N-Q 1 d101448dnq.htm WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.. Western Asset 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 811-07994

Western Asset Global Partners Income Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49th Floor, 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)

Registrant’s telephone number, including area code: (888) 777-0102

Date of fiscal year end: August 31

Date of reporting period: November 30, 2015

 

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS.

 


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

FORM N-Q

NOVEMBER 30, 2015


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
CORPORATE BONDS & NOTES - 92.3%          
CONSUMER DISCRETIONARY - 11.7%          

Auto Components - 0.1%

         

Europcar Groupe SA, Secured Notes

     5.750     6/15/22         200,000 EUR    $ 223,693 (a) 
         

 

 

 

Automobiles - 0.2%

         

Chrysler Group LLC/CG Co.-Issuer Inc., Secured Notes

     8.250     6/15/21         260,000        280,553 (b) 
         

 

 

 

Diversified Consumer Services - 0.5%

         

Co-operative Group Holdings 2011 Ltd., Senior Notes

     7.500     7/8/26         160,000 GBP      262,384   

Service Corp. International, Senior Notes

     7.500     4/1/27         290,000        339,300 (b) 

StoneMor Partners LP/Cornerstone Family Services of WV, Senior Bonds

     7.875     6/1/21         210,000        217,875   
         

 

 

 

Total Diversified Consumer Services

            819,559   
         

 

 

 

Hotels, Restaurants & Leisure - 2.5%

         

Bossier Casino Venture Holdco Inc., Senior Secured Bonds

     14.000     2/9/18         279,659        255,189 (a)(c)(d)(e) 

Carrols Restaurant Group Inc., Secured Notes

     8.000     5/1/22         210,000        224,437   

CCM Merger Inc., Senior Notes

     9.125     5/1/19         390,000        411,450 (a) 

CEC Entertainment Inc., Senior Notes

     8.000     2/15/22         440,000        424,600   

Downstream Development Authority of the Quapaw Tribe of Oklahoma, Senior Secured Notes

     10.500     7/1/19         300,000        313,500 (a)(b) 

Enterprise Inns PLC, Senior Secured Bonds

     6.500     12/6/18         494,000 GBP      796,094   

Greektown Holdings LLC/Greektown Mothership Corp., Senior Secured Notes

     8.875     3/15/19         250,000        258,125 (a) 

Landry’s Holdings II Inc., Senior Notes

     10.250     1/1/18         180,000        183,825 (a) 

Landry’s Inc., Senior Notes

     9.375     5/1/20         800,000        853,000 (a)(b) 
         

 

 

 

Total Hotels, Restaurants & Leisure

            3,720,220   
         

 

 

 

Household Durables - 1.1%

         

Century Intermediate Holding Co. 2, Senior Notes

     9.750     2/15/19         410,000        423,837 (a)(c) 

Shea Homes LP/Shea Homes Funding Corp., Senior Notes

     6.125     4/1/25         350,000        363,125 (a) 

William Lyon Homes Inc., Senior Notes

     8.500     11/15/20         350,000        374,500   

William Lyon Homes Inc., Senior Notes

     7.000     8/15/22         60,000        61,350   

Woodside Homes Co., LLC/Woodside Homes Finance Inc., Senior Notes

     6.750     12/15/21         430,000        381,625 (a) 
         

 

 

 

Total Household Durables

            1,604,437   
         

 

 

 

Media - 5.5%

         

CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes

     6.625     1/31/22         960,000        1,015,690 (b) 

CCO Safari II LLC, Senior Secured Notes

     4.908     7/23/25         390,000        396,530 (a) 

CCO Safari II LLC, Senior Secured Notes

     6.484     10/23/45         170,000        177,282 (a) 

Clear Channel Worldwide Holdings Inc., Senior Subordinated Notes

     7.625     3/15/20         30,000        28,763   

DISH DBS Corp., Senior Notes

     7.875     9/1/19         285,000        307,800 (b) 

DISH DBS Corp., Senior Notes

     6.750     6/1/21         390,000        393,412 (b) 

DISH DBS Corp., Senior Notes

     5.875     7/15/22         1,570,000        1,462,062   

Gibson Brands Inc., Senior Secured Notes

     8.875     8/1/18         290,000        247,950 (a) 

iHeartCommunications Inc., Senior Notes

     14.000     2/1/21         280,000        72,100 (c) 

Myriad International Holdings BV, Senior Notes

     6.000     7/18/20         200,000        215,170 (a)(b) 

New Cotai LLC/New Cotai Capital Corp., Senior Secured Notes

     10.625     5/1/19         616,931        516,680 (a)(c) 

Numericable-SFR SAS, Senior Secured Bonds

     6.000     5/15/22         290,000        287,100 (a) 

Numericable-SFR SAS, Senior Secured Bonds

     6.250     5/15/24         840,000        829,500 (a) 

Time Warner Cable Inc., Senior Notes

     8.750     2/14/19         385,000        450,300 (b) 

Time Warner Cable Inc., Senior Notes

     8.250     4/1/19         139,000        161,028 (b) 

Univision Communications Inc., Senior Notes

     8.500     5/15/21         290,000        302,687 (a)(b) 

Univision Communications Inc., Senior Secured Notes

     6.750     9/15/22         172,000        178,880 (a)(b) 

 

See Notes to Schedule of Investments.

 

1


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Media - (continued)

         

UPC Holding BV, Junior Secured Subordinated Notes

     6.375     9/15/22         100,000 EUR    $ 113,100 (a) 

Virgin Media Finance PLC, Senior Notes

     6.375     4/15/23         560,000        574,700 (a) 

Virgin Media Finance PLC, Senior Notes

     6.000     10/15/24         340,000        339,575 (a) 

Virgin Media Finance PLC, Senior Notes

     5.750     1/15/25         200,000        195,000 (a) 
         

 

 

 

Total Media

            8,265,309   
         

 

 

 

Multiline Retail - 0.4%

         

Neiman Marcus Group LLC, Senior Secured Notes

     7.125     6/1/28         80,000        77,400 (b) 

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.000     10/15/21         200,000        179,500 (a) 

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.750     10/15/21         350,000        313,250 (a)(c) 
         

 

 

 

Total Multiline Retail

            570,150   
         

 

 

 

Specialty Retail - 1.3%

         

American Greetings Corp., Senior Notes

     7.375     12/1/21         290,000        304,500 (b) 

Guitar Center Inc., Senior Secured Bonds

     6.500     4/15/19         750,000        686,250 (a) 

Hot Topic Inc., Senior Secured Notes

     9.250     6/15/21         180,000        158,850 (a) 

L Brands Inc., Senior Notes

     6.875     11/1/35         440,000        452,650 (a) 

Sally Holdings LLC/Sally Capital Inc., Senior Notes

     5.625     12/1/25         400,000        407,500   
         

 

 

 

Total Specialty Retail

            2,009,750   
         

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

         

Empire Today LLC/Empire Today Finance Corp., Senior Secured Notes

     11.375     2/1/17         130,000        124,800 (a)(b) 
         

 

 

 

TOTAL CONSUMER DISCRETIONARY

            17,618,471   
         

 

 

 
CONSUMER STAPLES - 4.1%          

Beverages - 0.5%

         

Carolina Beverage Group LLC/Carolina Beverage Group Finance Inc., Secured Notes

     10.625     8/1/18         280,000        282,800 (a) 

Cott Beverages Inc., Senior Notes

     6.750     1/1/20         240,000        249,600   

DS Services of America Inc., Secured Notes

     10.000     9/1/21         260,000        296,400 (a) 
         

 

 

 

Total Beverages

            828,800   
         

 

 

 

Food & Staples Retailing - 0.4%

         

Beverages & More Inc., Senior Secured Notes

     10.000     11/15/18         400,000        383,500 (a) 

Dollar Tree Inc., Senior Notes

     5.750     3/1/23         240,000        250,200 (a) 
         

 

 

 

Total Food & Staples Retailing

            633,700   
         

 

 

 

Food Products - 1.7%

         

BRF SA, Senior Notes

     4.750     5/22/24         422,000        401,913 (a)(b) 

Dole Food Co. Inc., Senior Secured Notes

     7.250     5/1/19         300,000        300,750 (a) 

JBS Investment GmbH, Senior Notes

     7.250     4/3/24         260,000        261,300 (a) 

JBS USA LLC/JBS USA Finance Inc., Senior Notes

     5.750     6/15/25         210,000        201,285 (a) 

Minerva Luxembourg SA, Senior Notes

     7.750     1/31/23         480,000        471,600 (f) 

Pilgrim’s Pride Corp., Senior Notes

     5.750     3/15/25         340,000        335,750 (a) 

Simmons Foods Inc., Secured Notes

     7.875     10/1/21         560,000        513,800 (a) 
         

 

 

 

Total Food Products

            2,486,398   
         

 

 

 

Household Products - 1.2%

         

Central Garden & Pet Co., Senior Notes

     6.125     11/15/23         160,000        162,800   

Kronos Acquisition Holdings Inc., Senior Notes

     9.000     8/15/23         80,000        75,400 (a) 

Spectrum Brands Inc., Senior Notes

     6.125     12/15/24         180,000        188,550 (a) 

Spectrum Brands Inc., Senior Notes

     5.750     7/15/25         370,000        383,413 (a) 

Sun Products Corp., Senior Notes

     7.750     3/15/21         1,060,000        953,337 (a) 
         

 

 

 

Total Household Products

            1,763,500   
         

 

 

 

Tobacco - 0.3%

         

Alliance One International Inc., Secured Notes

     9.875     7/15/21         500,000        405,625   
         

 

 

 

TOTAL CONSUMER STAPLES

            6,118,023   
         

 

 

 

 

See Notes to Schedule of Investments.

 

2


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  
ENERGY - 20.2%           

Energy Equipment & Services - 0.8%

          

Atwood Oceanics Inc., Senior Notes

     6.500     2/1/20         210,000       $ 159,600 (b) 

CGG, Senior Notes

     6.875     1/15/22         200,000         110,500   

Gulfmark Offshore Inc., Senior Notes

     6.375     3/15/22         130,000         78,650   

Parker Drilling Co., Senior Notes

     7.500     8/1/20         360,000         286,200   

SESI LLC, Senior Notes

     7.125     12/15/21         330,000         313,500 (b) 

Sierra Hamilton LLC/Sierra Hamilton Finance Inc., Senior Secured Notes

     12.250     12/15/18         300,000         207,000 (a) 
          

 

 

 

Total Energy Equipment & Services

             1,155,450   
          

 

 

 

Oil, Gas & Consumable Fuels - 19.4%

          

Approach Resources Inc., Senior Notes

     7.000     6/15/21         150,000         80,250   

Arch Coal Inc., Senior Notes

     7.250     6/15/21         420,000         9,975   

Berry Petroleum Co., Senior Notes

     6.750     11/1/20         170,000         71,400   

Berry Petroleum Co., Senior Notes

     6.375     9/15/22         80,000         32,400   

California Resources Corp., Senior Notes

     5.000     1/15/20         250,000         160,625   

California Resources Corp., Senior Notes

     5.500     9/15/21         1,090,000         659,450   

Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes

     7.625     1/15/22         200,000         190,000   

Carrizo Oil & Gas Inc., Senior Notes

     7.500     9/15/20         280,000         275,800   

Chesapeake Energy Corp., Senior Notes

     6.875     11/15/20         880,000         413,600   

Chesapeake Energy Corp., Senior Notes

     5.375     6/15/21         110,000         48,675   

Comstock Resources Inc., Senior Notes

     9.500     6/15/20         290,000         60,900 (b) 

Dolphin Energy Ltd., Senior Secured Bonds

     5.888     6/15/19         372,963         395,808 (b)(f) 

Ecopetrol SA, Senior Notes

     7.625     7/23/19         490,000         547,575 (b) 

Ecopetrol SA, Senior Notes

     5.875     9/18/23         75,000         74,438 (b) 

Ecopetrol SA, Senior Notes

     5.875     5/28/45         60,000         47,400 (b) 

Endeavor Energy Resources LP/EER Finance Inc., Senior Notes

     8.125     9/15/23         130,000         129,675 (a) 

Energy Transfer Equity LP, Senior Notes

     7.500     10/15/20         130,000         136,500   

Enterprise Products Operating LLC, Junior Subordinated Notes

     8.375     8/1/66         100,000         98,250 (b)(g) 

EP Energy LLC/Everest Acquisition Finance Inc., Senior Notes

     9.375     5/1/20         300,000         256,500   

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

     8.000     4/15/19         120,000         78,600   

Gazprom OAO Via Gaz Capital SA, Loan Participation Notes, Senior Notes

     6.510     3/7/22         830,000         858,548 (a) 

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

     6.750     8/1/22         180,000         168,300   

Globe Luxembourg SCA, Senior Secured Notes

     9.625     5/1/18         1,360,000         1,130,500 (a) 

GNL Quintero SA, Senior Notes

     4.634     7/31/29         288,000         279,984 (a)(b) 

Halcon Resources Corp., Secured Notes

     8.625     2/1/20         270,000         213,637 (a) 

Halcon Resources Corp., Senior Notes

     9.750     7/15/20         1,250,000         400,000   

Halcon Resources Corp., Senior Notes

     8.875     5/15/21         110,000         34,100   

Hiland Partners LP/Hiland Partners Finance Corp., Senior Notes

     7.250     10/1/20         130,000         134,062 (a)(b) 

Kinder Morgan Inc., Medium-Term Notes

     7.800     8/1/31         130,000         126,819   

Lonestar Resources America Inc., Senior Notes

     8.750     4/15/19         120,000         78,600 (a) 

LUKOIL International Finance BV, Senior Notes

     4.563     4/24/23         940,000         863,684 (a) 

Magnum Hunter Resources Corp., Senior Notes

     9.750     5/15/20         1,000,000         397,500 *(h) 

MEG Energy Corp., Senior Notes

     6.375     1/30/23         70,000         58,450 (a) 

MEG Energy Corp., Senior Notes

     7.000     3/31/24         590,000         502,975 (a) 

Milagro Oil & Gas Inc., Secured Notes

     10.500     5/15/16         380,000         119,700 *(e)(h) 

Murray Energy Corp., Senior Secured Notes

     11.250     4/15/21         990,000         230,175 (a) 

Natural Resource Partners LP/Natural Resource Partners Finance Corp., Senior Notes

     9.125     10/1/18         330,000         226,050   

Oasis Petroleum Inc., Senior Notes

     6.500     11/1/21         110,000         94,050   

Oasis Petroleum Inc., Senior Notes

     6.875     3/15/22         320,000         276,000   

ONGC Videsh Ltd., Senior Notes

     4.625     7/15/24         210,000         216,128 (f) 

Pacific Exploration and Production Corp., Senior Notes

     5.375     1/26/19         1,200,000         390,000 (f) 

Pacific Exploration and Production Corp., Senior Notes

     7.250     12/12/21         850,000         269,875 (a) 

Pan American Energy LLC, Senior Notes

     7.875     5/7/21         120,000         120,300 (a)(b) 

Petrobras Global Finance BV, Senior Notes

     3.250     3/17/17         460,000         431,250   

 

See Notes to Schedule of Investments.

 

3


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Oil, Gas & Consumable Fuels - (continued)

          

Petrobras Global Finance BV, Senior Notes

     3.000     1/15/19         390,000       $ 317,265   

Petrobras Global Finance BV, Senior Notes

     4.875     3/17/20         440,000         355,168   

Petrobras Global Finance BV, Senior Notes

     6.875     1/20/40         900,000         627,750   

Petrobras Global Finance BV, Senior Notes

     6.750     1/27/41         260,000         179,400   

Petrobras Global Finance BV, Senior Notes

     7.250     3/17/44         900,000         644,463   

Petroleos de Venezuela SA, Senior Bonds

     6.000     5/16/24         6,720,000         2,465,568 (f) 

Petroleos Mexicanos, Senior Notes

     8.000     5/3/19         3,980,000         4,522,872   

Petroleos Mexicanos, Senior Notes

     6.500     6/2/41         750,000         711,225   

Petroleos Mexicanos, Senior Notes

     5.625     1/23/46         270,000         227,812 (a) 

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

     9.750     8/14/19         390,000         424,612 (a) 

Petronas Capital Ltd., Senior Notes

     5.250     8/12/19         925,000         1,011,332 (a)(b) 

PT Pertamina Persero, Senior Notes

     5.250     5/23/21         570,000         576,209 (a) 

PT Pertamina Persero, Senior Notes

     4.300     5/20/23         380,000         352,700 (a) 

Puma International Financing SA, Senior Bonds

     6.750     2/1/21         660,000         664,706 (a) 

Quicksilver Resources Inc., Senior Notes

     11.000     7/1/21         310,000         19,375 *(h) 

Reliance Holdings USA Inc., Senior Notes

     4.500     10/19/20         530,000         565,822 (a)(b) 

Rosneft Finance SA, Senior Notes

     7.875     3/13/18         420,000         450,124 (a)(b) 

RSP Permian Inc., Senior Notes

     6.625     10/1/22         580,000         579,275   

Samson Investment Co., Senior Notes

     9.750     2/15/20         310,000         1,550 *(h) 

Sanchez Energy Corp., Senior Notes

     6.125     1/15/23         1,130,000         782,525   

Shelf Drilling Holdings Ltd., Senior Secured Notes

     8.625     11/1/18         210,000         157,762 (a)(b) 

Sinopec Group Overseas Development Ltd., Senior Notes

     4.375     4/10/24         850,000         888,806 (a) 

Transportadora de Gas del Peru SA, Senior Notes

     4.250     4/30/28         440,000         420,200 (b)(f) 

Whiting Canadian Holding Co. ULC, Senior Notes

     8.125     12/1/19         320,000         334,082 (b) 

WPX Energy Inc., Senior Notes

     8.250     8/1/23         170,000         159,375   

YPF SA, Senior Notes

     8.750     4/4/24         380,000         377,150 (a) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             29,205,636   
          

 

 

 

TOTAL ENERGY

             30,361,086   
          

 

 

 
FINANCIALS - 10.9%           

Banks - 6.2%

          

Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes

     4.875     4/21/25         210,000         202,125 (a) 

Bank of America Corp., Junior Subordinated Notes

     6.500     10/23/24         280,000         296,100 (g)(i) 

Barclays Bank PLC, Subordinated Notes

     10.179     6/12/21         470,000         616,764 (a)(b) 

Barclays Bank PLC, Subordinated Notes

     7.625     11/21/22         1,000,000         1,131,875 (b) 

Barclays PLC, Junior Subordinated Bonds

     8.250     12/15/18         200,000         214,542 (g)(i) 

BBVA Banco Continental SA, Subordinated Notes

     5.250     9/22/29         80,000         79,600 (a)(b)(g) 

BNP Paribas SA, Junior Subordinated Notes

     7.375     8/19/25         200,000         205,750 (a)(g)(i) 

Citigroup Inc., Junior Subordinated Bonds

     5.950     5/15/25         660,000         633,534 (g)(i) 

Credit Agricole SA, Junior Subordinated Notes

     8.375     10/13/19         390,000         442,650 (a)(b)(g)(i) 

Credit Agricole SA, Junior Subordinated Notes

     7.875     1/23/24         200,000         205,342 (a)(g)(i) 

Export-Import Bank of China, Senior Notes

     2.850     9/16/20         380,000         381,631 (a) 

HSBC Holdings PLC, Junior Subordinated Bonds

     6.375     9/17/24         360,000         356,418 (g)(i) 

HSBC Holdings PLC, Junior Subordinated Bonds

     6.375     3/30/25         220,000         220,662 (g)(i) 

Industrial & Commercial Bank of China Ltd., Senior Notes

     3.231     11/13/19         260,000         266,037 (b) 

Itau Unibanco Holding SA, Senior Notes

     2.850     5/26/18         450,000         426,375 (a) 

JPMorgan Chase & Co., Junior Subordinated Bonds

     6.000     8/1/23         140,000         140,871 (b)(g)(i) 

JPMorgan Chase & Co., Junior Subordinated Notes

     6.100     10/1/24         270,000         274,522 (b)(g)(i) 

M&T Bank Corp., Junior Subordinated Bonds

     6.875     6/15/16         330,000         330,825 (b)(i) 

Royal Bank of Scotland Group PLC, Junior Subordinated Bonds

     7.648     9/30/31         200,000         250,000 (g)(i) 

Royal Bank of Scotland Group PLC, Subordinated Notes

     6.100     6/10/23         370,000         403,198 (b) 

 

See Notes to Schedule of Investments.

 

4


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Banks - (continued)

         

Royal Bank of Scotland Group PLC, Subordinated Notes

     5.125     5/28/24         760,000      $ 782,900 (b) 

Royal Bank of Scotland NV, Subordinated Bonds

     7.750     5/15/23         150,000        173,293 (b) 

Royal Bank of Scotland PLC, Subordinated Notes

     13.125     3/19/22         530,000 AUD      425,289 (b)(f)(g) 

Santander Issuances SAU, Notes

     5.911     6/20/16         200,000        204,195 (a)(b) 

Sberbank of Russia Via SB Capital SA, Subordinated Notes

     5.500     2/26/24         400,000        367,400 (f)(g) 

Wells Fargo & Co., Junior Subordinated Bonds

     5.875     6/15/25         210,000        221,550 (g)(i) 
         

 

 

 

Total Banks

            9,253,448   
         

 

 

 

Capital Markets - 0.4%

         

Goldman Sachs Group Inc., Subordinated Notes

     6.750     10/1/37         300,000        360,702 (b) 

Goldman Sachs Group Inc., Subordinated Notes

     5.150     5/22/45         270,000        269,401   
         

 

 

 

Total Capital Markets

            630,103   
         

 

 

 

Consumer Finance - 0.5%

         

Ally Financial Inc., Senior Notes

     8.000     3/15/20         129,000        150,117   

Navient Corp., Medium-Term Notes, Senior Notes

     8.450     6/15/18         250,000        263,000 (b) 

Navient Corp., Medium-Term Notes, Senior Notes

     8.000     3/25/20         240,000        244,200   

Navient Corp., Senior Notes

     6.125     3/25/24         40,000        34,650   

TMX Finance LLC/TitleMax Finance Corp., Senior Secured Notes

     8.500     9/15/18         150,000        116,250 (a) 
         

 

 

 

Total Consumer Finance

            808,217   
         

 

 

 

Diversified Financial Services - 1.9%

         

Argos Merger Sub Inc., Senior Notes

     7.125     3/15/23         530,000        535,300 (a) 

Banco Nacional de Comercio Exterior SNC, Senior Notes

     4.375     10/14/25         540,000        536,598 (a) 

International Lease Finance Corp., Senior Notes

     8.875     9/1/17         980,000        1,075,550 (b) 

International Lease Finance Corp., Senior Notes

     8.250     12/15/20         90,000        107,325 (b) 

ZFS Finance USA Trust II, Bonds

     6.450     12/15/65         500,000        508,750 (a)(b)(g) 
         

 

 

 

Total Diversified Financial Services

            2,763,523   
         

 

 

 

Insurance - 0.7%

         

Fidelity & Guaranty Life Holdings Inc., Senior Notes

     6.375     4/1/21         190,000        198,550 (a) 

Galaxy Bidco Ltd., Senior Secured Notes

     6.375     11/15/20         130,000 GBP      204,604 (f) 

Genworth Holdings Inc., Senior Notes

     4.900     8/15/23         200,000        150,000   

Liberty Mutual Group Inc., Junior Subordinated Bonds

     7.800     3/15/37         200,000        234,500 (a)(b) 

MetLife Capital Trust IV, Junior Subordinated Notes

     7.875     12/15/37         250,000        312,500 (a)(b) 
         

 

 

 

Total Insurance

            1,100,154   
         

 

 

 

Real Estate Investment Trusts (REITs) - 0.1%

         

Communications Sales & Leasing Inc., Senior Secured Notes

     6.000     4/15/23         180,000        170,550 (a) 
         

 

 

 

Real Estate Management & Development - 1.1%

         

Caesars Entertainment Resort Properties LLC, Secured Notes

     11.000     10/1/21         210,000        193,725   

Caesars Entertainment Resort Properties LLC, Senior Secured Notes

     8.000     10/1/20         580,000        565,500   

Greystar Real Estate Partners LLC, Senior Secured Notes

     8.250     12/1/22         340,000        359,550 (a) 

Howard Hughes Corp., Senior Notes

     6.875     10/1/21         460,000        472,650 (a) 
         

 

 

 

Total Real Estate Management & Development

            1,591,425   
         

 

 

 

TOTAL FINANCIALS

            16,317,420   
         

 

 

 
HEALTH CARE - 5.7%          

Biotechnology - 0.1%

         

AMAG Pharmaceuticals Inc., Senior Notes

     7.875     9/1/23         170,000        142,375 (a) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

5


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Health Care Equipment & Supplies - 1.2%

         

ConvaTec Finance International SA, Senior Notes

     8.250     1/15/19         220,000      $ 215,738 (a)(c) 

ConvaTec Healthcare E SA, Senior Notes

     10.875     12/15/18         660,000 EUR      721,067 (a)(b) 

DJO Finance LLC/DJO Finance Corp., Secured Notes

     10.750     4/15/20         70,000        65,800 (a) 

DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., Secured Notes

     8.125     6/15/21         550,000        496,375 (a) 

Greatbatch Ltd., Senior Notes

     9.125     11/1/23         320,000        320,800 (a) 
         

 

 

 

Total Health Care Equipment & Supplies

            1,819,780   
         

 

 

 

Health Care Providers & Services - 2.9%

         

BioScrip Inc., Senior Notes

     8.875     2/15/21         160,000        127,800   

CHS/Community Health Systems Inc., Senior Notes

     8.000     11/15/19         540,000        549,450 (b) 

IASIS Healthcare LLC/IASIS Capital Corp., Senior Notes

     8.375     5/15/19         550,000        519,750   

Priory Group No. 3 PLC, Senior Subordinated Notes

     8.875     2/15/19         380,000 GBP      593,207 (f) 

Tenet Healthcare Corp., Senior Notes

     8.125     4/1/22         1,140,000        1,142,138   

Universal Hospital Services Inc., Secured Notes

     7.625     8/15/20         1,450,000        1,363,000   
         

 

 

 

Total Health Care Providers & Services

            4,295,345   
         

 

 

 

Pharmaceuticals - 1.5%

         

DPx Holdings BV, Senior Notes

     7.500     2/1/22         200,000        202,750 (a) 

JLL/Delta Dutch Pledgeco BV, Senior Notes

     8.750     5/1/20         560,000        560,700 (a)(c) 

Mallinckrodt International Finance SA, Senior Notes

     5.750     8/1/22         390,000        347,100 (a) 

Valeant Pharmaceuticals International, Senior Notes

     6.375     10/15/20         200,000        184,250 (a) 

Valeant Pharmaceuticals International, Senior Notes

     7.250     7/15/22         450,000        409,500 (a) 

Valeant Pharmaceuticals International Inc., Senior Notes

     5.375     3/15/20         150,000        135,000 (a) 

Valeant Pharmaceuticals International Inc., Senior Notes

     7.500     7/15/21         520,000        494,041 (a) 
         

 

 

 

Total Pharmaceuticals

            2,333,341   
         

 

 

 

TOTAL HEALTH CARE

            8,590,841   
         

 

 

 
INDUSTRIALS - 10.4%          

Aerospace & Defense - 0.5%

         

Aerojet Rocketdyne Holdings Inc., Secured Notes

     7.125     3/15/21         170,000        177,863   

Bombardier Inc., Senior Notes

     7.500     3/15/18         130,000        130,000 (a) 

Bombardier Inc., Senior Notes

     4.750     4/15/19         30,000        26,250 (a) 

CBC Ammo LLC/CBC FinCo Inc., Senior Notes

     7.250     11/15/21         490,000        431,200 (a)(b) 
         

 

 

 

Total Aerospace & Defense

            765,313   
         

 

 

 

Air Freight & Logistics - 0.5%

         

Air Medical Merger Sub Corp., Senior Notes

     6.375     5/15/23         210,000        189,263 (a) 

XPO Logistics Inc., Senior Notes

     7.875     9/1/19         400,000        407,000 (a) 

XPO Logistics Inc., Senior Notes

     6.500     6/15/22         230,000        212,462 (a) 
         

 

 

 

Total Air Freight & Logistics

            808,725   
         

 

 

 

Airlines - 0.8%

         

Air Canada, Pass-Through Trust, Secured Notes

     6.625     5/15/18         130,000        132,925 (a) 

American Airlines, Pass-Through Trust, Secured Notes

     7.000     1/31/18         120,831        127,627 (a) 

Continental Airlines Inc., Pass-Through Certificates, Secured Bonds

     7.373     12/15/15         21,939        21,938   

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

     9.250     5/10/17         1,871        2,004   

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

     5.500     10/29/20         171,308        176,661 (b) 

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

     9.750     12/17/16         74,769        79,723 (b) 

Heathrow Finance PLC, Senior Secured Notes

     7.125     3/1/17         400,000 GBP      639,547 (b)(f) 
         

 

 

 

Total Airlines

            1,180,425   
         

 

 

 

 

 

See Notes to Schedule of Investments.

 

6


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Building Products - 0.3%

         

Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes

     6.875     2/15/21         310,000      $ 286,750 (a) 

GTL Trade Finance Inc., Senior Notes

     7.250     4/16/44         250,000        186,250 (a)(b) 
         

 

 

 

Total Building Products

            473,000   
         

 

 

 

Commercial Services & Supplies - 1.4%

         

Garda World Security Corp., Senior Notes

     7.250     11/15/21         170,000        152,150 (a) 

Monitronics International Inc., Senior Notes

     9.125     4/1/20         710,000        536,050   

United Rentals North America Inc., Senior Notes

     8.250     2/1/21         83,000        87,461 (b) 

United Rentals North America Inc., Senior Notes

     7.625     4/15/22         418,000        451,440 (b) 

United Rentals North America Inc., Senior Notes

     5.750     11/15/24         200,000        203,124   

West Corp., Senior Notes

     5.375     7/15/22         730,000        665,213 (a) 
         

 

 

 

Total Commercial Services & Supplies

            2,095,438   
         

 

 

 

Construction & Engineering - 1.8%

         

Astaldi SpA, Senior Notes

     7.125     12/1/20         260,000 EUR      279,870 (a) 

Astaldi SpA, Senior Notes

     7.125     12/1/20         100,000 EUR      107,642 (f) 

Ausdrill Finance Pty Ltd., Senior Notes

     6.875     11/1/19         400,000        292,000 (a)(b) 

Brundage-Bone Concrete Pumping Inc., Senior Secured Notes

     10.375     9/1/21         270,000        275,400 (a) 

Empresas ICA SAB de CV, Senior Notes

     8.900     2/4/21         616,000        160,160 (f) 

Michael Baker Holdings LLC/Michael Baker Finance Corp., Senior Notes

     9.625     4/15/19         356,362        267,272 (a)(c) 

Michael Baker International LLC/CDL Acquisition Co. Inc., Senior Secured Notes

     8.250     10/15/18         400,000        367,000 (a)(b) 

Modular Space Corp., Secured Notes

     10.250     1/31/19         330,000        160,050 (a) 

Odebrecht Finance Ltd., Senior Notes

     5.250     6/27/29         1,182,000        685,560 (a)(b) 

Odebrecht Offshore Drilling Finance Ltd., Senior Secured Notes

     6.625     10/1/22         186,840        57,920 (a)(b) 
         

 

 

 

Total Construction & Engineering

            2,652,874   
         

 

 

 

Electrical Equipment - 0.4%

         

International Wire Group Holdings Inc., Senior Secured Notes

     8.500     10/15/17         230,000        239,775 (a) 

NES Rentals Holdings Inc., Senior Secured Notes

     7.875     5/1/18         200,000        194,000 (a) 

Trionista TopCo GmbH, Senior Subordinated Notes

     6.875     4/30/21         100,000 EUR      112,902 (a) 
         

 

 

 

Total Electrical Equipment

            546,677   
         

 

 

 

Industrial Conglomerates - 0.4%

         

Alfa SAB de CV, Senior Notes

     6.875     3/25/44         200,000        195,000 (a)(b) 

Sinochem Overseas Capital Co., Ltd., Senior Notes

     4.500     11/12/20         370,000        390,687 (a)(b) 
         

 

 

 

Total Industrial Conglomerates

            585,687   
         

 

 

 

Machinery - 1.7%

         

CTP Transportation Products LLC/CTP Finance Inc., Senior Secured Notes

     8.250     12/15/19         130,000        137,800 (a) 

DH Services Luxembourg Sarl, Senior Notes

     7.750     12/15/20         620,000        643,250 (a) 

Global Brass and Copper Inc., Senior Secured Notes

     9.500     6/1/19         280,000        299,600   

KION Finance SA, Senior Secured Notes

     6.750     2/15/20         729,000 EUR      805,031 (a) 

KraussMaffei Group GmbH, Senior Secured Notes

     8.750     12/15/20         136,000 EUR      154,109 (a) 

KraussMaffei Group GmbH, Senior Secured Notes

     8.750     12/15/20         120,000 EUR      135,978 (f) 

SIG Combibloc Holdings SCA, Senior Bonds

     7.750     2/15/23         190,000 EUR      213,638 (a) 

SPL Logistics Escrow LLC/SPL Logistics Finance Corp., Senior Secured Notes

     8.875     8/1/20         200,000        208,000 (a)(b) 
         

 

 

 

Total Machinery

            2,597,406   
         

 

 

 

Marine - 0.4%

         

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

     8.125     11/15/21         460,000        431,825 (a) 

Ultrapetrol Bahamas Ltd., Senior Secured Notes

     8.875     6/15/21         240,000        132,000   
         

 

 

 

Total Marine

            563,825   
         

 

 

 

 

 

See Notes to Schedule of Investments.

 

7


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Road & Rail - 0.8%

         

Flexi-Van Leasing Inc., Senior Notes

     7.875     8/15/18         270,000      $ 275,400 (a)(b) 

Florida East Coast Holdings Corp., Senior Notes

     9.750     5/1/20         60,000        52,500 (a) 

Florida East Coast Holdings Corp., Senior Secured Notes

     6.750     5/1/19         570,000        560,025 (a) 

Jack Cooper Holdings Corp., Senior Secured Notes

     10.250     6/1/20         440,000        389,400 (a) 
         

 

 

 

Total Road & Rail

            1,277,325   
         

 

 

 

Trading Companies & Distributors - 0.3%

         

H&E Equipment Services Inc., Senior Notes

     7.000     9/1/22         410,000        413,075 (b) 
         

 

 

 

Transportation - 0.6%

         

Hapag-Lloyd AG, Senior Notes

     9.750     10/15/17         410,000        426,400 (a)(b) 

Neovia Logistics Intermediate Holdings LLC/Logistics Intermediate Finance Corp., Senior Notes

     10.000     2/15/18         450,000        443,250 (a)(c) 
         

 

 

 

Total Transportation

            869,650   
         

 

 

 

Transportation Infrastructure - 0.5%

         

Mersin Uluslararasi Liman Isletmeciligi AS, Notes

     5.875     8/12/20         260,000        270,251 (a)(b) 

PT Pelabuhan Indonesia II, Senior Bonds

     4.250     5/5/25         490,000        443,450 (a) 
         

 

 

 

Total Transportation Infrastructure

            713,701   
         

 

 

 

TOTAL INDUSTRIALS

            15,543,121   
         

 

 

 
INFORMATION TECHNOLOGY - 2.6%          

Communications Equipment - 0.1%

         

QUALCOMM Inc., Senior Subordinated Notes

     4.800     5/20/45         180,000        149,921   
         

 

 

 

Electronic Equipment, Instruments & Components - 0.2%

         

Interface Security Systems Holdings Inc./Interface Security Systems LLC, Senior Secured Notes

     9.250     1/15/18         290,000        288,188   
         

 

 

 

Internet Software & Services - 0.3%

         

Ancestry.com Holdings LLC, Senior Notes

     9.625     10/15/18         130,000        130,813 (a)(c) 

Ancestry.com Inc., Senior Notes

     11.000     12/15/20         250,000        272,500   
         

 

 

 

Total Internet Software & Services

            403,313   
         

 

 

 

IT Services - 1.7%

         

Compiler Finance Subordinated Inc., Senior Notes

     7.000     5/1/21         400,000        202,000 (a) 

First Data Corp., Secured Notes

     8.250     1/15/21         160,000        167,400 (a) 

First Data Corp., Secured Notes

     5.750     1/15/24         290,000        290,725 (a) 

First Data Corp., Senior Notes

     7.000     12/1/23         30,000        30,337 (a) 

First Data Corp., Senior Secured Notes

     5.000     1/15/24         1,910,000        1,914,775 (a) 
         

 

 

 

Total IT Services

            2,605,237   
         

 

 

 

Software - 0.3%

         

Oberthur Technologies Holding SAS, Senior Secured Notes

     9.250     4/30/20         400,000 EUR      461,226 (a) 
         

 

 

 

TOTAL INFORMATION TECHNOLOGY

            3,907,885   
         

 

 

 
MATERIALS - 12.0%          

Chemicals - 1.5%

         

Alpek SAB de CV, Senior Notes

     4.500     11/20/22         235,000        230,006 (a)(b) 

Eco Services Operations LLC/Eco Finance Corp., Senior Notes

     8.500     11/1/22         100,000        85,000 (a) 

Hexion Inc., Senior Secured Notes

     8.875     2/1/18         250,000        165,625   

HIG BBC Intermediate Holdings LLC/HIG BBC Holdings Corp., Senior Notes

     10.500     9/15/18         160,000        152,400 (a)(c) 

Kerling PLC, Senior Secured Notes

     10.625     2/1/17         118,000 EUR      126,645 (a)(b) 

Mexichem SAB de CV, Senior Notes

     4.875     9/19/22         260,000        264,550 (a)(b) 

OCP SA, Senior Notes

     5.625     4/25/24         450,000        458,437 (a)(b) 

OCP SA, Senior Notes

     4.500     10/22/25         430,000        403,663 (a) 

Rain CII Carbon LLC/CII Carbon Corp., Senior Secured Notes

     8.000     12/1/18         420,000        344,400 (a) 
         

 

 

 

Total Chemicals

            2,230,726   
         

 

 

 

 

See Notes to Schedule of Investments.

 

8


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Construction Materials - 1.7%

         

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         220,000      $ 211,200 (a)(b) 

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         100,000        96,000 (b)(f) 

Cemex Finance LLC, Senior Secured Notes

     9.375     10/12/22         560,000        602,700 (a)(b) 

Cemex Finance LLC, Senior Secured Notes

     9.375     10/12/22         400,000        430,500 (b)(f) 

Cemex SAB de CV, Senior Secured Notes

     6.125     5/5/25         750,000        689,775 (a) 

Cimpor Financial Operations BV, Senior Notes

     5.750     7/17/24         350,000        235,708 (a) 

Hardwoods Acquisition Inc., Senior Secured Notes

     7.500     8/1/21         270,000        237,600 (a) 

NWH Escrow Corp., Senior Secured Notes

     7.500     8/1/21         100,000        85,500 (a) 
         

 

 

 

Total Construction Materials

            2,588,983   
         

 

 

 

Containers & Packaging - 2.2%

         

Ardagh Finance Holdings SA, Senior Notes

     8.625     6/15/19         283,103        296,550 (a)(c) 

Ardagh Packaging Finance PLC, Senior Notes

     9.250     10/15/20         1,000,000 EUR      1,114,660 (a)(b) 

BWAY Holding Co., Senior Notes

     9.125     8/15/21         460,000        435,850 (a) 

Coveris Holdings SA, Senior Notes

     7.875     11/1/19         400,000        372,000 (a) 

Pactiv LLC, Senior Bonds

     8.375     4/15/27         360,000        347,400   

Pactiv LLC, Senior Notes

     7.950     12/15/25         330,000        315,150   

PaperWorks Industries Inc., Senior Secured Notes

     9.500     8/15/19         220,000        216,700 (a) 

Suzano Trading Ltd., Senior Notes

     5.875     1/23/21         240,000        241,800 (a)(b) 
         

 

 

 

Total Containers & Packaging

            3,340,110   
         

 

 

 

Metals & Mining - 5.6%

         

ArcelorMittal, Senior Notes

     8.000     10/15/39         270,000        205,235   

Barminco Finance Pty Ltd., Senior Notes

     9.000     6/1/18         240,000        196,200 (a) 

Coeur Mining Inc., Senior Notes

     7.875     2/1/21         620,000        357,275 (b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.750     11/4/20         250,000        249,157 (a)(b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.875     11/3/21         490,000        483,120 (a)(b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         300,000        275,243 (b)(f) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         200,000        183,495 (a)(b) 

Evraz Group SA, Senior Notes

     9.500     4/24/18         540,000        577,611 (b)(f) 

Evraz Group SA, Senior Notes

     6.750     4/27/18         360,000        363,150 (a)(b) 

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

     9.750     3/1/22         580,000        561,150 (a) 

Gerdau Trade Inc., Senior Notes

     4.750     4/15/23         270,000        214,569 (a)(b) 

Joseph T. Ryerson & Son Inc., Senior Secured Notes

     9.000     10/15/17         200,000        168,976   

Midwest Vanadium Pty Ltd., Senior Secured Notes

     11.500     2/15/18         330,000        14,850 *(a)(e)(h) 

Mirabela Nickel Ltd., Subordinated Notes

     1.000     9/10/44         4,091        0 (a)(c)(d)(e)(j) 

Prince Mineral Holding Corp., Senior Secured Notes

     11.500     12/15/19         30,000        23,250 (a)(b) 

Rio Tinto Finance USA Ltd., Senior Notes

     9.000     5/1/19         260,000        312,163 (b) 

Schaeffler Holding Finance BV, Senior Secured Bonds

     6.875     8/15/18         200,000        207,250 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.875     8/15/18         290,000 EUR      318,824 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.750     11/15/22         380,000        413,250 (a)(c) 

Severstal OAO Via Steel Capital SA, Senior Notes

     4.450     3/19/18         300,000        301,094 (a)(b) 

Southern Copper Corp., Senior Notes

     3.875     4/23/25         240,000        218,306   

Southern Copper Corp., Senior Notes

     6.750     4/16/40         730,000        654,724 (b) 

Southern Copper Corp., Senior Notes

     5.250     11/8/42         180,000        135,088 (b) 

Steel Dynamics Inc., Senior Notes

     6.125     8/15/19         150,000        156,000 (b) 

Thompson Creek Metals Co. Inc., Senior Notes

     12.500     5/1/19         230,000        61,525   

Vale Overseas Ltd., Senior Notes

     6.875     11/21/36         2,277,000        1,692,289 (k) 

Vedanta Resources PLC, Senior Notes

     9.500     7/18/18         100,000        91,000 (b)(f) 
         

 

 

 

Total Metals & Mining

            8,434,794   
         

 

 

 

 

See Notes to Schedule of Investments.

 

9


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Paper & Forest Products - 1.0%

         

Appvion Inc., Secured Notes

     9.000     6/1/20         630,000      $ 223,650 (a) 

Celulosa Arauco y Constitucion SA, Senior Notes

     7.250     7/29/19         62,000        70,232 (b) 

Celulosa Arauco y Constitucion SA, Senior Notes

     4.750     1/11/22         160,000        163,244 (b) 

Fibria Overseas Finance Ltd., Senior Notes

     5.250     5/12/24         200,000        198,000 (b) 

Inversiones CMPC SA, Notes

     4.375     5/15/23         200,000        191,825 (a)(b) 

Inversiones CMPC SA, Senior Notes

     4.750     1/19/18         250,000        256,497 (a)(b) 

Inversiones CMPC SA, Senior Notes

     4.500     4/25/22         190,000        185,474 (a)(b) 

Resolute Forest Products Inc., Senior Notes

     5.875     5/15/23         230,000        169,625   
         

 

 

 

Total Paper & Forest Products

            1,458,547   
         

 

 

 

TOTAL MATERIALS

            18,053,160   
         

 

 

 
TELECOMMUNICATION SERVICES - 10.8%          

Diversified Telecommunication Services - 6.1%

         

Axtel SAB de CV, Senior Secured Notes

     9.000     1/31/20         804,000        834,150 (a) 

Bharti Airtel International Netherlands BV, Senior Bonds

     5.350     5/20/24         280,000        296,636 (a)(b) 

Bharti Airtel Ltd., Senior Notes

     4.375     6/10/25         350,000        345,989 (a) 

CenturyLink Inc., Senior Notes

     6.750     12/1/23         250,000        238,288 (b) 

Cincinnati Bell Telephone Co., LLC, Senior Debentures

     6.300     12/1/28         50,000        45,750 (b) 

Empresa Nacional de Telecomunicaciones SA, Senior Notes

     4.875     10/30/24         200,000        197,698 (a)(b) 

Frontier Communications Corp., Senior Notes

     10.500     9/15/22         230,000        228,563 (a) 

Frontier Communications Corp., Senior Notes

     11.000     9/15/25         350,000        343,875 (a) 

Intelsat Jackson Holdings SA, Senior Notes

     7.250     10/15/20         1,410,000        1,184,400 (b) 

Intelsat Jackson Holdings SA, Senior Notes

     7.500     4/1/21         470,000        392,450   

Intelsat Luxembourg SA, Senior Bonds

     7.750     6/1/21         290,000        114,550   

Level 3 Financing Inc., Senior Notes

     8.625     7/15/20         600,000        632,250 (b) 

Level 3 Financing Inc., Senior Notes

     6.125     1/15/21         90,000        94,546   

Oi Brasil Holdings Cooperatief U.A., Senior Notes

     5.750     2/10/22         1,000,000        552,500 (a) 

Ooredoo International Finance Ltd., Senior Notes

     4.750     2/16/21         220,000        241,642 (a)(b) 

Telecom Italia Capital SA, Senior Notes

     7.200     7/18/36         780,000        807,300   

Turk Telekomunikasyon AS, Senior Bonds

     3.750     6/19/19         330,000        326,700 (a)(b) 

Turk Telekomunikasyon AS, Senior Notes

     4.875     6/19/24         220,000        210,837 (a)(b) 

Verizon Communications Inc., Senior Notes

     5.150     9/15/23         390,000        436,664 (b) 

Windstream Services LLC, Senior Notes

     7.750     10/1/21         1,970,000        1,580,925   

Windstream Services LLC, Senior Notes

     6.375     8/1/23         50,000        37,313   
         

 

 

 

Total Diversified Telecommunication Services

            9,143,026   
         

 

 

 

Wireless Telecommunication Services - 4.7%

         

Altice Financing SA, Senior Secured Notes

     5.250     2/15/23         100,000 EUR      108,238 (a) 

Altice Financing SA, Senior Secured Notes

     6.625     2/15/23         610,000        606,566 (a) 

America Movil SAB de CV, Senior Notes

     5.625     11/15/17         340,000        365,367 (b) 

Neptune Finco Corp., Senior Notes

     6.625     10/15/25         400,000        415,500 (a) 

Neptune Finco Corp., Senior Notes

     10.875     10/15/25         470,000        498,200 (a) 

Sprint Capital Corp., Senior Notes

     8.750     3/15/32         3,265,000        2,558,944 (b) 

Sprint Communications Inc., Senior Notes

     9.000     11/15/18         630,000        681,975 (a)(b) 

Sprint Corp., Senior Notes

     7.875     9/15/23         440,000        355,300   

T-Mobile USA Inc., Senior Notes

     6.542     4/28/20         120,000        124,200   

T-Mobile USA Inc., Senior Notes

     6.633     4/28/21         20,000        20,725   

T-Mobile USA Inc., Senior Notes

     6.500     1/15/26         490,000        490,613   

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         590,000        608,007 (f) 

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         200,000        206,104 (a)(b) 
         

 

 

 

Total Wireless Telecommunication Services

            7,039,739   
         

 

 

 

TOTAL TELECOMMUNICATION SERVICES

            16,182,765   
         

 

 

 

 

 

See Notes to Schedule of Investments.

 

10


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

  RATE     MATURITY
DATE
    FACE
AMOUNT†
    VALUE  
UTILITIES - 3.9%        

Electric Utilities - 1.7%

       

Comision Federal de Electricidad, Senior Notes

    4.875     1/15/24        200,000      $ 202,250 (a)(b) 

Comision Federal de Electricidad, Senior Notes

    6.125     6/16/45        250,000        238,438 (a) 

FirstEnergy Corp., Notes

    7.375     11/15/31        330,000        398,827 (b) 

Majapahit Holding BV, Senior Notes

    7.750     1/20/20        280,000        315,700 (b)(f) 

Midwest Generation LLC, Pass-Through Certificates, Secured Bonds

    8.560     1/2/16        24,494        24,402   

NRG REMA LLC, Pass-Through Certificates, Senior Secured Bonds

    9.237     7/2/17        40,816        42,780   

NRG REMA LLC, Pass-Through Certificates, Senior Secured Bonds

    9.681     7/2/26        450,000        459,563 (b) 

Red Oak Power LLC, Secured Notes

    9.200     11/30/29        660,000        714,450   

State Grid Overseas Investment 2013 Ltd., Senior Bonds

    3.125     5/22/23        200,000        197,282 (a)(b) 
       

 

 

 

Total Electric Utilities

          2,593,692   
       

 

 

 

Gas Utilities - 0.5%

       

Gas Natural de Lima y Callao SA, Senior Notes

    4.375     4/1/23        200,000        197,250 (a)(b) 

Southern Natural Gas Co., LLC, Senior Notes

    8.000     3/1/32        70,000        73,801 (b) 

Transportadora de Gas Internacional SA ESP, Senior Notes

    5.700     3/20/22        470,000        484,100 (a)(b) 
       

 

 

 

Total Gas Utilities

          755,151   
       

 

 

 

Independent Power and Renewable Electricity
Producers - 1.7%

       

AES Gener SA, Notes

    5.250     8/15/21        250,000        260,660 (a)(b) 

Calpine Corp., Senior Secured Notes

    7.875     1/15/23        312,000        332,670 (a)(b) 

Korea East-West Power Co., Ltd., Senior Notes

    2.500     6/2/20        400,000        400,484 (a) 

Mirant Mid Atlantic LLC, Pass-Through Certificates, Secured Bonds

    10.060     12/30/28        1,071,724        1,105,215 (b) 

Three Gorges Finance Ltd., Senior Notes

    3.700     6/10/25        440,000        446,967 (a) 
       

 

 

 

Total Independent Power and Renewable Electricity Producers

          2,545,996   
       

 

 

 

TOTAL UTILITIES

          5,894,839   
       

 

 

 

TOTAL CORPORATE BONDS & NOTES

(Cost - $147,610,085)

          138,587,611   
       

 

 

 
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.6%        

Commercial Mortgage Trust, 2015-LC21 E

    3.250     7/10/48        500,000        318,193 (a) 

JPMBB Commercial Mortgage Securities Trust, 2015-C31 E

    4.273     8/15/48        400,000        281,182 (a)(g) 

Wells Fargo Commercial Mortgage Trust, 2015-C28 E

    3.000     5/15/48        400,000        248,814 (a) 
       

 

 

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost - $849,325)

          848,189   
       

 

 

 
CONVERTIBLE BONDS & NOTES - 0.3%        
MATERIALS - 0.2%        

Chemicals - 0.1%

       

Hercules Inc., Junior Subordinated Bonds

    6.500     6/30/29        90,000        80,944   
       

 

 

 

Metals & Mining - 0.1%

       

Mirabela Nickel Ltd., Senior Secured Bonds

    9.500     6/24/19        320,399        176,219 (a)(c)(d)(e) 
       

 

 

 

TOTAL MATERIALS

          257,163   
       

 

 

 
TELECOMMUNICATION SERVICES - 0.1%        

Diversified Telecommunication Services - 0.1%

       

Axtel SAB de CV, Senior Secured Notes

    9.000     1/31/20        1,395,900 MXN      193,662 (a) 
       

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES

(Cost - $588,276)

          450,825   
       

 

 

 

 

 

See Notes to Schedule of Investments.

 

11


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  
SENIOR LOANS - 1.9%          
CONSUMER DISCRETIONARY - 0.4%          

Hotels, Restaurants & Leisure - 0.2%

         

Equinox Holdings Inc., Second Lien Term Loan

     9.750     7/31/20         300,000      $ 304,250 (l)(m) 
         

 

 

 

Specialty Retail - 0.1%

         

Spencer Gifts LLC, Second Lien Term Loan

     9.250     11/12/21         230,000        231,725 (l)(m) 
         

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

         

TOMS Shoes LLC, Term Loan B

     6.500     10/28/20         179,100        131,042 (l)(m) 
         

 

 

 

TOTAL CONSUMER DISCRETIONARY

            667,017   
         

 

 

 
CONSUMER STAPLES - 0.1%          

Food Products - 0.1%

         

AdvancePierre Foods Inc., Second Lien Term Loan

     9.500     10/10/17         130,000        129,025 (l)(m) 
         

 

 

 
ENERGY - 0.5%          

Energy Equipment & Services - 0.4%

         

Hercules Offshore LLC, Exit Term Loan

     10.500     5/6/20         690,000        586,500 (l)(m) 
         

 

 

 

Oil, Gas & Consumable Fuels - 0.1%

         

Magnum Hunter Resources Inc., Incremental Second Lien Term Loan

     4.200     12/31/15         90,000        90,000 (l)(m)(n) 

Westmoreland Coal Co., Term Loan B

     7.500     12/16/20         177,502        119,370 (l)(m) 
         

 

 

 

Total Oil, Gas & Consumable Fuels

            209,370   
         

 

 

 

TOTAL ENERGY

            795,870   
         

 

 

 
HEALTH CARE - 0.3%          

Health Care Equipment & Supplies - 0.1%

         

Lantheus Medical Imaging Inc., Term Loan

     7.000     6/30/22         219,450        202,991 (l)(m) 
         

 

 

 

Health Care Providers & Services - 0.2%

         

Radnet Management Inc., Second Lien Term Loan

     8.000     3/25/21         290,000        281,300 (l)(m) 
         

 

 

 

TOTAL HEALTH CARE

            484,291   
         

 

 

 
INDUSTRIALS - 0.2%          

Commercial Services & Supplies - 0.2%

         

Kronos Inc., Second Lien Term Loan

     9.750     4/30/20         229,820        232,980 (l)(m) 
         

 

 

 
MATERIALS - 0.2%          

Chemicals - 0.2%

         

Kerling PLC, EUR Term Loan

     10.000     6/30/16         300,000 EUR      318,550 (l)(m) 
         

 

 

 
UTILITIES - 0.2%          

Electric Utilities - 0.2%

         

Panda Temple Power LLC, 2015 Term Loan B

     7.250     3/4/22         258,700        236,064 (l)(m) 
         

 

 

 

TOTAL SENIOR LOANS

(Cost - $3,161,453)

            2,863,797   
         

 

 

 
SOVEREIGN BONDS - 30.1%          

Argentina - 1.2%

         

Republic of Argentina, Senior Bonds

     7.000     4/17/17         1,900,000        1,866,634   
         

 

 

 

Armenia - 0.2%

         

Republic of Armenia, Senior Notes

     6.000     9/30/20         360,000        355,246 (f) 
         

 

 

 

Brazil - 0.7%

         

Federative Republic of Brazil, Senior Notes

     8.000     1/15/18         1,007,778        1,060,686 (k) 
         

 

 

 

Chile - 0.3%

         

Republic of Chile, Senior Notes

     3.875     8/5/20         412,000        440,840 (b) 
         

 

 

 

Colombia - 2.0%

         

Republic of Colombia, Senior Bonds

     7.375     9/18/37         2,150,000        2,477,875 (k) 

Republic of Colombia, Senior Bonds

     6.125     1/18/41         180,000        183,600   

Republic of Colombia, Senior Notes

     7.375     3/18/19         255,000        289,042   
         

 

 

 

Total Colombia

            2,950,517   
         

 

 

 

 

See Notes to Schedule of Investments.

 

12


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Costa Rica - 0.3%

          

Republic of Costa Rica, Notes

     7.000     4/4/44         590,000       $ 516,988 (a) 
          

 

 

 

Croatia - 0.5%

          

Republic of Croatia, Senior Notes

     6.625     7/14/20         260,000         282,977 (a) 

Republic of Croatia, Senior Notes

     5.500     4/4/23         210,000         217,030 (f) 

Republic of Croatia, Senior Notes

     5.500     4/4/23         200,000         206,696 (a) 
          

 

 

 

Total Croatia

             706,703   
          

 

 

 

Dominican Republic - 1.4%

          

Dominican Republic, Senior Notes

     5.500     1/27/25         970,000         955,450 (a) 

Dominican Republic, Senior Notes

     6.850     1/27/45         1,140,000         1,124,325 (a) 
          

 

 

 

Total Dominican Republic

             2,079,775   
          

 

 

 

Ecuador - 0.5%

          

Republic of Ecuador, Senior Bonds

     10.500     3/24/20         940,000         794,300 (a) 
          

 

 

 

Egypt - 0.2%

          

Arab Republic of Egypt, Senior Notes

     5.875     6/11/25         330,000         284,295 (a) 
          

 

 

 

El Salvador - 0.1%

          

Republic of El Salvador, Notes

     6.375     1/18/27         190,000         167,913 (a) 
          

 

 

 

Gabon - 0.3%

          

Gabonese Republic, Bonds

     6.375     12/12/24         250,000         214,454 (a) 

Gabonese Republic, Senior Bonds

     6.950     6/16/25         200,000         173,000 (a) 
          

 

 

 

Total Gabon

             387,454   
          

 

 

 

Ghana - 0.2%

          

Republic of Ghana, Bonds

     10.750     10/14/30         290,000         306,313 (a) 
          

 

 

 

Honduras - 0.3%

          

Republic of Honduras, Senior Notes

     7.500     3/15/24         400,000         426,630 (f) 
          

 

 

 

Hungary - 1.4%

          

Republic of Hungary, Senior Notes

     5.750     11/22/23         1,528,000         1,724,730   

Republic of Hungary, Senior Notes

     5.375     3/25/24         300,000         331,125   
          

 

 

 

Total Hungary

             2,055,855   
          

 

 

 

Indonesia - 3.0%

          

Republic of Indonesia, Senior Bonds

     6.875     1/17/18         100,000         109,446 (f) 

Republic of Indonesia, Senior Bonds

     6.625     2/17/37         1,735,000         1,850,377 (f) 

Republic of Indonesia, Senior Notes

     5.875     1/15/24         1,727,000         1,873,206 (a) 

Republic of Indonesia, Senior Notes

     5.250     1/17/42         680,000         632,876 (a) 
          

 

 

 

Total Indonesia

             4,465,905   
          

 

 

 

Ivory Coast - 0.7%

          

Republic of Cote D’Ivoire, Senior Bonds

     5.750     12/31/32         950,000         859,322 (f) 

Republic of Cote D’Ivoire, Senior Notes

     6.375     3/3/28         240,000         224,141 (a) 
          

 

 

 

Total Ivory Coast

             1,083,463   
          

 

 

 

Jamaica - 0.4%

          

Government of Jamaica, Senior Notes

     7.625     7/9/25         250,000         273,750   

Government of Jamaica, Senior Notes

     6.750     4/28/28         320,000         324,000   
          

 

 

 

Total Jamaica

             597,750   
          

 

 

 

Jordan - 0.2%

          

Kingdom of Jordan, Senior Notes

     6.125     1/29/26         250,000         254,531 (a) 
          

 

 

 

 

See Notes to Schedule of Investments.

 

13


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
    VALUE  

Kenya - 0.2%

         

Republic of Kenya, Senior Notes

     6.875     6/24/24         400,000      $ 366,500 (a) 
         

 

 

 

Lithuania - 0.7%

         

Republic of Lithuania, Senior Notes

     6.125     3/9/21         860,000        997,824 (a) 
         

 

 

 

Mexico - 2.4%

         

United Mexican States, Senior Bonds

     8.000     6/11/20         14,918,500 MXN      1,003,829 (b) 

United Mexican States, Senior Bonds

     6.500     6/9/22         1,780,200 MXN      111,559   

United Mexican States, Senior Bonds

     10.000     12/5/24         4,800,000 MXN      368,030   

United Mexican States, Senior Notes

     5.125     1/15/20         220,000        241,450 (b) 

United Mexican States, Senior Notes

     3.625     3/15/22         520,000        526,500 (b) 

United Mexican States, Senior Notes

     4.000     10/2/23         160,000        163,600   

United Mexican States, Senior Notes

     4.750     3/8/44         1,230,000        1,159,275 (b) 
         

 

 

 

Total Mexico

            3,574,243   
         

 

 

 

Namibia - 0.2%

         

Republic of Namibia, Senior Notes

     5.250     10/29/25         260,000        253,687 (a) 
         

 

 

 

Pakistan - 0.2%

         

Republic of Pakistan, Senior Bonds

     7.250     4/15/19         330,000        339,075 (a) 
         

 

 

 

Panama - 0.4%

         

Republic of Panama, Senior Bonds

     6.700     1/26/36         459,000        558,833   
         

 

 

 

Paraguay - 0.2%

         

Republic of Paraguay, Senior Notes

     6.100     8/11/44         360,000        353,700 (a) 
         

 

 

 

Peru - 2.0%

         

Republic of Peru, Senior Bonds

     7.350     7/21/25         1,200,000        1,531,800 (k) 

Republic of Peru, Senior Bonds

     8.750     11/21/33         690,000        991,875   

Republic of Peru, Senior Bonds

     6.550     3/14/37         321,000        381,990   

Republic of Peru, Senior Bonds

     5.625     11/18/50         79,000        83,542   
         

 

 

 

Total Peru

            2,989,207   
         

 

 

 

Philippines - 0.9%

         

Republic of Philippines, Senior Bonds

     5.500     3/30/26         660,000        785,978   

Republic of Philippines, Senior Bonds

     3.950     1/20/40         600,000        611,877   
         

 

 

 

Total Philippines

            1,397,855   
         

 

 

 

Poland - 1.6%

         

Republic of Poland, Senior Notes

     6.375     7/15/19         400,000        461,000   

Republic of Poland, Senior Notes

     5.125     4/21/21         500,000        560,300   

Republic of Poland, Senior Notes

     5.000     3/23/22         1,270,000        1,417,161 (k) 
         

 

 

 

Total Poland

            2,438,461   
         

 

 

 

Russia - 2.9%

         

Russian Foreign Bond - Eurobond, Senior Bonds

     4.875     9/16/23         400,000        417,860 (a)(b) 

Russian Foreign Bond - Eurobond, Senior Bonds

     12.750     6/24/28         42,000        68,602 (b)(f) 

Russian Foreign Bond - Eurobond, Senior Bonds

     7.500     3/31/30         2,348,763        2,793,266 (f)(k) 

Russian Foreign Bond - Eurobond, Senior Bonds

     5.875     9/16/43         1,000,000        1,025,110 (a) 
         

 

 

 

Total Russia

            4,304,838   
         

 

 

 

Senegal - 0.1%

         

Republic of Senegal, Bonds

     6.250     7/30/24         200,000        185,750 (f) 
         

 

 

 

South Africa - 0.2%

         

Republic of South Africa, Senior Notes

     5.875     9/16/25         260,000        281,359   
         

 

 

 

Tunisia - 0.1%

         

Banque Centrale de Tunisie SA, Senior Bonds

     5.750     1/30/25         200,000        178,000 (a) 
         

 

 

 

 

See Notes to Schedule of Investments.

 

14


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT†
     VALUE  

Turkey - 3.3%

          

Republic of Turkey, Senior Bonds

     5.750     3/22/24         260,000       $ 277,368   

Republic of Turkey, Senior Bonds

     4.250     4/14/26         520,000         494,104   

Republic of Turkey, Senior Bonds

     11.875     1/15/30         575,000         945,156   

Republic of Turkey, Senior Notes

     6.875     3/17/36         2,846,000         3,202,089 (k) 

Republic of Turkey, Senior Notes

     6.750     5/30/40         25,000         27,896   
          

 

 

 

Total Turkey

             4,946,613   
          

 

 

 

Uruguay - 0.5%

          

Republic of Uruguay, Senior Bonds

     5.100     6/18/50         200,000         178,500   

Republic of Uruguay, Senior Notes

     4.500     8/14/24         214,840         221,285   

Republic of Uruguay, Senior Notes

     4.375     10/27/27         379,735         377,837   
          

 

 

 

Total Uruguay

             777,622   
          

 

 

 

Vietnam - 0.2%

          

Republic of Vietnam, Senior Bonds

     4.800     11/19/24         300,000         290,158 (a) 
          

 

 

 

Zambia - 0.1%

          

Republic of Zambia, Senior Notes

     8.970     7/30/27         250,000         217,750 (a) 
          

 

 

 

TOTAL SOVEREIGN BONDS
(Cost - $43,795,006)

             45,253,273   
          

 

 

 
                  SHARES         
COMMON STOCKS - 2.9%           
CONSUMER DISCRETIONARY - 0.0%           

Hotels, Restaurants & Leisure - 0.0%

          

Bossier Casino Venture Holdco Inc.

          19,194         0 *(d)(e)(j) 
          

 

 

 
ENERGY - 0.4%           

Energy Equipment & Services - 0.4%

          

Hercules Offshore Inc.

          11,723         43,610

KCAD Holdings I Ltd.

          77,972,021         562,880 *(d)(e) 
          

 

 

 

TOTAL ENERGY

             606,490   
          

 

 

 
FINANCIALS - 2.1%           

Banks - 2.1%

          

Citigroup Inc.

          50,751         2,745,122   

JPMorgan Chase & Co.

          5,293         352,937   
          

 

 

 

TOTAL FINANCIALS

             3,098,059   
          

 

 

 
HEALTH CARE - 0.2%           

Health Care Providers & Services - 0.2%

          

Physiotherapy Associates Holdings Inc.

          3,500         290,500 *(d)(e) 
          

 

 

 
INDUSTRIALS - 0.2%           

Marine - 0.1%

          

DeepOcean Group Holding AS

          26,137         118,531 *(d)(e) 
          

 

 

 

Trading Companies & Distributors - 0.1%

          

H&E Equipment Services Inc.

          12,513         250,385   
          

 

 

 

TOTAL INDUSTRIALS

             368,916   
          

 

 

 
MATERIALS - 0.0%           

Metals & Mining - 0.0%

          

Mirabela Nickel Ltd.

          837,929         50,297 *(d)(e) 
          

 

 

 

TOTAL COMMON STOCKS

(Cost - $4,639,963)

             4,414,262   
          

 

 

 

 

 

See Notes to Schedule of Investments.

 

15


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

SECURITY

   RATE            SHARES      VALUE  
CONVERTIBLE PREFERRED STOCKS - 0.0%   
ENERGY - 0.0%           

Oil, Gas & Consumable Fuels - 0.0%

          

Rex Energy Corp. (Cost - $250,225)

     6.000        3,500       $ 38,500   
          

 

 

 
PREFERRED STOCKS - 0.8%           
FINANCIALS - 0.8%           

Consumer Finance - 0.8%

          

GMAC Capital Trust I (Cost - $1,085,701)

     8.125        43,913         1,119,782 (g) 
          

 

 

 
           EXPIRATION
DATE
     WARRANTS         
WARRANTS - 0.1%           

Bolivarian Republic of Venezuela, Oil-linked payment obligations

       4/15/20         9,125         71,859   

Jack Cooper Holdings Corp.

       12/15/17         496         69,440 *(a)(e) 

Jack Cooper Holdings Corp.

       5/6/18         228         31,920 *(a)(e) 
          

 

 

 

TOTAL WARRANTS

(Cost - $12,465)

             173,219   
          

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS

(Cost - $201,992,499)

             193,749,458   
          

 

 

 
                  SHARES         
SHORT-TERM INVESTMENTS - 3.9%           

State Street Institutional Treasury Plus Money Market Fund, Premier Class (Cost - $5,855,035)

     0.000        5,855,035         5,855,035   
          

 

 

 

TOTAL INVESTMENTS - 132.9%
(Cost - $207,847,534#)

             199,604,493   

Liabilities in Excess of Other Assets - (32.9)%

             (49,407,354
          

 

 

 

TOTAL NET ASSETS - 100.0%

           $ 150,197,139   
          

 

 

 

 

See Notes to Schedule of Investments.

 

16


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    November 30, 2015

 

 

* Non-income producing security.

 

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

 

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

 

(b) All or a portion of this security is pledged as collateral pursuant to the loan agreement.

 

(c) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional debt securities.

 

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

 

(e) Illiquid security.

 

(f) Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted.

 

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

 

(h) The coupon payment on these securities is currently in default as of November 30, 2015.

 

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

 

(j) Value is less than $1.

 

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

 

(l) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

 

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

 

(n) All or a portion of this loan is unfunded as of November 30, 2015. The interest rate for fully unfunded term loans is to be determined.

 

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

Abbreviations used in this schedule:

 

AUD   

— Australian Dollar

EUR   

— Euro

GBP   

— British Pound

MXN   

— Mexican Peso

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

See Notes to Schedule of Investments.

 

17


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. Under normal market conditions, the Fund will invest at least 33% of its total assets in securities of issuers that are, or are incorporated in or generate the majority of their revenue in, emerging market countries and at least 33% of its total assets in high-yield U.S. corporate debt securities. The Fund may also invest up to 33% of its total assets in a broad range of other U.S. and non-U.S. fixed-income securities, both investment grade and high-yield securities.

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 (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed 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 valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. 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 investment’s fair value. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. 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). 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 or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. 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 Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

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.

 

18


Notes to Schedule of Investments (unaudited) (continued)

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

   

Level 1 – quoted prices in active markets for identical investments

 

   

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

 

   

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

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
    TOTAL  

Long-term investments†:

          

Corporate bonds & notes:

          

Consumer discretionary

     —         $ 17,363,282       $ 255,189      $ 17,618,471   

Materials

     —           18,053,160         0     18,053,160   

Other corporate bonds & notes

     —           102,915,980         —          102,915,980   

Collateralized mortgage obligations

     —           848,189         —          848,189   

Convertible bonds & notes:

          

Materials

     —           80,944         176,219        257,163   

Telecommunication services

     —           193,662         —          193,662   

Senior loans:

          

Consumer discretionary

     —           435,292         231,725        667,017   

Consumer staples

     —           —           129,025        129,025   

Health care

     —           281,300         202,991        484,291   

Materials

     —           —           318,550        318,550   

Utilities

     —           —           236,064        236,064   

Other senior loans

     —           1,028,850         —          1,028,850   

Sovereign bonds

     —           45,253,273         —          45,253,273   

Common stocks:

          

Consumer discretionary

     —           —           0     0

Energy

   $ 43,610         —           562,880        606,490   

Financials

     3,098,059         —           —          3,098,059   

Health care

     —           —           290,500        290,500   

Industrials

     250,385         —           118,531        368,916   

Materials

     —           —           50,297        50,297   

Convertible preferred stocks

     38,500         —           —          38,500   

Preferred stocks

     1,119,782         —           —          1,119,782   

Warrants

     —           173,219         —          173,219   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total long-term investments

   $ 4,550,336       $ 186,627,151       $ 2,571,971      $ 193,749,458   
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-term investments†

     5,855,035         —           —          5,855,035   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total investments

   $ 10,405,371       $ 186,627,151       $ 2,571,971      $ 199,604,493   
  

 

 

    

 

 

    

 

 

   

 

 

 

Other financial instruments:

          

Futures contracts

   $ 23,487         —           —        $ 23,487   

Forward foreign currency contracts

     —         $ 764,694         —          764,694   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total other financial instruments

   $ 23,487       $ 764,694         —        $ 788,181   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 10,428,858       $ 187,391,845       $ 2,571,971      $ 200,392,674   
  

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)
    TOTAL  

Other financial instruments:

          

Futures contracts

   $ 218,751         —           —        $ 218,751   

Forward foreign currency contracts

     —         $ 292,294         —          292,294   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 218,751       $ 292,294         —        $ 511,045   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

* Amount represents less than $1.

 

19


Notes to Schedule of Investments (unaudited) (continued)

 

The Fund’s policy is to recognize transfers between levels as of the end of the reporting period. At November 30, 2015, securities valued at $38,500 were transferred from Level 2 to Level 1 within the fair value hierarchy because of the availability of a quoted price in an active market for an identical investment.

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

 

                       CONVERTIBLE  
     CORPORATE BOND & NOTES     BOND & NOTES  

INVESTMENTS IN SECURITIES

   CONSUMER
DISCRETIONARY
    MATERIALS     UTILITIES     MATERIALS  

Balance as of August 31, 2015

   $ 254,205      $ 0   $ 483,494        —     

Accrued premiums/discounts

     1,723        —          221        —     

Realized gain (loss)

     —          —          —          —     

Change in unrealized appreciation (depreciation)1

     (10,398     (41     250        —     

Purchases

     9,659        41        —          —     

Sales

     —          —          —          —     

Transfers into Level 32

     —          —          —        $ 176,219   

Transfers out of Level 33

     —          —          (483,965     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of November 30, 2015

   $ 255,189      $ 0     —        $ 176,219   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for investments in securities still held at November 30, 20151

   $ (10,398   $ (41     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

 

    SENIOR LOANS  

INVESTMENTS IN SECURITIES (cont’d)

  CONSUMER
DISCRETIONARY
    CONSUMER
STAPLES
    ENERGY     HEALTH
CARE
    MATERIALS     UTILITIES  

Balance as of August 31, 2015

  $ 233,450        —        $ 160,153        —        $ 341,695      $ 250,273   

Accrued premiums/discounts

    35        —          153        —          186        150   

Realized gain (loss)

    —          —          10        —          —          12   

Change in unrealized appreciation (depreciation)1

    (1,760     —          (40,501     —          (23,331     (13,721

Purchases

    —          —          —          —          —          —     

Sales

    —          —          (445     —          —          (650

Transfers into Level 32

    —        $ 129,025        —        $ 202,991        —          —     

Transfers out of Level 33

    —          —          (119,370     —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of November 30, 2015

  $ 231,725      $ 129,025        —        $ 202,991      $ 318,550      $ 236,064   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for investments in securities still held at November 30, 20151

  $ (1,760     —          —          —        $ (23,331   $ (13,721
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

    COMMON STOCKS              

INVESTMENTS IN SECURITIES (cont’d)

  CONSUMER
DISCRETIONARY
    ENERGY     HEALTH
CARE
    INDUSTRIALS     MATERIALS     WARRANTS     TOTAL  

Balance as of August 31, 2015

  $ 0   $ 706,037      $ 290,500      $ 168,479      $ 49,437      $ 101,360      $ 3,039,083   

Accrued premiums/discounts

    —          —          —          —          —          —          2,468   

Realized gain (loss)

    —          —          —          —          —          —          22   

Change in unrealized appreciation (depreciation)1

    —          (143,157     —          (49,948     860        —          (281,747

Purchases

    —          —          —          —          —          —          9,700   

Sales

    —          —          —          —          —          —          (1,095

Transfers into Level 32

    —          —          —          —          —          —          508,235   

Transfers out of Level 33

    —          —          —          —          —          (101,360     (704,695
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of November 30, 2015

  $ 0   $ 562,880      $ 290,500      $ 118,531      $ 50,297        —        $ 2,571,971   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation

             

(depreciation) for investments in securities still held at November 30, 20151

    —        $ (143,157     —        $ (49,948   $ 860        —        $ (241,496
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The Fund’s policy is to recognize transfers between levels as of the end of the reporting period.

 

* Amount represents 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 into 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.

 

3 

Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

 

20


Notes to Schedule of Investments (unaudited) (continued)

 

2. Investments

At November 30, 2015, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 8,203,661   

Gross unrealized depreciation

     (16,446,702
  

 

 

 

Net unrealized depreciation

   $ (8,243,041
  

 

 

 

At November 30, 2015, the Fund had the following open reverse repurchase agreements:

 

Counterparty

   Rate     Effective
Date
     Maturity
Date
    Face Amount
of  Reverse
Repurchase
Agreements
    

Asset Class of

Collateral*

   Collateral
Value
 

Credit Suisse

     (1.00 )%      10/30/2015         TBD **    $ 2,653,595       Sovereign bonds
Cash
   $

 

2,791,497

268,561

  

  

Credit Suisse

     0.50     6/25/2015         TBD **      1,005,750       Sovereign bonds
Cash
    
 
1,115,875
101,788
  
  

Credit Suisse

     0.75     11/10/2015         TBD **      2,646,780       Sovereign bonds
Cash
    

 

3,202,089

267,871

  

  

Credit Suisse

     0.75     7/17/2014         TBD **      1,342,200       Sovereign bonds
Cash
    
 
1,060,686
135,839
  
  

Credit Suisse

     0.85     6/10/2014         TBD **      3,764,000       Sovereign bonds
Cash
    

 

3,836,800

380,941

  

  

JPMorgan Chase & Co.

     0.25     4/8/2015         TBD **      830,000       Corporate bonds & notes      743,210   
         

 

 

       

 

 

 
          $ 12,242,325          $ 13,905,157   
         

 

 

       

 

 

 

 

* Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.

 

** 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.

At November 30, 2015, the Fund had the following open futures contracts:

 

     Number of
Contracts
     Expiration
Date
     Basis
Value
     Market
Value
     Unrealized
Appreciation
(Depreciation)
 

Contracts to Buy:

              

Euro

     23         12/15       $ 3,221,006       $ 3,040,600       $ (180,406

U.S. Treasury Ultra Long-Term Bonds

     28         3/16         4,412,763         4,436,250         23,487   
              

 

 

 
                 (156,919
              

 

 

 

Contracts to Sell:

              

U.S. Treasury 5-Year Notes

     115         3/16         13,637,102         13,648,164         (11,062

U.S. Treasury 10-Year Notes

     92         3/16         11,604,967         11,632,250         (27,283
              

 

 

 
                 (38,345
              

 

 

 

Net unrealized depreciation on open futures contracts

               $ (195,264
              

 

 

 

 

21


Notes to Schedule of Investments (unaudited) (continued)

 

At November 30, 2015, the Fund had the following open forward foreign currency contracts:

 

Currency
Purchased
     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
BRL      8,397,000         USD         2,256,651       JPMorgan Chase & Co.      12/15/15       $ (94,904
USD      2,099,250         BRL         8,397,000       JPMorgan Chase & Co.      12/15/15         (62,497
EUR      80,000         USD         91,001       Bank of America N.A.      1/19/16         (6,349
USD      7,741,632         EUR         6,789,000       Bank of America N.A.      1/19/16         557,892   
INR      105,283,315         USD         1,559,753       Bank of America N.A.      2/12/16         528   
USD      1,559,721         SGD         2,225,800       Bank of America N.A.      2/12/16         (14,315
USD      1,765,563         MXN         29,871,215       Barclays Bank PLC      2/12/16         (27,908
BRL      5,852,787         USD         1,545,903       Citibank N.A.      2/12/16         (67,043
USD      1,497,413         BRL         5,852,787       Citibank N.A.      2/12/16         18,554   
USD      1,562,350         EUR         1,427,030       BNP Paribas SA      2/16/16         51,154   
EUR      487,729         USD         531,439       Citibank N.A.      2/16/16         (14,944
USD      659,168         GBP         435,252       Citibank N.A.      2/16/16         3,522   
EUR      120,000         USD         130,726       UBS AG      2/16/16         (3,649
EUR      70,000         USD         74,813       UBS AG      2/16/16         (685
USD      3,978,229         EUR         3,647,500       UBS AG      2/16/16         115,603   
USD      847,998         GBP         551,367       UBS AG      2/16/16         17,441   
                 

 

 

 

Total

  

   $ 472,400   
                 

 

 

 

Abbreviations used in this table:

 

BRL    — Brazilian Real
EUR    — Euro
GBP    — British Pound
INR    — Indian Rupee
MXN    — Mexican Peso
SGD    — Singapore Dollar
USD    — United States Dollar

 

22


 

ITEM 2. CONTROLS AND PROCEDURES.

 

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

 

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

 

ITEM 3. EXHIBITS.

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


SIGNATURES

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

Western Asset Global Partners Income Fund Inc.

 

By   /s/    JANE TRUST        
  Jane Trust
  Chief Executive Officer

Date:

 

January 21, 2016

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/    JANE TRUST        
  Jane Trust
  Chief Executive Officer

Date:

 

January 21, 2016

By   /s/    RICHARD F. SENNETT        
  Richard F. Sennett
  Principal Financial Officer

Date:

 

January 21, 2016