Senior Notes |
|
|
3.500 |
% |
|
|
4/1/50 |
|
|
|
190,000 |
|
|
|
151,387 |
|
| NVIDIA Corp., Senior Notes |
|
|
3.700 |
% |
|
|
4/1/60 |
|
|
|
80,000 |
|
|
|
63,847 |
|
| Texas Instruments Inc., Senior Notes |
|
|
4.600 |
% |
|
|
2/15/28 |
|
|
|
250,000 |
|
|
|
250,215 |
|
| Texas Instruments Inc., Senior Notes |
|
|
3.875 |
% |
|
|
3/15/39 |
|
|
|
270,000 |
|
|
|
241,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
1,909,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Software - 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Microsoft Corp., Senior Notes |
|
|
4.250 |
% |
|
|
2/6/47 |
|
|
|
970,000 |
|
|
|
910,278 |
|
| Oracle Corp., Senior Notes |
|
|
3.950 |
% |
|
|
3/25/51 |
|
|
|
310,000 |
|
|
|
236,375 |
|
| Oracle Corp., Senior Notes |
|
|
4.100 |
% |
|
|
3/25/61 |
|
|
|
380,000 |
|
|
|
285,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,432,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Technology Hardware, Storage & Peripherals - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Apple Inc., Senior Notes |
|
|
3.850 |
% |
|
|
8/4/46 |
|
|
|
340,000 |
|
|
|
287,878 |
|
| Dell International LLC/EMC Corp., Senior Notes |
|
|
8.100 |
% |
|
|
7/15/36 |
|
|
|
120,000 |
|
|
|
145,166 |
|
| Dell International LLC/EMC Corp., Senior Notes |
|
|
8.350 |
% |
|
|
7/15/46 |
|
|
|
30,000 |
|
|
|
38,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
471,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,521,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MATERIALS - 5.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals - 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Celanese US Holdings LLC, Senior Notes |
|
|
5.900 |
% |
|
|
7/5/24 |
|
|
|
310,000 |
|
|
|
310,091 |
|
| Dow Chemical Co., Senior Notes |
|
|
7.375 |
% |
|
|
11/1/29 |
|
|
|
800,000 |
|
|
|
891,146 |
|
| Ecolab Inc., Senior Notes |
|
|
4.800 |
% |
|
|
3/24/30 |
|
|
|
80,000 |
|
|
|
80,434 |
|
| OCP SA, Senior Notes |
|
|
3.750 |
% |
|
|
6/23/31 |
|
|
|
200,000 |
|
|
|
170,985 |
(a) |
| Sociedad Quimica y Minera de Chile SA, Senior Notes |
|
|
3.500 |
% |
|
|
9/10/51 |
|
|
|
240,000 |
|
|
|
164,335 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,616,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metals & Mining - 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anglo American Capital PLC, Senior Notes |
|
|
4.000 |
% |
|
|
9/11/27 |
|
|
|
500,000 |
|
|
|
477,411 |
(a) |
| ArcelorMittal SA, Senior Notes |
|
|
4.550 |
% |
|
|
3/11/26 |
|
|
|
470,000 |
|
|
|
462,742 |
|
| ArcelorMittal SA, Senior Notes |
|
|
6.550 |
% |
|
|
11/29/27 |
|
|
|
160,000 |
|
|
|
166,119 |
|
| Barrick North America Finance LLC, Senior Notes |
|
|
5.700 |
% |
|
|
5/30/41 |
|
|
|
50,000 |
|
|
|
51,288 |
|
| Barrick PD Australia Finance Pty Ltd., Senior Notes |
|
|
5.950 |
% |
|
|
10/15/39 |
|
|
|
180,000 |
|
|
|
187,377 |
|
| Freeport-McMoRan Inc., Senior Notes |
|
|
5.450 |
% |
|
|
3/15/43 |
|
|
|
210,000 |
|
|
|
201,229 |
|
| Glencore Finance Canada Ltd., Senior Notes |
|
|
6.900 |
% |
|
|
11/15/37 |
|
|
|
430,000 |
|
|
|
470,899 |
(a) |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
16 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Metals & Mining - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Glencore Finance Canada Ltd., Senior Notes |
|
|
5.550 |
% |
|
|
10/25/42 |
|
|
$ |
150,000 |
|
|
$ |
144,770 |
(a) |
| Glencore Funding LLC, Senior Notes |
|
|
4.000 |
% |
|
|
3/27/27 |
|
|
|
360,000 |
|
|
|
348,152 |
(a) |
| Glencore Funding LLC, Senior Notes |
|
|
3.875 |
% |
|
|
10/27/27 |
|
|
|
170,000 |
|
|
|
163,186 |
(a) |
| Glencore Funding LLC, Senior Notes |
|
|
3.375 |
% |
|
|
9/23/51 |
|
|
|
70,000 |
|
|
|
47,979 |
(a) |
| Southern Copper Corp., Senior Notes |
|
|
5.250 |
% |
|
|
11/8/42 |
|
|
|
470,000 |
|
|
|
445,751 |
|
| Vale Overseas Ltd., Senior Notes |
|
|
6.875 |
% |
|
|
11/21/36 |
|
|
|
1,148,000 |
|
|
|
1,227,722 |
|
| Yamana Gold Inc., Senior Notes |
|
|
4.625 |
% |
|
|
12/15/27 |
|
|
|
350,000 |
|
|
|
335,169 |
|
| Yamana Gold Inc., Senior Notes |
|
|
2.630 |
% |
|
|
8/15/31 |
|
|
|
30,000 |
|
|
|
25,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,754,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Georgia-Pacific LLC, Senior Notes |
|
|
7.375 |
% |
|
|
12/1/25 |
|
|
|
250,000 |
|
|
|
257,614 |
|
| Suzano Austria GmbH, Senior Notes |
|
|
3.125 |
% |
|
|
1/15/32 |
|
|
|
230,000 |
|
|
|
191,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
448,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MATERIALS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,820,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diversified REITs - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| VICI Properties LP, Senior Notes |
|
|
5.750 |
% |
|
|
4/1/34 |
|
|
|
190,000 |
|
|
|
188,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care REITs - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Welltower OP LLC, Senior Notes |
|
|
4.125 |
% |
|
|
3/15/29 |
|
|
|
320,000 |
|
|
|
306,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential REITs - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invitation Homes Operating Partnership LP, Senior Notes |
|
|
4.150 |
% |
|
|
4/15/32 |
|
|
|
80,000 |
|
|
|
73,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail REITs - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes |
|
|
3.750 |
% |
|
|
9/17/24 |
|
|
|
200,000 |
|
|
|
197,408 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Specialized REITs - 0.0%†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extra Space Storage LP, Senior Notes |
|
|
3.900 |
% |
|
|
4/1/29 |
|
|
|
60,000 |
|
|
|
56,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
822,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES - 3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric Utilities - 3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CenterPoint Energy Houston Electric LLC, Senior Secured Bonds |
|
|
4.500 |
% |
|
|
4/1/44 |
|
|
|
210,000 |
|
|
|
187,679 |
|
| Comision Federal de Electricidad, Senior Notes |
|
|
3.348 |
% |
|
|
2/9/31 |
|
|
|
200,000 |
|
|
|
167,485 |
(a) |
| Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year Treasury Constant Maturity Rate +
4.698%) |
|
|
5.375 |
% |
|
|
3/15/26 |
|
|
|
270,000 |
|
|
|
261,951 |
(b)(c) |
| Enel Finance International NV, Senior Notes |
|
|
6.800 |
% |
|
|
10/14/25 |
|
|
|
330,000 |
|
|
|
336,734 |
(a) |
| Exelon Corp., Senior Notes |
|
|
4.050 |
% |
|
|
4/15/30 |
|
|
|
120,000 |
|
|
|
113,231 |
|
| FirstEnergy Corp., Senior Notes |
|
|
4.150 |
% |
|
|
7/15/27 |
|
|
|
310,000 |
|
|
|
297,560 |
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
17 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Electric Utilities - (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FirstEnergy Corp., Senior Notes |
|
|
7.375 |
% |
|
|
11/15/31 |
|
|
$ |
830,000 |
|
|
$ |
977,917 |
|
| MidAmerican Energy Co., First Mortgage Bonds |
|
|
3.650 |
% |
|
|
4/15/29 |
|
|
|
150,000 |
|
|
|
142,747 |
|
| Ohio Edison Co., Senior Notes |
|
|
5.500 |
% |
|
|
1/15/33 |
|
|
|
90,000 |
|
|
|
89,869 |
(a) |
| Pacific Gas and Electric Co., First Mortgage Bonds |
|
|
3.300 |
% |
|
|
8/1/40 |
|
|
|
20,000 |
|
|
|
14,700 |
|
| Pacific Gas and Electric Co., First Mortgage Bonds |
|
|
4.950 |
% |
|
|
7/1/50 |
|
|
|
240,000 |
|
|
|
206,652 |
|
| Pacific Gas and Electric Co., First Mortgage Bonds |
|
|
6.750 |
% |
|
|
1/15/53 |
|
|
|
140,000 |
|
|
|
152,708 |
|
| PG&E Wildfire Recovery Funding LLC, Senior Secured Notes |
|
|
5.081 |
% |
|
|
6/1/41 |
|
|
|
120,000 |
|
|
|
119,474 |
|
| PG&E Wildfire Recovery Funding LLC, Senior Secured Notes |
|
|
5.212 |
% |
|
|
12/1/47 |
|
|
|
30,000 |
|
|
|
29,937 |
|
| Southern California Edison Co., First Mortgage Bonds |
|
|
4.125 |
% |
|
|
3/1/48 |
|
|
|
310,000 |
|
|
|
250,623 |
|
| Virginia Electric & Power Co., Senior Notes |
|
|
8.875 |
% |
|
|
11/15/38 |
|
|
|
390,000 |
|
|
|
522,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,872,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS & NOTES
(Cost - $118,589,516) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,147,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN BONDS - 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentina - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Argentine Republic Government International Bond, Senior Notes |
|
|
1.000 |
% |
|
|
7/9/29 |
|
|
|
35,342 |
|
|
|
19,095 |
|
| Argentine Republic Government International Bond, Senior Notes, Step bond (3.625% to 7/9/24 then 4.125%) |
|
|
3.625 |
% |
|
|
7/9/35 |
|
|
|
412,972 |
|
|
|
172,246 |
|
| Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then 6.625%) |
|
|
6.375 |
% |
|
|
9/1/37 |
|
|
|
1,329,161 |
|
|
|
546,554 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Argentina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
737,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brazil - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brazilian Government International Bond, Senior Notes |
|
|
6.125 |
% |
|
|
3/15/34 |
|
|
|
330,000 |
|
|
|
326,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canada - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Province of Quebec Canada, Senior Notes |
|
|
7.970 |
% |
|
|
7/22/36 |
|
|
|
650,000 |
|
|
|
802,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chile - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chile Government International Bond, Senior Notes |
|
|
2.550 |
% |
|
|
7/27/33 |
|
|
|
200,000 |
|
|
|
162,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia - 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia Government International Bond, Senior Notes |
|
|
4.500 |
% |
|
|
3/15/29 |
|
|
|
870,000 |
|
|
|
802,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
18 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
MATURITY
DATE |
|
|
FACE
AMOUNT |
|
|
VALUE |
|
| Indonesia - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia Government International Bond, Senior Notes |
|
|
4.350 |
% |
|
|
1/11/48 |
|
|
$ |
240,000 |
|
|
$ |
210,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ivory Coast Government International Bond, Senior Notes |
|
|
7.625 |
% |
|
|
1/30/33 |
|
|
|
300,000 |
|
|
|
298,210 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kenya - 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Republic of Kenya Government International Bond, Senior Notes |
|
|
8.000 |
% |
|
|
5/22/32 |
|
|
|
460,000 |
|
|
|
432,460 |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mexico Government International Bond, Senior Notes |
|
|
3.500 |
% |
|
|
2/12/34 |
|
|
|
230,000 |
|
|
|
191,870 |
|
| Mexico Government International Bond, Senior Notes |
|
|
4.280 |
% |
|
|
8/14/41 |
|
|
|
200,000 |
|
|
|
160,877 |
|
| Mexico Government International Bond, Senior Notes |
|
|
4.350 |
% |
|
|
1/15/47 |
|
|
|
360,000 |
|
|
|
281,329 |
|
| Mexico Government International Bond, Senior Notes |
|
|
6.400 |
% |
|
|
5/7/54 |
|
|
|
310,000 |
|
|
|
309,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
943,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SOVEREIGN BONDS
(Cost - $5,114,671) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,717,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS - 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| California - 0.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Los Angeles County, CA Public Works Financing Authority Revenue, Multiple Capital Projects I, Series 2010 B, Taxable
Build America Bonds |
|
|
7.618 |
% |
|
|
8/1/40 |
|
|
|
650,000 |
|
|
|
801,305 |
|
| Regents of the University of California Medical Center Pooled Revenue, Series Q |
|
|
4.563 |
% |
|
|
5/15/53 |
|
|
|
110,000 |
|
|
|
100,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
901,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Florida - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sumter Landing, FL, Community Development District Recreational Revenue, Taxable Community Development
District |
|
|
4.172 |
% |
|
|
10/1/47 |
|
|
|
170,000 |
|
|
|
151,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois - 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Illinois State, GO, Taxable, Build America Bonds, Series
2010-3 |
|
|
6.725 |
% |
|
|
4/1/35 |
|
|
|
286,154 |
|
|
|
301,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL MUNICIPAL BONDS
(Cost - $1,474,700) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,355,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Government Obligations - 0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury Bonds |
|
|
4.750 |
% |
|
|
11/15/53 |
|
|
|
250,000 |
|
|
|
266,934 |
|
| U.S. Treasury Notes |
|
|
5.000 |
% |
|
|
8/31/25 |
|
|
|
40,000 |
|
|
|
40,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost - $305,632) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
307,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Schedule of Investments.
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
19 |
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
|
|
| (Percentages shown based on Fund net assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SECURITY |
|
RATE |
|
|
|
|
|
SHARES |
|
|
VALUE |
|
| PREFERRED STOCKS - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIALS - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Insurance - 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Delphi Financial Group Inc. (3 mo. Term SOFR + 3.452%)
(Cost - $143,068) |
|
|
8.759 |
% |
|
|
|
|
|
|
5,725 |
|
|
$ |
138,573 |
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $125,627,587) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121,665,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS - 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost - $1,120,029) |
|
|
5.271 |
% |
|
|
|
|
|
|
1,120,029 |
|
|
|
1,120,029 |
(f)(g) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.2%
(Cost - $126,747,616) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,785,893 |
|
| Other Assets in Excess of Liabilities - 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
941,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
123,727,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| †† |
Represents less than 0.1%. |
| * |
Non-income producing security. |
| (a) |
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold
in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. |
| (b) |
Security has no maturity date. The date shown represents the next call date. |
| (c) |
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above. |
| (d) |
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
|
| (e) |
Securities traded on a when-issued or delayed delivery basis. |
| (f) |
Rate shown is one-day yield as of the end of the reporting period.
|
| (g) |
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company”
represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2024, the total market value of investments in Affiliated Companies
was $1,120,029 and the cost was $1,120,029 (Note 2). |
Abbreviation(s) used in this schedule:
|
|
|
| GO |
|
— General Obligation |
| GTD |
|
— Guaranteed |
| ICE |
|
— Intercontinental Exchange |
| JSC |
|
— Joint Stock Company |
| LIBOR |
|
— London Interbank Offered Rate |
| SOFR |
|
— Secured Overnight Financing Rate |
| USD |
|
— United States Dollar |
See Notes to
Schedule of Investments.
|
|
|
|
|
|
20 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
WESTERN ASSET INVESTMENT GRADE INCOME FUND INC.
|
|
|
| Schedule of investments (unaudited) (cont’d) |
|
March 31, 2024 |
At
March 31, 2024, the Fund had the following open futures contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Notional
Amount |
|
|
Market
Value |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Contracts to Buy: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury 2-Year Notes |
|
|
43 |
|
|
|
6/24 |
|
|
$ |
8,808,352 |
|
|
$ |
8,792,828 |
|
|
$ |
(15,524 |
) |
| U.S. Treasury 5-Year Notes |
|
|
51 |
|
|
|
6/24 |
|
|
|
5,451,529 |
|
|
|
5,457,797 |
|
|
|
6,268 |
|
| U.S. Treasury Ultra Long-Term Bonds |
|
|
23 |
|
|
|
6/24 |
|
|
|
2,918,486 |
|
|
|
2,967,000 |
|
|
|
48,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury 10-Year Notes |
|
|
1 |
|
|
|
6/24 |
|
|
|
111,483 |
|
|
|
110,797 |
|
|
|
686 |
|
| U.S. Treasury Long-Term Bonds |
|
|
51 |
|
|
|
6/24 |
|
|
|
6,055,362 |
|
|
|
6,142,313 |
|
|
|
(86,951 |
) |
| U.S. Treasury Ultra 10-Year Notes |
|
|
26 |
|
|
|
6/24 |
|
|
|
2,958,543 |
|
|
|
2,979,844 |
|
|
|
(21,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(107,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized depreciation on open futures contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(68,308 |
) |
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This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the
date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to
Schedule of Investments.
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Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
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21 |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset Investment Grade Income Fund Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940
Act”), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income, consistent with prudent investment risk, through
investment in a diversified portfolio of debt securities. To a lesser extent, the Fund may also invest in privately placed debt securities and in certain equity securities. Capital appreciation is a secondary investment objective.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946,
Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles
(“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may
include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party
pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest
rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each
fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last
reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates
as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the adviser to be unreliable, the market price may be determined by the
adviser using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily
available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values
these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.
Pursuant to policies adopted by the Board of
Directors, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser is assisted by the Global Fund Valuation Committee
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22 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
Notes to Schedule of Investments (unaudited) (continued)
(the “Valuation Committee”). The Valuation Committee is responsible for making
fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s adviser and the Board of Directors. When determining the reliability of third party pricing information for investments
owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible
methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or
fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the
issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions;
information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable
companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the
policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are
reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach
and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income
approach uses valuation techniques to discount estimated future cash flows to present value.
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Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
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23 |
Notes to Schedule of Investments (unaudited) (continued)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation
techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
| |
• |
|
Level 1 – unadjusted quoted prices in active markets for identical investments |
| |
• |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.) |
| |
• |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk
associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at
fair value:
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|
| ASSETS |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Long-Term Investments†: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate Bonds & Notes |
|
|
— |
|
|
$ |
115,147,768 |
|
|
|
— |
|
|
$ |
115,147,768 |
|
| Sovereign Bonds |
|
|
— |
|
|
|
4,717,463 |
|
|
|
— |
|
|
|
4,717,463 |
|
| Municipal Bonds |
|
|
— |
|
|
|
1,355,039 |
|
|
|
— |
|
|
|
1,355,039 |
|
| U.S. Government & Agency Obligations |
|
|
— |
|
|
|
307,021 |
|
|
|
— |
|
|
|
307,021 |
|
| Preferred Stocks |
|
|
— |
|
|
|
138,573 |
|
|
|
— |
|
|
|
138,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments |
|
|
— |
|
|
|
121,665,864 |
|
|
|
— |
|
|
|
121,665,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Investments† |
|
$ |
1,120,029 |
|
|
|
— |
|
|
|
— |
|
|
|
1,120,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments |
|
$ |
1,120,029 |
|
|
$ |
121,665,864 |
|
|
|
— |
|
|
$ |
122,785,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts†† |
|
$ |
55,468 |
|
|
|
— |
|
|
|
— |
|
|
$ |
55,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
1,175,497 |
|
|
$ |
121,665,864 |
|
|
|
— |
|
|
$ |
122,841,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
| DESCRIPTION |
|
QUOTED PRICES
(LEVEL 1) |
|
|
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
|
|
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3) |
|
|
TOTAL |
|
| Other Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Futures Contracts†† |
|
$ |
123,776 |
|
|
|
— |
|
|
|
— |
|
|
$ |
123,776 |
|
| † |
See Schedule of Investments for additional detailed categorizations. |
| †† |
Reflects the unrealized appreciation (depreciation) of the instruments. |
|
|
|
|
|
|
24 |
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
|
Notes to Schedule of Investments (unaudited) (continued)
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under
common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2024. The following transactions were effected in such company for the period ended
March 31, 2024.
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| |
|
Affiliate
Value at
December 31,
2023 |
|
|
Purchased |
|
|
Sold |
|
|
Realized
Gain (Loss) |
|
|
Dividend
Income |
|
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation) |
|
|
Affiliate
Value at
March 31,
2024 |
|
| |
Cost |
|
|
Shares |
|
|
Proceeds |
|
|
Shares |
|
| Western Asset Premier Institutional Government Reserves, Premium Shares |
|
$ |
1,282,190 |
|
|
$ |
3,874,117 |
|
|
|
3,874,117 |
|
|
$ |
4,036,278 |
|
|
|
4,036,278 |
|
|
|
— |
|
|
$ |
18,189 |
|
|
|
— |
|
|
$ |
1,120,029 |
|
|
|
|
|
|
|
|
Western Asset Investment Grade Income Fund Inc. 2024 Quarterly Report |
|
25 |
Western Asset Investment... (NYSE:PAI)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Western Asset Investment... (NYSE:PAI)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
