-----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, NfxB2CD1/v7WXw48PKVn2+UjxrnI1+IX7odWqDV8/HG3C01DFN3kUnMwXU67SoqS bV0FKLKzFULHmRDH44JQUg== 0001104659-11-002799.txt : 20110125 0001104659-11-002799.hdr.sgml : 20110125 20110125122156 ACCESSION NUMBER: 0001104659-11-002799 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110125 DATE AS OF CHANGE: 20110125 EFFECTIVENESS DATE: 20110125 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: 11545768 BUSINESS ADDRESS: STREET 1: LEGG MASON & CO, LLC STREET 2: 55 WATER STREET, 32ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: LEGG MASON & CO, LLC STREET 2: 55 WATER STREET, 32ND 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 a10-22263_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:

(888)777-0102

 

 

Date of fiscal year end:

August 31

 

 

 

 

Date of reporting period:

November 30, 2010

 

 



 

ITEM 1.               SCHEDULE OF INVESTMENTS

 



 

WESTERN ASSET GLOBAL PARTNERS
INCOME FUND INC.

 

FORM N-Q

NOVEMBER 30, 2010

 

 


 

Schedule of investments (unaudited)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

CORPORATE BONDS & NOTES — 68.0%

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY — 13.2%

 

 

 

 

 

 

 

 

 

Auto Components — 0.8%

 

 

 

 

 

 

 

 

 

Europcar Groupe SA, Senior Notes

 

9.375%

 

4/15/18

 

500,000

EUR

$

619,819

(a)

Europcar Groupe SA, Senior Subordinated Notes

 

8.125%

 

5/15/14

 

737,000

EUR

978,188

(a)

Hertz Holdings Netherlands BV, Senior Secured Bonds

 

8.500%

 

7/31/15

 

160,000

EUR

222,227

(a)

Total Auto Components

 

 

 

 

 

 

 

1,820,234

 

Automobiles — 0.6%

 

 

 

 

 

 

 

 

 

Ford Motor Credit Co., LLC, Notes

 

7.000%

 

10/1/13

 

295,000

 

310,920

 

Ford Motor Credit Co., LLC, Senior Notes

 

9.875%

 

8/10/11

 

240,000

 

251,480

 

Motors Liquidation Co., Senior Debentures

 

8.375%

 

7/15/33

 

1,505,000

 

481,600

(b)

Motors Liquidation Co., Senior Notes

 

7.200%

 

1/15/11

 

930,000

 

289,462

(b)

Total Automobiles

 

 

 

 

 

 

 

1,333,462

 

Diversified Consumer Services — 0.9%

 

 

 

 

 

 

 

 

 

Realogy Corp., Senior Notes

 

10.500%

 

4/15/14

 

770,000

 

667,975

 

Service Corp. International, Senior Notes

 

7.500%

 

4/1/27

 

90,000

 

87,525

 

Sotheby’s, Senior Notes

 

7.750%

 

6/15/15

 

520,000

 

556,400

 

Stonemor Operating LLC / Cornerstone Family Services of WV / Osiris Holding, Senior Notes

 

10.250%

 

12/1/17

 

725,000

 

775,750

(c)

Total Diversified Consumer Services

 

 

 

 

 

 

 

2,087,650

 

Hotels, Restaurants & Leisure — 3.8%

 

 

 

 

 

 

 

 

 

Boyd Gaming Corp., Senior Notes

 

9.125%

 

12/1/18

 

210,000

 

198,450

(a)

Boyd Gaming Corp., Senior Subordinated Notes

 

7.125%

 

2/1/16

 

100,000

 

83,625

 

CCM Merger Inc., Notes

 

8.000%

 

8/1/13

 

630,000

 

607,950

(a)

Codere Finance Luxembourg SA, Senior Notes

 

8.250%

 

6/15/15

 

292,000

EUR

362,685

(a)

Downstream Development Quapaw, Senior Notes

 

12.000%

 

10/15/15

 

460,000

 

445,050

(a)

Dunkin Finance Corp., Senior Notes

 

9.625%

 

12/1/18

 

120,000

 

121,350

(a)

El Pollo Loco Inc., Senior Notes

 

11.750%

 

11/15/13

 

810,000

 

631,800

 

El Pollo Loco Inc., Senior Secured Notes

 

11.750%

 

12/1/12

 

205,000

 

210,125

 

Harrah’s Operating Co. Inc., Senior Bonds

 

5.625%

 

6/1/15

 

801,000

 

628,785

 

Harrah’s Operating Co. Inc., Senior Notes

 

10.750%

 

2/1/16

 

1,414,000

 

1,261,995

 

Inn of the Mountain Gods Resort & Casino, Senior Notes

 

12.000%

 

11/15/10

 

1,110,000

 

453,712

(d)(e)

Landry’s Holdings Inc., Senior Secured Notes

 

11.500%

 

6/1/14

 

250,000

 

236,250

(a)

Landry’s Restaurants Inc., Senior Secured Notes

 

11.625%

 

12/1/15

 

320,000

 

340,800

 

MGM MIRAGE Inc., Senior Notes

 

6.750%

 

4/1/13

 

490,000

 

469,175

 

MGM MIRAGE Inc., Senior Notes

 

5.875%

 

2/27/14

 

100,000

 

87,500

 

MGM Resorts International, Senior Secured Notes

 

10.375%

 

5/15/14

 

40,000

 

44,600

 

MGM Resorts International, Senior Secured Notes

 

11.125%

 

11/15/17

 

95,000

 

107,825

 

Mohegan Tribal Gaming Authority, Senior Subordinated Notes

 

8.000%

 

4/1/12

 

1,030,000

 

911,550

 

Mohegan Tribal Gaming Authority, Senior Subordinated Notes

 

6.875%

 

2/15/15

 

55,000

 

37,125

 

NCL Corp. Ltd., Senior Notes

 

9.500%

 

11/15/18

 

310,000

 

317,362

(a)

NCL Corp. Ltd., Senior Secured Notes

 

11.750%

 

11/15/16

 

500,000

 

568,750

 

Pinnacle Entertainment Inc., Senior Notes

 

8.625%

 

8/1/17

 

250,000

 

270,313

 

Sbarro Inc., Senior Notes

 

10.375%

 

2/1/15

 

695,000

 

337,075

 

Snoqualmie Entertainment Authority, Senior Secured Notes

 

4.428%

 

2/1/14

 

290,000

 

242,150

(a)(f)

Snoqualmie Entertainment Authority, Senior Secured Notes

 

9.125%

 

2/1/15

 

10,000

 

9,300

(a)

Station Casinos Inc., Senior Notes

 

6.000%

 

4/1/12

 

735,000

 

74

(b)(d)

Station Casinos Inc., Senior Notes

 

7.750%

 

8/15/16

 

185,000

 

37

(b)(d)

Station Casinos Inc., Senior Subordinated Notes

 

6.500%

 

2/1/14

 

475,000

 

190

(b)(d)

Station Casinos Inc., Senior Subordinated Notes

 

6.625%

 

3/15/18

 

50,000

 

20

(b)(d)

Total Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

8,985,623

 

Household Durables — 0.4%

 

 

 

 

 

 

 

 

 

DFS Furniture Holdings PLC, Senior Secured Notes

 

9.750%

 

7/15/17

 

401,000

GBP

598,786

(a)

DFS Furniture Holdings PLC, Senior Secured Notes

 

9.750%

 

7/15/17

 

180,000

GBP

268,781

(a)

Total Household Durables

 

 

 

 

 

 

 

867,567

 

 

See Notes to Schedule of Investments.

 

1


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Internet & Catalog Retail — 0.4%

 

 

 

 

 

 

 

 

 

Netflix Inc., Senior Notes

 

8.500%

 

11/15/17

 

360,000

 

$

406,800

 

QVC Inc., Senior Secured Notes

 

7.375%

 

10/15/20

 

535,000

 

561,750

(a)

Total Internet & Catalog Retail

 

 

 

 

 

 

 

968,550

 

Leisure Equipment & Products — 0.2%

 

 

 

 

 

 

 

 

 

Cirsa Funding Luxembourg SA, Senior Notes

 

8.750%

 

5/15/18

 

470,000

EUR

597,882

(a)

Media — 4.0%

 

 

 

 

 

 

 

 

 

Affinity Group Inc., Senior Secured Notes

 

11.500%

 

12/1/16

 

180,000

 

175,500

(a)

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

 

13.500%

 

11/30/16

 

27,381

 

32,344

 

Cengage Learning Acquisitions Inc., Senior Notes

 

10.500%

 

1/15/15

 

170,000

 

170,850

(a)

Cengage Learning Acquisitions Inc., Senior Subordinated Notes

 

13.250%

 

7/15/15

 

610,000

 

628,300

(a)

CSC Holdings LLC, Senior Notes

 

8.500%

 

6/15/15

 

210,000

 

228,900

 

DISH DBS Corp., Senior Notes

 

6.625%

 

10/1/14

 

30,000

 

31,163

 

DISH DBS Corp., Senior Notes

 

7.875%

 

9/1/19

 

285,000

 

300,675

 

EN Germany Holdings BV, Senior Secured Notes

 

10.750%

 

11/15/15

 

340,000

EUR

430,580

(a)

Globo Communicacoes e Participacoes SA, Bonds

 

7.250%

 

4/26/22

 

100,000

 

108,500

(a)

Grupo Televisa SA, Senior Bonds

 

6.625%

 

1/15/40

 

950,000

 

1,056,755

 

Grupo Televisa SA, Senior Notes

 

6.625%

 

3/18/25

 

1,150,000

 

1,332,843

 

NET Servicos de Comunicacao SA, Bonds

 

7.500%

 

1/27/20

 

830,000

 

966,950

(g)

Nielsen Finance LLC/Nielsen Finance Co., Senior Notes

 

7.750%

 

10/15/18

 

890,000

 

910,025

(a)

Nielsen Finance LLC/Nielsen Finance Co., Senior Subordinated Notes, step bond

 

0.000%

 

8/1/16

 

810,000

 

822,150

 

TVN Finance Corp. III AB, Senior Notes

 

7.875%

 

11/15/18

 

100,000

EUR

125,586

(a)

Univision Communications Inc., Senior Notes

 

8.500%

 

5/15/21

 

460,000

 

441,600

(a)

Univision Communications Inc., Senior Secured Notes

 

12.000%

 

7/1/14

 

150,000

 

163,312

(a)

Univision Communications Inc., Senior Secured Notes

 

7.875%

 

11/1/20

 

370,000

 

380,175

(a)

UPC Holding BV, Senior Notes

 

9.875%

 

4/15/18

 

180,000

 

194,400

(a)

Virgin Media Finance PLC, Senior Notes

 

9.125%

 

8/15/16

 

150,000

 

160,125

 

Ziggo Bond Co. BV, Senior Notes

 

8.000%

 

5/15/18

 

650,000

EUR

841,624

(a)

Total Media

 

 

 

 

 

 

 

9,502,357

 

Multiline Retail — 0.2%

 

 

 

 

 

 

 

 

 

Neiman Marcus Group Inc., Senior Secured Notes

 

7.125%

 

6/1/28

 

570,000

 

552,900

 

Specialty Retail — 1.2%

 

 

 

 

 

 

 

 

 

American Greetings Corp., Senior Notes

 

7.375%

 

6/1/16

 

790,000

 

817,650

 

American Greetings Corp., Senior Notes

 

7.375%

 

6/1/16

 

75,000

 

74,625

 

American Greetings Corp., Senior Notes

 

7.375%

 

6/1/16

 

50,000

 

48,500

 

Michaels Stores Inc., Senior Notes

 

7.750%

 

11/1/18

 

90,000

 

87,975

(a)

Michaels Stores Inc., Senior Subordinated Bonds

 

11.375%

 

11/1/16

 

350,000

 

380,187

 

Michaels Stores Inc., Senior Subordinated Notes, step bond

 

0.000%

 

11/1/16

 

1,010,000

 

982,225

 

PETCO Animal Supplies Inc., Senior Notes

 

9.250%

 

12/1/18

 

570,000

 

577,125

(a)

Total Specialty Retail

 

 

 

 

 

 

 

2,968,287

 

Textiles, Apparel & Luxury Goods — 0.7%

 

 

 

 

 

 

 

 

 

Giraffe Acquisition Corp., Senior Notes

 

9.125%

 

12/1/18

 

430,000

 

434,300

(a)

Oxford Industries Inc., Senior Secured Notes

 

11.375%

 

7/15/15

 

725,000

 

817,438

 

Phillips-Van Heusen Corp., Senior Notes

 

7.375%

 

5/15/20

 

300,000

 

323,250

 

Total Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

1,574,988

 

TOTAL CONSUMER DISCRETIONARY

 

 

 

 

 

 

 

31,259,500

 

CONSUMER STAPLES — 0.5%

 

 

 

 

 

 

 

 

 

Food Products — 0.5%

 

 

 

 

 

 

 

 

 

Bumble Bee Foods LLC, Senior Secured Notes

 

7.750%

 

12/15/15

 

405,000

 

463,725

 

Del Monte Corp., Senior Subordinated Notes

 

7.500%

 

10/15/19

 

200,000

 

227,500

 

Simmons Foods Inc., Senior Secured Notes

 

10.500%

 

11/1/17

 

330,000

 

343,200

(a)

Smithfield Foods Inc., Senior Secured Notes

 

10.000%

 

7/15/14

 

170,000

 

192,950

(a)

Total Food Products

 

 

 

 

 

 

 

1,227,375

 

Tobacco — 0.0%

 

 

 

 

 

 

 

 

 

Alliance One International Inc., Senior Notes

 

10.000%

 

7/15/16

 

50,000

 

52,500

 

TOTAL CONSUMER STAPLES

 

 

 

 

 

 

 

1,279,875

 

 

See Notes to Schedule of Investments.

 

2


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

ENERGY — 15.0%

 

 

 

 

 

 

 

 

 

Energy Equipment & Services — 1.3%

 

 

 

 

 

 

 

 

 

Basic Energy Services Inc., Senior Secured Notes

 

11.625%

 

8/1/14

 

450,000

 

$

499,500

 

Complete Production Services Inc., Senior Notes

 

8.000%

 

12/15/16

 

355,000

 

365,650

 

Frac Tech Services LLC/Frac Tech Finance Inc., Senior Notes

 

7.125%

 

11/15/18

 

290,000

 

288,550

(a)

GulfMark Offshore Inc., Senior Subordinated Notes

 

7.750%

 

7/15/14

 

360,000

 

365,400

 

Hercules Offshore LLC, Senior Secured Notes

 

10.500%

 

10/15/17

 

450,000

 

360,000

(a)

Key Energy Services Inc., Senior Notes

 

8.375%

 

12/1/14

 

565,000

 

600,313

 

Parker Drilling Co., Senior Notes

 

9.125%

 

4/1/18

 

400,000

 

416,000

 

Precision Drilling Corp., Senior Notes

 

6.625%

 

11/15/20

 

270,000

 

273,375

(a)

Total Energy Equipment & Services

 

 

 

 

 

 

 

3,168,788

 

Oil, Gas & Consumable Fuels — 13.7%

 

 

 

 

 

 

 

 

 

Alta Mesa Holdings/Alta Mesa Finance Services Corp., Senior Notes

 

9.625%

 

10/15/18

 

120,000

 

117,000

(a)

Belden & Blake Corp., Secured Notes

 

8.750%

 

7/15/12

 

985,000

 

940,675

 

Berry Petroleum Co., Senior Notes

 

10.250%

 

6/1/14

 

320,000

 

364,800

 

Berry Petroleum Co., Senior Notes

 

6.750%

 

11/1/20

 

10,000

 

9,975

 

Brigham Exploration Co., Senior Notes

 

8.750%

 

10/1/18

 

90,000

 

96,300

(a)

Calfrac Holdings LP, Senior Notes

 

7.500%

 

12/1/20

 

200,000

 

199,500

(a)

Chesapeake Energy Corp., Senior Notes

 

7.250%

 

12/15/18

 

25,000

 

26,375

 

Chesapeake Energy Corp., Senior Notes

 

6.625%

 

8/15/20

 

500,000

 

506,250

 

Compagnie Generale de Geophysique-Veritas, Senior Notes

 

7.750%

 

5/15/17

 

420,000

 

443,100

 

CONSOL Energy Inc., Senior Notes

 

8.250%

 

4/1/20

 

480,000

 

522,000

(a)

Corral Petroleum Holdings AB, Senior Bonds

 

2.000%

 

9/18/11

 

738,645

 

685,093

(a)(h)

Crosstex Energy LP/Crosstex Energy Finance Corp., Senior Notes

 

8.875%

 

2/15/18

 

250,000

 

261,875

 

Denbury Resources Inc., Senior Subordinated Notes

 

8.250%

 

2/15/20

 

356,000

 

389,820

 

Dolphin Energy Ltd., Senior Secured Bonds

 

5.888%

 

6/15/19

 

431,685

 

460,518

(a)

Ecopetrol SA, Senior Notes

 

7.625%

 

7/23/19

 

1,000,000

 

1,197,500

 

El Paso Corp., Notes

 

7.875%

 

6/15/12

 

635,000

 

675,270

 

Energy Transfer Equity LP, Senior Notes

 

7.500%

 

10/15/20

 

370,000

 

384,800

 

Enterprise Products Operating LLP, Junior Subordinated Notes

 

8.375%

 

8/1/66

 

250,000

 

265,924

(f)

Enterprise Products Operating LLP, Subordinated Notes

 

7.034%

 

1/15/68

 

260,000

 

269,801

(f)

EXCO Resources Inc., Senior Notes

 

7.500%

 

9/15/18

 

690,000

 

662,400

 

Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes

 

7.875%

 

12/15/18

 

80,000

 

79,500

(a)

Griffin Coal Mining Co. Pty Ltd., Senior Notes

 

9.500%

 

12/1/16

 

20,000

 

12,750

(a)(b)

Inergy LP/Inergy Finance Corp., Senior Notes

 

7.000%

 

10/1/18

 

260,000

 

267,800

(a)

International Coal Group Inc., Senior Secured Notes

 

9.125%

 

4/1/18

 

370,000

 

401,450

 

KazMunaiGaz Finance Sub BV, Senior Notes

 

8.375%

 

7/2/13

 

1,530,000

 

1,678,410

(a)

Linn Energy LLC/Linn Energy Finance Corp., Senior Notes

 

8.625%

 

4/15/20

 

370,000

 

394,050

(a)

Linn Energy LLC/Linn Energy Finance Corp., Senior Notes

 

7.750%

 

2/1/21

 

330,000

 

336,600

(a)

MarkWest Energy Partners LP/MarkWest Energy Finance Corp., Senior Notes

 

8.750%

 

4/15/18

 

330,000

 

356,400

 

Murray Energy Corp., Senior Secured Notes

 

10.250%

 

10/15/15

 

540,000

 

553,500

(a)

OPTI Canada Inc., Senior Secured Notes

 

9.000%

 

12/15/12

 

320,000

 

320,000

(a)

OPTI Canada Inc., Senior Secured Notes

 

9.750%

 

8/15/13

 

120,000

 

120,000

(a)

OPTI Canada Inc., Senior Secured Notes

 

8.250%

 

12/15/14

 

345,000

 

241,500

 

Overseas Shipholding Group Inc., Senior Notes

 

8.125%

 

3/30/18

 

395,000

 

404,875

 

Pan American Energy LLC, Senior Notes

 

7.875%

 

5/7/21

 

470,000

 

500,550

(a)

Pan American Energy LLC, Senior Notes

 

7.875%

 

5/7/21

 

70,000

 

74,550

(a)

Peabody Energy Corp., Senior Notes

 

7.375%

 

11/1/16

 

220,000

 

243,650

 

Peabody Energy Corp., Senior Notes

 

7.875%

 

11/1/26

 

330,000

 

363,000

 

Petrobras International Finance Co., Senior Notes

 

6.875%

 

1/20/40

 

870,000

 

941,609

 

Petroleos Mexicanos, Notes

 

8.000%

 

5/3/19

 

4,280,000

 

5,262,260

 

 

See Notes to Schedule of Investments.

 

3


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Oil, Gas & Consumable Fuels — continued

 

 

 

 

 

 

 

 

 

Petroleum Co. of Trinidad & Tobago Ltd., Senior Notes

 

9.750%

 

8/14/19

 

390,000

 

$

475,800

(a)

Petronas Capital Ltd.

 

5.250%

 

8/12/19

 

1,730,000

 

1,924,262

(a)(g)

Petronas Capital Ltd., Senior Notes

 

5.250%

 

8/12/19

 

879,000

 

972,891

(a)

Petroplus Finance Ltd., Senior Notes

 

6.750%

 

5/1/14

 

470,000

 

427,700

(a)

Plains Exploration & Production Co., Senior Notes

 

10.000%

 

3/1/16

 

325,000

 

362,375

 

Plains Exploration & Production Co., Senior Notes

 

8.625%

 

10/15/19

 

330,000

 

361,350

 

PT Adaro Indonesia, Senior Notes

 

7.625%

 

10/22/19

 

110,000

 

117,150

(a)

Quicksilver Resources Inc., Senior Notes

 

11.750%

 

1/1/16

 

580,000

 

668,450

 

Quicksilver Resources Inc., Senior Notes

 

9.125%

 

8/15/19

 

60,000

 

64,800

 

Range Resources Corp., Senior Subordinated Notes

 

8.000%

 

5/15/19

 

10,000

 

10,950

 

Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Bonds

 

6.750%

 

9/30/19

 

570,000

 

675,820

(a)

Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Notes

 

5.500%

 

9/30/14

 

600,000

 

658,091

(a)

Regency Energy Partners LP/Regency Energy Finance Corp., Senior Notes

 

6.875%

 

12/1/18

 

370,000

 

375,550

 

Reliance Holdings USA Inc., Senior Notes

 

4.500%

 

10/19/20

 

530,000

 

504,942

(a)

SandRidge Energy Inc., Senior Notes

 

8.750%

 

1/15/20

 

255,000

 

258,825

 

SandRidge Energy Inc., Senior Toggle Notes

 

8.625%

 

4/1/15

 

160,000

 

156,800

(h)

Stone Energy Corp., Senior Notes

 

8.625%

 

2/1/17

 

270,000

 

271,350

 

Teekay Corp., Senior Notes

 

8.500%

 

1/15/20

 

615,000

 

673,425

 

TNK-BP Finance SA, Senior Notes

 

7.500%

 

7/18/16

 

380,000

 

417,050

(a)

TNK-BP Finance SA, Senior Notes

 

7.500%

 

7/18/16

 

280,000

 

311,500

(a)

TNK-BP Finance SA, Senior Notes

 

7.875%

 

3/13/18

 

1,160,000

 

1,293,400

(a)

Whiting Petroleum Corp., Senior Subordinated Notes

 

7.000%

 

2/1/14

 

20,000

 

20,900

 

Whiting Petroleum Corp., Senior Subordinated Notes

 

6.500%

 

10/1/18

 

310,000

 

316,200

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

32,351,011

 

TOTAL ENERGY

 

 

 

 

 

 

 

35,519,799

 

FINANCIALS — 7.3%

 

 

 

 

 

 

 

 

 

Capital Markets — 0.5%

 

 

 

 

 

 

 

 

 

Goldman Sachs Group Inc., Subordinated Notes

 

6.750%

 

10/1/37

 

300,000

 

302,006

 

Offshore Group Investments Ltd., Senior Secured Notes

 

11.500%

 

8/1/15

 

810,000

 

858,600

(a)

Total Capital Markets

 

 

 

 

 

 

 

1,160,606

 

Commercial Banks — 1.7%

 

 

 

 

 

 

 

 

 

BAC Capital Trust VI, Capital Securities, Junior Subordinated Notes

 

5.625%

 

3/8/35

 

300,000

 

268,551

 

Banco del Estado de Chile, Senior Notes

 

4.125%

 

10/7/20

 

260,000

 

256,675

(a)

BankAmerica Institutional Capital A, Junior Subordinated Bonds

 

8.070%

 

12/31/26

 

620,000

 

627,750

(a)

CIT Group Inc., Senior Secured Bonds

 

7.000%

 

5/1/16

 

289,046

 

285,433

 

CIT Group Inc., Senior Secured Bonds

 

7.000%

 

5/1/17

 

1,762,664

 

1,727,411

 

Credit Agricole SA, Subordinated Notes

 

8.375%

 

10/13/19

 

290,000

 

295,800

(a)(f)(i)

ICICI Bank Ltd., Subordinated Bonds

 

6.375%

 

4/30/22

 

186,000

 

186,373

(a)(f)

ICICI Bank Ltd., Subordinated Bonds

 

6.375%

 

4/30/22

 

130,000

 

130,091

(a)(f)

Matalan Finance Ltd., Senior Notes

 

9.625%

 

3/31/17

 

76,000

GBP

124,125

(a)

NB Capital Trust II, Junior Subordinated Notes

 

7.830%

 

12/15/26

 

80,000

 

80,900

 

Total Commercial Banks

 

 

 

 

 

 

 

3,983,109

 

Consumer Finance — 1.6%

 

 

 

 

 

 

 

 

 

Ally Financial Inc., Debentures

 

0.000%

 

6/15/15

 

1,150,000

 

825,125

 

Ally Financial Inc., Senior Bonds

 

0.000%

 

12/1/12

 

400,000

 

354,711

 

Ally Financial Inc., Senior Notes

 

8.300%

 

2/12/15

 

130,000

 

137,150

 

Ally Financial Inc., Senior Notes

 

7.500%

 

9/15/20

 

710,000

 

699,350

(a)

Ally Financial Inc., Subordinated Notes

 

8.000%

 

12/31/18

 

43,000

 

43,860

 

Ford Motor Credit Co., LLC, Senior Notes

 

12.000%

 

5/15/15

 

530,000

 

657,135

 

GMAC International Finance BV, Senior Bonds

 

7.500%

 

4/21/15

 

410,000

EUR

536,192

 

SLM Corp., Medium-Term Notes

 

8.000%

 

3/25/20

 

280,000

 

281,857

 

 

See Notes to Schedule of Investments.

 

4


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Consumer Finance — continued

 

 

 

 

 

 

 

 

 

SLM Corp., Medium-Term Notes, Senior Notes

 

8.450%

 

6/15/18

 

210,000

 

$

219,598

 

Total Consumer Finance

 

 

 

 

 

 

 

3,754,978

 

Diversified Financial Services — 3.0%

 

 

 

 

 

 

 

 

 

AES Red Oak LLC, Secured Notes

 

9.200%

 

11/30/29

 

660,000

 

655,050

 

Astoria Depositor Corp., Pass-Through Certificates

 

8.144%

 

5/1/21

 

420,000

 

421,050

(a)

Bankrate Inc., Senior Secured Notes

 

11.750%

 

7/15/15

 

200,000

 

219,000

(a)

Capital One Capital V, Junior Subordinated Notes, Cumulative Trust Preferred Securities

 

10.250%

 

8/15/39

 

310,000

 

329,762

 

Countrywide Capital III, Junior Subordinated Notes

 

8.050%

 

6/15/27

 

130,000

 

136,013

 

Express LLC/Express Finance Corp., Senior Notes

 

8.750%

 

3/1/18

 

380,000

 

404,700

 

Fresenius U.S. Finance II Inc., Senior Notes

 

9.000%

 

7/15/15

 

160,000

 

184,000

(a)

Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, Senior Secured Notes

 

9.000%

 

11/15/20

 

230,000

 

228,850

(a)

Interactive Data Corp., Senior Notes

 

10.250%

 

8/1/18

 

230,000

 

248,262

(a)(c)

International Lease Finance Corp., Medium-Term Notes

 

6.375%

 

3/25/13

 

350,000

 

353,500

 

International Lease Finance Corp., Medium-Term Notes, Senior Notes

 

5.625%

 

9/20/13

 

460,000

 

455,400

 

International Lease Finance Corp., Senior Notes

 

8.875%

 

9/1/17

 

980,000

 

1,043,700

 

LBI Escrow Corp., Senior Secured Notes

 

8.000%

 

11/1/17

 

448,000

EUR

622,234

(a)

LBI Escrow Corp., Senior Secured Notes

 

8.000%

 

11/1/17

 

460,000

 

497,375

(a)

Leucadia National Corp., Senior Notes

 

7.125%

 

3/15/17

 

140,000

 

145,250

 

MBNA Capital A, Junior Subordinated Notes

 

8.278%

 

12/1/26

 

250,000

 

253,750

 

Midwest Gaming Borrower LLC/Midwest Finance Corp., Senior Secured Notes

 

11.625%

 

4/15/16

 

140,000

 

145,950

(a)

Polish Television Holding BV, Senior Secured Bonds

 

11.000%

 

5/15/17

 

300,000

EUR

381,627

(a)

Sinochem Overseas Capital Co., Ltd., Senior Notes

 

4.500%

 

11/12/20

 

370,000

 

364,888

(a)

Total Diversified Financial Services

 

 

 

 

 

 

 

7,090,361

 

Insurance — 0.4%

 

 

 

 

 

 

 

 

 

American International Group Inc., Senior Notes

 

8.250%

 

8/15/18

 

450,000

 

513,000

 

American International Group Inc., Senior Notes

 

6.400%

 

12/15/20

 

230,000

 

229,404

 

MetLife Capital Trust IV, Junior Subordinated Notes

 

7.875%

 

12/15/37

 

250,000

 

268,125

(a)

Total Insurance

 

 

 

 

 

 

 

1,010,529

 

Real Estate Investment Trusts (REITs) — 0.1%

 

 

 

 

 

 

 

 

 

Host Hotels & Resorts, LP, Senior Notes

 

6.375%

 

3/15/15

 

120,000

 

122,700

 

TOTAL FINANCIALS

 

 

 

 

 

 

 

17,122,283

 

HEALTH CARE — 2.2%

 

 

 

 

 

 

 

 

 

Health Care Equipment & Supplies — 0.1%

 

 

 

 

 

 

 

 

 

Biomet Inc., Senior Notes

 

10.000%

 

10/15/17

 

50,000

 

54,750

 

Biomet Inc., Senior Notes

 

11.625%

 

10/15/17

 

110,000

 

121,825

 

Biomet Inc., Senior Toggle Notes

 

10.375%

 

10/15/17

 

140,000

 

153,300

(h)

Total Health Care Equipment & Supplies

 

 

 

 

 

 

 

329,875

 

Health Care Providers & Services — 2.0%

 

 

 

 

 

 

 

 

 

American Renal Holdings, Senior Secured Notes

 

8.375%

 

5/15/18

 

300,000

 

312,000

(a)

CRC Health Corp., Senior Subordinated Notes

 

10.750%

 

2/1/16

 

1,080,000

 

1,080,000

 

HCA Holdings Inc., Senior Notes

 

7.750%

 

5/15/21

 

240,000

 

236,700

(a)

HCA Inc., Senior Secured Notes

 

9.625%

 

11/15/16

 

515,000

 

551,694

(h)

inVentiv Health Inc., Senior Notes

 

10.000%

 

8/15/18

 

140,000

 

137,900

(a)

Tenet Healthcare Corp., Senior Secured Notes

 

10.000%

 

5/1/18

 

651,000

 

730,747

 

Universal Hospital Services Inc., Senior Secured Notes

 

8.500%

 

6/1/15

 

635,000

 

654,050

(h)

US Oncology Inc., Senior Secured Notes

 

9.125%

 

8/15/17

 

535,000

 

647,350

 

Vanguard Health Holdings Co., II LLC, Senior Notes

 

8.000%

 

2/1/18

 

370,000

 

375,550

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

4,725,991

 

Health Care Technology — 0.1%

 

 

 

 

 

 

 

 

 

MedAssets Inc., Senior Notes

 

8.000%

 

11/15/18

 

130,000

 

131,625

(a)

Multiplan Inc., Senior Notes

 

9.875%

 

9/1/18

 

40,000

 

42,600

(a)

Total Health Care Technology

 

 

 

 

 

 

 

174,225

 

TOTAL HEALTH CARE

 

 

 

 

 

 

 

5,230,091

 

 

See Notes to Schedule of Investments.

 

5


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

INDUSTRIALS — 6.8%

 

 

 

 

 

 

 

 

 

Aerospace & Defense — 0.8%

 

 

 

 

 

 

 

 

 

Freedom Group Inc., Senior Secured Notes

 

10.250%

 

8/1/15

 

530,000

 

$

551,200

(a)

Kratos Defense & Security Solutions Inc., Senior Secured Notes

 

10.000%

 

6/1/17

 

270,000

 

302,738

 

Triumph Group Inc., Senior Notes

 

8.625%

 

7/15/18

 

420,000

 

458,325

 

Wyle Services Corp., Senior Subordinated Notes

 

10.500%

 

4/1/18

 

560,000

 

554,400

(a)

Total Aerospace & Defense

 

 

 

 

 

 

 

1,866,663

 

Airlines — 1.3%

 

 

 

 

 

 

 

 

 

Continental Airlines Inc., Pass-Through Certificates

 

7.373%

 

12/15/15

 

55,983

 

55,983

 

Continental Airlines Inc., Pass-Through Certificates

 

9.250%

 

5/10/17

 

4,749

 

5,135

(c)

Continental Airlines Inc., Pass-Through Certificates, Subordinated Secured Notes

 

8.312%

 

4/2/11

 

48,059

 

48,780

 

Continental Airlines Inc., Pass-Through Certificates, Subordinated Secured Notes

 

7.339%

 

4/19/14

 

478,231

 

486,600

 

Continental Airlines Inc., Senior Secured Notes

 

6.750%

 

9/15/15

 

440,000

 

454,850

(a)

DAE Aviation Holdings Inc., Senior Notes

 

11.250%

 

8/1/15

 

1,170,000

 

1,216,800

(a)

Delta Air Lines Inc., Pass-Through Certificates

 

7.711%

 

3/18/13

 

10,000

 

10,350

 

Delta Air Lines Inc., Pass-Through Certificates, Secured Notes

 

8.021%

 

8/10/22

 

195,412

 

202,740

 

Delta Air Lines Inc., Pass-Through Certificates, Subordinated Secured Notes

 

9.750%

 

12/17/16

 

171,043

 

186,009

 

Delta Air Lines Inc., Senior Secured Notes

 

9.500%

 

9/15/14

 

166,000

 

180,940

(a)

United Air Lines Inc., Senior Secured Notes

 

9.875%

 

8/1/13

 

160,000

 

175,200

(a)

Total Airlines

 

 

 

 

 

 

 

3,023,387

 

Building Products — 0.3%

 

 

 

 

 

 

 

 

 

Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Subordinated Notes, step bond

 

0.000%

 

6/30/15

 

174,200

 

103,649

(a)(d)

GTL Trade Finance Inc., Senior Notes

 

7.250%

 

10/20/17

 

231,000

 

256,410

(a)

Rearden G Holdings EINS GmbH, Senior Notes

 

7.875%

 

3/30/20

 

200,000

 

214,000

(a)

USG Corp., Senior Notes

 

8.375%

 

10/15/18

 

80,000

 

77,200

(a)

Total Building Products

 

 

 

 

 

 

 

651,259

 

Commercial Services & Supplies — 1.1%

 

 

 

 

 

 

 

 

 

ACCO Brands Corp., Senior Secured Notes

 

10.625%

 

3/15/15

 

470,000

 

525,225

 

ACCO Brands Corp., Senior Subordinated Notes

 

7.625%

 

8/15/15

 

150,000

 

148,875

 

Altegrity Inc., Senior Subordinated Notes

 

10.500%

 

11/1/15

 

50,000

 

50,500

(a)

Altegrity Inc., Senior Subordinated Notes

 

11.750%

 

5/1/16

 

780,000

 

774,150

(a)

American Reprographics Co., Senior Notes

 

10.500%

 

12/15/16

 

320,000

 

320,000

(a)

Garda World Security Corp., Senior Notes

 

9.750%

 

3/15/17

 

190,000

 

200,925

(a)

Geo Group Inc., Senior Notes

 

7.750%

 

10/15/17

 

455,000

 

484,575

 

RSC Equipment Rental Inc./RSC Holdings III LLC, Senior Secured Notes

 

10.000%

 

7/15/17

 

170,000

 

188,700

(a)

Total Commercial Services & Supplies

 

 

 

 

 

 

 

2,692,950

 

Construction & Engineering — 0.5%

 

 

 

 

 

 

 

 

 

Abengoa Finance SAU, Senior Notes

 

8.875%

 

11/1/17

 

350,000

 

337,750

(a)

Odebrecht Finance Ltd., Senior Notes

 

7.500%

 

10/18/17

 

140,000

 

151,550

(a)

Odebrecht Finance Ltd., Senior Notes

 

7.000%

 

4/21/20

 

550,000

 

592,625

(a)

Total Construction & Engineering

 

 

 

 

 

 

 

1,081,925

 

Electrical Equipment — 0.1%

 

 

 

 

 

 

 

 

 

NES Rentals Holdings Inc., Senior Secured Notes

 

12.250%

 

4/15/15

 

370,000

 

323,750

(a)

Industrial Conglomerates — 0.1%

 

 

 

 

 

 

 

 

 

Leucadia National Corp., Senior Notes

 

8.125%

 

9/15/15

 

240,000

 

261,600

 

Marine — 0.5%

 

 

 

 

 

 

 

 

 

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes

 

8.625%

 

11/1/17

 

630,000

 

636,300

(a)

Trico Shipping AS, Senior Secured Notes

 

11.875%

 

11/1/14

 

590,000

 

492,650

(a)

Total Marine

 

 

 

 

 

 

 

1,128,950

 

Road & Rail — 1.3%

 

 

 

 

 

 

 

 

 

Jack Cooper Holdings Corp.

 

12.750%

 

12/15/15

 

496,000

 

491,432

(a)(c)

Kansas City Southern de Mexico, Senior Notes

 

12.500%

 

4/1/16

 

740,000

 

917,600

 

 

See Notes to Schedule of Investments.

 

6


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE AMOUNT

 

VALUE

 

Road & Rail — continued

 

 

 

 

 

 

 

 

 

Kansas City Southern de Mexico, Senior Notes

 

8.000%

 

2/1/18

 

85,000

 

$

91,800

 

Kansas City Southern Railway, Senior Notes

 

13.000%

 

12/15/13

 

49,000

 

59,045

 

Kansas City Southern Railway, Senior Notes

 

8.000%

 

6/1/15

 

85,000

 

91,162

 

Quality Distribution LLC/QD Capital Corp., Senior Secured Notes

 

9.875%

 

11/1/18

 

620,000

 

601,400

(a)

RailAmerica Inc., Senior Secured Notes

 

9.250%

 

7/1/17

 

662,000

 

728,200

 

Total Road & Rail

 

 

 

 

 

 

 

2,980,639

 

Trading Companies & Distributors — 0.3%

 

 

 

 

 

 

 

 

 

Ashtead Capital Inc., Notes

 

9.000%

 

8/15/16

 

175,000

 

183,312

(a)

Ashtead Holdings PLC, Senior Secured Notes

 

8.625%

 

8/1/15

 

175,000

 

182,438

(a)

H&E Equipment Services Inc., Senior Notes

 

8.375%

 

7/15/16

 

455,000

 

459,550

 

Total Trading Companies & Distributors

 

 

 

 

 

 

 

825,300

 

Transportation — 0.5%

 

 

 

 

 

 

 

 

 

Hapag-Lloyd AG, Senior Notes

 

9.750%

 

10/15/17

 

710,000

 

749,050

(a)

Syncreon Global Ireland Ltd./Syncreon Global Finance US Inc., Senior Notes

 

9.500%

 

5/1/18

 

440,000

 

452,100

(a)

Total Transportation

 

 

 

 

 

 

 

1,201,150

 

TOTAL INDUSTRIALS

 

 

 

 

 

 

 

16,037,573

 

INFORMATION TECHNOLOGY — 2.2%

 

 

 

 

 

 

 

 

 

Communications Equipment — 0.3%

 

 

 

 

 

 

 

 

 

Lucent Technologies Inc., Debentures

 

6.450%

 

3/15/29

 

880,000

 

717,200

 

Electronic Equipment, Instruments & Components — 0.4%

 

 

 

 

 

 

 

NXP BV/NXP Funding LLC, Senior Secured Notes

 

9.750%

 

8/1/18

 

850,000

 

922,250

(a)

IT Services — 0.9%

 

 

 

 

 

 

 

 

 

Ceridian Corp., Senior Notes

 

12.250%

 

11/15/15

 

473,925

 

460,892

(h)

First Data Corp., Senior Notes

 

5.625%

 

11/1/11

 

1,500,000

 

1,488,750

 

GXS Worldwide Inc., Senior Secured Notes

 

9.750%

 

6/15/15

 

120,000

 

119,100

 

Total IT Services

 

 

 

 

 

 

 

2,068,742

 

Semiconductors & Semiconductor Equipment — 0.6%

 

 

 

 

 

 

 

 

CDW LLC/CDW Finance Corp., Senior Notes

 

11.000%

 

10/12/15

 

80,000

 

82,400

(a)

Freescale Semiconductor Inc., Senior Notes

 

10.750%

 

8/1/20

 

120,000

 

119,700

(a)

Freescale Semiconductor Inc., Senior Secured Notes

 

9.250%

 

4/15/18

 

140,000

 

147,350

(a)

Freescale Semiconductor Inc., Senior Subordinated Notes

 

10.125%

 

12/15/16

 

620,000

 

590,550

 

Freescale Semiconductor Inc., Senior Toggle Notes

 

9.125%

 

12/15/14

 

92,445

 

93,369

(h)

Spansion LLC, Senior Notes

 

7.875%

 

11/15/17

 

90,000

 

92,138

(a)

STATS ChipPAC Ltd., Senior Notes

 

7.500%

 

8/12/15

 

244,000

 

259,250

(a)

Total Semiconductors & Semiconductor Equipment

 

 

 

 

 

 

 

1,384,757

 

Software — 0.0%

 

 

 

 

 

 

 

 

 

Aspect Software Inc., Senior Secured Notes

 

10.625%

 

5/15/17

 

35,000

 

35,525

(a)

TOTAL INFORMATION TECHNOLOGY

 

 

 

 

 

 

 

5,128,474

 

MATERIALS — 9.5%

 

 

 

 

 

 

 

 

 

Chemicals — 1.5%

 

 

 

 

 

 

 

 

 

Ashland Inc., Senior Notes

 

9.125%

 

6/1/17

 

855,000

 

985,387

 

CF Industries Inc., Senior Notes

 

7.125%

 

5/1/20

 

230,000

 

257,888

 

FMC Finance III SA, Senior Notes

 

6.875%

 

7/15/17

 

750,000

 

804,375

 

Georgia Gulf Corp., Senior Secured Notes

 

9.000%

 

1/15/17

 

340,000

 

362,100

(a)

Ineos Finance PLC, Senior Secured Notes

 

9.000%

 

5/15/15

 

310,000

 

322,400

(a)

Kerling PLC, Senior Secured Notes

 

10.625%

 

1/28/17

 

268,000

EUR

367,446

(a)

Solutia Inc., Senior Notes

 

8.750%

 

11/1/17

 

5,000

 

5,500

 

Solutia Inc., Senior Notes

 

7.875%

 

3/15/20

 

310,000

 

335,575

 

Texas Petro Chemical Corp. Group LLC, Senior Secured Notes

 

8.250%

 

10/1/17

 

210,000

 

216,300

(a)

Total Chemicals

 

 

 

 

 

 

 

3,656,971

 

Containers & Packaging — 2.3%

 

 

 

 

 

 

 

 

 

Ardagh Packaging Finance PLC, Senior Notes

 

9.125%

 

10/15/20

 

420,000

 

434,700

(a)

Ardagh Packaging Finance PLC, Senior Notes

 

9.250%

 

10/15/20

 

1,000,000

EUR

1,298,051

(a)

Berry Plastics Corp., Senior Secured Notes

 

9.500%

 

5/15/18

 

480,000

 

463,200

 

Berry Plastics Corp., Senior Secured Notes

 

9.750%

 

1/15/21

 

280,000

 

269,500

(a)

 

See Notes to Schedule of Investments.

 

7

 


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Containers & Packaging — continued

 

 

 

 

 

 

 

 

 

Nordenia Holdings GMBH, Senior Secured Bonds

 

9.750%

 

7/15/17

 

477,000

EUR

 $

676,443

(a)

Radnor Holdings Inc., Senior Notes

 

11.000%

 

3/15/10

 

325,000

 

0

(c)(d)(e)

Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Senior Notes

 

9.000%

 

4/15/19

 

620,000

 

633,950

(a)

Rock-Tenn Co., Senior Notes

 

9.250%

 

3/15/16

 

200,000

 

217,000

 

Solo Cup Co., Senior Secured Notes

 

10.500%

 

11/1/13

 

230,000

 

240,925

 

Suzano Trading Ltd., Senior Notes

 

5.875%

 

1/23/21

 

500,000

 

495,000

(a)

Viskase Cos. Inc., Senior Secured Notes

 

9.875%

 

1/15/18

 

590,000

 

613,600

(a)(d)

Viskase Cos. Inc., Senior Secured Notes

 

9.875%

 

1/15/18

 

20,000

 

20,800

(a)(d)

Total Containers & Packaging

 

 

 

 

 

 

 

5,363,169

 

Metals & Mining — 3.5%

 

 

 

 

 

 

 

 

 

China Oriental Group Co. Ltd.

 

7.000%

 

11/17/17

 

490,000

 

470,400

(a)

Corporacion Nacional del Cobre de Chile, Senior Notes

 

3.750%

 

11/4/20

 

550,000

 

539,481

(a)

CSN Resources SA, Senior Bonds

 

6.500%

 

7/21/20

 

270,000

 

286,200

(a)

CSN Resources SA, Senior Bonds

 

6.500%

 

7/21/20

 

250,000

 

265,000

(a)

Evraz Group SA, Notes

 

8.875%

 

4/24/13

 

650,000

 

690,625

(a)

Evraz Group SA, Notes

 

8.875%

 

4/24/13

 

220,000

 

234,575

(a)

FMG Resources (August 2006) Pty Ltd., Senior Notes

 

7.000%

 

11/1/15

 

200,000

 

203,500

(a)

New World Resources NV, Senior Secured Bonds

 

7.875%

 

5/1/18

 

210,000

EUR

275,344

(a)

Rio Tinto Finance USA Ltd., Senior Notes

 

9.000%

 

5/1/19

 

260,000

 

356,769

 

Ryerson Holding Corp., Senior Discount Notes

 

0.000%

 

2/1/15

 

810,000

 

362,475

(a)(c)

Southern Copper Corp., Senior Notes

 

5.375%

 

4/16/20

 

200,000

 

208,895

 

Southern Copper Corp., Senior Notes

 

6.750%

 

4/16/40

 

230,000

 

241,665

 

Vale Overseas Ltd., Notes

 

8.250%

 

1/17/34

 

460,000

 

582,353

 

Vale Overseas Ltd., Notes

 

6.875%

 

11/21/36

 

2,197,000

 

2,443,229

(g)

Vedanta Resources PLC, Senior Notes

 

8.750%

 

1/15/14

 

920,000

 

968,300

(a)

Vedanta Resources PLC, Senior Notes

 

9.500%

 

7/18/18

 

100,000

 

107,000

(a)

Total Metals & Mining

 

 

 

 

 

 

 

8,235,811

 

Paper & Forest Products — 2.2%

 

 

 

 

 

 

 

 

 

Appleton Papers Inc., Senior Secured Notes

 

11.250%

 

12/15/15

 

972,000

 

767,880

(a)

Celulosa Arauco y Constitucion SA, Senior Notes

 

7.250%

 

7/29/19

 

432,000

 

501,720

 

China Forestry Holdings Co., Ltd., Senior Secured Bonds

 

7.750%

 

11/17/15

 

490,000

 

477,750

(a)(d)

Georgia-Pacific LLC, Senior Notes

 

8.250%

 

5/1/16

 

50,000

 

55,500

(a)

Neenah Paper Inc., Senior Notes

 

7.375%

 

11/15/14

 

140,000

 

142,275

 

NewPage Corp., Senior Secured Notes

 

11.375%

 

12/31/14

 

660,000

 

600,600

 

PE Paper Escrow GmbH, Senior Secured Notes

 

12.000%

 

8/1/14

 

150,000

 

172,760

(a)

Sino-Forest Corp., Notes

 

6.250%

 

10/21/17

 

360,000

 

353,700

(a)

Sino-Forest Corp., Senior Bonds

 

10.250%

 

7/28/14

 

630,000

 

707,175

(a)

Smurfit Capital Funding PLC, Debentures

 

7.500%

 

11/20/25

 

600,000

 

547,500

 

Verso Paper Holdings LLC, Senior Secured Notes

 

11.500%

 

7/1/14

 

725,000

 

790,250

 

Verso Paper Holdings LLC, Senior Subordinated Notes

 

11.375%

 

8/1/16

 

50,000

 

49,062

 

Total Paper & Forest Products

 

 

 

 

 

 

 

5,166,172

 

TOTAL MATERIALS

 

 

 

 

 

 

 

22,422,123

 

TELECOMMUNICATION SERVICES — 7.0%

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services — 4.3%

 

 

 

 

 

 

 

 

 

Axtel SAB de CV, Senior Notes

 

7.625%

 

2/1/17

 

1,363,000

 

1,230,107

(a)

Axtel SAB de CV, Senior Notes

 

7.625%

 

2/1/17

 

730,000

 

660,650

(a)

Axtel SAB de CV, Senior Notes

 

9.000%

 

9/22/19

 

356,000

 

329,300

(a)

Cincinnati Bell Inc., Senior Notes

 

8.375%

 

10/15/20

 

240,000

 

223,800

 

Cincinnati Bell Telephone Co., Senior Debentures

 

6.300%

 

12/1/28

 

50,000

 

39,750

 

ERC Ireland Preferred Equity Ltd., Senior Notes

 

8.050%

 

2/15/17

 

1,370,109

EUR

153,699

(a)(f)(h)

Hawaiian Telcom Communications Inc., Senior Subordinated Notes

 

12.500%

 

5/1/15

 

405,000

 

41

(b)(c)(d)

Inmarsat Finance PLC, Senior Notes

 

7.375%

 

12/1/17

 

580,000

 

611,900

(a)

Intelsat Jackson Holdings Ltd., Senior Notes

 

11.500%

 

6/15/16

 

1,090,000

 

1,171,750

 

Level 3 Financing Inc., Senior Notes

 

9.250%

 

11/1/14

 

535,000

 

518,950

 

Qtel International Finance Ltd., Senior Notes

 

4.750%

 

2/16/21

 

220,000

 

205,515

(a)

Sunrise Communications Holdings SA, Senior Secured Notes

 

8.500%

 

12/31/18

 

156,000

EUR

203,508

(a)

 

See Notes to Schedule of Investments.

 

8


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Diversified Telecommunication Services — continued

 

 

 

 

 

 

 

 

 

Sunrise Communications International SA, Senior Secured Notes

 

7.000%

 

12/31/17

 

132,000

EUR

$

174,341

(a)

Telemar Norte Leste SA, Senior Notes

 

5.500%

 

10/23/20

 

380,000

 

379,050

(a)

TW Telecom Holdings Inc., Senior Notes

 

8.000%

 

3/1/18

 

380,000

 

402,800

 

UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes

 

8.250%

 

5/23/16

 

480,000

 

523,200

(a)

Vimpel Communications, Loan Participation Notes

 

8.375%

 

4/30/13

 

520,000

 

563,550

(a)

VIP Finance Ireland Ltd. for OJSC Vimpel Communications, Loan Participation Notes, Secured Notes

 

8.375%

 

4/30/13

 

248,000

 

266,812

(a)

West Corp., Senior Notes

 

8.625%

 

10/1/18

 

350,000

 

365,750

(a)

West Corp., Senior Notes

 

7.875%

 

1/15/19

 

470,000

 

465,300

(a)

Wind Acquisition Finance SA, Senior Bonds

 

12.000%

 

12/1/15

 

255,000

 

270,619

(a)

Wind Acquisition Finance SA, Senior Notes

 

11.750%

 

7/15/17

 

200,000

 

223,000

(a)

Wind Acquisition Finance SA, Senior Secured Notes

 

7.250%

 

2/15/18

 

200,000

 

197,500

(a)

Wind Acquisition Holdings Finance SpA, Senior Notes

 

12.250%

 

7/15/17

 

446,443

 

506,713

(a)(h)

Windstream Corp., Senior Notes

 

8.625%

 

8/1/16

 

310,000

 

323,175

 

Windstream Corp., Senior Notes

 

7.750%

 

10/15/20

 

210,000

 

212,363

(a)

Total Diversified Telecommunication Services

 

 

 

 

 

 

 

10,223,143

 

Wireless Telecommunication Services — 2.7%

 

 

 

 

 

 

 

 

 

America Movil SAB de CV, Senior Notes

 

5.625%

 

11/15/17

 

460,000

 

518,065

 

Indosat Palapa Co. BV, Senior Notes

 

7.375%

 

7/29/20

 

540,000

 

592,650

(a)

MetroPCS Wireless Inc., Senior Notes

 

7.875%

 

9/1/18

 

290,000

 

301,963

 

Sprint Capital Corp., Senior Notes

 

8.750%

 

3/15/32

 

2,025,000

 

2,014,875

 

True Move Co., Ltd.

 

10.375%

 

8/1/14

 

670,000

 

703,500

(a)

True Move Co., Ltd., Notes

 

10.750%

 

12/16/13

 

2,010,000

 

2,130,600

(a)

Total Wireless Telecommunication Services

 

 

 

 

 

 

 

6,261,653

 

TOTAL TELECOMMUNICATION SERVICES

 

 

 

 

 

 

 

16,484,796

 

UTILITIES — 4.3%

 

 

 

 

 

 

 

 

 

Electric Utilities — 1.4%

 

 

 

 

 

 

 

 

 

Centrais Eletricas Brasileiras SA, Senior Notes

 

6.875%

 

7/30/19

 

450,000

 

520,875

(a)

Centrais Eletricas Brasileiras SA, Senior Notes

 

6.875%

 

7/30/19

 

180,000

 

208,350

(a)

EEB International Ltd., Senior Bonds

 

8.750%

 

10/31/14

 

560,000

 

607,600

(a)

Majapahit Holding BV, Senior Notes

 

7.750%

 

1/20/20

 

280,000

 

334,600

(a)

Reliant Energy Mid-Atlantic Power Holdings LLC, Senior Notes

 

9.681%

 

7/2/26

 

700,000

 

747,250

 

Texas Competitive Electric Holdings Co. LLC / TCEH Finance Inc., Senior Secured Notes

 

15.000%

 

4/1/21

 

920,000

 

851,000

(a)

Total Electric Utilities

 

 

 

 

 

 

 

3,269,675

 

Gas Utilities — 0.3%

 

 

 

 

 

 

 

 

 

Ferrellgas LP/Ferrellgas Finance Corp., Senior Notes

 

6.500%

 

5/1/21

 

310,000

 

306,900

(a)

Southern Natural Gas Co., Senior Notes

 

8.000%

 

3/1/32

 

70,000

 

78,823

 

Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes

 

7.375%

 

3/15/20

 

330,000

 

356,400

 

Total Gas Utilities

 

 

 

 

 

 

 

742,123

 

Independent Power Producers & Energy Traders — 2.5%

 

 

 

 

 

 

 

AES Corp., Senior Notes

 

9.750%

 

4/15/16

 

500,000

 

557,500

 

Calpine Corp., Senior Secured Notes

 

7.875%

 

7/31/20

 

200,000

 

203,000

(a)

Calpine Corp., Senior Secured Notes

 

7.500%

 

2/15/21

 

600,000

 

592,500

(a)

Colbun SA, Senior Notes

 

6.000%

 

1/21/20

 

390,000

 

416,961

(a)

Dynegy Inc., Bonds

 

7.670%

 

11/8/16

 

280,000

 

261,800

 

Edison Mission Energy, Senior Notes

 

7.750%

 

6/15/16

 

340,000

 

292,400

 

Edison Mission Energy, Senior Notes

 

7.625%

 

5/15/27

 

200,000

 

145,000

 

Energy Future Holdings Corp., Senior Notes

 

10.875%

 

11/1/17

 

1,351,000

 

979,475

 

Energy Future Holdings Corp., Senior Notes

 

11.250%

 

11/1/17

 

679,350

 

424,594

(h)

Foresight Energy LLC/Foresight Energy Corp., Senior Notes

 

9.625%

 

8/15/17

 

810,000

 

862,650

(a)

Mirant Americas Generation LLC, Senior Notes

 

9.125%

 

5/1/31

 

1,020,000

 

979,200

 

 

See Notes to Schedule of Investments.

 

9


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Independent Power Producers & Energy Traders —  continued

 

 

 

 

 

 

 

NRG Energy Inc., Senior Notes

 

7.375%

 

1/15/17

 

165,000

 

$

167,063

 

Total Independent Power Producers & Energy Traders

 

 

 

 

 

 

 

5,882,143

 

Multi-Utilities — 0.1%

 

 

 

 

 

 

 

 

 

Empresas Publicas de Medellin ESP, Senior Notes

 

7.625%

 

7/29/19

 

200,000

 

234,500

(a)

TOTAL UTILITIES

 

 

 

 

 

 

 

10,128,441

 

TOTAL CORPORATE BONDS & NOTES (Cost — $154,461,920)

 

 

 

 

160,612,955

 

COLLATERALIZED SENIOR LOANS — 1.2%

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY — 0.0%

 

 

 

 

 

 

 

 

 

Auto Components — 0.0%

 

 

 

 

 

 

 

 

 

Allison Transmission Inc., Term Loan B

3.010 - 3.050%

 

8/7/14

 

91,522

 

88,564

(j)

ENERGY — 0.3%

 

 

 

 

 

 

 

 

 

Energy Equipment & Services — 0.3%

 

 

 

 

 

 

 

 

 

Turbo Beta Ltd., Term Loan

 

14.500%

 

3/15/18

 

827,171

 

612,107

(d)(j)

FINANCIALS — 0.5%

 

 

 

 

 

 

 

 

 

Real Estate Management & Development — 0.5%

 

 

 

 

 

 

 

 

 

Realogy Corp., Term Loan

 

13.500%

 

10/15/17

 

1,000,000

 

1,087,500

(j)

TELECOMMUNICATION SERVICES — 0.3%

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services — 0.3%

 

 

 

 

 

 

 

 

 

Vodafone Group PLC, Term Loan

 

6.875%

 

8/11/15

 

750,000

 

757,500

(c)(j)

UTILITIES — 0.1%

 

 

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders — 0.1%

 

 

 

 

 

 

 

Energy Future Holdings, Term Loan B3

3.753 - 3.789%

 

10/10/14

 

337,391

 

260,719

(j)

TOTAL COLLATERALIZED SENIOR LOANS (Cost — $2,936,648)

 

 

 

2,806,390

 

CONVERTIBLE BONDS & NOTES — 0.4%

 

 

 

 

 

 

 

 

 

INDUSTRIALS — 0.4%

 

 

 

 

 

 

 

 

 

Marine — 0.4%

 

 

 

 

 

 

 

 

 

Horizon Lines Inc., Senior Notes

 

4.250%

 

8/15/12

 

970,000

 

888,762

 

MATERIALS — 0.0%

 

 

 

 

 

 

 

 

 

Chemicals — 0.0%

 

 

 

 

 

 

 

 

 

Hercules Inc., Series Unit

 

6.500%

 

6/30/29

 

100,000

 

84,000

 

TOTAL CONVERTIBLE BONDS & NOTES (Cost — $957,110)

 

 

 

 

 

972,762

 

SOVEREIGN BONDS — 26.9%

 

 

 

 

 

 

 

 

 

Argentina — 2.6%

 

 

 

 

 

 

 

 

 

Republic of Argentina, Discount Notes

 

8.280%

 

12/31/33

 

1,349,068

 

1,205,730

(g)

Republic of Argentina, GDP Linked Securities, Senior Bonds

 

3.169%

 

12/15/35

 

5,670,000

 

744,187

(k)

Republic of Argentina, Senior Bonds

 

7.000%

 

9/12/13

 

3,321,000

 

3,210,577

 

Republic of Argentina, Senior Bonds

 

7.000%

 

10/3/15

 

485,000

 

433,994

 

Republic of Argentina, Senior Notes

 

8.750%

 

6/2/17

 

450,000

 

449,550

 

Total Argentina

 

 

 

 

 

 

 

6,044,038

 

Brazil — 5.6%

 

 

 

 

 

 

 

 

 

Brazil Nota do Tesouro Nacional, Notes

 

10.000%

 

1/1/12

 

5,767,000

BRL

3,291,996

 

Brazil Nota do Tesouro Nacional, Notes

 

10.000%

 

1/1/14

 

428,000

BRL

234,774

 

Brazil Nota do Tesouro Nacional, Notes

 

10.000%

 

1/1/17

 

786,000

BRL

414,344

 

Federative Republic of Brazil

 

7.125%

 

1/20/37

 

597,550

 

739,468

 

Federative Republic of Brazil, Collective Action Securities

 

8.750%

 

2/4/25

 

685,000

 

982,975

 

Federative Republic of Brazil, Collective Action Securities, Notes

 

8.000%

 

1/15/18

 

6,081,667

 

7,282,796

(g)

Federative Republic of Brazil, Senior Notes

 

4.875%

 

1/22/21

 

360,000

 

384,660

 

Total Brazil

 

 

 

 

 

 

 

13,331,013

 

Chile — 0.2%

 

 

 

 

 

 

 

 

 

Republic of Chile, Senior Notes

 

3.875%

 

8/5/20

 

412,000

 

420,240

 

Colombia — 1.5%

 

 

 

 

 

 

 

 

 

Republic of Colombia

 

7.375%

 

9/18/37

 

2,350,000

 

2,925,750

(g)

Republic of Colombia, Senior Bonds

 

6.125%

 

1/18/41

 

180,000

 

192,600

 

 

See Notes to Schedule of Investments.

 

10


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Colombia — continued

 

 

 

 

 

 

 

 

 

 

 

Republic of Colombia, Senior Notes

 

7.375%

 

3/18/19

 

255,000

 

$

314,925

 

Total Colombia

 

 

 

 

 

 

 

3,433,275

 

Hungary — 0.3%

 

 

 

 

 

 

 

 

 

Republic of Hungary, Senior Notes

 

6.250%

 

1/29/20

 

750,000

 

732,847

 

Indonesia — 2.2%

 

 

 

 

 

 

 

 

 

Republic of Indonesia, Senior Bonds

 

6.875%

 

1/17/18

 

520,000

 

625,300

(a)

Republic of Indonesia, Senior Bonds

 

10.250%

 

7/15/22

 

7,931,000,000

IDR

1,023,200

 

Republic of Indonesia, Senior Bonds

 

11.000%

 

9/15/25

 

4,954,000,000

IDR

661,906

 

Republic of Indonesia, Senior Bonds

 

10.250%

 

7/15/27

 

5,058,000,000

IDR

630,962

 

Republic of Indonesia, Senior Bonds

 

6.625%

 

2/17/37

 

1,305,000

 

1,507,309

(a)

Republic of Indonesia, Senior Bonds

 

9.750%

 

5/15/37

 

5,998,000,000

IDR

704,057

 

Total Indonesia

 

 

 

 

 

 

 

5,152,734

 

Malaysia — 0.3%

 

 

 

 

 

 

 

 

 

Government of Malaysia, Senior Bonds

 

3.835%

 

8/12/15

 

2,100,000

MYR

676,421

 

Mexico — 0.3%

 

 

 

 

 

 

 

 

 

United Mexican States, Bonds

 

10.000%

 

12/5/24

 

4,800,000

MXN

489,823

 

United Mexican States, Medium-Term Notes

 

5.625%

 

1/15/17

 

160,000

 

180,800

 

Total Mexico

 

 

 

 

 

 

 

670,623

 

Panama — 0.9%

 

 

 

 

 

 

 

 

 

Republic of Panama

 

7.250%

 

3/15/15

 

1,807,000

 

2,123,225

 

Peru — 1.1%

 

 

 

 

 

 

 

 

 

Republic of Peru

 

8.750%

 

11/21/33

 

310,000

 

442,525

 

Republic of Peru, Bonds

 

7.840%

 

8/12/20

 

1,230,000

PEN

497,735

 

Republic of Peru, Bonds

 

6.550%

 

3/14/37

 

151,000

 

172,895

 

Republic of Peru, Global Senior Bonds

 

7.350%

 

7/21/25

 

1,200,000

 

1,482,000

(g)

Total Peru

 

 

 

 

 

 

 

2,595,155

 

Poland — 0.5%

 

 

 

 

 

 

 

 

 

Republic of Poland, Bonds

 

5.500%

 

4/25/15

 

920,000

PLN

297,623

 

Republic of Poland, Senior Notes

 

6.375%

 

7/15/19

 

900,000

 

1,003,649

 

Total Poland

 

 

 

 

 

 

 

1,301,272

 

Qatar — 0.1%

 

 

 

 

 

 

 

 

 

State of Qatar, Senior Notes

 

4.000%

 

1/20/15

 

250,000

 

261,875

(a)

Russia — 2.5%

 

 

 

 

 

 

 

 

 

RSHB Capital, Loan Participation Notes, Senior Secured Bonds

 

6.299%

 

5/15/17

 

756,000

 

767,340

(a)

Russian Foreign Bond-Eurobond

 

12.750%

 

6/24/28

 

42,000

 

73,122

(a)

Russian Foreign Bond-Eurobond, Senior Bonds

 

7.500%

 

3/31/30

 

4,436,963

 

5,119,367

(a)(g)

Total Russia

 

 

 

 

 

 

 

5,959,829

 

Turkey — 4.9%

 

 

 

 

 

 

 

 

 

Republic of Turkey, Bonds

 

10.000%

 

1/9/13

 

375,000

TRY

261,009

 

Republic of Turkey, Notes

 

6.750%

 

5/30/40

 

2,095,000

 

2,377,825

 

Republic of Turkey, Senior Bonds

 

11.875%

 

1/15/30

 

575,000

 

1,009,125

(g)

Republic of Turkey, Senior Notes

 

6.875%

 

3/17/36

 

6,776,000

 

7,826,280

(g)

Total Turkey

 

 

 

 

 

 

 

11,474,239

 

United Arab Emirates — 0.1%

 

 

 

 

 

 

 

 

 

MDC-GMTN B.V., Senior Notes

 

5.750%

 

5/6/14

 

320,000

 

349,654

(a)

Venezuela — 3.8%

 

 

 

 

 

 

 

 

 

Bolivarian Republic of Venezuela

 

5.750%

 

2/26/16

 

5,296,000

 

3,561,560

(a)

Bolivarian Republic of Venezuela

 

7.650%

 

4/21/25

 

233,000

 

133,393

 

Bolivarian Republic of Venezuela, Collective Action Securities

 

1.288%

 

4/20/11

 

709,000

 

693,047

(a)(f)

Bolivarian Republic of Venezuela, Collective Action Securities, Global Senior Bonds

 

9.375%

 

1/13/34

 

1,982,000

 

1,273,435

 

Bolivarian Republic of Venezuela, Collective Action Securities, Notes

 

10.750%

 

9/19/13

 

391,000

 

358,743

 

 

See Notes to Schedule of Investments.

 

11


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Venezuela — continued

 

 

 

 

 

 

 

 

 

Bolivarian Republic of Venezuela, Global Senior Bonds

 

8.500%

 

10/8/14

 

3,733,000

 

$

3,061,060

 

Total Venezuela

 

 

 

 

 

 

 

9,081,238

 

TOTAL SOVEREIGN BONDS (Cost — $61,048,587)

 

 

 

 

 

 

63,607,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES

 

 

 

COMMON STOCKS — 1.1%

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY — 0.9%

 

 

 

 

 

 

 

 

 

Media — 0.9%

 

 

 

 

 

 

 

 

 

Charter Communications Inc.

 

 

 

 

 

50,352

 

1,687,799

*(c)

Charter Communications Inc., Class A Shares

 

 

 

 

 

11,940

 

400,229

*

TOTAL CONSUMER DISCRETIONARY

 

 

 

 

 

 

 

2,088,028

 

ENERGY — 0.0%

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels — 0.0%

 

 

 

 

 

 

 

 

 

SemGroup Corp., Class A Shares

 

 

 

 

 

2,820

 

73,668

*

INDUSTRIALS — 0.0%

 

 

 

 

 

 

 

 

 

Building Products — 0.0%

 

 

 

 

 

 

 

 

 

Ashton Woods USA LLC, Class B Membership

 

 

 

 

 

54

 

 

24,303

(c)(d)

Nortek Inc.

 

 

 

 

 

697

 

28,579

*

TOTAL INDUSTRIALS

 

 

 

 

 

 

 

52,882

 

MATERIALS — 0.2%

 

 

 

 

 

 

 

 

 

Chemicals — 0.2%

 

 

 

 

 

 

 

 

 

Georgia Gulf Corp.

 

 

 

 

 

16,066

 

326,622

*

TOTAL COMMON STOCKS (Cost — $2,006,220)

 

 

 

 

 

 

2,541,200

 

CONVERTIBLE PREFERRED STOCKS — 0.6%

 

 

 

 

 

 

 

 

 

FINANCIALS — 0.6%

 

 

 

 

 

 

 

 

 

Diversified Financial Services — 0.6%

 

 

 

 

 

 

 

 

 

Bank of America Corp.

 

7.250%

 

 

 

940

 

874,200

 

Citigroup Inc.

 

7.500%

 

 

 

3,904

 

488,000

 

TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $1,324,282)

 

 

 

1,362,200

 

PREFERRED STOCKS — 0.2%

 

 

 

 

 

 

 

 

 

FINANCIALS — 0.2%

 

 

 

 

 

 

 

 

 

Commercial Banks — 0.2%

 

 

 

 

 

 

 

 

 

Banesto Holdings Ltd.

 

10.500%

 

 

 

16,000

 

402,000

(a)

Thrifts & Mortgage Finance — 0.0%

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)

 

8.250%

 

 

 

11,600

 

5,974

*(f)

TOTAL PREFERRED STOCKS (Cost — $692,000)

 

 

 

 

 

407,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPIRATION
DATE

 

WARRANTS

 

 

 

WARRANTS — 0.1%

 

 

 

 

 

 

 

 

 

Bolivarian Republic of Venezuela, Oil-linked payment obligations

 

 

 

4/15/20

 

9,125

 

241,813

 

Buffets Restaurant Holdings

 

 

 

4/28/14

 

498

 

5

*(c)(d)

Charter Communications Inc.

 

 

 

11/30/14

 

641

 

3,285

*

Nortek Inc.

 

 

 

12/7/14

 

1,175

 

14,101

*(c)(d)

SemGroup Corp.

 

 

 

11/30/14

 

2,969

 

22,266

*(d)

Turbo Beta Ltd.

 

 

 

11/1/14

 

1

 

0

*(c)(d)

TOTAL WARRANTS (Cost — $16,264)

 

 

 

 

 

 

 

281,470

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $223,443,031)

 

232,592,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MATURITY
DATE

 

FACE
AMOUNT

 

 

 

SHORT-TERM INVESTMENTS — 1.5%

 

 

 

 

 

 

 

 

 

U.S. Government Agencies — 0.0%

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA), Discount Notes (Cost - $24,975)

0.200 - 0.240%

 

5/9/11

 

25,000

 

24,979

(l)(m)

 

See Notes to Schedule of Investments.

 

12


 

Schedule of investments (unaudited) (cont’d)

November 30, 2010

 

WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

SECURITY

 

RATE

 

MATURITY
DATE

 

FACE
AMOUNT

 

VALUE

 

Sovereign Bonds — 0.5%

 

 

 

 

 

 

 

 

 

Egypt Treasury Bills

 

8.769%

 

1/4/11

 

5,975,000

EGP

$

1,023,405

(l)

Egypt Treasury Bills

 

8.659%

 

2/22/11

 

500,000

EGP

84,690

(l)

Egypt Treasury Bills

 

8.481%

 

2/15/11

 

450,000

EGP

76,352

(l)

Total Sovereign Bonds (Cost — $1,203,478)

 

 

 

 

 

 

 

1,184,447

 

Repurchase Agreements — 1.0%

 

 

 

 

 

 

 

 

 

Morgan Stanley tri-party repurchase agreement dated 11/30/10; Proceeds at maturity - $2,213,014; (Fully collateralized by U.S. government agency obligations, 1.230% due 8/23/13; Market value - $2,258,185) (Cost - $2,213,000)

 

0.220%

 

12/1/10

 

2,213,000

 

2,213,000

 

TOTAL SHORT-TERM INVESTMENTS (Cost — $3,441,453)

 

 

 

3,422,426

 

TOTAL INVESTMENTS — 100.0% (Cost — $226,884,484#)

 

 

 

$

236,015,055

 

 

 

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

*

 

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)

 

The coupon payment on these securities is currently in default as of November 30, 2010.

(c)

 

Security is valued in good faith at fair value in accordance with procedures approved by the Board of Directors (See Note 1).

(d)

 

Illiquid security.

(e)

 

The maturity principal is currently in default as of November 30, 2010.

(f)

 

Variable rate security. Interest rate disclosed is that which is in effect at November 30, 2010.

(g)

 

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

(h)

 

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

(i)

 

Security has no maturity date. The date shown represents the next call date.

(j)

 

Interest rates disclosed represent the effective rates on collateralized senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(k)

 

Variable rate security. Interest rate disclosed is as of the most recent information available.

(l)

 

Rate shown represents yield-to-maturity.

(m)

 

All or a portion of this security is held at the broker as collateral for open futures contracts.

#

 

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

 

 

 

 

 

Abbreviations used in this schedule:

 

 

BRL

- Brazilian Real

 

 

EGP

- Egyptian Pound

 

 

EUR

- Euro

 

 

GBP

- British Pound

 

 

GDP

- Gross Domestic Product

 

 

IDR

- Indonesian Rupiah

 

 

MXN

- Mexican Peso

 

 

MYR

- Malaysian Ringgit

 

 

OJSC

- Open Joint Stock Company

 

 

PEN

- Peruvian Nuevo Sol

 

 

PLN

- Polish Zloty

 

 

TRY

- Turkish Lira

 

See Notes to Schedule of Investments.

 

13


 

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) Investment valuation.  Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service, which 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the pri mary 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 values these securities at fair value as determined in accordance with 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 Fund has adopted Financial Accounting Standards Board Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 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)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

 


 

Notes to schedule of investments (unaudited) (continued)

 

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

 

ASSETS

DESCRIPTION

 

QUOTED
PRICES
(LEVEL 1)

 

OTHER
SIGNIFICANT
OBSERVABLE
INPUTS
(LEVEL 2)

 

SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)

 

TOTAL

 

Long-term investments†:

 

 

 

 

 

 

 

 

 

Corporate bonds & notes

 

 

$

159,759,007

 

$

853,948

 

$

160,612,955

 

Collateralized senior loans

 

 

2,048,890

 

757,500

 

2,806,390

 

Convertible bonds & notes

 

 

972,762

 

 

972,762

 

Sovereign bonds

 

 

63,607,678

 

 

63,607,678

 

Common stocks:

 

 

 

 

 

 

 

 

 

Industrials

 

$

28,579

 

 

24,303

 

52,882

 

Other common stocks

 

2,488,318

 

 

 

2,488,318

 

Convertible preferred stocks

 

1,362,200

 

 

 

1,362,200

 

Preferred stocks

 

5,974

 

402,000

 

 

407,974

 

Warrants

 

3,285

 

264,079

 

14,106

 

281,470

 

Total long-term investments

 

$

3,888,356

 

$

227,054,416

 

$

1,649,857

 

$

232,592,629

 

Short-term investments†

 

 

3,422,426

 

 

3,422,426

 

Total investments

 

$

3,888,356

 

$

230,476,842

 

$

1,649,857

 

$

236,015,055

 

Other financial instruments:

 

 

 

 

 

 

 

 

 

Futures contracts

 

$

26,956

 

 

 

$

26,956

 

Forward foreign currency contracts

 

 

$

567,583

 

 

567,583

 

Interest rate swaps‡

 

 

327

 

 

327

 

Total other financial instruments

 

$

26,956

 

$

567,910

 

 

$

594,866

 

Total

 

$

3,915,312

 

$

231,044,752

 

$

1,649,857

 

$

236,609,921

 

 

LIABILITIES

DESCRIPTION

 

QUOTED
PRICES
(LEVEL 1)

 

OTHER
SIGNIFICANT
OBSERVABLE
INPUTS
(LEVEL 2)

 

SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)

 

TOTAL

 

Other financial instruments:

 

 

 

 

 

 

 

 

 

Forward foreign currency contracts

 

 

$

7,515

 

 

$

7,515

 

Futures contracts

 

$

16,689

 

 

 

16,689

 

Total

 

$

16,689

 

$

7,515

 

 

$

24,204

 

 

†See Schedule of Investments for additional detailed categorizations.

‡Values include any premiums paid or received with respect to swap contracts.

 


 

Notes to schedule of investments (unaudited) (continued)

 

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

 

 

 

CORPORATE
BONDS &

 

COLLATERALIZED

 

COMMON
STOCKS

 

 

 

 

 

INVESTMENTS IN SECURITIES

 

NOTES

 

SENIOR LOANS

 

INDUSTRIALS

 

WARRANTS

 

TOTAL

 

Balance as of August 31, 2010

 

$

239,200

 

$

745,013

 

$

24,303

 

$

5

 

$

1,008,521

 

Accrued premiums/discounts

 

4

 

243

 

 

 

247

 

Realized gain (loss)

 

 

 

 

 

 

Change in unrealized appreciation (depreciation)1

 

9,058

 

12,244

 

 

 

21,302

 

Net purchases (sales)

 

491,432

 

 

 

 

491,432

 

Transfers in to Level 3

 

362,516

 

 

 

14,101

 

376,617

 

Transfers out of Level 3

 

(248,262

)

 

 

 

(248,262

)

Balance as of November 30, 2010

 

$

853,948

 

$

757,500

 

$

24,303

 

$

14,106

 

$

1,649,857

 

Net change in unrealized appreciation (depreciation) for investments in securities still held at November 30, 20101

 

$

(4

)

$

12,244

 

 

 

$

12,240

 

 

1 Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

 

(b) Repurchase agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian, acting on the Fund’s behalf, 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 a ny repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

 

(c) Reverse repurchase agreements. The Fund may enter into reverse repurchase agreements. Under the terms of a typical reverse repurchase agreement, a Fund sells a security subject to an obligation to repurchase the security from the buyer at an agreed-upon time and price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. In entering into reverse repurchase agreements, the Fund will maintain cash, U.S. government securities or other liquid debt obligations at least equal in value to its obligations with re spect to reverse repurchase agreements or will take other actions permitted by law to cover its obligations.

 


 

Notes to schedule of investments (unaudited) (continued)

 

(d) Futures contracts. The Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

 

Upon entering into a futures contract, the Fund is required to deposit cash or cash equivalents with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded.

 

Futures contracts involve, to varying degrees, risk of loss. 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.

 

(e) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of off-set against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

 

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any off-set between the lender and the borrower.

 

(f) Swap agreements. The Fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with ordinary portfolio transactions.

 

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments.

 

Interest rate swaps

 

The Fund may enter into interest rate swap contracts.  Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers.

 

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

 


 

Notes to schedule of investments (unaudited) (continued)

 

(g) 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 recognizes 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 is closed.

 

When entering into a forward foreign currency contract, 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.

 

(h) 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 on 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.

 

(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 involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-U.S. dollar denominated securities may also result in foreign currenc y 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, 2010, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

 

$19,929,640

 

Gross unrealized depreciation

 

(10,799,069)

 

Net unrealized appreciation

 

$9,130,571

 

 

Transactions in reverse repurchase agreements for the Fund during the period ended November 30, 2010 were as follows:

 

Average

 

Weighted

 

Maximum

 

Daily

 

Average

 

Amount

 

Balance

 

Interest Rate

 

Outstanding

 

$25,018,102

 

0.73%

 

$25,900,220

 

 

Interest rates on reverse repurchase agreements ranged from 0.10% to 0.85% during the period ended November 30, 2010. Interest expense incurred on reverse repurchase agreements totaled $46,203.

 


 

Notes to schedule of investments (unaudited) (continued)

 

At November 30, 2010, the Fund had the following open reverse repurchase agreements:

 

Security 

 

Face
amount

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 7/22/10 bearing 0.750% to be repurchased at an amount and date to be determined, collateralized by: $6,081,667 Federative Republic of Brazil, 8.000% due 1/15/18; Market value (including accrued interest) $7,466,568

 

$6,120,833

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 7/22/10 bearing 0.850% 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) $2,759,566

 

2,332,350

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 7/22/10 bearing 0.850% 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) $1,513,877

 

1,254,840

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/26/10 bearing 0.650% to be repurchased at an amount and date to be determined, collateralized by: $1,720,000 Petronas Capital Ltd., 5.250% due 8/12/19; Market value (including accrued interest) $1,940,376

 

1,659,800

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 7/20/10 bearing 0.850% 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) $1,034,916

 

756,298

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/15/10 bearing 0.750% to be repurchased at an amount and date to be determined, collateralized by: $6,776,000 Republic of Turkey, 6.875% due 3/17/36; Market value (including accrued interest) $7,922,796

 

6,585,594

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/15/10 bearing 0.750% to be repurchased at an amount and date to be determined, collateralized by: $500,000 NET Servicos De Comunicacao SA, 7.500% due 1/27/20; Market value (including accrued interest) $595,442

 

477,000

 

 

 

 

 

Reverse Repurchase Agreement with Credit Suisse, dated 11/04/10 bearing 0.750% to be repurchased at an amount and date to be determined, collateralized by: $3,945,000 Russian Foreign Bond-Eurobond, 7.500% due 3/31/30; Market value (including accrued interest) $4,602,416

 

3,645,180

 

 

 

 

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 11/23/09 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) $975,019

 

989,625

 

 

 

 

 

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 4/09/10 bearing 0.100% to be repurchased at an amount and date to be determined, collateralized by: $2,000,000 Vale Overseas Ltd., 6.875% due 11/21/36; Market value (including accrued interest) $2,227,948

 

1,905,000

 

 

 

 

 

Total Reverse Repurchase Agreements (Proceeds — $25,726,520)

 

$25,726,520

 

 


 

Notes to schedule of investments (unaudited) (continued)

 

At November 30, 2010, the Fund had the following open futures contracts:

 

 

 

NUMBER OF
CONTRACTS

 

EXPIRATION
DATE

 

BASIS
VALUE

 

MARKET
VALUE

 

UNREALIZED
GAIN (LOSS)

 

Contracts to Buy:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bonds

 

16

 

3/11

 

$

2,087,044

 

$

2,114,000

 

$

26,956

 

Contracts to Sell:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury 5-Year Notes

 

16

 

12/10

 

1,917,581

 

1,930,000

 

(12,419

)

U.S. Treasury 5-Year Notes

 

47

 

3/11

 

5,628,754

 

5,633,024

 

(4,270

)

 

 

 

 

 

 

 

 

 

 

(16,689

)

Net unrealized gain on open futures contracts

 

 

 

 

 

 

 

$

10,267

 

 

At November 30, 2010, the Fund held the following interest rate swap contracts:

 

SWAP COUNTERPARTY

 

NOTIONAL
AMOUNT

 

TERMINATION
DATE

 

PERIODIC
PAYMENTS
MADE BY
THE FUND

 

PERIODIC
PAYMENTS
RECEIVED
BY THE
FUND†

 

UPFRONT
PREMIUMS
PAID
(RECEIVED)

 

UNREALIZED
APPRECIATION
(DEPRECIATION)

 

Interest Rate Swaps:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Suisse First Boston Inc.

 

$

912,398

 

1/2/12

 

BRL-CDI

10.510

%

$

 

$

327

*

 

† Percentage shown is an annual percentage rate.

‡ Based on the Overnight Brazilian Interbank Deposit Rate. As of November 30, 2010, the Brazilian CETIP Interbank Deposit (CDI) rate was 10.64%.

* Swap contract is valued in good faith at fair value in accordance with procedures approved by the Board of Directors (See Note 1).

 

At November 30, 2010, the Fund had the following open forward foreign currency contracts:

 

FOREIGN CURRENCY

 

COUNTERPARTY

 

LOCAL
CURRENCY

 

MARKET
VALUE

 

SETTLEMENT
DATE

 

UNREALIZED
GAIN (LOSS)

 

Contracts to Buy:

 

 

 

 

 

 

 

 

 

 

 

British Pound

 

UBS AG

 

393,733

 

$

612,142

 

2/14/11

 

$

(7,515

)

Contracts to Sell:

 

 

 

 

 

 

 

 

 

 

 

British Pound

 

Citibank, N.A.

 

229,002

 

356,032

 

2/14/11

 

11,974

 

British Pound

 

UBS AG

 

200,000

 

310,943

 

2/14/11

 

11,310

 

British Pound

 

UBS AG

 

490,379

 

762,399

 

2/14/11

 

28,534

 

Euro

 

BNP Paribas S.A

 

902,963

 

1,171,743

 

2/14/11

 

74,526

 

Euro

 

Citibank, N.A.

 

266,373

 

345,663

 

2/14/11

 

16,844

 

Euro

 

UBS AG

 

400,000

 

519,066

 

2/14/11

 

21,054

 

Euro

 

UBS AG

 

400,000

 

519,066

 

2/14/11

 

13,494

 

Euro

 

UBS AG

 

5,199,684

 

6,747,448

 

2/14/11

 

389,847

 

 

 

 

 

 

 

 

 

 

 

567,583

 

Net unrealized gain on open forward foreign currency contracts

 

 

 

 

 

$

560,068

 

 


 

Notes to schedule of investments (unaudited) (continued)

 

3. Derivative instruments and hedging activities

 

Financial Accounting Standards Board Codification Topic 815 requires enhanced disclosure about an entity’s derivative and hedging activities.

 

The following is a summary of the Fund’s derivative instruments categorized by risk exposure at November 30, 2010.

 

 

 

Futures Contracts

 

Forward Foreign Currency
Contracts

 

Swap

 

 

 

Primary Underlying Risk
Disclosure

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 

Unrealized
Appreciation

 

Unrealized
Depreciation

 

contracts, at
value

 

Total

 

Interest Rate Contracts

 

$

26,956

 

$

(16,689

)

 

 

$

327

 

$

10,594

 

Foreign Exchange Contracts

 

 

 

$

567,583

 

$

(7,515

)

 

560,068

 

Total

 

$

26,956

 

$

(16,689

)

$

567,583

 

$

(7,515

)

$

327

 

$

570,662

 

 

During the period ended November 30, 2010, the volume of derivative activity for the Fund was as follows:

 

 

 

Average Market
Value

 

Forward foreign currency contracts (to buy)

 

$

378,396

 

Forward foreign currency contracts (to sell)

 

8,318,200

 

Futures contracts (to buy)

 

2,211,375

 

Futures contracts (to sell)

 

7,604,315

 

 

 

 

Average Notional
Balance

 

Interest rate swap contracts

 

$

912,398

 

 

The Fund’s contracts with derivative counterparties contain several credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and/or a percentage decrease in the Fund’s Net Asset Value or NAV.  The contingent features are established within the Fund’s International Swap and Derivatives Association, Inc. master agreements which govern positions in swaps, over-the-counter options, and forward currency exchange contracts for each individual counterparty .

 

4.  Loan

 

At November 30, 2010, the Fund had a $55,000,000 credit line available pursuant to an amended and restated revolving credit and security agreement, dated November 20, 2006, and amended as of January 15, 2010, among the Fund, Panterra Funding LLC (the “Lender”) and Citibank N.A. (“Citibank”) as secondary lender, for which Citibank also acts as administrative agent. Unless renewed, this agreement will terminated on January 13, 2011. 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 line available, whether used or unused. For the period ended November 30, 2010, the Fund incurred a commitment fee in the amount of $104,271. Securities held by the Fund are subject to a lien, granted to the lenders, to the e xtent of the borrowing outstanding and any additional expenses. For the period ended November 30, 2010, the Fund incurred interest expense on this loan in the amount of $78,961. At November 30, 2010, the Fund had $33,000,000 of borrowings outstanding under this credit agreement.

 


 

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 24, 2011

 

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 24, 2011

 

By

/s/ Kaprel Ozsolak

 

 

Kaprel Ozsolak

 

 

Chief Financial Officer

 

 

Date:  January 24, 2011

 


EX-99.CERT 2 a10-22263_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)                      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 the 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 24, 2011

 

/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)                      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 the 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 24, 2011

 

/s/ Kaprel Ozsolak

 

 

Kaprel Ozsolak

 

 

Chief Financial Officer

 


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