N-Q 1 a06-16111_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

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- 7994

 

 

Salomon Brothers Global Partners Income 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, 4th Fl.
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:

August 31

 

 

 

 

Date of reporting period:

May 31, 2006

 

 



 

ITEM 1.          SCHEDULE OF INVESTMENTS

 



 

SALOMON BROTHERS GLOBAL PARTNERS

INCOME FUND INC.

 

 

FORM N-Q

MAY 31, 2006

 



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

CORPORATE BONDS & NOTES — 56.4%

 

 

 

Aerospace & Defense — 0.9%

 

 

 

$

275,000

 

Alliant Techsystems Inc., Senior Subordinated Notes, 6.750% due 4/1/16

 

$

270,531

 

 

 

DRS Technologies Inc., Senior Subordinated Notes:

 

 

 

675,000

 

6.875% due 11/1/13

 

664,875

 

65,000

 

6.625% due 2/1/16

 

63,375

 

750,000

 

L-3 Communications Corp., Senior Subordinated Notes, 7.625% due 6/15/12

 

768,750

 

450,000

 

Sequa Corp., Senior Notes, 9.000% due 8/1/09

 

480,375

 

180,000

 

TransDigm Inc., Senior Subordinated Notes, 8.375% due 7/15/11

 

191,700

 

 

 

Total Aerospace & Defense

 

2,439,606

 

Airlines — 0.3%

 

 

 

275,000

 

American Airlines Inc., Pass-Through Certificates, Series 2001-02, Class C, 7.800% due 10/1/06

 

275,744

 

 

 

Continental Airlines Inc., Pass-Through Certificates:

 

 

 

61,582

 

Series 1998-1, Class C, 6.541% due 9/15/08

 

58,273

 

232,162

 

Series 2000-2, Class C, 8.312% due 4/2/11

 

220,454

 

265,000

 

Series 2001-2, Class D, 7.568% due 12/1/06

 

264,462

 

 

 

Total Airlines

 

818,933

 

Auto Components — 0.6%

 

 

 

335,000

 

Keystone Automotive Operations Inc., Senior Subordinated Notes, 9.750% due 11/1/13

 

323,275

 

300,000

 

Tenneco Automotive Inc., Senior Secured Notes, Series B, 10.250% due 7/15/13

 

331,500

 

 

 

TRW Automotive Inc.:

 

 

 

284,000

 

Senior Notes, 9.375% due 2/15/13

 

307,430

 

49,000

 

Senior Subordinated Notes, 11.000% due 2/15/13

 

54,513

 

460,000

 

Visteon Corp., Senior Notes, 8.250% due 8/1/10

 

430,100

 

 

 

Total Auto Components

 

1,446,818

 

Automobiles — 1.7%

 

 

 

 

 

Ford Motor Co.:

 

 

 

175,000

 

Debentures, 8.900% due 1/15/32

 

139,125

 

4,450,000

 

Notes, 7.450% due 7/16/31

 

3,248,500

 

125,000

 

Senior Notes, 4.950% due 1/15/08

 

117,217

 

 

 

General Motors Corp., Senior Debentures:

 

 

 

200,000

 

8.250% due 7/15/23

 

151,500

 

1,030,000

 

8.375% due 7/15/33

 

786,662

 

 

 

Total Automobiles

 

4,443,004

 

Building Products — 1.0%

 

 

 

1,250,000

 

Associated Materials Inc., Senior Discount Notes, step bond to yield 11.239% due 3/1/14

 

787,500

 

155,000

 

Jacuzzi Brands Inc., Secured Notes, 9.625% due 7/1/10

 

166,625

 

1,100,000

 

Nortek Inc., Senior Subordinated Notes, 8.500% due 9/1/14

 

1,111,000

 

650,000

 

Ply Gem Industries Inc., Senior Subordinated Notes, 9.000% due 2/15/12

 

615,875

 

 

 

Total Building Products

 

2,681,000

 

Capital Markets — 0.4%

 

 

 

423,000

 

BCP Crystal U.S. Holdings Corp., Senior Subordinated Notes, 9.625% due 6/15/14

 

466,357

 

435,000

 

E*TRADE Financial Corp., Senior Notes, 7.375% due 9/15/13

 

442,613

 

 

 

Total Capital Markets

 

908,970

 

Chemicals — 2.4%

 

 

 

375,000

 

Airgas Inc., Senior Subordinated Notes, 9.125% due 10/1/11

 

395,625

 

370,000

 

Chemtura Corp., 6.875% due 6/1/16

 

360,750

 

 

See Notes to Schedule of Investments.

 

1



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Chemicals — 2.4% (continued)

 

 

 

$

500,000

 

Equistar Chemicals LP, Senior Notes, 10.625% due 5/1/11

 

$

543,750

 

685,000

 

Huntsman International LLC, Senior Subordinated Notes, 10.125% due 7/1/09

 

700,413

 

100,000

 

IMC Global Inc., Senior Notes, 10.875% due 8/1/13

 

113,750

 

525,000

 

Innophos Inc., Senior Subordinated Notes, 8.875% due 8/15/14

 

536,813

 

 

 

Lyondell Chemical Co., Senior Secured Notes:

 

 

 

147,000

 

9.500% due 12/15/08

 

153,431

 

325,000

 

11.125% due 7/15/12

 

359,125

 

450,000

 

Methanex Corp., Senior Notes, 8.750% due 8/15/12

 

493,875

 

790,000

 

Millennium America Inc., Senior Notes, 9.250% due 6/15/08

 

822,587

 

1,130,000

 

Montell Finance Co. BV, 8.100% due 3/15/27 (b)

 

1,057,962

 

 

 

Rhodia SA:

 

 

 

223,000

 

Senior Notes, 10.250% due 6/1/10

 

246,136

 

516,000

 

Senior Subordinated Notes, 8.875% due 6/1/11

 

523,740

 

 

 

Total Chemicals

 

6,307,957

 

Commercial Banks — 0.5%

 

 

 

1,420,000

 

Russian Agricultural Bank, Notes, 7.175% due 5/16/13 (b)

 

1,423,550

 

Commercial Services & Supplies — 1.2%

 

 

 

275,000

 

Allied Security Escrow Corp., Senior Subordinated Notes, 11.375% due 7/15/11

 

277,750

 

 

 

Allied Waste North America Inc.:

 

 

 

 

 

Senior Notes, Series B:

 

 

 

200,000

 

9.250% due 9/1/12

 

214,250

 

175,000

 

7.250% due 3/15/15

 

172,156

 

785,000

 

Senior Secured Notes, Series B, 7.375% due 4/15/14

 

759,487

 

350,000

 

Brand Services Inc., Senior Notes, 12.000% due 10/15/12

 

399,438

 

 

 

Cenveo Corp.:

 

 

 

125,000

 

Senior Notes, 9.625% due 3/15/12

 

133,828

 

475,000

 

Senior Subordinated Notes, 7.875% due 12/1/13

 

460,750

 

700,000

 

DI Finance/DynCorp International LLC, Senior Subordinated Notes, 9.500% due 2/15/13

 

736,750

 

105,000

 

NationsRent Inc., Senior Subordinated Notes, 9.500% due 5/1/15

 

112,875

 

2,000,000

 

Safety-Kleen Services Inc., Senior Subordinated Notes, 9.250% due 6/1/08 (c)(d)

 

2,000

 

 

 

Total Commercial Services & Supplies

 

3,269,284

 

Communications Equipment — 0.6%

 

 

 

1,725,000

 

Lucent Technologies Inc., Debentures, 6.450% due 3/15/29

 

1,511,531

 

Computers & Peripherals — 0.5%

 

 

 

 

 

SunGard Data Systems Inc.:

 

 

 

475,000

 

Senior Notes, 9.125% due 8/15/13 (b)

 

500,531

 

810,000

 

Senior Subordinated Notes, 10.250% due 8/15/15 (b)

 

850,500

 

 

 

Total Computers & Peripherals

 

1,351,031

 

Consumer Finance — 2.4%

 

 

 

 

 

Ford Motor Credit Co., Notes:

 

 

 

945,000

 

6.625% due 6/16/08

 

895,408

 

100,000

 

7.875% due 6/15/10

 

92,340

 

830,000

 

7.000% due 10/1/13

 

716,956

 

 

 

General Motors Acceptance Corp.:

 

 

 

3,600,000

 

Bonds, 8.000% due 11/1/31

 

3,390,264

 

1,300,000

 

Notes, 6.875% due 8/28/12

 

1,209,880

 

 

 

Total Consumer Finance

 

6,304,848

 

 

See Notes to Schedule of Investments.

 

2



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Containers & Packaging — 1.6%

 

 

 

$

525,000

 

Berry Plastics Corp., Senior Subordinated Notes, 10.750% due 7/15/12

 

$

572,250

 

645,000

 

Graham Packaging Co. Inc., Senior Subordinated Notes, 9.875% due 10/15/14

 

661,125

 

 

 

Graphic Packaging International Corp.:

 

 

 

100,000

 

Senior Notes, 8.500% due 8/15/11

 

101,250

 

650,000

 

Senior Subordinated Notes, 9.500% due 8/15/13

 

656,500

 

7,000

 

Jefferson Smurfit Corp., Senior Notes, 8.250% due 10/1/12

 

6,615

 

 

 

Owens-Brockway Glass Container Inc., Senior Notes:

 

 

 

75,000

 

8.250% due 5/15/13

 

76,125

 

525,000

 

6.750% due 12/1/14

 

500,062

 

175,000

 

Owens-Illinois Inc., Debentures, 7.500% due 5/15/10

 

175,000

 

260,000

 

Plastipak Holdings Inc., Senior Notes, 8.500% due 12/15/15 (b)

 

261,950

 

130,000

 

Pliant Corp., Senior Secured Second Lien Notes, 11.125% due 9/1/09 (d)

 

137,800

 

325,000

 

Radnor Holdings Corp., Senior Notes, 11.000% due 3/15/10

 

206,375

 

895,000

 

Stone Container Finance Co. of Canada II, Senior Notes, 7.375% due 7/15/14

 

805,500

 

100,000

 

Tekni-Plex Inc., Senior Subordinated Notes, Series B, 12.750% due 6/15/10

 

75,250

 

 

 

Total Containers & Packaging

 

4,235,802

 

Diversified Consumer Services — 0.5%

 

 

 

345,000

 

Education Management LLC/Education Management Corp., Senior Notes, 8.750% due
6/1/14 (b)

 

346,725

 

 

 

Hertz Corp.:

 

 

 

450,000

 

Senior Notes, 8.875% due 1/1/14 (b)

 

470,250

 

435,000

 

Senior Subordinated Notes, 10.500% due 1/1/16 (b)

 

473,063

 

 

 

Total Diversified Consumer Services

 

1,290,038

 

Diversified Financial Services — 2.5%

 

 

 

 

 

Alamosa Delaware Inc.:

 

 

 

339,000

 

Senior Discount Notes, 12.000% due 7/31/09

 

364,425

 

308,000

 

Senior Notes, 11.000% due 7/31/10

 

341,110

 

675,000

 

Atlantic Broadband Finance LLC, Senior Subordinated Notes, 9.375% due 1/15/14

 

648,000

 

325,000

 

CCM Merger Inc., Notes, 8.000% due 8/1/13 (b)

 

313,625

 

1,870,000

 

Dow Jones CDX HY, Pass-Through Trust, Series 6-T3, 8.125% due 6/29/11 (b)

 

1,845,456

 

600,000

 

H&E Equipment Services LLC/H&E Finance Corp., Senior Notes, 11.125% due 6/15/12

 

663,000

 

285,000

 

Hughes Network Systems LLC/HNS Finance Corp., Senior Notes, 9.500% due 4/15/14 (b)

 

289,275

 

300,000

 

Nell AF SARL, Senior Notes, 8.375% due 8/15/15 (b)

 

297,750

 

490,854

 

Targeted Return Index Securities (TRAINS), Secured Notes, Series HY-2005-1, 7.651% due 6/15/15 (b)

 

489,784

 

50,000

 

UCAR Finance Inc., 10.250% due 2/15/12

 

53,500

 

1,000,000

 

Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 9.981% due 10/1/15

 

740,000

 

375,000

 

Vanguard Health Holdings Co. II LLC, Senior Subordinated Notes, 9.000% due 10/1/14

 

386,250

 

 

 

Total Diversified Financial Services

 

6,432,175

 

Diversified Telecommunication Services — 3.1%

 

 

 

 

 

Cincinnati Bell Inc.:

 

 

 

495,000

 

7.000% due 2/15/15

 

481,387

 

50,000

 

Senior Subordinated Notes, 8.375% due 1/15/14

 

50,750

 

445,000

 

Citizens Communications Co., Senior Notes, 9.000% due 8/15/31

 

469,475

 

460,000

 

Hawaiian Telcom Communications Inc., Senior Subordinated Notes, Series B, 12.500% due 5/1/15

 

495,075

 

600,000

 

Insight Midwest LP/Insight Capital Inc., Senior Notes, 10.500% due 11/1/10

 

632,250

 

 

 

Intelsat Ltd.:

 

 

 

230,000

 

Notes, 7.625% due 4/15/12

 

192,625

 

 

See Notes to Schedule of Investments.

 

3



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Diversified Telecommunication Services — 3.1% (continued)

 

 

 

$

450,000

 

Senior Discount Notes, step bond to yield 9.253% due 2/1/15 (b)

 

$

327,375

 

 

 

Intelsat Subsidiary Holding Co., Ltd., Senior Notes:

 

 

 

225,000

 

9.614% due 1/15/12 (e)

 

229,219

 

70,000

 

8.625% due 1/15/15

 

71,225

 

340,000

 

Nordic Telephone Co. Holdings, Senior Notes, 8.875% due 5/1/16 (b)

 

352,750

 

195,000

 

PanAmSat Corp., Senior Notes, 9.000% due 8/15/14

 

203,288

 

 

 

Qwest Communications International Inc., Senior Notes:

 

 

 

60,000

 

7.500% due 2/15/14

 

60,000

 

285,000

 

Series B, 7.500% due 2/15/14

 

283,575

 

 

 

Qwest Corp.:

 

 

 

 

 

Debentures:

 

 

 

145,000

 

7.500% due 6/15/23

 

139,200

 

1,460,000

 

6.875% due 9/15/33

 

1,293,925

 

995,000

 

Notes, 8.875% due 3/15/12

 

1,072,112

 

800,000

 

Southwestern Bell Telephone Co., Debentures, 7.000% due 11/15/27

 

780,526

 

845,000

 

Telcordia Technologies Inc., Senior Subordinated Notes, 10.000% due 3/15/13 (b)

 

800,637

 

75,000

 

Wind Acquisition Finance SA, 10.750% due 12/1/15 (b)

 

81,188

 

 

 

Total Diversified Telecommunication Services

 

8,016,582

 

Electric Utilities — 1.3%

 

 

 

 

 

Edison Mission Energy, Senior Notes:

 

 

 

50,000

 

10.000% due 8/15/08

 

54,437

 

1,100,000

 

7.730% due 6/15/09

 

1,127,500

 

300,000

 

9.875% due 4/15/11

 

352,875

 

204,696

 

Midwest Generation LLC, Pass-Through Certificates, Series B, 8.560% due 1/2/16

 

219,664

 

950,000

 

Mirant Americas Generation LLC, Senior Notes, 9.125% due 5/1/31 (d)

 

966,625

 

 

 

Reliant Energy Inc., Senior Secured Notes:

 

 

 

725,000

 

9.250% due 7/15/10

 

734,969

 

65,000

 

9.500% due 7/15/13

 

65,975

 

 

 

Total Electric Utilities

 

3,522,045

 

Energy Equipment & Services — 0.2%

 

 

 

507,000

 

Dresser-Rand Group Inc., Senior Subordinated Notes, 7.375% due 11/1/14

 

512,070

 

Food Products — 1.0%

 

 

 

250,000

 

Ahold Finance USA Inc., Notes, 8.250% due 7/15/10

 

263,125

 

500,000

 

Del Monte Corp., Senior Subordinated Notes, 8.625% due 12/15/12

 

523,750

 

 

 

Doane Pet Care Co.:

 

 

 

100,000

 

Senior Notes, 10.750% due 3/1/10

 

109,280

 

300,000

 

Senior Subordinated Notes, 10.625% due 11/15/15

 

374,499

 

800,000

 

Dole Food Co. Inc., Senior Notes, 7.250% due 6/15/10

 

752,000

 

625,000

 

Pinnacle Foods Holding Corp., Senior Subordinated Notes, 8.250% due 12/1/13

 

617,187

 

 

 

Total Food Products

 

2,639,841

 

Health Care Providers & Services — 2.6%

 

 

 

600,000

 

AmeriPath Inc., Senior Subordinated Notes, 10.500% due 4/1/13

 

643,500

 

855,000

 

DaVita Inc., Senior Subordinated Notes, 7.250% due 3/15/15

 

837,900

 

210,000

 

Extendicare Health Services Inc., Senior Notes, 9.500% due 7/1/10

 

220,500

 

 

 

HCA Inc.:

 

 

 

400,000

 

Debentures, 7.500% due 12/15/23

 

378,266

 

 

 

Notes:

 

 

 

875,000

 

6.375% due 1/15/15

 

833,287

 

125,000

 

6.500% due 2/15/16

 

118,869

 

125,000

 

7.690% due 6/15/25

 

119,289

 

 

See Notes to Schedule of Investments.

 

4



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Health Care Providers & Services — 2.6% (continued)

 

 

 

$

975,000

 

IASIS Healthcare LLC/IASIS Capital Corp., Senior Subordinated Notes, 8.750% due 6/15/14

 

$

990,844

 

 

 

Tenet Healthcare Corp., Senior Notes:

 

 

 

750,000

 

7.375% due 2/1/13

 

697,500

 

1,000,000

 

9.875% due 7/1/14

 

1,022,500

 

370,000

 

6.875% due 11/15/31

 

303,400

 

725,000

 

Triad Hospitals Inc., Senior Subordinated Notes, 7.000% due 11/15/13

 

705,969

 

 

 

Total Health Care Providers & Services

 

6,871,824

 

Hotels, Restaurants & Leisure — 4.0%

 

 

 

650,000

 

AMF Bowling Worldwide Inc., Senior Subordinated Notes, 10.000% due 3/1/10

 

669,500

 

400,000

 

Boyd Gaming Corp., Senior Subordinated Notes, 6.750% due 4/15/14

 

388,000

 

425,000

 

Caesars Entertainment Inc., Senior Subordinated Notes, 8.875% due 9/15/08

 

450,500

 

125,000

 

Carrols Corp., Senior Subordinated Notes, 9.000% due 1/15/13

 

126,875

 

325,000

 

Choctaw Resort Development Enterprise, Senior Notes, 7.250% due 11/15/19 (b)

 

324,187

 

675,000

 

Denny’s Holdings Inc., Senior Notes, 10.000% due 10/1/12

 

695,250

 

575,000

 

Herbst Gaming Inc., Senior Subordinated Notes, 7.000% due 11/15/14

 

569,250

 

550,000

 

Hilton Hotels Corp., Notes, 7.625% due 12/1/12

 

576,408

 

500,000

 

Inn of the Mountain Gods Resort & Casino, Senior Notes, 12.000% due 11/15/10

 

537,500

 

700,000

 

Isle of Capri Casinos Inc., Senior Subordinated Notes, 7.000% due 3/1/14

 

682,500

 

265,000

 

Kerzner International Ltd., Senior Subordinated Notes, 6.750% due 10/1/15

 

280,900

 

550,000

 

Las Vegas Sands Corp., Senior Notes, 6.375% due 2/15/15

 

519,750

 

 

 

MGM MIRAGE Inc., Senior Notes:

 

 

 

400,000

 

6.750% due 9/1/12

 

395,000

 

300,000

 

6.625% due 7/15/15

 

286,500

 

 

 

Mohegan Tribal Gaming Authority, Senior Subordinated Notes:

 

 

 

375,000

 

7.125% due 8/15/14

 

367,500

 

375,000

 

6.875% due 2/15/15

 

360,000

 

700,000

 

Penn National Gaming Inc., Senior Subordinated Notes, 6.750% due 3/1/15

 

672,875

 

675,000

 

Pinnacle Entertainment Inc., Senior Subordinated Notes, 8.250% due 3/15/12

 

688,500

 

40,000

 

River Rock Entertainment Authority, Senior Notes, 9.750% due 11/1/11

 

42,900

 

525,000

 

Sbarro Inc., Senior Notes, 11.000% due 9/15/09

 

532,875

 

700,000

 

Starwood Hotels & Resorts Worldwide Inc., Senior Notes, 7.875% due 5/1/12

 

743,750

 

 

 

Station Casinos Inc., Senior Subordinated Notes:

 

 

 

475,000

 

6.500% due 2/1/14

 

456,000

 

150,000

 

6.875% due 3/1/16

 

145,688

 

125,000

 

6.625% due 3/15/18

 

116,875

 

 

 

Total Hotels, Restaurants & Leisure

 

10,629,083

 

Household Durables — 1.0%

 

 

 

55,000

 

American Greetings Corp., Senior Notes, 7.375% due 6/1/16

 

56,100

 

50,000

 

Beazer Homes USA Inc., Senior Notes, 6.875% due 7/15/15

 

47,500

 

1,250,000

 

Holt Group Inc., Senior Notes, 9.750% due 1/15/49 (c)(d)(f)

 

0

 

675,000

 

Interface Inc., Senior Subordinated Notes, 9.500% due 2/1/14

 

703,687

 

465,000

 

K Hovnanian Enterprises, Senior Notes, 7.500% due 5/15/16

 

448,638

 

145,000

 

Norcraft Cos. LP/Norcraft Finance Corp., Senior Subordinated Notes, 9.000% due 11/1/11

 

151,525

 

260,000

 

Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, step bond to yield 9.503% due 9/1/12

 

219,700

 

600,000

 

Sealy Mattress Co., Senior Subordinated Notes, 8.250% due 6/15/14

 

627,000

 

374,000

 

Tempur-Pedic Inc./Tempur Production USA Inc., Senior Subordinated Notes, 10.250% due 8/15/10

 

398,310

 

 

 

Total Household Durables

 

2,652,460

 

 

See Notes to Schedule of Investments.

 

5



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Household Products — 0.4%

 

 

 

 

 

Nutro Products Inc.:

 

 

 

$

75,000

 

Senior Notes, 9.230% due 10/15/13 (b)(e)

 

$

76,313

 

165,000

 

Senior Subordinated Notes, 10.750% due 4/15/14 (b)

 

169,537

 

 

 

Spectrum Brands Inc., Senior Subordinated Notes:

 

 

 

480,000

 

8.500% due 10/1/13

 

420,000

 

7,000

 

7.375% due 2/1/15

 

5,723

 

325,000

 

Visant Holding Corp., Senior Notes, 8.750% due 12/1/13 (b)

 

321,750

 

 

 

Total Household Products

 

993,323

 

Independent Power Producers & Energy Traders — 2.1%

 

 

 

110,000

 

AES China Generating Co., Ltd., Class A, 8.250% due 6/26/10

 

110,301

 

 

 

AES Corp.:

 

 

 

130,000

 

Secured Notes, 9.000% due 5/15/15 (b)

 

141,375

 

 

 

Senior Notes:

 

 

 

400,000

 

8.750% due 6/15/08

 

419,000

 

175,000

 

9.500% due 6/1/09

 

188,125

 

300,000

 

9.375% due 9/15/10

 

326,250

 

90,000

 

8.875% due 2/15/11

 

96,188

 

400,000

 

7.750% due 3/1/14

 

412,000

 

375,000

 

Calpine Generating Co. LLC, Senior Secured Notes, 14.120% due 4/1/11 (d)(e)

 

397,500

 

 

 

Dynegy Holdings Inc., Senior Debentures:

 

 

 

800,000

 

7.125% due 5/15/18

 

716,000

 

750,000

 

7.625% due 10/15/26

 

671,250

 

 

 

Edison Mission Energy, Senior Notes:

 

 

 

70,000

 

7.500% due 6/15/13 (b)

 

69,650

 

460,000

 

7.750% due 6/15/16 (b)

 

457,700

 

 

 

NRG Energy Inc., Senior Notes:

 

 

 

275,000

 

7.250% due 2/1/14

 

275,687

 

1,255,000

 

7.375% due 2/1/16

 

1,259,706

 

 

 

Total Independent Power Producers & Energy Traders

 

5,540,732

 

Industrial Conglomerates — 0.2%

 

 

 

392,000

 

Koppers Inc., Senior Notes, 9.875% due 10/15/13

 

433,160

 

500,000

 

Moll Industries Inc., Senior Subordinated Notes, 10.500% due 7/1/08 (c)(d)(f)

 

0

 

 

 

Total Industrial Conglomerates

 

433,160

 

Insurance — 0.1%

 

 

 

250,000

 

Crum & Forster Holdings Corp., Senior Notes, 10.375% due 6/15/13

 

262,500

 

Internet & Catalog Retail — 0.3%

 

 

 

656,000

 

FTD Inc., Senior Subordinated Notes, 7.750% due 2/15/14

 

652,720

 

Machinery — 0.8%

 

 

 

 

 

Case New Holland Inc., Senior Notes:

 

 

 

300,000

 

9.250% due 8/1/11

 

320,250

 

50,000

 

7.125% due 3/1/14 (b)

 

48,750

 

325,000

 

Invensys PLC, Senior Notes, 9.875% due 3/15/11 (b)

 

354,250

 

200,000

 

Mueller Group Inc., Senior Subordinated Notes, 10.000% due 5/1/12

 

219,500

 

625,000

 

Mueller Holdings Inc., Discount Notes, step bond to yield 13.858% due 4/15/14

 

528,125

 

700,000

 

Terex Corp., Senior Subordinated Notes, Series B, 10.375% due 4/1/11

 

741,125

 

 

 

Total Machinery

 

2,212,000

 

Media — 7.3%

 

 

 

715,000

 

Affinion Group Inc., 10.125% due 10/15/13 (b)

 

743,600

 

 

 

AMC Entertainment Inc.:

 

 

 

 

See Notes to Schedule of Investments.

 

6



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Media — 7.3% (continued)

 

 

 

$

710,000

 

Senior Subordinated Notes, 11.000% due 2/1/16 (b)

 

$

770,350

 

80,000

 

Series B, 8.625% due 8/15/12

 

82,800

 

525,895

 

CanWest Media Inc., Senior Subordinated Notes, 8.000% due 9/15/12

 

532,469

 

1,050,000

 

CCH I Holdings LLC, Senior Accreting Notes, Step bond to yield 17.231% due 1/15/14

 

693,000

 

619,000

 

CCH I Holdings LLC/CCH I Holdings Capital Corp., Senior Accreting Notes, 9.920% due 4/1/14

 

380,685

 

711,000

 

CCH I LLC/CCH Capital Corp., Senior Secured Notes, 11.000% due 10/1/15

 

615,015

 

 

 

Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., Senior Notes:

 

 

 

140,000

 

9.625% due 11/15/09

 

108,150

 

80,000

 

10.250% due 9/15/10

 

80,200

 

220,000

 

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., Senior Notes, 8.625% due 4/1/09

 

170,500

 

300,000

 

Charter Communications Operating LLC, Second Lien Senior Notes, 8.375% due 4/30/14 (b)

 

300,750

 

115,000

 

CMP Susquehanna Corp., Senior Subordinated Notes, 9.875% due 5/15/14 (b)

 

112,412

 

 

 

CSC Holdings Inc.:

 

 

 

 

 

Debentures:

 

 

 

15,000

 

7.875% due 2/15/18

 

15,188

 

900,000

 

Series B, 8.125% due 8/15/09

 

927,000

 

75,000

 

Senior Debentures, 7.625% due 7/15/18

 

75,000

 

 

 

Senior Notes:

 

 

 

375,000

 

6.750% due 4/15/12 (b)

 

368,906

 

50,000

 

Series B, 7.625% due 4/1/11

 

50,500

 

225,000

 

Dex Media East LLC/Dex Media East Finance Co., Senior Notes, 9.875% due 11/15/09

 

239,625

 

735,000

 

Dex Media Inc., Discount Notes, step bond to yield 8.367% due 11/15/13

 

621,075

 

635,000

 

Dex Media West LLC/Dex Media Finance Co., Senior Subordinated Notes, Series B, 9.875% due 8/15/13

 

695,325

 

 

 

DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., Senior Notes:

 

 

 

325,000

 

8.375% due 3/15/13

 

345,719

 

825,000

 

6.375% due 6/15/15

 

779,625

 

 

 

EchoStar DBS Corp., Senior Notes:

 

 

 

450,000

 

6.625% due 10/1/14

 

426,375

 

1,100,000

 

7.125% due 2/1/16 (b)

 

1,058,750

 

325,000

 

Houghton Mifflin Co., Senior Discount Notes, step bond to yield 11.492% due 10/15/13

 

274,625

 

300,000

 

Interep National Radio Sales Inc., Senior Subordinated Notes, Series B, 10.000% due 7/1/08

 

252,000

 

120,000

 

Kabel Deutschland GMBH, Senior Notes, 10.625% due 7/1/14 (b)

 

129,000

 

675,000

 

Lamar Media Corp., Senior Subordinated Notes, 6.625% due 8/15/15

 

644,625

 

650,000

 

LodgeNet Entertainment Corp., Senior Subordinated Notes, 9.500% due 6/15/13

 

698,750

 

 

 

Mediacom Broadband LLC/Mediacom Broadband Corp., Senior Notes:

 

 

 

50,000

 

11.000% due 7/15/13

 

52,875

 

50,000

 

8.500% due 10/15/15

 

49,000

 

700,000

 

Nexstar Finance Inc., Senior Subordinated Notes, 7.000% due 1/15/14

 

657,125

 

455,000

 

Primedia Inc., Senior Notes, 8.875% due 5/15/11

 

437,937

 

 

 

R.H. Donnelley Corp.:

 

 

 

 

 

Senior Discount Notes:

 

 

 

100,000

 

Series A-1, 6.875% due 1/15/13 (b)

 

92,000

 

200,000

 

Series A-2, 6.875% due 1/15/13 (b)

 

184,000

 

650,000

 

Senior Notes, Series A-3, 8.875% due 1/15/16 (b)

 

656,500

 

100,000

 

R.H. Donnelley Finance Corp. I, Senior Subordinated Notes, 10.875% due 12/15/12 (b)

 

110,500

 

225,000

 

R.H. Donnelley Inc., Senior Subordinated Notes, 10.875% due 12/15/12

 

248,625

 

 

See Notes to Schedule of Investments.

 

7



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Media — 7.3% (continued)

 

 

 

$

375,000

 

Radio One Inc., Senior Subordinated Notes, Series B, 8.875% due 7/1/11

 

$

393,750

 

 

 

Rainbow National Services LLC:

 

 

 

760,000

 

Senior Notes, 8.750% due 9/1/12 (b)

 

809,400

 

100,000

 

Senior Subordinated Debentures, 10.375% due 9/1/14 (b)

 

112,250

 

 

 

Rogers Cable Inc.:

 

 

 

170,000

 

Secured Notes, 5.500% due 3/15/14

 

154,700

 

150,000

 

Senior Secured Notes, 6.250% due 6/15/13

 

143,625

 

140,000

 

Senior Secured Second Priority Notes, 6.750% due 3/15/15

 

137,025

 

820,000

 

Sinclair Broadcast Group Inc., Senior Subordinated Notes, 8.000% due 3/15/12

 

843,575

 

650,000

 

Vertis Inc., Senior Secured Second Lien Notes, 9.750% due 4/1/09

 

666,250

 

125,000

 

Videotron Ltee, Senior Notes, 6.375% due 12/15/15

 

118,125

 

 

 

XM Satellite Radio Inc., Senior Notes:

 

 

 

150,000

 

9.649% due 5/1/13 (b)(e)

 

141,750

 

275,000

 

9.750% due 5/1/14 (b)

 

257,125

 

585,000

 

Yell Finance BV, Senior Notes, 10.750% due 8/1/11

 

620,919

 

 

 

Total Media

 

19,079,075

 

Metals & Mining — 0.9%

 

 

 

550,000

 

Aleris International Inc., Senior Secured Notes, 10.375% due 10/15/10

 

603,625

 

50,000

 

Chaparral Steel Co., Senior Notes, 10.000% due 7/15/13

 

55,875

 

600,000

 

Corporacion Nacional del Cobre-Codelco, Notes, 5.500% due 10/15/13 (b)

 

580,491

 

300,000

 

IPSCO Inc., Senior Notes, 8.750% due 6/1/13

 

324,750

 

340,000

 

Metals USA Inc., Senior Secured Notes, 11.125% due 12/1/15 (b)

 

380,800

 

65,000

 

RathGibson Inc., Senior Notes, 11.250% due 2/15/14 (b)

 

70,038

 

450,000

 

Vale Overseas Ltd., Notes, 6.250% due 1/11/16

 

434,250

 

 

 

Total Metals & Mining

 

2,449,829

 

Multiline Retail — 0.4%

 

 

 

350,000

 

Harry & David Operations, Senior Notes, 9.000% due 3/1/13

 

323,750

 

485,000

 

Neiman Marcus Group Inc., Senior Subordinated Notes, 10.375% due 10/15/15 (b)

 

512,888

 

225,000

 

Saks Inc., Notes, 9.875% due 10/1/11

 

247,500

 

 

 

Total Multiline Retail

 

1,084,138

 

Office Electronics — 0.3%

 

 

 

700,000

 

Xerox Capital Trust I Exchange Capital Securities, 8.000% due 2/1/27

 

718,375

 

Oil, Gas & Consumable Fuels — 5.6%

 

 

 

410,000

 

Belden & Blake Corp., Secured Notes, 8.750% due 7/15/12

 

421,275

 

 

 

Chesapeake Energy Corp., Senior Notes:

 

 

 

1,450,000

 

6.625% due 1/15/16

 

1,395,625

 

50,000

 

6.875% due 11/15/20 (b)

 

48,000

 

812,000

 

Cimarex Energy Co., Senior Notes, 9.600% due 3/15/12

 

863,765

 

 

 

El Paso Corp.:

 

 

 

 

 

Medium-Term Notes:

 

 

 

675,000

 

7.800% due 8/1/31

 

662,344

 

875,000

 

7.750% due 1/15/32

 

861,875

 

825,000

 

Notes, 7.875% due 6/15/12

 

853,875

 

420,000

 

EXCO Resources Inc., Senior Notes, 7.250% due 1/15/11

 

411,600

 

450,000

 

Hanover Equipment Trust, Secured Notes, 8.750% due 9/1/11

 

470,250

 

375,000

 

Inergy LP/Inergy Finance Corp., Senior Notes, 8.250% due 3/1/16

 

386,250

 

700,000

 

Kerr-McGee Corp., Secured Notes, 6.875% due 9/15/11

 

724,975

 

260,000

 

Mariner Energy Inc., Senior Notes, 7.500% due 4/15/13 (b)

 

252,850

 

300,000

 

Parker Drilling Co., Senior Notes, 9.625% due 10/1/13

 

330,750

 

1,200,000

 

Pemex Project Funding Master Trust, 6.125% due 8/15/08

 

1,203,000

 

1,500,000

 

Petronas Capital Ltd., Notes, 7.875% due 5/22/22 (b)

 

1,734,910

 

 

See Notes to Schedule of Investments.

 

8



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Oil, Gas & Consumable Fuels — 5.6% (continued)

 

 

 

$

1,010,000

 

Petrozuata Finance Inc., 8.220% due 4/1/17

 

$

954,450

 

450,000

 

Quicksilver Resources Inc., Senior Subordinated Notes, 7.125% due 4/1/16

 

432,000

 

30,000

 

SESI LLC, Senior Notes, 6.875% due 6/1/14 (b)

 

29,550

 

200,000

 

Swift Energy Co., Senior Subordinated Notes, 9.375% due 5/1/12

 

213,000

 

725,000

 

Whiting Petroleum Corp., Senior Subordinated Notes, 7.000% due 2/1/14

 

703,250

 

 

 

Williams Cos. Inc.:

 

 

 

 

 

Notes:

 

 

 

1,250,000

 

7.875% due 9/1/21

 

1,303,125

 

200,000

 

8.750% due 3/15/32

 

225,000

 

300,000

 

Senior Notes, 7.625% due 7/15/19

 

311,250

 

 

 

Total Oil, Gas & Consumable Fuels

 

14,792,969

 

Paper & Forest Products — 1.1%

 

 

 

 

 

Abitibi-Consolidated Inc.:

 

 

 

560,000

 

Debentures, 8.850% due 8/1/30

 

488,600

 

125,000

 

Notes, 7.750% due 6/15/11

 

118,438

 

735,000

 

Appleton Papers Inc., Senior Subordinated Notes, Series B, 9.750% due 6/15/14

 

749,700

 

300,000

 

Bowater Inc., Debentures, 9.500% due 10/15/12

 

307,500

 

115,000

 

Domtar Inc., Notes, 5.375% due 12/1/13

 

93,725

 

55,000

 

Georgia-Pacific Corp., Debentures, 9.500% due 12/1/11

 

59,125

 

 

 

NewPage Corp., Senior Secured Notes:

 

 

 

300,000

 

10.000% due 5/1/12

 

318,750

 

115,000

 

11.399% due 5/1/12 (e)

 

125,637

 

140,000

 

P.H. Glatfelter, Senior Notes, 7.125% due 5/1/16 (b)

 

140,000

 

600,000

 

Smurfit Capital Funding PLC, Debentures, 7.500% due 11/20/25

 

558,000

 

 

 

Total Paper & Forest Products

 

2,959,475

 

Personal Products — 0.4%

 

 

 

400,000

 

DEL Laboratories Inc., Senior Secured Notes, 10.149% due 11/1/11 (b)(e)

 

412,000

 

 

 

Playtex Products Inc.:

 

 

 

150,000

 

Senior Secured Notes, 8.000% due 3/1/11

 

157,875

 

445,000

 

Senior Subordinated Notes, 9.375% due 6/1/11

 

466,138

 

 

 

Total Personal Products

 

1,036,013

 

Pharmaceuticals — 0.9%

 

 

 

720,000

 

Leiner Health Products Inc., Senior Subordinated Notes, 11.000% due 6/1/12

 

707,400

 

775,000

 

Valeant Pharmaceuticals International, Senior Notes, 7.000% due 12/15/11

 

749,813

 

840,000

 

WH Holdings Ltd./WH Capital Corp., Senior Notes, 9.500% due 4/1/11

 

915,600

 

 

 

Total Pharmaceuticals

 

2,372,813

 

Real Estate Investment Trusts (REITs) — 1.2%

 

 

 

290,000

 

Felcor Lodging LP, Senior Notes, 8.500% due 6/1/11

 

311,750

 

 

 

Host Marriott LP, Senior Notes:

 

 

 

525,000

 

7.125% due 11/1/13

 

530,250

 

125,000

 

6.750% due 6/1/16 (b)

 

122,031

 

125,000

 

Series I, 9.500% due 1/15/07

 

127,969

 

1,025,000

 

Series O, 6.375% due 3/15/15

 

981,437

 

275,000

 

Kimball Hill Inc., Senior Subordinated Notes, 10.500% due 12/15/12 (b)

 

265,375

 

600,000

 

Omega Healthcare Investors Inc., Senior Notes, 7.000% due 4/1/14

 

581,250

 

115,000

 

Ventas Realty LP/Ventas Capital Corp., Senior Notes, 6.500% due 6/1/16

 

111,838

 

 

 

Total Real Estate Investment Trusts (REITs)

 

3,031,900

 

Road & Rail — 0.4%

 

 

 

 

 

Avis Budget Car Rental LLC/Avis Budget Finance Inc., Senior Notes:

 

 

 

330,000

 

7.576% due 5/15/14 (b)(e)

 

336,600

 

30,000

 

7.750% due 5/15/16 (b)

 

30,300

 

 

See Notes to Schedule of Investments.

 

9



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Road & Rail — 0.4% (continued)

 

 

 

 

 

Grupo Transportacion Ferroviaria Mexicana SA de CV, Senior Notes:

 

 

 

$

100,000

 

10.250% due 6/15/07

 

$

104,000

 

450,000

 

9.375% due 5/1/12

 

481,500

 

30,000

 

12.500% due 6/15/12

 

33,300

 

 

 

Total Road & Rail

 

985,700

 

Semiconductors & Semiconductor Equipment — 0.3%

 

 

 

300,000

 

Amkor Technology Inc., Senior Subordinated Notes, 10.500% due 5/1/09

 

306,750

 

580,000

 

MagnaChip Semiconductor, Senior Subordinated Notes, 8.000% due 12/15/14

 

507,500

 

 

 

Total Semiconductors & Semiconductor Equipment

 

814,250

 

Software — 0.1%

 

 

 

335,000

 

Activant Solutions Inc., Senior Subordinated Notes, 9.500% due 5/1/16 (b)

 

330,813

 

Specialty Retail — 1.2%

 

 

 

 

 

AutoNation Inc., Senior Notes:

 

 

 

125,000

 

7.045% due 4/15/13 (b)(e)

 

126,875

 

155,000

 

7.000% due 4/15/14 (b)

 

155,000

 

 

 

Blockbuster Inc., Senior Subordinated Notes:

 

 

 

145,000

 

9.000% due 9/1/12

 

136,300

 

170,000

 

10.000% due 9/1/12 (b)

 

159,800

 

115,000

 

Brookstone Co. Inc., Senior Notes, 12.000% due 10/15/12 (b)

 

103,500

 

575,000

 

Buffets Inc., Senior Subordinated Notes, 11.250% due 7/15/10

 

598,000

 

110,000

 

EPL Finance Corp., Senior Notes, 11.750% due 11/15/13 (b)

 

129,250

 

230,000

 

Eye Care Centers of America, Senior Subordinated Notes, 10.750% due 2/15/15

 

267,950

 

450,000

 

Hines Nurseries Inc., Senior Notes, 10.250% due 10/1/11

 

434,250

 

326,000

 

Jafra Cosmetics International Inc., Senior Subordinated Notes, 10.750% due 5/15/11

 

354,118

 

375,000

 

PETCO Animal Supplies Inc., Senior Subordinated Notes, 10.750% due 11/1/11

 

398,906

 

385,000

 

Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes, 6.875% due 12/15/13

 

365,750

 

 

 

Total Specialty Retail

 

3,229,699

 

Textiles, Apparel & Luxury Goods — 0.7%

 

 

 

 

 

Levi Strauss & Co., Senior Notes:

 

 

 

155,000

 

12.250% due 12/15/12

 

175,150

 

825,000

 

9.750% due 1/15/15

 

855,937

 

325,000

 

Oxford Industries Inc., Senior Notes, 8.875% due 6/1/11

 

334,750

 

120,000

 

Russell Corp., Senior Notes, 9.250% due 5/1/10

 

125,400

 

425,000

 

Simmons Co., Senior Discount Notes, step bond to yield 9.995% due 12/15/14

 

300,688

 

 

 

Total Textiles, Apparel & Luxury Goods

 

1,791,925

 

Wireless Telecommunication Services — 1.4%

 

 

 

200,000

 

American Tower Corp., Senior Notes, 7.500% due 5/1/12

 

205,000

 

350,000

 

Centennial Communications Corp., Senior Notes, 10.740% due 1/1/13 (e)

 

366,625

 

50,000

 

Dobson Cellular Systems Inc., First Priority Senior Secured Notes, 8.375% due 11/1/11

 

52,188

 

2,060,000

 

Nextel Communications Inc., Senior Notes, Series D, 7.375% due 8/1/15

 

2,124,808

 

190,000

 

Rogers Wireless Communications Inc., Senior Subordinated Notes, 8.000% due 12/15/12

 

196,412

 

265,000

 

U.S. Unwired Inc., Second Priority Secured Notes, Series B, 10.000% due 6/15/12

 

297,131

 

 

See Notes to Schedule of Investments.

 

10



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Wireless Telecommunication Services — 1.4% (continued)

 

 

 

$

500,000

 

UbiquiTel Operating Co., Senior Notes, 9.875% due 3/1/11

 

$

548,750

 

 

 

Total Wireless Telecommunication Services

 

3,790,914

 

 

 

TOTAL CORPORATE BONDS & NOTES
(Cost — $151,334,731)

 

148,270,775

 

ASSET-BACKED SECURITY — 0.0%

 

 

 

Diversified Financial Services — 0.0%

 

 

 

987,700

 

Airplanes Pass-Through Trust, Subordinated Notes, Series D, 10.875% due 3/15/19 (c)(d)(f) (Cost — $986,979)

 

0

 

CONVERTIBLE BONDS & NOTES — 0.2%

 

 

 

Semiconductors & Semiconductor Equipment — 0.1%

 

 

 

105,000

 

Amkor Technology Inc., 2.500% due 5/15/11

 

98,437

 

Wireless Telecommunication Services — 0.1%

 

 

 

325,000

 

American Tower Corp., Notes, 5.000% due 2/15/10

 

324,594

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES
(Cost — $283,323)

 

423,031

 

SOVEREIGN BONDS — 38.1%

 

 

 

Argentina — 1.9%

 

 

 

 

 

Republic of Argentina:

 

 

 

2,909,375

 

4.889% due 8/3/12 (e)

 

2,685,505

 

5,670,000

 

GDP Linked Securities, 0.000% due 12/15/35 (d)(e)

 

518,805

 

5,050,000

 

Par Bonds, 1.330% due 12/31/38

 

1,761,188

 

 

 

Total Argentina

 

4,965,498

 

Brazil — 7.4%

 

 

 

 

 

Federative Republic of Brazil:

 

 

 

4,530,000

 

11.000% due 8/17/40

 

5,520,938

 

 

 

Collective Action Securities:

 

 

 

11,184,000

 

8.000% due 1/15/15

 

11,664,912

 

2,185,000

 

8.750% due 2/4/25

 

2,340,681

 

 

 

Total Brazil

 

19,526,531

 

Chile — 0.7%

 

 

 

1,850,000

 

Republic of Chile, 5.500% due 1/15/13

 

1,817,514

 

Colombia — 1.6%

 

 

 

 

 

Republic of Colombia:

 

 

 

1,775,000

 

10.000% due 1/23/12

 

2,041,250

 

525,000

 

10.750% due 1/15/13

 

630,525

 

1,000,000

 

11.750% due 2/25/20

 

1,360,000

 

130,000

 

10.375% due 1/28/33

 

170,300

 

 

 

Total Colombia

 

4,202,075

 

Ecuador — 0.7%

 

 

 

1,785,000

 

Republic of Ecuador, 9.000% due 8/15/30 (b)

 

1,755,994

 

El Salvador — 0.8%

 

 

 

 

 

Republic of El Salvador:

 

 

 

1,555,000

 

7.750% due 1/24/23 (b)

 

1,656,075

 

330,000

 

8.250% due 4/10/32 (b)

 

350,625

 

 

 

Total El Salvador

 

2,006,700

 

Indonesia — 0.2%

 

 

 

500,000

 

Republic of Indonesia, 8.500% due 10/12/35 (b)

 

542,800

 

 

See Notes to Schedule of Investments.

 

11



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Malaysia — 0.6%

 

 

 

$

625,000

 

Federation of Malaysia, 8.750% due 6/1/09

 

$

676,493

 

1,092,000

 

Penerbangan Malaysia Berhad, 5.625% due 3/15/16

 

1,060,037

 

 

 

Total Malaysia

 

1,736,530

 

Mexico — 7.4%

 

 

 

 

 

United Mexican States:

 

 

 

800,000

 

11.375% due 9/15/16

 

1,090,000

 

 

 

Medium-Term Notes:

 

 

 

8,330,000

 

5.625% due 1/15/17

 

7,757,312

 

1,795,000

 

8.300% due 8/15/31

 

2,048,095

 

 

 

Series A:

 

 

 

1,050,000

 

6.375% due 1/16/13

 

1,054,200

 

1,972,000

 

5.875% due 1/15/14

 

1,916,784

 

3,783,000

 

6.625% due 3/3/15

 

3,832,179

 

1,355,000

 

8.000% due 9/24/22

 

1,510,825

 

245,000

 

7.500% due 4/8/33

 

257,434

 

 

 

Total Mexico

 

19,466,829

 

Panama — 1.7%

 

 

 

 

 

Republic of Panama:

 

 

 

300,000

 

9.625% due 2/8/11

 

339,000

 

3,025,000

 

7.250% due 3/15/15

 

3,134,656

 

243,000

 

9.375% due 4/1/29

 

296,764

 

781,000

 

6.700% due 1/26/36

 

742,926

 

 

 

Total Panama

 

4,513,346

 

Peru — 2.5%

 

 

 

 

 

Republic of Peru:

 

 

 

375,000

 

9.875% due 2/6/15

 

441,938

 

782,000

 

8.750% due 11/21/33

 

869,975

 

2,386,200

 

FLIRB, 5.000% due 3/7/17 (e)

 

2,290,752

 

 

 

Global Bonds:

 

 

 

285,000

 

8.375% due 5/3/16

 

309,225

 

132,000

 

7.350% due 7/21/25

 

128,964

 

 

 

PDI:

 

 

 

2,148,800

 

5.000% due 3/7/17 (e)

 

2,073,592

 

368,930

 

5.000% due 3/7/17 (b)(e)

 

356,017

 

 

 

Total Peru

 

6,470,463

 

Philippines — 0.7%

 

 

 

 

 

Republic of the Philippines:

 

 

 

850,000

 

10.625% due 3/16/25

 

1,066,750

 

595,000

 

9.500% due 2/2/30

 

687,041

 

 

 

Total Philippines

 

1,753,791

 

Russia — 5.4%

 

 

 

 

 

Russian Federation:

 

 

 

1,455,000

 

11.000% due 7/24/18 (b)

 

2,027,906

 

540,000

 

12.750% due 6/24/28 (b)

 

921,375

 

10,650,540

 

5.000% due 3/31/30 (b)

 

11,369,452

 

 

 

Total Russia

 

14,318,733

 

South Africa — 0.7%

 

 

 

1,775,000

 

Republic of South Africa, 6.500% due 6/2/14

 

1,819,375

 

Turkey — 2.9%

 

 

 

 

 

Republic of Turkey:

 

 

 

 

See Notes to Schedule of Investments.

 

12



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Face
Amount

 

Security(a)

 

Value

 

Turkey — 2.9% (continued)

 

 

 

$

350,000

 

11.750% due 6/15/10

 

$

409,063

 

1,525,000

 

11.500% due 1/23/12

 

1,837,625

 

900,000

 

7.250% due 3/15/15

 

894,375

 

1,979,000

 

7.000% due 6/5/20

 

1,904,787

 

1,065,000

 

11.875% due 1/15/30

 

1,517,625

 

592,000

 

8.000% due 2/14/34

 

589,780

 

500,000

 

Collective Action Securities, Notes, 7.375% due 2/5/25

 

482,500

 

 

 

Total Turkey

 

7,635,755

 

Ukraine — 0.4%

 

 

 

940,000

 

Republic of Ukraine, 7.650% due 6/11/13 (b)

 

954,100

 

Uruguay — 0.5%

 

 

 

1,350,000

 

Republic of Uruguay, Benchmark Bonds, 7.250% due 2/15/11

 

1,358,437

 

Venezuela — 2.0%

 

 

 

 

 

Bolivarian Republic of Venezuela:

 

 

 

3,575,000

 

8.500% due 10/8/14

 

3,865,469

 

725,000

 

7.650% due 4/21/25

 

734,969

 

675,000

 

Collective Action Securities, Notes, 10.750% due 9/19/13

 

815,062

 

 

 

Total Venezuela

 

5,415,500

 

 

 

TOTAL SOVEREIGN BONDS
(Cost — $98,279,795)

 

100,259,971

 

U.S. GOVERNMENT & AGENCY OBLIGATION — 0.8%

 

 

 

U.S. Government Obligations — 0.8%

 

 

 

2,090,000

 

U.S. Treasury Notes, 4.500% due 2/15/16
(Cost — $2,010,550)

 

1,989,828

 

 

Shares

 

 

 

 

 

COMMON STOCKS — 0.2%

 

 

 

CONSUMER DISCRETIONARY — 0.2%

 

 

 

Household Durables — 0.2%

 

 

 

1,349,235

 

Home Interiors of Gifts Inc. (c)(f)*

 

364,294

 

10,194

 

Mattress Discounters Corp. (c)(f)*

 

0

 

 

 

TOTAL CONSUMER DISCRETIONARY

 

364,294

 

CONSUMER STAPLES — 0.0%

 

 

 

Food Products — 0.0%

 

 

 

688

 

Imperial Sugar Co. *

 

16,003

 

INDUSTRIALS — 0.0%

 

 

 

Machinery — 0.0%

 

 

 

5

 

Glasstech Inc. (c)(f)*

 

0

 

INFORMATION TECHNOLOGY — 0.0%

 

 

 

Computers & Peripherals — 0.0%

 

 

 

12,166

 

Axiohm Transaction Solutions Inc. (c)(f)*

 

0

 

MATERIALS — 0.0%

 

 

 

Chemicals — 0.0%

 

 

 

12,121

 

Applied Extrusion Technologies Inc., Class A Shares *

 

87,877

 

 

 

TOTAL COMMON STOCKS
(Cost — $1,577,994)

 

468,174

 

 

See Notes to Schedule of Investments.

 

13



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

Shares

 

Security(a)

 

Value

 

PREFERRED STOCK(f) — 0.0%

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

Textiles, Apparel & Luxury Goods — 0.0%

 

 

 

12

 

Anvil Holdings Inc., Class B, 13.000%

 

$

63

 

FINANCIALS — 0.0%

 

 

 

Diversified Financial Services — 0.0%

 

 

 

4,091

 

TCR Holdings Corp., Class B Shares, 0.000% (c)*

 

4

 

2,250

 

TCR Holdings Corp., Class C Shares, 0.000% (c)*

 

2

 

5,932

 

TCR Holdings Corp., Class D Shares, 0.000% (c)*

 

6

 

12,271

 

TCR Holdings Corp., Class E Shares, 0.000% (c)*

 

13

 

 

 

TOTAL FINANCIALS

 

25

 

INDUSTRIALS — 0.0%

 

 

 

Machinery — 0.0%

 

 

 

5

 

Glasstech Inc., 0.000% (c)*

 

0

 

 

 

TOTAL PREFERRED STOCK
(Cost — $1,471)

 

88

 

ESCROWED SHARES(f) — 0.0%

 

 

 

1,750,000

 

Breed Technologies Inc. (c)*

 

0

 

625,000

 

Pillowtex Corp. *

 

0

 

397,208

 

Vlasic Foods International Inc. (c)*

 

7,944

 

 

 

TOTAL ESCROWED SHARES
(Cost — $0)

 

7,944

 

 

Warrants

 

 

 

 

 

WARRANTS — 0.1%

 

 

 

9,125

 

Bolivarian Republic of Venezuela, Oil-linked payment obligations, Expires 4/15/20*

 

319,375

 

1,837,246

 

ContiFinancial Corp., Liquidating Trust, Units of Interest (Represents interest in a trust in the liquidation of ContiFinancial Corp. and its affiliates)(c)(f)*

 

6

 

1,000

 

Mattress Discounters Co., Expires 7/15/07(b)(c)(f)*

 

0

 

4,202

 

Pillowtex Corp., Expires 11/24/09(c)(f)*

 

21

 

750

 

UbiquiTel Inc., Expires 4/15/10(b)(c)(f)*

 

7

 

 

 

TOTAL WARRANTS
(Cost — $44,998)

 

319,409

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost — $254,519,841)

 

251,739,220

 

 

Face
Amount

 

 

 

 

 

SHORT-TERM INVESTMENT — 4.2%

 

 

 

Repurchase Agreement — 4.2%

 

 

 

$

11,045,000

 

Merrill Lynch, Pierce, Fenner & Smith Inc. repurchase agreement dated 5/31/06, 5.020% due 6/1/06; Proceeds at maturity - $11,046,540; (Fully collateralized by U.S. Treasury Note, 4.875% due 4/30/11; Market value - $11,266,878) (Cost — $11,045,000)

 

11,045,000

 

 

 

TOTAL INVESTMENTS — 100.0% (Cost — $265,564,841#)

 

$

262,784,220

 

 


*

Non-income producing security.

(a)

All securities are segregated as collateral pursuant to an outstanding loan agreement and/or reverse repurchase agreements.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted.

(c)

Illiquid security.

(d)

Security is currently in default.

 

See Notes to Schedule of Investments.

 

14



 

Salomon Brothers Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

May 31, 2006

 

(e)

Variable rate security. Interest rate disclosed is that which is in effect at May 31, 2006.

(f)

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

#

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

 

 

 

Abbreviations used in this schedule:

 

FLIRB - Front-Loaded Interest Reduction Bonds

 

GDP - Gross Domestic Product

 

PDI - Past Due Interest

 

See Notes to Schedule of Investments.

 

15



 

Notes to Schedule of Investments (unaudited)

 

1. Organization and Significant Accounting Policies

 

The Salomon Brothers Global Partners Income 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. Debt securities are valued at the mean between the bid and asked 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. 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. 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 value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less 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) Reverse Repurchase Agreements. The Fund may enter into reverse repurchase agreements in which the Fund sells portfolio securities and agrees to repurchase them from the buyer at a specified date and price. Whenever the Fund enters into a reverse repurchase agreement, the Fund’s custodian delivers liquid assets to the counterparty in an amount at least equal to the repurchase price (including accrued interest). The Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings, which may create leverage risk to the Fund.

 

(d) Credit and Market Risk. The Fund invests in high yield and emerging market instruments that are subject to certain credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

 

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

 

2. Investments

 

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

 

Gross unrealized appreciation

 

$

8,513,103

 

Gross unrealized depreciation

 

(11,293,724

)

Net unrealized depreciation

 

$

(2,780,621

)

 

At May 31, 2006, the Fund had the following reverse repurchase agreements outstanding:

 



 

Face
Amount

 

Security

 

Value

 

$

904,188

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 12/16/05 bearing 2.550% to be repurchased at $927,565 on 12/16/06, collateralized by: $575,000 Republic of Turkey, 11.875% due 1/15/30; Market value (including accrued interest) - $845,216

 

$

904,188

 

11,025,000

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 12/16/05 bearing 4.150% to be repurchased at $11,488,892 on 12/16/06, collateralized by: $10,000,000 Federative Republic of Brazil, Collective Action Securities, 8.000% due 1/15/15; Market Value (including accrued interest) - $10,732,762

 

11,025,000

 

 

 

 

 

 

 

 

 

Total Reverse Repurchase Agreements
(Cost — $11,929,188)

 

$

11,929,188

 

 

3. Loan

 

At May 31, 2006, the Fund had a $81,000,000 loan available pursuant to a revolving credit and security agreement, of which the Fund had $59,124,414 outstanding with CHARTA, LLC (as successor by assignment to CXC, LLC) (the “Lender”), an affiliate of Citigroup, a commercial paper conduit issuer for which Citicorp North America, Inc., acts as administrative agent. The loan generally bears interest at a variable rate based on the weighted average interest rates of the commercial paper or LIBOR, plus any applicable margin.  Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowing outstanding and any additional expenses.

 



 

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
Rule30a-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 Global Partners Income Fund Inc.

 

 

By

/s/ R. Jay Gerken

 

R. Jay Gerken

Chief Executive Officer

 

 

Date

July 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

/s/ R. Jay Gerken

 

R. Jay Gerken

Chief Executive Officer

 

 

 

Date

July 28,2006

 

 

 

By

/s/ Frances M. Guggino

 

Frances M. Guggino

Chief Financial Officer

 

 

 

 

Date

July 28,2006