Western Asset Corporate Loan Fund DEFA14A Additional proxy soliciting materials

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

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☐		Preliminary Proxy Statement

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☐		Definitive Proxy Statement

☒		Definitive Additional Materials

☐		Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12

WESTERN ASSET CORPORATE LOAN FUND INC.

(Name of Registrant as Specified in Its Charter)

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LOGO

June 8, 2020

Our Records Indicate You Have Not Voted Your Shares. Your Vote is Needed to Ensure that the Fund Can Continue to Operate

As previously announced, the Western Asset Corporate Loan Fund Inc. (the “Fund”) Special Meeting of Shareholders (the “Special Meeting”)is now scheduled to be held on July 6, 2020. This means that you still have time to vote to approve new agreements¹ between the Fund and its investment manager and subadviser that will enable the Fund to continue to operate and deliver the returns you rely on.Two of the leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), recommend that shareholders support the Fund’s management team by voting “FOR” the new agreements on the WHITE Proxy Card.

Independent Third Party Experts Agree – Vote the WHITE Proxy Card Today to Ensure the Fund Continues to Operate and Deliver the Returns Shareholders Rely On

In reference to the new management agreement, ISS and Glass Lewis conclude, respectively²:



		“The narrowing of the fund’s discount to NAV appears to coincide with the board’s steps to address the fund’s discount by increasing the fund’s distributions, repurchasing shares, and waiving a portion of the fund’s investment management fee. This point supports the fund’s decision to refrain from open-ending, liquidating, or converting the fund to an open-end fund.” —ISS report dated May 20, 2020

		“Shareholders should note that the terms of the new management and subadvisory agreements are substantially identical to the terms of the current agreements, and that there will be no change to the existing management fee structure of each of the Funds as a direct result of these proposals.” —Glass Lewis report dated May 21, 2020

With respect to the new subadvisory agreement, ISS and Glass Lewis both recognize²:



		“It appears to be in shareholders’ interests to approve this new agreement given that the services and fees set forth would not impact shareholders negatively, and the fund’s expenses are not expected to increase.” —ISS report dated May 20, 2020

		“Glass Lewis believes that the new investment sub-advisory agreement is in the best interests of shareholders, who should directly benefit from the services and duties of the Adviser.” —Glass Lewis report dated May 21, 2020

Protect the Value of Your Investment —

Vote the WHITE Proxy Card Today

The Fund’s Board of Directors unanimously recommends that you vote on the WHITE proxy card“FOR” the approval of the new management agreement for the Fund’s investment manager and the new subadvisory agreement for the Fund’s subadviser to ensure shareholders receive uninterrupted value.



		Your Vote is Important, No Matter How Many or How Few Shares You Own


		You can vote by internet, telephone or by signing and dating the WHITE proxy card and mailing it in the envelope provided.

		If you have any questions about how to vote your shares or need additional assistance, please contact:


		Innisfree M&A Incorporated				Shareholders Call Toll Free: (877) 750-8198 Banks and Brokers Call: (212) 750-5833


		REMEMBER
		We urge youNOT to vote using any other colored proxy card as doing so will revoke your vote on the WHITE proxy card.

Notes

¹Due to the “change of control” resulting from the pending combination of Legg Mason Inc. (“Legg Mason”), the parent company of the Fund’s investment manager and subadviser, and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton.

²Permission to use quotations neither sought nor obtained.

Forward Looking Statement

Past performance is no guarantee of future results.The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.

All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.

Western Asset Corporate Loan Fund (TLI) DEFA14AAdditional proxy soliciting materials