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) | ||||||||
| ||||||||
620 Eighth Avenue, New York, NY |
|
10018 | ||||||
(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) | ||||||||
| ||||||||
Registrants telephone number, including area code: |
(888) 777-0102 |
| ||||||
| ||||||||
Date of fiscal year end: |
August 31 |
| ||||||
| ||||||||
Date of reporting period: |
November 30, 2011 |
| ||||||
ITEM 1. SCHEDULE OF INVESTMENTS
WESTERN ASSET
GLOBAL PARTNERS INCOME FUND INC.
FORM N-Q
NOVEMBER 30, 2011
Schedule of investments (unaudited)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
CORPORATE BONDS & NOTES 64.7% |
|
|
|
|
|
|
|
|
| |
CONSUMER DISCRETIONARY 11.6% |
|
|
|
|
|
|
|
|
| |
Auto Components 0.2% |
|
|
|
|
|
|
|
|
| |
Europcar Groupe SA, Senior Notes |
|
9.375% |
|
4/15/18 |
|
500,000 |
EUR |
$ |
362,799 |
(a) |
Automobiles 0.1% |
|
|
|
|
|
|
|
|
| |
Escrow GCB General Motors |
|
7.200% |
|
1/15/11 |
|
480,000 |
|
7,800 |
(b)(c) | |
Escrow GCB General Motors |
|
8.375% |
|
7/15/33 |
|
1,105,000 |
|
17,956 |
(b) | |
Jaguar Holding Co. II/Jaguar Merger Sub Inc., Senior Notes |
|
9.500% |
|
12/1/19 |
|
120,000 |
|
121,200 |
(a) | |
Total Automobiles |
|
|
|
|
|
|
|
146,956 |
| |
Diversified Consumer Services 0.7% |
|
|
|
|
|
|
|
|
| |
Odeon & UCI Finco PLC, Senior Secured Notes |
|
9.000% |
|
8/1/18 |
|
410,000 |
GBP |
595,005 |
(a) | |
Service Corp. International, Senior Notes |
|
7.500% |
|
4/1/27 |
|
310,000 |
|
298,375 |
| |
Sothebys, Senior Notes |
|
7.750% |
|
6/15/15 |
|
520,000 |
|
546,000 |
(d) | |
Stonemor Operating LLC/Cornerstone Family Services of WV/Osiris Holding, Senior Notes |
|
10.250% |
|
12/1/17 |
|
95,000 |
|
92,269 |
(d) | |
Total Diversified Consumer Services |
|
|
|
|
|
|
|
1,531,649 |
| |
Hotels, Restaurants & Leisure 3.7% |
|
|
|
|
|
|
|
|
| |
Boyd Gaming Corp., Senior Subordinated Notes |
|
7.125% |
|
2/1/16 |
|
100,000 |
|
86,000 |
(d) | |
Caesars Entertainment Operating Co. Inc., Senior Notes |
|
10.750% |
|
2/1/16 |
|
1,294,000 |
|
828,160 |
(d) | |
Caesars Entertainment Operating Co. Inc., Senior Secured Notes |
|
10.000% |
|
12/15/15 |
|
110,000 |
|
92,125 |
| |
CityCenter Holdings LLC/CityCenter Finance Corp., Senior Secured Notes |
|
10.750% |
|
1/15/17 |
|
538,347 |
|
512,271 |
(a)(d)(e) | |
Downstream Development Quapaw, Senior Secured Notes |
|
10.500% |
|
7/1/19 |
|
300,000 |
|
285,000 |
(a) | |
El Pollo Loco Inc., Secured Notes |
|
17.000% |
|
1/1/18 |
|
660,000 |
|
567,600 |
(a) | |
Enterprise Inns PLC, Senior Secured Bonds |
|
6.500% |
|
12/6/18 |
|
494,000 |
GBP |
540,588 |
| |
Fiesta Restaurant Group, Secured Notes |
|
8.875% |
|
8/15/16 |
|
160,000 |
|
157,600 |
(a) | |
Hoa Restaurant Group LLC/Hoa Finance Corp., Senior Secured Notes |
|
11.250% |
|
4/1/17 |
|
260,000 |
|
239,200 |
(a) | |
Inn of the Mountain Gods Resort & Casino, Senior Secured Notes |
|
8.750% |
|
11/30/20 |
|
305,000 |
|
294,325 |
(a) | |
Landrys Acquisition Co., Secured Notes |
|
11.625% |
|
12/1/15 |
|
70,000 |
|
71,750 |
(a) | |
Landrys Holdings Inc., Senior Secured Notes |
|
11.500% |
|
6/1/14 |
|
280,000 |
|
271,600 |
(a) | |
Landrys Restaurants Inc., Senior Secured Notes |
|
11.625% |
|
12/1/15 |
|
320,000 |
|
335,200 |
(d) | |
Landrys Restaurants Inc., Senior Secured Notes |
|
11.625% |
|
12/1/15 |
|
50,000 |
|
52,375 |
(a)(d) | |
MGM Resorts International, Senior Notes |
|
5.875% |
|
2/27/14 |
|
360,000 |
|
347,400 |
| |
MGM Resorts International, Senior Notes |
|
6.625% |
|
7/15/15 |
|
70,000 |
|
66,500 |
| |
MGM Resorts International, Senior Secured Notes |
|
10.375% |
|
5/15/14 |
|
40,000 |
|
45,000 |
(d) | |
MGM Resorts International, Senior Secured Notes |
|
11.125% |
|
11/15/17 |
|
95,000 |
|
106,756 |
(d) | |
Mohegan Tribal Gaming Authority, Senior Subordinated Notes |
|
8.000% |
|
4/1/12 |
|
1,030,000 |
|
674,650 |
(d) | |
Mohegan Tribal Gaming Authority, Senior Subordinated Notes |
|
6.875% |
|
2/15/15 |
|
55,000 |
|
26,675 |
| |
NCL Corp. Ltd., Senior Notes |
|
9.500% |
|
11/15/18 |
|
560,000 |
|
593,600 |
(d) | |
NCL Corp. Ltd., Senior Secured Notes |
|
11.750% |
|
11/15/16 |
|
480,000 |
|
556,800 |
(d) | |
Pinnacle Entertainment Inc., Senior Notes |
|
8.625% |
|
8/1/17 |
|
250,000 |
|
263,750 |
(d) | |
Seven Seas Cruises S de RL LLC, Senior Secured Notes |
|
9.125% |
|
5/15/19 |
|
340,000 |
|
348,925 |
(a) | |
Snoqualmie Entertainment Authority, Senior Secured Notes |
|
4.179% |
|
2/1/14 |
|
290,000 |
|
262,450 |
(a)(f) | |
Snoqualmie Entertainment Authority, Senior Secured Notes |
|
9.125% |
|
2/1/15 |
|
10,000 |
|
9,700 |
(a) | |
Station Casinos Inc., Senior Subordinated Notes |
|
6.500% |
|
2/1/14 |
|
475,000 |
|
0 |
(b)(g)(h)(i) | |
Station Casinos Inc., Senior Subordinated Notes |
|
6.625% |
|
3/15/18 |
|
50,000 |
|
0 |
(b)(g)(h)(i) | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Secured Notes |
|
8.625% |
|
4/15/16 |
|
313,000 |
|
323,173 |
(a)(d) | |
Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
7,959,173 |
| |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Household Durables 0.3% |
|
|
|
|
|
|
|
|
| |
DFS Furniture Holdings PLC, Senior Secured Notes |
|
9.750% |
|
7/15/17 |
|
206,000 |
GBP |
$ |
276,331 |
(a) |
DFS Furniture Holdings PLC, Senior Secured Notes |
|
9.750% |
|
7/15/17 |
|
130,000 |
GBP |
174,383 |
(a) | |
Standard Pacific Corp., Senior Notes |
|
8.375% |
|
1/15/21 |
|
260,000 |
|
241,150 |
| |
Total Household Durables |
|
|
|
|
|
|
|
691,864 |
| |
Internet & Catalog Retail 0.4% |
|
|
|
|
|
|
|
|
| |
Netflix Inc., Senior Notes |
|
8.500% |
|
11/15/17 |
|
360,000 |
|
363,600 |
(d) | |
QVC Inc., Senior Secured Notes |
|
7.375% |
|
10/15/20 |
|
535,000 |
|
571,112 |
(a)(d) | |
Total Internet & Catalog Retail |
|
|
|
|
|
|
|
934,712 |
| |
Media 3.8% |
|
|
|
|
|
|
|
|
| |
CCH II LLC/CCH II Capital Corp., Senior Notes |
|
13.500% |
|
11/30/16 |
|
27,381 |
|
31,693 |
(d) | |
Cengage Learning Acquisitions Inc., Senior Notes |
|
10.500% |
|
1/15/15 |
|
1,090,000 |
|
795,700 |
(a) | |
Cengage Learning Acquisitions Inc., Senior Subordinated Notes |
|
13.250% |
|
7/15/15 |
|
200,000 |
|
134,000 |
(a)(d) | |
DISH DBS Corp., Senior Notes |
|
6.625% |
|
10/1/14 |
|
30,000 |
|
31,237 |
(d) | |
DISH DBS Corp., Senior Notes |
|
7.875% |
|
9/1/19 |
|
285,000 |
|
303,525 |
(d) | |
Entercom Radio LLC, Senior Notes |
|
10.500% |
|
12/1/19 |
|
310,000 |
|
303,800 |
(a) | |
Globo Communicacoes e Participacoes SA, Bonds |
|
7.250% |
|
4/26/22 |
|
100,000 |
|
105,500 |
(a)(d) | |
Good Sam Enterprises LLC, Secured Notes |
|
11.500% |
|
12/1/16 |
|
340,000 |
|
329,800 |
| |
Grupo Televisa SA, Senior Bonds |
|
6.625% |
|
1/15/40 |
|
570,000 |
|
620,332 |
(d) | |
LBI Media Inc., Senior Secured Notes |
|
9.250% |
|
4/15/19 |
|
320,000 |
|
284,800 |
(a) | |
Musketeer GmbH, Senior Secured Notes |
|
9.500% |
|
3/15/21 |
|
300,000 |
EUR |
392,024 |
(a) | |
Musketeer GmbH, Senior Secured Notes |
|
9.500% |
|
3/15/21 |
|
180,000 |
EUR |
235,215 |
(a) | |
Nara Cable Funding Ltd., Senior Secured Notes |
|
8.875% |
|
12/1/18 |
|
500,000 |
EUR |
576,111 |
(a) | |
NET Servicos de Comunicacao SA, Bonds |
|
7.500% |
|
1/27/20 |
|
610,000 |
|
698,450 |
(d)(j) | |
Nielsen Finance LLC/Nielsen Finance Co., Senior Notes |
|
11.500% |
|
5/1/16 |
|
40,000 |
|
45,800 |
(d) | |
Nielsen Finance LLC/Nielsen Finance Co., Senior Notes |
|
7.750% |
|
10/15/18 |
|
80,000 |
|
85,000 |
(d) | |
Ono Finance II PLC, Senior Bonds |
|
11.125% |
|
7/15/19 |
|
400,000 |
EUR |
425,953 |
(a) | |
Polish Television Holding BV, Senior Secured Bonds, step bond |
|
11.250% |
|
5/15/17 |
|
300,000 |
EUR |
417,219 |
(a)(h) | |
TVN Finance Corp. III AB, Senior Notes |
|
7.875% |
|
11/15/18 |
|
100,000 |
EUR |
128,323 |
(a) | |
Univision Communications Inc., Senior Notes |
|
8.500% |
|
5/15/21 |
|
90,000 |
|
74,700 |
(a) | |
Univision Communications Inc., Senior Secured Notes |
|
6.875% |
|
5/15/19 |
|
370,000 |
|
345,025 |
(a) | |
Univision Communications Inc., Senior Secured Notes |
|
7.875% |
|
11/1/20 |
|
290,000 |
|
275,500 |
(a) | |
UPC Holding BV, Senior Notes |
|
9.875% |
|
4/15/18 |
|
180,000 |
|
186,300 |
(a)(d) | |
UPCB Finance II Ltd., Senior Notes |
|
6.375% |
|
7/1/20 |
|
500,000 |
EUR |
614,743 |
(a) | |
Ziggo Bond Co. BV, Senior Notes |
|
8.000% |
|
5/15/18 |
|
650,000 |
EUR |
851,570 |
(a)(d) | |
Total Media |
|
|
|
|
|
|
|
8,292,320 |
| |
Multiline Retail 0.2% |
|
|
|
|
|
|
|
|
| |
Neiman Marcus Group Inc., Senior Secured Notes |
|
7.125% |
|
6/1/28 |
|
440,000 |
|
404,800 |
(d) | |
Specialty Retail 1.4% |
|
|
|
|
|
|
|
|
| |
American Greetings Corp., Senior Notes |
|
7.375% |
|
6/1/16 |
|
75,000 |
|
78,360 |
| |
American Greetings Corp., Senior Notes |
|
7.375% |
|
12/1/21 |
|
410,000 |
|
416,663 |
| |
Edcon Proprietary Ltd., Senior Secured Notes |
|
9.500% |
|
3/1/18 |
|
825,000 |
EUR |
867,442 |
(a) | |
Gymboree Corp., Senior Notes |
|
9.125% |
|
12/1/18 |
|
520,000 |
|
431,600 |
| |
Michaels Stores Inc., Senior Subordinated Bonds |
|
11.375% |
|
11/1/16 |
|
350,000 |
|
369,250 |
(d) | |
Michaels Stores Inc., Senior Subordinated Notes |
|
13.000% |
|
11/1/16 |
|
650,000 |
|
692,250 |
(d) | |
Spencer Spirit Holdings Inc./Spencer Gifts LLC/Spirit Halloween Superstores, Senior Notes |
|
11.000% |
|
5/1/17 |
|
210,000 |
|
203,175 |
(a) | |
Total Specialty Retail |
|
|
|
|
|
|
|
3,058,740 |
| |
Textiles, Apparel & Luxury Goods 0.8% |
|
|
|
|
|
|
|
|
| |
Boardriders SA, Senior Notes |
|
8.875% |
|
12/15/17 |
|
700,000 |
EUR |
893,560 |
(a) | |
Empire Today LLC/Empire Today Finance Corp., Senior Secured Notes |
|
11.375% |
|
2/1/17 |
|
150,000 |
|
139,500 |
(a) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Textiles, Apparel & Luxury Goods continued |
|
|
|
|
|
|
|
|
|
|
Oxford Industries Inc., Senior Secured Notes |
|
11.375% |
|
7/15/15 |
|
725,000 |
|
$ |
797,500 |
(d) |
Total Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
1,830,560 |
| |
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
25,213,573 |
| |
CONSUMER STAPLES 1.2% |
|
|
|
|
|
|
|
|
| |
Food Products 0.9% |
|
|
|
|
|
|
|
|
| |
Blue Merger Sub Inc., Senior Notes |
|
7.625% |
|
2/15/19 |
|
586,000 |
|
527,400 |
(a)(d) | |
Boparan Holdings Ltd., Senior Notes |
|
9.875% |
|
4/30/18 |
|
400,000 |
GBP |
514,991 |
(a) | |
Foodcorp Ltd., Senior Secured Notes |
|
8.750% |
|
3/1/18 |
|
230,000 |
EUR |
259,603 |
(a) | |
Harmony Foods Corp., Senior Secured Notes |
|
10.000% |
|
5/1/16 |
|
140,000 |
|
135,100 |
(a)(d) | |
Simmons Foods Inc., Senior Secured Notes |
|
10.500% |
|
11/1/17 |
|
630,000 |
|
494,550 |
(a)(d) | |
Smithfield Foods Inc., Senior Secured Notes |
|
10.000% |
|
7/15/14 |
|
61,000 |
|
70,150 |
(d) | |
Total Food Products |
|
|
|
|
|
|
|
2,001,794 |
| |
Household Products 0.1% |
|
|
|
|
|
|
|
|
| |
Reynolds Group DL Escrow Inc./Reynolds Group Escrow LLC, Senior Secured Notes |
|
8.750% |
|
10/15/16 |
|
100,000 |
|
103,750 |
(a)(d) | |
Personal Products 0.1% |
|
|
|
|
|
|
|
|
| |
Hypermarcas SA, Notes |
|
6.500% |
|
4/20/21 |
|
260,000 |
|
228,800 |
(a) | |
Tobacco 0.1% |
|
|
|
|
|
|
|
|
| |
Alliance One International Inc., Senior Notes |
|
10.000% |
|
7/15/16 |
|
150,000 |
|
133,125 |
(d) | |
TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
2,467,469 |
| |
ENERGY 13.4% |
|
|
|
|
|
|
|
|
| |
Energy Equipment & Services 1.5% |
|
|
|
|
|
|
|
|
| |
Complete Production Services Inc., Senior Notes |
|
8.000% |
|
12/15/16 |
|
425,000 |
|
444,125 |
(d) | |
Hercules Offshore LLC, Senior Secured Notes |
|
10.500% |
|
10/15/17 |
|
495,000 |
|
477,675 |
(a)(d) | |
Parker Drilling Co., Senior Notes |
|
9.125% |
|
4/1/18 |
|
400,000 |
|
420,000 |
(d) | |
Petroleum Geo-Services ASA, Senior Notes |
|
7.375% |
|
12/15/18 |
|
200,000 |
|
200,000 |
(a) | |
Pioneer Drilling Co., Senior Notes |
|
9.875% |
|
3/15/18 |
|
200,000 |
|
207,250 |
(a) | |
Precision Drilling Corp., Senior Notes |
|
6.625% |
|
11/15/20 |
|
90,000 |
|
90,900 |
| |
SESI LLC, Senior Notes |
|
7.125% |
|
12/15/21 |
|
490,000 |
|
499,800 |
(a) | |
Vantage Drilling Co., Senior Secured Notes |
|
11.500% |
|
8/1/15 |
|
950,000 |
|
1,023,625 |
(d) | |
Total Energy Equipment & Services |
|
|
|
|
|
|
|
3,363,375 |
| |
Oil, Gas & Consumable Fuels 11.9% |
|
|
|
|
|
|
|
|
| |
Berry Petroleum Co., Senior Notes |
|
10.250% |
|
6/1/14 |
|
320,000 |
|
363,200 |
(d) | |
Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes |
|
9.375% |
|
5/1/19 |
|
240,000 |
|
231,600 |
(a) | |
Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes |
|
9.375% |
|
5/1/19 |
|
90,000 |
|
85,950 |
(a) | |
Chesapeake Energy Corp., Senior Notes |
|
7.250% |
|
12/15/18 |
|
25,000 |
|
27,250 |
(d) | |
Compagnie Generale de Geophysique-Veritas, Senior Notes |
|
7.750% |
|
5/15/17 |
|
420,000 |
|
420,000 |
(d) | |
CONSOL Energy Inc., Senior Notes |
|
8.250% |
|
4/1/20 |
|
480,000 |
|
518,400 |
(d) | |
Corral Petroleum Holdings AB, Senior Notes |
|
15.000% |
|
12/31/17 |
|
751,715 |
|
601,372 |
(a)(e)(h) | |
Crosstex Energy LP/Crosstex Energy Finance Corp., Senior Notes |
|
8.875% |
|
2/15/18 |
|
250,000 |
|
267,500 |
(d) | |
Denbury Resources Inc., Senior Subordinated Notes |
|
8.250% |
|
2/15/20 |
|
100,000 |
|
109,125 |
(d) | |
Dolphin Energy Ltd., Senior Secured Bonds |
|
5.888% |
|
6/15/19 |
|
627,356 |
|
679,144 |
(a)(d) | |
Ecopetrol SA, Senior Notes |
|
7.625% |
|
7/23/19 |
|
1,000,000 |
|
1,215,000 |
(d) | |
Energy Transfer Equity LP, Senior Notes |
|
7.500% |
|
10/15/20 |
|
370,000 |
|
384,800 |
(d) | |
Enterprise Products Operating LLP, Junior Subordinated Notes |
|
8.375% |
|
8/1/66 |
|
250,000 |
|
264,003 |
(d)(f) | |
Enterprise Products Operating LLP, Subordinated Notes |
|
7.034% |
|
1/15/68 |
|
260,000 |
|
269,107 |
(d)(f) | |
EXCO Resources Inc., Senior Notes |
|
7.500% |
|
9/15/18 |
|
520,000 |
|
483,600 |
(d) | |
KazMunaiGaz Finance Sub BV, Senior Notes |
|
8.375% |
|
7/2/13 |
|
1,340,000 |
|
1,420,400 |
(a)(d) | |
Kodiak Oil & Gas Corp., Senior Notes |
|
8.125% |
|
12/1/19 |
|
290,000 |
|
294,713 |
(a) | |
Milagro Oil & Gas Inc., Secured Notes |
|
10.500% |
|
5/15/16 |
|
380,000 |
|
271,700 |
(a) | |
Novatek Finance Ltd., Notes |
|
6.604% |
|
2/3/21 |
|
460,000 |
|
474,950 |
(a)(d) | |
Overseas Shipholding Group Inc., Senior Notes |
|
8.125% |
|
3/30/18 |
|
705,000 |
|
504,075 |
(d) | |
Pan American Energy LLC, Senior Notes |
|
7.875% |
|
5/7/21 |
|
470,000 |
|
472,350 |
(a)(d) | |
Pan American Energy LLC, Senior Notes |
|
7.875% |
|
5/7/21 |
|
246,000 |
|
247,230 |
(a) | |
Peabody Energy Corp., Senior Notes |
|
7.875% |
|
11/1/26 |
|
330,000 |
|
354,750 |
(d) |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
Western Asset Global Partners Income Fund Inc.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Oil, Gas & Consumable Fuels continued |
|
|
|
|
|
|
|
|
| |
Petrobras International Finance Co., Senior Notes |
|
6.875% |
|
1/20/40 |
|
870,000 |
|
$ |
969,758 |
(d) |
Petrobras International Finance Co., Senior Notes |
|
6.750% |
|
1/27/41 |
|
390,000 |
|
426,706 |
(d) | |
Petroleos Mexicanos, Notes |
|
8.000% |
|
5/3/19 |
|
4,280,000 |
|
5,285,800 |
(d) | |
Petroleum Co. of Trinidad & Tobago Ltd., Senior Notes |
|
9.750% |
|
8/14/19 |
|
390,000 |
|
462,150 |
(a)(d) | |
Petronas Capital Ltd. |
|
5.250% |
|
8/12/19 |
|
1,555,000 |
|
1,733,632 |
(a)(d)(j) | |
Petroplus Finance Ltd., Senior Notes |
|
6.750% |
|
5/1/14 |
|
470,000 |
|
331,350 |
(a) | |
Plains Exploration & Production Co., Senior Notes |
|
10.000% |
|
3/1/16 |
|
325,000 |
|
368,875 |
(d) | |
Plains Exploration & Production Co., Senior Notes |
|
8.625% |
|
10/15/19 |
|
330,000 |
|
361,350 |
(d) | |
PT Adaro Indonesia, Senior Notes |
|
7.625% |
|
10/22/19 |
|
110,000 |
|
117,150 |
(a)(d) | |
PT Pertamina Persero, Notes |
|
5.250% |
|
5/23/21 |
|
570,000 |
|
571,425 |
(a)(d) | |
Quicksilver Resources Inc., Senior Notes |
|
11.750% |
|
1/1/16 |
|
790,000 |
|
892,700 |
(d) | |
Quicksilver Resources Inc., Senior Notes |
|
9.125% |
|
8/15/19 |
|
230,000 |
|
242,363 |
(d) | |
Range Resources Corp., Senior Subordinated Notes |
|
8.000% |
|
5/15/19 |
|
10,000 |
|
11,150 |
(d) | |
Ras Laffan Liquefied Natural Gas Co., Ltd. III, Senior Secured Bonds |
|
6.750% |
|
9/30/19 |
|
570,000 |
|
683,287 |
(a)(d) | |
Reliance Holdings USA Inc., Senior Notes |
|
4.500% |
|
10/19/20 |
|
530,000 |
|
482,876 |
(a) | |
SandRidge Energy Inc., Senior Notes |
|
7.500% |
|
3/15/21 |
|
110,000 |
|
101,200 |
| |
Saratoga Resources Inc., Senior Secured Notes |
|
12.500% |
|
7/1/16 |
|
300,000 |
|
300,000 |
| |
Teekay Corp., Senior Notes |
|
8.500% |
|
1/15/20 |
|
615,000 |
|
588,862 |
(d) | |
TNK-BP Finance SA, Senior Notes |
|
7.500% |
|
7/18/16 |
|
150,000 |
|
161,775 |
(a)(d) | |
TNK-BP Finance SA, Senior Notes |
|
7.875% |
|
3/13/18 |
|
1,160,000 |
|
1,289,050 |
(a)(d) | |
Whiting Petroleum Corp., Senior Subordinated Notes |
|
6.500% |
|
10/1/18 |
|
130,000 |
|
135,200 |
(d) | |
Xinergy Ltd., Senior Secured Notes |
|
9.250% |
|
5/15/19 |
|
330,000 |
|
284,625 |
(a) | |
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
25,761,503 |
| |
TOTAL ENERGY |
|
|
|
|
|
|
|
29,124,878 |
| |
FINANCIALS 4.0% |
|
|
|
|
|
|
|
|
| |
Capital Markets 0.1% |
|
|
|
|
|
|
|
|
| |
Goldman Sachs Group Inc., Subordinated Notes |
|
6.750% |
|
10/1/37 |
|
300,000 |
|
267,684 |
(d) | |
Commercial Banks 0.4% |
|
|
|
|
|
|
|
|
| |
BankAmerica Institutional Capital A, Junior Subordinated Bonds |
|
8.070% |
|
12/31/26 |
|
620,000 |
|
573,500 |
(a)(d) | |
Credit Agricole SA, Subordinated Notes |
|
8.375% |
|
10/13/19 |
|
290,000 |
|
211,700 |
(a)(d)(f)(k) | |
Royal Bank of Scotland Group PLC, Junior Subordinated Bonds |
|
7.648% |
|
9/30/31 |
|
200,000 |
|
133,000 |
(f)(k) | |
Total Commercial Banks |
|
|
|
|
|
|
|
918,200 |
| |
Consumer Finance 0.8% |
|
|
|
|
|
|
|
|
| |
Ally Financial Inc., Senior Bonds |
|
0.000% |
|
12/1/12 |
|
400,000 |
|
374,000 |
(d) | |
Fiat Finance & Trade Ltd. SA, Senior Notes |
|
6.125% |
|
7/8/14 |
|
330,000 |
EUR |
404,622 |
| |
GMAC International Finance BV, Senior Bonds |
|
7.500% |
|
4/21/15 |
|
410,000 |
EUR |
520,616 |
| |
SLM Corp., Medium-Term Notes |
|
8.000% |
|
3/25/20 |
|
220,000 |
|
215,600 |
(d) | |
SLM Corp., Medium-Term Notes, Senior Notes |
|
8.450% |
|
6/15/18 |
|
210,000 |
|
209,625 |
(d) | |
Total Consumer Finance |
|
|
|
|
|
|
|
1,724,463 |
| |
Diversified Financial Services 2.2% |
|
|
|
|
|
|
|
|
| |
Bank of America Corp., Senior Notes |
|
6.500% |
|
8/1/16 |
|
100,000 |
|
96,767 |
| |
Bankrate Inc., Senior Secured Notes |
|
11.750% |
|
7/15/15 |
|
290,000 |
|
329,512 |
(d) | |
Boats Investments (Netherlands) BV, Secured Notes |
|
9.044% |
|
12/15/15 |
|
641,801 |
EUR |
526,056 |
(e)(f) | |
Capital One Capital V, Junior Subordinated Notes, Cumulative Trust Preferred Securities |
|
10.250% |
|
8/15/39 |
|
310,000 |
|
323,562 |
(d) | |
Countrywide Capital III, Junior Subordinated Notes |
|
8.050% |
|
6/15/27 |
|
130,000 |
|
121,875 |
| |
International Lease Finance Corp., Medium-Term Notes |
|
6.375% |
|
3/25/13 |
|
296,000 |
|
294,520 |
(d) | |
International Lease Finance Corp., Medium-Term Notes, Senior Notes |
|
5.625% |
|
9/20/13 |
|
460,000 |
|
445,625 |
| |
International Lease Finance Corp., Senior Notes |
|
8.625% |
|
9/15/15 |
|
70,000 |
|
70,088 |
(d) | |
International Lease Finance Corp., Senior Notes |
|
8.875% |
|
9/1/17 |
|
980,000 |
|
997,150 |
(d) | |
International Lease Finance Corp., Senior Notes |
|
8.250% |
|
12/15/20 |
|
90,000 |
|
89,775 |
| |
ISS Financing PLC, Senior Secured Bonds |
|
11.000% |
|
6/15/14 |
|
300,000 |
EUR |
422,258 |
(a) | |
Leucadia National Corp., Senior Notes |
|
7.125% |
|
3/15/17 |
|
140,000 |
|
142,100 |
(d) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
Western Asset Global Partners Income Fund Inc.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Diversified Financial Services continued |
|
|
|
|
|
|
|
|
| |
MBNA Capital A, Junior Subordinated Notes |
|
8.278% |
|
12/1/26 |
|
250,000 |
|
$ |
234,063 |
(d) |
Telenet Finance III Luxembourg S.C.A., Senior Secured Notes |
|
6.625% |
|
2/15/21 |
|
500,000 |
EUR |
634,898 |
(a) | |
Total Diversified Financial Services |
|
|
|
|
|
|
|
4,728,249 |
| |
Insurance 0.5% |
|
|
|
|
|
|
|
|
| |
American International Group Inc., Senior Notes |
|
8.250% |
|
8/15/18 |
|
450,000 |
|
482,309 |
(d) | |
Dai-ichi Life Insurance Co., Ltd., Subordinated Notes |
|
7.250% |
|
7/25/21 |
|
150,000 |
|
151,125 |
(a)(f)(k) | |
ING Capital Funding Trust III, Junior Subordinated Bonds |
|
3.969% |
|
3/31/12 |
|
100,000 |
|
71,802 |
(f)(k) | |
MetLife Capital Trust IV, Junior Subordinated Notes |
|
7.875% |
|
12/15/37 |
|
250,000 |
|
256,250 |
(a)(d) | |
Total Insurance |
|
|
|
|
|
|
|
961,486 |
| |
TOTAL FINANCIALS |
|
|
|
|
|
|
|
8,600,082 |
| |
HEALTH CARE 3.7% |
|
|
|
|
|
|
|
|
| |
Health Care Equipment & Supplies 0.3% |
|
|
|
|
|
|
|
|
| |
Biomet Inc., Senior Notes |
|
10.000% |
|
10/15/17 |
|
20,000 |
|
21,650 |
(d) | |
Biomet Inc., Senior Toggle Notes |
|
10.375% |
|
10/15/17 |
|
170,000 |
|
183,175 |
(d)(e) | |
Ontex IV, Senior Notes |
|
9.000% |
|
4/15/19 |
|
300,000 |
EUR |
285,200 |
(a) | |
Ontex IV, Senior Notes |
|
9.000% |
|
4/15/19 |
|
200,000 |
EUR |
190,134 |
(a) | |
Total Health Care Equipment & Supplies |
|
|
|
|
|
|
|
680,159 |
| |
Health Care Providers & Services 3.0% |
|
|
|
|
|
|
|
|
| |
Acadia Healthcare, Senior Notes |
|
12.875% |
|
11/1/18 |
|
180,000 |
|
178,200 |
(a) | |
American Renal Associates Holdings Inc., Senior Notes |
|
9.750% |
|
3/1/16 |
|
336,520 |
|
328,738 |
| |
American Renal Holdings, Senior Secured Notes |
|
8.375% |
|
5/15/18 |
|
300,000 |
|
310,500 |
| |
AMERIGROUP Corp., Senior Notes |
|
7.500% |
|
11/15/19 |
|
220,000 |
|
226,600 |
| |
Community Health Systems Inc., Senior Notes |
|
8.000% |
|
11/15/19 |
|
520,000 |
|
505,700 |
(a) | |
CRC Health Corp., Senior Subordinated Notes |
|
10.750% |
|
2/1/16 |
|
1,080,000 |
|
1,034,100 |
(d) | |
Crown Newco 3 PLC, Senior Subordinated Notes |
|
8.875% |
|
2/15/19 |
|
125,000 |
GBP |
153,948 |
(a) | |
ExamWorks Group Inc., Senior Notes |
|
9.000% |
|
7/15/19 |
|
210,000 |
|
188,475 |
(a) | |
Fresenius Medical Care U.S. Finance Inc., Senior Notes |
|
6.875% |
|
7/15/17 |
|
750,000 |
|
798,750 |
(d) | |
Fresenius U.S. Finance II Inc., Senior Notes |
|
9.000% |
|
7/15/15 |
|
160,000 |
|
178,800 |
(a)(d) | |
HCA Inc., Senior Secured Notes |
|
8.500% |
|
4/15/19 |
|
620,000 |
|
672,700 |
(d) | |
INC Research LLC, Senior Notes |
|
11.500% |
|
7/15/19 |
|
160,000 |
|
144,800 |
(a) | |
InVentiv Health Inc., Senior Notes |
|
10.000% |
|
8/15/18 |
|
330,000 |
|
314,325 |
(a) | |
Tenet Healthcare Corp., Senior Secured Notes |
|
10.000% |
|
5/1/18 |
|
491,000 |
|
554,830 |
(d) | |
Universal Hospital Services Inc., Senior Secured Notes |
|
8.500% |
|
6/1/15 |
|
635,000 |
|
642,938 |
(d)(e) | |
US Oncology Inc. |
|
9.125% |
|
8/15/17 |
|
255,000 |
|
3,825 |
| |
Vanguard Health Holdings Co., II LLC, Senior Notes |
|
8.000% |
|
2/1/18 |
|
250,000 |
|
238,750 |
(d) | |
Total Health Care Providers & Services |
|
|
|
|
|
|
|
6,475,979 |
| |
Pharmaceuticals 0.4% |
|
|
|
|
|
|
|
|
| |
ConvaTec Healthcare E SA, Senior Notes |
|
10.875% |
|
12/15/18 |
|
660,000 |
EUR |
780,420 |
(a) | |
Giant Funding Corp., Senior Secured Notes |
|
8.250% |
|
2/1/18 |
|
100,000 |
|
103,500 |
(a)(d) | |
Total Pharmaceuticals |
|
|
|
|
|
|
|
883,920 |
| |
TOTAL HEALTH CARE |
|
|
|
|
|
|
|
8,040,058 |
| |
INDUSTRIALS 8.3% |
|
|
|
|
|
|
|
|
| |
Aerospace & Defense 1.1% |
|
|
|
|
|
|
|
|
| |
Ducommun Inc., Senior Notes |
|
9.750% |
|
7/15/18 |
|
220,000 |
|
227,700 |
(a)(d) | |
FGI Operating Co. Inc., Senior Secured Notes |
|
10.250% |
|
8/1/15 |
|
477,000 |
|
500,850 |
(d) | |
Huntington Ingalls Industries Inc., Senior Notes |
|
6.875% |
|
3/15/18 |
|
220,000 |
|
216,700 |
(a) | |
Huntington Ingalls Industries Inc., Senior Notes |
|
7.125% |
|
3/15/21 |
|
160,000 |
|
157,600 |
(a) | |
Kratos Defense & Security Solutions Inc., Senior Notes |
|
10.000% |
|
6/1/17 |
|
50,000 |
|
50,625 |
(a) | |
Kratos Defense & Security Solutions Inc., Senior Secured Notes |
|
10.000% |
|
6/1/17 |
|
500,000 |
|
506,250 |
(d) | |
Triumph Group Inc., Senior Notes |
|
8.625% |
|
7/15/18 |
|
190,000 |
|
208,050 |
(d) | |
Wyle Services Corp., Senior Subordinated Notes |
|
10.500% |
|
4/1/18 |
|
560,000 |
|
541,800 |
(a)(d) | |
Total Aerospace & Defense |
|
|
|
|
|
|
|
2,409,575 |
| |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
Western Asset Global Partners Income Fund Inc.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Airlines 1.2% |
|
|
|
|
|
|
|
|
| |
American Airlines Pass-Through Trust, Secured Notes |
|
7.000% |
|
1/31/18 |
|
178,812 |
|
$ |
137,685 |
(a) |
BAA SH PLC, Senior Secured Notes |
|
7.125% |
|
3/1/17 |
|
400,000 |
GBP |
592,004 |
| |
Continental Airlines Inc., Pass-Through Certificates |
|
7.373% |
|
12/15/15 |
|
21,939 |
|
21,417 |
| |
Continental Airlines Inc., Pass-Through Certificates |
|
9.250% |
|
5/10/17 |
|
4,191 |
|
4,317 |
| |
Continental Airlines Inc., Pass-Through Certificates, Subordinated Secured Notes |
|
7.339% |
|
4/19/14 |
|
65,645 |
|
64,004 |
(d) | |
Continental Airlines Inc., Senior Secured Notes |
|
6.750% |
|
9/15/15 |
|
260,000 |
|
254,150 |
(a)(d) | |
DAE Aviation Holdings Inc., Senior Notes |
|
11.250% |
|
8/1/15 |
|
950,000 |
|
992,750 |
(a)(d) | |
Delta Air Lines, Secured Notes |
|
6.375% |
|
1/2/16 |
|
190,000 |
|
172,900 |
(a) | |
Delta Air Lines Inc., Pass-Through Certificates, Subordinated Secured Notes |
|
9.750% |
|
12/17/16 |
|
125,235 |
|
132,748 |
(d) | |
Delta Air Lines Inc., Senior Secured Notes |
|
9.500% |
|
9/15/14 |
|
166,000 |
|
170,150 |
(a)(d) | |
United Air Lines Inc., Senior Secured Notes |
|
9.875% |
|
8/1/13 |
|
144,000 |
|
147,960 |
(a)(d) | |
Total Airlines |
|
|
|
|
|
|
|
2,690,085 |
| |
Building Products 0.5% |
|
|
|
|
|
|
|
|
| |
Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Subordinated Notes, step bond |
|
0.000% |
|
6/30/15 |
|
174,200 |
|
120,198 |
(a)(g) | |
Building Materials Corp. of America, Senior Notes |
|
6.750% |
|
5/1/21 |
|
370,000 |
|
369,075 |
(a)(d) | |
GTL Trade Finance Inc., Senior Notes |
|
7.250% |
|
10/20/17 |
|
231,000 |
|
251,444 |
(a)(d) | |
Rearden G Holdings EINS GmbH, Senior Notes |
|
7.875% |
|
3/30/20 |
|
200,000 |
|
202,000 |
(a) | |
Shea Homes LP, Senior Secured Notes |
|
8.625% |
|
5/15/19 |
|
220,000 |
|
201,850 |
(a) | |
Total Building Products |
|
|
|
|
|
|
|
1,144,567 |
| |
Commercial Services & Supplies 0.9% |
|
|
|
|
|
|
|
|
| |
Altegrity Inc., Senior Subordinated Notes |
|
10.500% |
|
11/1/15 |
|
50,000 |
|
46,750 |
(a) | |
Altegrity Inc., Senior Subordinated Notes |
|
11.750% |
|
5/1/16 |
|
780,000 |
|
729,300 |
(a)(d) | |
American Reprographics Co., Senior Notes |
|
10.500% |
|
12/15/16 |
|
370,000 |
|
334,850 |
| |
Geo Group Inc., Senior Notes |
|
7.750% |
|
10/15/17 |
|
455,000 |
|
481,162 |
(d) | |
JM Huber Corp., Senior Notes |
|
9.875% |
|
11/1/19 |
|
200,000 |
|
202,000 |
(a) | |
RSC Equipment Rental Inc./RSC Holdings III LLC, Senior Notes |
|
8.250% |
|
2/1/21 |
|
180,000 |
|
171,900 |
| |
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
1,965,962 |
| |
Construction & Engineering 0.5% |
|
|
|
|
|
|
|
|
| |
Abengoa Finance SAU, Senior Notes |
|
8.875% |
|
11/1/17 |
|
350,000 |
|
336,000 |
(a) | |
Odebrecht Finance Ltd., Senior Notes |
|
7.000% |
|
4/21/20 |
|
550,000 |
|
589,875 |
(a)(d) | |
Odebrecht Finance Ltd., Senior Notes |
|
6.000% |
|
4/5/23 |
|
220,000 |
|
221,100 |
(a) | |
Total Construction & Engineering |
|
|
|
|
|
|
|
1,146,975 |
| |
Electrical Equipment 0.2% |
|
|
|
|
|
|
|
|
| |
NES Rentals Holdings Inc., Senior Secured Notes |
|
12.250% |
|
4/15/15 |
|
400,000 |
|
344,000 |
(a)(d) | |
Industrial Conglomerates 0.3% |
|
|
|
|
|
|
|
|
| |
Leucadia National Corp., Senior Notes |
|
8.125% |
|
9/15/15 |
|
240,000 |
|
254,400 |
(d) | |
Sinochem Overseas Capital Co., Ltd., Senior Notes |
|
4.500% |
|
11/12/20 |
|
370,000 |
|
358,120 |
(a) | |
Total Industrial Conglomerates |
|
|
|
|
|
|
|
612,520 |
| |
Machinery 0.3% |
|
|
|
|
|
|
|
|
| |
Dematic SA, Senior Secured Notes |
|
8.750% |
|
5/1/16 |
|
510,000 |
|
497,250 |
(a)(d) | |
Lonking Holdings Ltd., Senior Notes |
|
8.500% |
|
6/3/16 |
|
230,000 |
|
207,000 |
(a) | |
Total Machinery |
|
|
|
|
|
|
|
704,250 |
| |
Marine 0.5% |
|
|
|
|
|
|
|
|
| |
Horizon Lines LLC, Senior Secured Notes |
|
11.000% |
|
10/15/16 |
|
220,000 |
|
207,900 |
(a) | |
Horizon Lines LLC, Senior Secured Notes |
|
13.000% |
|
10/15/16 |
|
290,000 |
|
274,050 |
(a)(e)(h) | |
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Senior Secured Notes |
|
8.625% |
|
11/1/17 |
|
670,000 |
|
512,550 |
(d) | |
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., Senior Notes |
|
8.125% |
|
2/15/19 |
|
180,000 |
|
139,500 |
| |
Total Marine |
|
|
|
|
|
|
|
1,134,000 |
| |
Road & Rail 1.7% |
|
|
|
|
|
|
|
|
| |
AE Escrow Corp., Senior Notes |
|
9.750% |
|
3/15/20 |
|
220,000 |
|
221,100 |
(a) | |
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Senior Notes |
|
9.625% |
|
3/15/18 |
|
100,000 |
|
101,250 |
| |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
Western Asset Global Partners Income Fund Inc.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Road & Rail continued |
|
|
|
|
|
|
|
|
| |
Florida East Coast Holdings Corp., Senior Notes |
|
10.500% |
|
8/1/17 |
|
827,625 |
|
$ |
661,842 |
(e) |
Florida East Coast Railway Corp., Senior Secured Notes |
|
8.125% |
|
2/1/17 |
|
100,000 |
|
100,125 |
| |
Jack Cooper Holdings Corp., Senior Secured Notes |
|
13.250% |
|
12/15/15 |
|
546,000 |
|
535,080 |
(a)(d)(h) | |
Kansas City Southern de Mexico, Senior Notes |
|
12.500% |
|
4/1/16 |
|
740,000 |
|
862,100 |
(d) | |
Kansas City Southern de Mexico, Senior Notes |
|
8.000% |
|
2/1/18 |
|
85,000 |
|
93,500 |
(d) | |
Kansas City Southern Railway, Senior Notes |
|
13.000% |
|
12/15/13 |
|
49,000 |
|
55,615 |
(d) | |
Kansas City Southern Railway, Senior Notes |
|
8.000% |
|
6/1/15 |
|
85,000 |
|
90,844 |
(d) | |
Quality Distribution LLC/QD Capital Corp., Secured Notes |
|
9.875% |
|
11/1/18 |
|
460,000 |
|
463,450 |
| |
RailAmerica Inc., Senior Secured Notes |
|
9.250% |
|
7/1/17 |
|
362,000 |
|
396,390 |
(d) | |
Total Road & Rail |
|
|
|
|
|
|
|
3,581,296 |
| |
Trading Companies & Distributors 0.2% |
|
|
|
|
|
|
|
|
| |
H&E Equipment Services Inc., Senior Notes |
|
8.375% |
|
7/15/16 |
|
455,000 |
|
464,100 |
(d) | |
Transportation 0.9% |
|
|
|
|
|
|
|
|
| |
CMA CGM, Senior Notes |
|
8.500% |
|
4/15/17 |
|
1,000,000 |
|
355,000 |
(a)(d) | |
CMA CGM, Senior Notes |
|
8.875% |
|
4/15/19 |
|
700,000 |
EUR |
329,206 |
(a) | |
Hapag-Lloyd AG, Senior Notes |
|
9.750% |
|
10/15/17 |
|
710,000 |
|
465,050 |
(a)(d) | |
Syncreon Global Ireland Ltd./Syncreon Global Finance US Inc., Senior Notes |
|
9.500% |
|
5/1/18 |
|
770,000 |
|
713,213 |
(a)(d) | |
Total Transportation |
|
|
|
|
|
|
|
1,862,469 |
| |
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
18,059,799 |
| |
INFORMATION TECHNOLOGY 1.4% |
|
|
|
|
|
|
|
|
| |
Communications Equipment 0.3% |
|
|
|
|
|
|
|
|
| |
Lucent Technologies Inc., Debentures |
|
6.450% |
|
3/15/29 |
|
880,000 |
|
638,000 |
(d) | |
Electronic Equipment, Instruments & Components 0.4% |
|
|
|
|
|
|
| |||
NXP BV/NXP Funding LLC, Senior Secured Notes |
|
9.750% |
|
8/1/18 |
|
850,000 |
|
928,625 |
(a)(d) | |
IT Services 0.0% |
|
|
|
|
|
|
|
|
| |
Sterling Merger Inc., Senior Notes |
|
11.000% |
|
10/1/19 |
|
70,000 |
|
67,725 |
(a) | |
Semiconductors & Semiconductor Equipment 0.7% |
|
|
|
|
|
|
| |||
CDW LLC/CDW Finance Corp., Senior Notes |
|
11.000% |
|
10/12/15 |
|
180,000 |
|
180,900 |
(d) | |
CDW LLC/CDW Finance Corp., Senior Notes |
|
11.500% |
|
10/12/15 |
|
140,000 |
|
140,700 |
(e) | |
Freescale Semiconductor Inc., Senior Secured Notes |
|
9.250% |
|
4/15/18 |
|
140,000 |
|
146,650 |
(a)(d) | |
Freescale Semiconductor Inc., Senior Subordinated Notes |
|
10.125% |
|
12/15/16 |
|
620,000 |
|
647,900 |
(d) | |
STATS ChipPAC Ltd., Senior Notes |
|
7.500% |
|
8/12/15 |
|
244,000 |
|
252,540 |
(a)(d) | |
Total Semiconductors & Semiconductor Equipment |
|
|
|
|
|
1,368,690 |
| |||
TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
3,003,040 |
| |
MATERIALS 9.6% |
|
|
|
|
|
|
|
|
| |
Chemicals 1.2% |
|
|
|
|
|
|
|
|
| |
Braskem Finance Ltd., Senior Notes |
|
7.000% |
|
5/7/20 |
|
540,000 |
|
569,700 |
(a)(d) | |
Georgia Gulf Corp., Senior Secured Notes |
|
9.000% |
|
1/15/17 |
|
340,000 |
|
353,600 |
(a)(d) | |
Ineos Finance PLC, Senior Secured Notes |
|
9.000% |
|
5/15/15 |
|
310,000 |
|
313,875 |
(a) | |
Kerling PLC, Senior Secured Notes |
|
10.625% |
|
1/28/17 |
|
268,000 |
EUR |
315,097 |
(a) | |
Lyondell Chemical Co., Senior Secured Notes |
|
8.000% |
|
11/1/17 |
|
122,310 |
EUR |
175,852 |
| |
Lyondell Chemical Co., Senior Secured Notes |
|
8.000% |
|
11/1/17 |
|
124,000 |
|
135,160 |
(d) | |
Solutia Inc., Senior Notes |
|
8.750% |
|
11/1/17 |
|
5,000 |
|
5,425 |
(d) | |
Solutia Inc., Senior Notes |
|
7.875% |
|
3/15/20 |
|
310,000 |
|
331,700 |
(d) | |
Styrolution GmbH, Senior Secured Notes |
|
7.625% |
|
5/15/16 |
|
500,000 |
EUR |
453,499 |
(a) | |
Total Chemicals |
|
|
|
|
|
|
|
2,653,908 |
| |
Containers & Packaging 2.1% |
|
|
|
|
|
|
|
|
| |
Ardagh Packaging Finance PLC, Senior Notes |
|
9.250% |
|
10/15/20 |
|
1,000,000 |
EUR |
1,187,495 |
(a) | |
Berry Plastics Corp., Secured Notes |
|
9.750% |
|
1/15/21 |
|
350,000 |
|
336,000 |
(d) | |
Longview Fibre Paper & Packaging Inc., Senior Secured Notes |
|
8.000% |
|
6/1/16 |
|
280,000 |
|
282,800 |
(a) | |
Pretium Packaging LLC/Pretium Finance Inc., Senior Secured Notes |
|
11.500% |
|
4/1/16 |
|
510,000 |
|
507,450 |
(a)(d) | |
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Senior Notes |
|
9.250% |
|
5/15/18 |
|
290,000 |
|
265,350 |
(a) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Containers & Packaging continued |
|
|
|
|
|
|
|
|
| |
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Senior Notes |
|
9.875% |
|
8/15/19 |
|
120,000 |
|
$ |
110,400 |
(a) |
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Senior Notes |
|
8.250% |
|
2/15/21 |
|
270,000 |
|
230,850 |
(a) | |
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, Senior Secured Notes |
|
6.875% |
|
2/15/21 |
|
200,000 |
|
192,000 |
(a) | |
Rock-Tenn Co., Senior Notes |
|
9.250% |
|
3/15/16 |
|
200,000 |
|
213,000 |
(d) | |
Suzano Trading Ltd., Senior Notes |
|
5.875% |
|
1/23/21 |
|
500,000 |
|
455,000 |
(a) | |
Viskase Cos. Inc., Senior Secured Notes |
|
9.875% |
|
1/15/18 |
|
610,000 |
|
611,525 |
(a)(d) | |
Total Containers & Packaging |
|
|
|
|
|
|
|
4,391,870 |
| |
Metals & Mining 5.2% |
|
|
|
|
|
|
|
|
| |
China Oriental Group Co. Ltd. |
|
7.000% |
|
11/17/17 |
|
490,000 |
|
374,850 |
(a) | |
Corporacion Nacional del Cobre de Chile, Senior Notes |
|
3.875% |
|
11/3/21 |
|
490,000 |
|
489,844 |
(a) | |
CSN Resources SA, Senior Bonds |
|
6.500% |
|
7/21/20 |
|
270,000 |
|
284,175 |
(a)(d) | |
CSN Resources SA, Senior Bonds |
|
6.500% |
|
7/21/20 |
|
250,000 |
|
263,125 |
(a)(d) | |
Evraz Group SA, Notes |
|
8.250% |
|
11/10/15 |
|
130,000 |
|
132,925 |
(a) | |
Evraz Group SA, Notes |
|
6.750% |
|
4/27/18 |
|
1,310,000 |
|
1,182,275 |
(a)(d) | |
Evraz Group SA, Senior Notes |
|
9.500% |
|
4/24/18 |
|
540,000 |
|
560,925 |
(a) | |
FMG Resources (August 2006) Pty Ltd., Senior Notes |
|
7.000% |
|
11/1/15 |
|
80,000 |
|
77,800 |
(a) | |
FMG Resources (August 2006) Pty Ltd., Senior Notes |
|
8.250% |
|
11/1/19 |
|
620,000 |
|
611,475 |
(a) | |
Midwest Vanadium Pty Ltd., Senior Secured Notes |
|
11.500% |
|
2/15/18 |
|
840,000 |
|
609,000 |
(a)(d) | |
Mirabela Nickel Ltd., Senior Notes |
|
8.750% |
|
4/15/18 |
|
300,000 |
|
268,500 |
(a) | |
New World Resources NV, Senior Bonds |
|
7.375% |
|
5/15/15 |
|
330,000 |
EUR |
407,947 |
(a) | |
Novelis Inc., Senior Notes |
|
8.750% |
|
12/15/20 |
|
510,000 |
|
540,600 |
(d) | |
Optima Specialty Steel Inc., Senior Secured Notes |
|
12.500% |
|
12/15/16 |
|
260,000 |
|
249,600 |
(a) | |
Rio Tinto Finance USA Ltd., Senior Notes |
|
9.000% |
|
5/1/19 |
|
260,000 |
|
350,241 |
(d) | |
Ryerson Holding Corp., Senior Secured Notes |
|
0.000% |
|
2/1/15 |
|
810,000 |
|
352,350 |
(d) | |
Southern Copper Corp., Senior Notes |
|
5.375% |
|
4/16/20 |
|
200,000 |
|
206,788 |
(d) | |
Southern Copper Corp., Senior Notes |
|
6.750% |
|
4/16/40 |
|
230,000 |
|
232,506 |
(d) | |
Tempel Steel Co., Senior Secured Notes |
|
12.000% |
|
8/15/16 |
|
210,000 |
|
198,450 |
(a)(d) | |
Vale Overseas Ltd., Notes |
|
8.250% |
|
1/17/34 |
|
460,000 |
|
581,002 |
(d) | |
Vale Overseas Ltd., Notes |
|
6.875% |
|
11/21/36 |
|
1,757,000 |
|
1,929,084 |
(d) | |
Vedanta Resources PLC, Senior Notes |
|
8.750% |
|
1/15/14 |
|
920,000 |
|
892,400 |
(a)(d) | |
Vedanta Resources PLC, Senior Notes |
|
6.750% |
|
6/7/16 |
|
450,000 |
|
384,750 |
(a) | |
Vedanta Resources PLC, Senior Notes |
|
9.500% |
|
7/18/18 |
|
100,000 |
|
90,000 |
(a) | |
Total Metals & Mining |
|
|
|
|
|
|
|
11,270,612 |
| |
Paper & Forest Products 1.1% |
|
|
|
|
|
|
|
|
| |
Appleton Papers Inc., Senior Secured Notes |
|
11.250% |
|
12/15/15 |
|
407,000 |
|
368,335 |
(d) | |
Celulosa Arauco y Constitucion SA, Senior Notes |
|
7.250% |
|
7/29/19 |
|
222,000 |
|
261,922 |
(d) | |
China Forestry Holdings Co., Ltd., Senior Secured Bonds |
|
10.250% |
|
11/17/15 |
|
366,000 |
|
236,070 |
(a)(g) | |
Empresas CMPC SA, Notes |
|
4.750% |
|
1/19/18 |
|
250,000 |
|
259,904 |
(a) | |
Fibria Overseas Finance Ltd., Senior Notes |
|
7.500% |
|
5/4/20 |
|
240,000 |
|
236,400 |
(a) | |
Fibria Overseas Finance Ltd., Senior Notes |
|
6.750% |
|
3/3/21 |
|
250,000 |
|
235,625 |
(a)(d) | |
PE Paper Escrow GmbH, Senior Secured Notes |
|
12.000% |
|
8/1/14 |
|
150,000 |
|
160,500 |
(a)(d) | |
Verso Paper Holdings LLC, Senior Subordinated Notes |
|
11.375% |
|
8/1/16 |
|
480,000 |
|
290,400 |
| |
Verso Paper Holdings LLC/Verso Paper Inc., Senior Secured Notes |
|
8.750% |
|
2/1/19 |
|
520,000 |
|
340,600 |
| |
Total Paper & Forest Products |
|
|
|
|
|
|
|
2,389,756 |
| |
TOTAL MATERIALS |
|
|
|
|
|
|
|
20,706,146 |
| |
TELECOMMUNICATION SERVICES 6.8% |
|
|
|
|
|
|
|
|
| |
Diversified Telecommunication Services 4.4% |
|
|
|
|
|
|
|
|
| |
Axtel SAB de CV, Senior Notes |
|
7.625% |
|
2/1/17 |
|
1,363,000 |
|
1,029,065 |
(a)(d) | |
Axtel SAB de CV, Senior Notes |
|
7.625% |
|
2/1/17 |
|
730,000 |
|
551,150 |
(a)(d) | |
Axtel SAB de CV, Senior Notes |
|
9.000% |
|
9/22/19 |
|
356,000 |
|
268,780 |
(a) | |
Cincinnati Bell Telephone Co., Senior Debentures |
|
6.300% |
|
12/1/28 |
|
50,000 |
|
37,750 |
(d) | |
Cogent Communications Group Inc., Senior Secured Notes |
|
8.375% |
|
2/15/18 |
|
380,000 |
|
388,550 |
(a)(d) | |
Inmarsat Finance PLC, Senior Notes |
|
7.375% |
|
12/1/17 |
|
580,000 |
|
595,950 |
(a)(d) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Diversified Telecommunication Services continued |
|
|
|
|
|
|
| |||
Intelsat Jackson Holdings Ltd., Senior Notes |
|
11.250% |
|
6/15/16 |
|
150,000 |
|
$ |
156,375 |
(d) |
Intelsat Jackson Holdings Ltd., Senior Notes |
|
8.500% |
|
11/1/19 |
|
150,000 |
|
153,375 |
| |
Intelsat Jackson Holdings SA, Senior Notes |
|
7.250% |
|
10/15/20 |
|
450,000 |
|
429,750 |
(a) | |
Intelsat Luxembourg SA, Senior Notes |
|
11.250% |
|
2/4/17 |
|
200,000 |
|
184,500 |
| |
Level 3 Financing Inc., Senior Notes |
|
9.250% |
|
11/1/14 |
|
345,000 |
|
353,194 |
(d) | |
Primus Telecommunications Holding Inc., Senior Notes |
|
10.000% |
|
4/15/17 |
|
55,946 |
|
54,268 |
(a) | |
Qtel International Finance Ltd., Senior Notes |
|
4.750% |
|
2/16/21 |
|
220,000 |
|
220,000 |
(a) | |
Satmex Escrow SA de CV, Secured Senior Notes |
|
9.500% |
|
5/15/17 |
|
250,000 |
|
255,000 |
| |
Sunrise Communications Holdings SA, Senior Secured Notes |
|
8.500% |
|
12/31/18 |
|
156,000 |
EUR |
205,425 |
(a) | |
Sunrise Communications International SA, Senior Secured Notes |
|
7.000% |
|
12/31/17 |
|
132,000 |
EUR |
181,802 |
(a) | |
Telemar Norte Leste SA, Senior Notes |
|
5.500% |
|
10/23/20 |
|
380,000 |
|
374,300 |
(a) | |
TW Telecom Holdings Inc., Senior Notes |
|
8.000% |
|
3/1/18 |
|
380,000 |
|
400,900 |
(d) | |
UBS Luxembourg SA for OJSC Vimpel Communications, Loan Participation Notes |
|
8.250% |
|
5/23/16 |
|
480,000 |
|
481,200 |
(a) | |
Vimpel Communications, Loan Participation Notes |
|
8.375% |
|
4/30/13 |
|
520,000 |
|
546,000 |
(a) | |
Vimpel Communications, Notes |
|
6.493% |
|
2/2/16 |
|
250,000 |
|
236,875 |
(a) | |
VIP Finance Ireland Ltd. for OJSC Vimpel Communications, Loan Participation Notes, Secured Notes |
|
8.375% |
|
4/30/13 |
|
248,000 |
|
260,400 |
(a)(d) | |
West Corp., Senior Notes |
|
8.625% |
|
10/1/18 |
|
370,000 |
|
370,925 |
| |
West Corp., Senior Notes |
|
7.875% |
|
1/15/19 |
|
470,000 |
|
472,350 |
| |
West Corp., Senior Subordinated Notes |
|
11.000% |
|
10/15/16 |
|
290,000 |
|
307,037 |
(d) | |
Wind Acquisition Finance SA, Senior Notes |
|
11.750% |
|
7/15/17 |
|
200,000 |
|
173,500 |
(a)(d) | |
Wind Acquisition Finance SA, Senior Secured Notes |
|
7.250% |
|
2/15/18 |
|
200,000 |
|
175,000 |
(a) | |
Wind Acquisition Holdings Finance SpA, Senior Notes |
|
12.250% |
|
7/15/17 |
|
301,168 |
|
219,470 |
(a)(e) | |
Windstream Corp., Senior Notes |
|
7.500% |
|
6/1/22 |
|
340,000 |
|
325,550 |
(a) | |
Windstream Corp., Senior Notes |
|
7.500% |
|
4/1/23 |
|
270,000 |
|
255,150 |
| |
Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
9,663,591 |
| |
Wireless Telecommunication Services 2.4% |
|
|
|
|
|
|
|
|
| |
America Movil SAB de CV, Senior Notes |
|
5.625% |
|
11/15/17 |
|
340,000 |
|
388,609 |
(d) | |
Indosat Palapa Co. BV, Senior Notes |
|
7.375% |
|
7/29/20 |
|
540,000 |
|
585,900 |
(a)(d) | |
MetroPCS Wireless Inc., Senior Notes |
|
7.875% |
|
9/1/18 |
|
290,000 |
|
281,300 |
| |
MetroPCS Wireless Inc., Senior Notes |
|
6.625% |
|
11/15/20 |
|
450,000 |
|
393,750 |
| |
Phones4u Finance PLC, Senior Secured Notes |
|
9.500% |
|
4/1/18 |
|
490,000 |
GBP |
603,478 |
(a) | |
Phones4u Finance PLC, Senior Secured Notes |
|
9.500% |
|
4/1/18 |
|
100,000 |
GBP |
123,159 |
(a) | |
Sprint Capital Corp., Senior Notes |
|
8.750% |
|
3/15/32 |
|
2,115,000 |
|
1,654,987 |
(d) | |
Sprint Nextel Corp., Senior Notes |
|
9.000% |
|
11/15/18 |
|
470,000 |
|
474,700 |
(a) | |
Syniverse Holdings Inc., Senior Notes |
|
9.125% |
|
1/15/19 |
|
425,000 |
|
437,750 |
(d) | |
VimpelCom Holdings BV, Senior Notes |
|
7.504% |
|
3/1/22 |
|
200,000 |
|
174,750 |
(a) | |
Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
5,118,383 |
| |
TOTAL TELECOMMUNICATION SERVICES |
|
|
|
|
|
|
|
14,781,974 |
| |
UTILITIES 4.7% |
|
|
|
|
|
|
|
|
| |
Electric Utilities 1.3% |
|
|
|
|
|
|
|
|
| |
AES Red Oak LLC, Secured Notes |
|
9.200% |
|
11/30/29 |
|
660,000 |
|
673,200 |
(d) | |
Astoria Depositor Corp., Pass-Through Certificates |
|
8.144% |
|
5/1/21 |
|
420,000 |
|
369,600 |
(a) | |
EEB International Ltd., Senior Bonds |
|
8.750% |
|
10/31/14 |
|
420,000 |
|
439,446 |
(a)(d) | |
Majapahit Holding BV, Senior Notes |
|
7.750% |
|
1/20/20 |
|
280,000 |
|
322,000 |
(a)(d) | |
Midwest Generation LLC, Pass-Through Certificates |
|
8.560% |
|
1/2/16 |
|
62,138 |
|
62,294 |
| |
Reliant Energy Mid-Atlantic Power Holdings LLC, Senior Notes |
|
9.681% |
|
7/2/26 |
|
800,000 |
|
784,000 |
(d) | |
Texas Competitive Electric Holdings Co. LLC/TCEH Finance Inc., Senior Secured Notes |
|
11.500% |
|
10/1/20 |
|
350,000 |
|
292,250 |
(a) | |
Total Electric Utilities |
|
|
|
|
|
|
|
2,942,790 |
| |
Gas Utilities 0.2% |
|
|
|
|
|
|
|
|
| |
Southern Natural Gas Co., Senior Notes |
|
8.000% |
|
3/1/32 |
|
70,000 |
|
87,172 |
(d) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Gas Utilities continued |
|
|
|
|
|
|
|
|
| |
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes |
|
7.375% |
|
3/15/20 |
|
330,000 |
|
$ |
342,375 |
(d) |
Total Gas Utilities |
|
|
|
|
|
|
|
429,547 |
| |
Independent Power Producers & Energy Traders 3.1% |
|
|
|
|
|
|
| |||
AES Corp., Senior Notes |
|
9.750% |
|
4/15/16 |
|
500,000 |
|
567,500 |
(d) | |
AES Gener SA, Notes |
|
5.250% |
|
8/15/21 |
|
250,000 |
|
254,375 |
(a) | |
Atlantic Power Corp., Senior Notes |
|
9.000% |
|
11/15/18 |
|
270,000 |
|
267,975 |
(a) | |
Calpine Corp., Senior Secured Notes |
|
7.875% |
|
7/31/20 |
|
200,000 |
|
208,500 |
(a)(d) | |
Calpine Corp., Senior Secured Notes |
|
7.500% |
|
2/15/21 |
|
100,000 |
|
102,500 |
(a)(d) | |
Calpine Corp., Senior Secured Notes |
|
7.875% |
|
1/15/23 |
|
620,000 |
|
643,250 |
(a)(d) | |
Colbun SA, Senior Notes |
|
6.000% |
|
1/21/20 |
|
390,000 |
|
407,932 |
(a)(d) | |
Dynegy Inc., Bonds |
|
7.670% |
|
11/8/16 |
|
280,000 |
|
169,400 |
(b)(d) | |
Edison Mission Energy, Senior Notes |
|
7.625% |
|
5/15/27 |
|
200,000 |
|
117,000 |
(d) | |
Energy Future Holdings Corp., Senior Notes |
|
10.875% |
|
11/1/17 |
|
1,351,000 |
|
1,090,933 |
(d) | |
Energy Future Holdings Corp., Senior Notes |
|
11.250% |
|
11/1/17 |
|
583,539 |
|
475,648 |
(d)(e) | |
First Wind Holdings Inc., Senior Secured Notes |
|
10.250% |
|
6/1/18 |
|
270,000 |
|
257,850 |
(a) | |
Foresight Energy LLC/Foresight Energy Corp., Senior Notes |
|
9.625% |
|
8/15/17 |
|
810,000 |
|
810,000 |
(a)(d) | |
Mirant Americas Generation LLC, Senior Notes |
|
9.125% |
|
5/1/31 |
|
1,430,000 |
|
1,279,850 |
(d) | |
Total Independent Power Producers & Energy Traders |
|
|
|
|
|
6,652,713 |
| |||
Multi-Utilities 0.1% |
|
|
|
|
|
|
|
|
| |
Empresas Publicas de Medellin ESP, Senior Notes |
|
7.625% |
|
7/29/19 |
|
200,000 |
|
234,720 |
(a)(d) | |
TOTAL UTILITIES |
|
|
|
|
|
|
|
10,259,770 |
| |
TOTAL CORPORATE BONDS & NOTES (Cost $144,509,106) |
|
|
|
|
|
140,256,789 |
| |||
COLLATERALIZED SENIOR LOANS 1.6% |
|
|
|
|
|
|
|
|
| |
CONSUMER DISCRETIONARY 0.7% |
|
|
|
|
|
|
|
|
| |
Diversified Consumer Services 0.5% |
|
|
|
|
|
|
|
|
| |
Realogy Corp., Term Loan |
|
13.500% |
|
10/15/17 |
|
1,000,000 |
|
983,750 |
(l) | |
Hotels, Restaurants & Leisure 0.1% |
|
|
|
|
|
|
|
|
| |
El Pollo Loco Inc., First Lien Term Loan |
|
9.250% |
|
7/14/17 |
|
299,250 |
|
269,325 |
(l) | |
Specialty Retail 0.1% |
|
|
|
|
|
|
|
|
| |
BCBG Maxazria International, Term Loan B |
|
9.870% |
|
5/19/15 |
|
329,175 |
|
307,161 |
(l) | |
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
1,560,236 |
| |
INDUSTRIALS 0.1% |
|
|
|
|
|
|
|
|
| |
Marine 0.1% |
|
|
|
|
|
|
|
|
| |
Trico Shipping AS, Term Loan A |
|
10.000% |
|
5/12/14 |
|
97,612 |
|
98,099 |
(g)(l) | |
Trico Shipping AS, Term Loan B |
|
|
|
5/12/14 |
|
97,612 |
|
98,100 |
(g)(l)(m) | |
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
196,199 |
| |
INFORMATION TECHNOLOGY 0.1% |
|
|
|
|
|
|
|
|
| |
IT Services 0.1% |
|
|
|
|
|
|
|
|
| |
SRA International Inc., Term Loan B |
|
6.500% |
|
7/20/18 |
|
245,714 |
|
230,562 |
(l) | |
MATERIALS 0.2% |
|
|
|
|
|
|
|
|
| |
Chemicals 0.2% |
|
|
|
|
|
|
|
|
| |
Kerling PLC, Term Loan |
|
10.000% |
|
6/30/16 |
|
300,000 |
EUR |
352,721 |
(l) | |
TELECOMMUNICATION SERVICES 0.4% |
|
|
|
|
|
|
|
|
| |
Wireless Telecommunication Services 0.4% |
|
|
|
|
|
|
|
|
| |
Vodafone Americas Finance 2 Inc., Term Loan A |
|
6.875% |
|
8/11/15 |
|
802,711 |
|
802,711 |
(l) | |
UTILITIES 0.1% |
|
|
|
|
|
|
|
|
| |
Electric Utilities 0.1% |
|
|
|
|
|
|
|
|
| |
Texas Competitive Electric Holdings Co. LLC, Term Loan |
|
4.748% |
|
10/10/17 |
|
323,528 |
|
212,518 |
(l) | |
TOTAL COLLATERALIZED SENIOR LOANS (Cost $3,528,020) |
|
|
|
|
3,354,947 |
| ||||
CONVERTIBLE BONDS & NOTES 0.4% |
|
|
|
|
|
|
|
|
| |
CONSUMER DISCRETIONARY 0.2% |
|
|
|
|
|
|
|
|
| |
Diversified Consumer Services 0.2% |
|
|
|
|
|
|
|
|
| |
Realogy Corp., Senior Subordinated Bonds |
|
11.000% |
|
4/15/18 |
|
770,000 |
|
454,300 |
(a)(d) | |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
INDUSTRIALS 0.2% |
|
|
|
|
|
|
|
|
| |
Marine 0.2% |
|
|
|
|
|
|
|
|
| |
Horizon Lines Inc., Secured Senior Notes |
|
6.000% |
|
4/15/17 |
|
370,909 |
|
$ |
320,836 |
(h) |
Horizon Lines Inc., Secured Senior Notes |
|
6.000% |
|
4/15/17 |
|
206,060 |
|
83,455 |
(h) | |
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
404,291 |
| |
MATERIALS 0.0% |
|
|
|
|
|
|
|
|
| |
Chemicals 0.0% |
|
|
|
|
|
|
|
|
| |
Hercules Inc. |
|
6.500% |
|
6/30/29 |
|
100,000 |
|
79,500 |
| |
TOTAL CONVERTIBLE BONDS & NOTES (Cost $1,131,028) |
|
|
|
|
938,091 |
| ||||
SOVEREIGN BONDS 29.8% |
|
|
|
|
|
|
|
|
| |
Argentina 2.7% |
|
|
|
|
|
|
|
|
| |
Republic of Argentina, Discount Notes |
|
8.280% |
|
12/31/33 |
|
1,383,142 |
|
1,009,694 |
(j) | |
Republic of Argentina, GDP Linked Securities, Senior Bonds |
|
0.000% |
|
12/15/35 |
|
5,670,000 |
|
881,685 |
(f)(n) | |
Republic of Argentina, Senior Bonds |
|
7.000% |
|
9/12/13 |
|
3,321,000 |
|
3,220,091 |
| |
Republic of Argentina, Senior Bonds |
|
7.000% |
|
10/3/15 |
|
485,000 |
|
422,926 |
| |
Republic of Argentina, Senior Notes |
|
8.750% |
|
6/2/17 |
|
450,000 |
|
400,500 |
| |
Total Argentina |
|
|
|
|
|
|
|
5,934,896 |
| |
Brazil 4.2% |
|
|
|
|
|
|
|
|
| |
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/14 |
|
665,000 |
BRL |
367,025 |
| |
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/17 |
|
7,614,000 |
BRL |
4,059,767 |
| |
Federative Republic of Brazil |
|
7.125% |
|
1/20/37 |
|
427,550 |
|
573,986 |
| |
Federative Republic of Brazil, Collective Action Securities |
|
8.000% |
|
1/15/18 |
|
2,620,222 |
|
3,059,109 |
(j) | |
Federative Republic of Brazil, Collective Action Securities |
|
8.750% |
|
2/4/25 |
|
685,000 |
|
1,013,800 |
| |
Total Brazil |
|
|
|
|
|
|
|
9,073,687 |
| |
Chile 0.7% |
|
|
|
|
|
|
|
|
| |
Banco del Estado de Chile, Senior Notes |
|
4.125% |
|
10/7/20 |
|
260,000 |
|
265,850 |
(a) | |
Corporacion Nacional del Cobre de Chile, Senior Notes |
|
3.750% |
|
11/4/20 |
|
250,000 |
|
251,244 |
(a)(d) | |
Republic of Chile, Senior Notes |
|
3.875% |
|
8/5/20 |
|
412,000 |
|
439,810 |
| |
Republic of Chile, Senior Notes |
|
5.500% |
|
8/5/20 |
|
273,500,000 |
CLP |
555,592 |
| |
Total Chile |
|
|
|
|
|
|
|
1,512,496 |
| |
Colombia 1.6% |
|
|
|
|
|
|
|
|
| |
Republic of Colombia |
|
7.375% |
|
9/18/37 |
|
2,150,000 |
|
2,934,750 |
(d)(j) | |
Republic of Colombia, Senior Bonds |
|
6.125% |
|
1/18/41 |
|
180,000 |
|
214,650 |
| |
Republic of Colombia, Senior Notes |
|
7.375% |
|
3/18/19 |
|
255,000 |
|
320,663 |
| |
Total Colombia |
|
|
|
|
|
|
|
3,470,063 |
| |
India 0.1% |
|
|
|
|
|
|
|
|
| |
ICICI Bank Ltd., Junior Subordinated Bonds |
|
6.375% |
|
4/30/22 |
|
186,000 |
|
167,400 |
(a)(f) | |
ICICI Bank Ltd., Subordinated Bonds |
|
6.375% |
|
4/30/22 |
|
130,000 |
|
117,000 |
(a)(f) | |
Total India |
|
|
|
|
|
|
|
284,400 |
| |
Indonesia 2.0% |
|
|
|
|
|
|
|
|
| |
Republic of Indonesia, Senior Bonds |
|
6.875% |
|
1/17/18 |
|
100,000 |
|
117,250 |
(a) | |
Republic of Indonesia, Senior Bonds |
|
10.250% |
|
7/15/22 |
|
7,931,000,000 |
IDR |
1,091,624 |
| |
Republic of Indonesia, Senior Bonds |
|
11.000% |
|
9/15/25 |
|
4,954,000,000 |
IDR |
729,719 |
| |
Republic of Indonesia, Senior Bonds |
|
10.250% |
|
7/15/27 |
|
5,058,000,000 |
IDR |
698,770 |
| |
Republic of Indonesia, Senior Bonds |
|
6.625% |
|
2/17/37 |
|
775,000 |
|
937,750 |
(a) | |
Republic of Indonesia, Senior Bonds |
|
9.750% |
|
5/15/37 |
|
5,998,000,000 |
IDR |
795,613 |
| |
Total Indonesia |
|
|
|
|
|
|
|
4,370,726 |
| |
Malaysia 0.8% |
|
|
|
|
|
|
|
|
| |
Government of Malaysia, Senior Bonds |
|
3.835% |
|
8/12/15 |
|
5,360,000 |
MYR |
1,721,547 |
| |
Government of Malaysia, Senior Bonds |
|
4.262% |
|
9/15/16 |
|
130,000 |
MYR |
42,547 |
| |
Total Malaysia |
|
|
|
|
|
|
|
1,764,094 |
| |
Mexico 1.9% |
|
|
|
|
|
|
|
|
| |
Mexican Bonos, Bonds |
|
8.000% |
|
6/11/20 |
|
42,129,500 |
MXN |
3,488,057 |
| |
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Mexico continued |
|
|
|
|
|
|
|
|
| |
United Mexican States, Bonds |
|
10.000% |
|
12/5/24 |
|
4,800,000 |
MXN |
$ |
459,553 |
|
United Mexican States, Medium-Term Notes |
|
5.625% |
|
1/15/17 |
|
160,000 |
|
181,840 |
| |
Total Mexico |
|
|
|
|
|
|
|
4,129,450 |
| |
Panama 1.0% |
|
|
|
|
|
|
|
|
| |
Republic of Panama |
|
7.250% |
|
3/15/15 |
|
1,807,000 |
|
2,094,313 |
(d) | |
Peru 1.8% |
|
|
|
|
|
|
|
|
| |
Republic of Peru |
|
8.750% |
|
11/21/33 |
|
490,000 |
|
723,975 |
| |
Republic of Peru, Bonds |
|
7.840% |
|
8/12/20 |
|
3,093,000 |
PEN |
1,311,418 |
| |
Republic of Peru, Bonds |
|
6.550% |
|
3/14/37 |
|
151,000 |
|
184,975 |
| |
Republic of Peru, Global Senior Bonds |
|
7.350% |
|
7/21/25 |
|
1,200,000 |
|
1,560,000 |
(j) | |
Total Peru |
|
|
|
|
|
|
|
3,780,368 |
| |
Poland 1.9% |
|
|
|
|
|
|
|
|
| |
Republic of Poland, Bonds |
|
5.500% |
|
4/25/15 |
|
4,320,000 |
PLN |
1,305,116 |
| |
Republic of Poland, Senior Notes |
|
6.375% |
|
7/15/19 |
|
900,000 |
|
976,500 |
(d) | |
Republic of Poland, Senior Notes |
|
5.125% |
|
4/21/21 |
|
500,000 |
|
496,250 |
| |
Republic of Poland, Senior Notes |
|
5.000% |
|
3/23/22 |
|
1,270,000 |
|
1,236,663 |
| |
Total Poland |
|
|
|
|
|
|
|
4,014,529 |
| |
Russia 2.5% |
|
|
|
|
|
|
|
|
| |
RSHB Capital, Loan Participation Notes, Senior Secured Bonds |
|
6.299% |
|
5/15/17 |
|
756,000 |
|
763,560 |
(a)(d) | |
Russian Foreign Bond-Eurobond |
|
12.750% |
|
6/24/28 |
|
42,000 |
|
72,450 |
(a) | |
Russian Foreign Bond-Eurobond, Senior Bonds |
|
7.500% |
|
3/31/30 |
|
3,972,513 |
|
4,667,702 |
(a)(j) | |
Total Russia |
|
|
|
|
|
|
|
5,503,712 |
| |
Sri Lanka 0.2% |
|
|
|
|
|
|
|
|
| |
Sri Lanka Government International Bond, Senior Notes |
|
6.250% |
|
7/27/21 |
|
390,000 |
|
394,463 |
(a) | |
Turkey 4.1% |
|
|
|
|
|
|
|
|
| |
Republic of Turkey, Notes |
|
6.750% |
|
5/30/40 |
|
1,545,000 |
|
1,633,838 |
| |
Republic of Turkey, Senior Bonds |
|
11.875% |
|
1/15/30 |
|
575,000 |
|
954,500 |
(j) | |
Republic of Turkey, Senior Notes |
|
6.875% |
|
3/17/36 |
|
5,836,000 |
|
6,259,110 |
(d)(j) | |
Total Turkey |
|
|
|
|
|
|
|
8,847,448 |
| |
Venezuela 4.3% |
|
|
|
|
|
|
|
|
| |
Bolivarian Republic of Venezuela |
|
5.750% |
|
2/26/16 |
|
5,296,000 |
|
4,064,680 |
(a) | |
Bolivarian Republic of Venezuela |
|
7.650% |
|
4/21/25 |
|
233,000 |
|
143,295 |
| |
Bolivarian Republic of Venezuela, Collective Action Securities, Global Senior Bonds |
|
9.375% |
|
1/13/34 |
|
1,982,000 |
|
1,318,030 |
| |
Bolivarian Republic of Venezuela, Collective Action Securities, Notes |
|
10.750% |
|
9/19/13 |
|
391,000 |
|
393,932 |
| |
Bolivarian Republic of Venezuela, Global Senior Bonds |
|
8.500% |
|
10/8/14 |
|
3,733,000 |
|
3,453,025 |
| |
Total Venezuela |
|
|
|
|
|
|
|
9,372,962 |
| |
TOTAL SOVEREIGN BONDS (Cost $62,874,353) |
|
|
|
|
64,547,607 |
| ||||
|
|
|
|
|
|
SHARES |
|
|
|
COMMON STOCKS 2.1% |
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 1.5% |
|
|
|
|
|
|
|
|
|
Automobiles 0.0% |
|
|
|
|
|
|
|
|
|
General Motors Co. |
|
|
|
|
|
264 |
|
5,621 |
* |
Media 1.5% |
|
|
|
|
|
|
|
|
|
Charter Communications Inc., Class A Shares |
|
|
|
|
|
62,292 |
|
3,293,378 |
* |
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
3,298,999 |
|
ENERGY 0.3% |
|
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.3% |
|
|
|
|
|
|
|
|
|
KCAD Holdings I Ltd. |
|
|
|
|
|
66,487,354 |
|
670,059 |
*(g)(h) |
Oil, Gas & Consumable Fuels 0.0% |
|
|
|
|
|
|
|
|
|
SemGroup Corp., Class A Shares |
|
|
|
|
|
892 |
|
25,110 |
* |
TOTAL ENERGY |
|
|
|
|
|
|
|
695,169 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
SECURITY |
|
|
|
|
|
SHARES |
|
VALUE |
| |
INDUSTRIALS 0.3% |
|
|
|
|
|
|
|
|
| |
Building Products 0.1% |
|
|
|
|
|
|
|
|
| |
Ashton Woods USA LLC, Class B Membership |
|
|
|
|
|
54 |
|
$ |
45,360 |
(g)(h) |
Nortek Inc. |
|
|
|
|
|
696 |
|
15,312 |
* | |
Total Building Products |
|
|
|
|
|
|
|
60,672 |
| |
Marine 0.2% |
|
|
|
|
|
|
|
|
| |
DeepOcean Group Holding AS |
|
|
|
|
|
26,137 |
|
457,398 |
*(h) | |
Horizon Lines Inc., Class A |
|
|
|
|
|
103,030 |
|
24,727 |
* | |
Total Marine |
|
|
|
|
|
|
|
482,125 |
| |
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
542,797 |
| |
TOTAL COMMON STOCKS (Cost $2,644,212) |
|
|
|
|
|
4,536,965 |
| |||
|
|
RATE |
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS 0.8% |
|
|
|
|
|
|
|
|
|
FINANCIALS 0.8% |
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.8% |
|
|
|
|
|
|
|
|
|
Citigroup Inc. (Cost - $2,405,380) |
|
7.500% |
|
|
|
20,300 |
|
1,710,275 |
|
PREFERRED STOCKS 0.4% |
|
|
|
|
|
|
|
|
|
FINANCIALS 0.4% |
|
|
|
|
|
|
|
|
|
Consumer Finance 0.4% |
|
|
|
|
|
|
|
|
|
GMAC Capital Trust I |
|
8.125% |
|
|
|
40,749 |
|
774,231 |
(f) |
Thrifts & Mortgage Finance 0.0% |
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association (FNMA) |
|
8.250% |
|
|
|
4,925 |
|
9,604 |
*(f) |
TOTAL FINANCIALS |
|
|
|
|
|
|
|
783,835 |
|
INDUSTRIALS 0.0% |
|
|
|
|
|
|
|
|
|
Road & Rail 0.0% |
|
|
|
|
|
|
|
|
|
Jack Cooper Holdings Corp. |
|
20.00% |
|
|
|
1,017 |
|
101,700 |
(a)(h) |
TOTAL PREFERRED STOCKS (Cost $1,213,025) |
|
|
|
885,535 |
|
|
|
|
|
EXPIRATION |
|
NOTIONAL |
|
|
|
PURCHASED OPTIONS 0.0% |
|
|
|
|
|
|
|
|
|
Credit default swaption with BNP Paribas to buy protection on Markit CDX.NA.HY.17 Index, Put @ $87.00 (Cost - $103,500) |
|
|
|
12/21/11 |
|
6,900,000 |
|
20,950 |
|
|
|
|
|
|
|
WARRANTS |
|
|
|
WARRANTS 0.2% |
|
|
|
|
|
|
|
|
|
Bolivarian Republic of Venezuela, Oil-linked payment obligations |
|
|
|
4/15/20 |
|
9,125 |
|
252,078 |
*(f) |
Buffets Restaurant Holdings |
|
|
|
4/28/14 |
|
498 |
|
5 |
*(g)(h) |
Charter Communications Inc. |
|
|
|
11/30/14 |
|
641 |
|
7,474 |
*(h) |
General Motors Co. |
|
|
|
7/10/16 |
|
5,867 |
|
74,218 |
* |
General Motors Co. |
|
|
|
7/10/19 |
|
5,867 |
|
51,278 |
* |
Jack Cooper Holdings Corp. |
|
|
|
12/15/17 |
|
496 |
|
31,000 |
*(h) |
Jack Cooper Holdings Corp. |
|
|
|
5/6/18 |
|
228 |
|
14,250 |
*(h) |
Nortek Inc. |
|
|
|
12/7/14 |
|
1,175 |
|
3,172 |
*(g)(h) |
SemGroup Corp. |
|
|
|
11/30/14 |
|
2,968 |
|
21,577 |
*(g) |
TOTAL WARRANTS (Cost $707,365) |
|
|
|
|
|
|
|
455,052 |
|
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost $219,115,989) |
|
216,706,211 |
|
|
|
RATE |
|
MATURITY |
|
FACE |
|
|
| |
SHORT-TERM INVESTMENTS 0.0% |
|
|
|
|
|
|
|
|
| |
U.S. Government Agencies 0.0% |
|
|
|
|
|
|
|
|
| |
Federal Home Loan Mortgage Corp. (FHLMC), Discount Notes (Cost - $74,991) |
|
0.100 - 0.120% |
|
1/10/12 |
|
75,000 |
|
74,991 |
(o) | |
TOTAL INVESTMENTS 100.0% (Cost $219,190,980#) |
|
|
|
216,781,202 |
| |||||
|
| |||||||||
|
Face amount denominated in U.S. dollars, unless otherwise noted. | |||||||||
* |
Non-income producing security. | |||||||||
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
(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, 2011. |
(c) |
The maturity principal is currently in default as of November 30, 2011. |
(d) |
All or a portion of this security is pledged as collateral pursuant to the loan agreement. |
(e) |
Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(f) |
Variable rate security. Interest rate disclosed is as of the most recent information available. |
(g) |
Illiquid security (unaudited). |
(h) |
Security is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1). |
(i) |
Value is less than $1. |
(j) |
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
(k) |
Security has no maturity date. The date shown represents the next call date. |
(l) |
Interest rates disclosed represent the effective rates on collateralized senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
(m) |
All or a portion of this loan is unfunded as of November 30, 2011. The interest rate for fully unfunded term loans is to be determined. |
(n) |
The securitys interest income payments are contingent upon the performance of Argentinas GDP. There are no principal payments over the life of the security or upon the expiration of the security. |
(o) |
Rate shown represents yield-to-maturity. |
# |
Aggregate cost for federal income tax purposes is substantially the same. |
|
Abbreviations used in this schedule: | |
|
BRL |
- Brazilian Real |
|
CLP |
- Chilean Peso |
|
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 |
|
|
|
SCHEDULE OF WRITTEN OPTIONS |
SECURITY |
|
EXPIRATION |
|
STRIKE |
|
NOTIONAL |
|
VALUE |
| ||
Credit default swaption with BNP Paribas to buy protection on Markit CDX.NA.HY.17 Index, Call |
|
12/21/11 |
|
$ |
91.50 |
|
6,900,000 |
|
$ |
124,418 |
|
Summary of Investments by Country ** |
|
|
|
United States |
|
37.7 |
% |
Brazil |
|
8.1 |
|
Mexico |
|
6.4 |
|
Russia |
|
4.8 |
|
Venezuela |
|
4.4 |
|
Turkey |
|
4.1 |
|
Argentina |
|
3.1 |
|
United Kingdom |
|
2.9 |
|
Indonesia |
|
2.8 |
|
Colombia |
|
2.5 |
|
Luxembourg |
|
2.4 |
|
Poland |
|
1.8 |
|
Peru |
|
1.7 |
|
Netherlands |
|
1.7 |
|
Malaysia |
|
1.6 |
|
Chile |
|
1.5 |
|
Panama |
|
1.1 |
|
See Notes to Schedule of Investments.
Schedule of investments (unaudited) (contd)
November 30, 2011
WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.
Cayman Islands |
|
1.1 |
|
Ireland |
|
1.0 |
|
India |
|
1.0 |
|
Australia |
|
0.9 |
|
Bermuda |
|
0.8 |
|
France |
|
0.8 |
|
Germany |
|
0.7 |
|
Kazakhstan |
|
0.7 |
|
Canada |
|
0.6 |
|
South Africa |
|
0.5 |
|
Qatar |
|
0.4 |
|
Norway |
|
0.4 |
|
Sweden |
|
0.3 |
|
United Arab Emirates |
|
0.3 |
|
Marshall Islands |
|
0.3 |
|
Mongolia |
|
0.3 |
|
Belgium |
|
0.2 |
|
Trinidad and Tobago |
|
0.2 |
|
Sri Lanka |
|
0.2 |
|
China |
|
0.2 |
|
Spain |
|
0.1 |
|
Singapore |
|
0.1 |
|
Italy |
|
0.1 |
|
Austria |
|
0.1 |
|
Japan |
|
0.1 |
|
Short-term investments |
|
0.0 |
|
|
|
100.0 |
% |
**As a percentage of total investments. Please note that Fund holdings are as of November 30, 2011 and are subject to change. |
|
See Notes to Schedule of Investments.
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 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. The valuations for fixed income securities and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of fair valuation techniques and methodologies. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investments fair value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). When reliable prices are not readily available, 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 as determined in accordance with procedures approved by the Funds Board of Directors.
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 Funds investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below.
· Level 1quoted prices in active markets for identical investments
· Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3significant unobservable inputs (including the Funds 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.
The following is a summary of the inputs used in valuing the Funds assets and liabilities carried at fair value:
ASSETS | |||||||||||||
|
|
|
|
|
|
|
|
|
| ||||
|
|
QUOTED |
|
OTHER |
|
SIGNIFICANT |
|
|
| ||||
DESCRIPTION |
|
(LEVEL 1) |
|
(LEVEL 2) |
|
(LEVEL 3) |
|
TOTAL |
| ||||
Long-term investments: |
|
|
|
|
|
|
|
|
| ||||
Corporate bonds & notes |
|
|
|
$ |
138,846,287 |
|
$ |
1,410,502 |
|
$ |
140,256,789 |
| |
Collateralized senior loans |
|
|
|
3,354,947 |
|
|
|
3,354,947 |
| ||||
Convertible bonds & notes |
|
|
|
533,800 |
|
404,291 |
|
938,091 |
| ||||
Sovereign bonds |
|
|
|
64,547,607 |
|
|
|
64,547,607 |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
| ||||
Consumer discretionary |
|
$ |
3,298,999 |
|
|
|
|
|
3,298,999 |
| |||
Energy |
|
25,110 |
|
|
|
670,059 |
|
695,169 |
| ||||
Industrials |
|
40,039 |
|
|
|
502,758 |
|
542,797 |
| ||||
Convertible preferred stocks |
|
1,710,275 |
|
|
|
|
|
1,710,275 |
| ||||
Preferred stocks |
|
783,835 |
|
|
|
101,700 |
|
885,535 |
| ||||
Purchased options |
|
|
|
20,950 |
|
|
|
20,950 |
| ||||
Warrants |
|
125,496 |
|
273,655 |
|
55,901 |
|
455,052 |
| ||||
Total long-term investments |
|
$ |
5,983,754 |
|
$ |
207,577,246 |
|
$ |
3,145,211 |
|
$ |
216,706,211 |
|
Short-term investments |
|
|
|
74,991 |
|
|
|
74,991 |
| ||||
Total investments |
|
$ |
5,983,754 |
|
$ |
207,652,237 |
|
$ |
3,145,211 |
|
$ |
216,781,202 |
|
Other financial instruments: |
|
|
|
|
|
|
|
|
| ||||
Forward foreign currency contracts |
|
|
|
$ |
592,197 |
|
|
|
$ |
592,197 |
| ||
Interest rate swaps |
|
|
|
3,001 |
|
|
|
3,001 |
| ||||
Total other financial instruments |
|
|
|
$ |
595,198 |
|
|
|
$ |
595,198 |
| ||
Total |
|
$ |
5,983,754 |
|
$ |
208,247,435 |
|
$ |
3,145,211 |
|
$ |
217,376,400 |
|
Notes to schedule of investments (unaudited) (continued)
LIABILITIES | |||||||||||
|
|
|
|
|
|
|
|
|
| ||
|
|
QUOTED |
|
OTHER |
|
SIGNIFICANT |
|
|
| ||
DESCRIPTION |
|
(LEVEL 1) |
|
(LEVEL 2) |
|
(LEVEL 3) |
|
TOTAL |
| ||
Written options |
|
|
|
$ |
124,418 |
|
|
|
$ |
124,418 |
|
See Schedule of Investments for additional detailed categorizations.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
PREFERRED STOCK |
|
COMMON STOCKS |
|
|
|
|
| |||||||||
|
|
CORPORATE |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
BONDS & |
|
CONVERTBLE |
|
|
|
|
|
|
|
|
| |||||||||
INVESTMENTS IN SECURITIES |
|
NOTES |
|
BONDS & NOTES |
|
INDUSTRIALS |
|
ENERGY |
|
INDUSTRIALS |
|
WARRANTS |
|
TOTAL |
| |||||||
Balance as of August 31, 2011 |
|
$ |
1,186,662 |
|
|
|
|
|
$ |
660,825 |
|
$ |
34,830 |
|
$ |
2,355 |
|
$ |
1,884,672 |
| ||
Accrued premiums/discounts |
|
2,026 |
|
$ |
1,553 |
|
|
|
|
|
|
|
|
|
3,579 |
| ||||||
Realized gain (loss) |
|
(4,194 |
) |
0 |
* |
|
|
|
|
|
|
|
|
(4,194 |
) | |||||||
Change in unrealized appreciation (depreciation)(1) |
|
(110,511 |
) |
$ |
(195,644 |
) |
$ |
12,468 |
|
1,171 |
|
10,530 |
|
822 |
|
(281,164 |
) | |||||
Purchases |
|
523,108 |
|
598,382 |
|
89,232 |
|
8,063 |
|
|
|
|
|
1,218,785 |
| |||||||
Sales |
|
(721,669 |
) |
|
|
|
|
|
|
|
|
|
|
(721,669 |
) | |||||||
Transfers into Level 3(2) |
|
535,080 |
|
|
|
|
|
|
|
457,398 |
|
52,724 |
|
1,045,202 |
| |||||||
Transfers out of Level 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance as of November 30, 2011 |
|
$ |
1,410,502 |
|
$ |
404,291 |
|
$ |
101,700 |
|
$ |
670,059 |
|
$ |
502,758 |
|
$ |
55,901 |
|
$ |
3,145,211 |
|
Net change in unrealized appreciation (depreciation) for investments in securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
still held at November 30, 2011(2) |
|
$ |
(136,869 |
) |
$ |
(195,644 |
) |
$ |
12,468 |
|
$ |
1,171 |
|
$ |
10,530 |
|
$ |
822 |
|
$ |
(307,522 |
) |
The Funds policy is to recognize transfers between levels as of the end of the reporting period.
* Value is less than $1.
(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.
(2) Transferred in to Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.
Notes to schedule of investments (unaudited) (continued)
(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 Funds holding period. When entering into repurchase agreements, it is the Funds policy that its custodian or a third party custodian, acting on the Funds 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 any 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 Funds 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 Funds 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 respect to reverse repurchase agreements or will take other actions permitted by law to cover its obligations.
(d) Futures contracts. The Fund may use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. 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 Funds 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 invests 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 Funds custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments.
Credit default swaps
The Fund may enter into credit default swap (CDS) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the
Notes to schedule of investments (unaudited) (continued)
right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuers default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.
Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of credit default swap agreements on corporate or sovereign issues are disclosed in the Notes to the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.
The Funds maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Funds exposure to the counterparty). As the protection seller, the Funds maximum risk is the notional amount of the contract. Credit default swaps are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.
Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.
Interest rate swaps
The Fund enters into interest rate swap contracts to manage its exposure to interest rate risk. 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 Funds 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 contracts 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 Funds exposure to the counterparty.
(g) Written Option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Funds basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Funds basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium
Notes to schedule of investments (unaudited) (continued)
received resulting in a realized gain or loss to the Fund.
The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(h) Swaptions. The Fund purchases and writes swaption contracts to manage exposure to an underlying instrument. The Fund may also purchase or write options to manage exposure to fluctuations in interest rates or to enhance yield. Swaption contracts written by the Fund represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date. Swaption contracts purchased by the Fund represent an option that gives the Fund the right, but not the obligation, to enter into a previously agreed upon swap contract at a future date.
When the Fund writes a swaption, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the swaption written. If the swaption expires, the Fund realizes a gain equal to the amount of the premium received.
When the Fund purchases a swaption, an amount equal to the premium paid by the Fund is recorded as an investment on the statement of assets and liabilities, the value of which is marked-to-market daily to reflect the current market value of the swaption purchased. If the swaption expires, the Fund realizes a loss equal to the amount of the premium paid.
Swaptions are marked-to-market daily based upon quotations from market makers.
(i) Forward foreign currency contracts. The Fund enters 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.
(j) 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.
(k) 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 Funds 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 Funds investment in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
(l) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions, where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as
Notes to schedule of investments (unaudited) (continued)
trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds investment manager attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment manager. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
The Fund has entered into master agreements with certain of its derivative counterparties that provide for general obligations, representations, agreements, collateral, events of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Funds net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
As of November 30, 2011, the Fund held written options with credit related contingent features which had a liability position of $124,418. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.
(m) Security transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At November 30, 2011, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation |
|
$ |
14,697,543 |
|
Gross unrealized depreciation |
|
(17,107,321 |
) | |
Net unrealized depreciation |
|
$ |
(2,409,778 |
) |
During the period ended November 30, 2011, written option transactions for the Fund were as follows:
|
|
Number of Contracts |
|
Premiums |
| |
Written options, outstanding as of August 31, 2011 |
|
66,660,000 |
|
$ |
1,006,530 |
|
Options written |
|
6,900,000 |
|
84,180 |
| |
Options expired |
|
(66,660,000 |
) |
(1,006,530 |
) | |
Written options, outstanding as of November 30, 2011 |
|
6,900,000 |
|
$ |
84,180 |
|
Transactions in reverse repurchase agreements for the Fund during the period ended November 30, 2011 were as follows:
Average |
|
Weighted |
|
Maximum |
|
$18,429,993 |
|
0.76% |
|
$20,269,400 |
|
* Averages based on the number of days that Fund had reverse repurchase agreements outstanding.
Interest rates on reverse repurchase agreements ranged from 0.10% to 0.85% during the period ended November 30, 2011. Interest expense incurred on reverse repurchase agreements totaled $34,733.
Notes to schedule of investments (unaudited) (continued)
At November 30, 2011, the Fund had the following open reverse repurchase agreements:
Counterparty |
|
Rate |
|
Effective Date |
|
Maturity Date |
|
Face Amount of Reverse |
| |
|
|
|
|
|
|
|
|
|
| |
Credit Suisse |
|
0.75 |
% |
3/15/2011 |
|
TBD* |
|
$ |
461,000 |
|
Credit Suisse |
|
0.75 |
% |
3/15/2011 |
|
TBD* |
|
3,595,867 |
| |
Credit Suisse |
|
0.85 |
% |
3/15/2011 |
|
TBD* |
|
1,257,960 |
| |
Credit Suisse |
|
0.65 |
% |
5/26/2011 |
|
TBD* |
|
1,397,640 |
| |
Credit Suisse |
|
0.85 |
% |
6/10/2011 |
|
TBD* |
|
2,124,600 |
| |
Credit Suisse |
|
0.75 |
% |
9/2/2011 |
|
TBD* |
|
2,728,982 |
| |
Credit Suisse |
|
0.75 |
% |
9/29/2011 |
|
TBD* |
|
4,341,661 |
| |
Credit Suisse |
|
0.85 |
% |
9/29/2011 |
|
TBD* |
|
751,812 |
| |
JPMorgan Chase Bank |
|
0.75 |
% |
11/3/2011 |
|
TBD* |
|
1,118,250 |
| |
|
|
|
|
|
|
|
|
$ |
17,777,772 |
|
* TBD To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements.
On November 30, 2011, the total market value of underlying collateral (refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements) for open reverse repurchase agreements was $21,321,524.
At November 30, 2011, the Fund had the following open forward foreign currency contracts:
FOREIGN CURRENCY |
|
COUNTERPARTY |
|
LOCAL |
|
MARKET |
|
SETTLEMENT |
|
UNREALIZED |
| ||
Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazilian Real |
|
JPMorgan Chase Bank |
|
2,038,000 |
|
$ |
1,123,712 |
|
12/15/11 |
|
$ |
35,230 |
|
Euro |
|
JPMorgan Chase Bank |
|
1,079,885 |
|
1,451,230 |
|
12/15/11 |
|
34,530 |
| ||
British Pound |
|
Citibank N.A. |
|
1,759,613 |
|
2,758,755 |
|
2/16/12 |
|
57,665 |
| ||
British Pound |
|
UBS AG |
|
596,646 |
|
935,433 |
|
2/16/12 |
|
18,577 |
| ||
Euro |
|
BNP Paribas SA |
|
1,607,030 |
|
2,160,969 |
|
2/16/12 |
|
49,906 |
| ||
Euro |
|
Citibank N.A. |
|
266,373 |
|
358,191 |
|
2/16/12 |
|
7,944 |
| ||
Euro |
|
Citibank N.A. |
|
2,005,654 |
|
2,696,998 |
|
2/16/12 |
|
76,371 |
| ||
Euro |
|
UBS AG |
|
8,563,049 |
|
11,514,709 |
|
2/16/12 |
|
311,974 |
| ||
Net unrealized gain on open forward foreign currency contracts |
|
|
|
$ |
592,197 |
|
At November 30, 2011, the Fund held the following interest rate swap contracts:
INTEREST RATE SWAPS
SWAP COUNTERPARTY |
|
NOTIONAL |
|
TERMINATION |
|
PAYMENTS |
|
PAYMENTS |
|
UPFRONT |
|
UNREALIZED |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Credit Suisse First Boston Inc. |
|
$ |
912,398 |
|
1/2/12 |
|
BRL-CDI |
|
10.510 |
% |
|
|
$ |
3,001 |
* |
Percentage shown is an annual percentage rate.
Based on the Overnight Brazilian Interbank Deposit Rate. As of November 30, 2011, the Brazilian CETIP Interbank Deposit (CDI) rate was 11.36%.
* Swap contract is valued in good faith in accordance with procedures approved by the Board of Directors (See Note 1).
3. Derivative instruments and hedging activities
Financial Accounting Standards Board Codification Topic 815 requires enhanced disclosure about an entitys derivative and hedging activities.
The following is a summary of the Funds derivative instruments categorized by risk exposure at November 30, 2011.
Notes to schedule of investments (unaudited) (continued)
|
|
|
|
Written |
|
Forward Foreign Currency |
|
Swap |
|
|
| |||||||
Primary Underlying |
|
Purchased |
|
Options, at |
|
Unrealized |
|
Unrealized |
|
Contracts, at |
|
Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Contracts |
|
$ |
20,950 |
|
$ |
(124,418 |
) |
|
|
|
|
|
|
$ |
(103,468 |
) | ||
Interest Rate Contracts |
|
|
|
|
|
|
|
|
|
$ |
3,001 |
|
3,001 |
| ||||
Foreign Exchange Contracts |
|
|
|
|
|
$ |
592,197 |
|
|
|
|
|
592,197 |
| ||||
Total |
|
$ |
20,950 |
|
$ |
(124,418 |
) |
$ |
592,197 |
|
|
|
$ |
3,001 |
|
$ |
491,730 |
|
During the period ended November 30, 2011, the volume of derivative activity for the Fund was as follows:
|
|
Average Market |
| |
Purchased options |
|
$ |
8,047 |
|
Written options |
|
52,733 |
| |
Futures contracts (to sell) |
|
5,790,340 |
| |
Forward foreign currency contracts (to buy) |
|
764,826 |
| |
Forward foreign currency contracts (to sell) |
|
23,376,506 |
| |
|
|
Average Notional |
| |
Interest rate swap contracts |
|
$ |
912,398 |
|
At November 30, 2011, there were no open positions held in this derivative.
4. Recent accounting pronouncement
In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU No. 2011-04). ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements. ASU No. 2011-04 is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact the adoption of ASU No. 2011-04 will have on the Funds financial statements and related disclosures.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants 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 25, 2012 |
|
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 25, 2012 |
| |
|
| |
|
| |
By |
/s/ Richard F. Sennett |
|
|
Richard F. Sennett |
|
|
Principal Financial Officer |
|
|
| |
Date: January 25, 2012 |
|
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: |
January 25, 2012 |
|
/s/ R. Jay Gerken |
|
|
R. Jay Gerken | |
|
|
Chief Executive Officer |
I, Richard F. Sennett, 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: |
January 25, 2012 |
|
/s/ Richard F. Sennett |
|
|
Richard F. Sennett | |
|
|
Principal Financial Officer |