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, 49th 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, 2017

 

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

WESTERN ASSET CORPORATE LOAN FUND INC.

FORM N-Q

JUNE 30, 2017

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
SENIOR LOANS - 127.3%           

Basic Industry(a)(b) - 3.8%

           

Atlas Iron Ltd., Capex Term Loan B

      8.556 %      5/6/21      $ 576,222      $ 547,411 (c) 

Essar Steel Algoma Inc., Term Loan

      7.500 %      8/9/19        643,500        254,182 *(c)(d) 

Foresight Energy LLC, 2017 First Lien Term Loan

      6.976 %      3/28/22        1,027,425        985,257  

Murray Energy Corp., Term Loan B2

      8.546 %      4/16/20        602,311        589,889 (e) 

PQ Corp., 2016 USD Term Loan

      5.476 %      11/4/22        1,608,780        1,626,604  

Westmoreland Coal Co., Term Loan B

      7.796 %      12/16/20        382,117        339,607  
          

 

 

  

Total Basic Industry

              4,342,950  
          

 

 

  

Capital Goods(a)(b) - 6.9%

           

American Builders & Contractors Supply Co. Inc., 2017 Term Loan B

      3.726 %      10/31/23        538,258        540,090  

Berry Plastics Group Inc., Term Loan I

      3.617 - 3.726 %      10/1/22        671,188        672,741  

Berry Plastics Group Inc., Term Loan J

      3.617 %      1/19/24        279,300        279,843  

BWAY Holding Co., 2017 Term Loan B

      4.326 %      4/3/24        1,030,000        1,030,368  

Casella Waste Systems Inc., 2017 Term Loan B

      3.959 %      10/17/23        766,150        770,460  

Consolidated Container Co., LLC, 2017 First Lien Term Loan

      4.726 %      5/22/24        410,000        413,139  

GYP Holdings III Corp., 2017 Term Loan B

      4.142 %      4/1/23        799,097        801,844  

Printpack Holdings Inc., 2016 Term Loan

      4.250 %      7/26/23        799,850        807,849 (c) 

Reynolds Group Holdings Inc., USD 2017 Term Loan

      4.226 %      2/5/23        238,203        238,984  

TransDigm Inc., Term Loan D

      4.226 - 4.296 %      6/4/21        457,641        458,213  

Ventia Deco LLC, 2016 Term Loan B

      4.796 %      5/21/22        353,900        357,899 (c) 

WP CPP Holdings LLC, New Second Lien Term Loan

      8.922 %      4/30/21        492,500        454,331 (c) 

WP CPP Holdings LLC, Term Loan B3

      4.672 %      12/28/19        1,028,113        993,414 (e) 
          

 

 

  

Total Capital Goods

              7,819,175  
          

 

 

  

Communications(a)(b) - 16.8%

           

Ancestry.com Operations Inc., 2017 First Lien Term Loan

      4.340 %      10/19/23        940,500        950,346  

Ancestry.com Operations Inc., Second Lien Term Loan

      9.460 %      10/19/24        927,000        952,106  

CBS Radio Inc., Term Loan B

      4.716 %      10/17/23        594,436        599,169  

CenturyLink Inc., 2017 Term Loan B

      1.375 %      1/31/25        1,150,000        1,138,911  

Charter Communications Operating LLC, 2016 Term Loan I

      3.476 %      1/15/24        711,000        714,506  

Checkout Holding Corp., First Lien Term Loan

      4.726 %      4/9/21        257,850        215,903  

CSC Holdings LLC, 2017 First Lien Term Loan

      3.459 %      7/17/25        505,313        504,523  

Intelsat Jackson Holdings SA, Term Loan B2

      4.000 %      6/30/19        916,171        909,682  

Level 3 Financing Inc., 2017 Term Loan B

      3.466 %      2/22/24        900,000        903,188  

Lions Gate Entertainment Corp., 2016 First Lien Term Loan

      4.226 %      12/8/23        564,000        567,455  

Numericable Group SA, USD Term Loan B11

      3.944 %      7/31/25        600,000        595,982  

Radio One Inc., 2017 Term Loan B

      5.300 %      4/18/23        987,525        985,056  

Rentpath Inc., First Lien Term Loan

      6.480 %      12/17/21        1,682,677        1,680,574  

Sprint Communications Inc., First Lien Term Loan B

      3.750 %      2/2/24        2,304,225        2,306,693  

Telenet Financing USD LLC, USD Term Loan AI

      3.909 %      6/30/25        760,000        761,188  

Telesat Canada, Term Loan B4

      4.300 %      11/17/23        899,998        906,373  

Unitymedia Hessen GmbH & Co. KG, Term Loan B

      —         9/30/25        260,000        259,648 (e) 

Univision Communications Inc., Term Loan C5

      3.976 %      3/15/24        1,323,430        1,301,511 (e) 

UPC Financing Partnership, USD Term Loan AP

      3.909 %      4/15/25        1,420,000        1,423,373  

Windstream Services, LLC, Repriced Term Loan B6

      5.210 %      3/29/21        565,546        564,485  

Ziggo Secured Finance Partnership, USD Term Loan E

      3.659 %      4/15/25        900,000        898,875  
          

 

 

  

Total Communications

              19,139,547  
          

 

 

  

 

See Notes to Schedule of Investments.

 

1

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Consumer Cyclical(a)(b) - 34.5%

           

1011778 B.C. Unlimited Liability Co., Term Loan B3

      3.476 - 3.546 %      2/16/24      $ 1,652,396      $ 1,652,052  

Academy Ltd., 2015 Term Loan B

      5.172 - 5.226 %      7/1/22        1,127,057        888,496  

Advantage Sales & Marketing Inc., 2014 First Lien Term Loan

      —         7/23/21        603,449        582,781 (e) 

Affinity Gaming LLC, Initial Term Loan

      4.726 %      7/1/23        502,755        506,447  

American Axle & Manufacturing Inc., Term Loan B

      3.470 %      4/6/24        534,600        532,528  

AP NMT Acquisition BV, USD First Lien Term Loan

      6.898 %      8/13/21        552,090        514,306 (e) 

Bass Pro Group LLC, 2015 Term Loan B

      4.367 %      6/5/20        485,597        485,289  

Bass Pro Group LLC, Asset Sale Term Loan

      6.046 %      6/9/18        580,000        582,900 (c) 

Bass Pro Group LLC, Term Loan B

      6.296 %      12/16/23        810,000        788,955  

BJ’s Wholesale Club Inc., 2017 First Lien Term Loan

      —         2/3/24        360,000        349,838 (e) 

Boyd Gaming Corp., Term Loan B3

      3.688 %      9/15/23        707,998        709,957  

Brickman Group Ltd. LLC, First Lien Term Loan

      4.209 - 4.224 %      12/18/20        849,869        852,591  

Caesars Entertainment Operating Co., Exit Term Loan

      —         3/31/24        530,000        529,006 (e) 

Caesars Entertainment Resort Properties LLC, Term Loan B

      4.545 %      10/11/20        1,316,493        1,322,665  

Caesars Growth Properties Holdings LLC, 2017 Term Loan

      4.226 %      5/8/21        490,326        492,777  

CCM Merger Inc., New Term Loan B

      3.976 %      8/8/21        826,835        832,778  

CEC Entertainment Inc., Term Loan B

      4.226 %      2/14/21        1,003,298        1,000,006  

CityCenter Holdings LLC, 2017 Term Loan B

      3.716 %      4/18/24        510,000        511,457  

Crossmark Holdings Inc., First Lien Term Loan

      4.796 %      12/20/19        525,168        373,745  

CS Intermediate Holdco 2 LLC, 2016 Term Loan B

      3.546 %      10/26/23        162,384        162,663  

CWGS Group LLC, 2016 Term Loan

      4.839 - 4.976 %      11/8/23        1,432,800        1,442,292  

Dollar Tree Inc., Term Loan B2

      4.250 %      7/6/22        260,000        263,939  

Eldorado Resorts LLC, 2017 Term Loan B

      3.375 %      4/17/24        788,025        783,469  

Equinox Holdings Inc., 2017 Second Lien Term Loan

      8.226 %      9/6/24        630,000        643,191  

Equinox Holdings Inc., 2017 Term Loan B

      4.476 %      3/8/24        1,157,100        1,163,789  

Fitness International LLC, Term Loan B

      5.476 %      7/1/20        1,516,891        1,539,329  

Four Seasons Hotels Ltd., New First Lien Term Loan

      3.726 %      11/30/23        165,139        166,223  

Gateway Casinos & Entertainment Ltd., Term Loan B1

      5.046 %      2/22/23        630,000        636,300  

Greektown Holdings LLC, 2017 Term Loan B

      4.226 %      3/21/24        510,000        510,717  

Hilton Worldwide Finance LLC, Term Loan B2

      3.216 %      10/25/23        347,631        349,056  

Intrawest Resorts Holdings Inc., Term Loan B1

      —         6/28/24        693,676        695,411 (c)(e) 

Intrawest Resorts Holdings Inc., Term Loan B2

      —         6/28/24        366,324        367,239 (c)(e) 

J.C. Penney Corp. Inc., 2016 Term Loan B

      5.450 %      6/23/23        1,101,232        1,089,944 (e) 

Jo-Ann Stores Inc., 2016 Term Loan

      6.391 %      10/20/23        1,376,867        1,373,139 (e) 

Jo-Ann Stores Inc., 2017 Term Loan B

      —         10/21/23        270,000        269,269 (e) 

La Quinta Intermediate Holdings LLC, Term Loan B

      3.908 %      4/14/21        825,503        830,013  

Landry’s Inc., 2016 Term Loan B

      3.826 - 3.980 %      10/4/23        1,024,600        1,022,785  

Leslie’s Poolmart Inc., 2016 Term Loan

      4.871 %      8/16/23        1,161,973        1,166,694  

Match Group Inc., Term Loan B1

      4.367 %      11/16/22        131,250        131,906 (c) 

Michaels Stores Inc., 2016 Term Loan B1

      3.839 - 3.976 %      1/30/23        1,019,179        1,018,178  

Mohegan Tribal Gaming Authority, 2016 Term Loan B

      5.226 %      10/13/23        828,974        837,513  

Monitronics International Inc., Term Loan B2

      6.796 %      9/30/22        1,192,363        1,205,181  

Neiman Marcus Group Ltd. LLC, 2020 Term Loan

      4.339 %      10/25/20        305,218        231,012  

Petco Animal Supplies Inc., 2017 Term Loan B

      4.172 %      1/26/23        291,927        263,829  

 

See Notes to Schedule of Investments.

 

2

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Consumer Cyclical(a)(b) - (continued)

           

PetSmart Inc., Term Loan B

      4.220 %      3/11/22      $ 1,103,646      $ 1,027,685  

Sally Holdings LLC, Term Loan B1

      —         6/22/24        440,000        442,750 (c)(e) 

Sally Holdings LLC, Term Loan B2

      —         6/22/24        380,000        381,425 (c)(e) 

Scientific Games International Inc., 2017 Term Loan B3

      5.076 - 5.226 %      10/1/21        1,379,782        1,395,058  

Station Casinos LLC, 2016 Term Loan B

      3.710 %      6/8/23        707,935        708,820  

TOMS Shoes LLC, Term Loan B

      6.700 %      10/28/20        1,537,915        838,164 (c) 

Trans Union LLC, Term Loan B2

      3.726 %      4/9/23        759,746        765,852  

UFC Holdings LLC, First Lien Term Loan

      4.470 %      8/18/23        704,675        707,506  

UFC Holdings LLC, Second Lien Term Loan

      8.716 %      8/18/24        830,000        848,675  

World Triathlon Corp., Term Loan B

      5.546 %      6/26/21        575,925        576,645 (c)(e) 
          

 

 

  

Total Consumer Cyclical

              39,364,235  
          

 

 

  

Consumer Non-Cyclical(a)(b) - 29.7%

           

Access CIG LLC, First Lien Term Loan

      6.216 %      10/18/21        1,316,728        1,326,603  

Acosta Holdco Inc., 2015 Term Loan B

      4.476 %      9/26/21        945,629        856,301  

Air Medical Group Holdings Inc., Term Loan B

      4.474 %      4/28/22        1,685,600        1,657,577  

Air Medical Group Holdings Inc., Term Loan B1

      —         4/28/22        139,647        139,281 (e) 

Air Methods Corp., 2017 Term Loan B

      4.796 %      4/21/24        865,427        857,855  

Akorn Inc., Term Loan B

      5.500 %      4/16/21        967,428        978,287 (c) 

Albertsons LLC, USD 2017 Term Loan B4

      3.976 %      8/25/21        855,382        845,825 (e) 

Anchor Hocking LLC, Exit Term Loan

      10.210 %      6/4/18        434,533        428,015  

Candy Intermediate Holdings Inc., 2016 Term Loan

      5.796 %      6/15/23        1,400,389        1,346,124  

Catalent Pharma Solutions Inc., USD Term Loan B

      3.976 %      5/20/21        276,614        279,438  

CHG Healthcare Services Inc., 2017 Term Loan B

      4.422 %      6/7/23        790,000        797,900  

Community Health Systems Inc., Term Loan H

      4.045 - 4.202 %      1/27/21        705,276        705,024 (e) 

CSM Bakery Solutions LLC, First Lien Term Loan

      5.150 %      7/3/20        1,065,377        1,012,108  

Curo Health Services Holdings Inc., 2015 First Lien Term Loan

      5.828 - 5.932 %      2/7/22        1,417,393        1,431,566  

DaVita HealthCare Partners Inc., Term Loan B

      3.976 %      6/24/21        485,000        488,421  

Dole Food Co. Inc., 2017 Term Loan B

      4.076 - 4.296 %      4/6/24        310,000        311,079  

Envision Healthcare Corp., 2016 Term Loan B

      4.300 %      12/1/23        835,800        840,397  

Greatbatch Ltd., 2017 Term Loan B

      4.710 %      10/27/22        893,026        897,491  

Hearthside Group Holdings LLC, 2017 Replacement Term Loan

      4.226 %      6/2/21        320,100        322,101  

Immucor Inc., REFI Term Loan B2

      5.000 %      8/17/18        1,346,526        1,351,155  

Jaguar Holding Co. II, 2017 Term Loan

      3.976 - 4.046 %      8/18/22        1,393,890        1,395,741  

KIK Custom Products Inc., 2015 Term Loan B

      5.793 %      8/26/22        1,059,439        1,067,914  

Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B

      —         6/28/24        360,000        362,250 (c)(e) 

Lantheus Medical Imaging Inc., 2017 Term Loan

      5.726 %      6/30/22        807,975        811,678  

Medical Depot Holdings Inc., First Lien Term Loan

      5.063 %      1/3/23        878,875        808,016 (c) 

Nomad Foods Europe Midco Ltd., USD Term Loan B

      —         4/18/24        840,000        843,544 (e) 

Party City Holdings Inc., 2016 Term Loan

      4.180 - 4.300 %      8/19/22        1,150,681        1,152,839  

Patheon Holdings I BV, 2017 USD Term Loan

      4.504 %      4/20/24        1,256,794        1,261,246  

Post Holdings Inc., 2017 Series A Incremental Term Loan

      3.470 %      5/24/24        230,000        230,575 (e) 

RadNet Inc., Reprice Term Loan

      4.405 %      6/30/23        727,297        730,593  

Radnet Management Inc., Second Lien Term Loan

      8.295 %      3/25/21        546,000        548,730 (c) 

RPI Finance Trust, Term Loan B6

      3.296 %      3/27/23        460,000        462,264  

ServiceMaster Co., 2016 Term Loan B

      3.726 %      11/8/23        585,629        589,652  

Shearer’s Foods Inc., First Lien Term Loan

      5.234 %      6/30/21        116,700        116,554  

Shearer’s Foods Inc., Incremental Term Loan

      5.546 %      6/30/21        498,734        498,485  

Shearer’s Foods Inc., Second Lien Term Loan

      8.046 %      6/30/22        590,000        573,775 (c) 

Spencer Gifts LLC, Term Loan B1

      5.330 %      6/29/22        579,419        465,708  

Sterigenics-Nordion Holdings LLC, 2017 Term Loan B

      4.150 %      5/15/22        866,489        864,865 (c) 

 

See Notes to Schedule of Investments.

 

3

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT 		     VALUE  

Consumer Non-Cyclical(a)(b) - (continued)

           

Surgery Center Holdings Inc., 2017 Term Loan B

      —         6/6/24      $ 430,000      $ 431,612 (e) 

U.S. Anesthesia Partners Inc., 2017 Term Loan

      —         6/7/24        763,000        764,907 (e) 

Valeant Pharmaceuticals International Inc., Term Loan B F1

      5.830 %      4/1/22        1,470,572        1,492,120  

Vizient Inc., 2017 Term Loan B

      4.726 %      2/13/23        706,082        713,584  

Weight Watchers International Inc., Term Loan B2

      4.330 - 4.470 %      4/2/20        468,776        453,187  

WP CityMD Bidco LLC, First Lien Term Loan

      5.296 %      5/25/24        330,000        330,825  
          

 

 

  

Total Consumer Non-Cyclical

              33,843,212  
          

 

 

  

Electric(a)(b) - 6.4%

           

Chief Power Finance LLC, Term Loan B

      6.070 %      12/31/20        1,281,437        900,209  

EIF Channelview Cogeneration LLC, Term Loan B

      4.476 %      5/8/20        255,680        237,782 (c) 

Empire Generating Co., LLC, Term Loan B

      5.430 %      3/14/21        675,563        653,608  

Empire Generating Co., LLC, Term Loan C

      5.430 %      3/14/21        66,783        64,612  

Energy Future Intermediate Holding Co., LLC, 2017 DIP Term Loan

      —         6/23/18        1,070,000        1,074,459 (e) 

Green Energy Partners/Stonewall LLC, Term Loan B1

      6.796 %      11/13/21        130,000        120,250 (c) 

Moxie Patriot LLC, Term Loan B1

      7.046 %      12/19/20        478,962        441,244  

Panda Temple Power LLC, 2015 Term Loan B

      7.250 %      3/4/22        1,071,711        769,847 *(d) 

Terra-Gen Finance Co., LLC, Term Loan B

      5.290 %      12/9/21        330,801        309,298 (c) 

TEX Operations Co., LLC, Exit Term Loan B

      3.976 %      8/4/23        996,456        988,110  

TEX Operations Co., LLC, Exit Term Loan C

      3.795 %      8/4/23        228,404        226,491  

TPF II Power LLC, Term Loan B

      5.226 %      10/2/23        1,295,024        1,295,348  

Vistra Operations Co., LLC, 2016 Term Loan B2

      4.459 - 4.488 %      12/14/23        238,800        239,278  
          

 

 

  

Total Electric

              7,320,536  
          

 

 

  

Energy - 4.6%

           

BCP Raptor LLC, Term Loan B

      —         6/6/24        950,000        940,500 (a)(b)(c)(e) 

Blue Ridge Mountain Resources Inc., Exit Term Loan

      8.000 %      5/6/19        43,363        43,146 (a)(b)(c)(f) 

Chesapeake Energy Corp., First Lien Term Loan

      8.686 %      8/23/21        570,000        609,722 (a)(b) 

Expro FinServices Sarl, Term Loan B

      5.960 %      9/2/21        521,654        356,029 (a)(b) 

Hercules Offshore Inc. (wind-down lender claim)

      —         —          113,703        86,415 *(c)(d) 

Houston Fuel Oil Co., LLC, Term Loan B

      4.545 %      8/19/21        554,325        551,900 (a)(b) 

KCA Deutag U.S. Finance LLC, Term Loan B

      6.922 %      5/15/20        876,815        796,806 (a)(b) 

MEG Energy Corp., 2017 Term Loan B

      4.680 - 4.720 %      12/31/23        1,416,450        1,381,333 (a)(b)(e) 

Pacific Drilling SA, Term Loan B

      4.750 %      6/3/18        903,846        384,135 (a)(b) 

Paragon Offshore Finance Co., Term Loan B

      6.000 %      7/18/21        276,500        106,971 (a)(b) 
          

 

 

  

Total Energy

              5,256,957  
          

 

 

  

Financial Other(a)(b) - 1.9%

           

Fortress Investment Group LLC, 2017 Term Loan B

      —         6/2/22        500,000        503,542 (e) 

PGX Holdings Inc., First Lien Term Loan

      6.480 %      9/29/20        610,337        612,817  

VFH Parent LLC, 2017 Term Loan

      —         10/15/21        1,050,000        1,058,313 (e) 
          

 

 

  

Total Financial Other

              2,174,672  
          

 

 

  

Industrial Other(a)(b) - 6.9%

           

Allflex Holdings III Inc., New First Lien Term Loan

      4.583 %      7/20/20        407,791        410,764  

Allflex Holdings III Inc., New Second Lien Term Loan

      8.156 %      7/19/21        890,000        897,649  

Garda World Security Corp., 2017 Term Loan

      5.226 %      5/24/24        633,783        637,744  

Laureate Education Inc., 2017 Term Loan B

      5.726 %      4/26/24        997,500        1,002,487  

Lineage Logistics Holdings LLC, 2014 Term Loan

      4.726 %      4/7/21        1,491,638        1,495,367  

Nord Anglia Education Finance LLC, Term Loan

      4.702 %      3/31/21        1,496,096        1,500,772  

Prime Security Services Borrower LLC, 2016 First Lien Term Loan

      3.974 %      5/2/22        1,176,915        1,179,962  

Securus Technologies Holdings Inc., 2017 First Lien Term Loan

      —         8/25/24        780,000        778,903 (e) 
          

 

 

  

Total Industrial Other

              7,903,648  
          

 

 

  

 

See Notes to Schedule of Investments.

 

4

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT 		     VALUE  

Insurance(a)(b) - 1.1%

           

MPH Acquisition Holdings LLC, 2016 Term Loan B

      4.296 %      6/7/23      $ 1,200,173      $ 1,201,523  
          

 

 

  

Property & Real Estate(a)(b) - 1.0%

           

Communications Sales & Leasing Inc., 2017 Term Loan B

      4.226 %      10/24/22        1,098,588        1,099,729  
          

 

 

  

Technology(a)(b) - 7.9%

           

Almonde Inc., USD First Lien Term Loan

      4.736 %      6/13/24        710,000        711,025  

Almonde Inc., USD Second Lien Term Loan

      —         6/13/25        450,000        459,281 (e) 

Ascend Learning LLC, 2017 Term Loan B

      —         7/5/22        480,000        480,900 (c)(e) 

Change Healthcare Holdings Inc., 2017 Term Loan B

      3.976 %      3/1/24        1,665,825        1,668,167  

CompuCom Systems Inc., REFI Term Loan B

      4.480 %      5/9/20        283,968        224,098  

Dell Inc., Term Loan A2

      3.480 %      9/7/21        537,975        539,320  

Donnelley Financial Solutions Inc., Term Loan B

      5.076 %      9/30/23        152,457        154,139  

First Data Corp., 2017 Term Loan

      3.716 %      4/26/24        898,380        899,166  

Hyland Software Inc., Incremental Term Loan B

      —         7/1/22        410,000        412,861 (e) 

Infinity Acquisition LLC, New Term Loan B

      4.546 %      8/6/21        899,942        896,005  

MA FinanceCo., LLC, 2017 Term Loan B2

      3.672 %      11/19/21        300,000        300,094  

MA FinanceCo., LLC, USD Term Loan B3

      3.964 %      4/29/24        68,358        68,435  

ON Semiconductor Corp., 2017 Term Loan B

      3.476 %      3/31/23        192,268        192,809  

Seattle Spinco Inc., USD Term Loan B3

      4.030 %      4/19/24        461,642        462,161  

Tempo Acquisition LLC, Term Loan B

      4.060 %      5/1/24        360,000        361,162  

Western Digital Corp., 2017 USD Term Loan B

      3.976 %      4/29/23        500,953        504,749  

Xerox Business Services LLC, USD Term Loan B

      5.226 %      12/7/23        597,000        606,204  
          

 

 

  

Total Technology

              8,940,576  
          

 

 

  

Transportation(a)(b) - 5.8%

           

Air Canada, 2017 Term Loan B

      3.460 %      10/6/23        390,000        392,113  

American Airlines Inc., 2016 USD Term Loan B

      3.659 %      12/14/23        383,200        383,850  

American Airlines Inc., 2017 Term Loan B

      3.220 %      6/26/20        507,954        508,113  

Avolon TLB Borrower 1 (Luxembourg) SARL, Term Loan B2

      3.962 %      3/20/22        1,820,000        1,838,211  

Commercial Barge Line Co., 2015 First Lien Term Loan

      9.976 %      11/12/20        1,218,750        1,061,836  

Syncreon Global Finance (U.S.) Inc., Term Loan B

      5.265 %      10/28/20        1,577,903        1,392,499  

United Airlines Inc., 2017 Term Loan B

      3.422 %      4/1/24        528,675        531,252  

XPO Logistics Inc., 2017 Term Loan B

      3.405 %      11/1/21        540,257        542,283  
          

 

 

  

Total Transportation

              6,650,157  
          

 

 

  

TOTAL SENIOR LOANS

(Cost - $147,477,274)

              145,056,917  
          

 

 

  
CORPORATE BONDS & NOTES - 16.5%           
CONSUMER DISCRETIONARY - 5.8%           

Auto Components - 0.2%

           

Adient Global Holdings Ltd., Senior Notes

      4.875 %      8/15/26        200,000        201,500 (g) 
          

 

 

  

Diversified Consumer Services - 1.9%

           

Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes

      9.250 %      5/15/23        2,000,000        2,178,320 (g) 
          

 

 

  

 

See Notes to Schedule of Investments.

 

5

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT 		     VALUE  

Media - 3.5%

           

CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes

      5.125 %      5/1/27      $ 280,000      $ 287,000 (g) 

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes

      3.579 %      7/23/20        360,000        372,277  

SFR Group SA, Senior Secured Bonds

      6.250 %      5/15/24        200,000        212,000 (g) 

SFR Group SA, Senior Secured Notes

      7.375 %      5/1/26        775,000        843,781 (g) 

Virgin Media Secured Finance PLC, Senior Secured Notes

      5.500 %      8/15/26        2,200,000        2,310,000 (g) 
          

 

 

  

Total Media

              4,025,058  
          

 

 

  

Specialty Retail - 0.2%

           

PetSmart Inc., Senior Secured Notes

      5.875 %      6/1/25        210,000        203,437 (g) 
          

 

 

  

TOTAL CONSUMER DISCRETIONARY

              6,608,315  
          

 

 

  
ENERGY - 2.9%           

Energy Equipment & Services - 0.6%

           

KCA Deutag UK Finance PLC, Senior Secured Notes

      9.875 %      4/1/22        680,000        663,000 (g) 
          

 

 

  

Oil, Gas & Consumable Fuels - 2.3%

           

Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured Notes

      11.500 %      1/15/21        310,000        359,600 (g) 

Carrizo Oil & Gas Inc., Senior Notes

      8.250 %      7/15/25        100,000        102,500  

Magnum Hunter Resources Corp. Escrow

      —         —          120,000        0 *(c)(f)(h) 

NGPL PipeCo LLC, Senior Secured Notes

      7.768 %      12/15/37        720,000        860,400 (g) 

Sanchez Energy Corp., Senior Notes

      6.125 %      1/15/23        60,000        48,300  

Teine Energy Ltd., Senior Notes

      6.875 %      9/30/22        1,290,000        1,314,188 (g) 
          

 

 

  

Total Oil, Gas & Consumable Fuels

              2,684,988  
          

 

 

  

TOTAL ENERGY

              3,347,988  
          

 

 

  
FINANCIALS - 1.6%           

Consumer Finance - 0.7%

           

Navient Corp., Medium-Term Notes, Senior Notes

      8.000 %      3/25/20        90,000        100,800  

Navient Corp., Senior Notes

      5.000 %      10/26/20        470,000        488,800  

Navient Corp., Senior Notes

      6.125 %      3/25/24        200,000        207,000  
          

 

 

  

Total Consumer Finance

              796,600  
          

 

 

  

Thrifts & Mortgage Finance - 0.9%

           

Quicken Loans Inc., Senior Notes

      5.750 %      5/1/25        1,030,000        1,068,625 (g) 
          

 

 

  

TOTAL FINANCIALS

              1,865,225  
          

 

 

  
HEALTH CARE - 0.6%           

Health Care Providers & Services - 0.6%

           

CHS/Community Health Systems Inc., Senior Secured Notes

      6.250 %      3/31/23        240,000        248,664  

HCA Inc., Senior Secured Notes

      5.250 %      6/15/26        190,000        205,390  

Universal Hospital Services Inc., Secured Notes

      7.625 %      8/15/20        160,000        163,400  
          

 

 

  

TOTAL HEALTH CARE

              617,454  
          

 

 

  
INDUSTRIALS - 1.5%           

Aerospace & Defense - 0.5%

           

CBC Ammo LLC/CBC FinCo Inc., Senior Notes

      7.250 %      11/15/21        550,000        556,875 (g) 
          

 

 

  

Commercial Services & Supplies - 0.0%

           

ADT Corp., Senior Secured Notes

      4.125 %      6/15/23        50,000        49,688  
          

 

 

  

Marine - 1.0%

           

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes

      8.125 %      11/15/21        1,330,000        1,133,825 (g) 
          

 

 

  

TOTAL INDUSTRIALS

              1,740,388  
          

 

 

  

 

See Notes to Schedule of Investments.

 

6

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

    RATE     MATURITY
DATE		      FACE
AMOUNT 		     VALUE  
MATERIALS - 0.3%           

Containers & Packaging - 0.3%

           

BWAY Holding Co., Senior Secured Notes

      5.500 %      4/15/24      $ 320,000      $ 327,600 (g) 
          

 

 

  
REAL ESTATE - 0.3%           

Equity Real Estate Investment Trusts (REITs) - 0.3%

           

MPT Operating Partnership LP/MPT Finance Corp., Senior Notes

      5.250 %      8/1/26        260,000        271,593  
          

 

 

  
TELECOMMUNICATION SERVICES - 3.3%           

Diversified Telecommunication Services - 1.7%

           

Intelsat Jackson Holdings SA, Senior Notes

      7.500 %      4/1/21        1,000,000        927,500  

Intelsat Jackson Holdings SA, Senior Secured Notes

      8.000 %      2/15/24        680,000        734,400 (g) 

Telecom Italia SpA, Senior Notes

      5.303 %      5/30/24        200,000        215,250 (g) 
          

 

 

  

Total Diversified Telecommunication Services

              1,877,150  
          

 

 

  

Wireless Telecommunication Services - 1.6%

           

Sprint Corp., Senior Notes

      7.250 %      9/15/21        650,000        723,937  

Sprint Corp., Senior Notes

      7.875 %      9/15/23        1,000,000        1,152,500  
          

 

 

  

Total Wireless Telecommunication Services

              1,876,437  
          

 

 

  

TOTAL TELECOMMUNICATION SERVICES

              3,753,587  
          

 

 

  
UTILITIES - 0.2%           

Independent Power and Renewable Electricity
Producers - 0.2%

           

Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds

      10.060 %      12/30/28        272,802        259,162  
          

 

 

  

TOTAL CORPORATE BONDS & NOTES

(Cost - $17,703,615)

              18,791,312  
          

 

 

  
                  SHARES         
COMMON STOCKS - 2.2%           
CONSUMER DISCRETIONARY - 0.7%           

Automobiles - 0.1%

           

Dayco Products LLC

           4,745        149,467 (c) 

Dayco Products LLC

           167        5,261 (c) 
          

 

 

  

Total Automobiles

              154,728  
          

 

 

  

Household Durables - 0.6%

           

EveryWare Global Inc.

           84,519        633,893 *(c) 
          

 

 

  

TOTAL CONSUMER DISCRETIONARY

              788,621  
          

 

 

  
ENERGY - 0.9%           

Oil, Gas & Consumable Fuels - 0.9%

           

Blue Ridge Mountain Resources Inc.

           45,562        407,780 * 

SemGroup Corp., Class A Shares

           24,938        673,326  
          

 

 

  

TOTAL ENERGY

              1,081,106  
          

 

 

  
MATERIALS - 0.6%           

Metals & Mining - 0.4%

           

Atlas Iron Ltd.

           37,102,717        427,786 *(f) 
          

 

 

  

Paper & Forest Products - 0.2%

           

Verso Corp., Class A Shares

           44,908        210,618 * 
          

 

 

  

TOTAL MATERIALS

              638,404  
          

 

 

  

TOTAL COMMON STOCKS

(Cost - $5,164,279)

              2,508,131  
          

 

 

  

 

See Notes to Schedule of Investments.

 

7

WESTERN ASSET CORPORATE LOAN FUND INC.

 

Schedule of investments (unaudited) (cont’d)    June 30, 2017

 

SECURITY†

          EXPIRATION
DATE		      WARRANTS      VALUE  
WARRANTS - 0.0%           

Atlas Iron Ltd.

(Cost - $0)

        7/31/17        32,891,063      $ 25,280 *(c)(f) 
          

 

 

  

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $170,345,168)

              166,381,640  
          

 

 

  
     RATE            SHARES         
SHORT-TERM INVESTMENTS - 8.3%           

State Street Institutional U.S. Government Money Market Fund, Premier Class

(Cost - $9,464,094)

      0.935 %         9,464,094        9,464,094  
          

 

 

  

TOTAL INVESTMENTS - 154.3%

(Cost - $179,809,262#)

              175,845,734  

Liabilities in Excess of Other Assets - (54.3)%

              (61,847,475 ) 
          

 

 

  

TOTAL NET ASSETS - 100.0%

            $ 113,998,259  
          

 

 

  

 

† 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) 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.

 

(b) 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.

 

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

 

(d) The coupon payment on these securities is currently in default as of June 30, 2017.

 

(e) All or a portion of this loan is unfunded as of June 30, 2017. The interest rate for fully unfunded term loans is to be determined.

 

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

 

(g) 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, unless otherwise noted.

 

(h) Value is less than $1.

 

# Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:

 

DIP    — Debtor-in-Possession
REFI    — Refinancing
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.

 

8

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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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.

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.)

 

9

Notes to Schedule of Investments (unaudited) (continued)

 

 

  •  

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:

 

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

      —        $ 3,541,357      $ 801,593     $ 4,342,950  

Capital Goods

      —          6,199,096        1,620,079       7,819,175  

Consumer Cyclical

      —          35,347,795        4,016,440       39,364,235  

Consumer Non-Cyclical

      —          29,707,289        4,135,923       33,843,212  

Electric

      —          6,653,206        667,330       7,320,536  

Energy

      —          4,186,896        1,070,061       5,256,957  

Technology

      —          8,459,676        480,900       8,940,576  

Other Senior Loans

      —          38,169,276        —         38,169,276  

Corporate Bonds & Notes:

           

Energy

      —          3,347,988        0 *      3,347,988  

Other Corporate Bonds & Notes

      —          15,443,324        —         15,443,324  

Common Stocks:

           

Consumer Discretionary

      —          —          788,621       788,621  

Energy

    $ 673,326        407,780        —         1,081,106  

Materials

      210,618        427,786        —         638,404  

Warrants

      —          —          25,280       25,280  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Long-Term Investments

      883,944        151,891,469        13,606,227       166,381,640  
  

 

 

     

 

 

     

 

 

    

 

 

  

Short-Term Investments†

      9,464,094        —          —         9,464,094  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments

    $ 10,348,038      $ 151,891,469      $ 13,606,227     $ 175,845,734  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

† See Schedule of Investments for additional detailed categorizations.

 

* Amount represents less than $1.

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

 

     SENIOR LOANS  

INVESTMENTS
IN SECURITIES

    BASIC INDUSTRY     CAPITAL GOODS     COMMUNICATIONS     CONSUMER CYCLICAL     CONSUMER
NON-CYCLICAL		     ELECTRIC  

Balance as of September 30, 2016

    $ 1,043,782     $ 2,403,183     $ 241,491     $ 1,193,663     $ 3,951,505     $ 3,531,043  

Accrued premiums/discounts

      5,487       1,475       137       3,401       12,974       2,999  

Realized gain (loss)

      (878 )      (544 )      19       137       15,431       (56,649 ) 

Change in unrealized appreciation (depreciation)(1)

      582,198       65,307       (19,669 )      32,275       (45,359 )      (40,958 ) 

Purchases

      11,958       —         —         3,180,343       2,186,334       10,611  

Sales

      (501,347 )      (849,342 )      (6,075 )      (26,362 )      (1,665,014 )      (1,529,430 ) 

Transfers into
Level 3(2)

     —         —         —         838,164       573,775       237,782  

Transfers out of Level 3(3)

     (339,607 )      —         (215,903 )      (1,205,181 )      (893,723 )      (1,488,068 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of
June 30, 2017

    $ 801,593     $ 1,620,079       —       $ 4,016,440     $ 4,135,923     $ 667,330  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) for investments in securities still held at June 30, 2017(1)

   $ 528,816     $ 6,887       —       $ 24,747     $ (18,757 )    $ 30,287  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

10

Notes to Schedule of Investments (unaudited) (continued)

 

 

     SENIOR LOANS     CORPORATE
BONDS AND NOTES		  

INVESTMENTS IN SECURITIES (cont’d)

    ENERGY     INDUSTRIAL OTHER     TECHNOLOGY     TRANSPORTATION     ENERGY  

Balance as of September 30, 2016

    $ 1,624,682     $ 3,003,372     $ 231,438     $ 2,131,140     $ 0 * 

Accrued premiums/discounts

      1,827       8,610       85       1,275       —    

Realized gain (loss)

      (18,781 )      93       370       (1,330 )      —    

Change in unrealized appreciation (depreciation)(1)

     115,080       7,195       (11 )      (28,519 )      —    

Purchases

      1,260,529       —         480,700       —         —    

Sales

      (564,570 )      (23,131 )      (77,543 )      (2,102,566 )      —    

Transfers into Level 3(2)

     —         —         —         —         —    

Transfers out of Level 3(3)

     (1,348,706 )      (2,996,139 )      (154,139 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of June 30, 2017

    $ 1,070,061       —       $ 480,900       —       $ 0 * 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) for investments in securities still held at June 30, 2017(1)

   $ 71,331       —       $ 1,350       —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     COMMON
STOCKS		               

INVESTMENTS IN SECURITIES (cont’d)

    CONSUMER
DISCRETIONARY		      WARRANTS     TOTAL  

Balance as of September 30, 2016

    $ 747,102      $ 0 *    $ 20,102,401  

Accrued premiums/discounts

      —          —         38,270  

Realized gain (loss)

      —          —         (62,132 ) 

Change in unrealized appreciation (depreciation)(1)

     41,519        25,280       734,338  

Purchases

      —          —         7,130,475  

Sales

      —          —         (7,345,380 ) 

Transfers into Level 3(2)

     —          —         1,649,721  

Transfers out of Level 3(3)

     —          —         (8,641,466 ) 
  

 

 

     

 

 

    

 

 

  

Balance as of June 30, 2017

    $ 788,621      $ 25,280     $ 13,606,227  
  

 

 

     

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) for investments in securities still held at June 30, 2017(1)

   $ 41,519      $ 25,280     $ 711,460  
  

 

 

     

 

 

    

 

 

  

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.

2. Investments

At June 30, 2017, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

    $ 2,978,512  

Gross unrealized depreciation

      (6,942,040 ) 
  

 

 

  

Net unrealized depreciation

    $ (3,963,528 ) 
  

 

 

  

 

11

 

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, 2017

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, 2017

By

  

/s/    RICHARD F. SENNETT        

  Richard F. Sennett
  Principal Financial Officer

Date:

  

August 22, 2017