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 811-8985
LMP Corporate Loan Fund Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrants telephone number, including area code: 1-800-451-2010
Date of fiscal year end: September 30
Date of reporting period: December 31, 2006
ITEM 1. | SCHEDULE OF INVESTMENTS |
LMP Corporate Loan Fund Inc.
FORM N-Q
December 31, 2006
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
SENIOR COLLATERALIZED LOANS - 99.7% | ||||||
Aerospace/Defense - 2.9% | ||||||
$ | 2,500,000 | Be Aerospace Inc., Term Loan B, 7.120 to 7.220% due 3/27/07 |
$ | 2,516,145 | ||
1,360,511 | CACI International Inc., Term Loan, 6.850 to 7.000% due 4/11/07 |
1,364,533 | ||||
1,412,799 | ILC Industries Inc., First Lien Term Loan, 7.864% due 3/30/07 |
1,425,454 | ||||
1,171,625 | Standard Aero Holdings Inc., Term Loan, 7.580% to 7.630% due 3/30/07 |
1,175,286 | ||||
849,257 | Transdigm Inc., Term Loan B, 7.366% due 3/27/07 |
856,157 | ||||
Total Aerospace/Defense |
7,337,575 | |||||
Air Transport - 1.2% | ||||||
3,000,000 | Delta Air Lines Inc., Term Loan B, 10.118% due 2/5/07 |
3,056,016 | ||||
Automotive - 3.1% | ||||||
Hertz Corp.: |
||||||
319,366 | Synthetic Letter of Credit, 5.365% due 3/21/07 |
321,899 | ||||
2,164,320 | Term Loan, 7.350% to 7.370% due 3/12/07 |
2,181,483 | ||||
Keystone Automotive Industries Inc.: |
||||||
360,761 | Term Loan B, 7.850% to 9.750% due 3/30/07 |
360,874 | ||||
1,028,524 | Term Loan C, 7.850% to 9.750% due 3/30/07 |
1,028,846 | ||||
Mark IV Industries Inc.: |
||||||
497,500 | First Lien Term Loan, 7.870% to 8.100% due 6/27/07 |
495,842 | ||||
250,000 | Second Lien Term Loan, 11.120% to 11.350% due 6/27/07 |
251,042 | ||||
2,726,569 | Tire Rack Inc., Term Loan B, 7.100% to 7.120% due 3/30/07 |
2,721,456 | ||||
387,382 | United Components Inc., Term Loan D, 8.380% due 2/12/07 |
389,318 | ||||
Total Automotive |
7,750,760 | |||||
Beverage and Tobacco - 0.9% | ||||||
2,303,811 | Commonwealth Brands Inc., Term Loan, 7.688% due 1/31/07 |
2,322,530 | ||||
Broadcast Radio and Television - 0.9% | ||||||
1,089,335 | CMP Susquehanna Corp., Term Loan B, 7.375% to 7.438% due 3/29/07 |
1,092,603 | ||||
1,182,880 | Sun Media Corp., Term Loan B, 7.126% due 1/31/07 |
1,185,592 | ||||
Total Broadcast Radio and Television |
2,278,195 | |||||
Building and Development - 7.8% | ||||||
1,627,960 | Capital Automotive REIT, Term Loan, 7.100% due 1/3/07 |
1,637,909 | ||||
2,476,389 | Contech Construction Products Inc., Term Loan, 7.360% to 7.380% due 1/31/07 |
2,478,712 | ||||
Custom Building Products Inc.: |
||||||
1,000,000 | Second Lien Term Loan, 10.361% due 6/27/07 |
995,000 | ||||
1,291,716 | Term Loan B, 7.614% due 6/27/07 |
1,293,869 | ||||
4,000,000 | General Growth Properties Inc., Term Loan A, 6.600% due 1/22/07 |
3,980,864 | ||||
185,734 | Infrastrux Group Inc., Term Loan B, 8.600% due 1/29/07 |
186,895 | ||||
279,255 | Kyle Acquisition Group LLC, Term Loan B, 8.875% due 1/3/07 |
278,819 | ||||
1,419,724 | Landsource Communities Development LLC, Term Loan B, 7.875% due 1/12/07 |
1,406,414 | ||||
1,477,479 | Panolam Industries International, Term Loan, 8.114% due 3/29/07 |
1,482,096 | ||||
Pike Electric Inc.: |
||||||
299,829 | Term Loan B, 6.875% due 1/8/07 |
299,703 | ||||
341,180 | Term Loan C, 6.875% due 1/16/07 |
341,038 | ||||
250,000 | Ply Gem Industries Inc., Second Lien Term Loan, 11.120% due 3/30/07 |
255,469 | ||||
2,493,750 | Shea Capital I LLC, Term Loan, 7.370% to 8.250% due 3/30/07 |
2,462,578 | ||||
2,500,000 | South Edge LLC, Term Loan C, 7.375% due 1/3/07 |
2,464,062 | ||||
Total Building and Development |
19,563,428 | |||||
Business Equipment and Services - 9.2% | ||||||
2,493,750 | Acxiom Corp., Term Loan B, 7.100% to 7.110% due 3/15/07 |
2,507,777 | ||||
Asurion Corp.: |
See Notes to Schedule of Investments.
1
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
Business Equipment and Services - 9.2% (continued) | ||||||
$ | 1,344,276 | First Lien Term Loan, 8.35% to 10.250% due 3/30/07 |
$ | 1,351,837 | ||
1,000,000 | Second Lien Term Loan, 11.600% due 1/18/07 |
1,015,625 | ||||
1,225,000 | Beacon Sales Acquisition Inc., Term Loan B, 7.350% due 1/3/07 |
1,228,062 | ||||
Buhrmann U.S. Inc.: |
||||||
1,500,000 | New Term Loan D, 7.111% due 3/19/07 |
1,501,875 | ||||
945,302 | Term Loan D-1, 7.111% to 7.120% due 3/19/07 |
945,154 | ||||
402,631 | Coinstar Inc., Term Loan, 7.370% due 1/8/07 |
405,148 | ||||
2,060,584 | Deluxe Inc., First Lien Term Loan, 8.367% due 3/30/07 |
2,072,603 | ||||
1,181,805 | Education Management Corp., Term Loan B, 7.875% due 1/3/07 |
1,191,260 | ||||
2,493,641 | Fidelity National Information Solutions Inc., Term Loan B, 7.100% due 1/11/07 |
2,496,541 | ||||
423,792 | MAXIM Crane Works, L.P., Term Loan, 7.350% to 9.250% due 3/30/07 |
425,381 | ||||
1,912,073 | N.E.W. Customer Services Cos. Inc., First Lien Term Loan, 8.100% to 8.120% due 2/28/07 |
1,921,634 | ||||
Nasdaq Stock Market Inc.: |
||||||
1,704,050 | Term Loan B, 7.100% to 7.114% due 3/20/07 |
1,704,902 | ||||
987,799 | Term Loan C, 7.100% to 7.114% due 3/30/07 |
988,293 | ||||
808,048 | NCO Group, Term Loan, 8.380% due 2/22/07 |
808,048 | ||||
500,000 | New Customer Service, Second Lien Term Loan, 12.353% to 12.374% due 3/30/07 |
505,000 | ||||
808,047 | Verifone Inc., Term Loan, 7.120% due 2/1/07 |
810,446 | ||||
1,315,644 | West Corp., Term Loan, 8.100% due 1/24/07 |
1,317,700 | ||||
Total Business Equipment and Services |
23,197,286 | |||||
Cable and Satellite Television - 4.6% | ||||||
1,630,457 | Bragg Communications Inc., New Term Loan B, 7.120% due 2/28/07 |
1,632,495 | ||||
2,500,000 | Century Cable Holdings LLC, Discretionary Term Loan, 10.250% due 3/1/07 |
2,438,020 | ||||
4,000,000 | Insight Midwest Holdings LLC, Term Loan B, 7.610% due 1/8/07 |
4,030,000 | ||||
701,754 | NTL Inc., Term Loan B4, 7.360% due 1/16/07 (c) |
705,409 | ||||
Persona Communication Inc.: |
||||||
1,872,340 | First Lien Term Loan, 8.120% due 3/30/07 |
1,884,042 | ||||
936,170 | Second Lien Term Loan, 11.373% due 1/3/07 |
942,021 | ||||
Total Cable and Satellite Television |
11,631,987 | |||||
Chemicals/Plastics - 6.6% | ||||||
2,553,766 | Celanese AG, Dollar Term Loan, 7.114% due 3/30/07 |
2,563,807 | ||||
1,000,000 | Columbian Chemicals Co., Term Loan B, 7.114% due 3/30/07 |
1,001,250 | ||||
1,246,867 | Covalence Specialty Materials Corp., Term Loan C, 7.375% due 1/29/07 |
1,249,205 | ||||
2,431,406 | Georgia Gulf Corp., Term Loan, 7.350% due 1/8/07 |
2,446,603 | ||||
1,185,618 | Hercules Inc., Term Loan B, 6.870% due 1/11/07 |
1,186,952 | ||||
2,481,250 | ISP Chemco, Term Loan, 7.375% to 7.625% due 2/16/07 |
2,487,840 | ||||
2,708,750 | Rockwood Specialties Group Inc., Tranche E Term Loan, 7.376% due 1/31/07 |
2,724,664 | ||||
Texas Petrochemicals Corp.: |
||||||
382,166 | Letter of Credit, 7.874% due 2/15/07 |
385,987 | ||||
1,140,771 | Term Loan B, 7.938% due 3/30/07 |
1,152,179 | ||||
1,471,217 | Unifrax Corp., Term Loan B, 7.625% due 1/31/07 |
1,472,137 | ||||
Total Chemicals/Plastics |
16,670,624 | |||||
Clothing/Textiles - 0.8% | ||||||
Gold Toe Investment Corp.: |
||||||
1,125,000 | First Lien Term Loan, 8.130% due 1/30/07 |
1,133,087 | ||||
375,000 | Second Lien Term Loan, 11.380% due 1/30/07 |
382,031 | ||||
500,859 | William Carter Co., Term Loan B, 6.850% to 6.876% due 1/31/07 |
500,546 | ||||
Total Clothing/Textiles |
2,015,664 | |||||
See Notes to Schedule of Investments.
2
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
Conglomerates - 0.6% | ||||||
TriMas Corp.: |
||||||
$ | 281,250 | Letter of Credit, 8.076% due 1/3/07 |
$ | 282,744 | ||
1,215,703 | Term Loan B, 8.109% due 1/30/07 |
1,222,162 | ||||
Total Conglomerates | 1,504,906 | |||||
Containers and Glass Products - 2.2% | ||||||
2,970,000 | Crown Americas LLC, Term Loan B, 7.124% due 2/15/07 |
2,978,355 | ||||
2,624,782 | Graphic Packaging International Inc., Term Loan C, 7.850% to 8.140% due 6/15/07 |
2,658,529 | ||||
Total Containers and Glass Products | 5,636,884 | |||||
Cosmetics/Personal Care - 0.3% | ||||||
802,420 | VJCS Acquisitions, Term Loan B, 7.600% to 7.810% due 1/31/07 |
797,405 | ||||
Drugs - 1.0% | ||||||
2,539,336 | Leiner Health Products Group Inc., Term Loan B, 8.880% due 3/29/07 |
2,554,148 | ||||
Ecological Services and Equipment - 0.8% | ||||||
1,997,443 | IESI Corp., Term Loan, 7.121% to 7.127% due 2/22/07 |
2,000,565 | ||||
Electronics/Electric - 1.9% | ||||||
2,216,235 | Advanced Micro Devices Inc., Term Loan B, 7.620% due 2/26/07 |
2,229,809 | ||||
Bridge Information Systems Inc.: |
||||||
421,606 | Multi-Draw Term Loan, 11.000% due 3/30/07 (d) |
31,621 | ||||
781,885 | Term Loan B, 11.250% due 3/30/07 (d) |
58,641 | ||||
Dealer Computer Services: |
||||||
1,000,000 | Second Lien Term Loan, 10.850% due 1/26/07 |
1,014,375 | ||||
1,496,250 | Term Loan, 7.850% due 1/26/07 |
1,505,735 | ||||
Total Electronics/Electric | 4,840,181 | |||||
Equipment Leasing - 0.6% | ||||||
203,429 | Kinetic Concepts Inc., Term Loan B-2, 7.120% due 3/30/07 |
203,938 | ||||
1,221,930 | Rent-a-Center Inc., Term Loan B, 7.110% to 7.130% due 5/15/07 |
1,224,411 | ||||
Total Equipment Leasing | 1,428,349 | |||||
Food Products - 3.4% | ||||||
American Seafoods Group LLC: |
||||||
1,054,692 | Term Loan B1, 7.114% due 3/29/07 |
1,056,010 | ||||
829,602 | Term Loan B2, 7.114% due 3/29/07 |
829,602 | ||||
1,023,823 | Del Monte Corp., Term Loan, 6.820% to 7.072% due 1/26/07 |
1,026,017 | ||||
1,860,462 | Michael Foods Inc., Term Loan B-1, 7.350% due 2/21/07 |
1,865,500 | ||||
1,856,688 | NPC International, Term Loan B, 7.100% to 7.130% due 5/3/07 |
1,854,367 | ||||
1,897,092 | Reddy Ice Group Inc., Term Loan, 7.122% due 1/12/07 |
1,899,463 | ||||
Total Food Products | 8,530,959 | |||||
Food/Drug Retailers - 2.1% | ||||||
433,601 | General Nutrition Centers Inc., Tranche C Term Loan, 8.100% due 1/29/07 |
435,905 | ||||
2,648,530 | Jean Coutu Group Inc., Term Loan B, 7.938% due 1/30/07 |
2,656,926 | ||||
2,320,966 | Sagittarius Brands Inc., Term Loan B, 7.620% due 3/30/07 |
2,325,318 | ||||
Total Food/Drug Retailers | 5,418,149 | |||||
Forest Products - 2.5% | ||||||
3,380,888 | American Greetings Corp., Delayed Draw Term Loan, 0.630% due 3/30/07 |
3,380,888 | ||||
632,701 | Boise Cascade Corp., Term Loan D, 7.125% due 3/30/07 |
636,102 | ||||
Smurfit-Stone Container Corp.: |
||||||
261,990 | Deposit Funded Loan, 7.572% due 1/3/07 |
263,776 | ||||
632,976 | Term Loan B, 7.625% due 3/5/07 |
637,291 |
See Notes to Schedule of Investments.
3
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
Forest Products - 2.5% (continued) | ||||||
$ | 206,156 | Term Loan C, 7.625% due 3/5/07 |
$ | 207,679 | ||
1,052,698 | Term Loan C1, 7.625% due 1/3/07 |
1,060,473 | ||||
Total Forest Products |
6,186,209 | |||||
Healthcare - 7.0% | ||||||
2,339,129 | AMN Healthcare, Term Loan B, 7.114% due 3/30/07 |
2,347,901 | ||||
3,141,328 | Community Health Systems Inc., Term Loan, 7.120% due 2/28/07 |
3,147,953 | ||||
352,094 | Conmed Corp., Institutional Term Loan, 7.350% to 9.250% due 3/30/07 |
352,314 | ||||
2,890,417 | Davita Inc., Term Loan B, 7.350% to 7.690% due 3/30/07 |
2,910,288 | ||||
806,028 | Encore Medical Finance LLC, Term Loan, 7.870% due 2/5/07 |
808,672 | ||||
1,213,397 | Fresenius Medical Care Holdings Inc., Term Loan B, 6.739% to 6.745% due 3/30/07 |
1,208,595 | ||||
1,500,000 | Medassets Inc., Term Loan B, 7.850% due 1/26/07 |
1,502,813 | ||||
2,449,140 | Patheon Inc., Term Loan B, 9.610% due 1/31/07 |
2,426,179 | ||||
Talecris Biotherepeutics Inc.: |
||||||
484,830 | First Lien Term Loan, 10.500% due 3/30/07 |
486,648 | ||||
930,851 | Second Lien Term Loan, 13.500% due 3/30/07 |
935,505 | ||||
1,569,129 | Vicar Operating Inc., Term Loan, 6.875% due 1/31/07 |
1,567,167 | ||||
Total Healthcare |
17,694,035 | |||||
Home Furnishings - 0.9% | ||||||
1,417,637 | Simmons Co., Term Loan D, 6.875% to 7.563% due 6/29/07 |
1,427,827 | ||||
733,163 | SVP Worldwide Inc., Tranche A Term Loan, 8.370% due 1/3/07 |
732,704 | ||||
Total Home Furnishings |
2,160,531 | |||||
Hotels/Motels/Inns and Casinos - 6.4% | ||||||
2,502,332 | Alliance Gaming Corp., Term Loan B, 9.330% due 1/8/07 |
2,507,544 | ||||
1,865,003 | Ameristar Casinos Inc., Initial Term Loan, 6.850% due 1/29/07 |
1,867,334 | ||||
831,595 | Boyd Gaming Corp., Term Loan B, 6.864% due 3/30/07 |
832,796 | ||||
265,533 | Green Valley Ranch Gaming LLC, Term Loan B, 7.364% due 3/30/07 |
265,492 | ||||
323,219 | Greenwood Racing Inc., Term Loan B, 7.600% due 2/28/07 |
324,835 | ||||
2,468,750 | Isle of Capri Black Hawk LLC, Term Loan, 7.350% to 7.374% due 3/30/07 |
2,470,293 | ||||
2,468,750 | Penn National Gaming Inc, Term Loan B, 7.110% to 7.150% due 3/30/07 |
2,484,180 | ||||
2,484,918 | Pinnacle Entertainment Inc., Term Loan, 7.350% due 1/29/07 |
2,495,790 | ||||
Venetian Casino Resorts LLC: |
||||||
2,487,179 | Term B Funded, 7.120% due 3/30/07 |
2,499,495 | ||||
512,821 | Term Loan B, 7.120% due 3/30/07 |
515,360 | ||||
Total Hotels/Motels/Inns and Casinos |
16,263,119 | |||||
Industrial Equipment - 4.7% | ||||||
2,172,033 | Douglas Dynamics LLC, Term Loan, 7.114% due 3/29/07 |
2,166,603 | ||||
Electrical Components International Holding: |
||||||
505,218 | First Lien Term Loan, 7.850% due 1/29/07 |
508,376 | ||||
338,505 | Second Lien Term Loan, 11.880% due 2/15/07 |
342,736 | ||||
981,466 | Enersys Inc., New Term Loan, 7.365% to 7.594% due 3/22/07 |
987,600 | ||||
1,736,382 | Flowserve Corp., Term Loan, 6.875% due 3/30/07 |
1,736,925 | ||||
1,396,277 | Generac Power Systems Inc., First Lien Term Loan, 7.820% due 1/3/07 |
1,402,386 | ||||
369,643 | Goodman Global Holdings Inc., Term Loan C, 7.125% due 2/13/07 |
369,643 | ||||
2,462,787 | Norcross Safety Products LLC, Term Loan, 7.513% to 9.250% due 3/30/07 |
2,472,794 | ||||
1,939,314 | Oshkosh Truck Corp., Term Loan B, 7.350% due 3/6/07 |
1,943,253 | ||||
Total Industrial Equipment |
11,930,316 | |||||
Insurance - 0.4% | ||||||
1,122,790 | Hilb, Rogal & Hobbs Co., Term Loan, 6.864% due 3/30/07 |
1,121,387 | ||||
Leisure - 4.6% | ||||||
Auto Europe Group LLC: |
||||||
744,681 | First Lien Term Loan, 8.100% due 1/8/07 |
748,404 |
See Notes to Schedule of Investments.
4
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
Leisure - 4.6% (continued) | ||||||
$ | 1,000,000 | Second Lien Term Loan, 11.850% due 1/8/07 |
$ | 1,009,375 | ||
2,959,867 | Regal Cinemas Inc., Term Loan, 7.114% due 3/30/07 |
2,955,507 | ||||
1,500,000 | Southwest Sports Group LLC, Term Loan, 7.875% due 3/29/07 |
1,500,470 | ||||
1,852,069 | Universal City Development Partners, L.P., Term Loan B, 7.350% to 7.380% due 3/15/07 |
1,860,172 | ||||
3,539,390 | Warner Music Group Acquisition Corp., Term Loan, 7.370% to 7.409% due 4/24/07 |
3,556,425 | ||||
Total Leisure | 11,630,353 | |||||
Non-Ferrous Metals/Materials - 1.9% | ||||||
1,170,236 | Compass Minerals Group Inc., Term Loan, 6.870% to 6.880% due 3/28/07 |
1,173,710 | ||||
Longyear Global Holdings Inc.: |
||||||
171,995 | Acquisition Term Loan, 8.614% due 3/30/07 |
173,248 | ||||
159,709 | Canadian Term Loan, 8.614% due 3/30/07 |
160,874 | ||||
1,609,377 | First Lien Term Loan, 8.614% due 3/30/07 |
1,621,113 | ||||
1,658,042 | Walter Industries Inc., Term Loan B, 7.118% to 8.750% due 4/3/07 |
1,662,809 | ||||
Total Non-Ferrous Metals/Materials | 4,791,754 | |||||
Oil & Gas - 4.3% | ||||||
Alon USA Inc.: |
||||||
131,446 | Edgington Term Loan, 7.620% to 7.876% due 2/28/07 |
132,021 | ||||
1,051,568 | Paramount Term Loan, 7.620% to 7.876% due 2/28/07 |
1,056,168 | ||||
749,233 | Astoria Generating Company Acquisitions LLC, Term Loan B, 7.350% to 7.370% due 3/23/07 |
754,488 | ||||
Coffeyville Resources LLC: |
||||||
110,745 | Letter of Credit, 8.360% due 3/2/07 |
110,745 | ||||
572,182 | Tranche D Term Loan, 8.360% due 4/2/07 |
572,182 | ||||
1,837,500 | Connacher, Term Loan B, 8.610% due 3/30/07 |
1,844,391 | ||||
466,301 | Dresser Inc., Term Loan B, 8.125% due 1/31/07 |
470,478 | ||||
1,608,847 | Helix Energy Solutions Group Inc., Term Loan B, 7.350% to 7.640% due 1/8/07 |
1,614,736 | ||||
LSP Generation Finance Company LLC: |
||||||
340,316 | First Lien Term Loan, 7.114% due 3/30/07 |
341,308 | ||||
47,963 | Term Loan, 7.114% due 3/30/07 |
48,103 | ||||
862,562 | Semcrude, L.P., Term Loan, 7.600% to 9.000% due 6/15/07 |
867,953 | ||||
Targa Resources: |
||||||
1,043,478 | Bridge Term Loan, 7.600% due 2/28/07 |
1,044,864 | ||||
378,682 | Synthetic Letter of Credit, 7.614% due 3/30/07 |
380,812 | ||||
1,558,117 | Term Loan B, 7.614% to 7.626% due 3/30/07 |
1,566,881 | ||||
Total Oil & Gas | 10,805,130 | |||||
Publishing - 3.3% | ||||||
237,712 | CBD Media Inc., Term Loan D, 7.725% due 1/29/07 |
239,346 | ||||
1,654,386 | Dex Media East LLC, Term Loan B, 6.850% to 6.880% due 3/30/07 |
1,652,788 | ||||
2,506,741 | Dex Media West LLC, Term Loan B2, 6.860% to 6.880% due 3/30/07 |
2,502,041 | ||||
1,014,012 | Philadelphia Media, Term Loan B, 8.120% due 3/29/07 |
1,009,365 | ||||
1,909,788 | R.H. Donnelley Inc., Term Loan D-1, 6.870% due 3/30/07 |
1,907,510 | ||||
997,500 | Wenner Media LLC, Term Loan B, 7.114% due 3/29/07 |
1,003,735 | ||||
Total Publishing | 8,314,785 | |||||
Rail Industries - 0.5% | ||||||
RailAmerica Inc.: |
||||||
111,133 | Canadian Term Loan, 7.375% due 2/23/07 |
111,480 | ||||
1,172,296 | Term Loan, 7.375% due 2/23/07 |
1,175,959 | ||||
Total Rail Industries | 1,287,439 | |||||
See Notes to Schedule of Investments.
5
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Face Amount |
Security (a)(b) |
Value | ||||
Retailers - 4.3% | ||||||
$ | 1,188,509 | Burlington Coat Factory, Term Loan B, 7.620% due 2/26/07 |
$ | 1,174,560 | ||
2,000,000 | CSK Automotive Inc., Term Loan, 8.375% to 8.438% due 1/9/07 |
2,026,250 | ||||
526,316 | J Crew Group, Term Loan B, 7.130% to 7.176% due 4/26/07 |
525,549 | ||||
1,583,333 | Michaels Stores Inc., Term Loan, 8.375% due 1/31/07 |
1,594,796 | ||||
2,848,101 | Neiman-Marcus Group Inc., Term Loan, 7.600% to 7.603% due 3/6/07 |
2,871,410 | ||||
1,250,000 | Petco Animal Supplies Inc., Term Loan, 8.100% due 1/29/07 |
1,257,656 | ||||
322,412 | Sally Beauty, Term Loan, 7.870% due 2/26/07 |
324,197 | ||||
1,149,692 | TravelCenters of America Inc., Term Loan B, 7.100% due 1/31/07 |
1,150,590 | ||||
Total Retailers | 10,925,008 | |||||
Steel - 2.2% | ||||||
1,500,000 | Excel Mining Systems, Term Loan, 8.364% due 3/30/07 |
1,504,219 | ||||
Tube City IMS Corp.: |
||||||
875,000 | Second Lien Term Loan, 11.350% due 1/31/07 |
875,000 | ||||
3,039,772 | Tranche C First Lien Term Loan, 8.100% due 1/31/07 |
3,041,672 | ||||
Total Steel | 5,420,891 | |||||
Telecommunications/Cellular Communications - 3.3% | ||||||
1,915,833 | Centennial Cellular Operating Co., New Term Loan, 7.614% to 7.620% due 3/29/07 |
1,932,198 | ||||
1,481,250 | Cincinnati Bell Inc., Term Loan, 6.829% to 7.028% due 6/5/07 |
1,481,019 | ||||
3,000,000 | FairPoint Communications Inc., Additional Replacement Term Loan, 7.125% due 3/30/07 |
3,001,407 | ||||
806,028 | Metropcs Wireless Inc., Term Loan B, 7.875% due 3/30/07 |
809,807 | ||||
1,004,621 | Ntelos Inc., First Lien Term Loan, 7.570% due 1/31/07 |
1,008,765 | ||||
Total Telecommunications/Cellular Communications | 8,233,196 | |||||
Utilities - 2.5% | ||||||
NE Energy Inc.: |
||||||
105,691 | Letter of Credit, 7.870% due 3/20/07 |
106,722 | ||||
250,000 | Second Lien Term Loan, 9.875% due 3/21/07 |
254,063 | ||||
894,309 | Term Loan B, 7.870% due 3/20/07 |
903,028 | ||||
1,500,000 | NRG Energy Inc., Credit-Linked Deposit, 7.364% due 3/30/07 |
1,508,943 | ||||
Reliant Energy Inc.: |
||||||
1,038,918 | LC Facility, 5.216% to 5.217% due 1/30/07 |
1,047,749 | ||||
1,385,224 | Term Loan, 7.725% due 1/29/07 |
1,396,998 | ||||
TPF Generation Holdings LLC: |
||||||
48,343 | Revolver, 7.370% due 3/30/07 |
48,343 | ||||
154,214 | Letter of Credit, 7.370% due 3/30/07 |
154,214 | ||||
821,833 | Term Loan B, 7.370% due 3/15/07 |
821,833 | ||||
Total Utilities | 6,241,893 | |||||
TOTAL SENIOR COLLATERALIZED LOANS (Cost - $252,111,890) | 251,541,657 | |||||
Shares | ||||||
COMMON STOCKS - 0.3% | ||||||
CONSUMER DISCRETIONARY - 0.0% | ||||||
Auto Components - 0.0% | ||||||
151 | GenTek Inc. * |
5,223 | ||||
INFORMATION TECHNOLOGY - 0.3% | ||||||
Internet Software & Services - 0.3% | ||||||
18,218 | SAVVIS Inc. * |
650,565 | ||||
TOTAL COMMON STOCKS (Cost - $0) | 655,788 | |||||
See Notes to Schedule of Investments.
6
LMP CORPORATE LOAN FUND INC.
Schedule of Investments (unaudited) (continued) | December 31, 2006 |
Warrants | Security (a)(b) |
Value | |||
WARRANTS - 0.0% | |||||
175 | GenTek Inc., Expires 10/31/08 |
$ | 9,231 | ||
83 | GenTek Inc., Expires 10/31/10 |
4,275 | |||
TOTAL WARRANTS (Cost - $0) |
13,506 | ||||
TOTAL INVESTMENTS - 100.0% (Cost - $252,111,890#) |
$ | 252,210,951 | |||
* | Non-income producing security. |
(a) | The maturity date represents the latest maturity date. |
(b) | Interest rates represent the effective rates on loans and debt securities. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(c) | Security is valued in good faith at fair value by or under the direction of the Board of Directors (See Note 1). |
(d) | Security is currently in default. |
# | Aggregate cost for federal income tax purposes is substantially the same. |
See Notes to Schedule of Investments.
7
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
LMP Corporate Loan Fund Inc. (formerly known as Citigroup Investments 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 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. U.S. government agency obligations are valued at the mean between the quoted bid and asked prices. Securities traded on national securities markets are valued at the closing price on such markets. Securities traded in the over-the-counter market and listed securities for which no sales prices were reported are valued at the mean between the quoted bid and asked prices. Securities listed on the NASDAQ National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price on that day, at the last sale price. Collateralized senior loans are valued at readily ascertainable market values provided by an independent pricing service. Securities for which market quotations are not available are valued in good faith at fair value by or under the direction of the Board of Directors. In fair valuing a loan, Legg Mason Partners Fund Advisor, LLC (LMPFA), the Funds investment manager, a wholly-owned subsidiary of Legg Mason, Inc. (Legg Mason), with the assistance of Citigroup Alternative Investments LLC (CAI), the Funds sub-adviser, will consider among other factors: (1) the creditworthiness of the borrower and any party interpositioned between the Fund and the borrower; (2) the current interest rate, period until next interest rate reset and maturity date of the collateralized senior loan; (3) recent market prices for similar loans, if any; and (4) recent prices in the market for instruments with similar quality, rate, period until next interest rate reset, maturity, terms and conditions. LMPFA may also consider prices or quotations, if any, provided by banks, dealers or pricing services which may represent the prices at which secondary market transactions in the collateralized senior loans held by the Fund have or could have occurred. Short-term obligations maturing within 60 days are valued at amortized cost, which approximates market value.
(b) Security Transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At December 31, 2006, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation |
$ | 1,543,837 | ||
Gross unrealized depreciation |
(1,444,776 | ) | ||
Net unrealized appreciation |
$ | 99,061 | ||
8
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants 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.
LMP Corporate Loan Fund Inc. | ||
By: | /s/ R. JAY GERKEN | |
R. Jay Gerken | ||
Chief Executive Officer | ||
Date: |
February 28, 2007 |
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/ R. JAY GERKEN | |
R. Jay Gerken | ||
Chief Executive Officer | ||
Date: |
February 28, 2007 |
By: | /s/ KAPREL OZSOLAK | |
Kaprel Ozsolak | ||
Chief Financial Officer | ||
Date: |
February 28, 2007 |