Western Asset Corporate Loan Fund Inc.

0001193125-18-260388.txt : 20180828 0001193125-18-260388.hdr.sgml : 20180828 20180828134800 ACCESSION NUMBER: 0001193125-18-260388 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180828 DATE AS OF CHANGE: 20180828 EFFECTIVENESS DATE: 20180828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN ASSET CORPORATE LOAN FUND INC. CENTRAL INDEX KEY: 0001068963 IRS NUMBER: 521568099 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08985 FILM NUMBER: 181041163 BUSINESS ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 888-777-0102 MAIL ADDRESS: STREET 1: 620 EIGHTH AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: LMP CORPORATE LOAN FUND INC. DATE OF NAME CHANGE: 20061010 FORMER COMPANY: FORMER CONFORMED NAME: CITIGROUP INVESTMENTS CORPORATE LOAN FUND INC. DATE OF NAME CHANGE: 20050421 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS CORP LOAN FUND INC DATE OF NAME CHANGE: 19980826 N-Q 1 d547052dnq.htm WESTERN ASSET CORPORATE LOAN FUND INC. Western Asset Corporate Loan Fund Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08985

Western Asset Corporate Loan Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: June 30, 2018

ITEM 1.

SCHEDULE OF INVESTMENTS.

WESTERN ASSET CORPORATE LOAN FUND INC.

FORM N-Q

JUNE 30, 2018

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
SENIOR LOANS - 137.5%
Basic Industry^(a)(b) - 3.6%
Atlas Iron Ltd., Capex Term Loan B (1 mo. LIBOR + 4.330% Cash, + 3.000% PIK)		9.424	%		5/6/21	$	421,133	$	420,081	^(c)(d)(e)
HB Fuller Co., 2017 Term Loan B (1 mo. LIBOR + 2.000%)		4.084	%		10/20/24		789,461		785,329	^(e)(f)
Murray Energy Corp., Term Loan B2 (1 mo. LIBOR + 7.250%)		9.344	%		4/16/20		188		178	^(e)(f)
Murray Energy Corp., Term Loan B2		—			10/17/22		376,700		356,923	^(f)
PQ Corp., Term Loan B1 (1 mo. LIBOR + 2.500%)		4.594	%		2/8/25		1,094,500		1,093,702	^(e)
Vantage Specialty Chemicals Inc., First Lien Term Loan		6.094-6.302	%		10/28/24		1,393,000		1,404,028	^(e)

Total Basic Industry									4,060,241

Capital Goods^(a)(b) - 15.3%
American Builders & Contractors Supply Co. Inc., Term Loan B2 (1 mo. LIBOR + 2.000%)		4.094	%		10/31/23		938,360		932,389	^(e)(f)
American Traffic Solutions Inc., First Lien Term Loan (1 mo. LIBOR + 3.750%)		5.844	%		2/28/25		588,900		590,740	^(e)(f)
American Traffic Solutions Inc., Second Lien Term Loan (1 mo. LIBOR + 7.750%)		9.844	%		2/23/26		220,000		223,025	^(e)
Beacon Roofing Supply Inc., Term Loan (1 mo. LIBOR + 2.250%)		4.280	%		1/2/25		738,150		735,497	^(e)(f)
Berry Global Inc., Term Loan Q (1 mo. LIBOR + 2.000%)		4.046-4.094	%		10/1/22		601,730		601,730	^(e)
Berry Global Inc., Term Loan R (1 mo. LIBOR + 2.000%)		4.046	%		1/19/24		276,500		276,068	^(e)
BWay Holding Company, Term Loan (3 mo. LIBOR + 3.250%)		5.587	%		4/3/24		1,069,200		1,071,539	^(e)
Core & Main LP, Term Loan (3 mo. LIBOR + 3.000%)		5.211-5.300	%		8/1/24		736,300		739,368	^(e)
Flex Acquisition Co., Inc., First Lien Term Loan (3 mo. LIBOR + 3.000%)		5.308	%		12/29/23		454,187		453,417	^(e)
Flex Acquisition Co., Inc., Term Loan B		—			6/22/25		470,000		471,175	^(c)(f)
Forterra Finance LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		10/25/23		361,501		337,928	^(e)
Pisces Midco Inc., Term Loan (3 mo. LIBOR + 3.750%)		6.089	%		4/12/25		670,000		670,209	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Goods^(a)(b) - (continued)
Printpack Holdings Inc., Term Loan (1 mo. LIBOR + 3.000%)		5.125	%		7/26/23	$	791,791	$	797,235	^(e)
Quikrete Holdings Inc., First Lien Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		11/15/23		1,471,293		1,467,205	^(e)
Reynolds Group Holdings Inc., Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		2/5/23		2,231,026		2,230,716	^(e)(f)
Ring Container Technologies LLC, First Lien Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		10/31/24		587,050		584,849	^(c)(e)
Transdigm Inc., 2018 Term Loan E (1 mo. LIBOR + 2.500%)		4.594	%		5/30/25		1,061,256		1,057,750	^(e)(f)
Transdigm Inc., 2018 Term Loan F (1 mo. LIBOR + 2.500%)		4.594	%		6/9/23		942,887		940,235	^(e)(f)
Travelport Finance (Luxembourg) SARL, Term Loan (3 mo. LIBOR + 2.500%)		4.830	%		3/17/25		880,000		878,075	^(e)(f)
Ventia Deco LLC, 2017 Term Loan B (3 mo. LIBOR + 3.500%)		5.834	%		5/20/22		352,708		355,794	^(c)(e)(f)
Vertex Aerospace Service, Term Loan B		—			6/29/25		390,000		393,169	^(f)
WP CPP Holdings LLC, First Lien Term Loan (3 mo. LIBOR + 3.750%)		6.280	%		4/30/25		860,000		864,407	^(e)(f)
WP CPP Holdings LLC, Second Lien Term Loan (3 mo. LIBOR + 7.750%)		10.280	%		4/30/26		410,000		411,025	^(e)
Wrangler Buyer LLC, 2018 Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		9/27/24		257		257	^(e)(f)

Total Capital Goods									17,083,802

Communications^(a)(b) - 17.0%
Ancestry.com Operations Inc., Term Loan B (1 mo. LIBOR + 3.250%)		5.350	%		10/19/23		1,333,448		1,332,892	^(e)
CBS Radio Inc., Term Loan B1 (1 mo. LIBOR + 2.750%)		4.838	%		11/18/24		942,869		938,351	^(e)
CenturyLink Inc., Term Loan B (1 mo. LIBOR + 2.750%)		4.844	%		1/31/25		586,402		575,302	^(e)
Charter Communications Operating, LLC, Term Loan B (1 mo. LIBOR + 2.000%)		4.100	%		4/30/25		239,398		239,453	^(e)
CSC Holdings LLC, 2017 Term Loan (1 mo. LIBOR + 2.250%)		4.323	%		7/17/25		250,889		249,381	^(e)
CSC Holdings LLC, 2018 Term Loan (1 mo. LIBOR + 2.500%)		4.573	%		1/25/26		1,250,000		1,247,969	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Communications^(a)(b) - (continued)
Lions Gate Capital Holdings LLC, Term Loan B (1 mo. LIBOR + 2.250%)		4.341	%		3/24/25	$	1,117,200	$	1,114,407	^(e)
Meredith Corp., Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		1/31/25		728,175		729,768	^(e)
Numericable U.S. LLC, USD Term Loan B11 (1 mo. LIBOR + 2.750%)		2.750	%		7/31/25		683,548		672,725	^(e)
Numericable U.S. LLC, USD Term Loan B12 (3 mo. LIBOR + 3.000%)		5.348	%		1/31/26		686,500		676,632	^(e)(f)
Radio One Inc., Term Loan (1 mo. LIBOR + 4.000%)		6.100	%		4/18/23		1,225,741		1,216,547	^(c)(e)
Shutterfly Inc., Term Loan (1 mo. LIBOR + 2.750%)		4.850	%		8/17/24		310,000		310,930	^(e)
Sinclair Television Group Inc., 2017 Term Loan		—			12/12/24		1,080,000		1,079,725	^(f)
TDC A/S, Term Loan B		—			6/22/25		1,120,000		1,118,949	^(f)
Telenet Financing USD LLC, Term Loan AN (1 mo. LIBOR + 2.250%)		4.323	%		8/15/26		400,000		397,688	^(e)
Telesat Canada, Term Loan B4 (3 mo. LIBOR + 2.500%)		4.840	%		11/17/23		494,627		495,138	^(e)(f)
Unitymedia Finance LLC, Term Loan E (1 mo. LIBOR + 2.000%)		4.073	%		6/1/23		180,000		179,190	^(e)(f)
UnityMedia Hessen GmbH & Co. KG, Term Loan B (1 mo. LIBOR + 2.250%)		4.323	%		9/30/25		680,000		676,741	^(e)(f)
Univision Communications Inc., 2017 Replacement Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		3/15/24		2,009,817		1,945,933	^(e)
UPC Financing Partnership, Term Loan AR (1 mo. LIBOR + 2.500%)		4.573	%		1/15/26		1,410,000		1,396,429	^(e)
Virgin Media Bristol LLC, Term Loan K (1 mo. LIBOR + 2.500%)		4.573	%		1/15/26		1,960,000		1,948,361	^(e)
Ziggo Secured Finance Partnership, Term Loan E (1 mo. LIBOR + 2.500%)		4.573	%		4/15/25		500,000		495,469	^(e)

Total Communications									19,037,980

Consumer Cyclical^(a)(b)- 37.3%
1011778 BC Unlimited Liability Co., Term Loan B3 (1 mo. LIBOR + 2.250%)		4.344	%		2/16/24		413,075		411,330	^(e)
Academy Ltd., Initial Term Loan (1 mo. LIBOR + 4.000%)		5.982-6.001	%		7/1/22		776,118		649,029	^(e)
Advantage Sales & Marketing Inc., First Lien Term Loan (1 mo. LIBOR + 3.250%)		5.344	%		7/23/21		943,592		898,182	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Cyclical^(a)(b) - (continued)
Advantage Sales & Marketing Inc., Second Lien Term Loan (1 mo. LIBOR + 6.500%)		8.594	%		7/25/22	$	370,000	$	338,735	^(e)
Alterra Mountain Company, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		7/31/24		985,050		987,205	^(e)(f)
American Axle & Manufacturing Inc., Term Loan B (1 mo. LIBOR + 2.250%)		4.350	%		4/6/24		1,131,900		1,129,353	^(e)(f)
AP NMT Acquisition BV, First Lien Term Loan B (3 mo. LIBOR + 5.750%)		8.058	%		8/13/21		794,480		795,845	^(e)
ASHCO LLC, Term Loan (1 mo. LIBOR + 5.000%)		7.094	%		9/25/24		873,330		876,877	^(e)
BJ’s Wholesale Club Inc., First Lien Term Loan (1 mo. LIBOR + 3.500%)		5.530	%		2/3/24		533,018		533,618	^(e)
Boyd Gaming Corp., Refinancing Term Loan B (1 week LIBOR + 2.500%)		4.488	%		9/15/23		1,148,437		1,153,256	^(e)
BrightView Landscapes LLC, First Lien Term Loan (1 mo. LIBOR + 3.000%)		5.085-5.094	%		12/18/20		940,926		943,082	^(e)(f)
Caesars Resort Collection LLC, Term Loan B (1 mo. LIBOR + 2.750%)		4.844	%		12/22/24		1,499,270		1,498,466	^(e)
CCM Merger, Inc. (MotorCity Casino Hotel), Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		8/6/21		696,675		698,852	^(e)
CEC Entertainment Inc., First Lien Term Loan B (1 mo. LIBOR + 3.250%)		5.344	%		2/15/21		535,680		500,191	^(e)
CityCenter Holdings LLC, Term Loan B (1 mo. LIBOR + 2.250%)		4.344	%		4/18/24		983,691		980,104	^(e)(f)
Crossmark Holdings Inc., First Lien Term Loan (3 mo. LIBOR + 3.500%)		5.834	%		12/20/19		519,669		289,877	^(e)
CWGS Group LLC, Term Loan (1 mo. LIBOR + 2.750%)		4.775-4.844	%		11/8/23		1,324,008		1,313,044	^(e)(f)
Dole Food Co. Inc., First Lien Term Loan B		4.780-4.843	%		3/22/24		549,085		547,327	^(e)
EG Dutch Finco BV, USD Term Loan Facility B (3 mo. LIBOR + 4.000%)		6.337	%		2/7/25		79,800		79,318	^(e)(f)
Equinox Holdings Inc., Second Lien Term Loan (1 mo. LIBOR + 7.000%)		9.094	%		9/6/24		420,000		430,500	^(e)
Equinox Holdings Inc., Term Loan B1 (1 mo. LIBOR + 3.000%)		5.094	%		3/8/24		1,097,893		1,098,351	^(e)(f)
Fitness International LLC, Term Loan B		5.344-5.753	%		4/18/25		1,204,513		1,209,181	^(e)(f)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Cyclical^(a)(b) - (continued)
Four Seasons Hotels Ltd., Term Loan (1 mo. LIBOR + 2.000%)		4.094	%		11/30/23	$	390,663	$	390,175	^(e)(f)
Garda World Security Corp., Term Loan B (3 mo. LIBOR + 3.500%)		5.506	%		5/24/24		1,172,940		1,180,271	^(e)
Gateway Casinos & Entertainment Ltd., Term Loan (3 mo. LIBOR + 3.000%)		5.473	%		12/1/23		440,000		441,284	^(e)
Golden Nugget Inc., Term Loan B (1 mo. LIBOR + 2.750%)		4.796-4.844	%		10/4/23		822,413		824,148	^(e)(f)
Greektown Holdings LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		4/25/24		1,499,875		1,499,875	^(e)
GVC Holdings PLC, USD Term Loan Facility B2 (1 mo. LIBOR + 2.500%)		4.602	%		3/29/24		518,700		519,132	^(e)
GYP Holdings III Corp., 2018 Term Loan (1 mo. LIBOR + 2.750%)		4.844-4.847	%		6/2/25		1,694,837		1,687,422	^(e)(f)
Intrawest Resorts Holdings Inc., Term Loan B1 (1 mo. LIBOR + 3.250%)		5.127	%		7/31/24		60,000		60,131	^(f)
IRB Holding Corp., Term Loan B (1 mo. LIBOR + 3.250%)		5.255-5.280	%		2/5/25		807,975		810,197	^(e)
JC Penney Corp. Inc., Term Loan B (3 mo. LIBOR + 4.250%)		6.569	%		6/23/23		187,781		179,518	^(e)
Jo-Ann Stores LLC, Term Loan (3 mo. LIBOR + 5.000%)		7.509	%		10/20/23		508,414		505,660	^(e)
Lakeland Tours LLC, Delayed Draw Term Loan (3 mo. LIBOR + 4.000%)		6.341	%		12/15/24		35,000		35,438	^(c)(e)
Lakeland Tours LLC, Term Loan (3 mo. LIBOR + 4.000%)		6.341	%		12/16/24		423,850		429,148	^(c)(e)
Leslie’s Poolmart Inc., Term Loan B2 (1 mo. LIBOR + 3.500%)		5.594	%		8/16/23		1,018,542		1,018,648	^(e)
Michaels Stores Inc., 2018 Term Loan B (1 mo. LIBOR + 2.500%)		4.557-4.594	%		1/30/23		692,688		688,186	^(e)(f)
Mohegan Tribal Gaming Authority, Term Loan B (1 mo. LIBOR + 4.000%)		6.094	%		10/13/23		659,580		629,239	^(e)(f)
PetSmart Inc., Term Loan B2 (1 mo. LIBOR + 3.000%)		5.010	%		3/11/22		931,904		774,179	^(e)
Prime Security Services Borrower, LLC, First Lien Term Loan B1 (1 mo. LIBOR + 2.750%)		4.844	%		5/2/22		891,528		888,672	^(e)
Realogy Group LLC, 2025 Term Loan (1 mo. LIBOR + 2.250%)		4.296	%		2/7/25		567,150		567,682	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Cyclical^(a)(b) - (continued)
Scientific Games International, Inc., Initial Term Loan B5 (2 mo. LIBOR + 2.750%)		4.844-4.921	%		8/14/24	$	2,022,032	$	2,016,724	^(e)
Securus Technologies Holdings Inc., Delayed Draw Term Loan (1 mo. LIBOR + 4.500%)		6.377	%		11/1/24		260,000		261,300	^(e)(f)
Securus Technologies Holdings Inc., First Lien Term Loan (1 mo. LIBOR + 4.500%)		6.594	%		11/1/24		845,924		853,150	^(e)(f)
ServiceMaster Company LLC, Term Loan C (1 mo. LIBOR + 2.500%)		4.594	%		11/8/23		1,096,125		1,098,317	^(e)(f)
Spencer Gifts LLC, Term Loan B1 (1 mo. LIBOR + 4.250%)		6.310	%		7/16/21		552,411		517,655	^(e)
Star Group Holdings BV, Term Loan B		—			7/10/25		290,000		290,000	^(f)
Station Casinos LLC, Facility Term Loan B (1 mo. LIBOR + 2.500%)		4.600	%		6/8/23		706,118		706,120	^(e)
Tenneco Inc., Term loan B		—			6/18/25		550,000		545,944	^(f)
TKC Holdings Inc., First Lien Term Loan		—			2/1/23		660,000		661,238	^(c)(f)
Trans Union LLC, Term loan B4		—			6/19/25		710,000		708,521	^(f)
TransUnion LLC, 2017 Term Loan B3 (1 mo. LIBOR + 2.000%)		4.094	%		4/7/23		754,048		752,917	^(e)
UFC Holdings, LLC, First Lien Term Loan (1 mo. LIBOR + 3.250%)		5.350	%		8/18/23		947,461		949,731	^(e)
UFC Holdings, LLC, Second Lien Term Loan (1 mo. LIBOR + 7.500%)		9.594	%		8/18/24		830,000		837,609	^(e)
World Triathlon Corp., Term loan (3 mo. LIBOR + 4.250%)		6.584	%		6/25/21		569,988		572,125	^(c)(e)
Wyndham Hotels & Resorts Inc., Term Loan B (1 mo. LIBOR + 1.750%)		3.726	%		5/30/25		530,000		530,386	^(e)

Total Consumer Cyclical									41,792,465

Consumer Non-Cyclical^(a)(b)- 31.8%
Air Medical Group Holdings Inc., 2017-2 New Term Loan (1 mo. LIBOR + 4.250%)		6.335	%		3/14/25		258,700		255,919	^(e)
Air Medical Group Holdings Inc., 2018 Term Loan (1 mo. LIBOR + 3.250%)		5.280	%		4/28/22		1,318,615		1,282,353	^(e)(f)
Air Methods Corp., Term Loan (3 mo. LIBOR + 3.500%)		5.834	%		4/21/24		865,427		832,162	^(e)
Akorn Inc., Term Loan (1 mo. LIBOR + 4.250%)		6.375	%		4/16/21		317,428		312,071	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Non-Cyclical^(a)(b) - (continued)
Albany Molecular Research Inc., First Lien Term Loan (1 mo. LIBOR + 3.250%)		5.344	%		8/30/24	$	1,191,000	$	1,188,581	^(e)
Albertson’s Cos. Inc., FILO Term Loan		—			5/3/23		520,000		517,580	^(f)
Albertson’s LLC, Replacement 2017-1 Term Loan B4 (1 mo. LIBOR + 2.750%)		4.844	%		8/25/21		414,515		410,791	^(e)
Albertson’s LLC, Replacement 2017-1 Term Loan B6 (3 mo. LIBOR + 3.000%)		5.319	%		6/22/23		847,318		839,816	^(e)
American Greetings Corp., Term Loan (1 mo. LIBOR + 4.500%)		6.594	%		4/6/24		270,000		272,025	^(c)(e)
Anchor Hocking LLC, Term Loan (3 mo. LIBOR + 9.000%)		11.318	%		6/4/18		431,208		432,038	^(e)
Catalent Pharma Solutions Inc., Dollar Term Loan B (1 mo. LIBOR + 2.250%)		4.344	%		5/20/24		712,634		712,801	^(e)
Change Healthcare Holdings LLC, Closing Date Term Loan B (1 mo. LIBOR + 2.750%)		4.844	%		3/1/24		1,433,846		1,430,888	^(e)
CHG Healthcare Services Inc., Term Loan (3 mo. LIBOR + 3.000%)		5.359	%		6/7/23		902,634		905,172	^(e)
CHG PPC Parent LLC, First Lien Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		3/31/25		150,000		149,250	^(c)(e)
CHS/Community Health Systems Inc., 2019 Term Loan G (3 mo. LIBOR + 3.000%)		5.307	%		12/31/19		511,036		509,790	^(e)
CHS/Community Health Systems Inc., 2021 Term Loan H (3 mo. LIBOR + 3.250%)		5.557	%		1/27/21		195,238		190,866	^(e)
CSM Bakery Solutions LLC, First Lien Term Loan (3 mo. LIBOR + 4.000%)		6.310	%		7/3/20		777,411		757,975	^(e)
DJO Finance LLC, Term Loan		5.344-5.558	%		6/8/20		997,436		995,566	^(e)
Envision Healthcare Corp., Term Loan (1 mo. LIBOR + 3.000%)		5.100	%		12/1/23		472,165		472,531	^(e)
Exactech Inc., Term Loan (1 mo. LIBOR + 3.750%)		5.844	%		2/14/25		458,850		461,144	^(c)(e)
Greatbatch Ltd., Term Loan B (1 mo. LIBOR + 3.250%)		5.300	%		10/27/22		1,007,976		1,012,134	^(e)
H-Food Holdings LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.091	%		5/23/25		370,000		367,302	^(e)
Immucor Inc., Term Loan B3 (1 mo. LIBOR + 5.000%)		7.094	%		6/15/21		1,333,060		1,352,848	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Non-Cyclical^(a)(b) - (continued)
Jaguar Holding Co. II, 2018 Term Loan (1 mo. LIBOR + 2.500%)		4.594	%		8/18/22	$	1,240,891	$	1,234,944	^(e)
Kingpin Intermediate Holdings LLC, First Lien Term Loan (1 mo. LIBOR + 4.250%)		6.350	%		7/3/24		1,049,400		1,052,024	^(c)(e)
Lantheus Medical Imaging Inc., 2017 Term Loan B (1 mo. LIBOR + 3.750%)		5.844	%		6/30/22		799,875		807,874	^(c)(e)
Nomad Foods LUX Sarl, Term Loan Facility B4 (1 mo. LIBOR + 2.250%)		4.323	%		5/15/24		982,412		978,114	^(c)(e)(f)
Nomad Foods LUX Sarl, Term Loan Facility B7 (3 mo. LIBOR + 2.250%)		5.314	%		5/15/24		270,000		268,819	^(c)(e)
Parexel International Corp., Initial Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		9/27/24		942,875		938,946	^(e)
Party City Holdings Inc., 2018 Replacement Term Loan		4.850-5.280	%		8/19/22		890,982		891,747	^(e)
Pearl Intermediate Parent LLC, First Lien Delayed Draw Term Loan		1.000-5.085	%		2/14/25		155,755		154,327	^(e)(f)
Pearl Intermediate Parent LLC, First Lien Term Loan (1 mo. LIBOR + 2.750%)		4.835	%		2/14/25		306,430		303,110	^(e)
PharMerica Corp., First Lien Term Loan (1 mo. LIBOR + 3.500%)		5.546	%		12/6/24		677,675		677,534	^(e)(f)
PharMerica Corp., Second Lien Term Loan (1 mo. LIBOR + 7.750%)		9.796	%		12/5/25		480,000		479,400	^(e)
Post Holdings Inc., Series A Incremental Term Loan (1 mo. LIBOR + 2.000%)		4.100	%		5/24/24		227,700		227,214	^(e)
Radnet Management Inc., First Lien Term Loan B1 (3 mo. LIBOR + 3.750%)		6.500	%		6/30/23		1,151,816		1,166,933	^(c)(e)
RPI Finance Trust, Term Loan B6 (3 mo. LIBOR + 2.000%)		4.334	%		3/27/23		445,224		445,542	^(e)
Shearer’s Foods LLC, First Lien Term Loan (1 mo. LIBOR + 4.250%)		6.344	%		6/30/21		493,621		490,536	^(c)(e)
Shearer’s Foods LLC, Second Lien Term Loan (1 mo. LIBOR + 6.750%)		8.844	%		6/30/22		590,000		558,288	^(e)
Sterigenics-Nordion Holdings LLC, Incremental Term Loan (3 mo. LIBOR + 3.000%)		5.334	%		5/15/22		1,056,295		1,061,796	^(e)
Surgery Center Holdings Inc., Term Loan (2 mo. LIBOR + 3.250%)		5.350	%		9/2/24		684,825		684,611	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Consumer Non-Cyclical^(a)(b) - (continued)
TOMS Shoes LLC, Term Loan (1 mo. LIBOR + 5.500%)		7.590	%		10/30/20	$	766,698	$	580,135	^(e)
U.S. Anesthesia Partners Inc., First Lien Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		6/24/24		1,095,157		1,093,788	^(e)
US Security Associates Holdings Inc., Term Loan (3 mo. LIBOR + 3.500%)		5.834	%		7/14/23		1,654,321		1,661,903	^(e)
Valeant Pharmaceuticals International Inc., Term Loan B (1 mo. LIBOR + 3.000%)		4.982	%		6/2/25		1,499,361		1,496,370	^(e)
Vizient Inc., Term Loan B4 (1 mo. LIBOR + 2.750%)		4.844	%		2/13/23		511,913		513,257	^(e)
Weight Watchers International Inc., Term Loan (1 mo. LIBOR + 4.750%)		6.760-7.060	%		11/29/24		955,500		965,204	^(e)
Wink Holdco Inc., First Lien Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		12/1/24		766,150		764,474	^(c)(e)
WP CityMD Bidco LLC, Refinancing Term Loan (3 mo. LIBOR + 3.500%)		5.834	%		6/7/24		387,374		385,679	^(e)

Total Consumer Non-Cyclical									35,544,172

Electric^(a)(b) - 1.8%
Eastern Power LLC, Term Loan B (1 mo. LIBOR + 3.750%)		5.844	%		10/2/23		291,063		291,245	^(e)(f)
Panda Temple Power LLC, Second Lien Term Loan (1 mo. LIBOR + 8.000%)		10.046	%		2/7/23		315,007		321,307	^(c)(e)
Terra-Gen Finance Co. LLC, Term Loan (1 mo. LIBOR + 4.250%)		6.350	%		12/9/21		325,627		294,692	^(c)(e)
Vistra Operations Co. LLC, Term Loan		—			12/14/23		169,412		168,936	^(f)
Vistra Operations Co. LLC, Term Loan B1 (1 mo. LIBOR + 2.000%)		4.094	%		8/4/23		953,580		947,993	^(c)(e)(f)

Total Electric									2,024,173

Energy - 6.2%
BCP Renaissance Parent LLC, Term Loan (3 mo. LIBOR + 3.500%)		5.863	%		10/31/24		820,000		820,683	^(a)(b)(e)
Chesapeake Energy Corp., Class A Loan (1 mo. LIBOR + 7.500%)		9.594	%		8/23/21		570,000		597,431	^(a)(b)(e)
HFOTCO LLC, Term Loan B (3 mo. LIBOR + 3.500%)		5.800	%		8/19/21		550,050		550,279	^(a)(b)(e)
HFOTCO LLC, Term Loan B		—			6/26/25		440,000		441,284	^(f)
KCA Deutag Alpha Ltd., Term Loan B (3 mo. LIBOR + 6.750%)		9.084	%		2/28/23		600,000		600,000	^(a)(b)(c)(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Energy - (continued)
Lucid Energy Group II Borrower LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.085	%		2/17/25	$	748,125	$	742,514	^(a)(b)(c)(e)
Medallion Midland Acquisition LLC, Term Loan (1 mo. LIBOR + 3.250%)		5.344	%		10/30/24		815,900		806,721	^(a)(b)(e)
MEG Energy Corp., Term Loan (3 mo. LIBOR + 3.500%)		5.600	%		12/31/23		266,250		266,916	^(a)(b)(e)
Navitas Midstream Midland Basin LLC, Term Loan (1 mo. LIBOR + 4.500%)		6.585	%		12/13/24		786,050		780,155	^(a)(b)(e)
Paragon Offshore Finance Co., Term Loan (1 mo. LIBOR + 2.150%)		4.647	%		7/18/21		2,262		1,019	*^{(a)(b)(c)(e)(f)(g)}
Permian Production Partners LLC, Term Loan (1 mo. LIBOR + 6.000%)		8.090	%		5/20/24		840,000		835,800	^{(a)(b)(c)(e)(f)}
Traverse Midstream Partners LLC, Term Loan (3 mo. LIBOR + 4.000%)		6.340	%		9/27/24		470,000		470,991	^(a)(b)(e)

Total Energy									6,913,793

Financial Other^(a)(b) - 3.9%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3 (1 mo. LIBOR + 2.000%)		4.088	%		1/15/25		1,430,000		1,415,056	^(e)
Blackhawk Network Holdings Inc., First Lien Term Loan (1 mo. LIBOR + 3.000%)		5.073	%		6/15/25		730,000		729,201	^(e)
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B		—			5/7/25		1,180,000		1,162,743	^(f)
Finco I LLC, 2018 Term Loan B		—			12/27/22		110,000		110,138	^(f)
Finco I LLC, Term Loan B (1 mo. LIBOR + 2.750%)		4.094	%		12/27/22		497,796		498,791	^(e)(f)
VFH Parent LLC, Term Loan B1 (3 mo. LIBOR + 3.250%)		5.558	%		12/30/21		455,530		459,801	^(e)

Total Financial Other									4,375,730

Industrial Other^(a)(b) - 3.0%
Allflex Holdings III Inc., First Lien Term Loan (3 mo. LIBOR + 3.250%)		5.138	%		7/17/20		403,554		404,731	^(e)
Allflex Holdings III Inc., Second Lien Term Loan (3 mo. LIBOR + 7.000%)		9.362	%		7/19/21		809,396		813,443	^(e)
Laureate Education Inc., 2024 Term Loan (1 mo. LIBOR + 3.500%)		5.594	%		4/26/24		1,003,750		1,005,475	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Industrial Other^(a)(b) - (continued)
Lineage Logistics LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		2/16/25	$	917,700	$	913,112	^(e)
Robertshaw US Holding Corp., First Lien Term Loan (1 mo. LIBOR + 3.500%)		5.625	%		2/28/25		209,475		209,475	^(e)

Total Industrial Other									3,346,236

Insurance^(a)(b) - 1.9%
Genworth Holdings Inc., Term Loan (1 mo. LIBOR + 4.500%)		6.546	%		3/7/23		510,000		520,838	^(e)
MPH Acquisition Holdings LLC, Term Loan (3 mo. LIBOR + 2.750%)		5.084	%		6/7/23		1,295,881		1,290,920	^(e)
NMI Holdings Inc., Term Loan (1 mo. LIBOR + 4.750%)		6.841	%		5/23/23		310,000		311,938	^(c)(e)

Total Insurance									2,123,696

Property & Real Estate^(a)(b) - 1.0%
Communications Sales & Leasing Inc., Term Loan B (1 mo. LIBOR + 3.000%)		5.094	%		10/24/22		430,273		412,038	^(e)
iStar Inc., Term Loan B		—			6/28/23		730,000		731,369	^(c)(f)

Total Property & Real Estate									1,143,407

Technology^(a)(b) - 12.9%
Access CIG LLC, First Lien Delayed Draw Term Loan (3 mo. LIBOR + 3.750%)		6.068	%		2/27/25		35,396		35,506	^(e)(f)
Access CIG LLC, First Lien Term Loan B (1 mo. LIBOR + 3.750%)		5.844	%		2/27/25		801,760		804,266	^(e)(f)
Almonde Inc., USD First Lien Term Loan (3 mo. LIBOR + 3.500%)		5.807	%		6/13/24		1,232,018		1,212,152	^(e)
Ascend Learning LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		7/12/24		798,962		799,262	^(e)
Conduent Business Services LLC, Term Loan B (1 mo. LIBOR + 3.000%)		5.094	%		8/7/23		492,753		492,599	^(e)(f)
DigiCert Holdings Inc., First Lien Term Loan (1 mo. LIBOR + 4.750%)		6.844	%		10/31/24		1,246,875		1,247,146	^(e)
Donnelley Financial Solutions Inc., 2017 Refinancing Term Loan (1 week LIBOR + 3.000%)		4.981	%		9/29/23		111,714		111,994	^(c)(e)
First Data Corp., 2024 USD Term Loan (1 mo. LIBOR + 2.000%)		4.091	%		4/26/24		1,709,143		1,701,024	^(e)
Hyland Software Inc., First Lien Term Loan 3 (1 mo. LIBOR + 3.250%)		5.344	%		7/1/22		445,789		448,157	^(e)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Technology^(a)(b) - (continued)
Infinity Acquisition LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		8/6/21	$	612,195	$	612,960	^(e)
Iron Mountain Information Management LLC, Term Loan B (1 mo. LIBOR + 1.750%)		3.844	%		1/2/26		668,325		654,959	^(c)(e)
MA Financeco LLC, Term Loan B2 (1 mo. LIBOR + 2.500%)		4.594	%		11/19/21		299,250		297,716	^(e)
MA Financeco LLC, Term Loan B3 (1 mo. LIBOR + 2.750%)		4.844	%		6/21/24		144,094		143,239	^(e)
Microchip Technology Inc., Term Loan (1 mo. LIBOR + 2.000%)		4.100	%		5/29/25		1,290,000		1,293,225	^(e)
Micron Technology Inc., Term Loan (1 mo. LIBOR + 1.750%)		3.850	%		4/26/22		709		711	^(e)(f)
Seattle Escrow Borrower LLC, Term Loan (1 mo. LIBOR + 2.750%)		4.844	%		6/21/24		973,106		972,295	^(e)
Severin Acquisition LLC, Term Loan		—			6/12/25		652,500		650,053	^(f)
Sophia LP, Term Loan B (3 mo. LIBOR + 3.250%)		5.584	%		9/30/22		679,148		678,936	^(e)(f)
Sound Inpatient Physicians Inc., Term loan		—			6/28/26		120,000		121,050	^(c)(f)
Sound Inpatient Physicians Inc., Term Loan		—			6/28/25		550,000		551,375	^(f)
SS&C Technologies Inc., Term Loan B3 (1 mo. LIBOR + 2.500%)		4.594	%		4/16/25		381,483		382,294	^(e)(f)
SS&C Technologies Inc., Term Loan B4 (1 mo. LIBOR + 2.500%)		4.594	%		4/16/25		145,060		145,369	^(e)(f)
Tempo Acquisition LLC, Term Loan (1 mo. LIBOR + 3.000%)		5.094	%		5/1/24		557,186		555,967	^(e)
Zotec Partners LLC, Term Loan (1 mo. LIBOR + 5.000%)		7.090	%		2/14/24		506,813		504,278	^(c)(e)

Total Technology									14,416,533

Transportation^(a)(b) - 1.8%
Commercial Barge Line Co., Term Loan (1 mo. LIBOR + 8.750%)		10.844	%		11/12/20		734,658		514,363	^(e)
Syncreon Group BV, Term Loan (3 mo. LIBOR + 4.250%)		6.609	%		10/28/20		936,318		889,502	^(e)
XPO Logistics Inc., Refinancing Term Loan B		—			2/24/25		607,000		603,547	^(f)

Total Transportation									2,007,412

TOTAL SENIOR LOANS (Cost - $154,381,236)									153,869,640

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 12.1%
CONSUMER DISCRETIONARY - 2.0%
Auto Components - 0.2%
Adient Global Holdings, Ltd., Senior Notes		4.875	%		8/15/26	$	200,000	$	180,500	^(h)

Diversified Consumer Services - 0.7%
Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes		9.250	%		5/15/23		772,000		823,878	^(h)

Hotels, Restaurants & Leisure - 0.5%
GLP Capital LP/GLP Financing II Inc., Senior Notes		5.250	%		6/1/25		330,000		331,650
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes		4.875	%		4/1/27		160,000		154,800
Viking Cruises Ltd., Senior Notes		6.250	%		5/15/25		70,000		68,950	^(h)

Total Hotels, Restaurants & Leisure									555,400

Media - 0.6%
Altice France SA, Senior Secured Bonds		6.250	%		5/15/24		405,000		394,875	^(h)
Urban One Inc., Senior Secured Notes		7.375	%		4/15/22		320,000		311,200	^(h)

Total Media									706,075

TOTAL CONSUMER DISCRETIONARY									2,265,853

ENERGY - 4.5%
Energy Equipment & Services - 1.3%
KCA Deutag UK Finance PLC, Senior Secured Notes		7.250	%		5/15/21		200,000		194,500	^(h)
KCA Deutag UK Finance PLC, Senior Secured Notes		9.875	%		4/1/22		680,000		706,173	^(h)
Precision Drilling Corp., Senior Notes		7.750	%		12/15/23		500,000		528,750

Total Energy Equipment & Services									1,429,423

Oil, Gas & Consumable Fuels - 3.2%
Berry Petroleum Co., LLC, Senior Notes		7.000	%		2/15/26		840,000		861,000	^(h)
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes		5.875	%		3/31/25		40,000		41,750
Cheniere Corpus Christi Holdings LLC, Senior Secured Notes		5.125	%		6/30/27		310,000		308,450
Endeavor Energy Resources LP / EER Finance Inc., Senior Notes		5.500	%		1/30/26		350,000		340,375	^(h)

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Genesis Energy LP / Genesis Energy Finance Corp., Senior Notes		5.625	%		6/15/24	$	510,000	$	479,400
Magnum Hunter Resources Corp. Escrow		—			—		120,000		0	*^(c)(g)(i)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		520,000		613,600	^(h)
Range Resources Corp., Senior Notes		5.875	%		7/1/22		130,000		132,275
Teine Energy Ltd., Senior Notes		6.875	%		9/30/22		790,000		801,850	^(h)

Total Oil, Gas & Consumable Fuels									3,578,700

TOTAL ENERGY									5,008,123

FINANCIALS - 1.6%
Consumer Finance - 0.3%
Navient Corp., Senior Notes		6.500	%		6/15/22		310,000		317,750

Diversified Financial Services - 1.0%
DAE Funding LLC, Senior Notes		4.500	%		8/1/22		470,000		457,075	^(h)
Park Aerospace Holdings Ltd., Senior Notes		5.250	%		8/15/22		640,000		636,006	^(h)

Total Diversified Financial Services									1,093,081

Thrifts & Mortgage Finance - 0.3%
Quicken Loans Inc., Senior Notes		5.750	%		5/1/25		420,000		413,188	^(h)

TOTAL FINANCIALS									1,824,019

HEALTH CARE - 0.6%
Health Care Providers & Services - 0.5%
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		190,000		189,183	^(f)
Tenet Healthcare Corp., Secured Notes		7.500	%		1/1/22		270,000		281,812	^(h)
Universal Hospital Services, Inc., Secured Notes		7.625	%		8/15/20		60,000		60,075

Total Health Care Providers & Services									531,070

Pharmaceuticals - 0.1%
Valeant Pharmaceuticals International Inc., Senior Notes		9.000	%		12/15/25		70,000		72,797	^(h)

TOTAL HEALTH CARE									603,867

INDUSTRIALS - 1.3%
Commercial Services & Supplies - 0.6%
ADT Corp., Senior Secured Notes		6.250	%		10/15/21		310,000		322,400
Brink’s Co., Senior Notes		4.625	%		10/15/27		420,000		393,750	^(h)

Total Commercial Services & Supplies									716,150

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018


SECURITY†	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Machinery - 0.5%
Allison Transmission Inc., Senior Notes		4.750	%		10/1/27	$	260,000	$	243,100	^(h)
Blueline Rental Finance Corp. / Blueline Rental LLC, Senior Secured Notes		9.250	%		3/15/24		130,000		138,632	^(h)
Cleaver-Brooks Inc., Senior Secured Notes		7.875	%		3/1/23		220,000		227,150	^(h)

Total Machinery									608,882

Marine - 0.2%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes		8.125	%		11/15/21		200,000		164,500	^(h)

TOTAL INDUSTRIALS									1,489,532

INFORMATION TECHNOLOGY - 0.2%
Internet Software & Services - 0.2%
Match Group, Inc., Senior Notes		6.375	%		6/1/24		170,000		179,563

MATERIALS - 0.9%
Containers & Packaging - 0.3%
ARD Securities Finance SARL, Senior Secured Notes, (8.75% PIK)		8.750	%		1/31/23		330,000		337,425	^(d)(h)

Metals & Mining - 0.6%
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		230,000		230,575	^(h)
Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes		7.125	%		11/1/22		400,000		400,000	^(h)

Total Metals & Mining									630,575

TOTAL MATERIALS									968,000

REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.2%
MPT Operating Partnership LP / MPT Finance Corp., Senior Notes		5.250	%		8/1/26		260,000		256,100

TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
Sprint Corp., Senior Notes		7.250	%		9/15/21		200,000		208,500
Sprint Corp., Senior Notes		7.875	%		9/15/23		650,000		675,594

TOTAL TELECOMMUNICATION SERVICES									884,094

TOTAL CORPORATE BONDS & NOTES (Cost - $13,373,413)									13,479,151

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018

SECURITY†

SHARES

VALUE

COMMON STOCKS - 1.4%

CONSUMER DISCRETIONARY - 0.7%

Automobiles - 0.2%

Dayco Products LLC

4,745

170,820

*^(c)

Dayco Products LLC

167

6,012

*^(c)

Total Automobiles

176,832

Household Durables - 0.5%

EveryWare Global

66,667

566,669

TOTAL CONSUMER DISCRETIONARY

743,501

ENERGY - 0.3%

Energy Equipment & Services - 0.0%

Paragon Offshore Litigation Trust A

503

613

Paragon Offshore Litigation Trust B

252

7,875

Total Energy Equipment & Services

8,488

Oil, Gas & Consumable Fuels - 0.3%

Blue Ridge Mountain Resources Inc.

45,562

293,875

*^(c)(g)

TOTAL ENERGY

302,363

UTILITIES - 0.4%

Electric Utilities - 0.4%

Panda Temple Power LLC

21,649

487,103

*^(c)(g)

TOTAL COMMON STOCKS

(Cost - $2,757,972)

1,532,967

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $170,512,621)

168,881,758

RATE

SHORT-TERM INVESTMENTS - 4.0%

Dreyfus Government Cash Management, Institutional Shares
(Cost - $4,501,018)

1.242

4,501,018

TOTAL INVESTMENTS - 155.0%

(Cost - $175,013,639)

173,382,776

Liabilities in Excess of Other Assets - (55.0)%

(61,499,417

)

TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS - 100.0%

111,883,359

See Notes to Schedule of Investments.

WESTERN ASSET CORPORATE LOAN FUND INC.


Schedule of investments (unaudited) (cont’d)		June 30, 2018

†	Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses.

*	Non-income producing security.

(a)	Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(b)	Interest rates disclosed represent the effective rates on collateralized and uncollateralized senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(c)	Security is valued using significant unobservable inputs (Note 1).

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

(e)

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.

(f)	All or a portion of this loan is unfunded as of June 30, 2018. The interest rate for fully unfunded term loans is to be determined.

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

(h)

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.

(i)	Value is less than $1.

Abbreviations used in this schedule:


LIBOR		— London Interbank Offered Rate
Second Lien		— Subordinate Lien to First Lien

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

See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Corporate Loan Fund Inc (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to maximize current income consistent with prudent efforts to preserve capital. The Fund invests primarily in floating- or variable-rate collateralized senior loans to corporations, partnerships or other business entities operating in various industries and geographic regions.

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

(a) Investment valuation. The valuations for fixed income securities are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Prior to December 1, 2017, short-term fixed income securities that would mature in 60 days or less were valued at amortized cost, unless it was determined that using this method would not reflect an investment’s fair value. 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. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

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

Notes to Schedule of Investments (unaudited) (continued)

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

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

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

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

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

Notes to Schedule of Investments (unaudited) (continued)


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments†:
Senior Loans:
Basic Industry		—	$	3,640,160	$	420,081		$	4,060,241
Capital Goods		—		15,671,984		1,411,818			17,083,802
Communications		—		17,821,433		1,216,547			19,037,980
Consumer Cyclical		—		40,094,517		1,697,949			41,792,466
Consumer Non-Cyclical		—		29,132,979		6,411,193			35,544,172
Electric		—		460,181		1,563,992			2,024,173
Energy		—		4,734,460		2,179,333			6,913,793
Insurance		—		1,811,757		311,938			2,123,695
Property & Real Estate		—		412,038		731,369			1,143,407
Technology		—		13,024,252		1,392,281			14,416,533
Other Senior Loans		—		9,729,378		—			9,729,378
Corporate Bonds & Notes:
Energy		—		5,008,123		0	*		5,008,123
Other Corporate Bonds & Notes		—		8,471,028		—			8,471,028
Common Stocks:
Consumer Discretionary		—		566,669		176,832			743,501
Energy		—		8,488		293,875			302,363
Utilities		—		—		487,103			487,103

Total Long-Term Investments		—		150,587,447		18,294,311			168,881,758

Short-Term Investments†	$	4,501,018		—		—			4,501,018

Total Investments	$	4,501,018	$	150,587,447	$	18,294,311		$	173,382,776

†	See Schedule of Investments for additional detailed categorizations.

*	Amount represents less than $1.

Notes to Schedule of Investments (unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


INVESTMENTS IN SECURITIES	BALANCE AS OF SEPTEMBER 30, 2017			ACCRUED PREMIUMS/ DISCOUNTS			REALIZED GAIN (LOSS)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)¹			PURCHASES
Senior Loans:
Basic Industry	$	649,953		$	2,035		$	(41,181	)	$	58,724			—
Capital Goods		1,160,073			382			6			1,856		$	468,825
Communications		—			—			—			—			—
Consumer Cyclical		955,634			(1,382	)		145			6,613			1,121,117
Consumer Non-Cyclical		3,688,046			1,371			6,278			148,797			4,372,489
Electric		992,210			(3,358	)		(167,336	)		(29,843	)		1,349,768
Energy		149,259			(925	)		(8,463	)		47,485			2,167,100
Insurance		—			17			—			3,471			308,450
Property & Real Estate		—			—			—			2,281			729,088
Technology		—			333			119			(7,070	)		1,423,476
Corporate Bonds and Notes:
Energy		0	*		—			—			—			—
Common Stocks:
Consumer
Discretionary		830,880			—			(308,667	)		364,105			—
Energy		13,841			—			12,266			3,842			—
Utilities		—			—			—			10,972			476,131

Total	$	8,439,896		$	(1,527	)	$	(506,833	)	$	611,233		$	12,416,444


INVESTMENTS IN SECURITIES (CONT’D)	SALES			TRANSFERS INTO LEVEL 3²		TRANSFERS OUT OF LEVEL 3³			BALANCE AS OF JUNE 30, 2018			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FOR INVESTMENTS IN SECURITIES STILL HELD AT JUNE 30, 2018¹
Senior Loans:
Basic Industry	$	(249,450	)		—		—		$	420,081		$	24,051
Capital Goods		(6,938	)	$	584,849	$	(797,235	)		1,411,818			2,396
Communications		—			1,216,547		—			1,216,547			—
Consumer Cyclical		(384,178	)		—		—			1,697,949			8,701
Consumer
Non-Cyclical		(1,855,015	)		2,218,957		(2,169,730	)		6,411,193			11,162
Electric		(577,449	)		—		—			1,563,992			(79,502	)
Energy		(160,392	)		—		(14,731	)		2,179,333			11,744
Insurance		—			—		—			311,938			3,471
Property & Real Estate		—			—		—			731,369			2,281
Technology		(24,577	)		—		—			1,392,281			(7,070	)
Corporate Bonds and Notes:
Energy		—			—		—			0	*		—
Common Stocks:
Consumer
Discretionary		(142,816	)		—		(566,670	)		176,832			22,104
Energy		(22,074	)		293,875		(7,875	)		293,875			—
Utilities		—			—		—			487,103			10,972

Total	$	(3,422,889	)	$	4,314,228	$	(3,556,241	)	$	18,294,311		$	10,310

Notes to Schedule of Investments (unaudited) (continued)

The Fund’s policy is to recognize transfers between levels as of the end of the reporting period.

*	Amount represents less than $1.

¹	Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

²	Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

³	Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

ITEM 2.

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 registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

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, thereunto duly authorized.

Western Asset Corporate Loan Fund Inc.


By		/s/ JANE TRUST
		Jane Trust
		Chief Executive Officer

Date:		August 22, 2018

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 22, 2018

By		/s/ RICHARD F. SENNETT
		Richard F. Sennett
		Principal Financial Officer

Date:		August 22, 2018

EX-99.CERT 2 d547052dex99cert.htm CERTIFICATION CERTIFICATION

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, Jane Trust, certify that:

1.	I have reviewed this report on Form N-Q of Western Asset Corporate Loan Fund Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	August 22, 2018	/s/ JANE TRUST
		Jane Trust
		Chief Executive Officer

CERTIFICATIONS

I, Richard F. Sennett, certify that:

1.	I have reviewed this report on Form N-Q of Western Asset Corporate Loan Fund Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	August 22, 2018	/s/ RICHARD F. SENNETT
		Richard F. Sennett
		Principal Financial Officer