N-Q 1 a08-1281_2nq.htm N-Q

 

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

 

 

Western Asset 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

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:

August 31

 

 

 

 

Date of reporting period:

November 30, 2007

 

 



 

WESTERN ASSET GLOBAL PARTNERS
INCOME FUND INC.

 

 

FORM N-Q
NOVEMBER 30, 2007

 



 

ITEM 1.           SCHEDULE OF INVESTMENTS

 



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

CORPORATE BONDS & NOTES — 61.8%

 

 

 

Aerospace & Defense — 1.4%

 

 

 

275,000

 

 

 

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

 

$

273,625

 

675,000

 

 

 

DRS Technologies Inc., Senior Subordinated Notes, 6.875% due 11/1/13

 

669,937

 

 

 

 

 

Hawker Beechcraft Acquisition Co.:

 

 

 

1,255,000

 

 

 

Senior Notes, 8.875% due 4/1/15 (a)(b)

 

1,242,450

 

245,000

 

 

 

Senior Subordinated Notes, 9.750% due 4/1/17 (a)

 

248,063

 

1,400,000

 

 

 

L-3 Communications Corp., Senior Subordinated Notes, 6.125% due 1/15/14

 

1,375,500

 

 

 

 

 

Total Aerospace & Defense

 

3,809,575

 

Airlines — 1.0%

 

 

 

 

 

 

 

Continental Airlines Inc.:

 

 

 

80,000

 

 

 

Notes, 8.750% due 12/1/11

 

76,800

 

 

 

 

 

Pass-Through Certificates:

 

 

 

21,564

 

 

 

6.541% due 9/15/08

 

21,403

 

204,875

 

 

 

8.312% due 4/2/11

 

204,086

 

230,000

 

 

 

7.339% due 4/19/14

 

216,200

 

1,130,000

 

 

 

DAE Aviation Holdings Inc., Senior Notes, 11.250% due 8/1/15 (a)

 

1,192,150

 

 

 

 

 

Delta Air Lines Inc.:

 

 

 

340,000

 

 

 

8.954% due 8/10/14 (a)

 

328,100

 

 

 

 

 

Pass-Through Certificates:

 

 

 

408,407

 

 

 

6.619% due 3/18/11

 

407,133

 

310,000

 

 

 

7.711% due 9/18/11

 

303,297

 

 

 

 

 

Total Airlines

 

2,749,169

 

Auto Components — 1.3%

 

 

 

 

 

 

 

Allison Transmission Inc.:

 

 

 

300,000

 

 

 

11.000% due 11/1/15 (a)

 

290,250

 

590,000

 

 

 

11.250% due 11/1/15 (a)(b)

 

553,125

 

480,000

 

 

 

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

 

355,200

 

2,405,000

 

 

 

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

 

2,152,475

 

 

 

 

 

Total Auto Components

 

3,351,050

 

Automobiles — 1.5%

 

 

 

 

 

 

 

Ford Motor Co.:

 

 

 

 

 

 

 

Debentures:

 

 

 

265,000

 

 

 

8.875% due 1/15/22

 

218,625

 

595,000

 

 

 

8.900% due 1/15/32

 

467,075

 

760,000

 

 

 

Notes, 7.450% due 7/16/31

 

577,600

 

 

 

 

 

General Motors Corp.:

 

 

 

375,000

 

 

 

Notes, 7.200% due 1/15/11

 

349,687

 

 

 

 

 

Senior Debentures:

 

 

 

200,000

 

 

 

8.250% due 7/15/23

 

165,000

 

2,540,000

 

 

 

8.375% due 7/15/33

 

2,120,900

 

 

 

 

 

Total Automobiles

 

3,898,887

 

Beverages — 0.2%

 

 

 

515,000

 

 

 

Constellation Brands Inc., Senior Notes, 7.250% due 9/1/16

 

484,100

 

Building Products — 0.9%

 

 

 

1,795,000

 

 

 

Associated Materials Inc., Senior Discount Notes, step bond to yield 14.686% due 3/1/14

 

1,175,725

 

498,000

 

 

 

GTL Trade Finance Inc., 7.250% due 10/20/17 (a)

 

510,527

 

450,000

 

 

 

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

 

366,750

 

 

See Notes to Schedule of Investments.

 

1



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Building Products — 0.9% (continued)

 

 

 

700,000

 

 

 

NTK Holdings Inc., Senior Discount Notes, step bond to yield 11.711% due 3/1/14

 

$

416,500

 

 

 

 

 

Total Building Products

 

2,469,502

 

Capital Markets — 0.1%

 

 

 

190,000

 

 

 

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

 

142,025

 

Chemicals — 1.5%

 

 

 

750,000

 

 

 

FMC Finance III SA, Senior Notes, 6.875% due 7/15/17 (a)

 

738,750

 

 

 

 

 

Georgia Gulf Corp., Senior Notes:

 

 

 

520,000

 

 

 

9.500% due 10/15/14

 

431,600

 

340,000

 

 

 

10.750% due 10/15/16

 

236,300

 

345,000

 

 

 

Huntsman International LLC, Senior Subordinated Notes, 7.875% due 11/15/14

 

371,737

 

 

 

 

 

Lyondell Chemical Co.:

 

 

 

305,000

 

 

 

6.875% due 6/15/17

 

347,700

 

 

 

 

 

Senior Notes:

 

 

 

205,000

 

 

 

8.000% due 9/15/14

 

233,187

 

165,000

 

 

 

8.250% due 9/15/16

 

194,288

 

20,000

 

 

 

Senior Secured Notes, 10.500% due 6/1/13

 

21,500

 

450,000

 

 

 

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

 

484,875

 

1,130,000

 

 

 

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

 

887,050

 

 

 

 

 

Total Chemicals

 

3,946,987

 

Commercial Banks — 3.6%

 

 

 

1,150,000

 

 

 

ATF Capital BV, Senior Notes, 9.250% due 2/21/14 (a)

 

1,165,812

 

3,768,531

 

 

 

HSBC Bank PLC, 7.000% due 11/1/11

 

3,906,911

 

740,000

 

 

 

HSBK Europe BV, 7.250% due 5/3/17 (a)

 

642,875

 

 

 

 

 

ICICI Bank Ltd., Subordinated Bonds:

 

 

 

186,000

 

 

 

6.375% due 4/30/22 (a)(c)

 

165,224

 

130,000

 

 

 

6.375% due 4/30/22 (a)(c)

 

116,658

 

 

 

 

 

Russian Agricultural Bank, Loan Participation Notes:

 

 

 

1,011,000

 

 

 

7.175% due 5/16/13 (a)

 

1,045,071

 

1,686,000

 

 

 

6.299% due 5/15/17 (a)

 

1,586,357

 

 

 

 

 

TuranAlem Finance BV, Bonds:

 

 

 

530,000

 

 

 

8.250% due 1/22/37 (a)

 

422,675

 

475,000

 

 

 

8.250% due 1/22/37 (a)

 

378,813

 

 

 

 

 

Total Commercial Banks

 

9,430,396

 

Commercial Services & Supplies — 1.2%

 

 

 

750,000

 

 

 

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

 

716,250

 

75,000

 

 

 

Ashtead Holdings PLC, Secured Notes, 8.625% due 8/1/15 (a)

 

65,625

 

1,519,000

 

 

 

DynCorp International LLC/DIV Capital Corp., Senior Subordinated Notes, 9.500% due 2/15/13

 

1,587,355

 

580,000

 

 

 

Rental Services Corp., 9.500% due 12/1/14

 

540,850

 

2,000,000

 

 

 

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

 

2,000

 

340,000

 

 

 

US Investigations Services Inc., 11.750% due 5/1/16 (a)

 

307,700

 

 

 

 

 

Total Commercial Services & Supplies

 

3,219,780

 

Communications Equipment — 0.3%

 

 

 

880,000

 

 

 

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

 

712,800

 

Consumer Finance — 1.9%

 

 

 

665,000

 

 

 

AmeriCredit Corp., Senior Notes, 8.500% due 7/1/15 (a)

 

475,475

 

 

 

 

 

Ford Motor Credit Co.:

 

 

 

 

 

 

 

Notes:

 

 

 

 

See Notes to Schedule of Investments.

 

2



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Consumer Finance — 1.9% (continued)

 

 

 

100,000

 

 

 

7.875% due 6/15/10

 

$

92,871

 

295,000

 

 

 

7.000% due 10/1/13

 

257,944

 

 

 

 

 

Senior Notes:

 

 

 

862,000

 

 

 

10.944% due 6/15/11 (c)

 

819,968

 

90,000

 

 

 

9.875% due 8/10/11

 

87,159

 

170,000

 

 

 

7.993% due 1/13/12 (c)

 

148,255

 

360,000

 

 

 

8.000% due 12/15/16

 

315,462

 

 

 

 

 

General Motors Acceptance Corp.:

 

 

 

2,085,000

 

 

 

Bonds, 8.000% due 11/1/31

 

1,773,288

 

1,300,000

 

 

 

Notes, 6.875% due 8/28/12

 

1,106,247

 

 

 

 

 

Total Consumer Finance

 

5,076,669

 

Containers & Packaging — 0.6%

 

 

 

 

 

 

 

Graham Packaging Co. Inc.:

 

 

 

70,000

 

 

 

8.500% due 10/15/12

 

65,625

 

240,000

 

 

 

Senior Subordinated Notes, 9.875% due 10/15/14

 

221,400

 

625,000

 

 

 

Graphic Packaging International Corp., Senior Subordinated Notes, 9.500% due 8/15/13

 

621,875

 

175,000

 

 

 

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

 

176,750

 

260,000

 

 

 

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

 

262,600

 

325,000

 

 

 

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

 

4,063

 

370,000

 

 

 

Smurfit-Stone Container Corp., Senior Notes, 8.000% due 3/15/17

 

357,050

 

 

 

 

 

Total Containers & Packaging

 

1,709,363

 

Diversified Consumer Services — 0.5%

 

 

 

1,015,000

 

 

 

Education Management LLC/Education Management Finance Corp., Senior Notes, 8.750% due 6/1/14

 

1,020,075

 

 

 

 

 

Service Corp. International:

 

 

 

90,000

 

 

 

Debentures, 7.875% due 2/1/13

 

92,045

 

 

 

 

 

Senior Notes:

 

 

 

180,000

 

 

 

7.625% due 10/1/18

 

179,550

 

130,000

 

 

 

7.500% due 4/1/27

 

121,550

 

 

 

 

 

Total Diversified Consumer Services

 

1,413,220

 

Diversified Financial Services — 2.0%

 

 

 

535,000

 

 

 

Basell AF SCA, Senior Secured Subordinated Second Priority Notes, 8.375% due 8/15/15 (a)

 

453,413

 

335,000

 

 

 

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

 

312,388

 

130,000

 

 

 

El Paso Performance-Linked Trust Certificates, Notes, 7.750% due 7/15/11 (a)

 

136,790

 

560,000

 

 

 

Leucadia National Corp., Senior Notes, 8.125% due 9/15/15

 

560,000

 

 

 

 

 

Residential Capital LLC:

 

 

 

350,000

 

 

 

8.544% due 4/17/09 (a)(c)

 

152,250

 

210,000

 

 

 

8.375% due 6/30/15

 

136,500

 

430,000

 

 

 

Notes, 7.875% due 6/30/10

 

293,475

 

735,000

 

 

 

Senior Notes, 7.500% due 2/22/11

 

488,775

 

 

 

 

 

TNK-BP Finance SA:

 

 

 

760,000

 

 

 

7.500% due 7/18/16 (a)

 

736,364

 

1,160,000

 

 

 

Senior Notes, 7.875% due 3/13/18 (a)

 

1,146,950

 

400,000

 

 

 

Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 10.072% due 10/1/15

 

296,000

 

545,000

 

 

 

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

 

519,112

 

 

 

 

 

Total Diversified Financial Services

 

5,232,017

 

 

See Notes to Schedule of Investments.

 

3



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Diversified Telecommunication Services — 4.1%

 

 

 

 

 

 

 

Axtel SAB de CV:

 

 

 

70,000

 

 

 

11.000% due 12/15/13

 

$

76,475

 

100,000

 

 

 

7.625% due 2/1/17 (a)

 

99,000

 

1,000,000

 

 

 

Senior Notes, 7.625% due 2/1/17 (a)

 

990,000

 

100,000

 

 

 

Cincinnati Bell Inc., Senior Notes, 7.000% due 2/15/15

 

94,750

 

110,000

 

 

 

Cincinnati Bell Telephone Co., Senior Debentures, 6.300% due 12/1/28

 

95,700

 

 

 

 

 

Citizens Communications Co.:

 

 

 

15,000

 

 

 

7.050% due 10/1/46

 

12,300

 

630,000

 

 

 

Senior Notes, 7.875% due 1/15/27

 

607,950

 

115,000

 

 

 

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

 

119,025

 

1,190,000

 

 

 

Intelsat Bermuda Ltd., Senior Notes, 11.250% due 6/15/16

 

1,237,600

 

195,000

 

 

 

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

 

198,900

 

 

 

 

 

Level 3 Financing Inc.:

 

 

 

980,000

 

 

 

9.250% due 11/1/14

 

884,450

 

380,000

 

 

 

9.150% due 2/15/15 (c)

 

323,000

 

1,815,000

 

 

 

Nordic Telephone Co. Holdings, Senior Secured Bonds, 8.875% due 5/1/16 (a)

 

1,851,300

 

 

 

 

 

Qwest Communications International Inc., Senior Notes:

 

 

 

412,000

 

 

 

9.058% due 2/15/09 (c)

 

414,060

 

725,000

 

 

 

7.500% due 2/15/14

 

723,187

 

285,000

 

 

 

Qwest Corp., Debentures, 6.875% due 9/15/33

 

260,775

 

845,000

 

 

 

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

 

646,425

 

 

 

 

 

Virgin Media Finance PLC, Senior Notes:

 

 

 

180,000

 

 

 

8.750% due 4/15/14

 

180,000

 

850,000

 

 

 

9.125% due 8/15/16

 

850,000

 

75,000

 

 

 

Wind Acquisition Finance SA, Senior Bonds, 10.750% due 12/1/15 (a)

 

81,375

 

1,000,000

 

 

 

Windstream Corp., Senior Notes, 8.625% due 8/1/16

 

1,042,500

 

 

 

 

 

Total Diversified Telecommunication Services

 

10,788,772

 

Electric Utilities — 0.8%

 

 

 

560,000

 

 

 

EEB International Ltd., Senior Bonds, 8.750% due 10/31/14 (a)

 

570,360

 

520,000

 

 

 

Orion Power Holdings Inc., Senior Notes, 12.000% due 5/1/10

 

569,400

 

500,000

 

 

 

Texas Competitive Electric Holding Co. LLC, 10.500% due 11/1/16 (a)(b)

 

473,750

 

590,000

 

 

 

VeraSun Energy Corp., Senior Notes, 9.375% due 6/1/17 (a)

 

486,750

 

 

 

 

 

Total Electric Utilities

 

2,100,260

 

Electronic Equipment & Instruments — 0.3%

 

 

 

 

 

 

 

NXP BV/NXP Funding LLC:

 

 

 

110,000

 

 

 

Senior Notes, 9.500% due 10/15/15

 

100,375

 

650,000

 

 

 

Senior Secured Notes, 7.875% due 10/15/14

 

627,250

 

 

 

 

 

Total Electronic Equipment & Instruments

 

727,625

 

Energy Equipment & Services — 0.7%

 

 

 

445,000

 

 

 

Complete Production Services Inc., Senior Notes, 8.000% due 12/15/16

 

424,975

 

170,000

 

 

 

GulfMark Offshore Inc., Senior Subordinated Notes, 7.750% due 7/15/14

 

172,550

 

1,000,000

 

 

 

Key Energy Services Inc., 8.375% due 12/1/14 (a)

 

1,007,500

 

175,000

 

 

 

Pride International Inc., Senior Notes, 7.375% due 7/15/14

 

180,250

 

70,000

 

 

 

Southern Natural Gas Co., Senior Notes, 8.000% due 3/1/32

 

80,450

 

 

 

 

 

Total Energy Equipment & Services

 

1,865,725

 

Food & Staples Retailing — 0.2%

 

 

 

337,000

 

 

 

Delhaize America Inc., Debentures, 9.000% due 4/15/31

 

402,067

 

Food Products — 0.3%

 

 

 

800,000

 

 

 

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

 

736,000

 

 

See Notes to Schedule of Investments.

 

4



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Gas Utilities — 0.3%

 

 

 

815,000

 

 

 

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

 

$

788,513

 

Health Care Equipment & Supplies — 0.1%

 

 

 

285,000

 

 

 

Advanced Medical Optics Inc., 7.500% due 5/1/17

 

260,775

 

Health Care Providers & Services — 3.2%

 

 

 

240,000

 

 

 

Community Health Systems Inc., 8.875% due 7/15/15

 

243,600

 

1,155,000

 

 

 

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

 

1,129,012

 

 

 

 

 

HCA Inc.:

 

 

 

535,000

 

 

 

9.250% due 11/15/16

 

555,063

 

400,000

 

 

 

Debentures, 7.500% due 12/15/23

 

327,041

 

 

 

 

 

Notes:

 

 

 

610,000

 

 

 

6.375% due 1/15/15

 

509,350

 

55,000

 

 

 

7.690% due 6/15/25

 

44,872

 

 

 

 

 

Senior Notes:

 

 

 

4,000

 

 

 

6.250% due 2/15/13

 

3,500

 

135,000

 

 

 

6.500% due 2/15/16

 

113,063

 

1,000,000

 

 

 

Senior Secured Notes, 9.625% due 11/15/16 (b)

 

1,042,500

 

975,000

 

 

 

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

 

950,625

 

180,000

 

 

 

Reable Therapeutics Finance LLC, 10.875% due 11/15/14 (a)

 

173,700

 

 

 

 

 

Tenet Healthcare Corp., Senior Notes:

 

 

 

665,000

 

 

 

6.375% due 12/1/11

 

601,825

 

50,000

 

 

 

6.500% due 6/1/12

 

44,250

 

754,000

 

 

 

7.375% due 2/1/13

 

667,290

 

705,000

 

 

 

9.875% due 7/1/14

 

667,987

 

 

 

 

 

Universal Hospital Services Inc., Secured Notes:

 

 

 

635,000

 

 

 

8.500% due 6/1/15 (a)(b)

 

638,175

 

130,000

 

 

 

8.759% due 6/1/15 (a)(c)

 

128,700

 

830,000

 

 

 

US Oncology Holdings Inc., 10.759% due 3/15/12 (b)

 

705,500

 

 

 

 

 

Total Health Care Providers & Services

 

8,546,053

 

Hotels, Restaurants & Leisure — 3.0%

 

 

 

400,000

 

 

 

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

 

383,000

 

590,000

 

 

 

Buffets Inc., Senior Notes, 12.500% due 11/1/14

 

284,675

 

125,000

 

 

 

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

 

115,938

 

675,000

 

 

 

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

 

671,625

 

250,000

 

 

 

Downstream Development Quapaw, Senior Notes, 12.000% due 10/15/15 (a)

 

236,250

 

335,000

 

 

 

El Pollo Loco Inc., Senior Notes, 11.750% due 11/15/13

 

326,625

 

475,000

 

 

 

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

 

315,875

 

370,000

 

 

 

Indianapolis Downs LLC & Capital Corp., 11.000% due 11/1/12 (a)

 

362,600

 

770,000

 

 

 

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

 

809,462

 

550,000

 

 

 

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

 

522,500

 

 

 

 

 

MGM MIRAGE Inc.:

 

 

 

210,000

 

 

 

Notes, 6.750% due 9/1/12

 

204,487

 

 

 

 

 

Senior Notes:

 

 

 

95,000

 

 

 

7.500% due 6/1/16

 

93,813

 

710,000

 

 

 

7.625% due 1/15/17

 

710,000

 

55,000

 

 

 

Mohegan Tribal Gaming Authority, Senior Subordinated Notes, 6.875% due 2/15/15

 

51,150

 

325,000

 

 

 

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

 

329,875

 

610,000

 

 

 

Pokagon Gaming Authority, Senior Notes, 10.375% due 6/15/14 (a)

 

655,750

 

755,000

 

 

 

Sbarro Inc., Senior Notes, 10.375% due 2/1/15

 

660,625

 

 

See Notes to Schedule of Investments.

 

5



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Hotels, Restaurants & Leisure — 3.0% (continued)

 

 

 

 

 

 

 

Snoqualmie Entertainment Authority, Senior Secured Notes:

 

 

 

 

125,000

 

 

 

9.063% due 2/1/14 (a)(c)

 

$

120,000

 

120,000

 

 

 

9.125% due 2/1/15 (a)

 

116,100

 

 

 

 

 

Station Casinos Inc.:

 

 

 

 

 

 

 

Senior Notes:

 

 

 

330,000

 

 

 

6.000% due 4/1/12

 

301,125

 

185,000

 

 

 

7.750% due 8/15/16

 

174,825

 

 

 

 

 

Senior Subordinated Notes:

 

 

 

475,000

 

 

 

6.500% due 2/1/14

 

387,125

 

100,000

 

 

 

6.625% due 3/15/18

 

76,250

 

 

 

 

 

Total Hotels, Restaurants & Leisure

 

7,909,675

 

Household Durables — 1.1%

 

 

 

55,000

 

 

 

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

 

53,075

 

1,250,000

 

 

 

Holt Group Inc., Senior Notes, 9.750% due 1/15/06 (d)(e)(f)

 

0

 

445,000

 

 

 

Jarden Corp., Senior Subordinated Notes, 7.500% due 5/1/17

 

402,725

 

465,000

 

 

 

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

 

337,125

 

 

 

 

 

KB Home:

 

 

 

425,000

 

 

 

7.750% due 2/1/10

 

399,500

 

500,000

 

 

 

Senior Subordinated Notes, 8.625% due 12/15/08

 

491,250

 

485,000

 

 

 

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

 

489,850

 

695,000

 

 

 

Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, step bond to yield 9.838% due 9/1/12

 

628,975

 

 

 

 

 

Total Household Durables

 

2,802,500

 

Household Products — 0.2%

 

 

 

300,000

 

 

 

American Achievement Corp., Senior Subordinated Notes, 8.250% due 4/1/12

 

294,000

 

325,000

 

 

 

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

 

325,813

 

 

 

 

 

Total Household Products

 

619,813

 

Independent Power Producers & Energy Traders — 5.1%

 

 

 

 

 

 

 

AES Corp.:

 

 

 

1,595,000

 

 

 

8.000% due 10/15/17 (a)

 

1,595,000

 

 

 

 

 

Senior Notes:

 

 

 

125,000

 

 

 

9.500% due 6/1/09

 

129,531

 

300,000

 

 

 

9.375% due 9/15/10

 

313,875

 

 

 

 

 

Dynegy Holdings Inc.:

 

 

 

1,020,000

 

 

 

7.750% due 6/1/19

 

923,100

 

480,000

 

 

 

Senior Debentures, 7.625% due 10/15/26

 

411,600

 

280,000

 

 

 

Dynegy Inc., 7.670% due 11/8/16

 

275,450

 

 

 

 

 

Edison Mission Energy, Senior Notes:

 

 

 

610,000

 

 

 

7.750% due 6/15/16

 

619,150

 

350,000

 

 

 

7.200% due 5/15/19

 

336,000

 

440,000

 

 

 

7.625% due 5/15/27

 

412,500

 

 

 

 

 

Energy Future Holdings, Senior Notes:

 

 

 

110,000

 

 

 

10.875% due 11/1/17 (a)

 

108,350

 

5,490,000

 

 

 

11.250% due 11/1/17 (a)(b)

 

5,421,375

 

1,150,000

 

 

 

Mirant North America LLC, Senior Notes, 7.375% due 12/31/13

 

1,158,625

 

 

 

 

 

NRG Energy Inc., Senior Notes:

 

 

 

275,000

 

 

 

7.250% due 2/1/14

 

269,500

 

1,355,000

 

 

 

7.375% due 2/1/16

 

1,331,288

 

135,000

 

 

 

7.375% due 1/15/17

 

132,300

 

120,000

 

 

 

TXU Corp., Senior Notes, 6.500% due 11/15/24

 

85,291

 

 

 

 

 

Total Independent Power Producers & Energy Traders

 

13,522,935

 

Industrial Conglomerates — 0.0%

 

 

 

500,000

 

 

 

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

 

0

 

 

See Notes to Schedule of Investments.

 

6



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

IT Services — 1.8%

 

 

 

340,000

 

 

 

Ceridian Corp., 12.250% due 11/15/15 (a)(b)

 

$

322,150

 

 

 

 

 

First Data Corp.:

 

 

 

1,500,000

 

 

 

5.625% due 11/1/11

 

1,133,512

 

1,250,000

 

 

 

7.960% due 10/15/14 (c)

 

1,189,631

 

790,000

 

 

 

9.875% due 9/24/15 (a)

 

735,688

 

 

 

 

 

SunGard Data Systems Inc.:

 

 

 

479,000

 

 

 

Senior Notes, 9.125% due 8/15/13

 

489,778

 

950,000

 

 

 

Senior Subordinated Notes, 10.250% due 8/15/15

 

983,250

 

 

 

 

 

Total IT Services

 

4,854,009

 

Machinery — 0.1%

 

 

 

170,000

 

 

 

American Railcar Industries Inc., Senior Notes, 7.500% due 3/1/14

 

162,350

 

200,000

 

 

 

Terex Corp., Senior Subordinated Notes, 7.375% due 1/15/14

 

202,000

 

 

 

 

 

Total Machinery

 

364,350

 

Media — 5.0%

 

 

 

 

 

 

 

Affinion Group Inc.:

 

 

 

950,000

 

 

 

Senior Notes, 10.125% due 10/15/13

 

957,125

 

255,000

 

 

 

Senior Subordinated Notes, 11.500% due 10/15/15

 

255,638

 

 

 

 

 

CCH I Holdings LLC/CCH I Holdings Capital Corp.:

 

 

 

220,000

 

 

 

Senior Accreting Notes, 12.125% due 1/15/15

 

152,900

 

1,240,000

 

 

 

Senior Notes, 11.750% due 5/15/14

 

849,400

 

2,424,000

 

 

 

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

 

2,121,000

 

 

 

 

 

CCH II LLC/CCH II Capital Corp., Senior Notes:

 

 

 

510,000

 

 

 

10.250% due 9/15/10

 

506,175

 

161,000

 

 

 

10.250% due 10/1/13

 

160,195

 

200,000

 

 

 

Charter Communications Holdings LLC, Senior Discount Notes, 12.125% due 1/15/12

 

151,000

 

210,000

 

 

 

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., Senior Discount Notes, 11.750% due 5/15/11

 

162,750

 

635,000

 

 

 

CMP Susquehanna Corp., 9.875% due 5/15/14

 

536,575

 

 

 

 

 

CSC Holdings Inc.:

 

 

 

920,000

 

 

 

Senior Debentures, 8.125% due 8/15/09

 

931,500

 

 

 

 

 

Senior Notes:

 

 

 

250,000

 

 

 

7.625% due 4/1/11

 

246,250

 

375,000

 

 

 

6.750% due 4/15/12

 

353,437

 

635,000

 

 

 

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

 

661,194

 

 

 

 

 

EchoStar DBS Corp., Senior Notes:

 

 

 

45,000

 

 

 

7.000% due 10/1/13

 

46,800

 

50,000

 

 

 

6.625% due 10/1/14

 

50,750

 

960,000

 

 

 

7.125% due 2/1/16

 

1,004,400

 

520,000

 

 

 

Globo Communicacoes e Participacoes SA, Bonds, 7.250% due 4/26/22 (a)

 

504,400

 

500,000

 

 

 

Idearc Inc., Senior Notes, 8.000% due 11/15/16

 

470,000

 

 

 

 

 

R.H. Donnelley Corp.:

 

 

 

300,000

 

 

 

Senior Discount Notes, 6.875% due 1/15/13

 

275,250

 

 

 

 

 

Senior Notes:

 

 

 

650,000

 

 

 

8.875% due 1/15/16

 

617,500

 

390,000

 

 

 

8.875% due 10/15/17 (a)

 

369,525

 

320,000

 

 

 

Sun Media Corp., 7.625% due 2/15/13

 

308,800

 

 

 

 

 

TL Acquisitions Inc.:

 

 

 

640,000

 

 

 

Senior Notes, 10.500% due 1/15/15 (a)

 

627,200

 

450,000

 

 

 

Senior Subordinated Notes, step bond to yield 13.361% due 7/15/15 (a)

 

351,562

 

 

 

 

 

XM Satellite Radio Inc., Senior Notes:

 

 

 

310,000

 

 

 

9.411% due 5/1/13 (c)

 

303,800

 

 

See Notes to Schedule of Investments.

 

7



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Media — 5.0% (continued)

 

 

 

105,000

 

 

 

9.750% due 5/1/14

 

$

105,525

 

 

 

 

 

Total Media

 

13,080,651

 

Metals & Mining — 2.2%

 

 

 

1,920,000

 

 

 

Freeport-McMoRan Copper & Gold Inc., Senior Notes, 8.375% due 4/1/17

 

2,078,400

 

150,000

 

 

 

Metals USA Holdings Corp., Senior Notes, 11.231% due 7/1/12 (a)(b)(c)

 

128,250

 

910,000

 

 

 

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

 

946,400

 

140,000

 

 

 

Noranda Aluminium Acquisition Corp., 8.738% due 5/15/15 (a)(b)(c)

 

121,100

 

410,000

 

 

 

Noranda Aluminum Holding Corp., Senior Notes, 10.488% due 11/15/14 (a)(b)(c)

 

357,725

 

450,000

 

 

 

Novelis Inc., Senior Notes, 7.250% due 2/15/15

 

421,875

 

895,000

 

 

 

Ryerson Inc., 12.000% due 11/1/15 (a)

 

882,694

 

245,000

 

 

 

Steel Dynamics Inc., 7.375% due 11/1/12 (a)

 

244,387

 

760,000

 

 

 

Tube City IMS Corp., 9.750% due 2/1/15

 

725,800

 

 

 

 

 

Total Metals & Mining

 

5,906,631

 

Multiline Retail — 0.9%

 

 

 

 

 

 

 

Dollar General Corp.:

 

 

 

160,000

 

 

 

Senior Notes, 10.625% due 7/15/15 (a)

 

146,400

 

920,000

 

 

 

Senior Subordinated Notes, 11.875% due 7/15/17 (a)(b)

 

740,600

 

 

 

 

 

Neiman Marcus Group Inc.:

 

 

 

140,000

 

 

 

7.125% due 6/1/28

 

128,100

 

290,000

 

 

 

Senior Notes, 9.000% due 10/15/15 (b)

 

303,050

 

1,010,000

 

 

 

Senior Subordinated Notes, 10.375% due 10/15/15

 

1,078,175

 

 

 

 

 

Total Multiline Retail

 

2,396,325

 

Oil, Gas & Consumable Fuels — 6.1%

 

 

 

765,000

 

 

 

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

 

776,475

 

2,005,000

 

 

 

Chesapeake Energy Corp., Senior Notes, 6.625% due 1/15/16

 

1,954,875

 

120,000

 

 

 

Colorado Interstate Gas Co., Senior Notes, 6.800% due 11/15/15

 

127,615

 

165,000

 

 

 

Compagnie Generale de Geophysique SA, Senior Notes, 7.500% due 5/15/15

 

167,062

 

296,908

 

 

 

Corral Finans AB, 10.243% due 4/15/10 (a)(b)

 

274,640

 

 

 

 

 

El Paso Corp.:

 

 

 

 

 

 

 

Medium-Term Notes:

 

 

 

900,000

 

 

 

7.800% due 8/1/31

 

903,584

 

230,000

 

 

 

7.750% due 1/15/32

 

230,921

 

825,000

 

 

 

Notes, 7.875% due 6/15/12

 

867,567

 

 

 

 

 

Enterprise Products Operating LP:

 

 

 

85,000

 

 

 

7.034% due 1/15/68 (c)

 

79,242

 

350,000

 

 

 

Junior Subordinated Notes, 8.375% due 8/1/66 (c)

 

365,949

 

805,000

 

 

 

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

 

786,887

 

 

 

 

 

Gazprom, Loan Participation Notes:

 

 

 

1,240,000

 

 

 

6.212% due 11/22/16 (a)

 

1,199,328

 

260,000

 

 

 

Senior Notes, 6.510% due 3/7/22 (a)

 

250,198

 

635,000

 

 

 

International Coal Group Inc., Senior Notes, 10.250% due 7/15/14

 

603,250

 

 

 

 

 

Mariner Energy Inc., Senior Notes:

 

 

 

260,000

 

 

 

7.500% due 4/15/13

 

248,300

 

120,000

 

 

 

8.000% due 5/15/17

 

114,000

 

70,000

 

 

 

Northwest Pipeline Corp., Senior Notes, 7.000% due 6/15/16

 

76,387

 

355,000

 

 

 

OPTI Canada Inc., Senior Secured Notes, 8.250% due 12/15/14 (a)

 

351,450

 

300,000

 

 

 

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

 

321,000

 

416,000

 

 

 

Pemex Project Funding Master Trust, Senior Bonds, 6.625% due 6/15/35

 

443,676

 

240,000

 

 

 

Petrohawk Energy Corp., Senior Notes, 9.125% due 7/15/13

 

253,200

 

 

 

 

 

Petroplus Finance Ltd.:

 

 

 

470,000

 

 

 

6.750% due 5/1/14 (a)

 

439,450

 

280,000

 

 

 

Senior Note, 7.000% due 5/1/17 (a)

 

259,000

 

450,000

 

 

 

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

 

436,500

 

 

See Notes to Schedule of Investments.

 

8



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Oil, Gas & Consumable Fuels — 6.1% (continued)

 

 

 

820,000

 

 

 

SemGroup LP, Senior Notes, 8.750% due 11/15/15 (a)

 

$

787,200

 

30,000

 

 

 

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

 

29,100

 

330,000

 

 

 

W&T Offshore Inc., Senior Notes, 8.250% due 6/15/14 (a)

 

311,850

 

725,000

 

 

 

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

 

706,875

 

 

 

 

 

Williams Cos. Inc.:

 

 

 

 

 

 

 

Notes:

 

 

 

425,000

 

 

 

7.125% due 9/1/11

 

448,375

 

1,400,000

 

 

 

7.875% due 9/1/21

 

1,589,000

 

260,000

 

 

 

8.750% due 3/15/32

 

315,250

 

300,000

 

 

 

Senior Notes, 7.625% due 7/15/19

 

333,750

 

 

 

 

 

Total Oil, Gas & Consumable Fuels

 

16,051,956

 

Paper & Forest Products — 1.3%

 

 

 

 

 

 

 

Abitibi-Consolidated Co. of Canada:

 

 

 

 

 

 

 

Notes:

 

 

 

115,000

 

 

 

7.750% due 6/15/11

 

93,725

 

500,000

 

 

 

8.491% due 6/15/11 (c)

 

398,125

 

220,000

 

 

 

Senior Notes, 8.375% due 4/1/15

 

167,200

 

 

 

 

 

Abitibi-Consolidated Inc.:

 

 

 

350,000

 

 

 

7.875% due 8/1/09

 

336,875

 

315,000

 

 

 

Debentures, 7.400% due 4/1/18

 

215,775

 

150,000

 

 

 

Notes, 8.550% due 8/1/10

 

131,250

 

735,000

 

 

 

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

 

723,056

 

 

 

 

 

NewPage Corp.:

 

 

 

550,000

 

 

 

Senior Secured Notes, 11.161% due 5/1/12 (c)

 

580,250

 

180,000

 

 

 

Senior Subordinated Notes, 12.000% due 5/1/13

 

189,000

 

600,000

 

 

 

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

 

579,000

 

 

 

 

 

Total Paper & Forest Products

 

3,414,256

 

Pharmaceuticals — 0.4%

 

 

 

1,465,000

 

 

 

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

 

1,164,675

 

Real Estate Investment Trusts (REITs) — 0.3%

 

 

 

20,000

 

 

 

Forest City Enterprises Inc., Senior Notes, 7.625% due 6/1/15

 

19,550

 

135,000

 

 

 

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

 

61,425

 

 

 

 

 

Ventas Realty LP/Ventas Capital Corp., Senior Notes:

 

 

 

190,000

 

 

 

6.500% due 6/1/16

 

186,200

 

440,000

 

 

 

6.750% due 4/1/17

 

436,700

 

 

 

 

 

Total Real Estate Investment Trusts (REITs)

 

703,875

 

Real Estate Management & Development — 0.4%

 

 

 

285,000

 

 

 

Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Subordinated Notes, 9.500% due 10/1/15

 

200,925

 

1,315,000

 

 

 

Realogy Corp., Senior Subordinated Notes, 12.375% due 4/15/15 (a)

 

864,613

 

 

 

 

 

Total Real Estate Management & Development

 

1,065,538

 

Road & Rail — 1.2%

 

 

 

1,090,000

 

 

 

Grupo Transportacion Ferroviaria Mexicana SA de CV, Senior Notes, 9.375% due 5/1/12

 

1,155,400

 

 

 

 

 

Hertz Corp.:

 

 

 

735,000

 

 

 

Senior Notes, 8.875% due 1/1/14

 

738,675

 

1,000,000

 

 

 

Senior Subordinated Notes, 10.500% due 1/1/16

 

1,040,000

 

 

 

 

 

Kansas City Southern de Mexico:

 

 

 

40,000

 

 

 

7.625% due 12/1/13

 

40,300

 

25,000

 

 

 

Senior Notes, 7.375% due 6/1/14 (a)

 

24,687

 

 

See Notes to Schedule of Investments.

 

9



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Road & Rail — 1.2% (continued)

 

 

 

100,000

 

 

 

Kansas City Southern Railway, Senior Notes, 7.500% due 6/15/09

 

$

101,000

 

 

 

 

 

Total Road & Rail

 

3,100,062

 

Software — 0.1%

 

 

 

425,000

 

 

 

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

 

366,563

 

Specialty Retail — 0.5%

 

 

 

 

 

 

 

AutoNation Inc., Senior Notes:

 

 

 

185,000

 

 

 

7.243% due 4/15/13 (c)

 

174,825

 

95,000

 

 

 

7.000% due 4/15/14

 

90,250

 

435,000

 

 

 

Blockbuster Inc., Senior Subordinated Notes, 9.000% due 9/1/12

 

371,925

 

240,000

 

 

 

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

 

256,800

 

340,000

 

 

 

Michaels Stores Inc., 10.000% due 11/1/14

 

336,600

 

 

 

 

 

Total Specialty Retail

 

1,230,400

 

Textiles, Apparel & Luxury Goods — 0.3%

 

 

 

50,000

 

 

 

Levi Strauss & Co., Senior Notes, 8.875% due 4/1/16

 

49,000

 

325,000

 

 

 

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

 

324,188

 

425,000

 

 

 

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

 

337,875

 

 

 

 

 

Total Textiles, Apparel & Luxury Goods

 

711,063

 

Tobacco — 0.3%

 

 

 

 

 

 

 

Alliance One International Inc.:

 

 

 

55,000

 

 

 

8.500% due 5/15/12

 

53,625

 

620,000

 

 

 

Senior Notes, 11.000% due 5/15/12

 

654,100

 

 

 

 

 

Total Tobacco

 

707,725

 

Trading Companies & Distributors — 0.8%

 

 

 

315,000

 

 

 

Ashtead Capital Inc., Notes, 9.000% due 8/15/16 (a)

 

278,775

 

975,000

 

 

 

H&E Equipment Services Inc., Senior Notes, 8.375% due 7/15/16

 

906,750

 

1,045,000

 

 

 

Penhall International Corp., Senior Secured Notes, 12.000% due 8/1/14 (a)

 

966,625

 

 

 

 

 

Total Trading Companies & Distributors

 

2,152,150

 

Transportation Infrastructure — 0.3%

 

 

 

 

 

 

 

Saint Acquisition Corp.:

 

 

 

790,000

 

 

 

Secured Notes, 12.500% due 5/15/17 (a)

 

422,650

 

665,000

 

 

 

Senior Secured Notes, 12.619% due 5/15/15 (a)(c)

 

355,775

 

 

 

 

 

Total Transportation Infrastructure

 

778,425

 

Wireless Telecommunication Services — 2.4%

 

 

 

420,000

 

 

 

ALLTEL Communications Inc., 10.375% due 12/1/17 (a)(b)

 

388,500

 

700,000

 

 

 

America Movil SAB de CV, 5.625% due 11/15/17

 

693,379

 

195,000

 

 

 

MetroPCS Wireless Inc., 9.250% due 11/1/14

 

185,737

 

70,000

 

 

 

Rogers Wireless Communications Inc., Senior Secured Notes, 7.250% due 12/15/12

 

76,535

 

 

 

 

 

Rural Cellular Corp.:

 

 

 

210,000

 

 

 

Senior Notes, 9.875% due 2/1/10

 

218,925

 

300,000

 

 

 

Senior Secured Notes, 8.250% due 3/15/12

 

312,750

 

380,000

 

 

 

Senior Subordinated Notes, 8.580% due 6/1/13 (a)(c)

 

387,600

 

 

 

 

 

True Move Co., Ltd.:

 

 

 

2,430,000

 

 

 

10.750% due 12/16/13 (a)

 

2,515,050

 

950,000

 

 

 

10.375% due 8/1/14 (a)

 

954,750

 

 

See Notes to Schedule of Investments.

 

10



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Wireless Telecommunication Services — 2.4% (continued)

 

 

 

480,000

 

 

 

UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes, 8.250% due 5/23/16 (a)

 

$

487,296

 

 

 

 

 

Total Wireless Telecommunication Services

 

6,220,522

 

 

 

 

 

TOTAL CORPORATE BONDS & NOTES
(Cost — $172,843,655)

 

162,985,429

 

ASSET-BACKED SECURITY — 0.0%

 

 

 

Diversified Financial Services — 0.0%

 

 

 

987,700

 

 

 

Airplanes Pass-Through Trust, Subordinated Notes, 10.875%
due 3/15/19 (d)(e)(f)
(Cost - $987,700)

 

0

 

COLLATERALIZED SENIOR LOANS — 0.4%

 

 

 

Auto Components — 0.3%

 

 

 

750,000

 

 

 

Allison Transmission, Term Loan B, 8.170% due 8/7/14 (c)

 

702,500

 

Containers & Packaging — 0.1%

 

 

 

500,000

 

 

 

Berry Plastics Corp., Senior Term Loan, 12.244% due 6/15/14 (c)

 

430,000

 

 

 

 

 

TOTAL COLLATERALIZED SENIOR LOANS
(Cost — $1,207,079)

 

1,132,500

 

SOVEREIGN BONDS — 33.3%

 

 

 

Argentina — 2.1%

 

 

 

 

 

 

 

Republic of Argentina:

 

 

 

4,199,000

 

 

 

Bonds, Series VII, 7.000% due 9/12/13

 

3,591,661

 

1,219,005

 

 

 

Discount Notes, 8.280% due 12/31/33 (g)

 

1,182,436

 

5,670,000

 

 

 

GDP Linked Securities, 1.330% due 12/15/35 (c)

 

729,162

 

 

 

 

 

Total Argentina

 

5,503,259

 

Brazil — 11.0%

 

 

 

 

 

 

 

Federative Republic of Brazil:

 

 

 

8,760,000

 

 

 

7.125% due 1/20/37 (g)

 

10,038,960

 

4,204,000

 

 

 

11.000% due 8/17/40 (g)

 

5,649,125

 

 

 

 

 

Collective Action Securities:

 

 

 

2,185,000

 

 

 

8.750% due 2/4/25

 

2,802,263

 

9,515,000

 

 

 

Notes, 8.000% due 1/15/18

 

10,690,102

 

 

 

 

 

Total Brazil

 

29,180,450

 

Colombia — 1.7%

 

 

 

 

 

 

 

Republic of Colombia:

 

 

 

100,000

 

 

 

7.375% due 1/27/17

 

111,250

 

3,820,000

 

 

 

7.375% due 9/18/37 (g)

 

4,307,050

 

 

 

 

 

Total Colombia

 

4,418,300

 

Ecuador — 0.6%

 

 

 

 

 

1,631,000

 

 

 

Republic of Ecuador, 10.000% due 8/15/30 (a)

 

1,582,070

 

Egypt — 0.2%

 

 

 

 

 

2,810,000

 

EGP

 

Arab Republic of Egypt, 8.750% due 7/18/12 (a)

 

519,609

 

El Salvador — 0.8%

 

 

 

 

 

 

 

Republic of El Salvador:

 

 

 

1,555,000

 

 

 

7.750% due 1/24/23 (a)

 

1,811,575

 

330,000

 

 

 

8.250% due 4/10/32 (a)

 

405,075

 

 

 

 

 

Total El Salvador

 

2,216,650

 

Indonesia — 1.1%

 

 

 

 

 

 

 

 

 

Republic of Indonesia:

 

 

 

500,000

 

 

 

8.500% due 10/12/35 (a)

 

588,750

 

 

See Notes to Schedule of Investments.

 

11



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Face
Amount†

 

 

 

Security††

 

Value

 

Indonesia — 1.1% (continued)

 

 

 

5,692,000,000

 

IDR

 

Series FR40, 11.000% due 9/15/25

 

$

596,832

 

5,058,000,000

 

IDR

 

Series FR42, 10.250% due 7/15/27

 

494,047

 

7,931,000,000

 

IDR

 

Series FR43, 10.250% due 7/15/22

 

800,274

 

5,998,000,000

 

IDR

 

Series FR45, 9.750% due 5/15/37

 

547,177

 

 

 

 

 

Total Indonesia

 

3,027,080

 

Mexico — 0.2%

 

 

 

 

 

 

 

 

 

United Mexican States,

 

 

 

 

 

 

 

Medium-Term Notes, Series A:

 

 

 

160,000

 

 

 

5.625% due 1/15/17

 

162,600

 

371,000

 

 

 

6.750% due 9/27/34

 

416,448

 

 

 

 

 

Total Mexico

 

579,048

 

Panama — 2.2%

 

 

 

 

 

 

 

 

 

Republic of Panama:

 

 

 

4,000

 

 

 

9.625% due 2/8/11

 

4,500

 

1,625,000

 

 

 

7.250% due 3/15/15

 

1,790,750

 

243,000

 

 

 

9.375% due 4/1/29

 

332,910

 

3,394,000

 

 

 

6.700% due 1/26/36

 

3,572,185

 

 

 

 

 

Total Panama

 

5,700,345

 

Peru — 0.7%

 

 

 

 

 

 

 

 

 

Republic of Peru:

 

 

 

381,000

 

 

 

Bonds, 6.550% due 3/14/37

 

398,145

 

1,200,000

 

 

 

Global Bonds, 7.350% due 7/21/25

 

1,371,000

 

 

 

 

 

Total Peru

 

1,769,145

 

Russia — 1.4%

 

 

 

 

 

 

 

 

 

Russian Federation:

 

 

 

1,455,000

 

 

 

11.000% due 7/24/18 (a)

 

2,084,287

 

540,000

 

 

 

12.750% due 6/24/28 (a)

 

982,800

 

495,535

 

 

 

7.500% due 3/31/30 (a)

 

563,361

 

 

 

 

 

Total Russia

 

3,630,448

 

Turkey — 7.1%

 

 

 

 

 

 

 

 

 

Republic of Turkey:

 

 

 

78,000

 

 

 

7.000% due 6/5/20

 

81,120

 

575,000

 

 

 

11.875% due 1/15/30 (g)

 

908,500

 

416,000

 

 

 

Bonds, 7.000% due 9/26/16

 

437,840

 

9,650,000

 

 

 

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

 

10,313,437

 

7,026,000

 

 

 

Notes, 6.875% due 3/17/36 (g)

 

6,920,610

 

 

 

 

 

Total Turkey

 

18,661,507

 

Uruguay — 0.6%

 

 

 

 

 

1,431,761

 

 

 

Oriental Republic of Uruguay, Bonds, 7.625% due 3/21/36

 

1,578,516

 

Venezuela — 3.6%

 

 

 

 

 

 

 

 

 

Bolivarian Republic of Venezuela:

 

 

 

3,733,000

 

 

 

8.500% due 10/8/14 (g)

 

3,541,684

 

4,267,000

 

 

 

5.750% due 2/26/16 (g)

 

3,344,261

 

233,000

 

 

 

7.650% due 4/21/25

 

196,885

 

 

 

 

 

Collective Action Securities:

 

 

 

1,982,000

 

 

 

9.375% due 1/13/34

 

1,961,189

 

391,000

 

 

 

Notes, 10.750% due 9/19/13

 

414,460

 

 

 

 

 

Total Venezuela

 

9,458,479

 

 

 

 

 

TOTAL SOVEREIGN BONDS
(Cost — $86,068,937)

 

87,824,906

 

 

See Notes to Schedule of Investments.

 

12



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Shares

 

 

 

Security††

 

Value

 

COMMON STOCKS — 0.0%

 

 

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

Household Durables — 0.0%

 

 

 

 

1,349,235

 

 

 

Home Interiors & Gifts Inc. (d)(f)*

 

$

13,492

 

10,194

 

 

 

Mattress Discounters Corp. (d)(f)*

 

0

 

 

 

 

 

TOTAL CONSUMER DISCRETIONARY

 

13,492

 

INDUSTRIALS — 0.0%

 

 

 

 

 

Machinery — 0.0%

 

 

 

 

 

5

 

 

 

Glasstech Inc. (d)(f)*

 

0

 

INFORMATION TECHNOLOGY — 0.0%

 

 

 

Computers & Peripherals — 0.0%

 

 

 

12,166

 

 

 

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

 

0

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost — $1,121,578)

 

13,492

 

PREFERRED STOCKS — 0.4%

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

Media — 0.0%

 

 

 

 

 

 

 

1

 

 

 

ION Media Networks Inc., Series B, 12.000 %*

 

6,655

 

FINANCIALS — 0.4%

 

 

 

 

 

Diversified Financial Services — 0.1%

 

 

 

6,800

 

 

 

Preferred Plus, Trust Series FRD-1, 7.400%

 

104,992

 

300

 

 

 

Saturns, Series F 2003-5, 8.125%

 

5,139

 

 

 

 

 

TCR Holdings Corp.:

 

 

 

4,091

 

 

 

Class B Shares, 0.000% (d)(f)*

 

4

 

2,250

 

 

 

Class C Shares, 0.000% (d)(f)*

 

2

 

5,932

 

 

 

Class D Shares, 0.000% (d)(f)*

 

6

 

12,271

 

 

 

Class E Shares, 0.000% (d)(f)*

 

13

 

 

 

 

 

Total Diversified Financial Services

 

110,156

 

Thrifts & Mortgage Finance — 0.3%

 

 

 

34,000

 

 

 

Federal Home Loan Mortgage Corp. (FHLMC), 8.375%

 

867,000

 

 

 

 

 

TOTAL FINANCIALS

 

977,156

 

INDUSTRIALS — 0.0%

 

 

 

 

 

Machinery — 0.0%

 

 

 

 

 

5

 

 

 

Glasstech Inc., 0.000% (d)(f)

 

0

 

 

 

 

 

TOTAL PREFERRED STOCKS
(Cost — $974,156)

 

983,811

 

ESCROWED SHARES — 0.0%

 

 

 

625,000

 

 

 

Pillowtex Corp. (d)(e)(f) *
(Cost - $0)

 

0

 

 

Face
Amount†

 

 

 

 

 

 

 

U.S. GOVERNMENT & AGENCY OBLIGATION — 0.1%

 

 

 

U.S. Government Agencies — 0.1%

 

 

 

400,000

 

 

 

Federal National Mortgage Association (FNMA), 5.625% due 11/15/21
(Cost - $401,156)

 

412,155

 

 

Warrants

 

 

 

 

 

 

 

WARRANTS — 0.1%

 

 

 

 

 

9,125

 

 

 

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

 

342,187

 

 

See Notes to Schedule of Investments.

 

13



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Warrants

 

 

 

Security††

 

Value

 

WARRANTS — 0.1% (continued)

 

 

 

1,872,290

 

 

 

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

 

$

2

 

4,202

 

 

 

Pillowtex Corp., Expires 11/24/29(d)(f)*

 

0

 

 

 

 

 

TOTAL WARRANTS
(Cost — $3,108)

 

342,189

 

 

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost — $263,607,369)

 

253,694,482

 

 

Face
Amount†

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS — 3.9%

 

 

 

Sovereign Bonds — 1.8%

 

 

 

 

 

 

 

 

 

Egypt Treasury Bills:

 

 

 

8,800,000

 

EGP

 

Zero coupon bond to yield 0.000% due 11/11/08 (f)

 

1,489,164

 

19,275,000

 

EGP

 

Zero coupon bond to yield 7.427% due 11/25/08 (f)

 

3,238,304

 

 

 

 

 

Total Sovereign Bonds

 

4,727,468

 

U.S. Government Agencies — 2.1%

 

 

 

1,400,000

 

 

 

Federal Home Loan Bank (FHLB), Discount Notes, 4.310% due 12/10/07 (h)

 

1,398,829

 

3,700,000

 

 

 

Federal Home Loan Mortgage Corp. (FHLMC), Discount Notes, 4.350% due 12/10/07 (h)

 

3,696,878

 

325,000

 

 

 

Federal National Mortgage Association (FNMA), Discount Notes, 4.365%- 5.203% due 3/17/08 (h)

 

321,052

 

 

 

 

 

Total U.S. Government Agencies

 

5,416,759

 

Repurchase Agreement — 0.0%

 

 

 

$

51,000

 

 

 

Morgan Stanley tri-party repurchase agreement dated 11/30/07, 4.500% due 12/3/07; Proceeds at maturity - $51,019; (Fully collateralized by U.S. government agency obligation, 0.000% due 10/15/20; Market value - $53,044)

 

51,000

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Cost — $10,219,364)

 

10,195,227

 

 

 

 

 

TOTAL INVESTMENTS — 100.0% (Cost — $273,826,733#)

 

263,889,709

 

 


 

Face amount denominated in U.S. dollars, unless otherwise noted.

††

 

All securities are segregated pursuant to revolving credit facility, for open futures contracts, options written and reverse repurchase agreements.

*

 

Non-income producing security.

(a)

 

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.

(b)

 

Payment-in-kind security for which part of the income earned may be paid as additional principal.

(c)

 

Variable rate security. Interest rate disclosed is that which is in effect at November 30, 2007.

(d)

 

Illiquid security.

(e)

 

Security is currently in default.

(f)

 

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

(g)

 

All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.

(h)

 

Rate shown represents yield-to-maturity.

#

 

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

 

 

Abbreviations used in this schedule:

 

EGP - Egyptian Pound

 

GDP - Gross Domestic Product

 

IDR - Indonesian Rupiah

 

OJSC - Open Joint Stock Company

 

See Notes to Schedule of Investments.

 

14



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments  (unaudited) (continued)

November 30, 2007

 

Schedule of Options Written

 

Contracts

 

Security

 

Expiration
Date

 

Strike
Price

 

Value

 

500,000

 

OTC Swaption Payer, Put

 

1/22/08

 

$1.80

 

$2,675

 

600,000

 

OTC Swaption Payer, Put

 

1/22/08

 

1.80

 

3,209

 

200,000

 

OTC Swaption Payer, Put

 

1/22/08

 

1.90

 

1,450

 

100,000

 

OTC Swaption Payer, Put

 

1/22/08

 

1.90

 

725

 

300,000

 

OTC Swaption Payer, Put

 

1/22/08

 

1.80

 

1,605

 

 

 

(Premium received - $7,404)

 

 

 

 

 

$9,664

 

 

See Notes to Schedule of Investments.

 

15



 

Notes to Schedule of Investments (unaudited)

 

1. Organization and Significant Accounting Policies

 

Western Asset Global Partners Income Fund Inc. (the “Fund”) was incorporated in Maryland on September 3, 1993 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 Fund’s investment objective is to maintain a high level of current income by investing primarily in a portfolio of high-yield U.S. and non-U.S. corporate debt securities and high-yield foreign sovereign debt securities. As a secondary objective, the Fund seeks capital appreciation.

 

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 last quoted 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. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the bid and asked prices as of the close of business of that market. 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 Trustees. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair 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 all times, 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 a reverse repurchase agreement in which the Fund sells a portfolio security at a specified price with an agreement to purchase the same or substantially the same security from the same counterparty at a fixed or determinable price at a future date. When entering into reverse repurchase agreements, the Fund’s custodian delivers to the counterparty liquid assets, the market value of which, at the inception of the transaction, at least equals 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) Financial Futures Contracts.  The Fund may enter into financial futures contracts typically to hedge a portion of the portfolio. Upon entering into a financial futures contract, the Fund is required to deposit cash or securities as initial margin, equal to a certain percentage of the contract amount (initial margin deposit). Additional securities are also segregated up to the current market value of the financial futures contracts. Subsequent payments, known as” variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying financial instruments.  The Fund recognizes an unrealized gain or loss equal to the daily variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

 

The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying financial instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the initial margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

 

(e) Credit Default Swaps.  The Fund may enter into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party  making a stream of payments to another party  in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issuers or sovereign issuers of an emerging country, on a specified obligation. The Fund may use a CDS to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a

 



 

Notes to Schedule of Investments (unaudited) (continued)

 

seller of protection, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value od the swap, and in certain instances take delivery of the security. As the seller, the Fund would be effectively add leverage to its portfolio because, in addition to its total net asets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

 

(f) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates at the date of valuation.  Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

 

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

 

(g) Written Options. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund’s basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received is added to the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund’s basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

 

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing a call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

 

(h) Swaptions. The Fund may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield.  Swaption contracts written by the Fund represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date.  If a written call swaption is exercised, the writer enters a swap and is obligated to pay the fixed rate and receive a floating rate in exchange.  If a written put swaption is exercised, the writer enters a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.  Swaptions are marked to market daily based upon quotations from market makers.

 

When the Fund writes a swaption, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked to market daily to reflect the current market value of the swaption written. Changes in the value of the swaption are reported as unrealized gains or losses in the Statement of Operations.  If the swaption expires, the Fund realizes a gain equal to the amount of the premium received. When a written swaption is exercised, the difference between the premium received and the amount paid on effecting a closing transaction is treated as a realized gain or loss.

 

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, the Fund enters into swaption contracts with counterparties whose creditworthiness has been evaluated by the Investment Manager. The Fund bears the market risk arising from any change in index values or interest rates.

 

(i) 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 involves 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

 



 

Notes to Schedule of Investments (unaudited) (continued)

 

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.

 

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

 

2.  Investments

 

At November 30, 2007, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

 

$

6,924,844

 

Gross unrealized depreciation

 

(16,861,868

)

Net unrealized depreciation

 

$

(9,937,024

)

 

At November 30, 2007, the Fund held collateralized senior loans with a total cost of $1,207,079 and a total market value of $1,132,500.

 

At November 30, 2007, the Fund had the following open futures contracts:

 

 

 

Number of
Contracts

 

Expiration
Date

 

Basis
Value

 

Market
Value

 

Unrealized
Loss

 

Contracts to Sell:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 10-Year Notes

 

1

 

3/08

 

$112,800

 

$113,204

 

$(404

)

U.S. Treasury 10-Year Notes

 

3

 

12/07

 

331,016

 

341,765

 

(10,749

)

Net Unrealized Loss on Open Futures Contracts

 

 

 

 

 

 

 

$(11,153

)

 

During the period ended November 30, 2007, written option transactions for the Fund were as follows:

 

 

 

Number of
Contracts

 

Premiums

 

Options written, outstanding August 30, 2007

 

 

 

Options written

 

1,700,000

 

$7,404

 

Options closed

 

 

 

Options expired

 

 

 

Options written, outstanding November 30, 2007

 

1,700,000

 

$7,404

 

 

Transactions in reverse repurchase agreements for the Fund during the period ended November 30, 2007 were as follows:

 

Average

 

Weighted

 

Maximum

 

Daily

 

Average

 

Amount

 

Balance

 

Interest Rate

 

Outstanding

 

$22,210,750

 

4.69

%

$40,299,017

 

 

Interest rates on reverse repurchase agreements ranged from 1.25% to 5.85% during the period ended November 30, 2007. Interest expense incurred on reverse repurchase agreements totaled $268,819.

 

At November 30, 2007, the Fund had the following open reverse repurchase agreements:

 

Face

 

 

 

 

 

Amount

 

Security

 

Value

 

$

927,188

 

Reverse Repurchase Agreement with JPMorgan Chase & Co.,

 

 

 

 

 

dated 10/30/07 bearing 4.600% to be repurchased at $932,519

 

 

 

 

 

on 12/14/07, collateralized by: $575,000 Republic of Turkey,

 

 

 

 

 

11.875% due 1/15/30;

 

 

 

 

 

Market value (including accrued interest) $934,662

 

$

927,188

 

 

 

 

 

 

 

2,047,760

 

Reverse Repurchase Agreement with JPMorgan Chase & Co.,

 

 

 

 

 

dated 11/13/07 bearing 4.250% to be repurchased at an amount and date

 

 

 

 



 

Notes to Schedule of Investments (unaudited) (continued)

 

Face

 

 

 

 

 

Amount

 

Security

 

Value

 

 

 

to be determined, collateralized by: $1,760,000 Federative Republic of Brazil,

 

 

 

 

 

7.125% due 1/20/37;

 

 

 

 

 

Market value (including accrued interest) $2,063,303

 

2,047,760

 

 

 

 

 

 

 

7,198,625

 

Reverse Repurchase Agreement with JPMorgan Chase & Co.,

 

 

 

 

 

dated 11/14/07 bearing 4.500% to be repurchased at $7,225,620

 

 

 

 

 

on 12/14/07, collateralized by: $6,650,000 Republic of Turkey,

 

 

 

 

 

7.375% due 2/5/25;

 

 

 

 

 

Market value (including accrued interest) $7,267,113

 

7,198,625

 

 

 

 

 

 

 

3,247,500

 

Reverse Repurchase Agreement with JPMorgan Chase & Co.,

 

 

 

 

 

dated 11/13/07 bearing 4.500% to be repurchased at $3,260,084

 

 

 

 

 

on 12/14/07, collateralized by: $3,000,000 Republic of Turkey,

 

 

 

 

 

7.375% due 2/5/25;

 

 

 

 

 

Market value (including accrued interest) $3,278,397

 

3,247,500

 

 

 

 

 

 

 

6,790,000

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/27/07 bearing 4.000% to be repurchased at $6,799,808

 

 

 

 

 

on 12/10/07, collateralized by: $7,000,000 Federative Republic of Brazil,

 

 

 

 

 

7.125% due 1/20/37;

 

 

 

 

 

Market value (including accrued interest) $8,206,321

 

6,790,000

 

 

 

 

 

 

 

3,023,300

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 5.050% to be repurchased at $3,028,389

 

 

 

 

 

on 12/10/07, collateralized by: $3,500,000 Bolivarian Republic of Venezuela,

 

 

 

 

 

8.500% due 10/8/14;

 

 

 

 

 

Market value (including accrued interest) $3,388,323

 

3,023,300

 

 

 

 

 

 

 

1,035,720

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 3.500% to be repurchased at $1,036,928

 

 

 

 

 

on 12/10/07, collateralized by: $1,050,000 Republic of Argentina,

 

 

 

 

 

8.280% due 12/31/33;

 

 

 

 

 

Market value (including accrued interest) $1,055,556

 

1,035,720

 

 

 

 

 

 

 

1,659,979

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 4.500% to be repurchased at $1,662,469

 

 

 

 

 

on 12/10/07, collateralized by: $2,321,000 Bolivarian Republic of Venezuela,

 

 

 

 

 

5.750% due 2/26/16;

 

 

 

 

 

Market value (including accrued interest) $1,854,987

 

1,659,979

 

 

 

 

 

 

 

3,725,552

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 4.500% to be repurchased at $3,731,140

 

 

 

 

 

on 12/10/07, collateralized by: $3,044,000 Federative Republic of Brazil,

 

 

 

 

 

11.000% due 8/17/40;

 

 

 

 

 

Market value (including accrued interest) $4,188,643

 

3,725,552

 

 

 

 

 

 

 

3,822,674

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 4.500% to be repurchased at $3,828,408

 

 

 

 

 

on 12/10/07, collateralized by: $3,820,000 Republic of Columbia,

 

 

 

 

 

7.375% due 9/18/37;

 

 

 

 

 

Market value (including accrued interest) $4,365,872

 

3,822,674

 

 

 

 

 

 

 

6,054,304

 

Reverse Repurchase Agreement with Credit Suisse,

 

 

 

 

 

dated 11/28/07 bearing 4.500% to be repurchased at $6,063,386

 

 

 

 

 

on 12/10/07, collateralized by: $7,026,000 Republic of Turkey,

 

 

 

 

 

6.875% due 3/17/36;

 

 

 

 

 

Market value (including accrued interest) $7,022,809

 

6,054,304

 

 

 

 

 

 

 

 

 

Total Reverse Repurchase Agreements

 

 

 

 

 

(Cost — $39,532,602)

 

$

39,532,602

 

 



 

Notes to Schedule of Investments (unaudited) (continued)

 

At November 30, 2007, the Fund held the following credit default swap contract:

 

Swap Counterparty:

 

Barclays Capital Inc.

Effective Date:

 

10/11/07

Referenced Entity:

 

CDX North America Crossover Index

Notional Amount:

 

$12,600,000

Termination Date:

 

6/20/12

Unrealized Depreciation

 

$(396,589)

 

 



 

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.

 

Western Asset Global Partners Income Fund Inc.

 

 

By

/s/ R. Jay Gerken

 

 

R. Jay Gerken

 

 

Chief Executive Officer

 

 

 

Date:  January 28, 2008

 

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:  January 28, 2008

 

 

By

/s/ Kaprel Ozsolak

 

 

Kaprel Ozsolak

 

 

Chief Financial Officer

 

 

 

Date: January 28, 2008