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
Citigroup Investments 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.
Smith Barney Fund Management 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, 2004
ITEM 1. | SCHEDULE OF INVESTMENTS |
CITIGROUP INVESTMENTS
CORPORATE LOAN FUND INC.
FORM N-Q
DECEMBER 31, 2004
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
SENIOR COLLATERALIZED LOANS 98.7% | |||||||||||
Aerospace/Defense 1.8% | |||||||||||
$690,534 | Anteon Corp. |
Term | 4.310 | 12/31/10 | $ | 699,490 | |||||
1,388,491 | CACI International, Inc. |
Term | 3.950 | 5/3/11 | 1,406,281 | ||||||
460,466 | DeCrane Aircraft Holdings, Inc. |
Term B | 7.506 | 6/30/08 | 460,466 | ||||||
745,575 | DeCrane Aircraft Holdings, Inc. |
Term D | 8.006 | 12/17/06 | 745,575 | ||||||
595,020 | Standard Aero Holdings Inc. |
Term B | 4.918 to 4.969 | 8/20/12 | 604,132 | ||||||
192,697 | TransDigm Holding Corp. |
Term C | 4.600 | 7/22/10 | 195,528 | ||||||
4,111,472 | |||||||||||
Automotive 2.6% | |||||||||||
1,657,500 | Dura Operating Corp. |
Term C | 4.920 | 12/31/08 | 1,674,075 | ||||||
1,799,182 | The Goodyear Tire & Rubber Co. |
Term | 8.750 | 9/30/07 | 1,827,294 | ||||||
467,391 | Keystone Automotive Industries, Inc. |
Term B | 4.670 to 7.000 | 10/30/09 | 473,014 | ||||||
690,332 | Plastech, Inc. |
Term B | 5.310 | 3/31/10 | 701,693 | ||||||
1,523,784 | Progressive Moulded Products Ltd. |
Term B | 4.520 to 4.844 | 8/16/11 | 1,528,546 | ||||||
6,204,622 | |||||||||||
Beverage and Tobacco 0.6% | |||||||||||
1,456,668 | Commonwealth Brands, Inc. |
Term B | 5.688 | 8/28/07 | 1,476,697 | ||||||
Broadcast Radio and Television 3.8% | |||||||||||
2,092,247 | Canwest Media Inc. |
Term E | 4.490 | 8/15/09 | 2,121,015 | ||||||
696,500 | Cumulus Media Inc. |
Term E | 4.188 | 3/28/10 | 706,657 | ||||||
976,478 | Freedom Communications, Inc. |
Term B | 4.140 to 4.150 | 5/18/12 | 992,956 | ||||||
157,895 | Lamar Media Corp. |
Term A | 3.813 to 4.000 | 6/30/09 | 159,079 | ||||||
1,222,222 | Lamar Media Corp. |
Term D | 4.063 | 6/30/10 | 1,235,972 | ||||||
1,310,706 | Sun Media Corp. |
Term B | 4.130 to 4.418 | 2/7/09 | 1,320,947 | ||||||
2,428,414 | Susquehanna Media Co. |
Term B | 4.070 to 4.420 | 3/31/12 | 2,464,084 | ||||||
9,000,710 | |||||||||||
Building and Development 9.9% | |||||||||||
600,000 | Contech Construction Products, Inc. |
Term B | 4.940 | 12/7/10 | 609,750 | ||||||
3,000,000 | General Growth Properties, Inc. |
Term B | 4.530 | 11/12/08 | 3,012,018 | ||||||
1,659,527 | Hanley-Wood, Inc. |
Term B | 4.340 to 5.310 | 9/21/07 | 1,667,824 | ||||||
921,875 | Headwaters, Inc. |
Term | 5.330 | 9/1/12 | 934,935 | ||||||
250,000 | Headwaters, Inc. |
2nd Lien | 7.580 to 7.840 | 9/1/12 | 258,542 | ||||||
349,910 | Juno Lighting, Inc. |
2nd Lien | 7.440 to 7.850 | 5/21/11 | 355,596 | ||||||
1,200,000 | Lake Las Vegas Resort |
Term | 4.974 to 5.250 | 11/1/09 | 1,209,187 |
See Notes to Schedule of Investments.
1
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Building and Development 9.9% (continued) | |||||||||||
$1,419,724 | Landsource Communities Development, LLC |
Term B | 4.938 | 3/31/10 | $ | 1,442,353 | |||||
3,647,093 | Masonite International Corp. |
Term C | 5.188 | 8/31/08 | 3,698,384 | ||||||
1,732,324 | Masonite International Corp. |
Term C2 | 4.688 | 8/31/08 | 1,762,099 | ||||||
234,061 | NCI Building Systems, Inc. |
Term B | 4.280 | 9/15/08 | 236,987 | ||||||
930,759 | Nortek, Inc. |
Term | 4.620 to 6.750 | 8/27/11 | 947,436 | ||||||
2,000,000 | Panolam Industries International, Inc. |
Term | 7.250 | 12/3/10 | 2,027,500 | ||||||
500,000 | Panolam Industries International, Inc. |
2nd Lien | 11.500 | 12/9/11 | 511,875 | ||||||
276,453 | PGT Industries, Inc. |
Term A | 5.130 to 5.420 | 1/29/10 | 280,773 | ||||||
142,355 | PGT Industries, Inc. |
Term B | 8.380 | 7/29/10 | 144,490 | ||||||
517,252 | Pike Electric Inc. |
Term B | 4.625 | 7/1/12 | 526,466 | ||||||
282,258 | Pike Electric Inc. |
Term C | 4.813 | 12/10/12 | 286,492 | ||||||
1,500,000 | South Edge, LLC |
Term C | 4.688 | 10/31/09 | 1,514,063 | ||||||
2,223,747 | Trussway Holdings, Inc. |
Term B | 8.500 | 12/31/06 | 1,762,319 | ||||||
23,189,089 | |||||||||||
Business Equipment and Services 1.9% | |||||||||||
410,551 | Allied Security Holdings |
Term B | 6.810 | 6/30/10 | 417,223 | ||||||
964,693 | Buhrmann U.S., Inc. |
Term C1 | 4.940 | 12/31/10 | 978,862 | ||||||
447,643 | Coinstar, Inc. |
Term | 4.290 to 6.500 | 7/7/11 | 455,477 | ||||||
517,277 | Global Cash Access, L.L.C. |
Term B | 5.170 | 3/10/10 | 525,359 | ||||||
711,687 | Verifone Inc. |
Term | 4.630 | 6/30/11 | 724,141 | ||||||
1,250,000 | Verifone Inc. |
2nd Lien | 8.130 | 12/31/11 | 1,275,000 | ||||||
4,376,062 | |||||||||||
Cable and Satellite Television 4.3% | |||||||||||
426,722 | Atlantic Broadband Finance LLC |
Term B | 5.690 | 9/1/11 | 435,612 | ||||||
1,663,817 | Bragg Communications, Inc. |
Term B | 4.900 | 8/31/11 | 1,686,696 | ||||||
2,500,000 | Century Cable Holdings LLC |
Term B | 7.250 | 12/31/09 | 2,488,170 | ||||||
3,960,000 | Insight Midwest LLC |
Term B | 5.188 | 12/31/09 | 4,028,199 | ||||||
1,500,000 | New Skies Satellites NV |
Term B | 5.188 | 5/2/11 | 1,522,812 | ||||||
10,161,489 | |||||||||||
Chemicals/Plastics 5.6% | |||||||||||
1,755,558 | Celanese |
Term B | 4.810 | 4/6/11 | 1,775,308 | ||||||
2,452,666 | Celanese |
2nd Lien | 6.060 | 10/6/11 | 2,486,390 | ||||||
1,255,174 | Hercules Inc. |
Term B | 3.966 to 4.310 | 10/8/10 | 1,265,372 | ||||||
2,000,000 | Huntsman LLC |
Term | 5.940 | 3/31/10 | 2,037,500 | ||||||
220,977 | Innophos Inc. |
Term | 4.780 | 8/13/10 | 224,086 | ||||||
103,018 | Kraton Polymers |
Term | 4.750 to 6.750 | 12/23/10 | 104,477 | ||||||
368,082 | Polypore, Inc. |
Term B | 4.670 | 11/12/11 | 373,604 | ||||||
916,975 | Resolution Specialty Materials LLC |
Term | 5.125 | 8/2/10 | 932,163 |
See Notes to Schedule of Investments.
2
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Chemicals/Plastics 5.6% (continued) | |||||||||||
$2,750,000 | Rockwood Specialties Group Inc. |
Term D | 4.380 | 7/23/10 | $ | 2,771,269 | |||||
1,058,398 | Unifrax Corp. |
Term | 5.938 | 5/19/10 | 1,078,242 | ||||||
134,000 | Westlake Chemical Corp. |
Term B | 4.270 to 6.500 | 7/30/10 | 135,759 | ||||||
13,184,170 | |||||||||||
Clothing/Textiles 0.6% | |||||||||||
1,383,529 | Knoll, Inc. |
Term | 5.340 | 9/29/11 | 1,399,527 | ||||||
Conglomerates 0.6% | |||||||||||
861,427 | TriMas Corp. |
Term B | 5.625 | 12/31/09 | 872,599 | ||||||
662,685 | Western Industries Inc. |
Term B | 12.250 | 6/23/06 | 622,924 | ||||||
1,495,523 | |||||||||||
Containers and Glass Products 2.8% | |||||||||||
3,650,194 | Graphic Packaging Corp. |
Term C | 4.510 to 4.920 | 6/30/10 | 3,718,179 | ||||||
1,297,362 | Kerr Group, Inc. |
Term | 6.060 to 7.500 | 8/13/10 | 1,312,606 | ||||||
1,469,922 | Printpack Holdings Inc. |
Term C | 4.688 | 3/31/09 | 1,485,540 | ||||||
6,516,325 | |||||||||||
Drugs 1.3% | |||||||||||
2,591,425 | Leiner Health Products Group, Inc. |
Term B | 5.560 | 5/27/07 | 2,633,536 | ||||||
344,755 | NBTY, Inc. |
Term C | 4.375 | 3/15/07 | 348,347 | ||||||
2,981,883 | |||||||||||
Ecological Services and Equipment 2.6% | |||||||||||
3,168,000 | Casella Waste Systems, Inc. |
Term B | 4.688 to 5.125 | 5/11/07 | 3,208,593 | ||||||
1,997,443 | IESI Corp. |
Term B | 5.070 to 6.250 | 9/30/10 | 2,016,169 | ||||||
857,143 | National Waterworks, Inc. |
Term C | 5.060 | 11/22/09 | 870,714 | ||||||
6,095,476 | |||||||||||
Electronics/Electric 1.7% | |||||||||||
3,520,000 | Amphenol Corp. |
Term B | 3.710 to 3.940 | 5/6/10 | 3,551,902 | ||||||
526,850 | Bridge Information Systems, Inc. (d) |
Multi-Draw | 0.000 | 5/29/05 | 23,708 | ||||||
977,090 | Bridge Information Systems, Inc. (d) |
Term B | 0.000 | 5/29/05 | 43,969 | ||||||
295,500 | Fairchild Semiconductor Corp. |
Term B | 4.750 | 6/19/08 | 299,471 | ||||||
3,919,050 | |||||||||||
Equipment Leasing 0.2% | |||||||||||
506,917 | Kinetic Concepts, Inc. |
Term B2 | 4.310 | 8/11/10 | 511,141 | ||||||
Farming/Agriculture 0.4% | |||||||||||
1,004,842 | AGCO Corp. |
Term | 4.470 to 4.550 | 1/31/06 | 1,023,369 |
See Notes to Schedule of Investments.
3
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Food/Drug Retailers 2.5% | |||||||||||
$ 600,000 | Carrols Corp. |
Term | 4.938 | 12/31/10 | $ | 610,313 | |||||
1,948,192 | General Nutrition Centers Inc. |
Term B | 5.420 | 12/5/09 | 1,960,368 | ||||||
250,000 | Herbalife International, Inc. |
Term | 4.720 | 12/20/10 | 253,750 | ||||||
2,945,622 | Jean Coutu Group Inc. |
Term B | 4.438 | 7/30/11 | 2,993,489 | ||||||
5,817,920 | |||||||||||
Food Products 2.7% | |||||||||||
1,622,798 | American Seafoods Group LLC |
Term B | 5.810 | 3/31/09 | 1,646,635 | ||||||
382,788 | Atkins Nutritionals, Inc. |
Term | 7.670 | 10/29/09 | 343,552 | ||||||
137,100 | Atkins Nutritionals, Inc. |
2nd Lien | 10.170 | 10/29/09 | 92,714 | ||||||
635,972 | Del Monte Corp. |
Term B | 4.380 | 12/20/10 | 646,803 | ||||||
783,286 | Keystone Foods Holdings LLC |
Term | 4.438 to 4.813 | 6/16/11 | 791,608 | ||||||
448,278 | Merisant Co. |
Term B | 4.880 | 1/11/10 | 450,519 | ||||||
919,293 | Michael Foods, Inc. |
Term B | 4.630 to 6.500 | 11/21/10 | 934,519 | ||||||
233,647 | Osi Foods GMBH & Co. KG |
Term B | 4.810 | 9/2/11 | 237,200 | ||||||
525,705 | Osi Group, LLC |
Term B | 4.810 | 9/2/11 | 533,700 | ||||||
292,790 | Osi-Holland Finance B.V. |
Term B | 4.270 | 9/2/11 | 297,243 | ||||||
296,250 | Reddy Ice Group Inc. |
Term B | 4.918 | 8/17/09 | 299,768 | ||||||
49,375 | Reddy Ice Group Inc. |
Term B | 4.918 | 8/14/09 | 49,961 | ||||||
6,324,222 | |||||||||||
Food Services 1.8% | |||||||||||
2,299,998 | Buffets, Inc. |
Term B | 5.475 | 6/28/09 | 2,311,498 | ||||||
714,250 | Buffets, Inc. |
L/C Facility | 5.375 | 6/28/09 | 717,821 | ||||||
879,338 | Dr. Pepper Bottling Co. of Texas, Inc. |
Term B | 4.340 to 4.470 | 12/19/10 | 893,902 | ||||||
345,354 | Jack In The Box, Inc. |
Term B | 4.230 to 4.670 | 1/9/10 | 350,634 | ||||||
4,273,855 | |||||||||||
Forest Products 2.6% | |||||||||||
1,561,500 | Boise Cascade Corp. |
Term B | 4.469 | 10/29/11 | 1,582,429 | ||||||
1,438,500 | Boise Cascade Corp. |
Term C | 4.469 | 10/28/10 | 1,443,494 | ||||||
261,990 | Smurfit-Stone Container Corp. |
L/C Facility | 1.916 | 11/1/11 | 266,302 | ||||||
2,093,760 | Smurfit-Stone Container Corp. |
Term B | 4.313 to 4.688 | 11/1/11 | 2,126,998 | ||||||
644,250 | Smurfit-Stone Container Corp. |
Term C | 4.313 to 4.438 | 11/1/11 | 654,619 | ||||||
6,073,842 | |||||||||||
Healthcare 5.8% | |||||||||||
279,379 | Advanced Medical Optics, Inc. |
Term B | 4.281 to 4.660 | 6/25/09 | 282,522 | ||||||
656,409 | Alderwoods Group, Inc. |
Term B2 | 3.940 to 4.540 | 9/29/09 | 663,383 |
See Notes to Schedule of Investments.
4
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Healthcare 5.8% (continued) | |||||||||||
$315,353 | AMN Healthcare Inc. |
Term | 5.560 | 10/2/08 | $ | 318,310 | |||||
2,093,182 | Colgate Medical, Ltd. |
Term B | 4.550 to 4.560 | 12/30/08 | 2,118,038 | ||||||
3,205,601 | Community Health Systems Inc. |
Term B | 4.150 | 8/19/11 | 3,235,403 | ||||||
444,151 | Conmed Corp. |
Term C | 4.663 to 5.010 | 12/15/09 | 449,425 | ||||||
1,967,677 | Davita, Inc. |
Term B | 3.980 to 4.775 | 3/31/09 | 1,974,880 | ||||||
166,667 | Davita, Inc. |
Term C | 4.130 to 6.000 | 6/30/10 | 167,560 | ||||||
1,000,000 | Encore Medical IHC, Inc. |
Term B | 5.350 | 10/4/10 | 1,016,875 | ||||||
1,560,001 | Hanger Orthopedic Group, Inc. |
Term B | 6.060 | 9/30/09 | 1,577,551 | ||||||
238,401 | Medical Device Manufacturing, Inc. |
Term B | 5.130 to 5.420 | 6/30/10 | 241,083 | ||||||
736,645 | Multiplan, Inc. |
Term | 5.310 | 3/4/09 | 744,933 | ||||||
856,577 | Rotech Healthcare Inc. |
Term B | 5.560 | 3/31/08 | 867,418 | ||||||
13,657,381 | |||||||||||
Home Furnishings 1.7% | |||||||||||
527,693 | Home Interiors & Gifts, Inc. |
Term | 7.170 | 3/31/11 | 510,279 | ||||||
1,128,113 | Sealy Mattress Co. |
Term C | 4.450 to 4.650 | 4/6/12 | 1,145,035 | ||||||
268,827 | Sealy Mattress Co. |
Sr. - Unsec. TL | 6.900 | 4/5/13 | 278,236 | ||||||
274,076 | Simmons Co. |
Sr. - Unsec. TL | 5.125 | 12/19/11 | 280,585 | ||||||
684,535 | Simmons Co. |
Term C | 3.875 to 6.750 | 12/19/11 | 693,948 | ||||||
985,000 | Tempur-Pedic International Inc. |
Term B | 4.810 | 6/30/09 | 994,234 | ||||||
3,902,317 | |||||||||||
Hotels/Motels/Inns and Casinos 6.3% | |||||||||||
2,565,975 | Alliance Gaming Corp. |
Term B | 4.900 | 9/4/09 | 2,582,546 | ||||||
1,000,000 | Ameristar Casinos, Inc. |
Term | 4.438 | 12/20/06 | 1,015,833 | ||||||
1,709,594 | Ameristar Casinos, Inc. |
Term B1 | 4.438 | 12/20/06 | 1,736,662 | ||||||
848,653 | Boyd Gaming Corp. |
Term B | 3.920 to 4.530 | 6/30/11 | 861,065 | ||||||
1,050,000 | Choctaw Resort Development Enterprise |
Term | 4.390 | 11/14/11 | 1,068,375 | ||||||
1,660,696 | Greektown Casino, LLC |
Term D | 5.690 to 5.920 | 12/31/05 | 1,675,227 | ||||||
270,952 | Green Valley Ranch Gaming, LLC |
Term B | 4.501 | 12/24/10 | 274,339 | ||||||
1,575,901 | Isle of Capri Casinos BlackHawk, LLC |
Term C | 5.060 to 5.560 | 12/31/07 | 1,600,196 | ||||||
721,229 | Penn National Gaming, Inc. |
Term D | 4.920 to 5.060 | 9/1/07 | 724,475 |
See Notes to Schedule of Investments.
5
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Hotels/Motels/Inns and Casinos 6.3% (continued) | |||||||||||
$347,353 | Pinnacle Entertainment, Inc. |
Term B | 5.420 | 8/27/10 | $ | 352,564 | |||||
1,004,991 | Venetian Casino Resorts LLC |
Term B | 4.900 | 6/15/11 | 1,023,626 | ||||||
1,283,355 | Wyndham International, Inc. |
Term I | 7.125 | 6/30/06 | 1,291,778 | ||||||
684,658 | Wyndham International, Inc. |
Term II | 8.125 | 4/1/06 | 691,247 | ||||||
14,897,933 | |||||||||||
Industrial Equipment 3.0% | |||||||||||
512,195 | Douglas Dynamics, LLC |
Term B | 4.510 | 12/15/10 | 516,036 | ||||||
1,001,599 | Enersys, Inc. |
Term | 3.921 to 4.540 | 3/17/11 | 1,016,936 | ||||||
873,849 | Flowserve Corp. |
Term C | 4.750 to 5.188 | 6/30/09 | 889,688 | ||||||
876,276 | Mueller Group, Inc. |
Term | 4.880 to 5.150 | 4/23/11 | 886,682 | ||||||
751,731 | Norcross Safety Products LLC |
Term B | 4.920 | 3/20/09 | 760,893 | ||||||
2,866,792 | SPX Corp. |
Term B1 | 4.438 to 4.500 | 9/30/09 | 2,885,785 | ||||||
6,956,020 | |||||||||||
Insurance 1.9% | |||||||||||
621,250 | Connecticare, Inc. |
Term B | 6.170 | 10/31/09 | 624,356 | ||||||
2,500,000 | Hilb, Rogal and Hamilton Co. |
Term B | 4.813 | 12/15/011 | 2,534,375 | ||||||
1,200,000 | Pacificare Health Systems, Inc. |
Term B | 4.063 to 4.250 | 12/13/10 | 1,201,876 | ||||||
4,360,607 | |||||||||||
Leisure 5.3% | |||||||||||
763,242 | Detroit Red Wings, Inc. |
Term A | 5.170 | 8/30/06 | 768,013 | ||||||
350,000 | Kerasotes Theatres, Inc. |
Term B | 5.310 | 10/31/11 | 355,687 | ||||||
2,638,007 | Metro-Goldwyn-Mayer Studios, Inc. |
Term B | 5.060 | 4/30/11 | 2,649,219 | ||||||
4,022,595 | Regal Cinemas, Inc. |
Term | 4.560 | 11/10/10 | 4,066,341 | ||||||
1,500,000 | Universal City Development Partners, L.P. |
Term B | 4.410 | 6/9/11 | 1,524,375 | ||||||
3,088,072 | Warner Music Group |
Term B | 4.970 to 5.380 | 2/28/11 | 3,133,105 | ||||||
12,496,740 | |||||||||||
Non-Ferrous Metals/Minerals 0.7% | |||||||||||
252,064 | Compass Minerals Group, Inc. |
Term B | 4.560 to 4.910 | 11/28/09 | 255,845 | ||||||
900,000 | International Coal Group, LLC |
Term B | 4.990 | 10/1/10 | 914,625 | ||||||
550,000 | Jostens, Inc. |
Term C | 4.670 | 11/22/11 | 555,009 | ||||||
1,725,479 | |||||||||||
Oil and Gas 3.7% | |||||||||||
1,125,000 | Alon USA, Inc. |
Term | 10.000 | 12/12/08 | 1,153,125 | ||||||
1,314,166 | Dresser Inc. |
Term C | 4.970 | 4/10/09 | 1,330,593 | ||||||
2,249,295 | La Grange Acquistion, L.P. |
Term | 5.438 | 1/18/08 | 2,286,550 |
See Notes to Schedule of Investments.
6
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Oil and Gas 3.7% (continued) | |||||||||||
$361,298 | Lyondell-Citgo Refining, L.P. |
Term | 4.380 to 4.591 | 5/21/07 | $ | 365,363 | |||||
84,770 | Quest Cherokee, LLC |
L/C Facility | 6.290 | 7/8/09 | 85,618 | ||||||
676,605 | Quest Cherokee, LLC |
Term B | 6.560 | 7/8/10 | 683,371 | ||||||
900,000 | Regency Gas Services LLC |
Term | 5.310 to 5.530 | 5/30/10 | 916,875 | ||||||
300,000 | Regency Gas Services LLC |
2nd Lien | 8.780 | 11/30/10 | 306,750 | ||||||
1,503,500 | Tesoro Petroleum Corp. |
Term B | 7.903 to 7.990 | 4/15/08 | 1,550,108 | ||||||
8,678,353 | |||||||||||
Publishing 5.8% | |||||||||||
1,750,000 | Advertising Directory Solutions |
Term | 6.150 | 11/9/11 | 1,787,188 | ||||||
750,000 | Advertising Directory Solutions |
2nd Lien | 6.150 | 5/9/12 | 765,937 | ||||||
3,993,073 | American Media Operation Inc. |
Term C | 4.750 to 4.813 | 4/1/07 | 4,059,210 | ||||||
917,945 | American Media Operation Inc. |
Term C1 | 4.813 | 4/1/07 | 933,149 | ||||||
2,029,809 | Dex Media East LLC |
Term B | 3.960 to 6.000 | 5/8/09 | 2,053,914 | ||||||
3,188,744 | Dex Media West LLC |
Term B | 4.100 to 6.000 | 3/9/10 | 3,224,286 | ||||||
703,898 | The Readers Digest Association, Inc. |
Term B | 4.550 | 5/20/08 | 713,467 | ||||||
13,537,151 | |||||||||||
Rail Industries 0.5% | |||||||||||
1,152,900 | RailAmerica, Inc. |
Term B | 4.375 | 9/29/11 | 1,170,914 | ||||||
Retailers 1.7% | |||||||||||
423,583 | Alimentation Couche-Tard, Inc. |
Term | 4.188 | 12/17/10 | 429,672 | ||||||
1,977,789 | CSK Auto, Inc. |
Term C | 4.060 | 6/19/09 | 2,000,039 | ||||||
1,500,546 | Harbor Freight Tools, Inc. |
Term B | 4.657 to 8.625 | 6/24/10 | 1,506,643 | ||||||
3,936,354 | |||||||||||
Steel 2.0% | |||||||||||
2,900,000 | International Mills |
Term | 5.100 | 12/31/10 | 2,950,750 | ||||||
875,000 | International Mills |
2nd Lien | 8.350 | 10/26/11 | 890,312 | ||||||
947,492 | The Techs |
Term | 4.891 | 1/14/10 | 949,860 | ||||||
4,790,922 | |||||||||||
Telecommunications/Cellular Communications 5.9% | |||||||||||
927,480 | Block Communications Inc. |
Term B | 5.310 | 11/15/09 | 934,436 | ||||||
2,074,325 | Centennial Cellular Operating Co. |
Term B | 4.920 to 5.380 | 2/9/11 | 2,104,143 | ||||||
2,933,616 | FairPoint Communications, Inc. |
Term C | 6.938 to 8.750 | 3/31/07 | 2,959,285 | ||||||
1,500,000 | Iowa Telecommunication Services Inc. |
Term B | 4.370 to 4.460 | 11/30/11 | 1,515,000 | ||||||
407,143 | Metrocall Holdings, Inc. |
Term | 4.770 to 4.830 | 11/16/06 | 411,214 |
See Notes to Schedule of Investments.
7
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | LOAN TYPE |
INTEREST RATE(a) |
STATED MATURITY(b) |
VALUE(c) | ||||||
Telecommunications/Cellular Communications 5.9% (continued) | |||||||||||
$3,050,000 | Qwest Corp. |
Term A | 7.390 | 6/30/07 | $ | 3,184,709 | |||||
524,630 | SBA Senior Finance, Inc. |
Term C | 4.810 to 5.52 | 10/31/08 | 531,843 | ||||||
2,125,365 | Western Wireless Corp. |
Term B | 5.030 to 5.420 | 5/31/11 | 2,162,178 | ||||||
13,802,808 | |||||||||||
Utilities 4.1% | |||||||||||
3,000,000 | Calpine Generating Co. LLC |
Term | 6.030 | 3/23/09 | 3,086,874 | ||||||
1,000,000 | Centerpoint Energy Houston Electric, LLC |
Term | 12.750 | 11/12/05 | 1,078,333 | ||||||
820,312 | NRG Energy, Inc. |
L/C Facility | 2.450 | 12/31/11 | 839,487 | ||||||
1,054,688 | NRG Energy, Inc. |
Term B | 6.125 | 12/20/11 | 1,079,341 | ||||||
600,000 | NSG Holdings |
Term | 7.250 | 12/13/11 | 600,000 | ||||||
3,000,000 | Reliant Energy Resources Corp. |
Term B | 4.795 | 4/30/10 | 3,060,624 | ||||||
9,744,659 | |||||||||||
TOTAL SENIOR COLLATERALIZED LOANS (Cost $230,561,286) |
231,794,082 | ||||||||||
SHARES |
|||||||||||
COMMON STOCK 0.3% | |||||||||||
17,356 | Gentek, Inc. (e) (Cost $607,460) | 776,681 | |||||||||
WARRANTS |
|||||||||||
WARRANTS (e) 0.0% | |||||||||||
19 | Gentek, Inc., Expires 10/31/08 (f) |
38 | |||||||||
9 | Gentek, Inc., Expires 10/31/10 (f) |
18 | |||||||||
TOTAL WARRANTS (Cost $0) |
56 |
See Notes to Schedule of Investments.
8
Citigroup Investment Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | December 31, 2004 |
FACE AMOUNT |
SECURITY | VALUE | |||||||||
SHORT-TERM INVESTMENTS 1.0% | |||||||||||
Commercial Paper 1.0% | |||||||||||
$2,216,000 | UBS Finance Delaware LLC, 2.230% due
1/3/05 (Cost $2,216,000) |
$ | 2,216,000 | ||||||||
TOTAL INVESTMENTS 100.0% (Cost $233,384,746*) |
$ | 234,786,819 |
(a) | Interest rates represent the effective rates on loans and debt securities. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(b) | The maturity dates represent the latest maturity dates. |
(c) | Market value is determined using current market prices which are supplied weekly by an independent third party pricing service. |
(d) | Security is currently in default. |
(e) | Non-income producing security. |
(f) | Security is valued in good faith by or under the direction of the Board of Directors. |
* | Aggregate cost for federal income tax purposes is substantially the same. |
Abbreviations used in the schedule: | ||||
Term | Term Loan typically with a 1st Lien on specified assets | |||
2nd Lien | Subordinate Loan to 1st Lien | |||
L/C Facility | Letter of Credit Facility | |||
Multi-Draw | Multi-Draw Term Loan | |||
Sr. - Unsec. TL | Senior Unsecured Term Loan |
Certain term loans have different letter designations which may generally indicate differences in maturities, pricing, and other terms and conditions. A letter designation could also result from the consolidation of two or more previously issued term loans.
See Notes to Schedule of Investments.
9
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
The Citigroup Investments Corporate Loan Fund Inc. (Fund), a non-diversified investment company, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company.
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. 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, Smith Barney Fund Management LLC (SBFM), an indirect wholly-owned subsidiary of Citigroup Inc. (Citigroup), the Funds investment adviser, with the assistance of the Travelers Asset Management International Company LLC (TAMIC), another indirect wholly-owned subsidiary of Citigroup, the subadviser, 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. SBFM 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 value.
10
Notes to Schedule of Investments (unaudited) (continued)
(b) Security Transactions and Investment Income. Security transactions are accounted for on trade date.
2. Investments
At December 31, 2004, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation |
$ | 3,451,218 | ||
Gross unrealized depreciation |
(2,049,145 | ) | ||
Net unrealized appreciation |
$ | 1,402,073 |
11
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.
CITIGROUP INVESTMENTS CORPORATE LOAN FUND INC. | ||
By: | /s/ R. JAY GERKEN | |
R. Jay Gerken Chief Executive Officer | ||
Date: | February 25, 2005 |
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 25, 2005 |
By: | /s/ KAPREL OZSOLAK | |
Kaprel Ozsolak Chief Financial Officer | ||
Date: | February 25, 2005 |