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: June 30, 2007
ITEM 1. | SCHEDULE OF INVESTMENTS |
LMP CORPORATE LOAN FUND INC.
FORM N-Q
JUNE 30, 2007
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
SENIOR COLLATERALIZED LOANS - 98.9% | ||||||
Aerospace/Defense - 2.7% | ||||||
$ | 1,500,000 | Be Aerospace Inc., Term Loan B, 7.090% to 7.140% due 9/28/07 |
$ | 1,505,625 | ||
1,353,516 | CACI International Inc., Term Loan, 6.820% to 6.860% due 9/10/07 |
1,352,248 | ||||
1,376,775 | ILC Industries Inc., First Lien Term Loan, 7.610% due 9/28/07 |
1,384,519 | ||||
1,131,683 | Standard Aero Holdings Inc., Term Loan, 7.570% due 7/31/07 |
1,133,805 | ||||
1,036,757 | Transdigm Inc., Term Loan B, 7.360% due 9/27/07 |
1,043,237 | ||||
Total Aerospace/Defense |
6,419,434 | |||||
Automotive - 2.8% | ||||||
Hertz Corp.: |
||||||
319,366 | Synthetic Letter of Credit, 7.110% due 9/21/07 |
321,175 | ||||
1,521,671 | Term Loan, 7.090% to 7.110% due 9/14/07 |
1,530,290 | ||||
1,225,000 | Kar Holdings, Term Loan B, 7.610% due 9/28/07 |
1,227,451 | ||||
543,270 | Keystone Automotive Industries Inc., Term Loan B, 8.820% to 10.750% due 9/28/07 |
528,670 | ||||
2,522,970 | Tire Rack Inc., Term Loan B, 7.070% to 7.110% due 9/28/07 |
2,532,431 | ||||
328,909 | United Components Inc., Term Loan D, 7.610% due 8/10/07 |
330,142 | ||||
Total Automotive |
6,470,159 | |||||
Broadcast Radio and Television - 3.4% | ||||||
2,276,786 | Citadel Communication Group, Term Loan B, 6.945% due 7/12/07 |
2,262,556 | ||||
1,067,756 | CMP Susquehanna Corp., Term Loan B, 7.350% to 7.387% due 8/9/07 |
1,072,873 | ||||
429,825 | Lodgenet Entertainment Corp., Term Loan B, 7.360% due 9/28/07 |
432,444 | ||||
1,120,370 | National Cinemedia Inc., Term Loan B, 7.110% due 9/13/07 |
1,119,469 | ||||
1,175,380 | Sun Media Corp., Term Loan B, 7.105% due 7/31/07 |
1,178,687 | ||||
2,000,000 | Univision Communications, Term Loan B, 7.605% due 7/30/07 |
1,975,288 | ||||
Total Broadcast Radio and Television |
8,041,317 | |||||
Building and Development - 6.6% | ||||||
Building Materials Holding Corp.: |
||||||
672,775 | Second Lien Term Loan, 11.125% due 7/18/07 |
661,562 | ||||
1,990,013 | Term Loan, 8.188% due 7/23/07 |
1,966,879 | ||||
1,627,960 | Capital Automotive REIT, Term Loan, 7.070% due 7/2/07 |
1,637,394 | ||||
1,221,900 | Contech Construction Products Inc., Term Loan, 7.320% to 7.340% due 9/28/07 |
1,227,246 | ||||
Custom Building Products Inc.: |
||||||
1,000,000 | Second Lien Term Loan, 10.320% due 7/27/07 |
998,542 | ||||
1,281,893 | Term Loan B, 7.570% due 7/31/07 |
1,284,030 | ||||
173,015 | Infrastrux Group Inc., Term Loan B, 8.570% due 7/30/07 |
173,448 | ||||
279,255 | Kyle Acquisition Group LLC, Term Loan B, 8.875% due 7/31/07 |
282,135 | ||||
438,939 | Maguire Properties Inc., Term Loan, 7.320% due 7/31/07 |
441,408 | ||||
1,422,927 | Panolam Industries International, Term Loan, 8.110% due 9/28/07 |
1,427,373 | ||||
Pike Electric Inc.: |
||||||
242,779 | Term Loan B, 6.875% due 8/10/07 |
242,880 | ||||
276,262 | Term Loan C, 6.875% due 8/16/07 |
276,378 | ||||
2,481,250 | Shea Capital I LLC, Term Loan, 7.360% due 9/28/07 |
2,440,930 | ||||
2,500,000 | South Edge LLC, Term Loan C, 7.375% due 7/31/07 |
2,484,375 | ||||
Total Building and Development |
15,544,580 | |||||
Business Equipment and Services - 9.5% | ||||||
2,272,917 | Acxiom Corp., Term Loan B, 7.070% due 7/16/07 |
2,284,993 | ||||
200,000 | Asset Acceptance, Term Loan B, 7.625% due 7/12/07 |
201,750 | ||||
Asurion Corp.: |
||||||
1,113,372 | First Lien Term Loan, 8.320% due 7/18/07 |
1,116,155 | ||||
1,000,000 | Second Lien Term Loan, 11.570% due 7/18/07 |
1,015,000 | ||||
1,218,875 | Beacon Sales Acquisition Inc., Term Loan B, 7.349% due 7/2/07 |
1,221,922 |
See Notes to Schedule of Investments.
1
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Business Equipment and Services - 9.5% (continued) | ||||||
Buhrmann U.S. Inc.: |
||||||
$ | 1,492,500 | New Term Loan D, 7.110% due 9/18/07 |
$ | 1,493,433 | ||
940,454 | Term Loan D-1, 7.105% to 7.110% due 9/18/07 |
939,425 | ||||
400,566 | Coinstar Inc., Term Loan, 7.350% due 7/10/07 |
402,820 | ||||
Deluxe Entertainment Service Group Inc.: |
||||||
103,079 | Canadian Term Loan, 7.610% due 8/10/07 |
103,450 | ||||
51,540 | Letter of Credit, 5.260% due 7/2/07 |
51,725 | ||||
100,000 | Second Lien Term Loan, 11.360% due 8/10/07 |
101,125 | ||||
1,154,489 | Term Loan, 7.610% due 8/10/07 |
1,158,638 | ||||
Educate Services Inc: |
||||||
470,000 | First Lien Term Loan, 7.570% to 9.500% due 9/28/07 |
471,175 | ||||
286,000 | Second Lien, 10.570% due 7/31/07 |
288,145 | ||||
1,175,881 | Education Management Corp., Term Loan B, 7.125% due 7/2/07 |
1,172,697 | ||||
333,334 | Fleetcor Technologies Operating Co., LLC, Term Loan B, 7.570% to 7.610% due 9/4/07 |
334,584 | ||||
833,333 | Intralinks Inc, Term Loan, 8.070% due 7/20/07 |
833,333 | ||||
Jacobson Acquisition Co.: |
||||||
800,000 | Second Lien, 10.820% due 7/19/07 |
808,000 | ||||
1,052,632 | Term Loan B, 7.820% due 7/19/07 |
1,056,579 | ||||
1,354,167 | N.E.W. Customer Services Cos. Inc., First Lien Term Loan, 7.840% to 7.860% due 9/10/07 |
1,352,756 | ||||
Nasdaq Stock Market Inc.: |
||||||
1,695,466 | Term Loan B, 7.070% due 7/31/07 |
1,700,764 | ||||
982,822 | Term Loan C, 7.070% due 7/31/07 |
985,894 | ||||
804,008 | NCO Group, Term Loan, 8.360% to 10.250% due 9/28/07 |
806,772 | ||||
687,500 | Neff Corp., Second Lien Term Loan, 8.896% due 12/7/07 |
692,513 | ||||
Riskmetrics Group Holdings LLC: |
||||||
249,375 | Second Lien Term Loan, 10.860% due 9/28/07 |
252,492 | ||||
250,000 | Term Loan B, 7.610% due 9/28/07 |
251,250 | ||||
383,822 | Verifone Inc., Term Loan, 7.110% due 7/31/07 |
385,742 | ||||
West Corp.: |
||||||
24,282 | Term Loan B2, 7.730% to 7.763% due 9/28/07 |
24,395 | ||||
786,097 | Term Loan, 7.730% to 7.763% due 9/28/07 |
789,759 | ||||
Total Business Equipment and Services |
22,297,286 | |||||
Cable and Satellite Television - 4.0% | ||||||
1,622,117 | Bragg Communications Inc., New Term Loan B, 7.110% due 8/31/07 |
1,624,145 | ||||
4,000,000 | Insight Midwest Holdings LLC, Term Loan B, 7.350% due 7/5/07 |
4,014,064 | ||||
250,000 | Intelsat (Bermuda) Ltd., Term Loan, 7.855% due 8/2/07 |
250,569 | ||||
Persona Communication Inc.: |
||||||
936,170 | First Lien Term Loan, 8.070% to 10.000% due 9/28/07 |
942,606 | ||||
1,872,340 | Second Lien Term Loan, 11.350% due 7/2/07 |
1,901,595 | ||||
701,754 | Virgin Media Investment Holding, Term Loan B4, 7.356% due 7/16/07 (c) |
705,452 | ||||
Total Cable and Satellite Television |
9,438,431 | |||||
Chemicals/Plastics - 4.4% | ||||||
1,864,219 | Georgia Gulf Corp., Term Loan, 7.820% due 7/6/07 |
1,879,560 | ||||
1,037,020 | Hercules Inc., Term Loan B, 6.820% due 7/16/07 |
1,038,641 | ||||
516,129 | Huish Detergents Inc., Term Loan B, 7.320% due 9/28/07 |
515,484 | ||||
Kik Custom Products: |
||||||
583,334 | Second Lien Term Loan, 10.360% due 9/25/07 |
581,511 | ||||
653,846 | Term Loan B, 7.610% due 9/25/07 |
655,072 | ||||
2,695,000 | Rockwood Specialties Group Inc., Tranche E Term Loan, 7.105% due 7/31/07 |
2,710,666 | ||||
Texas Petrochemicals Corp.: |
||||||
382,166 | Letter of Credit, 7.860% due 8/15/07 |
384,872 | ||||
1,135,074 | Term Loan B, 7.938% due 9/28/07 |
1,143,114 |
See Notes to Schedule of Investments.
2
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Chemicals/Plastics - 4.4% (continued) | ||||||
$ | 1,463,806 | Unifrax Corp., Term Loan B, 7.625% due 7/31/07 |
$ | 1,470,210 | ||
Total Chemicals/Plastics |
10,379,130 | |||||
Clothing/Textiles - 0.9% | ||||||
Gold Toe Investment Corp.: | ||||||
1,119,375 | First Lien Term Loan, 8.110% due 7/30/07 |
1,127,071 | ||||
375,000 | Second Lien Term Loan, 11.360% due 7/30/07 |
380,859 | ||||
498,317 | William Carter Co., Term Loan B, 6.820% to 6.855% due 7/31/07 |
498,940 | ||||
Total Clothing/Textiles |
2,006,870 | |||||
Conglomerates - 1.0% | ||||||
Mark IV Industries Inc.: | ||||||
495,000 | First Lien Term Loan, 7.820% to 7.890% due 12/27/07 |
497,270 | ||||
250,000 | Second Lien Term Loan, 11.070% to 11.130% due 12/27/07 |
251,771 | ||||
TriMas Corp.: | ||||||
281,250 | Letter of Credit, 8.070% due 7/2/07 |
285,117 | ||||
1,209,609 | Term Loan B, 8.090% to 8.125% due 7/30/07 |
1,226,241 | ||||
Total Conglomerates |
2,260,399 | |||||
Containers and Glass Products - 2.1% | ||||||
Crown Americas LLC: | ||||||
990,000 | Term Loan, 7.110% due 8/15/07 |
991,114 | ||||
1,980,000 | Term Loan B, 7.110% due 8/15/07 |
1,982,227 | ||||
1,875,000 | Graphic Packaging International Inc., First Lien Term Loan, 7.320% to 10.250% due 9/28/07 |
1,883,203 | ||||
Total Containers and Glass Products |
4,856,544 | |||||
Cosmetics/Personal Care - 0.1% | ||||||
255,511 | Vi-Jon, Term Loan B, 7.570% to 7.610% due 8/24/07 |
256,150 | ||||
Drugs 1.7% | ||||||
1,129,280 | Cardinal Health Inc., Dollar Term Loan, 7.610% due 9/28/07 |
1,127,516 | ||||
1,246,787 | Leiner Health Products Group Inc., Term Loan B, 9.830% due 9/28/07 |
1,234,709 | ||||
1,651,034 | Royalty Pharma Finance Trust, Term Loan, 6.820% to 6.840% due 7/30/07 |
1,658,257 | ||||
Total Drugs |
4,020,482 | |||||
Ecological Services and Equipment - 0.9% | ||||||
1,997,443 | IESI Corp., Term Loan, 7.109% to 7.110% due 8/22/07 |
2,003,685 | ||||
Electronics/Electric - 3.5% | ||||||
471,969 | Advanced Micro Devices Inc., Term Loan B, 7.360% due 9/28/07 |
471,700 | ||||
Attachmate Corp.: | ||||||
333,334 | Second Lien Term Loan, 12.110% due 9/28/07 |
338,751 | ||||
748,125 | Term Loan B, 8.590% due 7/2/07 |
752,333 | ||||
Bridge Information Systems Inc.: | ||||||
417,396 | Multi-Draw Term Loan, 11.000% due 9/28/07 (d) |
31,305 | ||||
774,078 | Term Loan B, 11.250% due 9/28/07 (d) |
58,056 | ||||
Dealer Computer Services: |
||||||
1,000,000 | Second Lien Term Loan, 10.860% due 9/28/07 |
1,025,000 | ||||
1,461,311 | Term Loan, 7.360% due 9/28/07 |
1,470,314 | ||||
974,128 | Intergraph Corp., First Lien Term Loan, 7.570% to 7.610% due 8/29/07 |
979,607 | ||||
888,406 | Sabre Inc., Term Loan B, 7.605% due 7/31/07 |
881,882 | ||||
2,250,000 | Travelport, Delayed Draw Term Loan |
2,247,187 | ||||
Total Electronics/Electric |
8,256,135 | |||||
Equipment Leasing - 0.6% | ||||||
166,444 | Kinetic Concepts Inc., Term Loan B-2, 6.860% due 9/28/07 |
166,912 |
See Notes to Schedule of Investments.
3
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Equipment Leasing - 0.6% (continued) | ||||||
$ | 1,190,445 | Rent-a-Center Inc., Term Loan B, 7.110% due 9/14/07 |
$ | 1,194,537 | ||
Total Equipment Leasing |
1,361,449 | |||||
Finance - 0.2% | ||||||
432,433 | Tishman Speyer, Term Loan, 7.070% due 7/5/07 |
434,505 | ||||
Food Products - 3.6% | ||||||
American Seafoods Group LLC: |
||||||
1,054,692 | Term Loan B1, 7.110% due 9/28/07 |
1,057,658 | ||||
829,601 | Term Loan B2, 7.110% due 9/28/07 |
831,935 | ||||
1,018,678 | Del Monte Corp., Term Loan, 6.820% to 6.855% due 7/27/07 |
1,021,134 | ||||
1,860,462 | Michael Foods Inc., Term Loan B-1, 7.361% due 11/21/07 |
1,870,927 | ||||
1,856,688 | NPC International, Term Loan B, 7.070% to 7.110% due 11/5/07 |
1,860,750 | ||||
1,897,092 | Reddy Ice Group Inc., Term Loan, 7.105% due 7/12/07 |
1,901,243 | ||||
Total Food Products |
8,543,647 | |||||
Food/Drug Retailers - 1.2% | ||||||
1,142,974 | Sagittarius Brands Inc., Term Loan B, 7.610% due 9/28/07 |
1,148,332 | ||||
748,125 | Sbarro Inc., Term Loan B, 7.860% to 7.880% due 11/30/07 |
753,853 | ||||
|
943,394 |
Smart & Final, First Lien Term Loan, 8.360% due 8/31/07 |
|
947,521 | ||
Total Food/Drug Retailers |
|
2,849,706 | ||||
Forest Products - 2.4% | ||||||
3,375,000 | Domtar Inc., Term Loan, 6.735% due 7/12/07 |
3,365,297 | ||||
Smurfit-Stone Container Corp.: | ||||||
205,115 | Deposit Funded Loan, 7.320% due 7/2/07 |
206,292 | ||||
1,035,575 | Term Loan B, 7.375% due 9/4/07 |
1,041,519 | ||||
261,990 | Term Loan C, 7.375% due 9/4/07 |
263,642 | ||||
629,754 | Term Loan C1, 7.375% due 7/2/07 |
633,726 | ||||
Total Forest Products |
5,510,476 | |||||
Healthcare - 8.0% | ||||||
498,750 | Advanced Medical Optics Inc., Term Loan, 7.085% to 7.100% due 9/5/07 |
497,191 | ||||
2,277,573 | AMN Healthcare, Term Loan B, 7.110% due 9/28/07 |
2,281,133 | ||||
Carestream Health Inc.: |
||||||
1,500,000 | First Lien Term Loan, 7.340% due 7/31/07 |
1,503,564 | ||||
1,000,000 | Second Lien Term Loan, 10.590% due 7/31/07 |
1,013,750 | ||||
3,125,260 | Community Health Systems Inc., First Incremental Term Loan, 7.070% to 7.110% due 8/30/07 |
3,135,514 | ||||
262,094 | Conmed Corp., Institutional Term Loan, 7.070% to 9.000% due 9/28/07 |
262,258 | ||||
3,250,000 | Davita Inc., Term Loan B1, 6.850% to 6.880% due 12/31/07 |
3,258,378 | ||||
1,207,284 | Fresenius Medical Care Holdings Inc., Term Loan B, 6.735% due 9/28/07 |
1,208,077 | ||||
1,492,500 | Medassets Inc., Term Loan B, 7.820% due 7/30/07 |
1,493,433 | ||||
1,125,207 | Reable Therapeutics Finance LLC, Term Loan, 7.850% to 7.900% due 8/6/07 |
1,127,669 | ||||
Talecris Biotherepeutics Inc.: |
||||||
482,406 | First Lien Term Loan, 8.860% to 10.500% due 9/28/07 |
493,863 | ||||
930,851 | Second Lien Term Loan, 11.860% due 8/14/07 |
938,706 | ||||
1,561,143 | Vicar Operating Inc., Term Loan, 6.875% due 7/2/07 |
1,559,192 | ||||
Total Healthcare |
18,772,728 | |||||
Home Furnishings - 0.9% | ||||||
BL Sleep Innovations: | ||||||
500,000 | Second Lien Term Loan, 11.840% due 7/10/07 |
362,500 | ||||
1,106,815 | Term Loan, 8.090% due 7/10/07 |
1,007,202 | ||||
774,472 | Simmons Co., Term Loan D, 7.375% to 7.438% due 2/28/08 | 778,021 | ||||
Total Home Furnishings | 2,147,723 | |||||
See Notes to Schedule of Investments.
4
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Hotels/Motels/Inns and Casinos - 5.6% | ||||||
$ | 2,488,189 | Alliance Gaming Corp., Term Loan B, 8.610% due 7/9/07 |
$ | 2,510,349 | ||
1,855,583 | Ameristar Casinos Inc., Initial Term Loan, 6.820% due 7/30/07 |
1,856,743 | ||||
720,852 | Green Valley Ranch Gaming LLC, First Lien Term Loan, 7.360% due 9/28/07 |
724,650 | ||||
321,603 | Greenwood Racing Inc., Term Loan B, 7.570% due 7/31/07 |
322,809 | ||||
1,208,792 | Isle of Capri Black Hawk LLC, Term Loan, 7.340% to 7.360% due 9/28/07 |
1,210,303 | ||||
2,456,250 | Penn National Gaming Inc, Term Loan B, 7.110% due 9/28/07 |
2,462,251 | ||||
Seminole Tribe of Flordia: | ||||||
323,887 | Term Loan, 6.875% due 9/5/07 |
323,988 | ||||
1,093,117 | Term Loan B2, 6.875% due 9/5/07 |
1,093,459 | ||||
1,082,996 | Term Loan B3, 6.875% due 7/17/07 |
1,083,335 | ||||
|
1,562,500 |
Zuffa, Term Loan B, 7.375% due 7/19/07 |
|
1,558,594 | ||
Total Hotels/Motels/Inns and Casinos |
|
13,146,481 | ||||
Industrial Equipment - 4.6% | ||||||
282,430 | Baldor Electric Co., Term Loan B, 7.125% due 7/30/07 |
283,607 | ||||
Electrical Components International Holding: |
||||||
800,577 | First Lien Term Loan, 7.630% due 8/28/07 |
803,079 | ||||
338,505 | Second Lien Term Loan, 11.860% due 8/15/07 |
341,890 | ||||
976,559 | Enersys Inc., New Term Loan, 7.106% to 7.150% due 9/24/07 |
982,052 | ||||
1,736,382 | Flowserve Corp., Term Loan, 6.875% due 9/28/07 |
1,739,421 | ||||
298,786 | Foamex International Inc., First Lien Term Loan, 7.570% to 7.606% due 7/16/07 |
298,342 | ||||
1,225,000 | Generac Power Systems Inc., First Lien Term Loan, 7.860% due 9/28/07 |
1,206,953 | ||||
367,143 | Goodman Global Holdings Inc., Term Loan C, 7.125% due 8/10/07 |
367,831 | ||||
Jacuzzi Brands: |
||||||
114,637 | First Lien Term Loan, 7.570% to 7.629% due 8/31/07 |
110,230 | ||||
10,135 | Letter of Credit, 7.595% due 7/2/07 |
9,746 | ||||
166,666 | Second Lien Term Loan, 11.348% to 11.379% due 8/31/07 |
154,166 | ||||
2,415,913 | Norcross Safety Products LLC, Term Loan, 7.400% due 8/7/07 |
2,424,973 | ||||
1,929,617 | Oshkosh Truck Corp., Term Loan B, 7.110% due 9/6/07 |
1,938,054 | ||||
Total Industrial Equipment |
10,660,344 | |||||
Insurance - 0.5% | ||||||
1,117,134 | Hilb, Rogal & Hobbs Co., Term Loan, 6.860% due 9/28/07 |
1,117,832 | ||||
Leisure - 4.9% | ||||||
694,215 | Amscan Holdings Inc., Term Loan B, 7.625% due 7/25/07 |
695,806 | ||||
Auto Europe Group LLC: |
||||||
628,954 | First Lien Term Loan, 8.070% due 7/31/07 |
631,312 | ||||
1,000,000 | Second Lien Term Loan, 11.820% due 7/31/07 |
1,008,125 | ||||
2,945,031 | Regal Cinemas Inc., Term Loan, 6.860% due 9/28/07 |
2,953,445 | ||||
750,000 | Southwest Sports Group LLC, Term Loan, 7.875% due 9/28/07 |
750,235 | ||||
1,852,069 | Universal City Development Partners, L.P., Term Loan B, 7.350% to 7.360% due 9/18/07 |
1,867,117 | ||||
3,518,180 | Warner Music Group Acquisition Corp., Term Loan, 7.355% to 7.360% due 8/31/07 |
3,533,083 | ||||
Total Leisure |
11,439,123 | |||||
Non-Ferrous Metals/Materials - 2.2% | ||||||
1,091,064 | Compass Minerals Group Inc., Term Loan, 6.850% to 6.860% due 9/27/07 |
1,092,655 | ||||
1,600,667 | Freeport-McMoran Copper & Gold Inc., Term Loan B, 9.000% due 9/28/07 |
1,603,437 | ||||
Oxbow Carbon and Minerals Holdings LLC: |
||||||
72,615 | Delayed Draw Term Loan B, 7.320% to 7.360% due 9/28/07 |
72,714 | ||||
826,953 | Term Loan, 7.360% to 8.250% due 9/28/07 |
828,073 |
See Notes to Schedule of Investments.
5
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Non-Ferrous Metals/Materials - 2.2% (continued) | ||||||
$ | 1,464,235 | Walter Industries Inc., Term Loan B, 7.070% to 7.110% due 9/14/07 |
$ | 1,467,164 | ||
Total Non-Ferrous Metals/Materials |
5,064,043 | |||||
Oil & Gas - 5.6% | ||||||
Alon USA Inc.: |
||||||
130,785 | Edgington Term Loan, 7.570% to 7.606% due 7/31/07 |
131,562 | ||||
1,046,284 | Paramount Term Loan, 7.570% to 7.606% due 9/28/07 |
1,052,497 | ||||
706,873 | Astoria Generating Co. Acquisitions LLC, Term Loan B, 7.340% due 8/24/07 |
709,966 | ||||
Coffeyville Resources LLC: |
||||||
110,745 | Letter of Credit, 8.349% due 7/2/07 |
111,575 | ||||
570,752 | Tranche D Term Loan, 8.349% to 10.250% due 9/28/07 |
578,600 | ||||
1,837,500 | Connacher, Term Loan B, 8.610% due 9/28/07 |
1,855,875 | ||||
750,000 | Dresser Inc., Term Loan B, 7.860% due 8/20/07 |
754,141 | ||||
1,600,734 | Helix Energy Solutions Group Inc., Term Loan B, 7.320% to 7.349% due 7/11/07 |
1,606,570 | ||||
498,750 | IFM Holdco, Term Loan B, 7.360% due 8/29/07 |
501,867 | ||||
|
850,550 |
Semcrude, L.P., US Term Loan, 7.610% due 7/6/07 |
|
854,271 | ||
Targa Resources: |
||||||
378,682 | Synthetic Letter of Credit, 7.239% due 7/2/07 |
380,871 | ||||
1,550,228 | Term Loan B, 7.355% to 7.360% due 9/28/07 |
1,559,190 | ||||
447,500 | Volnay Acquisition Co. I, Term Loan B, 7.360% due 9/28/07 |
451,509 | ||||
Western Refining Co., L.P.: |
||||||
491,071 | Delayed Draw Term Loan, 7.070% due 8/1/07 |
491,685 | ||||
2,008,929 | Term Loan, 7.070% due 7/2/07 |
2,011,440 | ||||
Total Oil & Gas |
|
13,051,619 | ||||
Publishing - 4.0% | ||||||
1,592,920 | Advanstar Communications Inc., First Lien Term Loan, 7.610% due 9/28/07 |
1,589,933 | ||||
233,390 | CBD Media Inc., Term Loan D, 7.820% due 7/31/07 |
234,654 | ||||
1,564,653 | Dex Media East LLC, Term Loan B, 6.840% to 6.860% due 9/28/07 |
1,564,831 | ||||
2,159,723 | Dex Media West LLC, Term Loan B2, 6.840% to 6.860% due 9/12/07 |
2,160,939 | ||||
Gatehouse Media Operating Inc.: |
||||||
262,973 | Delayed Draw Term Loan, 7.350% to 7.360% due 8/29/07 |
261,461 | ||||
704,769 | Term Loan B, 7.360% due 8/29/07 |
700,716 | ||||
1,884,860 | R.H. Donnelley Inc., Term Loan D-1, 6.860% due 9/28/07 |
1,885,921 | ||||
125,000 | Star Tribune, Second Lien Term Loan, 11.340% due 7/2/07 |
109,063 | ||||
952,500 | Wenner Media LLC, Term Loan B, 7.110% due 9/28/07 |
957,263 | ||||
Total Publishing |
9,464,781 | |||||
Retailers - 3.6% | ||||||
1,350,877 | Claires Stores Inc., Term Loan B, 8.110% due 9/28/07 |
1,329,770 | ||||
1,985,037 | CSK Automotive Inc., Term Loan, 8.353% due 7/10/07 |
2,012,332 | ||||
460,526 | J Crew Group, Term Loan B, 7.103% to 7.149% due 10/26/07 |
460,910 | ||||
833,333 | Michaels Stores Inc., Term Loan B, 7.625% due 7/30/07 |
826,505 | ||||
2,582,278 | Neiman-Marcus Group Inc., Term Loan, 7.320% to 7.360% due 9/6/07 |
2,594,180 | ||||
1,243,750 | Petco Animal Supplies Inc., Term Loan, 7.855% to 7.860% due 9/28/07 |
1,252,523 | ||||
Total Retailers |
8,476,220 | |||||
Steel - 0.9% | ||||||
1,355,769 | Excel Mining Systems, Term Loan, 8.320% due 7/30/07 |
1,357,294 | ||||
Tube City IMS Corp.: |
||||||
81,081 | Letter of Credit, 7.500% due 7/2/07 |
81,588 | ||||
667,247 | Term Loan, 7.570% due 7/2/07 |
671,417 | ||||
Total Steel |
2,110,299 | |||||
Surface Transport - 0.5% | ||||||
Coach America Holdings Inc.: |
See Notes to Schedule of Investments.
6
LMP Corporate Loan Fund Inc.
Schedule of Investments (unaudited) (continued) | June 30, 2007 |
FACE AMOUNT |
SECURITY(a)(b) |
VALUE | ||||
Surface Transport - 0.5% (continued) | ||||||
$ | 506,751 | First Lien Term Loan B, 8.110% to 10.000% due 10/1/07 |
$ | 508,810 | ||
500,000 | Second Lien Term Loan, 11.860% due 9/25/07 |
501,250 | ||||
103,419 | Synthetic Letter of Credit, 5.258% due 7/2/07 |
103,839 | ||||
Total Surface Transport |
1,113,899 | |||||
Telecommunications/Cellular Communications - 3.4% | ||||||
1,915,833 | Centennial Communications Corp., New Term Loan, 7.360% due 9/28/07 |
1,927,637 | ||||
798,750 | Cincinnati Bell Inc., Term Loan, 6.820% due 8/2/07 |
797,876 | ||||
1,500,000 | Crown Castle Operating Co., Term Loan B, 6.820% to 8.899% due 9/6/07 |
1,501,641 | ||||
2,000,000 | FairPoint Communications Inc., Additional Replacement Term Loan, 7.125% due 9/28/07 |
2,003,438 | ||||
801,988 | Metropcs Wireless Inc., Term Loan B, 7.625% due 9/28/07 |
805,396 | ||||
989,644 | Ntelos Inc., First Lien Term Loan, 7.570% due 7/31/07 |
994,592 | ||||
Total Telecommunications/Cellular Communications |
8,030,580 | |||||
Utilities - 2.6% | ||||||
Covanta Holding Corp.: |
||||||
164,948 | Letter of Credit, 6.760% due 9/28/07 |
165,129 | ||||
335,052 | Term Loan B, 6.875% due 8/10/07 |
335,418 | ||||
1,290,909 | Energy Investors Funds, Term Loan, 7.082% to 7.100% due 10/11/07 |
1,298,977 | ||||
598,125 | LS Power Aquisition, Term Loan B, 7.360% due 9/28/07 |
598,592 | ||||
NE Energy Inc.: |
||||||
105,691 | Letter of Credit, 7.860% due 9/28/07 |
106,431 | ||||
250,000 | Second Lien Term Loan, 9.875% due 9/21/07 |
253,646 | ||||
889,837 | Term Loan B, 7.860% due 9/20/07 |
896,066 | ||||
1,466,667 | Reliant Energy Inc., LC Facility, 5.190% due 7/2/07 |
1,464,834 | ||||
TPF Generation Holdings LLC: |
||||||
154,214 | Letter of Credit, 7.370% due 7/2/07 |
155,046 | ||||
48,343 | Revolver, 7.370% due 7/2/07 |
48,604 | ||||
814,874 | Term Loan B, 7.350% due 7/2/07 |
819,267 | ||||
Total Utilities |
6,142,010 | |||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost - $231,704,842) |
|
231,688,067 | ||||
SHORT-TERM INVESTMENT - 1.1% | ||||||
U.S. Government Agency - 1.1% | ||||||
2,505,000 | Federal Home Loan Bank (FHLB), Discount Notes, 4.800% due 7/2/07 (e) (Cost - $2,505,000) |
2,505,000 | ||||
TOTAL INVESTMENTS - 100.0% (Cost - $234,209,842#) |
|
234,193,067 | ||||
(a) | The maturity date represents the last in range of maturity dates. |
(b) | Interest rates disclosed 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. |
(e) | Rate shown represents yield-to-maturity. |
# | 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. (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 the 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 fair value.
(b) | Security Transactions. Security transactions are accounted for on a trade date basis. |
2. Investments
At June 30, 2007, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation |
$ | 784,009 | ||
Gross unrealized depreciation |
|
(800,784 |
) | |
Net unrealized depreciation |
$ | (16,775 | ) | |
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: | August 24, 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: | August 24, 2007 |
By | /s/ KAPREL OZSOLAK | |
Kaprel Ozsolak | ||
Chief Financial Officer | ||
Date: | August 24, 2007 |