UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-451-2010
Date of fiscal year end: September 30
Date of reporting period: December
31, 2005
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ITEM 1. |
SCHEDULE OF INVESTMENTS |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
FORM N-Q
DECEMBER 31, 2005
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
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FACE |
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SECURITY(a)(b) |
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VALUE(c) |
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SENIOR COLLATERALIZED LOANS — 100.0% |
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Aerospace/Defense — 1.9% |
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$ |
683,611 |
Anteon Corp., Term Loan, 6.139% due 1/31/06 |
$ |
690,306 |
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1,374,501 |
CACI International Inc., Term Loan, 5.430% to 6.140% due 6/9/06 |
1,388,819 |
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1,492,500 |
ILC Industries Inc., First Lien Term Loan, 7.027% due 3/31/06 |
1,514,888 |
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563,704 |
Standard Aero Holdings Inc., Term Loan , 6.630% to 6.960% due 6/30/06 |
561,237 |
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190,756 |
TransDigm Inc., Term Loan, 6.580% due 2/14/06 |
193,408 |
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Total Aerospace/Defense |
4,348,658 |
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Air Transport — 1.3% |
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3,000,000 |
Delta Air Lines Inc., Term Loan B, 11.010% due 5/8/06 |
3,114,999 |
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Automotive — 1.5% |
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636,666 |
Keystone Automotive Industries Inc., Term Loan B, 6.026% to 6.497% due 6/19/06 |
641,242 |
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2,481,266 |
Tire Rack Inc., Term Loan B, 6.640% to 6.780% due 3/31/06 |
2,502,977 |
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321,482 |
United Components Inc., Tranche C, 6.810% due 2/10/06 |
325,902 |
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Total Automotive |
3,470,121 |
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Beverage & Tobacco — 2.4% |
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2,500,000 |
Commonwealth Brands Inc., Term Loan, 8.500% due 3/31/06 |
2,500,000 |
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1,565,556 |
Constellation Brands Inc., Term Loan B, 5.438% to 5.750% due 3/1/06 |
1,584,636 |
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1,459,091 |
Mafco Worldwide Corp., Term Loan B, 6.500% due 3/20/06 |
1,474,594 |
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Total Beverage & Tobacco |
5,559,230 |
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Broadcast Radio & Television — 1.6% |
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333,333 |
New Publications Inc., First Lien Term Loan, 6.550% due 2/9/06 |
328,055 |
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Nextmedia Operating: |
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615,385 |
Delayed Draw Term Loan, 6.320% due 1/6/06 |
620,128 |
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1,379,615 |
First Lien Term Loan, 6.369% due 1/17/06 |
1,390,250 |
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1,295,707 |
Sun Media Corp., Term Loan B, 6.243% due 1/31/06 |
1,302,185 |
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Total Broadcast Radio & Television |
3,640,618 |
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Building & Development — 8.9% |
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1,750,000 |
Capital Automotive REIT, Term Loan, 6.120% due 1/23/06 |
1,750,000 |
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2,525,885 |
Contech Construction Products Inc., Term Loan B, 6.080% to 8.500% due 3/31/06 |
2,538,515 |
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426,007 |
Custom Building Products Inc., Term Loan B, 6.720% to 6.777% due 3/30/06 |
428,936 |
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2,974,303 |
General Growth Properties Inc., Term Loan B, 6.390% due 1/31/06 |
2,998,594 |
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1,419,724 |
Landsource Communities Development LLC, Term Loan B, 6.875% due 1/13/06 |
1,435,253 |
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2,812,105 |
Lion Gables Realty, L.P., Term Loan, 6.090% to 6.150% due 2/7/06 |
2,827,046 |
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Masonite International Corp.: |
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801,760 |
Canadian Term Loan, 6.206% to 6.527% due 3/31/06 |
794,702 |
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803,125 |
Term Loan, 6.206% to 6.527% due 3/31/06 |
796,056 |
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1,297,900 |
Panolam Industries International, Term Loan, 7.277% due 3/31/06 |
1,317,369 |
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Pike Electric Inc.: |
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362,647 |
Term Loan B, 6.625% due 1/6/06 |
367,180 |
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412,662 |
Term Loan C, 6.125% due 1/13/06 |
417,820 |
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2,500,000 |
Shea Capital I LLC, Term Loan, 6.260% due 2/2/06 |
2,512,500 |
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2,500,000 |
South Edge LLC, Term Loan C, 6.375% due 2/2/06 |
2,516,668 |
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Total Building & Development |
20,700,639 |
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Business Equipment & Services — 4.6% |
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442,500 |
Alliance Laundry Holdings LLC, Term Loan B, 6.590% due 1/6/06 |
449,137 |
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954,997 |
Buhrmann U.S. Inc., Term Loan D-1, 6.160% to 6.238% due 3/17/06 |
969,721 |
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403,509 |
Coinmach Corp., Delayed Draw Term Loan, 6.875% to 8.750% due 3/31/06 |
403,509 |
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443,144 |
Coinstar Inc., Term Loan, 6.100% due 1/9/06 |
447,853 |
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1 |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
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FACE |
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SECURITY(a)(b) |
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VALUE(c) |
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Business Equipment & Services (continued) |
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$ |
2,536,883 |
Fidelity National Information Solutions Inc., Term Loan B, 6.110% due 1/11/06 |
$ |
2,549,991 |
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1,735,278 |
Global Cash Access LLC, Term Loan, 6.470% due 1/3/06 |
1,760,691 |
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499,074 |
MAXIM Crane Works, Term Loan, 6.875% to 9.000% due 3/31/06 |
506,145 |
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460,207 |
N.E.W. Holdings I LLC, First Lien Term Loan, 7.063% to 7.688% due 4/13/06 |
466,822 |
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2,500,000 |
Nasdaq Stock Market Inc., Term Loan B, 6.000% to 6.188% due 6/13/06 |
2,520,052 |
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685,489 |
Verifone Inc., Term Loan B, 6.243% due 1/31/06 |
694,058 |
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Total Business Equipment and Services |
10,767,979 |
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Cable & Satellite Television — 3.5% |
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1,647,137 |
Bragg Communications Inc., New Term Loan B, 6.240% due 1/4/06 |
1,670,815 |
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2,500,000 |
Century Cable Holdings LLC, Discretionary Term Loan, 9.250% due 3/31/06 |
2,443,360 |
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3,920,000 |
Insight Midwest Holdings LLC, Term Loan C, 6.563% due 3/31/06 |
3,975,127 |
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Total Cable & Satellite Television |
8,089,302 |
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Chemicals/Plastics — 4.6% |
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Basell Finance Company: |
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833,333 |
Term Loan B2, 6.906% due 2/28/06 |
847,787 |
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166,667 |
Term Loan B4, 6.906% due 2/28/06 |
169,003 |
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833,333 |
Term Loan C2, 6.583% due 1/31/06 |
847,787 |
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166,667 |
Term Loan C4, 7.243% due 1/31/06 |
169,241 |
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765,385 |
Berry Plastics Corp., Term Loan, 6.447% due 3/6/06 |
775,351 |
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2,747,759 |
Celanese AG, Dollar Term Loan, 6.527% due 3/31/06 |
2,779,014 |
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1,242,527 |
Hercules Inc., Term Loan B, 5.860% to 6.277% due 3/31/06 |
1,258,370 |
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2,736,250 |
Rockwood Specialties Group Inc., Tranche E Term Loan, 5.966% due 1/31/06 |
2,768,956 |
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946,549 |
Unifrax Corp., New Term Loan, 6.688% due 1/31/06 |
961,930 |
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30,000 |
Westlake Chemical Corp., Term Loan B, 6.639% due 1/30/06 |
30,000 |
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Total Chemicals/Plastics |
10,607,439 |
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Clothing/Textiles — 0.7% |
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National Bedding Co.: |
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498,750 |
First Lien Term Loan, 6.010% to 8.250% due 3/31/06 |
503,364 |
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500,000 |
Second Lien Term Loan, 9.168% to 9.500% due 3/20/06 |
488,125 |
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624,248 |
William Carter Co., Term Loan B, 5.650% to 5.811% due 2/28/06 |
631,531 |
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Total Clothing/Textiles |
1,623,020 |
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Conglomerates — 0.8% |
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980,866 |
Gentek Inc., First Lien Term Loan, 6.760% to 7.310% due 5/15/06 |
987,732 |
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764,112 |
TriMas Corp., Term Loan B, 8.020% due 1/17/06 |
771,753 |
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Total Conglomerates |
1,759,485 |
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Containers & Glass Products — 2.9% |
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2,000,000 |
Crown Americas LLC, Term Loan B, 6.004% due 3/23/06 |
2,014,376 |
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2,759,131 |
Graphic Packaging International Inc., Term Loan C, 6.190% to 7.163% due 6/9/06 |
2,796,035 |
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1,922,581 |
Tupperware Corp., Term Loan, 5.980% due 3/13/06 |
1,925,384 |
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Total Containers & Glass Products |
6,735,795 |
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Drugs — 1.2% |
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2,565,381 |
Leiner Health Products Group Inc., Term Loan B, 7.700% due 3/31/06 |
2,598,251 |
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206,473 |
NBTY Inc., Term Loan C, 6.375% due 2/22/06 |
207,505 |
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Total Drugs |
2,805,756 |
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Ecological Services & Equipment — 0.9% |
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1,997,443 |
IESI Corp., Term Loan, 6.159% to 6.370% due 2/21/06 |
2,024,285 |
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2 |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
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FACE |
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SECURITY(a)(b) |
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VALUE(c) |
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Electronics/Electric — 1.1% |
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$ |
2,000,000 |
Aspect Software, First Lien Term Loan, 6.563% due 3/22/06 |
$ |
2,025,000 |
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Bridge Information Systems Inc.: |
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501,447 |
Multi-Draw Term Loan, 10.000% due 3/31/06 (d) |
7,521 |
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929,979
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Term Loan B, 10.250% due 3/31/06 (d) |
13,950
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541,312 |
Fairchild Semiconductor Corp., Term Loan B-3, 6.313% due 3/30/06 |
545,372 |
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Total Electronics/Electric |
2,591,843 |
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Equipment Leasing — 0.1% |
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306,113 |
Kinetic Concepts Inc., Term Loan B-2, 6.280% due 3/31/06 |
309,302 |
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Food Products — 3.1% |
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1,087,260 |
American Seafoods Group LLC, Term Loan B1, 5.840% due 1/3/06 |
1,102,889 |
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2,000,000 |
Bolthouse Farms Inc., First Lien Term Loan, 8.750% due 3/31/06 |
2,032,084 |
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223,639 |
Del Monte Corp., Term Loan, 5.730% due 1/27/06 |
226,798 |
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661,731 |
Keystone Foods Holdings LLC, New Term Loan, 6.188% to 6.313% due 3/30/06 |
670,803 |
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2,104,859 |
Michael Foods Inc., Term Loan B-1, 6.501% to 6.671% due 6/22/06 |
2,134,239 |
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897,092 |
Reddy Ice Group Inc., Term Loan, 5.865% due 1/12/06 |
906,344 |
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Total Food Products |
7,073,157 |
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Food Service — 0.5% |
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812,896 |
Dr. Pepper Bottling Co. of Texas Inc., Term Loan B, 6.181% to 6.450% due 2/21/06 |
825,191 |
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341,866 |
Jack In The Box Inc., Term Loan B, 5.560% to 5.910% due 3/1/06 |
345,498 |
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Total Food Service |
1,170,689 |
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Food/Drug Retailers — 1.7% |
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1,117,002 |
General Nutrition Centers Inc., Tranche B, 7.390% to 7.400% due 2/27/06 |
1,132,361 |
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2,859,812 |
Jean Coutu Group Inc., Term Loan B, 6.500% due 1/30/06 |
2,890,595 |
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Total Food/Drug Retailers |
4,022,956 |
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Forest Products — 1.5% |
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746,467 |
Boise Cascade Corp., Term Loan D, 6.156% to 6.281% due 3/31/06 |
757,198 |
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Smurfit-Stone Container Corp.: |
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261,990 |
Deposit Funded Loan, 3.990% due 1/3/06 |
264,733 |
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1,884,787 |
Term Loan B, 6.563% to 6.750% due 3/3/06 |
1,904,518 |
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639,418 |
Term Loan C, 6.563% to 6.750% due 3/3/06 |
646,112 |
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Total Forest Products |
3,572,561 |
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Health Care — 11.0% |
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750,000 |
Accellent Corp., Term Loan, 6.394% due 2/27/06 |
758,438 |
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429,979 |
Alderwoods Group Inc., Term Loan B2, 5.840% to 6.370% due 3/15/06 |
434,951 |
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2,500,000 |
AMN Healthcare Inc., Term Loan B, 6.527% due 3/31/06 |
2,525,520 |
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402,273 |
Colgate Medical, Ltd., Term Loan B, 6.380% due 1/30/06 |
406,295 |
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3,173,464 |
Community Health Systems Inc., Term Loan, 6.160% due 2/28/06 |
3,217,430 |
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340,394 |
Conmed Corp., Term Loan C, 6.620% due 1/23/06 |
344,649 |
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3,354,338 |
Davita Inc., Term Loan B, 6.400% to 6.940% due 6/30/06 |
3,403,489 |
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2,318,256 |
Encore Medical IHC Inc., Term Loan B, 7.340% to 7.530% due 5/9/06 |
2,344,336 |
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1,544,203 |
Hanger Orthopedic Group Inc., Term Loan B, 8.271% due 3/28/06 |
1,565,436 |
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1,496,250 |
Lifecare Holdings Inc., Term Loan B, 6.590% due 1/6/06 |
1,411,407 |
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2,446,131 |
Multiplan Inc., Term Loan, 7.030% due 3/31/06 |
2,476,707 |
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2,500,000 |
Patheon Inc., Term Loan B, 6.639% due 1/30/06 |
2,515,625 |
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|
847,769 |
Rotech Healthcare Inc., Term Loan B, 7.530% due 3/31/06 |
854,127 |
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1,500,000 |
Team Health Inc., Term Loan B, 6.880% due 2/23/06 |
1,514,063 |
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3 |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
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FACE |
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SECURITY(a)(b) |
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VALUE(c) |
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Health Care (continued) |
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$ |
1,838,370 |
Vicar Operating Inc., Term Loan, 5.938% due 1/31/06 |
$ |
1,860,201 |
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Total Health Care |
25,632,674 |
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Home Furnishings — 1.2% |
||||||||
|
1,116,827 |
Sealy Mattress Co., Term Loan D, 6.118% to 6.160% due 3/1/06 |
1,130,263 |
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Simmons Co.: |
||||||||
|
274,076 |
Term Loan, 7.000% due 1/26/06 |
272,920 |
||||||
|
1,338,077 |
Tranche C, 5.750% to 8.750% due 3/31/06 |
1,353,339 |
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Total Home Furnishings |
2,756,522 |
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Hotels/Motels/Inns & Casinos — 8.0% |
||||||||
|
2,530,618 |
Alliance Gaming Corp., Term Loan B, 11.000% due 3/31/06 |
2,534,968 |
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|
1,883,841 |
Ameristar Casinos Inc., Initial Term Loan, 5.868% due 2/21/06 |
1,897,970 |
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|
840,124 |
Boyd Gaming Corp., Term Loan B, 5.700% to 6.027% due 3/31/06 |
850,889 |
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2,500,000 |
Greektown Holdings LLC, Term Loan B, 6.860% due 1/12/06 |
2,528,125 |
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|
268,243 |
Green Valley Ranch Gaming LLC, Term Loan B, 6.527% due 3/31/06 |
271,764 |
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|
2,493,750 |
Isle of Capri Black Hawk LLC, Term Loan, 6.110% to 6.530% due 3/31/06 |
2,514,012 |
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|
2,493,750 |
Penn National Gaming Inc, Term Loan B, 5.970% to 6.280% due 5/8/06 |
2,526,675 |
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|
2,484,918 |
Pinnacle Entertainment Inc., Term Loan, 6.370% due 3/23/06 |
2,496,384 |
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Venetian Casino Resorts LLC: |
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|
512,821 |
Term B Delayed Draw, 5.770% due 1/3/06 |
516,747 |
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|
2,487,179 |
Term B Funded, 5.770% due 1/3/06 |
2,506,221 |
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Total Hotels/Motels/Inns & Casinos |
18,643,755 |
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Industrial Equipment — 4.4% |
||||||||
|
2,502,056 |
Douglas Dynamics LLC, Term Loan, 6.277% due 3/30/06 |
2,520,822 |
||||||
|
991,532 |
Enersys Inc., New Term Loan, 6.071% to 8.250% due 6/23/06 |
1,003,337 |
||||||
|
2,410,417 |
Flowserve Corp., Term Loan, 6.188% to 6.500% due 6/30/06 |
2,442,429 |
||||||
|
444,821 |
Goodman Global Holdings Inc., Term Loan, 6.375% due 1/3/06 |
452,368 |
||||||
|
1,986,907 |
Norcross Safety Products LLC, Term Loan, 5.951% to 8.250% due 3/31/06 |
2,003,050 |
||||||
|
687,873 |
Penn Engineering & Manufacturing, Term Loan, 6.889% to 7.027% due 3/30/06 |
696,471 |
||||||
|
997,976 |
Thermal North America, Term Loan B, 6.280% due 3/31/06 |
1,008,372 |
||||||
|
|
|
|||||||
|
Total Industrial Equipment |
10,126,849 |
|||||||
|
|
|
|||||||
|
Insurance — 1.1% |
||||||||
|
2,475,000 |
Hilb, Rogal & Hamilton Co., Term Loan B, 6.813% due 3/31/06 |
2,504,391 |
||||||
|
|
|
|||||||
|
Leisure — 5.6% |
||||||||
|
1,496,250 |
Auto Europe Group LLC, First Lien Term Loan, 7.510% due 2/2/06 |
1,514,063 |
||||||
|
381,621 |
Detroit Red Wings Inc., Term Loan A, 6.777% due 3/31/06 |
383,529 |
||||||
|
1,990,000 |
Movie Gallery Inc., Term Loan B, 8.280% due 3/31/06 |
1,908,269 |
||||||
|
2,989,642 |
Regal Cinemas Inc., Term Loan, 6.527% due 3/31/06 |
3,026,597 |
||||||
|
1,981,241 |
Universal City Development Partners, L.P., Term Loan B, 6.150% to 6.530% due 3/31/06 |
2,007,244 |
||||||
|
516,178 |
Visant Corp., Term Loan C, 6.777% due 3/30/06 |
523,663 |
||||||
|
3,581,811 |
Warner Music Group Acquisition Corp., Term Loan, 6.194% to 6.590% due 5/31/06 |
3,624,026 |
||||||
|
|
|
|||||||
|
Total Leisure |
12,987,391 |
|||||||
|
|
|
|||||||
|
Non-Ferrous Metals/Materials — 2.4% |
||||||||
|
500,000 |
Compass Minerals Group Inc., Term Loan, 5.880% to 6.020% due 3/31/06 |
500,000 |
||||||
|
100,607 |
International Coal Group LLC, Term Loan, 7.130% due 1/30/06 |
101,110 |
||||||
|
Longyear Holdings Inc.: |
||||||||
|
251,796 |
First Lien Canadian Term Loan, 7.390% due 3/31/06 |
254,944 |
||||||
|
1,743,204 |
First Lien Term Loan, 7.530% due 3/31/06 |
1,764,994 |
||||||
|
|
|
|
| |
|
4 |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
|
|
|
|
|
|
|
|
|
|
|
FACE |
|
SECURITY(a)(b) |
|
VALUE(c) |
|
|||
|
|
|
|
|
|
|
|
||
|
Non-Ferrous Metals/Materials (continued) |
||||||||
|
$ |
2,992,500 |
Walter Industries Inc., Term Loan B, 6.216% to 6.527% due 4/3/06 |
$ |
3,034,583 |
||||
|
|
|
|||||||
|
Total Non-Ferrous Metals/Materials |
5,655,631 |
|||||||
|
|
|
|||||||
|
Oil & Gas — 3.5% |
||||||||
|
1,125,000 |
Alon USA Inc., Term Loan, 10.870% due 1/19/06 |
1,153,125 |
||||||
|
501,458 |
Dresser Inc., Term Loan C, 6.890% due 1/31/06 |
508,980 |
||||||
|
584,015 |
Hawkeye Renewables LLC, Term Loan, 6.925% due 2/24/06 |
581,095 |
||||||
|
357,667 |
Lyondell-Citgo Refining, L.P., Term Loan, 6.527% due 3/31/06 |
361,244 |
||||||
|
1,523,122 |
Regency Gas Services LLC, Tranche B Term Loan, 6.780% due 3/31/06 |
1,540,257 |
||||||
|
886,581 |
Semcrude, L.P., Term Loan, 6.619% to 6.741% due 3/15/06 |
897,941 |
||||||
|
Targa Resources: |
||||||||
|
1,043,478 |
Bridge Term Loan, 6.830% due 5/31/06 |
1,047,391 |
||||||
|
378,682 |
Synthetic Letter of Credit, 4.402% due 3/31/06 |
382,113 |
||||||
|
1,573,896 |
Term Loan B, 6.590% to 6.777% due 3/31/06 |
1,588,160 |
||||||
|
|
|
|||||||
|
Total Oil & Gas |
8,060,306 |
|||||||
|
|
|
|||||||
|
Publishing — 3.5% |
||||||||
|
American Media Operation Inc.: |
||||||||
|
568,104 |
Term Loan C, 6.813% due 1/3/06 |
572,128 |
||||||
|
908,433 |
Term Loan C1, 6.813% due 1/3/06 |
914,867 |
||||||
|
1,779,022 |
Dex Media East LLC, Term Loan B, 5.860% to 6.280% due 3/10/06 |
1,793,366 |
||||||
|
2,740,667 |
Dex Media West LLC, Term Loan B, 5.870% to 6.280% due 3/31/06 |
2,758,887 |
||||||
|
2,000,000 |
R.H. Donnelley Inc., Term Loan D-1, 5.950% to 6.000% due 3/20/06 |
2,000,000 |
||||||
|
|
|
|||||||
|
Total Publishing |
8,039,248 |
|||||||
|
|
|
|||||||
|
Rail Industries — 0.6% |
||||||||
|
RailAmerica Inc.: |
||||||||
|
118,990 |
Canadian Term Loan, 6.688% due 2/24/06 |
120,898 |
||||||
|
1,255,239 |
Term Loan, 6.688% due 2/24/06 |
1,275,376 |
||||||
|
|
|
|||||||
|
Total Rail Industries |
1,396,274 |
|||||||
|
|
|
|||||||
|
Retailers — 2.0% |
||||||||
|
419,316 |
Alimentation Couche-Tard Inc., Term Loan, 6.188% due 1/30/06 |
424,557 |
||||||
|
3,000,000 |
Neiman-Marcus Group Inc., Term Loan, 6.947% due 3/6/06 |
3,027,549 |
||||||
|
1,161,305 |
TravelCenters of America Inc., Term Loan B, 6.160% to 6.440% due 6/30/06 |
1,174,370 |
||||||
|
|
|
|||||||
|
Total Retailers |
4,626,476 |
|||||||
|
|
|
|||||||
|
Steel — 2.1% |
||||||||
|
898,271 |
Techs, Term Loan, 7.390% due 1/31/06 |
899,394 |
||||||
|
Tube City IMS Corporation: |
||||||||
|
875,000 |
Second Lien Term Loan, 10.530% due 3/31/06 |
888,125 |
||||||
|
3,070,554 |
Tranche C First Lien Term Loan, 7.280% due 3/31/06 |
3,101,260 |
||||||
|
|
|
|||||||
|
Total Steel |
4,888,779 |
|||||||
|
|
|
|||||||
|
Surface Transport — 0.9% |
||||||||
|
2,092,968 |
Transport Industries, L.P., Term Loan B, 6.563% due 1/5/06 |
2,104,742 |
||||||
|
|
|
|||||||
|
Telecommunications/Cellular Communications — 6.0% |
||||||||
|
Alaska Communications Systems Inc.: |
||||||||
|
90,000 |
Incremental Term Loan, 6.527% due 3/31/06 |
91,013 |
||||||
|
1,125,000 |
Term Loan, 6.527% due 3/31/06 |
1,137,656 |
||||||
|
1,000,000 |
Block Communications Inc., Term Loan, 6.780% due 3/31/06 |
1,000,000 |
||||||
|
1,915,833 |
Centennial Cellular Operating Co., New Term Loan, 6.450% to 6.830% due 5/31/06 |
1,941,427 |
||||||
|
1,496,250 |
Cincinnati Bell Inc., Term Loan, 5.890% to 5.900% due 2/7/06 |
1,505,602 |
||||||
|
3,000,000 |
FairPoint Communications Inc., Additional Replacement Term Loan, 6.313% due 3/31/06 |
3,012,375 |
||||||
|
|
|
|
| |
|
5 |
CITIGROUP INVESTMENT CORPORATE LOAN FUND INC.
| Schedule of Investments (unaudited) | December 31, 2005 |
|
|
|
|
|
|
|
|
|
|
|
FACE |
|
SECURITY(a)(b) |
|
VALUE(c) |
|
|||
|
|
|
|
|
|
|
|
||
|
Telecommunications/Cellular Communications (continued) |
||||||||
|
$ |
1,023,332 |
Hawaiian Telcom Communications Inc., Term Loan B, 6.780% due 3/31/06 |
$ |
1,030,367 |
||||
|
1,500,000 |
Iowa Telecommunications Services Inc., New Term Loan B, 6.280% to 6.400% due 6/12/06 |
1,515,703 |
||||||
|
750,000 |
Madison River Capital, LLC, Term Loan B, 6.590% due 1/6/06 |
761,485 |
||||||
|
1,220,000 |
Qwest Corp., Term Loan A, 9.020% due 1/17/06 |
1,250,347 |
||||||
|
500,000 |
Time Warner Telecom Holdings Inc., Term Loan B, 6.920% to 7.110% due 5/31/06 |
508,958 |
||||||
|
241,667 |
VALOR Telecom, Tranche B Replacement Term Loan, 5.811% to 6.277% due 3/31/06 |
242,932 |
||||||
|
|
|
|||||||
|
Total Telecommunications/Cellular Communications |
13,997,865 |
|||||||
|
|
|
|||||||
|
Utilities — 2.9% |
||||||||
|
217,392 |
Calpine Generating Co. LLC, First Priority Term Loan, 8.041% due 1/3/06 |
226,088 |
||||||
|
997,500 |
LSP-Kendall Energy LLC, Term Loan, 6.527% due 3/31/06 |
994,590 |
||||||
|
NRG Energy Inc.: |
||||||||
|
820,313 |
L/C Facility, 3.920% due 1/3/06 |
823,731 |
||||||
|
1,044,141 |
Term Loan B, 5.895% due 1/3/06 |
1,048,491 |
||||||
|
3,636,926 |
Reliant Energy Resources Corp., Term Loan, 6.089% to 6.915% due 5/15/06 |
3,632,380 |
||||||
|
|
|
|||||||
|
Total Utilities |
6,725,280 |
|||||||
|
|
|
|||||||
|
TOTAL INVESTMENTS — 100.0% (Cost — $231,625,312#) |
$ |
232,134,017 |
||||||
|
|
|
|||||||
|
|
|
|
(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 date represents the latest maturity date. |
|
(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. |
|
# |
Aggregate cost for federal income tax purposes is substantially the same. |
|
|
|
|
| |
|
6 |
Notes to Schedule of Investments (unaudited)
1. Organization and Significant Accounting Policies
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, Smith Barney Fund Management LLC (“SBFM”), an indirect wholly-owned subsidiary of Legg Mason & Co. LLC, the Fund’s investment adviser, with the assistance of Citigroup Alternative Investments LLC (“CAI”), an indirect wholly-owned subsidiary of Citigroup Inc. and the Fund’s 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.
(b) Security Transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At December 31, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
|
|
|
|
|
Gross unrealized appreciation |
$ |
2,226,656 |
||
|
Gross unrealized depreciation |
(1,717,951 |
) |
||
|
|
|
|
|
|
|
Net unrealized appreciation |
$ |
508,705 |
||
|
|
|
|
|
|
7
|
|
|
|
|
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.
Citigroup Investments Corporate Loan Fund Inc.
| By | ||
|
|
||
| Date: February 28, 2006 | ||
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 | ||
|
|
||
| Date: February 28, 2006 | ||
| By | ||
|
|
||
| Date: February 28, 2006 | ||