N-Q 1 dnq.htm SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC. Salomon Brothers Global Partners Income Fund Inc.

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-7994

 

Salomon Brothers Global Partners Income Fund Inc.

(Exact name of registrant as specified in charter)

 

125 Broad Street, New York, NY 10004

(Address of principal executive offices) (Zip code)

 

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

300 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-725-6666

 

Date of fiscal year end: August 31

Date of reporting period: November 30, 2005

 



 

ITEM 1. SCHEDULE OF INVESTMENTS


 

SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

FORM NQ

NOVEMBER 30, 2005


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited)    November 30, 2005

 

FACE
AMOUNT


  

SECURITY


   VALUE

  CORPORATE BONDS & NOTES - 50.5%       
  Aerospace & Defense - 0.7%       
$ 675,000   

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

   $ 644,625
  750,000   

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

     791,250
  450,000   

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

     474,750
           

       Total Aerospace & Defense      1,910,625
           

  Airlines - 0.1%       
      

Continental Airlines Inc., Pass-Through Certificates:

      
  98,856   

Series 1998-IC, Series B, 6.541% due 9/15/08

     93,607
  296,645   

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

     255,797
           

       Total Airlines      349,404
           

  Auto Components - 0.3%       
  325,000   

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

     305,500
  300,000   

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

     329,250
      

TRW Automotive Inc., Senior Subordinated Notes:

      
  134,000   

9.375% due 2/15/13

     145,055
  49,000   

11.000% due 2/15/13

     55,003
           

       Total Auto Components      834,808
           

  Automobiles - 1.9%       
      

Ford Motor Co.:

      
      

Debentures:

      
  150,000   

6.625% due 10/1/28

     100,500
  175,000   

8.900% due 1/15/32

     131,687
  4,300,000   

Notes, 7.450% due 7/16/31

     3,053,000
      

General Motors Corp., Senior Debentures:

      
  200,000   

8.250% due 7/15/23

     134,500
  2,375,000   

8.375% due 7/15/33

     1,615,000
           

       Total Automobiles      5,034,687
           

  Beverages - 0.3%       
  650,000   

Constellation Brands Inc., Senior Subordinated Notes, Series B, 8.125% due 1/15/12

     679,250
           

  Building Products - 0.6%       
  1,250,000   

Associated Materials Inc., Senior Discount Notes, step bond to yield 18.608% due 3/1/14

     537,500
  625,000   

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

     603,125
  650,000   

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

     559,000
           

       Total Building Products      1,699,625
           

  Capital Markets - 0.2%       
  423,000   

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

     471,116
           

  Chemicals - 3.5%       
  375,000   

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

     399,375
  500,000   

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

     553,750
  500,000   

Huntsman Advanced Materials LLC, Senior Secured Notes, 11.000% due 7/15/10

     571,250
  685,000   

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

     708,975
  100,000   

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

     116,000
  525,000   

Innophos Inc., Senior Subordinated Notes, 9.625% due 8/15/14 (a)

     530,250
  800,000   

ISP Chemco Inc., Senior Subordinated Notes, Series B, 10.250% due 7/1/11

     856,000

 

See Notes to Schedule of Investments.

 

1


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

  Chemicals (continued)       
      

Lyondell Chemical Co.:

      
$ 250,000   

Secured Notes, 9.500% due 12/15/08

   $ 263,125
  325,000   

Senior Secured Notes, 11.125% due 7/15/12

     367,250
  450,000   

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

     499,500
  790,000   

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

     857,150
  625,000   

Nalco Co., Senior Subordinated Notes, 8.875% due 11/15/13

     651,562
  575,000   

NOVA Chemicals Corp., Senior Notes, 6.500% due 1/15/12

     564,938
  125,000   

OM Group Inc., Senior Subordinated Notes, 9.250% due 12/15/11

     123,125
  350,000   

PQ Corp., 7.500% due 2/15/13 (a)

     323,750
  250,000   

Resolution Performance Products Inc./RPP Capital Corp., Secured Notes, 9.500% due 4/15/10

     253,750
  475,000   

Resolution Performance Products LLC, Senior Subordinated Notes, 13.500% due 11/15/10

     504,094
      

Rhodia SA:

      
  50,000   

Senior Notes, 10.250% due 6/1/10

     55,125
  900,000   

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

     918,000
  374,000   

Westlake Chemical Corp., Senior Notes, 8.750% due 7/15/11

     399,245
           

       Total Chemicals      9,516,214
           

  Commercial Services & Supplies - 1.2%       
  275,000   

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

     260,771
      

Allied Waste North America Inc.:

      
      

Senior Notes:

      
  175,000   

7.250% due 3/15/15

     178,937
  200,000   

Series B, 9.250% due 9/1/12

     218,500
  1,025,000   

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

     994,250
  350,000   

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

     369,250
      

Cenveo Corp.:

      
  125,000   

Senior Notes, 9.625% due 3/15/12

     135,313
  475,000   

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

     458,375
  700,000   

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

     733,250
  2,000,000   

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

     7,800
           

       Total Commercial Services & Supplies      3,356,446
           

  Communications Equipment - 0.8%       
  1,725,000   

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

     1,496,437
  725,000   

Nortel Networks Ltd., Notes, 6.125% due 2/15/06

     726,813
           

       Total Communications Equipment      2,223,250
           

  Computers & Peripherals - 0.1%       
  200,000   

SunGard Data Systems Inc., Senior Notes, 9.125% due 8/15/13 (a)

     208,000
           

  Containers & Packaging - 1.8%       
  525,000   

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

     553,875
  650,000   

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

     617,500
      

Owens-Brockway Glass Container Inc.:

      
  525,000   

6.750% due 12/1/14

     504,000
  75,000   

Senior Notes, 8.250% due 5/15/13

     77,813
  175,000   

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

     176,312
  875,000   

Plastipak Holdings Inc., Senior Notes, 10.750% due 9/1/11

     958,125
  130,000   

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

     113,100
  325,000   

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

     268,125
  1,250,000   

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

     1,146,875

 

See Notes to Schedule of Investments.

 

2


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

  Containers & Packaging (continued)       
      

Tekni-Plex Inc.:

      
$ 450,000   

Senior Secured Notes, 8.750% due 11/15/13 (a)

   $ 407,250
  100,000   

Senior Subordinated Notes, Series B, 12.750% due 6/15/10

     59,000
           

       Total Containers & Packaging      4,881,975
           

  Diversified Financial Services - 3.1%       
      

Alamosa Delaware Inc.:

      
  339,000   

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

     373,747
  308,000   

Senior Notes, 11.000% due 7/31/10

     351,120
  675,000   

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

     614,250
  325,000   

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

     316,063
      

Ford Motor Credit Co., Notes:

      
  1,475,000   

6.625% due 6/16/08

     1,376,156
  100,000   

7.875% due 6/15/10

     93,807
      

General Motors Acceptance Corp.:

      
  3,100,000   

Bonds, 8.000% due 11/1/31

     3,048,131
  125,000   

Notes, 6.750% due 12/1/14

     113,592
  300,000   

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

     295,500
  600,000   

Sensus Metering Systems Inc., Senior Subordinated Notes, 8.625% due 12/15/13

     534,000
  511,890   

Targeted Return Index Securities (TRAINS), Secured Notes, Series HY-2005-1, 7.571% due 6/15/15 (a)

     522,348
  1,000,000   

Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 10.101% due 10/1/15

     720,000
           

       Total Diversified Financial Services      8,358,714
           

  Diversified Telecommunication Services - 2.3%       
  700,000   

AT&T Corp., Senior Notes, 9.750% due 11/15/31

     864,500
  600,000   

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

     633,750
  225,000   

Intelsat Bermuda Ltd., Senior Notes, 8.695% due 1/15/12 (a)(d)

     229,500
  450,000   

Intelsat Ltd., Senior Discount Notes, step bond to yield 9.429% due 2/1/15 (a)

     304,313
  1,325,000   

MCI Inc., Senior Notes, 8.735% due 5/1/14

     1,465,781
  195,000   

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

     205,725
      

Qwest Communications International Inc., Senior Notes:

      
  60,000   

7.500% due 2/15/14

     60,900
  285,000   

Senior Notes, 7.500% due 2/15/14 (a)

     289,275
      

Qwest Corp.:

      
  145,000   

7.500% due 6/15/23

     143,550
  960,000   

Debentures, 6.875% due 9/15/33

     900,000
  1,025,000   

Notes, 8.875% due 3/15/12

     1,155,687
           

       Total Diversified Telecommunication Services      6,252,981
           

  Electric Utilities - 1.7%       
  400,000   

AES Corp., Senior Notes, 8.750% due 6/15/08

     420,000
      

Edison Mission Energy, Senior Notes:

      
  50,000   

10.000% due 8/15/08

     54,875
  1,100,000   

7.730% due 6/15/09

     1,141,250
  300,000   

9.875% due 4/15/11

     350,625
  950,000   

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

     1,242,125
      

Reliant Energy Inc., Senior Secured Notes:

      
  725,000   

9.250% due 7/15/10

     740,406
  550,000   

9.500% due 7/15/13

     563,750
           

       Total Electric Utilities      4,513,031
           

  Electronic Equipment & Instruments - 0.1%       
  400,000   

Muzak LLC/Muzak Finance Corp., Senior Notes, 10.000% due 2/15/09

     349,000
           

 

See Notes to Schedule of Investments.

 

3


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE
AMOUNT


  

SECURITY


   VALUE

  Energy Equipment & Services - 0.4%       
$ 507,000   

Dresser-Rand Group Inc., Senior Subordinated Notes, 7.625% due 11/1/14 (a)

   $ 520,943
  450,000   

Targa Resources Inc., 8.500% due 11/1/13 (a)

     462,375
           

       Total Energy Equipment & Services      983,318
           

  Food & Staples Retailing - 0.2%       
  675,000   

Jean Coutu Group Inc., Senior Subordinated Notes, 8.500% due 8/1/14

     629,438
           

  Food Products - 0.7%       
  250,000   

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

     271,875
  500,000   

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

     527,500
      

Doane Pet Care Co.:

      
  100,000   

Senior Notes, 10.750% due 3/1/10

     108,750
  300,000   

Senior Subordinated Notes, 10.625% due 11/15/15 (a)

     306,375
  625,000   

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

     606,250
           

       Total Food Products      1,820,750
           

  Health Care Providers & Services - 2.4%       
  600,000   

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

     630,000
  725,000   

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

     744,031
  450,000   

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

     479,250
      

HCA Inc.:

      
  400,000   

7.500% due 12/15/23

     403,873
      

Notes:

      
  875,000   

6.375% due 1/15/15

     873,761
  125,000   

7.690% due 6/15/25

     127,368
  975,000   

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

     1,028,625
  325,000   

InSight Health Services Corp., Senior Subordinated Notes, Series B, 9.875% due 11/1/11

     260,000
      

Tenet Healthcare Corp., Senior Notes:

      
  250,000   

6.500% due 6/1/12

     226,875
  750,000   

7.375% due 2/1/13

     686,250
  300,000   

6.875% due 11/15/31

     241,500
  725,000   

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

     728,625
           

       Total Health Care Providers & Services      6,430,158
           

  Hotels, Restaurants & Leisure - 5.3%       
  525,000   

Ameristar Casinos Inc., Senior Subordinated Notes, 10.750% due 2/15/09

     560,437
  650,000   

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

     653,250
  400,000   

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

     399,000
  425,000   

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

     460,063
  315,250   

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

     319,979
  925,000   

Cinemark Inc., Senior Discount Notes, step bond to yield 9.528% due 3/15/14

     686,812
  675,000   

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

     681,750
  675,000   

Equinox Holdings Inc., Senior Notes, 9.000% due 12/15/09

     696,937
  575,000   

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

     569,250
  550,000   

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

     587,006
  500,000   

Icon Health & Fitness Inc., Senior Subordinated Notes, 11.250% due 4/1/12

     423,750
  600,000   

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

     627,000
  700,000   

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

     686,000
  525,000   

Kerzner International Ltd., 6.750% due 10/1/15 (a)

     510,563
  550,000   

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

     532,125

 

See Notes to Schedule of Investments.

 

4


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

    SECURITY    


   VALUE

  Hotels, Restaurants & Leisure (continued)       
      

MGM MIRAGE Inc.:

      
      

Senior Notes:

      
$ 400,000   

6.750% due 9/1/12

   $ 405,000
  300,000   

6.625% due 7/15/15 (a)

     297,750
  750,000   

Senior Subordinated Notes, 9.750% due 6/1/07

     793,125
      

Mohegan Tribal Gaming Authority, Senior Subordinated Notes:

      
  375,000   

7.125% due 8/15/14

     384,375
  375,000   

6.875% due 2/15/15

     378,750
  700,000   

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

     680,750
  675,000   

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

     691,875
  525,000   

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

     522,375
      

Six Flags Inc., Senior Notes:

      
  200,000   

9.750% due 4/15/13

     198,500
  350,000   

9.625% due 6/1/14

     345,625
  700,000   

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

     770,000
      

Station Casinos Inc., Senior Subordinated Notes::

      
  475,000   

6.500% due 2/1/14

     479,750
  150,000   

6.875% due 3/1/16

     153,000
           

       Total Hotels, Restaurants & Leisure      14,494,797
           

  Household Durables - 0.8%       
  167,000   

Applica Inc., Senior Subordinated Notes, 10.000% due 7/31/08

     161,573
  1,250,000   

Holt Group Inc., Senior Notes, 0.000% due 1/15/06 (b)(c)(e)

     0
  550,000   

Home Interiors & Gifts Inc., Senior Subordinated Notes, 10.125% due 6/1/08

     360,250
  675,000   

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

     675,000
  600,000   

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

     615,000
  374,000   

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

     404,387
           

       Total Household Durables      2,216,210
           

  Independent Power Producers & Energy Traders - 1.7%       
      

AES Corp., Senior Notes:

      
  175,000   

9.500% due 6/1/09

     189,437
  300,000   

9.375% due 9/15/10

     327,750
  400,000   

7.750% due 3/1/14

     417,000
      

Calpine Corp.:

      
  325,000   

Second Priority Senior Secured Notes, 8.500% due 7/15/10 (a)(c)

     246,594
  215,000   

Senior Secured Notes, 8.750% due 7/15/13 (a)(c)

     162,325
  350,000   

Calpine Generating Co. LLC, Senior Secured Notes, 13.216% due 4/1/11 (c)(d)*

     336,875
      

Dynegy Holdings Inc.:

      
      

Senior Secured Notes:

      
  650,000   

9.875% due 7/15/10 (a)

     713,375
  25,000   

10.125% due 7/15/13 (a)

     28,125
      

Debentures:

      
  800,000   

7.125% due 5/15/18

     714,000
  750,000   

7.625% due 10/15/26

     671,250
  776,000   

NRG Energy Inc., Second Priority Senior Secured Notes, 8.000% due 12/15/13

     855,540
           

       Total Independent Power Producers & Energy Traders      4,662,271
           

  Industrial Conglomerates - 0.2%       
  575,000   

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

     626,750
  500,000   

Moll Industries Inc., Senior Subordinated Notes, 10.500% due 7/1/08 (b)(c)(e)*

     0
           

       Total Industrial Conglomerates      626,750
           

 

See Notes to Schedule of Investments.

 

5


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

  Internet Software & Services - 0.2%       
$ 656,000   

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

   $ 647,800
           

  IT Services - 0.5%       
  1,400,000   

Iron Mountain Inc., Senior Subordinated Notes, 7.750% due 1/15/15

     1,421,000
           

  Machinery - 0.9%       
  300,000   

Case New Holland Inc., Senior Notes, 9.250% due 8/1/11

     319,500
  325,000   

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

     320,125
  200,000   

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

     212,000
  625,000   

Mueller Holdings Inc., Discount Notes, step bond to yield 11.716% due 4/15/14

     473,438
  300,000   

NMHG Holding Co., Senior Notes, 10.000% due 5/15/09

     321,000
  700,000   

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

     749,000
           

       Total Machinery      2,395,063
           

  Marine - 0.1%       
  225,000   

General Maritime Corp., Senior Notes, 10.000% due 3/15/13

     252,000
           

               
  Media - 5.8%       
  350,000   

Bear Creek Corp., Senior Notes, 9.000% due 3/1/13 (a)

     346,500
  525,895   

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

     541,672
      

CCH I Holdings LLC:

      
  619,000   

9.920% due 4/1/14 (a)

     383,780
  1,050,000   

Senior Accreting Notes, step bond to yield 20.260% due 1/15/14 (a)

     756,000
      

Charter Communications Holdings LLC:

      
  700,000   

Senior Accreting Notes, step bond to yield 20.363% due 5/15/14 (a)

     427,000
  711,000   

Senior Secured Notes, 11.000% due 10/1/15 (a)

     613,238
  300,000   

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

     300,000
      

CSC Holdings Inc.:

      
  50,000   

Debentures, Series B, 8.125% due 8/15/09

     50,875
  75,000   

Senior Debentures, 7.625% due 7/15/18

     71,625
      

Senior Notes:

      
  375,000   

7.000% due 4/15/12 (a)

     358,125
  50,000   

Series B, 7.625% due 4/1/11

     50,000
  1,100,000   

Senior Subordinated Debentures, 10.500% due 5/15/16

     1,179,750
  225,000   

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

     244,688
  975,000   

Dex Media Inc., Discount Notes, step bond to yield 8.498% due 11/15/13

     777,562
  635,000   

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

     705,644
  825,000   

DIRECTV Holdings LLC Finance, Senior Notes, 6.375% due 6/15/15

     813,656
  325,000   

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

     354,250
      

EchoStar DBS Corp., Senior Notes:

      
  504,000   

9.125% due 1/15/09

     530,460
  450,000   

6.625% due 10/1/14

     436,500
  325,000   

Houghton Mifflin Co., Senior Discount Notes, step bond to yield 10.546% due 10/15/13

     250,656
  300,000   

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

     241,875
  675,000   

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

     680,062
  650,000   

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

     711,750
      

Mediacom Broadband LLC:

      
  50,000   

8.500% due 10/15/15 (a)

     47,000
  50,000   

Senior Notes, 11.000% due 7/15/13

     54,000

 

See Notes to Schedule of Investments.

 

6


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE
AMOUNT


  

SECURITY


   VALUE

  Media (continued)       
$ 650,000   

Mediacom LLC/Mediacom Capital Corp., Senior Notes, 9.500% due 1/15/13

   $ 641,875
  700,000   

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

     630,000
  100,000   

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

     113,750
  225,000   

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

     255,938
  375,000   

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

     397,031
  100,000   

Rainbow National Services LLC, Senior Subordinated Debentures, 10.375% due 9/1/14 (a)

     109,500
  150,000   

Rogers Cable Inc., Senior Secured Notes, 6.250% due 6/15/13

     147,375
  700,000   

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

     724,500
  650,000   

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

     671,125
  125,000   

Videotron Ltd., Senior Notes, 6.375% due 12/15/15 (a)

     124,531
  585,000   

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

     637,650
  500,000   

Young Broadcasting Inc., Senior Subordinated Notes, 8.750% due 1/15/14

     441,250
           

       Total Media      15,821,193
           

  Metals & Mining - 0.8%       
  550,000   

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

     604,312
  600,000   

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

     609,871
  300,000   

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

     329,250
  700,000   

Novelis Inc., Senior Notes, 7.500% due 2/15/15 (a)

     658,000
           

       Total Metals & Mining      2,201,433
           

  Multiline Retail - 0.2%       
  250,000   

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

     254,063
  225,000   

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

     247,500
           

       Total Multiline Retail      501,563
           

  Office Electronics - 0.0%       
  125,000   

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

     128,750
           

  Oil, Gas & Consumable Fuels - 4.1%       
      

Chesapeake Energy Corp., Senior Notes:

      
  1,450,000   

6.625% due 1/15/16

     1,442,750
  50,000   

6.875% due 11/15/20 (a)

     49,500
  812,000   

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

     883,050
      

El Paso Corp.:

      
      

MTN:

      
  675,000   

7.800% due 8/1/31

     666,563
  875,000   

7.750% due 1/15/32

     866,250
  825,000   

Notes, 7.875% due 6/15/12

     839,437
  450,000   

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

     477,000
  700,000   

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

     753,156
  1,200,000   

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

     1,227,000
  1,500,000   

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

     1,838,380
  200,000   

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

     215,500
      

Williams Cos. Inc.:

      
      

Notes:

      
  1,250,000   

7.875% due 9/1/21

     1,325,000
  200,000   

8.750% due 3/15/32

     228,000
  300,000   

Senior Notes, 7.625% due 7/15/19

     315,000
           

       Total Oil, Gas & Consumable Fuels      11,126,586
           

 

See Notes to Schedule of Investments.

 

7


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

  Paper & Forest Products - 1.3%       
      

Abitibi-Consolidated Inc.:

      
$ 560,000   

Debentures, 8.850% due 8/1/30

   $ 495,600
  125,000   

Notes, 7.750% due 6/15/11

     120,625
  65,000   

Senior Notes, 8.375% due 4/1/15

     63,212
  600,000   

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

     565,500
  300,000   

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

     310,500
  700,000   

Buckeye Technologies Inc., Senior Subordinated Notes, 8.000% due 10/15/10

     668,500
  100,000   

Domtar Inc., Notes, 7.125% due 8/15/15

     89,000
  700,000   

Newark Group Inc., Senior Subordinated Notes, 9.750% due 3/15/14

     612,500
  600,000   

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

     528,000
           

       Total Paper & Forest Products      3,453,437
           

  Personal Products - 0.4%       
  400,000   

DEL Laboratories Inc., 9.230% due 11/1/11 (a)(d)

     404,000
  650,000   

Playtex Products Inc., Senior Subordinated Notes, 9.375% due 6/1/11

     688,188
           

       Total Personal Products      1,092,188
           

  Pharmaceuticals - 0.4%       
  275,000   

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

     257,125
  840,000   

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

     907,200
           

       Total Pharmaceuticals      1,164,325
           

  Real Estate - 1.3%       
  290,000   

Felcor Lodging LP, Senior Notes, 9.000% due 6/1/11

     319,000
      

Host Marriott LP, Senior Notes:

      
  525,000   

7.125% due 11/1/13

     547,312
  125,000   

Series I, 9.500% due 1/15/07

     130,938
  1,025,000   

Series O, 6.375% due 3/15/15

     1,022,437
      

MeriStar Hospitality Corp., Senior Notes:

      
  150,000   

9.000% due 1/15/08

     156,375
  600,000   

9.125% due 1/15/11

     669,000
  600,000   

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

     607,500
           

       Total Real Estate      3,452,562
           

  Semiconductors & Semiconductor Equipment - 0.4%       
      

Amkor Technology Inc.:

      
  850,000   

Senior Notes, 9.250% due 2/15/08

     824,500
  300,000   

Senior Subordinated Notes, 10.500% due 5/1/09

     272,250
           

       Total Semiconductors & Semiconductor Equipment      1,096,750
           

  Specialty Retail - 1.1%       
  575,000   

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

     586,500
  125,000   

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

     121,875
  625,000   

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

     606,250
  250,000   

Finlay Fine Jewelry Corp., Senior Notes, 8.375% due 6/1/12

     226,250
  450,000   

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

     443,250
  326,000   

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

     357,785
  375,000   

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

     407,813
  200,000   

Toys “R” Us Inc., Notes, 7.375% due 10/15/18

     148,000
           

       Total Specialty Retail      2,897,723
           

  Textiles, Apparel & Luxury Goods - 1.0%       
  400,000   

Collins & Aikman Floor Covering Inc., Senior Subordinated Notes, Series B, 9.750% due 2/15/10

     370,000

 

See Notes to Schedule of Investments.

 

8


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

  Textiles, Apparel & Luxury Goods (continued)       
      

Levi Strauss & Co., Senior Notes:

      
$ 175,000   

8.804% due 4/1/12 (d)

   $ 178,062
  155,000   

12.250% due 12/15/12

     173,988
  650,000   

9.750% due 1/15/15

     676,000
  325,000   

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

     333,125
  225,000   

Quiksilver Inc., Senior Notes, 6.875% due 4/15/15 (a)

     213,750
  425,000   

Simmons Co., Senior Discount Notes, step bond to yield 14.156% due 12/15/14 (a)

     223,125
  600,000   

Tommy Hilfiger USA Inc., Notes, 6.850% due 6/1/08

     598,500
           

       Total Textiles, Apparel & Luxury Goods      2,766,550
           

  Wireless Telecommunication Services - 1.6%       
  200,000   

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

     209,500
  365,000   

American Tower Escrow Corp., Discount Notes, zero coupon bond to yield 9.654% due 8/1/08

     283,787
  50,000   

Dobson Cellular Systems, 8.375% due 11/1/11

     53,250
  2,100,000   

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

     2,212,243
      

SBA Communications Corp.:

      
  97,000   

Senior Discount Notes, step bond to yield 7.629% due 12/15/11

     89,240
  292,000   

Senior Notes, 8.500% due 12/1/12

     325,580
  500,000   

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

     555,625
  550,000   

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

     625,625
           

       Total Wireless Telecommunication Services      4,354,850
           

      

TOTAL CORPORATE BONDS & NOTES

(Cost - $139,849,783)

     137,276,591
           

  SOVEREIGN BONDS - 43.2%       
  Argentina - 1.3%       
      

Republic of Argentina:

      
  1,793,750   

4.005% due 8/3/12 (c)

     1,587,681
  5,670,000   

Step bond to yield 9.183% due 12/31/38 (c)

     1,828,575
  5,670,000   

Series GDP, 0.000%, 1.330% due 12/15/35 (d)

     272,160
           

       Total Argentina      3,688,416
           

  Brazil - 10.0%       
      

Federative Republic of Brazil:

      
  100,000   

11.000% due 8/17/40

     123,200
  17,259,000   

Collective Action Securities, 8.000% due 1/15/18

     18,147,838
  6,786,883   

DCB, Series L, 5.250% due 4/15/12

     6,672,354
  2,248,073   

FLIRB, Series L, 5.188% due 4/15/09 (a)(d)

     2,226,998
           

       Total Brazil      27,170,390
           

  Bulgaria - 0.7%       
  1,515,000   

Republic of Bulgaria, 8.250% due 1/15/15 (a)

     1,823,681
           

  Chile - 0.7%       
  1,850,000   

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

     1,899,571
           

  China - 0.2%       
  620,000   

People’s Republic of China, Bonds, 4.750% due 10/29/13

     606,166
           

  Colombia - 2.3%       
      

Republic of Colombia:

      
  1,312,000   

8.625% due 4/1/08

     1,412,696
  1,775,000   

10.000% due 1/23/12

     2,107,813
  875,000   

10.750% due 1/15/13

     1,083,031
  1,000,000   

11.750% due 2/25/20

     1,378,750

 

See Notes to Schedule of Investments.

 

9


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE
AMOUNT


  

SECURITY


   VALUE

$ 130,000   

10.375% due 1/28/33

   $ 167,635
           

       Total Colombia      6,149,925
           

  Ecuador - 0.6%       
  1,785,000   

Republic of Ecuador, step bond to yield 10.825% due 8/15/30 (a)

     1,646,663
           

  El Salvador - 0.4%       
  1,075,000   

Republic of El Salvador, 7.750% due 1/24/23 (a)

     1,177,125
           

  Malaysia - 0.6%       
      

Federation of Malaysia:

      
  625,000   

8.750% due 6/1/09

     701,068
  975,000   

7.500% due 7/15/11

     1,092,847
           

       Total Malaysia      1,793,915
           

  Mexico - 8.5%       
      

United Mexican States:

      
  800,000   

11.375% due 9/15/16

     1,175,000
  1,795,000   

MTN:

      
      

8.300% due 8/15/31

     2,285,035
      

Series A, Notes:

      
  1,780,000   

6.375% due 1/16/13

     1,886,355
  1,972,000   

5.875% due 1/15/14

     2,030,174
  10,000,000   

6.625% due 3/3/15

     10,810,000
  3,800,000   

8.000% due 9/24/22

     4,650,250
  245,000   

7.500% due 4/8/33

     287,446
           

       Total Mexico      23,124,260
           

  Panama - 1.6%       
      

Republic of Panama:

      
  300,000   

9.625% due 2/8/11

     351,750
  2,675,000   

7.250% due 3/15/15

     2,830,150
  830,000   

9.375% due 1/16/23

     1,025,050
  175,000   

9.375% due 4/1/29

     216,563
           

       Total Panama      4,423,513
           

  Peru - 2.2%       
      

Republic of Peru:

      
  325,000   

9.875% due 2/6/15

     404,625
  2,200,000   

8.750% due 11/21/33

     2,585,000
  2,508,800   

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

     2,405,312
  475,000   

Global Bonds, 7.350% due 7/21/25

     490,912
           

       Total Peru      5,885,849
           

  Philippines - 2.2%       
      

Republic of the Philippines:

      
  500,000   

8.250% due 1/15/14

     530,600
  1,550,000   

9.375% due 1/18/17

     1,748,594
  2,235,000   

10.625% due 3/16/25

     2,740,613
  775,000   

9.500% due 2/2/30

     872,359
  11,167   

FLIRB, Series B, 4.375% due 6/1/08 (d)

     11,055
           

       Total Philippines      5,903,221
           

  Poland - 0.5%       
  1,320,000   

Republic of Poland, Unsubordinated Notes, 5.250% due 1/15/14

     1,333,893
           

  Russia - 4.3%       
      

Russian Federation:

      
  1,455,000   

11.000% due 7/24/18 (a)

     2,151,581

 

See Notes to Schedule of Investments.

 

10


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

FACE

AMOUNT


  

SECURITY


   VALUE

$ 8,520,540   

Step bond to yield 5.627% due 3/31/30 (a)

   $ 9,537,680
           

       Total Russia      11,689,261
           

  South Africa - 0.7%       
  1,775,000   

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

     1,912,563
           

  Turkey - 3.2%       
      

Republic of Turkey:

      
  350,000   

11.750% due 6/15/10

     430,062
  1,525,000   

11.500% due 1/23/12

     1,929,125
  900,000   

7.250% due 3/15/15

     937,125
  2,475,000   

7.000% due 6/5/20

     2,450,250
  1,490,000   

11.875% due 1/15/30

     2,216,375
  550,000   

Collective Action Security, 9.500% due 1/15/14

     653,125
           

       Total Turkey      8,616,062
           

  Ukraine - 0.5%       
  1,240,000   

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

     1,345,400
           

  Uruguay - 0.5%       
  1,350,000   

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

     1,377,000
           

  Venezuela - 2.2%       
      

Bolivarian Republic of Venezuela:

      
  15,000   

5.375% due 8/7/10 (a)

     14,287
  3,575,000   

8.500% due 10/8/14

     3,840,444
  1,325,000   

7.650% due 4/21/25

     1,303,469
  675,000   

Collective Action Security, 10.750% due 9/19/13

     813,375
           

       Total Venezuela      5,971,575
           

      

TOTAL SOVEREIGN BONDS

(Cost - $109,786,531)

     117,538,449
           

  CONVERTIBLE BOND & NOTE - 0.1%       
  Wireless Telecommunication Services - 0.1%       
  325,000   

American Tower Corp., Notes, 5.000% due 2/15/10 (Cost - $173,880)

     325,000
           

  ASSET-BACKED SECURITY - 0.0%       
  Diversified Financial Services - 0.0%       
  987,700   

Airplanes Pass-Through Trust, Series D, 10.875% due 3/15/12 (b)(e) (Cost - $987,700)

     0
           

SHARES

         
  COMMON STOCKS - 2.4%       
  CONSUMER DISCRETIONARY - 1.0%       
  Household Durables - 0.0%       
  10,194   

Mattress Discounters Corp. (b)(e)*

     0
           

  Media - 1.0%       
  20,158   

Liberty Global Inc., Series A Shares*

     449,725
  20,158   

Liberty Global Inc., Series C Shares*

     418,681
  29,465   

NTL Inc.*

     1,715,747
           

       Total Media      2,584,153
           

       TOTAL CONSUMER DISCRETIONARY      2,584,153
           

  INDUSTRIALS - 0.0%       
  Machinery - 0.0%       
  5   

Glasstech Inc. (b)(e)*

     0
           

 

See Notes to Schedule of Investments.

 

11


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

SHARES

  

SECURITY


   VALUE

INFORMATION TECHNOLOGY - 0.0%       
Computers & Peripherals - 0.0%       
12,166   

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

   $ 0
         

MATERIALS - 0.0%       
Chemicals - 0.0%       
12,121   

Applied Extrusion Technologies Inc., Class A Shares*

     96,968
         

TELECOMMUNICATION SERVICES - 1.4%       
Diversified Telecommunication Services - 0.4%       
57,202   

Telewest Global Inc.*

     1,275,033
         

Wireless Telecommunication Services - 1.0%       
97,132   

American Tower Corp., Class A Shares*

     2,650,732
         

     TOTAL TELECOMMUNICATION SERVICES      3,925,765
         

    

TOTAL COMMON STOCKS

(Cost - $5,947,677)

     6,606,886
         

PREFERRED STOCK(e) - 0.0%       
CONSUMER DISCRETIONARY - 0.0%       
Textiles, Apparel & Luxury Goods - 0.0%       
12   

Anvil Holdings Inc., Class B, 13.000%

     63
         

FINANCIALS - 0.0%       
Diversified Financial Services - 0.0%       
4,091   

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

     4
2,250   

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

     2
5,932   

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

     6
12,271   

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

     13
         

     TOTAL FINANCIALS      25
         

INDUSTRIALS - 0.0%       
Machinery - 0.0%       
5   

Glasstech Inc., 0.000% (b)

     0
         

    

TOTAL PREFERRED STOCK

(Cost - $1,471)

     88
         

CONVERTIBLE PREFERRED STOCKS - 0.5%       
TELECOMMUNICATION SERVICES - 0.5%       
Wireless Telecommunication Services - 0.5%       
902   

Alamosa Holdings Inc., Series B, 7.500% due 7/31/13 (Cost - $274,160)

     1,242,280
         

ESCROWED SHARES(e) - 0.0%       
1,750,000   

Breed Technologies Inc. (b)(c)*

     0
1,000,000   

Imperial Holly Co.*

     0
625,000   

Pillowtex Corp. (c)*

     0
397,208   

Vlasic Foods International Inc. (b)*

     7,944
         

    

TOTAL ESCROWED SHARES

(Cost - $0)

     7,944
         

WARRANT

         
WARRANTS - 0.1%       
365   

American Tower Corp., Class A Shares, Expires 8/1/08(a)*

     140,069
9,125   

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

     260,063
1,837,246   

ContiFinancial Corp., Liquidating Trust, Units of Interest (Represents interest in a trust in the liquidation of ContiFinancial Corp. and its affiliates), 0/0/0(b)(e)*

     1,148
1,000   

Mattress Discounters Co., Expires 7/15/07(a)(b)(e)*

     0

 

See Notes to Schedule of Investments.

 

12


SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of Investments (unaudited) (continued)    November 30, 2005

 

WARRANT

  

SECURITY


   VALUE

  WARRANTS (continued)       
  300   

Mueller Holdings Inc., Expires 4/15/14(a)(e)*

   $ 3
  4,202   

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

     4
  750   

UbiquiTel Inc., Expires 4/15/10(a)(b)(e)*

     8
           

      

TOTAL WARRANTS

(Cost - $66,586)

     401,295
           

      

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $257,087,788)

     263,398,533
           

FACE

AMOUNT


         
  SHORT-TERM INVESTMENTS - 3.2%       
  Repurchase Agreements - 3.2%       
$ 6,000,000   

Interest in $595,339,000 joint tri-party repurchase agreement dated 11/30/05 with Merrill Lynch, Pierce, Fenner & Smith Inc., 4.010% due 12/1/05, Proceeds at maturity - $6,000,668; (Fully collateralized by a U.S. Treasury Note, 4.500% due 11/15/10; Market value - $6,120,048)

     6,000,000
  2,700,000   

Interest in $601,035,000 joint tri-party repurchase agreement dated 11/30/05 with Deutsche Bank Securities Inc., 4.010% due 12/1/05, Proceeds at maturity- $2,700,301; (Fully collateralized by various U.S. government agency obligations, 0.000% to 6.625% due 12/05/05 to 9/29/25; Market value - $2,754,001)

     2,700,000
           

      

TOTAL SHORT-TERM INVESTMENTS

(Cost - $8,700,000)

     8,700,000
           

      

TOTAL INVESTMENTS - 100.0%

(Cost - $265,787,788#)

   $ 272,098,533
           

 

* Non-income producing security.

 

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

 

(b) Illiquid Security.

 

(c) Security is currently in default.

 

(d) Variable rate security. Coupon rates disclosed are those which are in effect at November 30, 2005.

 

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

 

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

 

Abbreviations used in this schedule:

DCB    — Debt Conversion Bond
FLIRB    — Front-Loaded Interest Reduction Bonds
MTN    — Medium Term Notes

 

See Notes to Schedule of Investments.

 

13


Notes to Schedule of Investments (unaudited)

 

1. Organization and Significant Accounting Policies

 

The Salomon Brothers Global Partners Income Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended, ("1940 Act").

 

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

 

(a) Investment Valuation. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund's policy that its custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

 

(c) Reverse Repurchase Agreements. The Fund may enter into reverse repurchase agreements in which the Fund sells portfolio securities and agrees to repurchase them from the buyer at a specified date and price. Whenever the Fund enters into a reverse repurchase agreement, the Fund’s custodian delivers liquid assets to the counterparty in an amount at least equal to the repurchase price marked-to-market daily (including accrued interest). The Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings, which may create leverage risk by the Fund.

 

(d) 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.

 

(e) Loan Participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off 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 set-off between the lender and the borrower.

 

(f) Credit Default Swaps. The Fund may enter into credit default swap contracts for investment purposes, to manage its credit risk or to add leverage. As a seller in a credit default swap contract, the Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gain.

 

The Fund may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held, in which case the Fund functions as the counterparty referenced in the preceding paragraph, As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized loss.

 

Swaps are marked to market daily based upon quotations from market markers and the changing value and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Fund’s Statements of Operations. For a credit default swap sold by the Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

 

Entering into credit default swaps involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks Involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates.

 

(g) 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 risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

 

14


Notes to Schedule of Investments (unaudited) (continued)

 

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

 

2. Investments

 

At November 30, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 16,663,717  

Gross unrealized depreciation

     (10,352,972 )
    


Net unrealized appreciation

   $ 6,310,745  
    


 

At November 30, 2005, the Fund had the following open reverse repurchase agreements:

 

FACE

AMOUNT


  

SECURITY


   VALUE

$ 858,188   

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 11/4/05 bearing 0.300% to be repurchased at $860,798 on 11/4/06, collateralized by: $575,000 Republic of Turkey, 11.875% due 1/15/30; Market value (including accrued interest) - $811,077

   $ 858,188
  10,770,000   

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 11/4/05 bearing 3.850% to be repurchased at $11,190,404 on 11/4/06, collateralized by: $10,000,000 United Mexican States, Medium Term Notes, Series A, 6.625% due 3/03/15; Market value (including accrued interest) - $10,972,880

     10,770,000
  10,535,000   

Reverse Repurchase Agreement with JPMorgan Chase & Co., dated 11/4/05 bearing 3.750% to be repurchased at $10,935,549 on 11/4/06, collateralized by: $10,000,000 Federative Republic of Brazil, Collective Action Securities, 8.000% due 1/15/15; Market value (including accrued interest) - $10,781,237

     10,535,000
           

       Total Reverse Repurchase Agreements       
      

(Cost - $22,163,188)

   $ 22,163,188
           

 

15


 

ITEM 2. CONTROLS AND PROCEDURES.

 

  (a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Salomon Brothers Global Partners Income Fund Inc.

 

By   /s/    R. JAY GERKEN        
    R. Jay Gerken
    Chief Executive Officer
Date  

January 30, 2006

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By   /s/    R. JAY GERKEN        
    R. Jay Gerken
    Chief Executive Officer
Date  

January 30, 2006

By   /s/    FRANCES M. GUGGINO        
    Frances M. Guggino
    Chief Financial Officer
Date  

January 30, 2006