N-Q 1 d196251dnq.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: May 31, 2016

 

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS.


WESTERN ASSET

GLOBAL PARTNERS INCOME FUND INC.

FORM N-Q

MAY 31, 2016


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited)    May 31, 2016

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  
CORPORATE BONDS & NOTES - 96.2%          
CONSUMER DISCRETIONARY - 15.0%          

Auto Components - 0.5%

         

Goodyear Tire & Rubber Co., Senior Notes

     5.000     5/31/26         300,000      $ 304,125   

ZF North America Capital Inc., Senior Notes

     4.750     4/29/25         480,000        481,800 (a) 
         

 

 

 

Total Auto Components

            785,925   
         

 

 

 

Diversified Consumer Services - 1.4%

         

Cengage Learning Inc., Senior Notes

     9.500     6/15/24         430,000        436,450 (a) 

Co-operative Group Holdings 2011 Ltd., Senior Notes

     7.500     7/8/26         160,000 GBP      252,721   

Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes

     9.250     5/15/23         780,000        817,050 (a) 

Service Corp. International, Senior Notes

     7.500     4/1/27         290,000        340,750 (b) 

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

     7.875     6/1/21         210,000        210,525   
         

 

 

 

Total Diversified Consumer Services

            2,057,496   
         

 

 

 

Hotels, Restaurants & Leisure - 3.4%

         

Bossier Casino Venture Holdco Inc., Senior Secured Bonds

     14.000     2/9/18         294,369        294,369 (a)(c)(d)(e) 

Boyd Gaming Corp., Senior Notes

     6.375     4/1/26         220,000        227,700 (a) 

Carrols Restaurant Group Inc., Secured Notes

     8.000     5/1/22         210,000        228,112   

CCM Merger Inc., Senior Notes

     9.125     5/1/19         390,000        409,090 (a) 

CEC Entertainment Inc., Senior Notes

     8.000     2/15/22         440,000        416,900   

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

     10.500     7/1/19         300,000        282,000 (a)(b) 

Enterprise Inns PLC, Senior Secured Bonds

     6.500     12/6/18         494,000 GBP      759,250   

GLP Capital LP/GLP Financing II Inc., Senior Notes

     5.375     4/15/26         250,000        261,250   

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

     8.875     3/15/19         200,000        210,500 (a) 

Landry’s Holdings II Inc., Senior Notes

     10.250     1/1/18         180,000        182,250 (a) 

Landry’s Inc., Senior Notes

     9.375     5/1/20         800,000        841,000 (a)(b) 

MGM Growth Properties Operating Partnership LP/MGP Escrow Co.-Issuer Inc., Senior Notes

     5.625     5/1/24         130,000        136,825 (a) 

Pinnacle Entertainment Inc., Senior Bonds

     5.625     5/1/24         140,000        137,200 (a) 

Viking Cruises Ltd., Senior Notes

     8.500     10/15/22         730,000        653,350 (a) 
         

 

 

 

Total Hotels, Restaurants & Leisure

            5,039,796   
         

 

 

 

Household Durables - 1.1%

         

Century Intermediate Holding Co. 2, Senior Notes

     9.750     2/15/19         410,000        416,663 (a)(b)(c) 

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

     6.125     4/1/25         350,000        351,750 (a) 

William Lyon Homes Inc., Senior Notes

     8.500     11/15/20         350,000        365,750   

William Lyon Homes Inc., Senior Notes

     7.000     8/15/22         60,000        59,850   

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

     6.750     12/15/21         430,000        402,050 (a) 
         

 

 

 

Total Household Durables

            1,596,063   
         

 

 

 

Leisure Products - 0.1%

         

Gibson Brands Inc., Senior Secured Notes

     8.875     8/1/18         270,000        143,775 (a) 
         

 

 

 

Media - 6.1%

         

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

     6.625     1/31/22         960,000        1,020,960 (b) 

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes

     4.908     7/23/25         390,000        417,908 (a) 

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes

     6.484     10/23/45         170,000        195,901 (a) 

DISH DBS Corp., Senior Notes

     7.875     9/1/19         285,000        315,281 (b) 

DISH DBS Corp., Senior Notes

     6.750     6/1/21         390,000        404,937 (b) 

 

See Notes to Schedule of Investments.

 

1


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Media - (continued)

         

DISH DBS Corp., Senior Notes

     5.875     7/15/22         1,130,000      $ 1,096,100 (b) 

DISH DBS Corp., Senior Notes

     5.875     11/15/24         220,000        204,437   

iHeartCommunications Inc., Senior Notes

     14.000     2/1/21         282,800        112,413 (c) 

MDC Partners Inc., Senior Notes

     6.500     5/1/24         720,000        700,200 (a) 

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

     10.625     5/1/19         649,705        432,054 (a)(c) 

Numericable-SFR SA, Senior Secured Bonds

     6.250     5/15/24         690,000        673,612 (a) 

Numericable-SFR SA, Senior Secured Notes

     7.375     5/1/26         1,190,000        1,201,900 (a) 

Time Warner Cable Inc., Senior Notes

     8.750     2/14/19         385,000        448,890 (b) 

Time Warner Cable Inc., Senior Notes

     8.250     4/1/19         139,000        160,940 (b) 

Univision Communications Inc., Senior Secured Notes

     6.750     9/15/22         172,000        183,395 (a)(b) 

Univision Communications Inc., Senior Secured Notes

     5.125     2/15/25         270,000        268,650 (a) 

UPC Holding BV, Junior Secured Subordinated Notes

     6.375     9/15/22         100,000 EUR      119,318 (a) 

Viacom Inc., Senior Notes

     4.375     3/15/43         420,000        322,350   

Virgin Media Finance PLC, Senior Notes

     6.375     4/15/23         560,000        580,787 (a) 

Virgin Media Finance PLC, Senior Notes

     6.000     10/15/24         340,000        346,375 (a) 
         

 

 

 

Total Media

            9,206,408   
         

 

 

 

Multiline Retail - 0.6%

         

Dollar Tree Inc., Senior Notes

     5.750     3/1/23         240,000        254,700 (a)(b) 

Neiman Marcus Group LLC, Senior Secured Notes

     7.125     6/1/28         80,000        72,400 (b) 

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.000     10/15/21         450,000        342,000 (a) 

Neiman Marcus Group Ltd. LLC, Senior Notes

     8.750     10/15/21         380,000        268,850 (a)(c) 
         

 

 

 

Total Multiline Retail

            937,950   
         

 

 

 

Specialty Retail - 1.7%

         

American Greetings Corp., Senior Notes

     7.375     12/1/21         290,000        297,612 (b) 

GameStop Corp., Senior Notes

     6.750     3/15/21         410,000        401,800 (a) 

Guitar Center Inc., Senior Secured Bonds

     6.500     4/15/19         910,000        812,175 (a) 

Hot Topic Inc., Senior Secured Notes

     9.250     6/15/21         180,000        182,250 (a) 

L Brands Inc., Senior Notes

     6.875     11/1/35         440,000        466,400   

Sally Holdings LLC/Sally Capital Inc., Senior Notes

     5.625     12/1/25         400,000        420,500 (b) 
         

 

 

 

Total Specialty Retail

            2,580,737   
         

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

         

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

     11.375     2/1/17         130,000        128,050 (a)(b) 
         

 

 

 

TOTAL CONSUMER DISCRETIONARY

            22,476,200   
         

 

 

 
CONSUMER STAPLES - 3.7%          

Beverages - 0.5%

         

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

     10.625     8/1/18         280,000        267,400 (a) 

Cott Beverages Inc., Senior Notes

     6.750     1/1/20         240,000        251,700   

DS Services of America Inc., Secured Notes

     10.000     9/1/21         220,000        249,700 (a) 
         

 

 

 

Total Beverages

            768,800   
         

 

 

 

Food & Staples Retailing - 0.4%

         

Beverages & More Inc., Senior Secured Notes

     10.000     11/15/18         400,000        369,500 (a) 

Performance Food Group Inc., Senior Notes

     5.500     6/1/24         170,000        172,550 (a) 
         

 

 

 

Total Food & Staples Retailing

            542,050   
         

 

 

 

Food Products - 1.2%

         

BRF SA, Senior Notes

     4.750     5/22/24         422,000        417,780 (a)(b) 

Dole Food Co. Inc., Senior Secured Notes

     7.250     5/1/19         300,000        297,750 (a)(b) 

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

     5.750     6/15/25         210,000        201,600 (a) 

Pilgrim’s Pride Corp., Senior Notes

     5.750     3/15/25         340,000        344,464 (a) 

Simmons Foods Inc., Secured Notes

     7.875     10/1/21         560,000        511,000 (a) 
         

 

 

 

Total Food Products

            1,772,594   
         

 

 

 

 

See Notes to Schedule of Investments.

 

2


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Household Products - 1.3%

          

Central Garden & Pet Co., Senior Notes

     6.125     11/15/23         160,000       $ 166,800   

Kronos Acquisition Holdings Inc., Senior Notes

     9.000     8/15/23         80,000         77,800 (a) 

Spectrum Brands Inc., Senior Notes

     6.125     12/15/24         180,000         191,250   

Spectrum Brands Inc., Senior Notes

     5.750     7/15/25         370,000         388,500   

Sun Products Corp., Senior Notes

     7.750     3/15/21         1,230,000         1,196,175 (a)(b) 
          

 

 

 

Total Household Products

             2,020,525   
          

 

 

 

Tobacco - 0.3%

          

Alliance One International Inc., Secured Notes

     9.875     7/15/21         500,000         440,625   
          

 

 

 

TOTAL CONSUMER STAPLES

             5,544,594   
          

 

 

 
ENERGY - 20.9%           

Energy Equipment & Services - 0.9%

          

CGG, Senior Notes

     6.875     1/15/22         200,000         86,000   

Ensco PLC, Senior Notes

     4.700     3/15/21         100,000         78,625   

Ensco PLC, Senior Notes

     5.750     10/1/44         120,000         70,050   

KCA Deutag UK Finance PLC, Senior Secured Notes

     7.250     5/15/21         200,000         146,000 (a) 

Pride International Inc., Senior Notes

     6.875     8/15/20         120,000         106,800   

Pride International Inc., Senior Notes

     7.875     8/15/40         530,000         363,447   

SESI LLC, Senior Notes

     6.375     5/1/19         330,000         309,375   

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

     12.250     12/15/18         300,000         210,000 (a) 
          

 

 

 

Total Energy Equipment & Services

             1,370,297   
          

 

 

 

Oil, Gas & Consumable Fuels - 20.0%

          

Berry Petroleum Co., Senior Notes

     6.750     11/1/20         170,000         41,650 *(f) 

Berry Petroleum Co., Senior Notes

     6.375     9/15/22         80,000         19,600 *(f) 

Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes

     6.125     11/15/22         380,000         343,900 (a) 

California Resources Corp., Senior Notes

     5.500     9/15/21         610,000         332,450   

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

     7.625     1/15/22         200,000         133,500   

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

     11.500     1/15/21         480,000         523,200 (a) 

Chesapeake Energy Corp., Senior Notes

     6.875     11/15/20         880,000         580,800   

Chesapeake Energy Corp., Senior Notes

     5.375     6/15/21         110,000         69,025   

Chesapeake Energy Corp., Senior Notes

     5.750     3/15/23         570,000         350,550   

Continental Resources Inc., Senior Notes

     5.000     9/15/22         60,000         57,000   

Continental Resources Inc., Senior Notes

     3.800     6/1/24         130,000         114,075   

Continental Resources Inc., Senior Notes

     4.900     6/1/44         610,000         504,775   

Dolphin Energy Ltd., Senior Secured Bonds

     5.888     6/15/19         338,812         361,597 (b)(g) 

Ecopetrol SA, Senior Bonds

     4.125     1/16/25         10,000         8,788   

Ecopetrol SA, Senior Notes

     7.625     7/23/19         490,000         546,350 (b) 

Ecopetrol SA, Senior Notes

     5.875     9/18/23         65,000         65,224 (b) 

Ecopetrol SA, Senior Notes

     5.875     5/28/45         60,000         48,666 (b) 

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

     7.000     8/15/21         350,000         343,000 (a) 

Energy Transfer Equity LP, Senior Notes

     7.500     10/15/20         130,000         133,250   

Enterprise Products Operating LLC, Junior Subordinated Notes

     8.375     8/1/66         100,000         86,846 (b)(h) 

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

     9.375     5/1/20         260,000         168,350   

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

     6.375     6/15/23         140,000         72,100   

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

     8.000     4/15/19         80,000         42,800   

Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc., Senior Notes

     6.125     6/15/19         150,000         148,500   

Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc., Senior Notes

     6.875     2/15/23         580,000         542,300   

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

     6.510     3/7/22         590,000         640,312 (a) 

 

See Notes to Schedule of Investments.

 

3


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Oil, Gas & Consumable Fuels - (continued)

          

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

     6.750     8/1/22         180,000       $ 171,900   

Globe Luxembourg SCA, Senior Secured Notes

     9.625     5/1/18         1,160,000         936,700 (a)(b) 

GNL Quintero SA, Senior Notes

     4.634     7/31/29         288,000         294,123 (a)(b) 

Hiland Partners Holdings LLC/Hiland Partners Finance Corp., Senior Notes

     7.250     10/1/20         130,000         135,825 (a)(b) 

Kinder Morgan Inc., Medium-Term Notes

     7.750     1/15/32         130,000         140,967   

Laredo Petroleum Inc., Senior Notes

     7.375     5/1/22         230,000         232,588   

Lonestar Resources America Inc., Senior Notes

     8.750     4/15/19         120,000         50,100 (a) 

LUKOIL International Finance BV, Senior Notes

     4.563     4/24/23         940,000         929,146 (a) 

Magnum Hunter Resources Corp. Escrow

                    1,000,000         0 *(d)(e)(i) 

MEG Energy Corp., Senior Notes

     6.500     3/15/21         370,000         293,225 (a) 

MEG Energy Corp., Senior Notes

     6.375     1/30/23         70,000         53,900 (a) 

MEG Energy Corp., Senior Notes

     7.000     3/31/24         220,000         170,500 (a) 

Milagro Oil & Gas Inc., Secured Notes

     10.500     5/15/16         380,000         129,200 *(d)(j) 

Murray Energy Corp., Senior Secured Notes

     11.250     4/15/21         990,000         193,050 (a) 

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

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

NGPL PipeCo LLC, Senior Secured Notes

     7.768     12/15/37         500,000         493,750 (a) 

Oasis Petroleum Inc., Senior Notes

     7.250     2/1/19         300,000         288,750   

Oasis Petroleum Inc., Senior Notes

     6.500     11/1/21         420,000         381,150   

Oasis Petroleum Inc., Senior Notes

     6.875     1/15/23         200,000         181,500   

ONGC Videsh Ltd., Senior Notes

     4.625     7/15/24         210,000         220,399 (g) 

Pacific Exploration and Production Corp., Senior Notes

     5.375     1/26/19         1,200,000         189,000 *(d)(f)(g) 

Pacific Exploration and Production Corp., Senior Notes

     7.250     12/12/21         850,000         133,875 *(a)(d)(f) 

Petrobras Global Finance BV, Senior Notes

     3.000     1/15/19         390,000         359,385   

Petrobras Global Finance BV, Senior Notes

     4.875     3/17/20         440,000         398,508   

Petrobras Global Finance BV, Senior Notes

     4.375     5/20/23         490,000         376,810   

Petrobras Global Finance BV, Senior Notes

     6.875     1/20/40         900,000         670,500   

Petrobras Global Finance BV, Senior Notes

     6.750     1/27/41         260,000         188,422   

Petrobras Global Finance BV, Senior Notes

     7.250     3/17/44         900,000         689,355   

Petroleos de Venezuela SA, Senior Bonds

     6.000     5/16/24         6,720,000         2,221,632 (g) 

Petroleos Mexicanos, Senior Notes

     8.000     5/3/19         3,080,000         3,424,652   

Petroleos Mexicanos, Senior Notes

     6.875     8/4/26         1,105,000         1,203,455 (a) 

Petroleos Mexicanos, Senior Notes

     5.625     1/23/46         270,000         230,175   

Petronas Capital Ltd., Senior Notes

     5.250     8/12/19         400,000         439,402 (a)(b) 

PT Pertamina Persero, Senior Notes

     5.250     5/23/21         570,000         600,924 (a) 

PT Pertamina Persero, Senior Notes

     4.300     5/20/23         380,000         379,184 (a) 

Rockies Express Pipeline LLC, Senior Notes

     7.500     7/15/38         180,000         185,400 (a) 

Rockies Express Pipeline LLC, Senior Notes

     6.875     4/15/40         330,000         323,400 (a) 

Rosneft Finance SA, Senior Notes

     7.875     3/13/18         420,000         453,600 (a)(b) 

Sanchez Energy Corp., Senior Notes

     7.750     6/15/21         440,000         338,800   

Sanchez Energy Corp., Senior Notes

     6.125     1/15/23         1,230,000         891,750   

Shelf Drilling Holdings Ltd., Senior Secured Notes

     8.625     11/1/18         210,000         155,925 (a)(b) 

Sinopec Group Overseas Development Ltd., Senior Notes

     4.375     4/10/24         850,000         900,702 (a) 

Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes

     6.125     10/15/21         70,000         72,625   

Tesoro Logistics LP/Tesoro Logistics Finance Corp., Senior Notes

     6.375     5/1/24         190,000         196,650   

Transportadora de Gas del Peru SA, Senior Notes

     4.250     4/30/28         440,000         438,020 (b)(g) 

Whiting Petroleum Corp., Senior Notes

     5.000     3/15/19         430,000         389,150   

Whiting Petroleum Corp., Senior Notes

     6.250     4/1/23         190,000         157,700   

Williams Cos. Inc., Debentures

     7.500     1/15/31         170,000         167,875   

Williams Cos. Inc., Senior Notes

     3.700     1/15/23         240,000         203,400   

Williams Cos. Inc., Senior Notes

     4.550     6/24/24         300,000         263,250   

Williams Cos. Inc., Senior Notes

     5.750     6/24/44         580,000         475,600   

WPX Energy Inc., Senior Notes

     7.500     8/1/20         110,000         108,350   

WPX Energy Inc., Senior Notes

     8.250     8/1/23         60,000         58,950   

YPF Sociedad Anonima, Senior Notes

     8.500     3/23/21         330,000         346,500 (a) 

YPF Sociedad Anonima, Senior Notes

     8.750     4/4/24         380,000         398,506 (a) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             29,832,863   
          

 

 

 

TOTAL ENERGY

             31,203,160   
          

 

 

 

 

See Notes to Schedule of Investments.

 

4


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  
FINANCIALS - 13.9%          

Banks - 8.3%

         

Banco Bilbao Vizcaya Argentaria Colombia SA, Subordinated Notes

     4.875     4/21/25         210,000      $ 206,325 (a) 

Banco Nacional de Costa Rica, Senior Notes

     5.875     4/25/21         200,000        201,600 (a) 

Bank of America Corp., Junior Subordinated Notes

     6.500     10/23/24         580,000        612,625 (h)(k) 

Barclays Bank PLC, Subordinated Notes

     10.179     6/12/21         470,000        597,141 (a)(b) 

Barclays Bank PLC, Subordinated Notes

     7.625     11/21/22         1,000,000        1,093,125 (b) 

Barclays PLC, Junior Bonds

     8.000     12/15/20         450,000 EUR      506,263 (h)(k) 

Barclays PLC, Junior Subordinated Bonds

     8.250     12/15/18         200,000        204,506 (h)(k) 

BBVA Banco Continental SA, Subordinated Notes

     5.250     9/22/29         80,000        82,720 (a)(b)(h) 

BNP Paribas SA, Junior Subordinated Notes

     7.375     8/19/25         200,000        199,750 (a)(h)(k) 

CIT Group Inc., Senior Notes

     5.000     8/15/22         170,000        174,462   

CIT Group Inc., Senior Notes

     5.000     8/1/23         790,000        807,775 (b) 

Citigroup Inc., Junior Subordinated Bonds

     6.300     5/15/24         660,000        660,000 (h)(k) 

Credit Agricole SA, Junior Subordinated Notes

     8.375     10/13/19         390,000        441,675 (a)(b)(h)(k) 

Credit Agricole SA, Junior Subordinated Notes

     8.125     12/23/25         500,000        520,400 (a)(b)(h)(k) 

HSBC Holdings PLC, Junior Subordinated Bonds

     6.375     9/17/24         360,000        339,300 (h)(k) 

HSBC Holdings PLC, Junior Subordinated Bonds

     6.375     3/30/25         220,000        211,200 (h)(k) 

HSBC Holdings PLC, Senior Notes

     4.300     3/8/26         200,000        209,689   

HSBC Holdings PLC, Subordinated Notes

     5.250     3/14/44         940,000        992,221 (b) 

Itau Unibanco Holding SA, Senior Notes

     2.850     5/26/18         450,000        448,200 (a) 

JPMorgan Chase & Co., Junior Subordinated Bonds

     6.000     8/1/23         140,000        144,857 (h)(k) 

M&T Bank Corp., Junior Subordinated Bonds

     6.875     6/27/16         330,000        331,237 (b)(k) 

Royal Bank of Scotland Group PLC, Junior Subordinated Bonds

     7.648     9/30/31         200,000        236,500 (h)(k) 

Royal Bank of Scotland Group PLC, Subordinated Notes

     6.100     6/10/23         370,000        388,007 (b) 

Royal Bank of Scotland Group PLC, Subordinated Notes

     5.125     5/28/24         760,000        752,436 (b) 

Royal Bank of Scotland NV, Subordinated Bonds

     7.750     5/15/23         150,000        165,323 (b) 

Royal Bank of Scotland PLC, Subordinated Notes

     13.125     3/19/22         530,000 AUD      409,607 (b)(g)(h) 

Santander Issuances SAU, Notes

     5.911     6/20/16         200,000        200,388 (a)(b) 

Santander UK Group Holdings PLC, Junior Subordinated Bonds

     7.375     6/24/22         380,000 GBP      535,697 (g)(h)(k) 

Sberbank of Russia Via SB Capital SA, Subordinated Notes

     5.500     2/26/24         400,000        386,756 (g)(h) 

Shinhan Bank, Subordinated Notes

     3.875     3/24/26         200,000        202,448 (a) 

Wells Fargo & Co., Junior Subordinated Bonds

     5.875     6/15/25         110,000        117,838 (h)(k) 
         

 

 

 

Total Banks

            12,380,071   
         

 

 

 

Capital Markets - 0.4%

         

Credit Suisse Group Funding Guernsey Ltd., Senior Notes

     4.875     5/15/45         260,000        261,165   

Goldman Sachs Group Inc., Subordinated Notes

     6.750     10/1/37         300,000        365,931 (b) 
         

 

 

 

Total Capital Markets

            627,096   
         

 

 

 

Consumer Finance - 0.7%

         

Ally Financial Inc., Senior Notes

     8.000     3/15/20         129,000        147,383   

Navient Corp., Medium-Term Notes, Senior Notes

     8.450     6/15/18         250,000        270,312 (b) 

Navient Corp., Medium-Term Notes, Senior Notes

     8.000     3/25/20         240,000        247,200   

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

     8.500     9/15/18         530,000        410,750 (a) 
         

 

 

 

Total Consumer Finance

            1,075,645   
         

 

 

 

 

See Notes to Schedule of Investments.

 

5


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Diversified Financial Services - 2.8%

         

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds

     4.250     7/1/20         580,000      $ 595,950   

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Bonds

     4.625     7/1/22         180,000        185,175   

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Senior Notes

     4.625     10/30/20         180,000        186,975   

Argos Merger Sub Inc., Senior Notes

     7.125     3/15/23         130,000        131,950 (a)(b) 

Banco Nacional de Comercio Exterior SNC, Senior Notes

     4.375     10/14/25         540,000        557,820 (a)(b) 

International Lease Finance Corp., Senior Notes

     8.875     9/1/17         980,000        1,051,050 (b) 

International Lease Finance Corp., Senior Notes

     6.250     5/15/19         70,000        75,775   

International Lease Finance Corp., Senior Notes

     8.250     12/15/20         90,000        106,200 (b) 

International Lease Finance Corp., Senior Notes

     5.875     8/15/22         180,000        197,100   

Nationwide Building Society, Junior Subordinated Notes

     6.875     6/20/19         730,000 GBP      1,029,409 (g)(h)(k) 
         

 

 

 

Total Diversified Financial Services

            4,117,404   
         

 

 

 

Insurance - 0.5%

         

Fidelity & Guaranty Life Holdings Inc., Senior Notes

     6.375     4/1/21         190,000        190,950 (a) 

Galaxy Bidco Ltd., Senior Secured Notes

     6.375     11/15/20         130,000 GBP      187,626 (g) 

Genworth Holdings Inc., Senior Notes

     4.900     8/15/23         200,000        147,500   

MetLife Capital Trust IV, Junior Subordinated Notes

     7.875     12/15/37         250,000        297,625 (a)(b) 
         

 

 

 

Total Insurance

            823,701   
         

 

 

 

Real Estate Investment Trusts (REITs) - 0.4%

         

Communications Sales & Leasing Inc., Senior Secured Notes

     6.000     4/15/23         180,000        179,550 (a) 

GEO Group Inc., Senior Notes

     6.000     4/15/26         210,000        212,625   

MPT Operating Partnership LP/MPT Finance Corp., Senior Notes

     6.375     3/1/24         240,000        258,000   
         

 

 

 

Total Real Estate Investment Trusts (REITs)

            650,175   
         

 

 

 

Real Estate Management & Development - 0.8%

         

Caesars Entertainment Resort Properties LLC, Secured Notes

     11.000     10/1/21         210,000        202,125   

Caesars Entertainment Resort Properties LLC, Senior Secured Notes

     8.000     10/1/20         580,000        587,250 (b) 

Greystar Real Estate Partners LLC, Senior Secured Notes

     8.250     12/1/22         340,000        355,300 (a) 
         

 

 

 

Total Real Estate Management & Development

            1,144,675   
         

 

 

 

TOTAL FINANCIALS

            20,818,767   
         

 

 

 
HEALTH CARE - 5.5%          

Biotechnology - 0.1%

         

AMAG Pharmaceuticals Inc., Senior Notes

     7.875     9/1/23         170,000        150,450 (a) 
         

 

 

 

Health Care Equipment & Supplies - 1.5%

         

ConvaTec Finance International SA, Senior Notes

     8.250     1/15/19         220,000        220,275 (a)(c) 

ConvaTec Healthcare E SA, Senior Notes

     10.875     12/15/18         660,000 EUR      762,526 (a)(b) 

DJO Finance LLC/DJO Finance Corp., Secured Notes

     10.750     4/15/20         380,000        308,750 (a) 

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

     8.125     6/15/21         240,000        216,600 (a) 

Greatbatch Ltd., Senior Notes

     9.125     11/1/23         320,000        323,200 (a) 

Immucor Inc., Senior Notes

     11.125     8/15/19         470,000        430,050   
         

 

 

 

Total Health Care Equipment & Supplies

            2,261,401   
         

 

 

 

 

See Notes to Schedule of Investments.

 

6


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Health Care Providers & Services - 2.7%

         

BioScrip Inc., Senior Notes

     8.875     2/15/21         280,000      $ 238,000   

Centene Corp., Senior Notes

     5.625     2/15/21         260,000        271,050 (a) 

Centene Corp., Senior Notes

     6.125     2/15/24         200,000        211,126 (a) 

HCA Inc., Senior Secured Notes

     5.250     6/15/26         250,000        257,500   

IASIS Healthcare LLC/IASIS Capital Corp., Senior Notes

     8.375     5/15/19         550,000        530,750   

MPH Acquisition Holdings LLC, Senior Notes

     7.125     6/1/24         710,000        731,300 (a) 

Synlab Unsecured Bondco PLC, Senior Bonds

     8.250     7/1/23         200,000 EUR      229,206 (g) 

Tenet Healthcare Corp., Senior Notes

     8.125     4/1/22         1,050,000        1,061,812   

Universal Hospital Services Inc., Secured Notes

     7.625     8/15/20         570,000        535,088   
         

 

 

 

Total Health Care Providers & Services

            4,065,832   
         

 

 

 

Pharmaceuticals - 1.2%

         

JLL/Delta Dutch Pledgeco BV, Senior Notes

     8.750     5/1/20         310,000        310,000 (a)(c) 

Mallinckrodt International Finance SA, Senior Notes

     5.750     8/1/22         450,000        427,500 (a) 

Valeant Pharmaceuticals International Inc., Senior Notes

     5.375     3/15/20         470,000        417,125 (a) 

Valeant Pharmaceuticals International Inc., Senior Notes

     7.500     7/15/21         570,000        518,700 (a) 
         

 

 

 

Total Pharmaceuticals

            1,673,325   
         

 

 

 

TOTAL HEALTH CARE

            8,151,008   
         

 

 

 
INDUSTRIALS - 9.5%          

Aerospace & Defense - 0.6%

         

Aerojet Rocketdyne Holdings Inc., Secured Notes

     7.125     3/15/21         170,000        179,775   

CBC Ammo LLC/CBC FinCo Inc., Senior Notes

     7.250     11/15/21         490,000        416,500 (a)(b) 

LMI Aerospace Inc., Secured Notes

     7.375     7/15/19         360,000        369,000   
         

 

 

 

Total Aerospace & Defense

            965,275   
         

 

 

 

Air Freight & Logistics - 0.2%

         

XPO Logistics Inc., Senior Notes

     7.875     9/1/19         260,000        271,700 (a) 
         

 

 

 

Airlines - 0.6%

         

American Airlines, Pass-Through Trust, Secured Notes

     7.000     1/31/18         114,249        119,247 (a) 

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

     9.250     5/10/17         1,574        1,661   

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

     5.500     10/29/20         161,836        167,298 (b) 

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

     9.750     12/17/16         70,688        73,604 (b) 

Heathrow Finance PLC, Senior Secured Notes

     7.125     3/1/17         400,000 GBP      603,296 (b)(g) 
         

 

 

 

Total Airlines

            965,106   
         

 

 

 

Building Products - 0.7%

         

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

     6.875     2/15/21         310,000        275,125 (a) 

GTL Trade Finance Inc., Senior Notes

     7.250     4/16/44         250,000        198,750 (a)(b) 

Standard Industries Inc., Senior Notes

     5.125     2/15/21         210,000        218,925 (a) 

Standard Industries Inc., Senior Notes

     5.500     2/15/23         300,000        310,500 (a) 
         

 

 

 

Total Building Products

            1,003,300   
         

 

 

 

Commercial Services & Supplies - 2.0%

         

Garda World Security Corp., Senior Notes

     7.250     11/15/21         170,000        138,975 (a) 

GFL Environmental Inc., Senior Notes

     9.875     2/1/21         650,000        697,125 (a) 

Monitronics International Inc., Senior Notes

     9.125     4/1/20         710,000        585,750   

United Rentals North America Inc., Senior Notes

     7.625     4/15/22         418,000        446,738 (b) 

United Rentals North America Inc., Senior Notes

     5.750     11/15/24         200,000        201,500   

West Corp., Senior Notes

     5.375     7/15/22         1,090,000        990,537 (a) 
         

 

 

 

Total Commercial Services & Supplies

            3,060,625   
         

 

 

 

Construction & Engineering - 1.0%

         

Ausdrill Finance Pty Ltd., Senior Notes

     6.875     11/1/19         400,000        353,000 (a)(b) 

Brundage-Bone Concrete Pumping Inc., Senior Secured Notes

     10.375     9/1/21         270,000        276,750 (a) 

 

See Notes to Schedule of Investments.

 

7


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Construction & Engineering - (continued)

         

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

     8.875     4/15/19         313,511      $ 257,863 (a)(c) 

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

     8.250     10/15/18         270,000        270,000 (a)(b) 

Modular Space Corp., Secured Notes

     10.250     1/31/19         310,000        158,875 (a) 

Odebrecht Finance Ltd., Senior Notes

     5.250     6/27/29         482,000        151,830 (a)(b) 

Odebrecht Offshore Drilling Finance Ltd., Senior Secured Notes

     6.625     10/1/22         180,480        25,267 (a)(b) 
         

 

 

 

Total Construction & Engineering

            1,493,585   
         

 

 

 

Electrical Equipment - 0.4%

         

International Wire Group Holdings Inc., Senior Secured Notes

     8.500     10/15/17         230,000        229,138 (a) 

NES Rentals Holdings Inc., Senior Secured Notes

     7.875     5/1/18         200,000        195,000 (a) 

Trionista TopCo GmbH, Senior Subordinated Notes

     6.875     4/30/21         100,000 EUR      117,579 (a) 
         

 

 

 

Total Electrical Equipment

            541,717   
         

 

 

 

Industrial Conglomerates - 0.4%

         

Alfa SAB de CV, Senior Notes

     6.875     3/25/44         200,000        204,500 (a)(b) 

Sinochem Overseas Capital Co., Ltd., Senior Notes

     4.500     11/12/20         370,000        391,409 (a)(b) 
         

 

 

 

Total Industrial Conglomerates

            595,909   
         

 

 

 

Machinery - 0.8%

         

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

     8.250     12/15/19         130,000        126,100 (a) 

DH Services Luxembourg Sarl, Senior Notes

     7.750     12/15/20         620,000        613,800 (a) 

Global Brass and Copper Inc., Senior Secured Notes

     9.500     6/1/19         280,000        292,775   

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

     8.875     8/1/20         110,000        86,625 (a)(b) 
         

 

 

 

Total Machinery

            1,119,300   
         

 

 

 

Marine - 0.3%

         

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

     8.125     11/15/21         460,000        378,672 (a) 

Ultrapetrol Bahamas Ltd., Senior Secured Notes

     8.875     6/15/21         240,000        44,400 *(d)(f) 
         

 

 

 

Total Marine

            423,072   
         

 

 

 

Road & Rail - 1.0%

         

Flexi-Van Leasing Inc., Senior Notes

     7.875     8/15/18         660,000        650,100 (a)(b) 

Florida East Coast Holdings Corp., Senior Notes

     9.750     5/1/20         60,000        50,100 (a) 

Florida East Coast Holdings Corp., Senior Secured Notes

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

Jack Cooper Holdings Corp., Senior Secured Notes

     10.250     6/1/20         440,000        292,600 (a) 
         

 

 

 

Total Road & Rail

            1,562,800   
         

 

 

 

Trading Companies & Distributors - 0.7%

         

H&E Equipment Services Inc., Senior Notes

     7.000     9/1/22         620,000        641,700 (b) 

HD Supply Inc., Senior Notes

     5.750     4/15/24         350,000        364,875 (a) 
         

 

 

 

Total Trading Companies & Distributors

            1,006,575   
         

 

 

 

Transportation - 0.3%

         

Hapag-Lloyd AG, Senior Notes

     9.750     10/15/17         203,000        207,060 (a)(b) 

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

     10.000     2/15/18         450,000        229,500 (a)(c) 
         

 

 

 

Total Transportation

            436,560   
         

 

 

 

 

See Notes to Schedule of Investments.

 

8


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Transportation Infrastructure - 0.5%

         

Mersin Uluslararasi Liman Isletmeciligi AS, Notes

     5.875     8/12/20         260,000      $ 273,463 (a)(b) 

PT Pelabuhan Indonesia II, Senior Bonds

     4.250     5/5/25         490,000        477,235 (a) 
         

 

 

 

Total Transportation Infrastructure

            750,698   
         

 

 

 

TOTAL INDUSTRIALS

            14,196,222   
         

 

 

 
INFORMATION TECHNOLOGY - 2.1%          

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        284,563   
         

 

 

 

Internet Software & Services - 0.5%

         

Ancestry.com Holdings LLC, Senior Notes

     9.625     10/15/18         130,000        132,925 (a)(c) 

Ancestry.com Inc., Senior Notes

     11.000     12/15/20         250,000        271,250   

Match Group Inc., Senior Notes

     6.375     6/1/24         270,000        276,075 (a) 
         

 

 

 

Total Internet Software & Services

            680,250   
         

 

 

 

IT Services - 0.6%

         

Compiler Finance Subordinated Inc., Senior Notes

     7.000     5/1/21         130,000        61,100 (a)(d) 

First Data Corp., Senior Secured Notes

     5.000     1/15/24         910,000        912,839 (a)(b) 
         

 

 

 

Total IT Services

            973,939   
         

 

 

 

Semiconductors & Semiconductor Equipment - 0.1%

         

QUALCOMM Inc., Senior Subordinated Notes

     4.800     5/20/45         180,000        182,491   
         

 

 

 

Software - 0.3%

         

Oberthur Technologies Holding SAS, Senior Secured Notes

     9.250     4/30/20         400,000 EUR      474,189 (a) 
         

 

 

 

Technology Hardware, Storage & Peripherals - 0.4%

         

Seagate HDD Cayman, Senior Bonds

     4.750     6/1/23         410,000        342,893   

Seagate HDD Cayman, Senior Bonds

     4.750     1/1/25         190,000        146,181   

Seagate HDD Cayman, Senior Notes

     4.875     6/1/27         100,000        70,563 (a) 

Western Digital Corp., Senior Notes

     10.500     4/1/24         40,000        41,500 (a) 
         

 

 

 

Total Technology Hardware, Storage & Peripherals

            601,137   
         

 

 

 

TOTAL INFORMATION TECHNOLOGY

            3,196,569   
         

 

 

 
MATERIALS - 12.5%          

Chemicals - 1.8%

         

Alpek SAB de CV, Senior Notes

     4.500     11/20/22         235,000        243,225 (a)(b) 

Braskem America Finance Co., Senior Notes

     7.125     7/22/41         430,000        386,463 (g) 

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

     8.500     11/1/22         250,000        246,250 (a) 

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

     10.500     9/15/18         169,000        127,595 (a)(c) 

Mexichem SAB de CV, Senior Notes

     4.875     9/19/22         260,000        273,312 (a)(b) 

OCP SA, Senior Notes

     5.625     4/25/24         450,000        472,653 (a)(b) 

OCP SA, Senior Notes

     4.500     10/22/25         430,000        416,919 (a)(b) 

PQ Corp., Senior Secured Notes

     6.750     11/15/22         200,000        209,000 (a) 

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

     8.000     12/1/18         420,000        366,975 (a) 
         

 

 

 

Total Chemicals

            2,742,392   
         

 

 

 

Construction Materials - 0.8%

         

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         220,000        217,250 (a)(b) 

Cementos Pacasmayo SAA, Senior Notes

     4.500     2/8/23         100,000        98,750 (b)(g) 

Cemex Finance LLC, Senior Secured Notes

     9.375     10/12/22         320,000        350,432 (a)(b) 

Cimpor Financial Operations BV, Senior Notes

     5.750     7/17/24         350,000        271,250 (a) 

Hardwoods Acquisition Inc., Senior Secured Notes

     7.500     8/1/21         270,000        199,800 (a) 

NWH Escrow Corp., Senior Secured Notes

     7.500     8/1/21         100,000        72,000 (a) 
         

 

 

 

Total Construction Materials

            1,209,482   
         

 

 

 

 

See Notes to Schedule of Investments.

 

9


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
    VALUE  

Containers & Packaging - 2.8%

         

Ardagh Finance Holdings SA, Senior Notes

     8.625     6/15/19         295,311      $ 305,647 (a)(c) 

Ardagh Packaging Finance PLC, Senior Notes

     9.250     10/15/20         1,000,000 EUR      1,168,205 (a)(b) 

Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., Senior Notes

     7.250     5/15/24         350,000        358,750 (a) 

Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., Senior Secured Notes

     4.625     5/15/23         220,000        220,000 (a) 

BWAY Holding Co., Senior Notes

     9.125     8/15/21         460,000        445,050 (a) 

Coveris Holdings SA, Senior Notes

     7.875     11/1/19         400,000        394,000 (a)(b) 

Pactiv LLC, Senior Bonds

     8.375     4/15/27         360,000        369,000   

Pactiv LLC, Senior Notes

     7.950     12/15/25         330,000        334,950   

PaperWorks Industries Inc., Senior Secured Notes

     9.500     8/15/19         220,000        205,150 (a) 

Suzano Trading Ltd., Senior Notes

     5.875     1/23/21         240,000        249,600 (a)(b) 

Suzano Trading Ltd., Senior Notes

     5.875     1/23/21         160,000        166,400 (g) 
         

 

 

 

Total Containers & Packaging

            4,216,752   
         

 

 

 

Metals & Mining - 6.3%

         

Anglo American Capital PLC, Senior Notes

     3.625     5/14/20         240,000        229,200 (a) 

Anglo American Capital PLC, Senior Notes

     4.125     4/15/21         210,000        191,625 (a) 

Anglo American Capital PLC, Senior Notes

     4.875     5/14/25         400,000        368,000 (a) 

ArcelorMittal SA, Senior Notes

     8.000     10/15/39         270,000        256,500   

Barminco Finance Pty Ltd., Senior Notes

     9.000     6/1/18         240,000        189,000 (a)(d) 

Coeur Mining Inc., Senior Notes

     7.875     2/1/21         620,000        575,193 (b) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         300,000        291,655 (b)(g) 

Corporacion Nacional del Cobre de Chile, Senior Notes

     3.000     7/17/22         200,000        194,437 (a)(b) 

Freeport-McMoRan Inc., Senior Notes

     4.000     11/14/21         250,000        218,125   

Freeport-McMoRan Inc., Senior Notes

     3.875     3/15/23         210,000        173,775   

Freeport-McMoRan Inc., Senior Notes

     5.450     3/15/43         280,000        212,713   

Gerdau Trade Inc., Senior Notes

     4.750     4/15/23         270,000        218,700 (a)(b) 

Midwest Vanadium Pty Ltd., Senior Secured Notes

     11.500     2/15/18         330,000        24,750 *(a)(d)(f) 

Mirabela Nickel Ltd., Subordinated Notes

     1.000     9/10/44         4,112        0 (a)(c)(d)(e)(i) 

Rio Tinto Finance USA Ltd., Senior Notes

     9.000     5/1/19         260,000        308,594 (b) 

Schaeffler Holding Finance BV, Senior Secured Bonds

     6.875     8/15/18         200,000        205,500 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.875     8/15/18         48,021 EUR      55,201 (a)(c) 

Schaeffler Holding Finance BV, Senior Secured Notes

     6.750     11/15/22         180,000        199,350 (a)(c) 

Severstal OAO Via Steel Capital SA, Senior Notes

     4.450     3/19/18         300,000        307,882 (a)(b) 

Southern Copper Corp., Senior Notes

     6.750     4/16/40         730,000        710,648 (b) 

Southern Copper Corp., Senior Notes

     5.250     11/8/42         180,000        149,292 (b) 

Steel Dynamics Inc., Senior Notes

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

Teck Resources Ltd., Senior Notes

     3.000     3/1/19         170,000        163,625   

Teck Resources Ltd., Senior Notes

     8.000     6/1/21         350,000        357,875 (a) 

Teck Resources Ltd., Senior Notes

     8.500     6/1/24         420,000        431,550 (a) 

United States Steel Corp., Senior Secured Notes

     8.375     7/1/21         320,000        331,200 (a) 

Vale Overseas Ltd., Senior Notes

     4.375     1/11/22         2,277,000        2,052,442   

Vale SA, Senior Notes

     5.625     9/11/42         1,030,000        785,375   
         

 

 

 

Total Metals & Mining

            9,358,207   
         

 

 

 

Paper & Forest Products - 0.8%

         

Celulosa Arauco y Constitucion SA, Senior Notes

     7.250     7/29/19         62,000        70,324 (b) 

Celulosa Arauco y Constitucion SA, Senior Notes

     4.750     1/11/22         160,000        169,595 (b) 

Fibria Overseas Finance Ltd., Senior Notes

     5.250     5/12/24         200,000        203,000 (b) 

Inversiones CMPC SA, Notes

     4.375     5/15/23         200,000        204,186 (a)(b) 

Inversiones CMPC SA, Senior Notes

     4.750     1/19/18         250,000        257,884 (a)(b) 

Inversiones CMPC SA, Senior Notes

     4.500     4/25/22         190,000        196,657 (a)(b) 

Resolute Forest Products Inc., Senior Notes

     5.875     5/15/23         160,000        119,400   
         

 

 

 

Total Paper & Forest Products

            1,221,046   
         

 

 

 

TOTAL MATERIALS

            18,747,879   
         

 

 

 

 

See Notes to Schedule of Investments.

 

10


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  
TELECOMMUNICATION SERVICES - 9.2%           

Diversified Telecommunication Services - 4.4%

          

Bharti Airtel International Netherlands BV, Senior Bonds

     5.350     5/20/24         280,000       $ 304,871 (a)(b) 

Bharti Airtel Ltd., Senior Notes

     4.375     6/10/25         350,000         358,268 (a) 

CenturyLink Inc., Senior Notes

     6.750     12/1/23         250,000         244,687 (b) 

Cincinnati Bell Telephone Co., LLC, Senior Debentures

     6.300     12/1/28         50,000         47,437 (b) 

Empresa Nacional de Telecomunicaciones SA, Senior Notes

     4.875     10/30/24         200,000         199,970 (a)(b) 

Frontier Communications Corp., Senior Notes

     11.000     9/15/25         770,000         786,362 (a) 

Intelsat Jackson Holdings SA, Senior Secured Notes

     8.000     2/15/24         840,000         859,950 (a) 

Level 3 Financing Inc., Senior Notes

     6.125     1/15/21         90,000         94,275   

Level 3 Financing Inc., Senior Notes

     5.250     3/15/26         620,000         620,000 (a) 

Oi Brasil Holdings Cooperatief U.A., Senior Notes

     5.750     2/10/22         1,000,000         207,000 (a)(d) 

Ooredoo International Finance Ltd., Senior Notes

     4.750     2/16/21         220,000         240,462 (a)(b) 

Telecom Italia Capital SA, Senior Notes

     7.200     7/18/36         780,000         801,060   

Turk Telekomunikasyon AS, Senior Bonds

     3.750     6/19/19         330,000         333,828 (a)(b) 

Turk Telekomunikasyon AS, Senior Notes

     4.875     6/19/24         220,000         215,245 (a)(b) 

Verizon Communications Inc., Senior Notes

     5.150     9/15/23         200,000         229,748   

Windstream Services LLC, Senior Notes

     7.750     10/15/20         780,000         733,200   

Windstream Services LLC, Senior Notes

     7.750     10/1/21         330,000         289,575   

Windstream Services LLC, Senior Notes

     6.375     8/1/23         10,000         7,744   
          

 

 

 

Total Diversified Telecommunication Services

             6,573,682   
          

 

 

 

Wireless Telecommunication Services - 4.8%

          

Altice Financing SA, Senior Secured Bonds

     7.500     5/15/26         850,000         850,000 (a) 

America Movil SAB de CV, Senior Notes

     5.625     11/15/17         340,000         359,408 (b) 

Neptune Finco Corp., Senior Notes

     6.625     10/15/25         400,000         428,204 (a)(b) 

Neptune Finco Corp., Senior Notes

     10.875     10/15/25         470,000         535,800 (a) 

Sprint Capital Corp., Senior Notes

     8.750     3/15/32         810,000         660,150 (b) 

Sprint Communications Inc., Senior Notes

     9.000     11/15/18         630,000         672,525 (a)(b) 

Sprint Communications Inc., Senior Notes

     7.000     8/15/20         450,000         387,234   

Sprint Communications Inc., Senior Notes

     11.500     11/15/21         965,000         892,625 (b) 

Sprint Corp., Senior Notes

     7.250     9/15/21         1,440,000         1,173,600   

Sprint Corp., Senior Notes

     7.875     9/15/23         190,000         149,150   

T-Mobile USA Inc., Senior Notes

     6.542     4/28/20         120,000         123,974   

T-Mobile USA Inc., Senior Notes

     6.633     4/28/21         20,000         21,100   

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         590,000         631,300 (g) 

VimpelCom Holdings BV, Senior Notes

     7.504     3/1/22         200,000         214,000 (a)(b) 
          

 

 

 

Total Wireless Telecommunication Services

             7,099,070   
          

 

 

 

TOTAL TELECOMMUNICATION SERVICES

             13,672,752   
          

 

 

 
UTILITIES - 3.9%           

Electric Utilities - 1.7%

          

Comision Federal de Electricidad, Senior Notes

     4.875     1/15/24         200,000         206,000 (a)(b) 

Comision Federal de Electricidad, Senior Notes

     6.125     6/16/45         250,000         255,625 (a) 

FirstEnergy Corp., Notes

     7.375     11/15/31         330,000         403,440 (b) 

Majapahit Holding BV, Senior Notes

     7.750     1/20/20         280,000         320,093 (b)(g) 

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

     9.681     7/2/26         450,000         432,563 (b) 

Red Oak Power LLC, Secured Notes

     9.200     11/30/29         660,000         686,400   

State Grid Overseas Investment 2013 Ltd., Senior Bonds

     3.125     5/22/23         200,000         204,573 (a)(b) 
          

 

 

 

Total Electric Utilities

             2,508,694   
          

 

 

 

Gas Utilities - 0.5%

          

Gas Natural de Lima y Callao SA, Senior Notes

     4.375     4/1/23         200,000         201,000 (a)(b) 

Southern Natural Gas Co., LLC, Senior Notes

     8.000     3/1/32         70,000         75,844 (b) 

Transportadora de Gas Internacional SA ESP, Senior Notes

     5.700     3/20/22         470,000         487,390 (a)(b) 
          

 

 

 

Total Gas Utilities

             764,234   
          

 

 

 

 

See Notes to Schedule of Investments.

 

11


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Independent Power and Renewable Electricity
Producers - 1.7%

          

AES Gener SA, Notes

     5.250     8/15/21         250,000       $ 265,672 (a)(b) 

Calpine Corp., Senior Secured Notes

     7.875     1/15/23         312,000         333,450 (a)(b) 

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

     10.060     12/30/28         1,071,724         1,008,760 (b) 

NRG Energy Inc., Senior Notes

     7.250     5/15/26         620,000         619,225 (a) 

Three Gorges Finance Ltd., Senior Bonds

     3.150     6/2/26         370,000         370,703 (a) 
          

 

 

 

Total Independent Power and Renewable Electricity Producers

             2,597,810   
          

 

 

 

TOTAL UTILITIES

             5,870,738   
          

 

 

 

TOTAL CORPORATE BONDS & NOTES
(Cost - $145,277,337)

             143,877,889   
          

 

 

 
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5%           

Commercial Mortgage Trust, 2015-LC21 E

     3.250     7/10/48         500,000         264,651 (a) 

JPMBB Commercial Mortgage Securities Trust, 2015-C31 E

     4.618     8/15/48         400,000         261,771 (a)(h) 

Wells Fargo Commercial Mortgage Trust, 2015-C28 E

     3.000     5/15/48         400,000         198,577 (a) 
          

 

 

 

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost - $856,255)

             724,999   
          

 

 

 
CONVERTIBLE BONDS & NOTES - 0.1%           
MATERIALS - 0.1%           

Chemicals - 0.0%

          

Hercules Inc., Junior Subordinated Bonds

     6.500     6/30/29         90,000         75,298   
          

 

 

 

Metals & Mining - 0.1%

          

Mirabela Nickel Ltd., Senior Secured Bonds

     9.500     6/24/19         335,618         117,466 (a)(c)(d) 
          

 

 

 

TOTAL CONVERTIBLE BONDS & NOTES
(Cost - $418,739)

             192,764   
          

 

 

 
SENIOR LOANS - 1.5%           
CONSUMER DISCRETIONARY - 0.4%           

Hotels, Restaurants & Leisure - 0.2%

          

Equinox Holdings Inc., Second Lien Term Loan

     9.750     7/31/20         300,000         300,375 (l)(m) 
          

 

 

 

Specialty Retail - 0.1%

          

Spencer Gifts LLC, Second Lien Term Loan

     9.250     6/29/22         230,000         189,750 (l)(m) 
          

 

 

 

Textiles, Apparel & Luxury Goods - 0.1%

          

TOMS Shoes LLC, Term Loan B

     6.500     10/28/20         178,200         107,811 (l)(m) 
          

 

 

 

TOTAL CONSUMER DISCRETIONARY

             597,936   
          

 

 

 
CONSUMER STAPLES - 0.1%           

Food Products - 0.1%

          

AdvancePierre Foods Inc., Second Lien Term Loan

     9.500     10/10/17         128,519         129,001 (l)(m) 
          

 

 

 
ENERGY - 0.4%           

Energy Equipment & Services - 0.2%

          

Hercules Offshore LLC, Exit Term Loan

     10.500     5/6/20         383,333         325,833 (l)(m) 
          

 

 

 

Oil, Gas & Consumable Fuels - 0.2%

          

Magnum Hunter Resources Inc., Exit Term Loan

     8.000     5/6/19         100,000         99,500 (d)(l)(m) 

Westmoreland Coal Co., Term Loan B

     7.500     12/16/20         176,613         126,278 (l)(m) 
          

 

 

 

Total Oil, Gas & Consumable Fuels

             225,778   
          

 

 

 

TOTAL ENERGY

             551,611   
          

 

 

 

 

See Notes to Schedule of Investments.

 

12


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  
HEALTH CARE - 0.3%           

Health Care Equipment & Supplies - 0.1%

          

Lantheus Medical Imaging Inc., Term Loan

     7.000     6/30/22         218,350       $ 195,423 (l)(m) 
          

 

 

 

Health Care Providers & Services - 0.2%

          

Radnet Management Inc., Second Lien Term Loan

     8.000     3/25/21         290,000         276,769 (l)(m) 
          

 

 

 

TOTAL HEALTH CARE

             472,192   
          

 

 

 
UTILITIES - 0.3%           

Electric Utilities - 0.3%

          

Panda Temple II Power LLC, New Term Loan B

     7.250     4/3/19         220,000         205,700 (l)(m) 

Panda Temple Power LLC, 2015 Term Loan B

     7.250     3/4/22         257,400         230,373 (l)(m) 
          

 

 

 

TOTAL UTILITIES

             436,073   
          

 

 

 

TOTAL SENIOR LOANS
(Cost - $2,424,890)

             2,186,813   
          

 

 

 
SOVEREIGN BONDS - 28.6%           

Argentina - 5.0%

          

City of Buenos Aires Argentina, Senior Notes

     7.500     6/1/27         1,090,000         1,094,905 (a) 

Provincia de Buenos Aires, Senior Notes

     9.950     6/9/21         210,000         231,525 (g) 

Provincia de Buenos Aires, Senior Notes

     9.125     3/16/24         1,120,000         1,201,200 (a) 

Republic of Argentina, Senior Notes

     6.875     4/22/21         1,190,000         1,249,500 (a) 

Republic of Argentina, Senior Notes

     7.500     4/22/26         1,250,000         1,315,000 (a) 

Republic of Argentina, Senior Notes

     8.280     12/31/33         1,514,201         1,658,050   

Republic of Argentina, Senior Notes

     7.625     4/22/46         690,000         707,250 (a) 
          

 

 

 

Total Argentina

             7,457,430   
          

 

 

 

Armenia - 0.2%

          

Republic of Armenia, Senior Notes

     6.000     9/30/20         360,000         355,086 (g) 
          

 

 

 

Brazil - 0.6%

          

Federative Republic of Brazil, Senior Notes

     8.000     1/15/18         806,223         846,534 (n) 
          

 

 

 

Colombia - 1.9%

          

Republic of Colombia, Senior Bonds

     7.375     9/18/37         2,150,000         2,569,250 (n) 

Republic of Colombia, Senior Notes

     7.375     3/18/19         255,000         289,170   
          

 

 

 

Total Colombia

             2,858,420   
          

 

 

 

Costa Rica - 0.4%

          

Republic of Costa Rica, Notes

     7.000     4/4/44         590,000         542,063 (a) 
          

 

 

 

Croatia - 0.2%

          

Republic of Croatia, Senior Notes

     6.625     7/14/20         260,000         283,751 (a) 
          

 

 

 

Dominican Republic - 0.8%

          

Dominican Republic, Senior Notes

     5.500     1/27/25         120,000         120,000 (a) 

Dominican Republic, Senior Notes

     6.850     1/27/45         1,140,000         1,137,150 (a)(b) 
          

 

 

 

Total Dominican Republic

             1,257,150   
          

 

 

 

Ecuador - 0.6%

          

Republic of Ecuador, Senior Bonds

     10.500     3/24/20         940,000         947,050 (a) 
          

 

 

 

Egypt - 0.2%

          

Arab Republic of Egypt, Senior Notes

     5.875     6/11/25         330,000         284,625 (a) 
          

 

 

 

El Salvador - 0.1%

          

Republic of El Salvador, Notes

     6.375     1/18/27         190,000         164,825 (a) 
          

 

 

 

Gabon - 0.3%

          

Gabonese Republic, Bonds

     6.375     12/12/24         250,000         210,000 (a) 

Gabonese Republic, Senior Bonds

     6.950     6/16/25         200,000         169,500 (a) 
          

 

 

 

Total Gabon

             379,500   
          

 

 

 

 

See Notes to Schedule of Investments.

 

13


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Ghana - 0.2%

          

Republic of Ghana, Bonds

     10.750     10/14/30         290,000       $ 291,450 (a) 
          

 

 

 

Honduras - 0.3%

          

Republic of Honduras, Senior Notes

     7.500     3/15/24         400,000         433,000 (g) 
          

 

 

 

Hungary - 1.4%

          

Republic of Hungary, Senior Notes

     5.750     11/22/23         1,528,000         1,729,176   

Republic of Hungary, Senior Notes

     5.375     3/25/24         300,000         332,790   
          

 

 

 

Total Hungary

             2,061,966   
          

 

 

 

Indonesia - 2.8%

          

Republic of Indonesia, Senior Bonds

     6.875     1/17/18         100,000         108,115 (g) 

Republic of Indonesia, Senior Bonds

     6.625     2/17/37         1,735,000         2,056,081 (b)(g) 

Republic of Indonesia, Senior Notes

     5.875     1/15/24         1,727,000         1,956,071 (a) 
          

 

 

 

Total Indonesia

             4,120,267   
          

 

 

 

Israel - 0.3%

          

Government of Israel, Senior Bonds

     2.875     3/16/26         380,000         382,428   
          

 

 

 

Ivory Coast - 0.6%

          

Republic of Cote D’Ivoire, Senior Bonds

     5.750     12/31/32         950,000         860,938 (g) 
          

 

 

 

Kenya - 0.1%

          

Republic of Kenya, Senior Notes

     6.875     6/24/24         200,000         184,500 (a) 
          

 

 

 

Lithuania - 0.7%

          

Republic of Lithuania, Senior Notes

     6.125     3/9/21         860,000         999,537 (a) 
          

 

 

 

Mexico - 1.4%

          

United Mexican States, Senior Notes

     5.125     1/15/20         220,000         241,890 (b) 

United Mexican States, Senior Notes

     3.625     3/15/22         520,000         538,200 (b) 

United Mexican States, Senior Notes

     4.000     10/2/23         160,000         167,200   

United Mexican States, Senior Notes

     4.750     3/8/44         1,230,000         1,223,850 (b) 
          

 

 

 

Total Mexico

             2,171,140   
          

 

 

 

Namibia - 0.2%

          

Republic of Namibia, Senior Notes

     5.250     10/29/25         260,000         255,125 (a)(b) 
          

 

 

 

Pakistan - 0.2%

          

Republic of Pakistan, Senior Bonds

     7.250     4/15/19         330,000         348,810 (a) 
          

 

 

 

Panama - 0.4%

          

Republic of Panama, Senior Bonds

     6.700     1/26/36         459,000         578,340   
          

 

 

 

Paraguay - 0.2%

          

Republic of Paraguay, Senior Bonds

     5.000     4/15/26         360,000         370,800 (a) 
          

 

 

 

Peru - 2.0%

          

Republic of Peru, Senior Bonds

     7.350     7/21/25         1,200,000         1,585,500 (n) 

Republic of Peru, Senior Bonds

     8.750     11/21/33         690,000         1,029,825   

Republic of Peru, Senior Bonds

     6.550     3/14/37         321,000         405,262   
          

 

 

 

Total Peru

             3,020,587   
          

 

 

 

Poland - 1.6%

          

Republic of Poland, Senior Notes

     6.375     7/15/19         400,000         454,250   

Republic of Poland, Senior Notes

     5.125     4/21/21         500,000         560,477   

Republic of Poland, Senior Notes

     5.000     3/23/22         1,270,000         1,423,076 (n) 
          

 

 

 

Total Poland

             2,437,803   
          

 

 

 

 

See Notes to Schedule of Investments.

 

14


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

   RATE     MATURITY
DATE
     FACE
AMOUNT
     VALUE  

Russia - 2.7%

          

Russian Foreign Bond - Eurobond, Senior Bonds

     4.875     9/16/23         200,000       $ 212,360 (a)(b) 

Russian Foreign Bond - Eurobond, Senior Bonds

     12.750     6/24/28         42,000         72,323 (b)(g) 

Russian Foreign Bond - Eurobond, Senior Bonds

     7.500     3/31/30         2,230,338         2,724,926 (g)(n) 

Russian Foreign Bond - Eurobond, Senior Bonds

     5.875     9/16/43         1,000,000         1,083,351 (a) 
          

 

 

 

Total Russia

             4,092,960   
          

 

 

 

Senegal - 0.1%

          

Republic of Senegal, Bonds

     6.250     7/30/24         200,000         185,000 (g) 
          

 

 

 

South Africa - 0.2%

          

Republic of South Africa, Senior Notes

     5.875     9/16/25         260,000         277,145   
          

 

 

 

Sri Lanka - 0.3%

          

Republic of Sri Lanka, Senior Notes

     6.250     7/27/21         390,000         385,695 (g) 
          

 

 

 

Tunisia - 0.1%

          

Banque Centrale de Tunisie SA, Senior Bonds

     5.750     1/30/25         200,000         179,933 (a) 
          

 

 

 

Turkey - 1.5%

          

Republic of Turkey, Senior Bonds

     5.750     3/22/24         260,000         279,751   

Republic of Turkey, Senior Bonds

     4.250     4/14/26         520,000         506,458   

Republic of Turkey, Senior Bonds

     11.875     1/15/30         575,000         969,525   

Republic of Turkey, Senior Notes

     6.875     3/17/36         346,000         400,173   

Republic of Turkey, Senior Notes

     6.750     5/30/40         25,000         28,686   
          

 

 

 

Total Turkey

             2,184,593   
          

 

 

 

United Arab Emirates - 0.5%

          

Abu Dhabi Government International Bond, Senior Notes

     3.125     5/3/26         800,000         803,468 (a) 
          

 

 

 

Uruguay - 0.3%

          

Republic of Uruguay, Senior Notes

     4.375     10/27/27         379,735         393,975   
          

 

 

 

Vietnam - 0.2%

          

Republic of Vietnam, Senior Bonds

     4.800     11/19/24         300,000         306,644 (a) 
          

 

 

 

TOTAL SOVEREIGN BONDS

(Cost - $39,922,446)

             42,702,538   
          

 

 

 
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 1.6%           

U.S. Government Obligations - 1.6%

          

U.S. Treasury Notes

     1.375     9/30/20         2,000,000         2,005,664   

U.S. Treasury Notes

     1.625     5/15/26         400,000         392,422   
          

 

 

 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost - $2,393,989)

             2,398,086   
          

 

 

 
                  SHARES         
COMMON STOCKS - 2.3%           
CONSUMER DISCRETIONARY - 0.1%           

Hotels, Restaurants & Leisure - 0.1%

          

Bossier Casino Venture Holdco Inc.

          19,194         176,969 *(d)(e) 
          

 

 

 
ENERGY - 0.7%           

Energy Equipment & Services - 0.2%

          

Hercules Offshore Inc.

          11,723         13,364

KCAD Holdings I Ltd.

          77,972,021         325,066 *(d)(e) 
          

 

 

 

Total Energy Equipment & Services

             338,430   
          

 

 

 

Oil, Gas & Consumable Fuels - 0.5%

          

Magnum Hunter Resources Corp.

          53,540         701,376 *(d) 
          

 

 

 

TOTAL ENERGY

             1,039,806   
          

 

 

 
FINANCIALS - 1.3%           

Banks - 1.3%

          

Citigroup Inc.

          34,751         1,618,354   

JPMorgan Chase & Co.

          5,293         345,474   
          

 

 

 

TOTAL FINANCIALS

             1,963,828   
          

 

 

 

 

See Notes to Schedule of Investments.

 

15


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

SECURITY

     SHARES      VALUE  
HEALTH CARE - 0.0%           

Health Care Providers & Services - 0.0%

          

Physiotherapy Associates Holdings Inc. (Escrow)

          3,500       $ 40,985 *(d)(e) 
          

 

 

 
INDUSTRIALS - 0.1%           

Marine - 0.1%

          

DeepOcean Group Holding AS

          26,137         145,426 *(d)(e) 
          

 

 

 

Road & Rail - 0.0%

          

Jack Cooper Enterprises Inc.

          724         0 *(a)(d)(e)(i) 
          

 

 

 

TOTAL INDUSTRIALS

             145,426   
          

 

 

 
MATERIALS - 0.0%           

Metals & Mining - 0.0%

          

Mirabela Nickel Ltd.

          837,929         1 *(d)(e) 
          

 

 

 
TELECOMMUNICATION SERVICES - 0.1%           

Diversified Telecommunication Services - 0.1%

  

     

Axtel SAB de CV, ADR

          34,082         83,617 *(a) 
          

 

 

 

TOTAL COMMON STOCKS
(Cost - $4,716,195)

             3,450,632   
          

 

 

 
     RATE                      
CONVERTIBLE PREFERRED STOCKS - 0.2%           
HEALTH CARE - 0.2%           

Pharmaceuticals - 0.2%

          

Allergan PLC
(Cost - $214,485)

     5.500        255         215,388   
          

 

 

 
           EXPIRATION
DATE
     CONTRACTS
        
PURCHASED OPTIONS - 0.0%           

U.S. Dollar/Saudi Arabian Riyal,
Call @ 3.84
SAR (Cost - $186,525)

       1/17/17         8,569,000         44,619   
          

 

 

 
                  WARRANTS         
WARRANTS - 0.0%           

Bolivarian Republic of Venezuela, Oil-linked payment obligations (Cost - $0)

       4/15/20         9,125         13,687   
          

 

 

 

TOTAL INVESTMENTS BEFORE
SHORT-TERM INVESTMENTS
(Cost - $196,410,861)

             195,807,415   
          

 

 

 
                  SHARES         
SHORT-TERM INVESTMENTS - 0.4%           

State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost - $647,778)

     0.239        647,778         647,778   
          

 

 

 

TOTAL INVESTMENTS - 131.4%
(Cost - $197,058,639#)

             196,455,193   

Liabilities in Excess of Other Assets - (31.4)%

             (46,911,091
          

 

 

 

TOTAL NET ASSETS - 100.0%

           $ 149,544,102   
          

 

 

 

 

See Notes to Schedule of Investments.

 

16


WESTERN ASSET GLOBAL PARTNERS INCOME FUND INC.

 

Schedule of investments (unaudited) (cont’d)    May 31, 2016

 

 

* 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 (See Note x).

 

(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) Illiquid security.

 

(e) Security is valued in good faith in accordance with procedures approved by the Board of Directors.

 

(f) The coupon payment on these securities is currently in default as of May 31, 2016.

 

(g) 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.

 

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

 

(i) Value is less than $1.

 

(j) The maturity principal is currently in default as of May 31, 2016.

 

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

 

(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 security is held by the counterparty as collateral for open reverse repurchase agreements.

 

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

Abbreviations used in this schedule:

 

ADR    — American Depositary Receipts
AUD    — Australian Dollar
EUR    — Euro
GBP    — British Pound
SAR    — Saudi Arabian Riyal

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

     —         $ 22,181,831       $ 294,369      $ 22,476,200   

Energy

     —           31,203,160         0     31,203,160   

Materials

     —           18,747,879         0     18,747,879   

Other Corporate Bonds & Notes

     —           71,450,650         —          71,450,650   

Collateralized Mortgage Obligations

     —           724,999         —          724,999   

Convertible Bonds & Notes

     —           192,764         —          192,764   

Senior Loans:

          

Consumer Discretionary

     —           300,375         297,561        597,936   

Energy

     —           —           551,611        551,611   

Utilities

     —           —           436,073        436,073   

Other Senior Loans

     —           601,193         —          601,193   

Sovereign Bonds

     —           42,702,538         —          42,702,538   

U.S. Government & Agency Obligations

     —           2,398,086         —          2,398,086   

Common Stocks:

          

Consumer Discretionary

     —           —           176,969        176,969   

Energy

   $ 13,364         701,376         325,066        1,039,806   

Financials

     1,963,828         —           —          1,963,828   

Health Care

     —           —           40,985        40,985   

Industrials

     —           —           145,426        145,426   

Materials

     —           —           1        1   

Telecommunication Services

     —           83,617         —          83,617   

Convertible Preferred Stocks

     215,388         —           —          215,388   

Purchased Options

     —           44,619         —          44,619   

Warrants

     —           13,687         —          13,687   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Long-Term Investments

   $ 2,192,580       $ 191,346,774       $ 2,268,061      $ 195,807,415   
  

 

 

    

 

 

    

 

 

   

 

 

 

Short-Term Investments†

   $ 647,778         —           —        $ 647,778   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments

   $ 2,840,358       $ 191,346,774       $ 2,268,061      $ 196,455,193   
  

 

 

    

 

 

    

 

 

   

 

 

 

Other Financial Instruments:

  

Futures Contracts

   $ 5,686         —           —        $ 5,686   

Forward Foreign Currency Contracts

     —         $ 229,580         —          229,580   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Other Financial Instruments

   $ 5,686       $ 229,580         —        $ 235,266   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 2,846,044       $ 191,576,354       $ 2,268,061      $ 196,690,459   
  

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES

 

DESCRIPTION

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

Other Financial Instruments:

  

Forward Foreign Currency Contracts

     —         $ 94,096         —        $ 94,096   

 

See Schedule of Investments for additional detailed categorizations.

 

* Amount represents less than $1.

 

19


Notes to Schedule of Investments (unaudited) (continued)

 

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

 

     CORPORATE BONDS & NOTES  

INVESTMENTS IN SECURITIES

   CONSUMER
DISCRETIONARY
    ENERGY     MATERIALS     UTILITIES  

Balance as of August 31, 2015

   $ 254,205        —        $ 0   $ 483,494   

Accrued premiums/discounts

     5,406        —          —          356   

Realized gain (loss)

     —          —          —          —     

Change in unrealized appreciation (depreciation)1

     10,388        —          (61     (26,793

Purchases

     29,725      $ 0     61        —     

Sales

     (5,355     —          —          (24,494

Transfers into Level 32

     —          —          —          —     

Transfers out of Level 33

     —          —          —          (432,563
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of May 31, 2016

   $ 294,369      $ 0   $ 0     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for
investments in securities still held at May 31, 20161

   $ 10,388        —        $ (61     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     SENIOR LOANS  

INVESTMENTS IN SECURITIES (cont'd)

   CONSUMER
DISCRETIONARY
    ENERGY     MATERIALS     UTILITIES  

Balance as of August 31, 2015

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

Accrued premiums/discounts

     89        2,610        (210     547   

Realized gain (loss)

     —          8,320        (97,661     36   

Change in unrealized appreciation (depreciation)1

     (43,789     (77,770     82,321        (20,733

Purchases

     —          766,300        —          207,900   

Sales

     —          (308,002     (326,145     (1,950

Transfers into Level 32

     107,811        —          —          —     

Transfers out of Level 33

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of May 31, 2016

   $ 297,561      $ 551,611        —        $ 436,073   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for
investments in securities still held at May 31, 20161

   $ (43,789   $ (77,770     —        $ (20,733
  

 

 

   

 

 

   

 

 

   

 

 

 

 

    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

    —          —          —          —          —          —          8,798   

Realized gain (loss)

    —          —          98,822        —          —          —          9,517   

Change in unrealized appreciation (depreciation)1

    176,969        (380,971     5,467        (35,526     (49,436     (88,894     (448,828

Purchases

    —          —          28,615        12,473        —          7        1,045,081   

Sales

    —          —          (382,419     —          —          (12,473     (1,060,838

Transfers into Level 32

    —          —          —          —          —          —          107,811   

Transfers out of Level 33

    —          —          —          —          —          —          (432,563
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of May 31, 2016

  $ 176,969      $ 325,066      $ 40,985      $ 145,426      $ 1        —        $ 2,268,061   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) for investments in securities still held at May 31, 20161

  $ 176,969      $ (380,971   $ 12,370      $ (35,526   $ (49,436     —        $ (408,559
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

20


Notes to Schedule of Investments (unaudited) (continued)

 

 

* 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.

2. Investments

At May 31, 2016, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

 

Gross unrealized appreciation

   $ 11,488,219   

Gross unrealized depreciation

     (12,091,665
  

 

 

 

Net unrealized depreciation

   $ (603,446
  

 

 

 

At May 31, 2016, 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 )%      2/3/2016       TBD**   $ 2,444,898       Sovereign Bonds    $ 2,723,200   

Credit Suisse

     0.50     2/3/2016       TBD**     1,010,700       Sovereign Bonds      1,120,532   

Credit Suisse

     0.75     2/3/2016       TBD**     720,158       Sovereign Bonds      846,534   

Credit Suisse

     0.85     2/3/2016       TBD**     3,134,400       Sovereign Bonds      3,975,500   
         

 

 

       

 

 

 
          $ 7,310,156          $ 8,665,766   
         

 

 

       

 

 

 

 

* 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 May 31, 2016, the Fund had the following open futures contracts:

 

     Number of
Contracts
     Expiration
Date
     Basis
Value
     Market
Value
     Unrealized
Appreciation
 
Contracts to Buy:   

U.S. Treasury Ultra Long-Term Bonds

     14         9/16       $ 2,446,064       $ 2,451,750       $ 5,686   

 

21


Notes to Schedule of Investments (unaudited) (continued)

 

At May 31, 2016, the Fund had the following open forward foreign currency contracts:

 

Currency

Purchased

     Currency
Sold
    

Counterparty

   Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

INR

     105,000,000         USD         1,565,977       JPMorgan Chase & Co.      6/13/16       $ (8,473

IDR

     9,446,003,068         USD         711,563       Citibank N.A.      6/28/16         (23,306

USD

     4,373,559         EUR         3,834,000       Bank of America N.A.      7/14/16         101,443   

USD

     722,369         EUR         627,030       BNP Paribas SA      8/12/16         23,004   

EUR

     857,729         USD         983,429       Citibank N.A.      8/12/16         (26,752

USD

     127,408         GBP         87,816       Citibank N.A.      8/12/16         159   

EUR

     160,000         USD         184,375       UBS AG      8/12/16         (5,917

EUR

     290,000         USD         332,848       UBS AG      8/12/16         (9,393

EUR

     80,000         USD         89,907       UBS AG      8/12/16         (678

EUR

     120,000         USD         134,604       UBS AG      8/12/16         (761

USD

     3,484,164         EUR         3,037,500       UBS AG      8/12/16         96,257   

USD

     2,206,119         GBP         1,521,367       UBS AG      8/12/16         1,604   

USD

     1,621,358         SGD         2,225,800       Citibank N.A.      8/15/16         7,113   

BRL

     3,901,578         USD         1,075,111       JPMorgan Chase & Co.      8/15/16         (18,816
                 

 

 

 

Total

  

   $ 135,484   
                 

 

 

 

Abbreviations used in this table:

 

BRL    — Brazilian Real
EUR    — Euro
GBP    — British Pound
IDR    — Indonesian Rupiah
INR    — Indian Rupee
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:

 

July 22, 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:

 

July 22, 2016

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

Date:

 

July 22, 2016