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Legg Mason Partners Capital Fund, Inc. – ‘N-Q’ for 3/31/06

On:  Tuesday, 5/30/06, at 11:29am ET   ·   Effective:  5/30/06   ·   For:  3/31/06   ·   Accession #:  1193125-6-120831   ·   File #:  811-02667

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/30/06  Legg Mason Partners Cap Fd, Inc.  N-Q         3/31/06    2:138K                                   RR Donnelley/FALegg Mason Partners Capital Fund, Inc. Class A (SCCAX) — Class B (SPABX) — Class C (SCCCX) — Class IClass O (SACPX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Salomon Brothers Series Fund-Salomon Brothers       HTML    105K 
                          Capital Fund                                           
 2: EX-99.CERT  Certifications                                      HTML     21K 


N-Q   —   Salomon Brothers Series Fund-Salomon Brothers Capital Fund


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  Salomon Brothers Series Fund-Salomon Brothers Capital Fund  

 

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 811-02667

 

Salomon Brothers Capital 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)

 

Registrant’s telephone number, including area code: 1-800-725-6666

 

Date of fiscal year end: December 31

Date of reporting period: March 31, 2006

 



 

ITEM 1. SCHEDULE OF INVESTMENTS


 

SALOMON BROTHERS

CAPITAL FUND INC.

 

FORM N-Q

MARCH 31, 2006


SALOMON BROTHERS CAPITAL FUND INC.

 

Schedule of Investments (unaudited)    March 31, 2006

 

SHARES

  

SECURITY


   VALUE

COMMON STOCKS - 95.3%       
CONSUMER DISCRETIONARY - 14.6%       
Hotels, Restaurants & Leisure - 4.9%       
1,254,700   

McDonald’s Corp.

   $ 43,111,492
510,500   

Station Casinos Inc.

     40,518,385
         

     Total Hotels, Restaurants & Leisure      83,629,877
         

Internet & Catalog Retail - 2.3%       
1,317,800   

IAC/InterActiveCorp. *

     38,835,566
         

Media - 5.0%       
4,178,100   

Liberty Media Corp., Class A Shares *

     34,302,201
938,500   

Regal Entertainment Group, Class A Shares

     17,653,185
2,113,500   

SES Global SA, FDR

     33,708,911
         

     Total Media      85,664,297
         

Specialty Retail - 2.4%       
971,200   

Bed Bath & Beyond Inc. *

     37,294,080
411,000   

Pier 1 Imports Inc.

     4,771,710
         

     Total Specialty Retail      42,065,790
         

     TOTAL CONSUMER DISCRETIONARY      250,195,530
         

CONSUMER STAPLES - 3.6%       
Food & Staples Retailing - 1.2%       
466,286   

FHC Delaware Inc. (a)(b) *

     2,214,858
378,700   

Wal-Mart Stores Inc.

     17,889,788
         

     Total Food & Staples Retailing      20,104,646
         

Tobacco - 2.4%       
580,500   

Altria Group Inc.

     41,134,230
         

     TOTAL CONSUMER STAPLES      61,238,876
         

ENERGY - 3.1%       
Energy Equipment & Services - 2.4%       
649,400   

National-Oilwell Varco Inc. *

     41,639,528
         

Oil, Gas & Consumable Fuels - 0.7%       
321,200   

OPTI Canada Inc. *

     12,188,860
         

     TOTAL ENERGY      53,828,388
         

EXCHANGE TRADED FUNDS - 3.1%       
114,000   

iShares Russell 2000 Growth Index Fund

     9,085,800
404,300   

Nasdaq-100 Index Tracking Stock

     16,956,342
205,200   

SPDR Trust Series 1

     26,641,116
         

     TOTAL EXCHANGE TRADED FUNDS      52,683,258
         

             
FINANCIALS - 8.9%       
Capital Markets - 4.0%       
944,900   

Knight Capital Group Inc., Class A Shares *

     13,162,457
710,000   

Merrill Lynch & Co. Inc.

     55,919,600
         

     Total Capital Markets      69,082,057
         

Insurance - 4.9%       
517,300   

Aon Corp.

     21,473,123
563,000   

Assurant Inc.

     27,727,750
386   

Berkshire Hathaway Inc., Class A Shares *

     34,875,100
         

     Total Insurance      84,075,973
         

     TOTAL FINANCIALS      153,158,030
         

HEALTH CARE - 25.9%       
Biotechnology - 6.1%       
690,000   

Amgen Inc. *

     50,197,500
519,000   

Invitrogen Corp. *

     36,397,470

 

See Notes to Schedule of Investments.

 

1


SALOMON BROTHERS CAPITAL FUND INC.

 

Schedule of Investments (unaudited) (continued)    March 31, 2006

 

SHARES

  

SECURITY


   VALUE

Biotechnology - 6.1% (continued)       
888,900   

Nektar Therapeutics *

   $ 18,115,782
         

     Total Biotechnology      104,710,752
         

Health Care Equipment & Supplies - 3.1%       
240,800   

Cooper Cos. Inc.

     13,010,424
509,500   

Guidant Corp.

     39,771,570
         

     Total Health Care Equipment & Supplies      52,781,994
         

Health Care Providers & Services - 9.3%       
1,048,649   

Coventry Health Care Inc. *

     56,606,073
987,400   

Omnicare Inc.

     54,297,126
558,160   

UnitedHealth Group Inc.

     31,178,818
229,100   

WellPoint Inc. *

     17,739,213
         

     Total Health Care Providers & Services      159,821,230
         

Pharmaceuticals - 7.4%       
1,290,600   

Abbott Laboratories

     54,811,782
364,700   

Kos Pharmaceuticals Inc. *

     17,421,719
1,110,400   

Wyeth

     53,876,608
         

     Total Pharmaceuticals      126,110,109
         

     TOTAL HEALTH CARE      443,424,085
         

INDUSTRIALS - 6.0%       
Aerospace & Defense - 2.9%       
352,200   

Boeing Co.

     27,446,946
504,600   

Raytheon Co.

     23,130,864
         

     Total Aerospace & Defense      50,577,810
         

Building Products - 1.1%       
576,600   

Masco Corp.

     18,733,734
         

Industrial Conglomerates - 2.0%       
453,000   

3M Co.

     34,287,570
         

     TOTAL INDUSTRIALS      103,599,114
         

INFORMATION TECHNOLOGY - 14.2%       
Communications Equipment - 8.8%       
2,404,500   

Cisco Systems Inc. *

     52,105,515
1,692,465   

Comverse Technology Inc. *

     39,823,701
852,500   

Juniper Networks Inc. *

     16,299,800
2,071,900   

Nokia Oyj, Sponsored ADR

     42,929,768
         

     Total Communications Equipment      151,158,784
         

Computers & Peripherals - 0.5%       
189,986   

Intergraph Corp. *

     7,914,817
         

Electronic Equipment & Instruments - 3.5%       
1,052,200   

Agilent Technologies Inc. *

     39,510,110
1,133,182   

Photon Dynamics Inc. *

     21,247,163
         

     Total Electronic Equipment & Instruments      60,757,273
         

IT Services - 1.4%       
863,300   

Wright Express Corp. *

     24,215,565
         

     TOTAL INFORMATION TECHNOLOGY      244,046,439
         

MATERIALS - 6.7%       
Metals & Mining - 4.7%       
190,400   

Alcan Inc., New York Shares

     8,706,992
1,149,600   

Alcoa Inc.

     35,131,776
1,336,500   

Barrick Gold Corp.

     36,406,260
         

     Total Metals & Mining      80,245,028
         

Paper & Forest Products - 2.0%       
468,900   

Weyerhaeuser Co.

     33,962,427
         

     TOTAL MATERIALS      114,207,455
         

 

See Notes to Schedule of Investments.

 

2


SALOMON BROTHERS CAPITAL FUND INC.

 

Schedule of Investments (unaudited) (continued)    March 31, 2006

 

SHARES

  

SECURITY


   VALUE

 
  TELECOMMUNICATION SERVICES - 4.4%         
  Wireless Telecommunication Services - 4.4%         
  957,300   

Motient Corp. *

   $ 19,146,000  
  2,159,817   

Sprint Nextel Corp.

     55,809,671  
           


       TOTAL TELECOMMUNICATION SERVICES      74,955,671  
           


  UTILITIES - 4.8%         
  Independent Power Producers & Energy Traders - 2.7%         
  1,015,100   

NRG Energy Inc. *

     45,902,822  
           


  Multi-Utilities - 2.1%         
  797,100   

Sempra Energy

     37,033,266  
           


       TOTAL UTILITIES      82,936,088  
           


      

TOTAL COMMON STOCKS

(Cost - $1,423,201,827)

     1,634,272,934  
           


FACE
AMOUNT


           
  CORPORATE BOND - 0.1%         
  Energy Equipment & Services - 0.1%         
$ 31,570,000   

Friede Goldman Halter Inc., 4.500% due 12/15/09 (a)(c) (Cost - $11,433,375)

     2,604,525  
           


CONTRACTS

           
  PURCHASED OPTION - 0.0%         
  14,000   

SPDR Trust Series 1, Put @ 125, expires 04/06 (Cost - $1,619,520)

     210,000  
           


      

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $1,436,254,722)

     1,637,087,459  
           


FACE
AMOUNT


           
  SHORT-TERM INVESTMENTS - 6.7%         
  Repurchase Agreements - 6.7%         
$ 50,000,000   

Interest in $387,994,000 joint tri-party repurchase agreement dated 3/31/06 with Morgan Stanley, 4.800% due 4/3/06; Proceeds at maturity - $50,020,000; (Fully collateralized by various U.S. government agency obligations, 0.000% to 7.125% due 4/20/16 to 12/22/25; Market value - $51,221,985)

     50,000,000  
  50,000,000   

Interest in $507,001,000 joint tri-party repurchase agreement dated 3/31/06 with Goldman, Sachs & Co., 4.790% due 4/3/06; Proceeds at maturity - $50,019,958; (Fully collateralized by various U.S. Treasury obligations, 1.875% to 3.625% due 1/15/07 to 4/15/28; Market value - $51,000,023)

     50,000,000  
  14,215,000   

Interest in $95,424,000 joint tri-party repurchase agreement dated 3/31/06 with Banc of America Securities LLC, 4.750% due 4/3/06; Proceeds at maturity- $14,220,627; (Fully collateralized by various U.S. government agency obligations, 0.000% to 2.710% due 9/6/06 to 1/30/07; Market value- $14,499,312)

     14,215,000  
           


      

TOTAL SHORT-TERM INVESTMENTS

(Cost - $114,215,000)

     114,215,000  
           


      

TOTAL INVESTMENTS - 102.1%

(Cost - $1,550,469,722#)

     1,751,302,459  
      

Liabilities in Excess of Other Assets - (2.1)%

     (36,630,984 )
           


       TOTAL NET ASSETS - 100.0%    $ 1,714,671,475  
           


 

* Non-income producing security.

 

(a) Security is valued in good faith at fair value by or under the direction of the Board of Directors (See Note 1).

 

(b) Illiquid security.

 

(c) Security is currently in default.

 

# Aggregate cost for federal income tax purposes is substantially the same.

 

Abbreviations used in this schedule:

ADR    — American Depositary Receipt
FDR    — Foreign Depositary Receipt
SPDR    — Standard & Poor’s Depositary Receipts

 

See Notes to Schedule of Investments.

 

3


Notes to Schedule of Investments (unaudited)

 

1. Organization and Significant Accounting Policies

 

Salomon Brothers Capital Fund Inc. (the “Fund), a Maryland Corporation is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified open-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. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Debt securities are valued at the mean between the bid and ask prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset values, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators such as prices of relevant ADRs and futures contracts. Short-term obligations maturing within 60 days are valued at amortized cost, which approximates market value.

 

(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian take possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

 

(c) Security Transactions. Security transactions are accounted for on a trade date basis.

 

2. Investments

 

At March 31, 2006, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 220,599,436  

Gross unrealized depreciation

     (19,766,699 )
    


Net unrealized appreciation

   $ 200,832,737  
    


 

4


 

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.

 

 

Salomon Brothers Capital Fund Inc.

 

By   /S/    R. JAY GERKEN        
    R. Jay Gerken
    Chief Executive Officer

Date: May 29, 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   /S/    R. JAY GERKEN        
    R. Jay Gerken
    Chief Executive Officer
Date: May 29, 2006

By

  /S/    FRANCES M. GUGGINO        
    Frances M. Guggino
    Chief Financial Officer

Date: May 29, 2006


Dates Referenced Herein

This ‘N-Q’ Filing    Date    Other Filings
Filed on / Effective on:5/30/06None on these Dates
5/29/06
For Period End:3/31/06
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