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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/FA → Legg Mason Partners Capital Fund, Inc. ⇒ Class A (SCCAX) — Class B (SPABX) — Class C (SCCCX) — Class I — Class O (SACPX) |
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
| 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
(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
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 | ||
| This ‘N-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / Effective on: | 5/30/06 | None on these Dates | ||
| 5/29/06 | ||||
| For Period End: | 3/31/06 | |||
| List all Filings | ||||