-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E3RnHbB8p5DJIcW2ETazIAMTxgdkI/YWx9AU5T4fOLQN5BTvM8VxBlXT4EHOz8X1 QGzij8U+o6x89eczJopBJw== 0001104659-09-004485.txt : 20090128 0001104659-09-004485.hdr.sgml : 20090128 20090128100419 ACCESSION NUMBER: 0001104659-09-004485 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081130 FILED AS OF DATE: 20090128 DATE AS OF CHANGE: 20090128 EFFECTIVENESS DATE: 20090128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC. CENTRAL INDEX KEY: 0000911638 IRS NUMBER: 313731196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07994 FILM NUMBER: 09549990 BUSINESS ADDRESS: STREET 1: CITIGROUP ASSET MANAGEMENT STREET 2: 125 BROAD STREET, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 212-291-2556 MAIL ADDRESS: STREET 1: CITIGROUP ASSET MANAGEMENT STREET 2: 125 BROAD STREET, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC DATE OF NAME CHANGE: 20030502 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL PARTNERS INCOME FUND INC DATE OF NAME CHANGE: 19930907 N-Q 1 a08-30169_1nq.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)

 

55 Water Street, New York, NY

 

10041

(Address of principal executive offices)

 

(Zip code)

 

Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
100 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, 2008

 

 



 

ITEM 1.                                                     SCHEDULE OF INVESTMENTS

 



 

WESTERN ASSET
GLOBAL PARTNERS INCOME FUND INC.

 

FORM N-Q
NOVEMBER 30, 2008

 



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

CORPORATE BONDS & NOTES — 64.2%

 

 

 

CONSUMER DISCRETIONARY — 9.1%

 

 

 

Auto Components — 0.4%

 

 

 

485,000

 

 

 

Allison Transmission Inc., Senior Notes, 11.250% due 11/1/15 (a)(b)

 

$

196,425

 

 

 

 

 

Visteon Corp., Senior Notes:

 

 

 

509,000

 

 

 

8.250% due 8/1/10

 

160,335

 

1,171,000

 

 

 

12.250% due 12/31/16 (a)

 

204,925

 

 

 

 

 

Total Auto Components

 

561,685

 

Automobiles — 0.7%

 

 

 

 

 

 

 

Ford Motor Co., Debentures:

 

 

 

265,000

 

 

 

8.875% due 1/15/22

 

59,625

 

595,000

 

 

 

8.900% due 1/15/32

 

139,825

 

 

 

 

 

General Motors Corp.:

 

 

 

1,300,000

 

 

 

Notes, 7.200% due 1/15/11

 

354,250

 

1,950,000

 

 

 

Senior Debentures, 8.375% due 7/15/33

 

438,750

 

 

 

 

 

Total Automobiles

 

992,450

 

Diversified Consumer Services — 0.3%

 

 

 

 

 

 

 

Education Management LLC/Education Management Finance Corp.:

 

 

 

60,000

 

 

 

Senior Notes, 8.750% due 6/1/14

 

43,800

 

490,000

 

 

 

Senior Subordinated Notes, 10.250% due 6/1/16

 

343,000

 

130,000

 

 

 

Service Corp. International, Senior Notes, 7.500% due 4/1/27

 

82,550

 

 

 

 

 

Total Diversified Consumer Services

 

469,350

 

Hotels, Restaurants & Leisure — 2.2%

 

 

 

 

 

 

 

Boyd Gaming Corp., Senior Subordinated Notes:

 

 

 

90,000

 

 

 

6.750% due 4/15/14

 

54,450

 

100,000

 

 

 

7.125% due 2/1/16

 

57,000

 

590,000

 

 

 

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

 

4,425

 

480,000

 

 

 

Caesars Entertainment Inc., Senior Subordinated Notes, 8.125% due 5/15/11

 

165,600

 

125,000

 

 

 

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

 

83,750

 

675,000

 

 

 

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

 

465,750

 

300,000

 

 

 

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

 

176,250

 

335,000

 

 

 

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

 

249,575

 

120,000

 

 

 

Harrah’s Operating Co. Inc., Senior Notes, 10.750% due 2/1/16 (a)

 

27,300

 

440,000

 

 

 

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

 

211,200

 

800,000

 

 

 

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

 

268,000

 

210,000

 

 

 

MGM MIRAGE Inc., Senior Notes, 13.000% due 11/15/13 (a)

 

176,400

 

55,000

 

 

 

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

 

29,700

 

569,000

 

 

 

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

 

483,650

 

755,000

 

 

 

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

 

426,575

 

245,000

 

 

 

Snoqualmie Entertainment Authority, Senior Secured Notes, 6.875% due 2/1/14 (a)(d)

 

145,775

 

 

 

 

 

Station Casinos Inc.:

 

 

 

 

 

 

 

Senior Notes:

 

 

 

560,000

 

 

 

6.000% due 4/1/12

 

176,400

 

185,000

 

 

 

7.750% due 8/15/16

 

57,350

 

 

 

 

 

Senior Subordinated Notes:

 

 

 

475,000

 

 

 

6.500% due 2/1/14

 

45,125

 

50,000

 

 

 

6.625% due 3/15/18

 

4,750

 

 

 

 

 

Total Hotels, Restaurants & Leisure

 

3,309,025

 

 

See Notes to Schedule of Investments.

 

1



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Household Durables — 1.2%

 

 

 

55,000

 

 

 

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

 

$

44,000

 

1,250,000

 

 

 

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

 

0

 

765,000

 

 

 

K Hovnanian Enterprises Inc., Senior Notes, 11.500% due 5/1/13

 

589,050

 

665,000

 

 

 

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

 

601,825

 

695,000

 

 

 

Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, 9.750% due 9/1/12

 

559,475

 

 

 

 

 

Total Household Durables

 

1,794,350

 

Internet & Catalog Retail — 0.1%

 

 

 

320,000

 

 

 

Ticketmaster, Senior Notes, 10.750% due 8/1/16 (a)

 

161,600

 

Media — 2.9%

 

 

 

 

 

 

 

Affinion Group Inc.:

 

 

 

110,000

 

 

 

Senior Notes, 10.125% due 10/15/13

 

75,900

 

935,000

 

 

 

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

 

551,650

 

2,259,000

 

 

 

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

 

609,930

 

38,000

 

 

 

CCH II LLC/CCH II Capital Corp., Senior Notes, 10.250% due 10/1/13

 

17,480

 

200,000

 

 

 

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

 

51,000

 

210,000

 

 

 

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

 

45,150

 

910,000

 

 

 

Charter Communications Inc., Senior Secured Notes, 10.875% due 9/15/14 (a)

 

657,475

 

 

 

 

 

CSC Holdings Inc.:

 

 

 

80,000

 

 

 

Senior Debentures, 8.125% due 8/15/09

 

77,000

 

345,000

 

 

 

Senior Notes, 6.750% due 4/15/12

 

290,662

 

825,000

 

 

 

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

 

183,562

 

75,000

 

 

 

DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., Senior Notes, 8.375% due 3/15/13

 

69,375

 

 

 

 

 

EchoStar DBS Corp., Senior Notes:

 

 

 

280,000

 

 

 

6.625% due 10/1/14

 

200,900

 

245,000

 

 

 

7.750% due 5/31/15

 

181,300

 

520,000

 

 

 

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

 

401,700

 

1,345,000

 

 

 

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

 

117,688

 

150,000

 

 

 

R.H. Donnelley Corp., Senior Notes, 8.875% due 1/15/16

 

20,250

 

140,000

 

 

 

R.H. Donnelley Inc., 11.750% due 5/15/15 (a)

 

37,800

 

320,000

 

 

 

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

 

265,600

 

 

 

 

 

TL Acquisitions Inc.:

 

 

 

570,000

 

 

 

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

 

310,650

 

450,000

 

 

 

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

 

196,875

 

 

 

 

 

Total Media

 

4,361,947

 

Multiline Retail — 0.8%

 

 

 

755,000

 

 

 

Dollar General Corp., Senior Subordinated Notes, 11.875% due 7/15/17 (b)

 

609,663

 

 

 

 

 

Neiman Marcus Group Inc.:

 

 

 

1,235,000

 

 

 

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

 

531,050

 

140,000

 

 

 

Senior Secured Notes, 7.125% due 6/1/28

 

65,100

 

 

 

 

 

Total Multiline Retail

 

1,205,813

 

Specialty Retail — 0.4%

 

 

 

 

 

 

 

AutoNation Inc., Senior Notes:

 

 

 

85,000

 

 

 

6.753% due 4/15/13 (d)

 

54,400

 

95,000

 

 

 

7.000% due 4/15/14

 

62,225

 

540,000

 

 

 

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

 

270,000

 

 

See Notes to Schedule of Investments.

 

2



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Specialty Retail — 0.4% (continued)

 

 

 

120,000

 

 

 

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

 

$

113,400

 

330,000

 

 

 

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

 

105,600

 

 

 

 

 

Total Specialty Retail

 

605,625

 

Textiles, Apparel & Luxury Goods — 0.1%

 

 

 

325,000

 

 

 

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

 

232,375

 

 

 

 

 

TOTAL CONSUMER DISCRETIONARY

 

13,694,220

 

CONSUMER STAPLES — 1.7%

 

 

 

Beverages — 0.3%

 

 

 

515,000

 

 

 

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

 

430,025

 

Food & Staples Retailing — 0.1%

 

 

 

87,000

 

 

 

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

 

80,531

 

Food Products — 0.5%

 

 

 

 

 

 

 

Dole Food Co. Inc., Senior Notes:

 

 

 

50,000

 

 

 

8.625% due 5/1/09

 

45,000

 

825,000

 

 

 

7.250% due 6/15/10

 

585,750

 

110,000

 

 

 

Stater Brothers Holdings Inc., Senior Notes, 7.750% due 4/15/15

 

88,550

 

 

 

 

 

Total Food Products

 

719,300

 

Household Products — 0.3%

 

 

 

300,000

 

 

 

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

 

250,500

 

325,000

 

 

 

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

 

235,625

 

 

 

 

 

Total Household Products

 

486,125

 

Tobacco — 0.5%

 

 

 

 

 

 

 

Alliance One International Inc., Senior Notes:

 

 

 

55,000

 

 

 

8.500% due 5/15/12

 

41,525

 

620,000

 

 

 

11.000% due 5/15/12

 

523,900

 

290,000

 

 

 

Altria Group Inc., Senior Notes, 9.700% due 11/10/18

 

293,920

 

 

 

 

 

Total Tobacco

 

859,345

 

 

 

 

 

TOTAL CONSUMER STAPLES

 

2,575,326

 

ENERGY — 9.6%

 

 

 

Energy Equipment & Services — 0.3%

 

 

 

355,000

 

 

 

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

 

225,425

 

175,000

 

 

 

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

 

150,062

 

70,000

 

 

 

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

 

55,195

 

 

 

 

 

Total Energy Equipment & Services

 

430,682

 

Oil, Gas & Consumable Fuels — 9.3%

 

 

 

540,000

 

 

 

Atlas Pipeline Partners LP, 8.750% due 6/15/18 (a)

 

348,300

 

1,675,000

 

 

 

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

 

1,180,875

 

990,000

 

 

 

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

 

695,475

 

500,000

 

 

 

Compagnie Generale de Geophysique SA, Senior Notes, 7.750% due 5/15/17

 

309,375

 

714,604

 

 

 

Corral Finans AB, Senior Secured Subordinated Bonds, 9.753% due 4/15/10 (a)(b)(d)

 

464,493

 

 

 

 

 

El Paso Corp.:

 

 

 

900,000

 

 

 

Medium-Term Notes, 7.800% due 8/1/31

 

575,943

 

825,000

 

 

 

Notes, 7.875% due 6/15/12

 

691,441

 

 

 

 

 

Enterprise Products Operating LP:

 

 

 

350,000

 

 

 

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

 

219,014

 

260,000

 

 

 

Subordinated Notes, 7.034% due 1/15/68 (d)

 

135,382

 

805,000

 

 

 

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

 

623,875

 

 

See Notes to Schedule of Investments.

 

3



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Oil, Gas & Consumable Fuels — 9.3% (continued)

 

 

 

1,410,000

 

 

 

Gaz Capital SA, Medium Term Notes, 7.288% due 8/16/37 (a)

 

$

803,700

 

 

 

 

 

Gazprom, Loan Participation Notes:

 

 

 

1,240,000

 

 

 

6.212% due 11/22/16 (a)

 

725,400

 

260,000

 

 

 

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

 

133,900

 

140,000

 

 

 

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

 

103,600

 

765,000

 

 

 

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

 

581,400

 

1,530,000

 

 

 

KazMunaiGaz Finance Sub B.V., Senior Notes, 8.375% due 7/2/13 (a)

 

1,170,450

 

 

 

 

 

Mariner Energy Inc., Senior Notes:

 

 

 

260,000

 

 

 

7.500% due 4/15/13

 

170,300

 

120,000

 

 

 

8.000% due 5/15/17

 

64,800

 

330,000

 

 

 

MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Senior Notes, 8.750% due 4/15/18

 

209,550

 

 

 

 

 

OPTI Canada Inc., Senior Secured Notes:

 

 

 

170,000

 

 

 

7.875% due 12/15/14

 

65,450

 

60,000

 

 

 

8.250% due 12/15/14

 

23,700

 

440,000

 

 

 

Parallel Petroleum Corp., 10.250% due 8/1/14

 

277,200

 

300,000

 

 

 

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

 

249,000

 

813,000

 

 

 

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

 

615,288

 

470,000

 

 

 

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

 

361,900

 

470,000

 

 

 

Petroplus Finance Ltd., Senior Notes, 6.750% due 5/1/14 (a)

 

305,500

 

200,000

 

 

 

Quicksilver Resources Inc., 8.250% due 8/1/15

 

130,000

 

1,400,000

 

 

 

SandRidge Energy Inc., Senior Notes, 8.000% due 6/1/18 (a)

 

903,000

 

1,090,000

 

 

 

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

 

27,250

 

320,000

 

 

 

Southwestern Energy Co., Senior Notes, 7.500% due 2/1/18 (a)

 

272,000

 

110,000

 

 

 

Targa Resources Partners LP, Senior Notes, 8.250% due 7/1/16 (a)

 

72,050

 

200,000

 

 

 

Teekay Corp., Senior Notes, 8.875% due 7/15/11

 

172,500

 

600,000

 

 

 

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

 

72,000

 

330,000

 

 

 

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

 

206,250

 

725,000

 

 

 

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

 

493,000

 

 

 

 

 

Williams Cos. Inc.:

 

 

 

 

 

 

 

Notes:

 

 

 

120,000

 

 

 

7.125% due 9/1/11

 

103,862

 

185,000

 

 

 

8.750% due 3/15/32

 

135,320

 

300,000

 

 

 

Senior Notes, 7.625% due 7/15/19

 

229,878

 

 

 

 

 

Total Oil, Gas & Consumable Fuels

 

13,922,421

 

 

 

 

 

TOTAL ENERGY

 

14,353,103

 

FINANCIALS — 10.0%

 

 

 

Commercial Banks — 5.4%

 

 

 

1,150,000

 

 

 

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

 

695,750

 

3,768,531

 

 

 

HSBC Bank PLC, 7.000% due 11/1/11 (f)

 

2,793,235

 

 

 

 

 

HSBK Europe BV:

 

 

 

250,000

 

 

 

9.250% due 10/16/13 (a)

 

191,250

 

740,000

 

 

 

7.250% due 5/3/17 (a)

 

425,500

 

 

 

 

 

ICICI Bank Ltd., Subordinated Bonds:

 

 

 

186,000

 

 

 

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

 

93,917

 

130,000

 

 

 

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

 

64,988

 

65,777,500

RUB

 

 

JPMorgan Chase Bank, Credit-Linked Notes (Russian Agricultural Bank), 9.500% due 2/11/11 (a)(f)

 

1,549,605

 

810,000

 

 

 

RSHB Capital, Loan Participation Notes, 7.125% due 1/14/14 (a)

 

520,668

 

 

 

 

 

Russian Agricultural Bank, Loan Participation Notes:

 

 

 

731,000

 

 

 

7.175% due 5/16/13 (a)

 

496,568

 

1,686,000

 

 

 

6.299% due 5/15/17 (a)

 

876,383

 

 

 

 

 

TuranAlem Finance BV, Bonds:

 

 

 

530,000

 

 

 

8.250% due 1/22/37 (a)

 

209,350

 

 

See Notes to Schedule of Investments.

 

4



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Commercial Banks — 5.4% (continued)

 

 

 

475,000

 

 

 

8.250% due 1/22/37 (a)

 

$

186,438

 

 

 

 

 

Total Commercial Banks

 

8,103,652

 

Consumer Finance — 2.2%

 

 

 

 

 

 

 

Ford Motor Credit Co.:

 

 

 

 

 

 

 

Notes:

 

 

 

100,000

 

 

 

7.875% due 6/15/10

 

50,988

 

295,000

 

 

 

7.000% due 10/1/13

 

124,239

 

 

 

 

 

Senior Notes:

 

 

 

862,000

 

 

 

8.069% due 6/15/11 (d)

 

371,737

 

170,000

 

 

 

7.569% due 1/13/12 (d)

 

75,013

 

2,680,000

 

 

 

12.000% due 5/15/15

 

1,308,604

 

2,605,000

 

 

 

General Motors Acceptance Corp., Bonds, 8.000% due 11/1/31

 

685,667

 

 

 

 

 

SLM Corp., Senior Notes:

 

 

 

160,000

 

 

 

3.695% due 7/26/10 (d)

 

125,237

 

830,000

 

 

 

8.450% due 6/15/18

 

602,868

 

 

 

 

 

Total Consumer Finance

 

3,344,353

 

Diversified Financial Services — 1.9%

 

 

 

320,000

 

 

 

Capmark Financial Group Inc., 5.875% due 5/10/12

 

94,505

 

335,000

 

 

 

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

 

189,275

 

130,000

 

 

 

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

 

108,481

 

260,000

 

 

 

Galaxy Entertainment Finance Co. Ltd., 8.133% due 12/15/10 (a)(d)

 

100,100

 

 

 

 

 

Leucadia National Corp., Senior Notes:

 

 

 

380,000

 

 

 

8.125% due 9/15/15

 

331,550

 

140,000

 

 

 

7.125% due 3/15/17

 

116,550

 

 

 

 

 

Residential Capital LLC:

 

 

 

278,000

 

 

 

Junior Secured Notes, 9.625% due 5/15/15 (a)

 

29,885

 

775,000

 

 

 

Senior Secured Notes, 8.500% due 5/15/10 (a)

 

228,625

 

 

 

 

 

TNK-BP Finance SA:

 

 

 

760,000

 

 

 

Bonds, 7.500% due 7/18/16 (a)

 

338,200

 

1,160,000

 

 

 

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

 

504,600

 

610,000

 

 

 

Vanguard Health Holdings Co., I LLC, Senior Discount Notes, step bond to yield 10.998% due 10/1/15

 

472,750

 

525,000

 

 

 

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

 

422,625

 

 

 

 

 

Total Diversified Financial Services

 

2,937,146

 

Insurance — 0.2%

 

 

 

880,000

 

 

 

American International Group Inc., Junior Subordinated Debentures, 8.175% due 5/15/58 (a)(d)

 

292,839

 

Real Estate Investment Trusts (REITs) — 0.1%

 

 

 

20,000

 

 

 

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

 

10,100

 

120,000

 

 

 

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

 

94,500

 

 

 

 

 

Total Real Estate Investment Trusts (REITs)

 

104,600

 

Real Estate Management & Development — 0.2%

 

 

 

335,000

 

 

 

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

 

68,675

 

 

 

 

 

Realogy Corp.:

 

 

 

590,000

 

 

 

10.500% due 4/15/14

 

106,200

 

52,306

 

 

 

11.000% due 4/15/14 (b)

 

8,238

 

 

See Notes to Schedule of Investments.

 

5



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Real Estate Management & Development — 0.2% (continued)

 

 

 

640,000

 

 

 

Senior Subordinated Notes, 12.375% due 4/15/15

 

$

105,600

 

 

 

 

 

Total Real Estate Management & Development

 

288,713

 

 

 

 

 

TOTAL FINANCIALS

 

15,071,303

 

HEALTH CARE — 4.8%

 

 

 

Health Care Equipment & Supplies — 0.4%

 

 

 

395,000

 

 

 

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

 

219,225

 

 

 

 

 

Biomet Inc., Senior Notes:

 

 

 

450,000

 

 

 

10.375% due 10/15/17 (b)

 

335,250

 

85,000

 

 

 

11.625% due 10/15/17

 

64,175

 

 

 

 

 

Total Health Care Equipment & Supplies

 

618,650

 

Health Care Providers & Services — 4.3%

 

 

 

850,000

 

 

 

CRC Health Corp., 10.750% due 2/1/16

 

497,250

 

 

 

 

 

DaVita Inc.:

 

 

 

310,000

 

 

 

Senior Notes, 6.625% due 3/15/13

 

275,900

 

455,000

 

 

 

Senior Subordinated Notes, 7.250% due 3/15/15

 

395,850

 

 

 

 

 

HCA Inc.:

 

 

 

400,000

 

 

 

Debentures, 7.500% due 12/15/23

 

203,865

 

440,000

 

 

 

Notes, 6.375% due 1/15/15

 

255,200

 

4,000

 

 

 

Senior Notes, 6.250% due 2/15/13

 

2,580

 

 

 

 

 

Senior Secured Notes:

 

 

 

445,000

 

 

 

9.250% due 11/15/16

 

362,675

 

1,365,000

 

 

 

9.625% due 11/15/16 (b)

 

986,213

 

975,000

 

 

 

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

 

745,875

 

 

 

 

 

Tenet Healthcare Corp., Senior Notes:

 

 

 

665,000

 

 

 

6.375% due 12/1/11

 

508,725

 

160,000

 

 

 

6.500% due 6/1/12

 

117,600

 

754,000

 

 

 

7.375% due 2/1/13

 

524,030

 

455,000

 

 

 

9.875% due 7/1/14

 

329,875

 

 

 

 

 

Universal Hospital Services Inc., Senior Secured Notes:

 

 

 

130,000

 

 

 

6.303% due 6/1/15 (d)

 

85,150

 

635,000

 

 

 

8.500% due 6/1/15 (b)

 

485,775

 

1,005,000

 

 

 

US Oncology Holdings Inc., Senior Notes, 8.334% due 3/15/12 (b)(d)

 

638,175

 

 

 

 

 

Total Health Care Providers & Services

 

6,414,738

 

Pharmaceuticals — 0.1%

 

 

 

1,515,000

 

 

 

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

 

79,537

 

 

 

 

 

TOTAL HEALTH CARE

 

7,112,925

 

INDUSTRIALS — 7.4%

 

 

 

Aerospace & Defense — 0.9%

 

 

 

350,000

 

 

 

BE Aerospace Inc., 8.500% due 7/1/18

 

289,625

 

555,000

 

 

 

DRS Technologies Inc., Senior Subordinated Notes, 6.625% due 2/1/16

 

553,613

 

1,300,000

 

 

 

Hawker Beechcraft Acquisition Co., Senior Notes, 8.875% due 4/1/15 (b)

 

539,500

 

 

 

 

 

Total Aerospace & Defense

 

1,382,738

 

Airlines — 1.2%

 

 

 

 

 

 

 

Continental Airlines Inc., Pass-Through Certificates:

 

 

 

157,148

 

 

 

8.312% due 4/2/11

 

116,289

 

230,000

 

 

 

7.339% due 4/19/14

 

151,800

 

1,130,000

 

 

 

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

 

796,650

 

 

 

 

 

Delta Air Lines Inc.:

 

 

 

329,143

 

 

 

8.954% due 8/10/14

 

169,509

 

 

See Notes to Schedule of Investments.

 

6



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Airlines — 1.2% (continued)

 

 

 

 

 

 

 

Pass-Through Certificates:

 

 

 

357,623

 

 

 

6.619% due 3/18/11

 

$

300,403

 

310,000

 

 

 

7.711% due 9/18/11

 

199,950

 

 

 

 

 

Total Airlines

 

1,734,601

 

Building Products — 1.3%

 

 

 

 

 

 

 

Associated Materials Inc.:

 

 

 

1,420,000

 

 

 

Senior Discount Notes, step bond to yield 15.124% due 3/1/14

 

731,300

 

170,000

 

 

 

Senior Subordinated Notes, 9.750% due 4/15/12

 

146,200

 

758,000

 

 

 

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

 

635,530

 

290,000

 

 

 

Nortek Inc., Senior Secured Notes, 10.000% due 12/1/13

 

204,450

 

940,000

 

 

 

NTK Holdings Inc., Senior Discount Notes, step bond to yield 15.368% due 3/1/14

 

220,900

 

 

 

 

 

Total Building Products

 

1,938,380

 

Commercial Services & Supplies — 1.5%

 

 

 

 

 

 

 

DynCorp International LLC/DIV Capital Corp.:

 

 

 

120,000

 

 

 

9.500% due 2/15/13 (a)

 

102,900

 

1,519,000

 

 

 

Senior Subordinated Notes, 9.500% due 2/15/13

 

1,291,150

 

780,000

 

 

 

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

 

386,100

 

2,000,000

 

 

 

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

 

0

 

 

 

 

 

US Investigations Services Inc.:

 

 

 

750,000

 

 

 

11.750% due 5/1/16 (a)

 

476,250

 

60,000

 

 

 

Senior Subordinated Notes, 10.500% due 11/1/15 (a)

 

44,100

 

 

 

 

 

Total Commercial Services & Supplies

 

2,300,500

 

Construction & Engineering — 0.5%

 

 

 

560,000

 

 

 

CSC Holdings Inc., Senior Notes, 8.500% due 6/15/15 (a)

 

455,000

 

470,000

 

 

 

Odebrecht Finance Ltd., 7.500% due 10/18/17 (a)

 

353,675

 

 

 

 

 

Total Construction & Engineering

 

808,675

 

Electrical Equipment — 0.0%

 

 

 

120,000

 

 

 

Sensata Technologies B.V., Senior Notes, 8.000% due 5/1/14

 

54,600

 

Industrial Conglomerates — 0.2%

 

 

 

 

 

 

 

Sequa Corp., Senior Notes:

 

 

 

260,000

 

 

 

11.750% due 12/1/15 (a)

 

115,700

 

268,775

 

 

 

13.500% due 12/1/15 (a)(b)

 

103,478

 

 

 

 

 

Total Industrial Conglomerates

 

219,178

 

Machinery — 0.1%

 

 

 

170,000

 

 

 

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

 

123,250

 

Road & Rail — 1.1%

 

 

 

1,575,000

 

 

 

Hertz Corp., Senior Subordinated Notes, 10.500% due 1/1/16

 

637,875

 

 

 

 

 

Kansas City Southern de Mexico, Senior Notes:

 

 

 

1,090,000

 

 

 

9.375% due 5/1/12

 

872,000

 

160,000

 

 

 

7.625% due 12/1/13

 

121,600

 

25,000

 

 

 

7.375% due 6/1/14

 

18,500

 

 

 

 

 

Total Road & Rail

 

1,649,975

 

Trading Companies & Distributors — 0.5%

 

 

 

315,000

 

 

 

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

 

184,275

 

430,000

 

 

 

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

 

225,750

 

1,045,000

 

 

 

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

 

402,325

 

 

 

 

 

Total Trading Companies & Distributors

 

812,350

 

 

See Notes to Schedule of Investments.

 

7



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Transportation Infrastructure — 0.1%

 

 

 

 

 

 

 

Swift Transportation Co., Senior Secured Notes:

 

 

 

790,000

 

 

 

9.899% due 5/15/15 (a)(d)

 

$

94,800

 

345,000

 

 

 

12.500% due 5/15/17 (a)

 

47,869

 

 

 

 

 

Total Transportation Infrastructure

 

142,669

 

 

 

 

 

TOTAL INDUSTRIALS

 

11,166,916

 

INFORMATION TECHNOLOGY — 1.2%

 

 

 

Communications Equipment — 0.3%

 

 

 

880,000

 

 

 

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

 

356,400

 

Electronic Equipment, Instruments & Components — 0.0%

 

 

 

200,000

 

 

 

NXP BV/NXP Funding LLC, Senior Secured Notes, 7.503% due 10/15/13 (d)

 

50,250

 

IT Services — 0.7%

 

 

 

445,000

 

 

 

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

 

214,713

 

1,500,000

 

 

 

First Data Corp., 5.625% due 11/1/11

 

759,375

 

95,000

 

 

 

SunGard Data Systems Inc., Senior Subordinated Notes, 10.250% due 8/15/15

 

55,575

 

 

 

 

 

Total IT Services

 

1,029,663

 

Semiconductors & Semiconductor Equipment — 0.0%

 

 

 

 

 

 

 

Freescale Semiconductor Inc., Senior Notes:

 

 

 

40,000

 

 

 

8.875% due 12/15/14

 

13,800

 

80,000

 

 

 

9.125% due 12/15/14 (b)

 

16,800

 

 

 

 

 

Total Semiconductors & Semiconductor Equipment

 

30,600

 

Software — 0.2%

 

 

 

565,000

 

 

 

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

 

330,525

 

 

 

 

 

TOTAL INFORMATION TECHNOLOGY

 

1,797,438

 

MATERIALS — 7.6%

 

 

 

Chemicals — 1.0%

 

 

 

750,000

 

 

 

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

 

630,000

 

1,105,000

 

 

 

Georgia Gulf Corp., Senior Notes, 10.750% due 10/15/16

 

320,450

 

450,000

 

 

 

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

 

405,000

 

1,130,000

 

 

 

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

 

186,450

 

 

 

 

 

Total Chemicals

 

1,541,900

 

Containers & Packaging — 0.4%

 

 

 

160,000

 

 

 

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

 

110,400

 

325,000

 

 

 

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

 

0

 

250,000

 

 

 

Rock-Tenn Co., Senior Notes, 9.250% due 3/15/16 (a)

 

216,250

 

330,000

 

 

 

Solo Cup Co., Senior Subordinated Notes, 8.500% due 2/15/14

 

206,250

 

 

 

 

 

Total Containers & Packaging

 

532,900

 

Metals & Mining — 4.5%

 

 

 

1,040,000

 

 

 

Evraz Group SA, Notes, 8.875% due 4/24/13 (a)

 

457,600

 

30,000

 

 

 

Metals USA Holdings Corp., 10.883% due 7/1/12 (b)(d)

 

8,400

 

730,000

 

 

 

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

 

452,600

 

1,065,000

 

 

 

Noranda Aluminium Holding Corp., Senior Notes, 8.345% due 11/15/14 (b) (d)

 

133,125

 

900,000

 

 

 

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

 

526,500

 

1,305,000

 

 

 

Ryerson Inc., Senior Secured Notes, 12.250% due 11/1/15 (a)

 

815,625

 

4,280,000

 

 

 

Vale Overseas Ltd., Notes, 6.875% due 11/21/36 (g)

 

3,497,137

 

1,530,000

 

 

 

Vedanta Resources PLC, Senior Notes, 8.750% due 1/15/14 (a)

 

864,450

 

 

 

 

 

Total Metals & Mining

 

6,755,437

 

 

See Notes to Schedule of Investments.

 

8



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Paper & Forest Products — 1.7%

 

 

 

 

 

 

 

Abitibi-Consolidated Co. of Canada:

 

 

 

967,000

 

 

 

15.500% due 7/15/10 (a)

 

$

319,110

 

1,080,000

 

 

 

Senior Secured Notes, 13.750% due 4/1/11 (a)

 

820,800

 

755,000

 

 

 

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

 

411,475

 

 

 

 

 

NewPage Corp., Senior Secured Notes:

 

 

 

900,000

 

 

 

9.443% due 5/1/12 (d)

 

477,000

 

200,000

 

 

 

10.000% due 5/1/12

 

109,000

 

150,368

 

 

 

Newpage Holding Corp., 10.265% due 11/1/13 (b)(d)

 

68,041

 

600,000

 

 

 

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

 

399,000

 

90,000

 

 

 

Verso Paper Holdings LLC, 11.375% due 8/1/16

 

33,750

 

 

 

 

 

Total Paper & Forest Products

 

2,638,176

 

 

 

 

 

TOTAL MATERIALS

 

11,468,413

 

TELECOMMUNICATION SERVICES — 8.0%

 

 

 

Diversified Telecommunication Services — 5.5%

 

 

 

 

 

 

 

Axtel SAB de CV, Senior Notes:

 

 

 

70,000

 

 

 

11.000% due 12/15/13

 

54,950

 

1,793,000

 

 

 

7.625% due 2/1/17 (a)

 

1,223,722

 

100,000

 

 

 

7.625% due 2/1/17 (a)

 

68,500

 

110,000

 

 

 

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

 

63,250

 

 

 

 

 

Citizens Communications Co.:

 

 

 

15,000

 

 

 

Debentures, 7.050% due 10/1/46

 

6,225

 

510,000

 

 

 

Senior Notes, 7.875% due 1/15/27

 

252,450

 

 

 

 

 

Hawaiian Telcom Communications Inc.:

 

 

 

180,000

 

 

 

Senior Notes, 9.750% due 5/1/13 (c)

 

8,100

 

405,000

 

 

 

Senior Subordinated Notes, 12.500% due 5/1/15 (c)

 

4,050

 

1,750,000

 

 

 

Intelsat Corp., Senior Notes, 9.250% due 8/15/14 (a)

 

1,518,125

 

 

 

 

 

Level 3 Financing Inc., Senior Notes:

 

 

 

65,000

 

 

 

12.250% due 3/15/13

 

37,700

 

980,000

 

 

 

9.250% due 11/1/14

 

519,400

 

40,000

 

 

 

6.845% due 2/15/15 (d)

 

17,600

 

1,815,000

 

 

 

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

 

1,324,950

 

725,000

 

 

 

Qwest Communications International Inc., Senior Notes, 7.500% due 2/15/14

 

474,875

 

845,000

 

 

 

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

 

468,975

 

480,000

 

 

 

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

 

217,200

 

 

 

 

 

Vimpel Communications:

 

 

 

520,000

 

 

 

Loan Participation Notes, 8.375% due 4/30/13 (a)

 

288,600

 

248,000

 

 

 

Loan Participation Notes, Secured Notes, 8.375% due 4/30/13 (a)

 

133,332

 

1,000,000

 

 

 

Virgin Media Finance PLC, Senior Notes, 9.125% due 8/15/16

 

710,000

 

455,000

 

 

 

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

 

375,375

 

580,000

 

 

 

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

 

455,300

 

 

 

 

 

Total Diversified Telecommunication Services

 

8,222,679

 

Wireless Telecommunication Services — 2.5%

 

 

 

420,000

 

 

 

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

 

459,900

 

700,000

 

 

 

America Movil SAB de CV, Senior Notes, 5.625% due 11/15/17 (g)

 

590,567

 

190,000

 

 

 

iPCS Inc., Senior Secured Notes, 5.318% due 5/1/13 (d)

 

133,950

 

195,000

 

 

 

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

 

160,875

 

 

 

 

 

Sprint Capital Corp., Senior Notes:

 

 

 

605,000

 

 

 

7.625% due 1/30/11

 

435,795

 

160,000

 

 

 

8.375% due 3/15/12

 

108,870

 

1,110,000

 

 

 

6.875% due 11/15/28

 

544,863

 

 

See Notes to Schedule of Investments.

 

9



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Wireless Telecommunication Services — 2.5% (continued)

 

 

 

340,000

 

 

 

8.750% due 3/15/32

 

$

177,067

 

 

 

 

 

True Move Co., Ltd.:

 

 

 

950,000

 

 

 

10.375% due 8/1/14 (a)

 

318,250

 

2,430,000

 

 

 

Notes, 10.750% due 12/16/13 (a)

 

862,650

 

 

 

 

 

Total Wireless Telecommunication Services

 

3,792,787

 

 

 

 

 

TOTAL TELECOMMUNICATION SERVICES

 

12,015,466

 

UTILITIES — 4.8%

 

 

 

 

 

Electric Utilities — 0.6%

 

 

 

 

 

560,000

 

 

 

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

 

481,600

 

680,000

 

 

 

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

 

370,600

 

 

 

 

 

Total Electric Utilities

 

852,200

 

Gas Utilities — 0.1%

 

 

 

270,000

 

 

 

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

 

207,900

 

Independent Power Producers & Energy Traders — 4.1%

 

 

 

300,000

 

 

 

AES Corp., Senior Notes, 9.375% due 9/15/10

 

259,500

 

480,000

 

 

 

Dynegy Holdings Inc., Senior Debentures, 7.625% due 10/15/26

 

213,600

 

280,000

 

 

 

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

 

199,724

 

 

 

 

 

Edison Mission Energy, Senior Notes:

 

 

 

610,000

 

 

 

7.750% due 6/15/16

 

480,375

 

350,000

 

 

 

7.200% due 5/15/19

 

257,250

 

440,000

 

 

 

7.625% due 5/15/27

 

301,400

 

5,430,000

 

 

 

Energy Future Holdings, Senior Notes, 11.250% due 11/1/17 (a)(b)

 

2,918,625

 

805,000

 

 

 

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

 

700,350

 

 

 

 

 

NRG Energy Inc., Senior Notes:

 

 

 

275,000

 

 

 

7.250% due 2/1/14

 

224,813

 

600,000

 

 

 

7.375% due 2/1/16

 

489,000

 

135,000

 

 

 

7.375% due 1/15/17

 

109,350

 

 

 

 

 

Total Independent Power Producers & Energy Traders

 

6,153,987

 

 

 

 

 

TOTAL UTILITIES

 

7,214,087

 

 

 

 

 

TOTAL CORPORATE BONDS & NOTES
(Cost — $164,791,791)

 

96,469,197

 

ASSET-BACKED SECURITY — 0.0%

 

 

 

FINANCIAL — 0.0%

 

 

 

Diversified Financial Services — 0.0%

 

 

 

987,700

 

 

 

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

 

0

 

CONVERTIBLE BONDS & NOTES — 0.3%

 

 

 

CONSUMER DISCRETIONARY — 0.1%

 

 

 

Media — 0.1%

 

 

 

365,000

 

 

 

Virgin Media Inc., Senior Notes, 6.500% due 11/15/16 (a)

 

153,756

 

INDUSTRIALS — 0.2%

 

 

 

Marine Services — 0.2%

 

 

 

570,000

 

 

 

Horizon Lines Inc., Senior Notes, 4.250% due 8/15/12

 

294,263

 

 

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES
(Cost — $716,076)

 

448,019

 

 

See Notes to Schedule of Investments.

 

10



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

COLLATERALIZED SENIOR LOANS — 1.0%

 

 

 

CONSUMER DISCRETIONARY — 0.3%

 

 

 

Auto Components — 0.3%

 

 

 

726,653

 

 

 

Allison Transmission Inc., Term Loan B, 5.263% due 8/7/14 (d)

 

$

444,297

 

ENERGY — 0.4%

 

 

 

Energy Equipment & Services — 0.4%

 

 

 

786,502

 

 

 

Turbo Beta Ltd., Term Loan, 14.500% due 3/15/18 (d)(e)

 

625,269

 

MATERIALS — 0.3%

 

 

 

Containers & Packaging — 0.2%

 

 

 

1,100,003

 

 

 

Berry Plastics Corp., Senior Term Loan, 9.791% due 6/15/14 (d)

 

385,001

 

Paper & Forest Products — 0.1%

 

 

 

224,000

 

 

 

Verso Paper Holdings LLC, 10.012% due 2/1/13 (d)

 

106,400

 

 

 

 

 

TOTAL MATERIALS

 

491,401

 

 

 

 

 

TOTAL COLLATERALIZED SENIOR LOANS
(Cost — $2,637,735)

 

1,560,967

 

SOVEREIGN BONDS — 32.0%

 

 

 

Argentina — 1.3%

 

 

 

 

 

 

 

 

 

Republic of Argentina:

 

 

 

4,199,000

 

 

 

Bonds, 7.000% due 9/12/13

 

1,235,556

 

1,272,111

 

 

 

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

 

394,354

 

5,670,000

 

 

 

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

 

253,732

 

 

 

 

 

Total Argentina

 

1,883,642

 

Brazil — 12.0%

 

 

 

 

 

9,001,000

BRL

 

 

Brazil Nota do Tesouro Nacional, 10.000% due 1/1/12

 

3,346,398

 

 

 

 

 

Federative Republic of Brazil:

 

 

 

5,350,000

 

 

 

7.125% due 1/20/37 (g)

 

5,002,250

 

 

 

 

 

Collective Action Securities:

 

 

 

2,185,000

 

 

 

8.750% due 2/4/25

 

2,327,025

 

7,298,000

 

 

 

Notes, 8.000% due 1/15/18 (g)

 

7,407,470

 

 

 

 

 

Total Brazil

 

18,083,143

 

Colombia — 1.3%

 

 

 

 

 

 

 

 

 

Republic of Colombia:

 

 

 

100,000

 

 

 

7.375% due 1/27/17

 

92,750

 

2,190,000

 

 

 

7.375% due 9/18/37 (g)

 

1,828,650

 

 

 

 

 

Total Colombia

 

1,921,400

 

Ecuador — 0.3%

 

 

 

 

 

1,631,000

 

 

 

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

 

472,990

 

Egypt — 0.3%

 

 

 

 

 

 

 

2,810,000

EGP

 

 

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

 

419,213

 

Gabon — 0.2%

 

 

 

 

 

 

 

512,000

 

 

 

Gabonese Republic, 8.200% due 12/12/17 (a)

 

289,280

 

Indonesia — 1.1%

 

 

 

 

 

 

 

 

 

Republic of Indonesia:

 

 

 

7,931,000,000

IDR

 

 

10.250% due 7/15/22

 

466,406

 

5,692,000,000

IDR

 

 

11.000% due 9/15/25

 

344,140

 

5,058,000,000

IDR

 

 

10.250% due 7/15/27

 

282,312

 

250,000

 

 

 

8.500% due 10/12/35 (a)

 

163,750

 

5,998,000,000

IDR

 

 

9.750% due 5/15/37

 

304,469

 

 

 

 

 

Total Indonesia

 

1,561,077

 

 

See Notes to Schedule of Investments.

 

11



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Mexico — 0.1%

 

 

 

160,000

 

 

 

United Mexican States, Medium-Term Notes, 5.625% due 1/15/17

 

$

143,200

 

Panama — 1.7%

 

 

 

 

 

 

 

Republic of Panama:

 

 

 

1,807,000

 

 

 

7.250% due 3/15/15

 

1,716,650

 

1,139,000

 

 

 

6.700% due 1/26/36 (g)

 

894,115

 

 

 

 

 

Total Panama

 

2,610,765

 

Peru — 1.0%

 

 

 

 

 

 

 

Republic of Peru:

 

 

 

381,000

 

 

 

Bonds, 6.550% due 3/14/37

 

300,990

 

 

 

 

 

Global Bonds:

 

 

 

140,000

 

 

 

8.375% due 5/3/16

 

143,850

 

1,200,000

 

 

 

7.350% due 7/21/25 (g)

 

1,089,000

 

 

 

 

 

Total Peru

 

1,533,840

 

Russia — 0.0%

 

 

 

42,000

 

 

 

Russian Federation, 12.750% due 6/24/28 (a)

 

48,510

 

Turkey — 9.0%

 

 

 

 

 

 

 

Republic of Turkey:

 

 

 

575,000

 

 

 

11.875% due 1/15/30 (g)

 

764,750

 

9,650,000

 

 

 

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

 

7,864,750

 

7,026,000

 

 

 

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

 

4,953,330

 

 

 

 

 

Total Turkey

 

13,582,830

 

Venezuela — 3.7%

 

 

 

 

 

 

 

Bolivarian Republic of Venezuela:

 

 

 

3,733,000

 

 

 

8.500% due 10/8/14

 

2,165,140

 

4,267,000

 

 

 

5.750% due 2/26/16 (a)

 

1,973,487

 

233,000

 

 

 

7.650% due 4/21/25

 

106,598

 

 

 

 

 

Collective Action Securities:

 

 

 

1,982,000

 

 

 

9.375% due 1/13/34

 

1,030,640

 

391,000

 

 

 

Notes, 10.750% due 9/19/13

 

279,565

 

 

 

 

 

Total Venezuela

 

5,555,430

 

 

 

 

 

TOTAL SOVEREIGN BONDS
(Cost — $67,619,510)

 

48,105,320

 

Shares

 

 

 

 

 

 

 

COMMON STOCKS — 0.0%

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

Household Durables — 0.0%

 

 

 

1,349,235

 

 

 

Home Interiors & Gifts Inc. (e)(f)*

 

1

 

10,194

 

 

 

Mattress Discounters Corp. (e)(f)*

 

0

 

5,389

 

 

 

Mattress Holding Corp. (e)(f)*

 

0

 

 

 

 

 

TOTAL CONSUMER DISCRETIONARY

 

1

 

INDUSTRIALS — 0.0%

 

 

 

Machinery — 0.0%

 

 

 

5

 

 

 

Glasstech Inc. (e)(f)*

 

0

 

INFORMATION TECHNOLOGY — 0.0%

 

 

 

Computers & Peripherals — 0.0%

 

 

 

12,166

 

 

 

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

 

0

 

 

 

 

 

TOTAL COMMON STOCKS
(Cost — $1,121,632)

 

1

 

 

See Notes to Schedule of Investments.

 

12



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Shares

 

 

 

Security

 

Value

 

PREFERRED STOCKS — 0.0%

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

Media — 0.0%

 

 

 

1

 

 

 

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

 

$

715

 

FINANCIALS — 0.0%

 

 

 

Diversified Financial Services — 0.0%

 

 

 

6,800

 

 

 

Preferred Plus, Trust, Series FRD-1, 7.400%

 

30,600

 

300

 

 

 

Saturns, Series F 2003-5, 8.125%

 

1,590

 

4,091

 

 

 

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

 

0

 

2,250

 

 

 

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

 

0

 

5,932

 

 

 

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

 

0

 

12,271

 

 

 

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

 

0

 

 

 

 

 

Total Diversified Financial Services

 

32,190

 

Thrifts & Mortgage Finance — 0.0%

 

 

 

11,600

 

 

 

Federal National Mortgage Association (FNMA), 8.250% (h)

 

12,644

 

 

 

 

 

TOTAL FINANCIALS

 

44,834

 

INDUSTRIALS — 0.0%

 

 

 

Machinery — 0.0%

 

 

 

5

 

 

 

Glasstech Inc., 0.000% (e)(f)*

 

0

 

 

 

 

 

TOTAL PREFERRED STOCKS
(Cost — $414,156)

 

45,549

 

CONVERTIBLE PREFERRED STOCKS — 0.5%

 

 

 

FINANCIALS — 0.5%

 

 

 

Diversified Financial Services — 0.5%

 

 

 

940

 

 

 

Bank of America Corp.

 

568,700

 

7,800

 

 

 

Citigroup Inc.

 

200,460

 

 

 

 

 

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost — $1,323,882)

 

769,160

 

ESCROWED SHARES — 0.0%

 

 

 

625,000

 

 

 

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

 

0

 

Warrants

 

 

 

 

 

 

 

WARRANTS — 0.2%

 

 

 

9,125

 

 

 

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

 

228,125

 

4,202

 

 

 

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

 

0

 

 

 

 

 

TOTAL WARRANTS
(Cost — $3,107)

 

228,125

 

 

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost — $239,615,589)

 

147,626,338

 

Face
Amount†

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS — 1.8%

 

 

 

Sovereign Bonds — 0.1%

 

 

 

 

 

 

 

Bank Negara Malaysia Islamic Notes:

 

 

 

100,000

MYR

 

 

Zero coupon bond to yield 3.360% due 12/23/08

 

27,529

 

10,000

MYR

 

 

Zero coupon bond to yield 3.260% due 12/30/08

 

2,751

 

10,000

MYR

 

 

Zero coupon bond to yield 3.260% due 12/30/08

 

2,751

 

 

 

 

 

Bank Negara Malaysia Monetary Notes:

 

 

 

40,000

MYR

 

 

Zero coupon bond to yield 3.200% due 12/16/08

 

11,020

 

70,000

MYR

 

 

Zero coupon bond to yield 3.250% due 12/16/08

 

19,284

 

 

See Notes to Schedule of Investments.

 

13



 

Western Asset Global Partners Income Fund Inc.

 

Schedule of Investments (unaudited) (continued)

 

November 30, 2008

 

Face
Amount†

 

 

 

Security

 

Value

 

Sovereign Bonds — 0.1% (continued)

 

 

 

200,000

MYR

 

 

Zero coupon bond to yield 3.470% due 2/17/09

 

$

54,794

 

 

 

 

 

Total Sovereign Bonds
(Cost — $123,284)

 

118,129

 

U.S. Government Agency — 0.1%

 

 

 

106,000

 

 

 

Federal National Mortgage Association (FNMA), Discount Notes, 1.384% - 1.825% due 12/15/08 (h)(i)
(Cost - $105,942)

 

105,922

 

Repurchase Agreement — 1.6%

 

 

 

2,555,000

 

 

 

Morgan Stanley tri-party repurchase agreement dated 11/28/08, 0.180% due 12/1/08; Proceeds at maturity - $2,555,038; (Fully collateralized by U.S. government agency obligation, 3.875% due 8/25/11; Market value - $2,632,472)
(Cost - $2,555,000)

 

2,555,000

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Cost — $2,784,226)

 

2,779,051

 

 

 

 

 

TOTAL INVESTMENTS — 100.0% (Cost — $242,399,815#)

 

$

150,405,389

 

 

*

Non-income producing security.

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

(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)

Security is currently in default.

(d)

Variable rate security. Interest rate disclosed is that which is in effect at November 30, 2008.

(e)

Illiquid security.

(f)

Security is valued in good faith at fair value by or under the direction of the Board of Directors (See Note 2).

(g)

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

(h)

On September 7, 2008, the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac into Conservatorship.

(i)

Rate shown represents yield-to-maturity.

#

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

 

 

 

Abbreviations used in this schedule:

 

BRL

-

Brazilian Real

 

EGP

-

Egyptian Pound

 

GDP

-

Gross Domestic Product

 

IDR

-

Indonesian Rupiah

 

MYR

-

Malaysian Ringgit

 

OJSC

-

Open Joint Stock Company

 

RUB

-

Russian Ruble

 

See Notes to Schedule of Investments.

 

14



 

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 seeks to maintain a high level of current income. 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) 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.

 

(b) 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.

 

(c) 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 or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. 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 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 maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement.  These potential amounts will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.  As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, 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.

 

Implied credit spreads utilized in determining the period end market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country are disclosed in the Notes to Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives.  Spreads are the theoretical price a lender receives for credit default protection.  When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement.  For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.  Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

 

(d) Forward Foreign Currency Contracts. The Fund may enter into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction.  A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed.

 

The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

 

15



 

Notes to Schedule of Investments (unaudited) (continued)

 

(e) 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.

 

(f) 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 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.

 

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

 

2.  Investment Valuation

 

Effective September 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 (“FAS 157”).  FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value.  The hierarchy of inputs is summarized below.

 

·                  Level 1 — quoted prices in active markets for identical investments

·                  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

·                  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

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 last quoted 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 reported sales 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 securities 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 fair value.

 

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

 

 

November 30, 2008

 

Quoted Prices
(Level 1)

 

Other Significant
Observable Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Investments in Securities

 

$

150,405,389

 

$

814,709

 

$

149,590,679

 

$

1

 

Other Financial Instruments*

 

(1,476,778

)

 

(1,476,778

)

 

Total

 

$

148,928,611

 

$

814,709

 

$

148,113,901

 

$

1

 

 

* Other financial instruments may include swaps and forward contracts.

 

16



 

Notes to Schedule of Investments (unaudited) (continued)

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

 

 

Investments
in Securities

 

Balance as of August 31, 2008

 

$

414,412

 

 

 

 

 

Accrued Premiums/Discounts

 

 

Realized Gain (Loss)

 

 

Change in unrealized appreciation (depreciation)

 

 

Net purchases (sales)

 

 

Transfers in and/or out of Level 3

 

(414,411

)

Balance as of November 30, 2008

 

$

1

 

 

3.  Investments

 

At November 30, 2008, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

 

$

331,777

 

Gross unrealized depreciation

 

(92,326,203

)

Net unrealized depreciation

 

$

(91,994,426

)

 

Transactions in reverse repurchase agreements for the Fund during the period ended November 30, 2008 were as follows:

 

Average

 

Weighted

 

Maximum

 

Daily

 

Average

 

Amount

 

Balance

 

Interest Rate

 

Outstanding

 

$29,191,083

 

3.04%

 

$35,707,246

 

 

Interest rates on reverse repurchase agreements ranged from 0.75% to 7.00% during the period ended November 30, 2008. Interest expense incurred on reverse repurchase agreements totaled $224,011.

 

At November 30, 2008, the Fund had the following open reverse repurchase agreements:

 

Face

 

 

 

 

 

Amount

 

Security

 

Value

 

 

 

 

 

 

 

$

379,820

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/10/08 bearing 3.000% to be repurchased at $381,054 on 12/19/08, collateralized by: $700,000 America Movil SAB de CV Senior Notes, 5.625% due 11/15/17:

 

 

 

 

 

Market value (including accrued interest) $592,037

 

$

379,820

 

 

 

 

 

 

 

1,320,570

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/25/08 bearing 2.750% to be repurchased at an amount and date to be determined, collateralized by: $2,190,000 Republic of Colombia, 7.375% due 9/18/37:

 

 

 

 

 

Market value (including accrued interest) $1,861,666

 

1,320,570

 

 

17



 

Notes to Schedule of Investments (unaudited) (continued)

 

Face

 

 

 

 

 

Amount

 

Security

 

Value

 

 

 

 

 

 

 

$

2,605,208

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/25/08 bearing 1.250% to be repurchased at $2,607,379 on 12/19/08, collateralized by: $3,560,000 Federative Republic of Brazil, 7.125% due 1/20/37:

 

 

 

 

 

Market value (including accrued interest) $3,420,962

 

$

2,605,208

 

 

 

 

 

 

 

683,400

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/10/08 bearing 3.000% to be repurchased at an amount and date to be determined, collateralized by: $1,139,000 Republic of Panama, 6.700% due 1/26/36:

 

 

 

 

 

Market value (including accrued interest) $920,659

 

683,400

 

 

 

 

 

 

 

606,223

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/25/08 bearing 2.500% to be repurchased at an amount and date to be determined, collateralized by: $575,000 Republic of Turkey, 11.875% due 1/15/30:

 

 

 

 

 

Market value (including accrued interest) $790,541

 

606,223

 

 

 

 

 

 

 

3,888,891

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/19/08 bearing 3.000% to be repurchased at an amount and date to be determined, collateralized by: $7,026,000 Republic of Turkey, 6.875% due 3/17/36:

 

 

 

 

 

Market value (including accrued interest) $5,053,407

 

3,888,891

 

 

 

 

 

 

 

1,677,600

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/10/08 bearing 3.000% to be repurchased at $1,683,052 on 12/19/08, collateralized by: $2,000,000 Republic of Brazil, 8.000% due 1/15/18:

 

 

 

 

 

Market value (including accrued interest) $2,090,435

 

1,677,600

 

 

 

 

 

 

 

885,360

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/10/08 bearing 4.000% to be repurchased at an amount and date to be determined, collateralized by: $1,200,000 Republic of Peru, 7.350% due 7/21/25:

 

 

 

 

 

Market value (including accrued interest) $1,120,877

 

885,360

 

 

 

 

 

 

 

2,463,568

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/10/08 bearing 3.000% to be repurchased at an amount and date to be determined, collateralized by: $4,280,000 Vale Overseas Ltd., Notes, 6.875% due 11/21/36:

 

 

 

 

 

Market value (including accrued interest) $3,505,265

 

2,463,568

 

 

18



 

Notes to Schedule of Investments (unaudited) (continued)

 

Face

 

 

 

 

 

Amount

 

Security

 

Value

 

 

 

 

 

 

 

$

266,175

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 10/27/08 bearing 0.750% to be repurchased at an amount and date to be determined, collateralized by: $1,050,000 Republic of Argentina, 8.280% due 12/31/33:

 

 

 

 

 

Market value (including accrued interest) $362,081

 

$

266,175

 

 

 

 

 

 

 

1,113,200

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 10/27/08 bearing 3.750% to be repurchased at an amount and date to be determined, collateralized by: $1,760,000 Federative Republic of Brazil, 7.125% due 1/20/37:

 

 

 

 

 

Market value (including accrued interest) $1,691,262

 

1,113,200

 

 

 

 

 

 

 

5,727,275

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 10/27/08 bearing 4.000% to be repurchased at an amount and date to be determined, collateralized by: $9,650,000 Republic of Turkey, 7.375% due 2/5/25:

 

 

 

 

 

Market value (including accrued interest) $8,092,954

 

5,727,275

 

 

 

 

 

 

 

2,015,000

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 10/27/08 bearing 3.750% to be repurchased at an amount and date to be determined, collateralized by: $2,600,000 Federative Republic of Brazil, 8.000% due 1/15/18:

 

 

 

 

 

Market value (including accrued interest) $2,717,565

 

2,015,000

 

 

 

 

 

 

 

 

 

Total Reverse Repurchase Agreements

 

 

 

 

 

(Cost —$23,632,290)

 

$

23,632,290

 

 

At November 30, 2008, the Fund had the following open forward foreign currency contracts:

 

 

 

Local
Currency

 

Market
Value

 

Settlement
Date

 

Unrealized
Gain (Loss)

 

Contracts to Buy:

 

 

 

 

 

 

 

 

 

New Russian Ruble

 

10,630,620

 

$376,671

 

12/8/08

 

$(36,329

)

New Russian Ruble

 

8,252,103

 

292,394

 

12/8/08

 

(28,313

)

New Russian Ruble

 

4,401,980

 

155,141

 

12/11/08

 

(16,185

)

New Russian Ruble

 

5,411,010

 

190,703

 

12/11/08

 

(18,297

)

 

 

 

 

 

 

 

 

(99,124

)

 

 

 

 

 

 

 

 

 

 

Contracts to Sell:

 

 

 

 

 

 

 

 

 

Euro

 

122,585

 

155,630

 

12/8/08

 

18,416

 

Euro

 

159,690

 

202,738

 

12/8/08

 

23,814

 

Euro

 

121,000

 

153,614

 

12/11/08

 

17,713

 

 

 

 

 

 

 

 

 

59,943

 

Net Unrealized Loss on Open Forward Foreign Currency Contracts

 

 

 

$(39,181

)

 

19



 

Notes to Schedule of Investments (unaudited) (continued)

 

At November 30, 2008, the Fund had the following open swap contracts:

 

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION (1)

 

SWAP COUNTERPARTY (REFERENCE ENTITY)

 

NOTIONAL
AMOUNT (2)

 

TERMINATION
DATE

 

IMPLIED CREDIT
SPREAD AT
NOVEMBER 30,
2008 (3)

 

PERIODIC
PAYMENTS
RECEIVED BY
THE FUND ‡

 

MARKET
VALUE

 

UPFRONT
PREMIUMS PAID/
(RECEIVED)

 

UNREALIZED
APPRECIATION/
(DEPRECIATION)

 

Credit Suisse First Boston Inc.
(Visteon Corp. 8.250% due 8/1/10)

 

$

600,000

 

12/20/08

 

186.50%

 

5.000% quarterly

 

$

(44,718

)

$

(42,000

)

$

(2,718

)

 

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION (4)

 

SWAP COUNTERPARTY (REFERENCE ENTITY)

 

NOTIONAL
AMOUNT (2)

 

TERMINATION
DATE

 

PERIODIC
PAYMENTS
MADE BY THE
FUND ‡

 

MARKET
VALUE (5)

 

UPFRONT
PREMIUMS
PAID/
(RECEIVED)

 

UNREALIZED
APPRECIATION/
(DEPRECIATION)

 

Barclay’s Capital Inc.
(CDX North America Investment Grade High Volatility Index #10)

 

$

290,001

 

6/20/13

 

3.500% quarterly

 

$

27,361

 

$

11,493

 

$

15,868

 

Barclay’s Capital Inc.
(CDX North America Investment Grade High Volatility Index #10)

 

96,667

 

6/20/13

 

3.500% quarterly

 

9,121

 

4,252

 

4,869

 

 

 

 

 

 

 

 

 

$

36,482

 

$

15,745

 

$

20,737

 

 

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION (1)

 

SWAP COUNTERPARTY (REFERENCE ENTITY)

 

NOTIONAL
AMOUNT (2)

 

TERMINATION
DATE

 

PERIODIC
PAYMENTS
RECEIVED BY
THE FUND ‡

 

MARKET
VALUE (5)

 

UPFRONT
PREMIUMS
PAID/
(RECEIVED)

 

UNREALIZED
APPRECIATION/
(DEPRECIATION)

 

Barclay’s Capital Inc.
(CDX North America Investment Grade High Volatility Index #8)

 

$

12,600,000

 

6/20/12

 

0.750% quarterly

 

$

(1,620,068

)

$

(342,413

)

$

(1,277,655

)

Credit Suisse First Boston Inc.
(CDX North America High Yield Index)

 

700,000

 

6/20/13

 

5.000% quarterly

 

(154,659

)

(67,181

)

(87,478

)

Credit Suisse First Boston Inc.
(CDX North America High Yield Index)

 

700,000

 

6/20/13

 

5.000% quarterly

 

(154,650

)

(64,167

)

(90,483

)

 

 

 

 

 

 

 

 

$

(1,929,377

)

$

(473,761

)

$

(1,455,616

)

 

(1) 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 either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) Implied credit spreads utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the underlying securities comprising the referenced index.

(5) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

‡  Percentage shown is an annual percentage rate.

 

4.  Loan

 

At November 30, 2008, the Fund had a $55,000,000 loan available pursuant to an amended and restated revolving credit and security agreement, dated as of November 20, 2006, among the Fund, CHARTA, LLC (as successor by assignment to Panterra Funding, LLC, th e “Lender”) and Citibank N.A. (“Citibank”) as a secondary lender, for which Citibank also 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. In addition, the Fund pays a commitment fee on the total credit available, whether used or unused. 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.

 

5.  Recent Accounting Pronouncement

 

In March 2008, the Financial Accounting Standards Board issued the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statements and related disclosures.

 

20



 

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, 2009

 

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, 2009

 

 

By

/s/ Kaprel Ozsolak

 

 

Kaprel Ozsolak

 

Chief Financial Officer

 

 

Date:   January 28, 2009

 


EX-99.CERT 2 a08-30169_1ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, R. Jay Gerken, certify that:

 

1.                     I have reviewed this report on Form N-Q of Western Asset Global Partners Income Fund Inc.

 

2.                     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                     Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.                     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)                            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)                           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)& #160;                           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)                           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.               The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing th e equivalent functions):

 

a)                            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)                           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:

January 28, 2009

 

 /s/ R. Jay Gerken

 

 

 

R. Jay Gerken

 

 

 

Chief Executive Officer

 



 

I, Kaprel Ozsolak, certify that:

 

1.               I have reviewed this report on Form N-Q of Western Asset Global Partners Income Fund Inc.

 

2.               Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.               Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.               The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)                            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)                           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)& #160;                           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)                           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.               The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing th e equivalent functions):

 

a)                            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)                           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:

January 28, 2009

 

 /s/ Kaprel Ozsolak

 

 

 

Kaprel Ozsolak

 

 

 

Chief Financial Officer

 


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