<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-7994
Salomon Brothers Global Partners Income Fund Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Christina T. Sydor, Esq.
Salomon Brothers Asset Management Inc
300 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 725-6666
Date of fiscal year end: August 31
Date of reporting period: August 31, 2003
ITEM 1. REPORT TO STOCKHOLDERS.
The Annual Report to Stockholders is filed herewith.
[INSERT SHAREHOLDER REPORT]
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ------------------------------------------
Letter from the Chairman
Dear Shareholder,
The philosopher Bertrand Russell famously remarked that, 'Change
is one thing, progress is another.' You will notice in the
following pages that we have begun to implement some changes to
your shareholder report and we will be reflecting other changes
in future reports. Our aim is to make meaningful improvements in
reporting on the management of your Fund and its performance,
not just to enact change for change's sake. Please bear with us
during this transition period.
[R. JAY GERKEN PHOTO]
R. JAY GERKEN, CFA
Chairman and Chief
Executive Officer
We know that you have questions about fund managers' decisions
and plans, and we want to be sure that you have easy access to
the information you need. Keeping investors informed is, and
always will be, one of my top priorities as Chairman of your
Fund. To that end, we encourage you to contact Investor Relations
at 1-800-SALOMON. We have also included a separate Manager
Commentary along with this report, which we hope will give you a
better understanding of your Fund and its management.
As always, thank you for entrusting your assets to us. We look forward to
helping you continue to meet your financial goals. Please read on to learn more
about your Fund's performance and the Manager's strategy.
Sincerely,
R. J GERKEN
R. Jay Gerken, CFA
Chairman and Chief Executive Officer
September 16, 2003
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------
Manager Overview
PERFORMANCE REVIEW
During the 12 months ended August 31, 2003, the Salomon Brothers Global Partners
Income Fund Inc. ('Fund') distributed dividends to shareholders totaling $1.43
per share. The table below shows the 12-month total return based on the Fund's
August 31, 2003 net asset value ('NAV') per share and its New York Stock
Exchange closing price.(i) PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Based on NAV, the Fund, which returned 49.79%, significantly outperformed both
the J.P. Morgan Emerging Markets Bond Index Plus ('EMBI+')(ii) and the Citigroup
High-Yield Market Index ('High-Yield Index')(iii), which returned 30.32% and
26.89%, respectively, for the same period. It also ranked second out of 12 funds
in its Lipper peer group of closed-end emerging markets debt funds, which
returned 39.15% for the same period.(iv)
<Table>
<Caption>
PRICE 12-MONTH
PER SHARE TOTAL RETURN(V)
--------- -------------
$11.55 (NAV) 49.79%
$13.11 (NYSE) 42.71%
</Table>
HIGH YIELD MARKET REVIEW
The high-yield market rallied during the year from oversold levels last summer,
with the High-Yield Index recording eight consecutive monthly increases from
November through June. The rally began as default rates started to decline, the
economy appeared to be showing signs of improvement, and additional reports of
fraudulent corporate accounting activity diminished. The Fed's reduction of a
key short-term interest rate target to 1.25% in November further contributed to
an improving environment for high-yield securities.
Despite weak equity markets, a struggling economy, the conflict with Iraq and
heightened concerns about North Korea's nuclear program, the high-yield market
continued to gain momentum throughout the first quarter of 2003. As major
hostilities in Iraq ended, many companies reported first-quarter earnings that
were in line with estimates, which continued to aid a recovering equity market.
These events, coupled with expectations during May that the Fed may cut its
short-term interest rate targets again, all helped buoy high-yield securities
through mid-June.
In June the Fed cut its target for the federal funds rate to a four-decade low
of 1% to trigger a more accommodative borrowing environment to promote economic
growth. Bond prices proceeded to fall causing their yields (which move opposite
to prices) to rise following a statement from the Fed suggesting that the
economy may be stronger than expected, leading many investors to believe that
rates might have bottomed. The high-yield market lost ground from the end of
June
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
into the middle of August as the yield on 10-year U.S. Treasuries soared from
the low 3% range in mid-June to almost 4.5% by the middle of August. These
rising yields, the subsequent outflows of cash from high-yield bond funds, and
the over-abundant quantity of new issues on the market (which created supply
pressures) caused the high-yield market to move lower. However, the market
reversed course and rallied through the close of the period, and high-yield bond
mutual funds received record inflows in the final week of August as the market
was repriced to address the new range of yields on 10-year U.S. Treasuries.
ANALYSIS OF HIGH-YIELD FUND HOLDINGS
Rallying from distressed levels last year, bonds rated CCC and those falling
into a variety of credit categories in the cable and media, communications
towers, energy, technology, telecommunications and utilities sectors finished
the year among the top performers of the High-Yield Index. For the period, the
Fund increased its weighting to issues in the 'CCC' category, moving from an
underweighted to overweighted position. The Fund's increased weighting in this
credit category contributed to its performance later in the period.
During the period, many bonds in the utilities and energy sectors were added to
the High-Yield Index. Therefore, although the Fund increased its exposure to the
utilities and energy sectors during the period, it remained underweighted in
relation to this index. The Fund's underweighted position in the utilities and
energy sectors detracted from its performance versus the High-Yield Index. For
the period, the Fund decreased its weighting in the cable and media and
technology sectors, maintaining an overweight position in cable and media and
shifting to an underweight position in technology. The Fund increased its
communications towers holdings, which increased the Fund's existing overweight
position in this sector.
The most significant underperforming sectors included airlines, healthcare,
metals and mining, restaurants, supermarkets and drugstores, and textiles. The
Fund held underweight positions in the airlines, metals and mining, restaurants,
supermarkets and drugstores sectors. In addition, the Fund moved to an
underweight position in the healthcare sector, and it increased its overweight
holdings in textiles.
EMERGING MARKETS DEBT OVERVIEW
The Fund's fiscal year ended August 31, 2003, was a very strong period for
emerging markets debt. Despite high volatility in global equity markets,
military conflict in Iraq and uncertainty surrounding several high-profile
elections in some emerging market countries, the markets started to rally last
October. The spreads on sovereign debt, a common gauge of risk premium
representing the difference between yields on emerging market debt and U.S.
Treasuries, tightened by 537 basis points(vi) since the end of last September
and 382 basis points over the reporting period, closing the fiscal year at
504 basis points over U.S. Treasuries.
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
The 10-month rally in emerging markets debt came to a halt in mid-June due to
the sell-off in the U.S. Treasury market. The yield on 10-year U.S. Treasuries
(which moves inversely to the securities' price) increased from 3.11% on June
13th, the lowest level in 45 years, to 4.41% by the end of July, closing the
period at 4.47% on August 31st. As a result, in July the EMBI+ posted negative
monthly returns for the first time since last September. Negative returns in a
spread-tightening environment underscored the impact that the weakness in the
U.S. Treasury market had on emerging markets debt.
Despite this recent setback, overall emerging market performance during the
fiscal year was strong and all countries in the EMBI+ posted positive returns
for the period. The returns were heavily influenced by returns in Latin American
countries as markets welcomed ambitious political and economic reform programs
introduced by the newly elected leaders of Brazil and Ecuador. During the
period, Brazil and Ecuador posted impressive gains of 65.83% and 58.16%,
respectively. The market rally was also supported by higher oil prices, which is
an important source of revenues for many oil-exporting countries in the emerging
markets.
ANALYSIS OF EMERGING MARKET FUND HOLDINGS
The emerging markets debt component of the Fund benefited from our barbell
investment strategy of investing in more stable credit securities, such as
Mexico, Panama and Bulgaria, with selective investments in more credit-sensitive
issuers which we believed had more spread-compression potential (e.g., Ecuador,
Brazil and Colombia). The more stable credit securities did well during a
volatile U.S. Treasury environment. More credit-sensitive selections performed
well during the market rally as their improving fundamentals drove spreads
tighter.
LOOKING FOR ADDITIONAL INFORMATION?
The Fund is traded under the symbol 'GDF' and its closing market price is
available in most newspapers under the New York Stock Exchange listings. The
daily NAV is available online under symbol XGDFX. Barron's and The Wall Street
Journal's Monday editions carry closed-end fund tables that will provide
additional information. In addition, the Fund issues a quarterly allocation
press release that can be found on most major financial web sites.
In a continuing effort to provide information concerning the Fund, shareholders
may call 1-888-777-0102 or 1-800-SALOMON (toll free), Monday through Friday from
8:00 a.m. to 6:00 p.m. Eastern Time (ET), for the Fund's current NAV, market
price and other information regarding the Fund's portfolio holdings and
allocations.
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
Thank you for your investment in the Salomon Brothers Global Partners Income
Fund Inc. We appreciate that you have entrusted us to manage your money and
value our relationship with you.
Sincerely,
PETER J. WILBY BETH A. SEMMEL
Peter J. Wilby, CFA Beth A. Semmel, CFA
President Executive Vice President
JAMES E. CRAIGE THOMAS K. FLANAGAN
James E. Craige, CFA Thomas K. Flanagan, CFA
Executive Vice President Executive Vice President
September 16, 2003
The information provided in this letter by the Manager is not intended to be a
forecast of future events, a guarantee of future results or investment advice.
Views expressed may differ from those of the firm as a whole.
Portfolio holdings and breakdowns are as of August 31, 2003 and are subject to
change. Please refer to pages 6 through 17 for a list and percentage breakdown
of the Fund's holdings.
(i) NAV is a price that reflects the value of the Fund's underlying portfolio.
However, the price at which an investor may buy or sell shares of the Fund
is at the Fund's market price as determined by supply of and demand for
the Fund's common shares.
(ii) The EMBI+ is a total return index that tracks the traded market for U.S.
dollar-denominated Brady and other similar sovereign restructured bonds
traded in the emerging markets. Please note that an investor cannot invest
directly in an index.
(iii) The High-Yield Index is a broad-based unmanaged index of high-yield
securities. Please note that an investor cannot invest directly in an
index.
(iv) PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Lipper is a major
independent mutual-fund tracking organization. Rankings in the Lipper
closed-end emerging market debt funds category are based on average annual
total returns assuming reinvestment of dividends and capital gains, as of
August 31, 2003. Each fund is ranked within a universe of funds similar in
portfolio characteristics and capitalizations, as defined by Lipper, Inc.
Rankings are based on performance that does not include commissions.
Results would have been less favorable had commissions been included.
The Fund's shares were ranked 2 out of 12 and 9 out of 12 for the 1- and
5-year periods, respectively.
(v) Total returns are based on changes in NAV or the market price,
respectively. Total returns assume the reinvestment of all dividends
and/or capital gains distributions in additional shares.
(vi) A basis point is one one-hundredth (1/100 or 0.01) of one percent.
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Corporate Bonds -- 48.1%
Basic Industries -- 5.3%
$ 450,000 Abitibi-Consolidated Inc., Debentures, 8.850% due 8/1/30.... $ 445,519
450,000 Acetex Corp., Sr. Notes, 10.875% due 8/1/09................. 492,750
375,000 Airgas, Inc., 9.125% due 10/1/11............................ 414,375
475,000 Anchor Glass Container Corp., Secured Notes, 11.000% due
2/15/13.................................................... 523,688
700,000 Applied Extrusion Technologies, Inc., Series B, 10.750% due
7/1/11..................................................... 469,000
525,000 Berry Plastics Corp., 10.750% due 7/15/12................... 578,812
575,000 Bowater Inc., Debentures, 9.500% due 10/15/12............... 603,993
Buckeye Technologies Inc., Sr. Sub. Notes:
450,000 9.250% due 9/15/08......................................... 434,250
350,000 8.000% due 10/15/10........................................ 320,250
500,000 Huntsman Advanced Materials LLC, Secured Notes, 11.000% due
7/15/10 (b)................................................ 530,000
800,000 ISP Chemco Inc., Series B, 10.250% due 7/1/11............... 886,000
275,000 Luscar Coal Ltd., Sr. Notes, 9.750% due 10/15/11............ 312,125
Lyondell Chemical Co.:
250,000 9.500% due 12/15/08........................................ 242,500
50,000 Secured Notes, Series B, 9.875% due 5/1/07................. 49,750
500,000 Methanex Corp., Sr. Notes, 8.750% due 8/15/12............... 538,750
500,000 Millar Western Forest Products Ltd., Sr. Notes, 9.875% due
5/15/08.................................................... 515,000
Millennium America Inc.:
415,000 9.250% due 6/15/08......................................... 431,600
375,000 Sr. Notes, 9.250% due 6/15/08 (b).......................... 390,000
500,000 Noveon, Inc., Series B, 11.000% due 2/28/11................. 557,500
125,000 OM Group, Inc., 9.250% due 12/15/11......................... 120,625
875,000 Plastipak Holdings, Inc., 10.750% due 9/1/11................ 953,750
300,000 Pliant Corp., Secured Notes, 11.125% due 9/1/09 (b)......... 311,250
500,000 Radnor Holdings Corp., Sr. Notes, 11.000% due 3/15/10 (b)... 402,500
275,000 Rhodia S.A., Sr. Sub. Notes, 8.875% due 6/1/11 (b).......... 277,750
100,000 Tekni-Plex, Inc., Series B, 12.750% due 6/15/10............. 97,000
Tembec Industries, Inc.:
225,000 8.625% due 6/30/09......................................... 222,750
500,000 8.500% due 2/1/11.......................................... 495,000
575,000 Westlake Chemical Corp., 8.750% due 7/15/11 (b)............. 589,375
------------
12,205,862
------------
Consumer Cyclicals -- 4.1%
175,000 CKE Restaurants, Inc., 9.125% due 5/1/09.................... 166,250
Cole National Group, Inc., Sr. Sub. Notes:
250,000 8.625% due 8/15/07......................................... 242,500
450,000 8.875% due 5/15/12......................................... 434,250
700,000 CSK Auto Inc., 12.000% due 6/15/06.......................... 778,750
</Table>
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SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 6
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Consumer Cyclicals -- 4.1% (continued)
$ 275,000 Eye Care Centers of America, Inc., 9.125% due 5/1/08........ $ 257,125
875,000 Finlay Fine Jewelry Corp., Sr. Notes, 8.375% due 5/1/08..... 890,313
640,000 The Gap, Inc., Notes, 10.550% due 12/15/08.................. 765,600
575,000 HMH Properties, Inc., Sr. Notes, Series C, 8.450% due
12/1/08.................................................... 590,094
125,000 Host Marriott L.P., Series I, 9.500% due 1/15/07............ 133,125
325,000 Interface, Inc., Sr. Sub. Notes, Series B, 9.500% due
11/15/05................................................... 292,500
500,000 John Q. Hammons Hotels L.P., 1st Mortgage, Series B, 8.875%
due 5/15/12................................................ 525,000
600,000 Leslie's Poolmart, Sr. Notes, 10.375% due 7/15/08 (b)....... 603,000
Levi Strauss & Co., Sr. Notes:
565,000 11.625% due 1/15/08........................................ 542,400
410,000 12.250% due 12/15/12....................................... 377,200
400,000 Oxford Industries, Inc., Sr. Notes, 8.875% due 6/1/11 (b)... 418,000
375,000 PETCO Animal Supplies, Inc., Sr. Sub. Notes, 10.750% due
11/1/11.................................................... 425,625
50,000 Phillips-Van Heusen Corp., Sr. Notes, 8.125% due 5/1/13
(b)........................................................ 50,875
Saks Inc.:
250,000 7.500% due 12/1/10......................................... 257,500
225,000 9.875% due 10/1/11......................................... 254,813
700,000 Starwood Hotels & Resorts Worldwide, Inc., 7.875% due
5/1/12..................................................... 735,000
600,000 Tommy Hilfiger USA, Inc., 6.850% due 6/1/08................. 601,500
------------
9,341,420
------------
Consumer Non-Cyclicals -- 9.3%
525,000 aaiPharma Inc., 11.000% due 4/1/10.......................... 577,500
Ahold Finance U.S.A., Inc.:
100,000 6.875% due 5/1/29.......................................... 82,500
425,000 Notes, 8.250% due 7/15/10.................................. 433,500
625,000 AKI, Inc., Sr. Notes, 10.500% due 7/1/08.................... 643,750
475,000 Ameristar Casinos, Inc., 10.750% due 2/15/09................ 532,000
269,000 Applica Inc., Sr. Sub. Notes, 10.000% due 7/31/08........... 281,777
475,000 Argosy Gaming Co., 10.750% due 6/1/09....................... 521,313
325,000 Athena Neurosciences Finance LLC, 7.250% due 2/21/08........ 247,812
750,000 Coast Hotels and Casinos, Inc., 9.500% due 4/1/09........... 802,500
500,000 Constellation Brands, Inc., Series B, 8.125% due 1/15/12.... 523,125
450,000 Dade Behring Holdings Inc., 11.910% due 10/3/10............. 513,000
450,000 Extendicare Health Services, Inc., 9.500% due 7/1/10........ 484,875
175,000 Fleming Cos., Inc., 10.125% due 4/1/08 (c).................. 21,875
1,461,000 Hines Horticulture, Inc., Sr. Sub. Notes, Series B, 12.750%
due 10/15/05............................................... 1,541,355
125,000 Holmes Group Inc., Series B, 9.875% due 11/15/07............ 109,375
750,000 Home Interiors & Gifts, Inc., 10.125% due 6/1/08............ 768,750
750,000 Horseshoe Gaming Holding Corp., Series B, 8.625% due
5/15/09.................................................... 793,125
875,000 IASIS Healthcare Corp., 13.000% due 10/15/09................ 982,188
475,000 Icon Health & Fitness, Inc., 11.250% due 4/1/12............. 501,125
</Table>
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SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 7
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SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Consumer Non-Cyclicals -- 9.3% (continued)
$ 600,000 InSight Health Services Corp., Series B, 9.875% due
11/1/11.................................................... $ 627,000
500,000 Jafra Cosmetics International Inc., Sr. Sub. Notes, 10.750%
due 5/15/11 (b)............................................ 527,500
500,000 Kerzner International Ltd., 8.875% due 8/15/11.............. 541,250
750,000 MGM MIRAGE, 9.750% due 6/1/07............................... 840,000
725,000 North Atlantic Trading Co., Inc., Series B, 11.000% due
6/15/04.................................................... 685,125
Park Place Entertainment Corp., Sr. Sub. Notes:
625,000 7.875% due 12/15/05........................................ 659,375
425,000 8.875% due 9/15/08......................................... 468,563
400,000 Playtex Products, Inc., 9.375% due 6/1/11................... 396,000
200,000 Remington Products Co., LLC, Sr. Sub. Notes, Series D,
11.000% due 5/15/06........................................ 201,000
Rite Aid Corp.:
75,000 11.250% due 7/1/08......................................... 80,625
975,000 Sr. Notes, 7.625% due 4/15/05.............................. 979,875
Sealy Mattress Co., Series B:
250,000 10.875% due 12/15/07....................................... 253,750
800,000 Sr. Sub. Notes, 9.875% due 12/15/07........................ 788,000
350,000 Sola International Inc., Notes, 6.875% due 3/15/08.......... 338,188
450,000 Station Casinos, Inc., Sr. Sub. Notes, 9.875% due 7/1/10.... 497,250
575,000 Tempur-Pedic Inc. and Tempur Production U.S.A. Inc., Sr.
Sub. Notes, 10.250% due 8/15/10 (b)........................ 589,375
425,000 Tenet Healthcare Corp., Sr. Notes, 6.875% due 11/15/31...... 374,000
875,000 United Industries Corp., Series D, 9.875% due 4/1/09........ 896,875
575,000 Vanguard Health Systems, Inc., 9.750% due 8/1/11............ 589,375
550,000 Venetian Casino Resort, LLC, 11.000% due 6/15/10............ 628,375
------------
21,322,946
------------
Energy -- 4.7%
Dynegy Holdings Inc.:
Debentures:
700,000 7.125% due 5/15/18........................................ 500,500
750,000 7.625% due 10/15/26....................................... 525,000
650,000 Secured Notes, 9.875% due 7/15/10 (b)..................... 663,000
El Paso Corp., Sr. Notes:
675,000 7.800% due 8/1/31................................ ........ 516,375
675,000 7.750% due 1/15/32........................................ 516,375
255,000 Grey Wolf, Inc., 8.875% due 7/1/07.......................... 262,012
83,000 Key Energy Services, Inc., Series B, 14.000% due 1/15/09.... 91,715
625,000 Magnum Hunter Resources, Inc., 9.600% due 3/15/12........... 665,625
250,000 Nuevo Energy Co., Sr. Sub. Notes, Series B, 9.375% due
10/1/10.................................................... 267,500
1,000,000 PennzEnergy Co., Debentures, 10.250% due 11/1/05............ 1,150,260
323,000 Pride International, Inc., Sr. Notes, 9.375% due 5/1/07..... 334,305
450,000 Swift Energy Co., Sr. Sub. Notes, 10.250% due 8/1/09........ 479,250
</Table>
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SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 8
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Energy -- 4.7% (continued)
$ 1,125,000 United Refining Co., Series B, 10.750% due 6/15/07.......... $ 894,375
600,000 Vintage Petroleum, Inc., Sr. Sub. Notes, 9.750% due
6/30/09.................................................... 639,000
810,000 Western Gas Resources, Inc., 10.000% due 6/15/09............ 866,700
500,000 Westport Resources Corp., 8.250% due 11/1/11................ 537,500
The Williams Cos., Inc.:
Notes:
300,000 7.625% due 7/15/19........................................ 273,750
1,250,000 7.875% due 9/1/21......................................... 1,156,250
200,000 8.750% due 3/15/32........................................ 195,500
125,000 Sr. Notes, 8.625% due 6/1/10............................... 130,625
------------
10,665,617
------------
Finance Services -- 0.9%
987,700 Airplanes Pass-Through Trust, Series D, 10.875% due
3/15/19.................................................... 29,631
525,000 Felcor Lodging L.P., 10.000% due 9/15/08.................... 551,906
475,000 MeriStar Hospitality Corp., 9.125% due 1/15/11.............. 472,625
125,000 MeriStar Hospitality Operating Partnership, L.P., 10.500%
due 6/15/09................................................ 127,813
750,000 Sovereign Bancorp., Inc., Sr. Notes, 10.500% due 11/15/06... 881,245
------------
2,063,220
------------
Housing Related -- 0.4%
875,000 Nortek Holdings, Inc., Sr. Notes, Series B, 8.875% due
8/1/08..................................................... 901,250
------------
Manufacturing -- 3.1%
500,000 Alliant Techsystems Inc., 8.500% due 5/15/11................ 542,500
275,000 Case Corp., Notes, 7.250% due 1/15/16....................... 247,844
575,000 Eagle-Picher Industries, Inc., Sr. Notes, 9.750% due 9/1/13
(b)........................................................ 592,250
425,000 Fedders North America, Inc., 9.375% due 8/15/07............. 362,312
425,000 Flowserve Corp., 12.250% due 8/15/10........................ 488,750
175,000 Ford Motor Co., Notes, 7.450% due 7/16/31................... 155,903
375,000 Ford Motor Credit Co., Notes, 7.250% due 10/25/11........... 379,503
275,000 General Binding Corp., 9.375% due 6/1/08.................... 266,750
275,000 General Motors Acceptance Corp., Notes, 6.875% due
8/28/12.................................................... 272,467
General Motors Corp.:
100,000 Debentures, 8.375% due 7/15/33............................. 99,108
475,000 Sr. Notes, 7.125% due 7/15/13.............................. 481,286
750,000 L-3 Communications Corp., 7.625% due 6/15/12................ 783,750
200,000 LDM Technologies, Inc., Series B, 10.750% due 1/15/07....... 200,000
500,000 Moll Industries, Inc., Sr. Sub. Notes, 10.500% due 7/1/08
(c)(d)..................................................... 7,500
300,000 NMHG Holding Co., 10.000% due 5/15/09....................... 322,500
450,000 Sequa Corp., Sr. Notes, 9.000% due 8/1/09................... 474,750
300,000 Tenneco Automotive Inc., Secured Notes, 10.250% due
7/15/13 (b)................................................ 312,000
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 9
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Manufacturing -- 3.1% (continued)
$ 700,000 Terex Corp., Series B, 10.375% due 4/1/11................... $ 778,750
TRW Automotive Inc.:
150,000 Sr. Notes, 9.375% due 2/15/13 (b).......................... 167,250
75,000 Sr. Sub. Notes, 11.000% due 2/15/13 (b).................... 86,250
------------
7,021,423
------------
Media and Cable -- 8.4%
850,000 AOL Time Warner Inc., 7.625% due 4/15/31.................... 923,601
Charter Communications Holdings, LLC:
Sr. Discount Notes:
600,000 Zero coupon until 1/15/05, (11.750% thereafter), due
1/15/10.................................................. 381,000
1,050,000 Zero coupon until 1/15/06, (13.500% thereafter), due
1/15/11.................................................. 603,750
1,255,000 Zero coupon until 4/1/04, (9.920% thereafter), due 4/1/11. 847,125
1,075,000 Zero coupon until 5/15/06, (11.750% thereafter), due
5/15/11.................................................. 585,875
Sr. Notes:
250,000 8.250% due 4/1/07......................................... 202,500
275,000 10.750% due 10/1/09....................................... 221,375
250,000 10.250% due 1/15/10....................................... 192,500
CSC Holdings Inc., Sr. Sub. Debentures:
75,000 9.875% due 2/15/13......................................... 78,750
1,100,000 10.500% due 5/15/16........................................ 1,204,500
225,000 Dex Media East LLC/Dex Media East Finance Co., 9.875% due
11/15/09................................................... 255,938
325,000 Dex Media West LLC/Dex Media West Finance Co., Sr. Sub.
Notes, 9.875% due 8/15/13 (b).............................. 364,000
500,000 DirecTV Holdings LLC, Sr. Notes, 8.375% due 3/15/13 (b)..... 548,750
EchoStar DBS Corp., Sr. Notes:
300,000 10.375% due 10/1/07........................................ 333,375
775,000 9.125% due 1/15/09......................................... 862,187
875,000 9.375% due 2/1/09.......................................... 935,156
600,000 Insight Midwest, L.P., Sr. Notes, 10.500% due 11/1/10....... 634,500
300,000 Interep National Radio Sales, Inc., Series B, 10.000% due
7/1/08..................................................... 262,500
625,000 LIN Television Corp., 8.000% due 1/15/08.................... 668,750
50,000 Mediacom Broadband LLC, 11.000% due 7/15/13................. 54,750
700,000 Mediacom LLC, Sr. Notes, 9.500% due 1/15/13................. 710,500
550,000 NextMedia Operating, Inc., 10.750% due 7/1/11............... 611,875
1,904,901 NTL Inc., Secured Notes, Payment-in-Kind, 19.000% due
1/1/10..................................................... 1,799,709
675,000 Pegasus Satellite Communications, Inc., Sr. Discount Notes,
(zero coupon until 3/1/04, 13.500% thereafter), due 3/1/07. 438,750
Quebecor World U.S.A. Inc.:
875,000 8.375% due 11/15/08........................................ 914,352
125,000 Sr. Sub. Notes, 7.750% due 2/15/09......................... 130,439
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 10
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Media and Cable -- 8.4% (continued)
R.H. Donnelly Finance Corp. I:
$ 225,000 10.875% due 12/15/12....................................... $ 263,250
100,000 10.875% due 12/15/12 (b)................................... 117,000
375,000 Radio One, Inc., Series B, 8.875% due 7/1/11................ 411,563
Telewest Communications PLC:
390,000 Sr. Discount Notes, zero coupon until 2/1/05, (11.375%
thereafter), due 2/1/10................................... 130,650
1,065,000 Sr. Notes, 11.250% due 11/1/08 (c)......................... 452,625
250,000 Time Warner Inc., 6.625% due 5/15/29........................ 242,710
United Pan-Europe Communications N.V., Series B:
Sr. Discount Notes:
850,000 Zero coupon until 11/1/04, (13.375% thereafter), due
11/1/09 (c)............................................. 191,250
325,000 Zero coupon until 2/1/05, (13.750% thereafter), due
2/1/10 (c).............................................. 69,875
Sr. Notes:
100,000 10.875% due 8/1/09 (c).................................... 33,500
1,075,000 11.250% due 2/1/10 (c).................................... 360,125
675,000 11.500% due 2/1/10 (c).................................... 227,813
Vivendi Universal SA, Sr. Notes:
900,000 6.250% due 7/15/08 (b)..................................... 904,500
250,000 9.250% due 4/15/10 (b)..................................... 280,625
585,000 Yell Finance B.V., Sr. Notes, 10.750% due 8/1/11............ 669,825
------------
19,121,818
------------
Services and Other -- 1.8%
Allied Waste North America, Inc., Series B:
750,000 7.875% due 1/1/09.......................................... 771,562
325,000 10.000% due 8/1/09......................................... 353,438
225,000 9.250% due 9/1/12.......................................... 244,125
350,000 Brand Services, Inc., 12.000% due 10/15/12.................. 394,188
550,000 COMFORCE Operating Inc., Sr. Notes, Series B, 12.000% due
12/1/07.................................................... 338,250
1,250,000 The Holt Group, Inc., 9.750% due 1/15/06 (c)................ 43,750
555,000 Mail-Well, Inc., Series B, 8.750% due 12/15/08.............. 532,800
225,000 Muzak LLC, Sr. Notes, 10.000% due 2/15/09 (b)............... 238,500
630,000 Pierce Leahy Command Co., 8.125% due 5/15/08................ 652,050
2,000,000 Safety-Kleen Services, Inc., 9.250% due 6/1/08 (c).......... 2,400
450,000 SITEL Corp., 9.250% due 3/15/06............................. 429,750
------------
4,000,813
------------
Technology -- 0.9%
625,000 Unisys Corp., Sr. Notes, 8.125% due 6/1/06.................. 669,531
1,125,000 Xerox Capital (Europe) PLC, 5.875% due 5/15/04.............. 1,132,031
275,000 Xerox Corp., Notes, 5.500% due 11/15/03..................... 277,063
------------
2,078,625
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 11
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Telecommunications -- 6.6%
$ 475,000 Alamosa (Delaware), Inc., 13.625% due 8/15/11............... $ 448,875
500,000 Alamosa Holdings, Inc., (zero coupon until 2/15/05, 12.875%
thereafter), due 2/15/10................................... 370,000
850,000 American Tower Corp., Sr. Notes, 9.375% due 2/1/09.......... 864,875
365,000 American Tower Escrow Corp., Discount Notes, zero coupon due
8/1/08..................................................... 242,725
925,000 AT&T Corp., Sr. Notes, 8.500% due 11/15/31.................. 1,047,196
AT&T Wireless Services Inc.:
775,000 Notes, 8.125% due 5/1/12................................... 891,417
Sr. Notes:
475,000 7.875% due 3/1/11......................................... 537,467
375,000 8.750% due 3/1/31......................................... 445,871
Crown Castle International Corp.:
125,000 Sr. Discount Notes, (zero coupon until 5/15/04, 10.375%
thereafter), due 5/15/11.................................. 123,750
1,000,000 Sr. Notes, 10.750% due 8/1/11.............................. 1,102,500
500,000 Dobson Communications Corp., Sr. Notes, 10.875% due
7/1/10..................................................... 545,000
Global Crossing Holdings Ltd.:
1,700,000 9.125% due 11/15/06 (c).................................... 63,750
250,000 9.500% due 11/15/09 (c).................................... 9,375
Nextel Communications, Inc.:
775,000 Sr. Discount Notes, 9.950% due 2/15/08..................... 815,688
Sr. Notes:
400,000 9.375% due 11/15/09....................................... 434,000
1,125,000 7.375% due 8/1/15......................................... 1,133,437
900,000 Qwest Communications International Inc., Sr. Notes, Series
B, 7.500% due 11/1/08...................................... 848,250
1,025,000 Qwest Corp., Notes, 8.875% due 3/15/12 (b).................. 1,101,875
Qwest Services Corp., Notes:
100,000 13.500% due 12/15/10 (b)................................... 115,000
231,000 14.000% due 12/15/14 (b)................................... 273,735
SBA Communications Corp.:
400,000 Sr. Discount Notes, 12.000% due 3/1/08..................... 418,000
225,000 Sr. Notes, 10.250% due 2/1/09.............................. 204,187
275,000 SpectraSite, Inc., Sr. Notes, 8.250% due 5/15/10 (b)........ 287,375
Sprint Capital Corp.:
875,000 6.875% due 11/15/28........................................ 820,190
775,000 8.750% due 3/15/32......................................... 883,576
254,000 TeleCorp PCS, Inc., 10.625% due 7/15/10..................... 300,990
575,000 UbiquiTel Operating Co., (zero coupon until 4/15/05, 14.000%
thereafter), due 4/15/10................................... 307,625
500,000 Western Wireless Corp., Sr. Notes, 9.250% due 7/15/13 (b)... 502,500
------------
15,139,229
------------
Transportation -- 0.2%
400,000 General Maritime Corp., Sr. Notes, 10.000% due
3/15/13 (b)................................................ 438,500
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 12
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Utilities -- 2.4%
The AES Corp., Sr. Sub. Notes:
$ 50,000 8.375% due 8/15/07......................................... $ 47,500
200,000 8.500% due 11/1/07......................................... 190,000
Avon Energy Partners Holdings:
575,000 Notes, 6.460% due 3/4/08 (b)............................... 501,688
575,000 Sr. Notes, 7.050% due 12/11/07 (b)......................... 501,687
1,825,000 Calpine Canada Energy Finance ULC, 8.500% due 5/1/08........ 1,396,125
Calpine Corp.:
350,000 Secured Notes, 8.500% due 7/15/10 (b)...................... 330,750
250,000 Sr. Notes, 8.625% due 8/15/10.............................. 183,750
Edison Mission Energy, Sr. Notes:
50,000 10.000% due 8/15/08........................................ 41,750
975,000 7.730% due 6/15/09......................................... 760,500
300,000 9.875% due 4/15/11......................................... 247,500
950,000 Mirant Americas Generation, LLC, Sr. Notes, 9.125% due
5/1/31 (c)................................................. 698,250
Reliant Resources, Inc., Secured Notes:
175,000 9.250% due 7/15/10 (b)..................................... 163,625
550,000 9.500% due 7/15/13 (b)..................................... 508,750
------------
5,571,875
------------
Total Corporate Bonds (Cost -- $108,751,433)............... 109,872,598
------------
Convertible Bonds -- 0.4%
Consumer Non-Cyclicals -- 0.1%
450,000 Elan Finance Corp. Ltd., zero coupon due 12/14/18........... 249,750
------------
Technology -- 0.2%
500,000 Avaya Inc., Sr. Notes, zero coupon due 10/31/21............. 268,125
475,000 Sanmina-SCI Corp., Sub. Debentures, zero coupon due
9/12/20.................................................... 232,750
------------
500,875
------------
Telecommunications -- 0.1%
325,000 American Tower Corp., Notes, 5.000% due 2/15/10............. 287,219
------------
Total Convertible Bonds (Cost -- $847,738)................. 1,037,844
------------
Sovereign Bonds -- 48.2%
Brazil -- 14.9%
Federal Republic of Brazil:
4,325,000 11.500% due 3/12/08........................................ 4,627,750
2,275,000 12.000% due 4/15/10........................................ 2,391,594
475,000 8.875% due 4/15/24......................................... 366,344
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 13
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Brazil -- 14.9% (continued)
Federal Republic of Brazil (continued):
$ 600,000 10.125% due 5/15/27........................................ $ 519,150
2,250,000 11.000% due 8/17/40........................................ 2,052,000
19,234,624 C Bond, 8.000% due 4/15/14................................. 17,317,173
4,275,000 DCB, Series L, 2.1875% due 4/15/12 (e)..................... 3,444,047
3,853,846 FLIRB, Series L, 2.125% due 4/15/09 (e).................... 3,328,378
------------
34,046,436
------------
Bulgaria -- 1.4%
Republic of Bulgaria:
2,050,000 8.250% due 1/15/15......................................... 2,265,250
1,025,000 Discount, Series A, 1.9375% due 7/28/24 (e)................ 991,687
------------
3,256,937
------------
Colombia -- 3.5%
Republic of Colombia:
2,887,000 8.625% due 4/1/08.......................................... 3,143,221
2,000,000 10.000% due 1/23/12........................................ 2,167,500
2,275,000 10.750% due 1/15/13........................................ 2,569,613
------------
7,880,334
------------
Costa Rica -- 0.5%
1,000,000 Republic of Costa Rica, 6.914% due 1/31/08 (b).............. 1,080,000
------------
Ecuador -- 4.2%
12,320,000 Republic of Ecuador, 12.000% due 11/15/12................... 9,702,000
------------
Mexico -- 7.3%
1,200,000 PEMEX Project Funding Master Trust, 6.125% due
8/15/08 (b)................................................ 1,243,500
United Mexican States:
4,500,000 6.625% due 3/3/15.......................................... 4,518,000
500,000 8.125% due 12/30/19........................................ 540,000
8,650,000 8.300% due 8/15/31......................................... 9,307,400
1,075,000 7.500% due 4/8/33.......................................... 1,069,625
------------
16,678,525
------------
Panama -- 2.5%
Republic of Panama:
525,000 9.625% due 2/8/11.......................................... 593,250
3,800,000 9.375% due 1/16/23......................................... 4,066,000
850,000 9.375% due 4/1/29.......................................... 969,000
------------
5,628,250
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 14
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
FACE
AMOUNT SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Peru -- 1.1%
Republic of Peru:
$ 1,175,000 9.125% due 1/15/08......................................... $ 1,311,594
1,335,000 FLIRB, 4.500% due 3/7/17 (e)............................... 1,128,075
------------
2,439,669
------------
Philippines -- 2.6%
Republic of Philippines:
1,550,000 9.375% due 1/18/17......................................... 1,656,563
3,675,000 10.625% due 3/16/25........................................ 4,056,281
264,447 FLIRB, Series B, 2.0625% due 6/1/08 (e).................... 247,919
------------
5,960,763
------------
Russia -- 8.5%
Russia Federation:
6,200,000 10.000% due 6/26/07........................................ 7,308,250
2,600,000 8.250% due 3/31/10......................................... 2,886,000
10,175,540 5.000% due 3/31/30 (e)..................................... 9,323,339
------------
19,517,589
------------
Turkey -- 1.7%
Republic of Turkey:
3,200,000 11.500% due 1/23/12........................................ 3,440,000
425,000 11.000% due 1/14/13........................................ 450,500
------------
3,890,500
------------
Total Sovereign Bonds (Cost -- $100,376,153)............... 110,081,003
------------
Loan Participations (e)(f) -- 1.7%
Kingdom of Morocco:
3,872,916 Tranche A, 2.0313% due 1/2/09 (J.P. Morgan Chase & Co.,
Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Paine
Webber Inc.)............................................... 3,737,364
156,862 Tranche B, 2.0313% due 1/2/04 (Morgan Stanley Co. Inc.)..... 150,587
------------
Total Loan Participations (Cost -- $3,760,298)............. 3,887,951
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 15
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
SHARES SECURITY(a) VALUE
- ----------------------------------------------------------------------------------------------
Common Stock (g) -- 0.9%
12,166 Axiohm Transaction Solutions, Inc.. 0
5 Glasstech Inc. (d).......................................... 0
5,664 Mattress Discounters Co. (d)................................ 50,979
17,310 NTL Inc..................................................... 696,554
27,106 SpectraSite, Inc............................................ 867,392
44,962 UnitedGlobalCom, Inc., Class A Shares....................... 300,346
------------
Total Common Stock (Cost -- $3,412,063).................... 1,915,271
------------
Escrow Shares (d)(g) -- 0.0%
1,750,000 Breed Technologies, Inc..................................... 0
1,000,000 Imperial Sugar Co........................................... 0
625,000 Pillowtex Corp.............................................. 0
397,208 Vlasic Foods International Inc.............................. 44,487
------------
Total Escrow Shares (Cost -- $0)........................... 44,487
------------
Preferred Stock -- 0.5%
12 Anvil Holdings Inc., Series B, 13.000% (g).................. 294
CSC Holdings Inc.:
5,975 Series H, 11.750% due 10/1/07.............................. 628,869
4,175 Series M, 11.125% due 4/1/08............................... 437,331
5 Glasstech Inc. (d)(g)....................................... 0
23 NTL Europe, Inc. (g)........................................ 72
TCR Holding Corp. (d)(g):
4,091 Class B.................................................... 4
2,250 Class C.................................................... 2
5,932 Class D.................................................... 6
12,271 Class E.................................................... 12
------------
Total Preferred Stock (Cost -- $878,679)................... 1,066,590
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 16
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Schedule of Investments (continued)
August 31, 2003
<Table>
<Caption>
WARRANTS/
RIGHTS SECURITY(a) VALUE
- ---------------------------------------------------------------------------------------------------------------------
Warrants and Rights (g) -- 0.0%
365 American Tower Escrow Corp., (Exercise price of $0.01 per share expiring on 8/1/08.
Each warrant exercisable for 14.095 shares of common stock.).......... $ 48,545
1,837,246 ContiFinancial Corp., Units of Interest, (Represents interests in a trust in the
liquidation of ContiFinancial Corp. and its affiliates.).............. 27,559
1,000 Mattress Discounters Co., (Exercise price of $0.01 per share expiring on 7/15/07.
Each warrant exercisable for 4.850 shares of Class A common stock and 0.539 shares
of Class L common stock.)............................................. 750
4,202 Pillowtex Corp., (Exercise price of $28.99 per share expiring on 11/24/09. Each
warrant exercisable for 1 share of common stock.)..................... 0
750 UbiquiTel Operating Co., (Exercise price of $22.74 per share expiring on 4/15/10.
Each warrant exercisable for 5.965 shares of common stock.)........... 8
192,000 United Mexican States Rights........................................... 240
39,270 Venezuela Discount Rights (d).......................................... 0
------------
Total Warrants and Rights (Cost -- $114,972).......................... 77,102
------------
<Caption>
FACE
AMOUNT
- -----------
Repurchase Agreement -- 0.2%
$ 395,000 Merrill Lynch Government Securities Inc., 1.01% due 9/2/03; Proceeds at maturity --
$395,044; (Fully collateralized by U.S. Treasury Bonds, 7.125% to 9.125% due
5/15/16 to 2/15/23; Market value -- $402,901) (Cost -- $395,000).... 395,000
------------
Total Investments -- 100.0% (Cost -- $218,536,336*).................. $228,377,846
------------
------------
</Table>
- ---------
(a) All securities segregated as collateral pursuant to loan agreement.
(b) 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.
(c) Security is currently in default.
(d) Security is valued in accordance with fair valuation procedures.
(e) Interest rate shown reflects current rate on instruments with variable rates
or step coupon rates.
(f) Participation interests were acquired through the financial institutions
indicated parenthetically.
(g) Non-income producing security.
* Aggregate cost for Federal income tax purposes is $219,077,814.
Abbreviations used in this schedule:
DCB -- Debt Conversion Bond
FLIRB -- Front-Loaded Interest Reduction Bond
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 17
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------------------
Statement of Assets and Liabilities
August 31, 2003
<Table>
ASSETS:
Investments, at value (Cost -- $218,536,336)............ $228,377,846
Cash..................................................... 388
Receivable for securities sold........................... 607,344
Interest receivable...................................... 5,064,486
Prepaid expenses......................................... 12,103
------------
TOTAL ASSETS............................................. 234,062,167
------------
LIABILITIES:
Loan payable (Note 4).................................... 59,124,414
Loan interest payable (Note 4)........................... 240,441
Management fee payable................................... 152,085
Accrued expenses......................................... 194,589
------------
TOTAL LIABILITIES........................................ 59,711,529
------------
TOTAL NET ASSETS............................................ $174,350,638
------------
------------
NET ASSETS:
Common stock ($0.001 par value, 100,000,000 shares
authorized; 15,089,651 shares outstanding).............. $ 15,090
Capital paid in excess of par value...................... 206,872,474
Overdistributed net investment income.................... (302,264)
Accumulated net realized loss from investment
transactions............................................ (42,076,172)
Net unrealized appreciation of investments............... 9,841,510
------------
TOTAL NET ASSETS............................................ $174,350,638
------------
------------
NET ASSET VALUE, PER SHARE ($174,350,638 [div] 15,089,651
shares outstanding)........................................ $11.55
------
------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 18
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------
Statement of Operations
For the Year Ended August 31, 2003
<Table>
INVESTMENT INCOME:
Interest................................................. $ 23,225,606
Dividends................................................ 68,999
------------
TOTAL INVESTMENT INCOME.................................. 23,294,605
------------
EXPENSES:
Management fee (Note 2).................................. 1,630,730
Interest expense (Note 4)................................ 1,566,917
Legal fees............................................... 80,343
Custody.................................................. 72,916
Shareholder communications............................... 69,137
Audit and tax services................................... 65,874
Loan fees................................................ 41,365
Directors' fees.......................................... 40,125
Shareholder servicing fees............................... 38,237
Listing fees............................................. 30,743
Insurance................................................ 3,216
Other.................................................... 15,230
------------
TOTAL EXPENSES........................................... 3,654,833
------------
NET INVESTMENT INCOME....................................... 19,639,772
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTES 1
AND 3):
Realized Gain From Investment Transactions (excluding
short-term investments):
Proceeds from sales................................... 189,049,852
Cost of securities sold............................... 178,391,217
------------
NET REALIZED GAIN........................................ 10,658,635
------------
Change in Net Unrealized Appreciation (Depreciation) of
Investments:
Beginning of year..................................... (21,364,340)
End of year........................................... 9,841,510
------------
INCREASE IN NET UNREALIZED APPRECIATION.................. 31,205,850
------------
NET GAIN ON INVESTMENTS..................................... 41,864,485
------------
INCREASE IN NET ASSETS FROM OPERATIONS...................... $ 61,504,257
------------
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 19
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------------
Statements of Changes in Net Assets
For the Years Ended August 31,
<Table>
<Caption>
2003 2002
- -----------------------------------------------------------------------------------------
OPERATIONS:
Net investment income.................................... $ 19,639,772 $ 20,445,867
Net realized gain (loss)................................. 10,658,635 (12,891,569)
Increase (decrease) in net unrealized appreciation....... 31,205,850 (14,615,189)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS........ 61,504,257 (7,060,891)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.................................... (21,411,087) (20,552,754)
Capital.................................................. -- (676,233)
------------ ------------
DECREASE IN NET ASSETS FROM DISTRIBUTIONS TO
SHAREHOLDERS............................................ (21,411,087) (21,228,987)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued on reinvestment of dividends
(126,042 and 121,102 shares issued, respectively)....... 1,406,757 1,343,416
------------ ------------
INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS... 1,406,757 1,343,416
------------ ------------
INCREASE (DECREASE) IN NET ASSETS........................... 41,499,927 (26,946,462)
NET ASSETS:
Beginning of year........................................ 132,850,711 159,797,173
------------ ------------
END OF YEAR*............................................. $174,350,638 $132,850,711
------------ ------------
------------ ------------
*Includes overdistributed net investment income of:......... $(302,264) $(129,019)
--------- ---------
--------- ---------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 20
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ---------------------------------------
Statement of Cash Flows
For the Year Ended August 31, 2003
<Table>
CASH FLOWS PROVIDED BY OPERATING AND INVESTING ACTIVITIES:
Interest and dividends received.......................... $ 21,638,296
Operating expenses paid.................................. (1,956,418)
Net sales of short-term investments...................... 410,000
Net purchases of long-term investments................... (187,156,398)
Proceeds from disposition of long-term investments....... 188,739,285
Interest paid on bank loans.............................. (1,670,398)
------------
NET CASH FLOWS PROVIDED BY OPERATING AND INVESTING
ACTIVITIES.............................................. 20,004,367
------------
CASH FLOWS USED BY FINANCING ACTIVITIES:
Cash dividends paid on Common Stock...................... (21,411,087)
Proceeds from reinvestment of dividends.................. 1,406,757
------------
NET CASH FLOWS USED BY FINANCING ACTIVITIES.............. (20,004,330)
------------
NET INCREASE IN CASH........................................ 37
Cash, Beginning of year..................................... 351
------------
CASH, END OF YEAR........................................... $ 388
------------
------------
RECONCILIATION OF INCREASE IN NET ASSETS FROM OPERATIONS TO
NET CASH FLOWS PROVIDED BY OPERATING AND INVESTING
ACTIVITIES:
INCREASE IN NET ASSETS FROM OPERATIONS................... $ 61,504,257
------------
Accretion of discount on securities...................... (3,017,468)
Amortization of premium on investments................... 278,372
Increase in investments, at value........................ (38,899,121)
Decrease in interest and dividends receivable............ 1,082,787
Increase in receivable for securities sold............... (429,777)
Increase in prepaid expenses............................. (1,201)
Decrease in payable for securities purchased............. (542,700)
Decrease in interest payable on loan..................... (103,481)
Increase in accrued expenses............................. 132,699
------------
TOTAL ADJUSTMENTS........................................ (41,499,890)
------------
NET CASH FLOWS PROVIDED BY OPERATING AND INVESTING
ACTIVITIES................................................. $ 20,004,367
------------
------------
</Table>
- --------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
PAGE 21
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Notes to Financial Statements
Note 1. Significant Accounting Policies
Salomon Brothers Global Partners Income Fund Inc. ('Fund'), formerly known as
Global Partners Income Fund Inc., 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 Fund commenced
operations on October 29, 1993. The Fund seeks to maintain a high level of
current income by investing primarily in a portfolio of high-yield U.S. and
non-U.S. corporate debt securities and high-yield foreign sovereign debt
securities. As a secondary objective, the Fund seeks capital appreciation.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States of America ('GAAP'). The preparation of financial statements in
accordance with GAAP requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
SECURITIES VALUATION. In valuing the Fund's assets, all securities for which
market quotations are readily available are valued (i) at the last sale price
prior to the time of determination if there were a sale on the date of
determination, (ii) at the mean between the last current bid and asked prices if
there were no sales on such date and bid and asked quotations are available, and
(iii) at the bid price if there were no sales price on such date and only bid
quotations are available. Publicly traded foreign government debt securities are
typically traded internationally in the over-the-counter market, and are valued
at the mean between the last current bid and asked price as of the close of
business of that market. However, when the spread between bid and asked price
exceeds five percent of the par value of the security, the security is valued at
the bid price. Securities may also be valued by independent pricing services
which use prices provided by market-makers or estimates of market values
obtained from yield data relating to instruments or securities with similar
characteristics. Short-term investments having a maturity of 60 days or less are
valued at amortized cost which approximates market value. Securities for which
reliable quotations are not readily available are valued at fair value as
determined in good faith by, or under procedures established by, the Board of
Directors.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME. Investment transactions are
recorded on the trade date. Interest income is accrued on a daily basis. Market
discount and premium on securities purchased is accreted and amortized on an
effective yield basis over the life of the security. The Fund uses the specific
identification method for determining realized gain or loss on investments sold.
FEDERAL INCOME TAXES. The Fund has complied and intends to continue to comply
with the requirements of the Internal Revenue Code of 1986, as amended,
applicable to regulated
PAGE 22
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Notes to Financial Statements (continued)
investment companies, and to distribute all of its income and capital gains, if
any, to its shareholders. Therefore, no federal income tax or excise tax
provision is required.
DIVIDENDS AND DISTRIBUTIONS. The Fund declares and pays dividends to
shareholders monthly. Net realized gains, if any, in excess of loss carryovers
are expected to be distributed annually. Dividends and distributions to
shareholders are recorded on the ex-dividend date. The amount of dividends and
distributions from net investment income and net realized gains are determined
in accordance with federal income tax regulations, which may differ from GAAP.
These differences are due primarily to deferral of wash sale and post-October
losses. These 'book/tax' differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in nature,
such amounts are reclassified within the capital accounts based on their Federal
income tax basis treatment; temporary differences do not require
reclassification. Dividends and distributions which exceed net investment income
and net realized capital gains for tax purposes are reported as tax return of
capital.
REPURCHASE AGREEMENTS. The Fund purchases, and the custodian takes possession
of, U.S. government securities from securities dealers subject to agreements to
resell the securities to the sellers at a future date (generally, the next
business day) at an agreed-upon higher purchase price. The Fund requires
continual maintenance of the market value (plus accrued interest) of the
collateral in amounts equal to the repurchase price.
CASH FLOW INFORMATION. The Fund invests in securities and distributes dividends
from net investment income and net realized gains from investment transactions.
These activities are reported in the Statement of Changes in Net Assets.
Additional information on cash receipts and cash payments is presented in the
Statement of Cash Flows. Accounting practices that do not affect reporting
activities on a cash basis include carrying investments at value and accreting
discount and amortizing premium on debt obligations.
YEAR END TAX RECLASSIFICATIONS. The character of income and gains to be
distributed is determined in accordance with income tax regulations which may
differ from GAAP. At August 31, 2003, reclassifications were made to the capital
accounts of the Fund to reflect permanent book/tax differences and income and
gains available for distributions under income tax regulations. Accordingly, a
portion of overdistributed net investment income amounting to $1,492,943 was
reclassified to paid-in capital. Net investment income, net realized gains and
net assets were not affected by this change.
Note 2. Management and Advisory Fees and Other Transactions
For the period from September 1, 2002 through December 15, 2002, the Fund was a
party to a management agreement with PIMCO Funds Advisors LLC ('PIMCO'), an
indirect wholly owned subsidiary of Allianz Dresdner Asset Management of America
L.P., formerly known as PIMCO Advisors L.P., a wholly-owned subsidiary of
Allianz AG, pursuant to which PIMCO, among other things, supervised the Fund's
investment program, including advising and consulting with the
PAGE 23
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Notes to Financial Statements (continued)
Fund's investment manager regarding the Fund's overall investment strategy.
During that same period, the Fund was also a party to an investment advisory and
administration agreement with Salomon Brothers Asset Management Inc ('SBAM'), an
indirect wholly-owned subsidiary of Citigroup Inc. ('Citigroup'), pursuant to
which SBAM, among other things, was responsible for the day-to-day management of
the Fund's portfolio, including making investment strategy decisions for the
Fund and managing and investing the assets of the Fund in accordance with its
stated policies. SBAM also provided administration and stockholder services for
the Fund pursuant to the agreement.
Effective December 16, 2002, the Fund entered into a new investment advisory and
administration agreement with SBAM. Under the terms of the new investment
advisory and administration agreement, which was approved by shareholders at the
Special Joint Meeting of Stockholders held on December 11, 2002, SBAM provides
all management, advisory and administration services for the Fund. PIMCO has
ceased to act as investment manager for the Fund. SBAM has delegated certain
administrative services to Smith Barney Fund Management LLC ('SBFM'), another
indirect wholly-owned subsidiary of Citigroup and an affiliate of SBAM, pursuant
to a Sub-Administration Agreement between SBAM and SBFM.
The Fund pays SBAM a monthly fee at an annual rate of 1.05% of the Fund's
average weekly net assets for its services. Prior to December 16, 2002, the Fund
paid SBAM a fee calculated at an annual rate of 1.10% of the Fund's average
weekly net assets.
Certain officers and/or directors of the Fund are also officers and/or directors
of SBAM.
Note 3. Portfolio Activity
During the year ended August 31, 2003, the aggregate cost of purchases and
proceeds from sales of investments (including maturities of long-term
investments, but excluding short-term investments) were as follows:
<Table>
Purchases................................................... $186,613,698
------------
------------
Sales....................................................... $189,049,852
------------
------------
</Table>
At August 31, 2003, the aggregate gross unrealized appreciation and depreciation
of investments for Federal income tax purposes were as follows:
<Table>
Gross unrealized appreciation............................... $ 19,129,317
Gross unrealized depreciation............................... (9,829,285)
------------
Net unrealized appreciation................................. $ 9,300,032
------------
------------
</Table>
PAGE 24
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Notes to Financial Statements (continued)
Note 4. Loan
At August 31, 2003, the Fund had $59,124,414 outstanding of an available
$81,000,000 loan pursuant to a revolving credit and security agreement with CXC
LLC ('CXC'), an affiliate of Citigroup. CXC, a commercial paper conduit issuer
for Citicorp North America Inc., an affiliate of the adviser, acts as
administrative agent. The loans generally bear interest at a variable rate based
on the weighted average interest rates of the underlying commercial paper or
LIBOR, plus any applicable margin. Securities held by the Fund are subject to a
lien, granted to the lenders, to the extent of the borrowing outstanding and any
additional expenses.
Note 5. Loan Participations
The Fund invests in fixed and floating rate loans arranged through private
negotiations between a foreign sovereign entity and one or more financial
institutions. The Fund's investment in any such loan may be in the form of a
participation in or an assignment of the loan. At August 31, 2003, the Fund held
loan participations with a total cost of $3,760,298 and a total market value of
$3,887,951.
In connection with purchasing loan participations, the Fund generally will have
no right to enforce compliance by the borrower with the terms of the loan
agreement relating to the loan, nor any rights of set-off against the borrower,
and the Fund may not benefit directly from any collateral supporting the loan in
which it has purchased the participation. As a result, the Fund will assume the
credit risk of both the borrower and the lender that is selling the
participation. In the event of the insolvency of the lender selling the
participation, the Fund may be treated as a general creditor of the lender and
may not benefit from any set-off between the lender and the borrower.
Note 6. Credit Risk
The yields of emerging market debt obligations and high-yield corporate debt
obligations reflect, among other things, perceived credit risk. The Fund's
investment in securities rated below investment grade typically involves risks
not associated with higher rated securities including, among others, overall
greater risk of timely and ultimate payment of interest and principal, greater
market price volatility and less liquid secondary market trading. The
consequences of political, social, economic or diplomatic changes may have
disruptive effects on the market prices of sovereign bonds and loan
participations held by the Fund.
The net asset value and/or market value of the Fund could be negatively affected
if the Fund were required to liquidate assets in other than an orderly manner
and/or in adverse market conditions to repay any loans outstanding.
PAGE 25
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Notes to Financial Statements (continued)
Note 7. Capital Loss Carryforward
At August 31, 2003, the Fund had, for Federal income tax purposes, a capital
loss carryforward of approximately $38,834,000, available to offset future
capital gains. To the extent that these carryforward losses are used to offset
capital gains, it is probable that any gains so offset will not be distributed.
The amount and expiration of the carryforwards are indicated below. Expiration
occurs on August 31 of the year indicated:
<Table>
<Caption>
2007 2009 2010
---- ---- ----
Carryforward Amounts.................. $10,269,000 $8,616,000 $19,949,000
</Table>
In addition the Fund had $3,002,714 of capital losses realized after
October 31, 2002, which were deferred for tax purposes to the first day of the
following fiscal year.
Note 8. Income Tax Information and Distributions to Shareholders
At August 31, 2003, the tax basis components of distributable earnings were:
<Table>
Undistributed ordinary income............................... --
------------
------------
Accumulated capital losses.................................. $(38,834,244)
------------
------------
Unrealized appreciation..................................... $ 9,300,032
------------
------------
</Table>
The difference between book basis and tax basis unrealized appreciation and
depreciation is attributable primarily to wash sale loss deferrals and the
treatment of accretion of discounts and amortization of premiums.
The tax character of distributions paid during the year ended August 31, 2003
was:
<Table>
Ordinary income............................................. $21,411,087
-----------
Total....................................................... $21,411,087
-----------
-----------
</Table>
Note 9. Dividends Subsequent to August 31, 2003
On July 17, 2003, the Board of Directors of the Fund declared three dividends
each in the amount of $0.11875 per share, payable on September 26, October 31
and November 28, 2003, to shareholders of record on September 16, October 15 and
November 18, 2003, respectively.
PAGE 26
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------
Financial Highlights
For a share of common stock outstanding throughout each year ended August 31,
unless otherwise noted:
<Table>
<Caption>
2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR.............................. $ 8.88 $10.77 $11.94 $10.98 $ 9.76
-------- -------- -------- -------- --------
INCOME (LOSS) FROM OPERATIONS:
Net investment income(1)....................... 1.30 1.36 1.38 1.44 1.59
Net realized and unrealized
gain (loss)(1)............................... 2.79 (1.83) (1.12) 0.95 1.30
-------- -------- -------- -------- --------
Total Income (Loss) From Operations............. 4.09 (0.47) 0.26 2.39 2.89
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.......................... (1.43) (1.38) (1.42) (1.43) (1.67)
Net realized gains............................. -- -- -- -- --
Capital........................................ -- (0.05) (0.01) -- --
-------- -------- -------- -------- --------
Total Distributions............................. (1.43) (1.43) (1.43) (1.43) (1.67)
-------- -------- -------- -------- --------
INCREASE IN NET ASSET VALUE DUE TO SHARES
ISSUED ON REINVESTMENT OF DIVIDENDS............ 0.01 0.01 -- -- --
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR.................... $11.55 $ 8.88 $10.77 $11.94 $10.98
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
MARKET VALUE, END OF YEAR....................... $13.11 $10.43 $11.88 $11.6250 $11.3125
TOTAL RETURN,
BASED ON MARKET VALUE(2)....................... 42.71% (0.25)% 16.26% 17.57% 53.57%
RATIOS TO AVERAGE NET ASSETS:
Total expenses, including interest expense..... 2.37% 3.24% 4.90% 4.95% 4.22%
Total expenses, excluding interest expense
(operating expenses)......................... 1.36% 1.43% 1.28% 1.30% 1.27%
Net investment income(1)....................... 12.76% 13.80% 12.53% 12.53% 14.26%
PORTFOLIO TURNOVER RATE......................... 91% 129% 92% 111% 102%
NET ASSETS, END OF YEAR (000s).................. $174,351 $132,851 $159,797 $176,070 $162,004
Loans Outstanding, End of Year (000s)........... $59,124 $59,124 $75,000 $75,000 $75,000
Weighted Average Loans (000s)................... $59,124 $72,423 $75,000 $75,000 $75,000
Weighted Average Interest Rate on Loans......... 2.65% 3.71% 7.86% 8.28% 6.42%
- ------------------------------------------------------------------------------------------------------
</Table>
(1) Effective September 1, 2001, the Fund adopted a change in the accounting
method that requires the Fund to amortize premiums and accrete all
discounts. Without the adoption of this change for the year ended
August 31, 2002, those amounts would have been $1.37, $1.84 and 13.87% for
net investment income, net realized and unrealized loss and the ratio of net
investment income to average net assets, respectively. Per share, ratios and
supplemental data for the periods prior to September 1, 2001 have not been
restated to reflect this change in presentation.
(2) For purposes of this calculation, dividends on common shares are assumed to
be reinvested at prices obtained under the Fund's dividend reinvestment plan
and the broker commission paid to purchase or sell a share is excluded.
PAGE 27
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ----------------------------------------------
Report of Independent Auditors
To the Board of Directors and Shareholders of
Salomon Brothers Global Partners Income Fund Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations, of
changes in net assets and of cash flows and the financial highlights present
fairly, in all material respects, the financial position of Salomon Brothers
Global Partners Income Fund Inc. (the 'Fund') at August 31, 2003, the results of
its operations and its cash flows for the year then ended, the changes in its
net assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
'financial statements') are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at August 31, 2003 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, NY
October 22, 2003
PAGE 28
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------------------------------------------------
PURSUANT TO CERTAIN RULES OF THE SECURITIES AND EXCHANGE COMMISSION, THE
FOLLOWING ADDITIONAL DISCLOSURE IS PROVIDED.
Form of Terms and Conditions of Amended and Restated Dividend
Reinvestment and Cash Purchase Plan (unaudited)
1. Each shareholder initially purchasing shares of common stock ('Shares') of
Salomon Brothers Global Partners Income Fund Inc. ('Fund'), formerly known as
Global Partners Income Fund Inc., on or after September 6, 1996 will be deemed
to have elected to be a participant in the Amended and Restated Dividend
Reinvestment and Cash Purchase Plan ('Plan'), unless the shareholder
specifically elects in writing (addressed to the Agent at the address below or
to any nominee who holds Shares for the shareholder in its name) to receive all
income dividends and distributions of capital gains in cash, paid by check,
mailed directly to the record holder by or under the direction of American Stock
Transfer & Trust Company as the Fund's dividend-paying agent ('Agent'). A
shareholder whose Shares are held in the name of a broker or nominee who does
not provide an automatic reinvestment service may be required to take such
Shares out of 'street name' and register such Shares in the shareholder's name
in order to participate, otherwise dividends and distributions will be paid in
cash to such shareholder by the broker or nominee. Each participant in the Plan
is referred to herein as a 'Participant.' The Agent will act as Agent for each
Participant, and will open accounts for each Participant under the Plan in the
same name as their Shares are registered.
2. Unless the Fund declares a dividend or distribution payable only in the form
of cash, the Agent will apply all dividends and distributions in the manner set
forth below.
3. If, on the determination date, the market price per Share equals or exceeds
the net asset value per Share on that date (such condition, a 'market premium'),
the Agent will receive the dividend or distribution in newly issued Shares of
the Fund on behalf of Participants. If, on the determination date, the net asset
value per Share exceeds the market price per Share (such condition, a 'market
discount'), the Agent will purchase Shares in the open-market. The determination
date will be the fourth New York Stock Exchange trading day (a New York Stock
Exchange trading day being referred to herein as a 'Trading Day') preceding the
payment date for the dividend or distribution. For purposes herein, 'market
price' will mean the average of the highest and lowest prices at which the
Shares sell on the New York Stock Exchange on the particular date, or if there
is no sale on that date, the average of the closing bid and asked quotations.
4. Purchases made by the Agent will be made as soon as practicable commencing on
the Trading Day following the determination date and terminating no later than
30 days after the dividend or distribution payment date except where temporary
curtailment or suspension of purchase is necessary to comply with applicable
provisions of federal securities law; provided, however, that such purchases
will, in any event, terminate on the Trading Day prior to the 'ex-dividend' date
next succeeding the dividend or distribution payment date.
PAGE 29
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------------------------------------------------
Form of Terms and Conditions of Amended and Restated Dividend
Reinvestment and Cash Purchase Plan (unaudited) (continued)
5. If (i) the Agent has not invested the full dividend amount in open-market
purchases by the date specified in paragraph 4 above as the date on which such
purchases must terminate or (ii) a market discount shifts to a market premium
during the purchase period, then the Agent will cease making open-market
purchases and will receive the uninvested portion of the dividend amount in
newly issued Shares (x) in the case of (i) above, at the close of business on
the date the Agent is required to terminate making open-market purchases as
specified in paragraph 4 above or (y) in the case of (ii) above, at the close of
business on the date such shift occurs; but in no event prior to the payment
date for the dividend or distribution.
6. In the event that all or part of a dividend or distribution amount is to be
paid in newly issued Shares, such Shares will be issued to Participants in
accordance with the following formula: (i) if, on the valuation date, the net
asset value per Share is less than or equal to the market price per Share, then
the newly issued Shares will be valued at net asset value per Share on the
valuation date; provided, however, that if the net asset value is less than 95%
of the market price on the valuation date, then such Shares will be issued at
95% of the market price and (ii) if, on the valuation date, the net asset value
per Share is greater than the market price per Share, then the newly issued
Shares will be issued at the market price on the valuation date. The valuation
date will be the dividend or distribution payment date, except that with respect
to Shares issued pursuant to paragraph 5 above, the valuation date will be the
date such Shares are issued. If a date that would otherwise be a valuation date
is not a Trading Day, the valuation date will be the next preceding Trading Day.
7. Participants have the option of making additional cash payments to the Agent,
monthly, in a minimum amount of $250, for investment in Shares. The Agent will
use all such funds received from Participants to purchase Shares in the open
market on or about the first business day of each month. To avoid unnecessary
cash accumulations, and also to allow ample time for receipt and processing by
the Agent, Participants should send in voluntary cash payments to be received by
the Agent approximately 10 days before an applicable purchase date specified
above. A Participant may withdraw a voluntary cash payment by written notice, if
the notice is received by the Agent not less than 48 hours before such payment
is to be invested.
8. Purchases by the Agent pursuant to paragraphs 4 and 7 above may be made on
any securities exchange on which the Shares of the Fund are traded, in the
over-the-counter market or in negotiated transactions, and may be on such terms
as to price, delivery and otherwise as the Agent shall determine. Funds held by
the Agent uninvested will not bear interest, and it is understood that, in any
event, the Agent shall have no liability in connection with any inability to
purchase Shares within the time periods herein provided, or with the timing of
any purchases effected. The Agent shall have no responsibility as to the value
of the Shares acquired for the Participant's account. The Agent may commingle
amounts of all Participants to be used for open-
PAGE 30
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------------------------------------------------
Form of Terms and Conditions of Amended and Restated Dividend
Reinvestment and Cash Purchase Plan (unaudited) (continued)
market purchases of Shares and the price per Share allocable to each Participant
in connection with such purchases shall be the average price (including
brokerage commissions) of all Shares purchased by the Agent.
9. The Agent will maintain all Participants' accounts in the Plan and will
furnish written confirmations of all transactions in each account, including
information needed by Participants for personal and tax records. The Agent will
hold Shares acquired pursuant to the Plan in noncertificated form in the
Participant's name or that of its nominee, and each Participant's proxy will
include those Shares purchased pursuant to the Plan. The Agent will forward to
Participants any proxy solicitation material and will vote any Shares so held
for Participants only in accordance with the proxy returned by Participants to
the Fund. Upon written request, the Agent will deliver to Participants, without
charge, a certificate or certificates for the full Shares.
10. The Agent will confirm to Participants each acquisition made for their
respective accounts as soon as practicable but not later than 60 days after the
date thereof. Although Participants may from time to time have an undivided
fractional interest (computed to three decimal places) in a Share of the Fund,
no certificates for fractional shares will be issued. Dividends and
distributions on fractional shares will be credited to each Participant's
account. In the event of termination of a Participant's account under the Plan,
the Agent will adjust for any such undivided fractional interest in cash at the
market value of the Fund's Shares at the time of termination less the pro rata
expense of any sale required to make such an adjustment.
11. Any share dividends or split shares distributed by the Fund on Shares held
by the Agent for Participants will be credited to their respective accounts. In
the event that the Fund makes available to Participants rights to purchase
additional Shares or other securities, the Shares held for Participants under
the Plan will be added to other Shares held by the Participants in calculating
the number of rights to be issued to Participants.
12. The Agent's service fee for handling capital gains distributions or income
dividends will be paid by the Fund. Participants will be charged a pro rata
share of brokerage commissions on all open-market purchases.
13. Participants may terminate their accounts under the Plan by notifying the
Agent in writing. Such termination will be effective immediately if notice is
received by the Agent not less than 10 days prior to any dividend or
distribution record date; otherwise such termination will be effective on the
first Trading Day after the payment date for such dividend or distribution with
respect to any subsequent dividend or distribution. The Plan may be amended or
terminated by the Fund as applied to any voluntary cash payments made and any
income dividend or capital gains distribution paid subsequent to written notice
of the change or termination sent to Participants at least 30 days prior to the
record date for the income dividend or capital gains distribution. The Plan may
be amended or terminated by the Agent, with the Fund's prior written consent, on
at
PAGE 31
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- --------------------------------------------------------------------------------
Form of Terms and Conditions of Amended and Restated Dividend
Reinvestment and Cash Purchase Plan (unaudited) (continued)
least 30 days' written notice to Participants. Notwithstanding the preceding two
sentences, the Agent or the Fund may amend or supplement the Plan at any time or
times when necessary or appropriate to comply with applicable law or rules or
policies of the Securities and Exchange Commission or any other regulatory
authority. Upon any termination, the Agent will cause a certificate or
certificates for the full Shares held by each Participant under the Plan and
cash adjustment for any fraction to be delivered to each Participant without
charge.
14. Any amendment or supplement shall be deemed to be accepted by each
Participant unless, prior to the effective date thereof, the Agent receives
written notice of the termination of the Participant's account under the Plan.
Any such amendment may include an appointment by the Agent in its place and
stead of a successor Agent under these terms and conditions, with full power and
authority to perform all or any of the acts to be performed by the Agent under
these terms and conditions. Upon any such appointment of an Agent for the
purpose of receiving dividends and distributions, the Fund will be authorized to
pay to such successor Agent, for each Participant's account, all dividends and
distributions payable on Shares of the Fund held in each Participant's name or
under the Plan for retention or application by such successor Agent as provided
in these terms and conditions.
15. In the case of Participants, such as banks, broker-dealers or other
nominees, which hold Shares for others who are beneficial owners ('Nominee
Holders'), the Agent will administer the Plan on the basis of the number of
Shares certified from time to time by each Nominee Holder as representing the
total amount registered in the Nominee Holder's name and held for the account of
beneficial owners who are to participate in the Plan.
16. The Agent shall at all times act in good faith and use its best efforts
within reasonable limits to insure the accuracy of all services performed under
this Agreement and to comply with applicable law, but assumes no responsibility
and shall not be liable for loss or damage due to errors unless such error is
caused by its negligence, bad faith, or willful misconduct or that of its
employees.
17. All correspondence concerning the Plan should be directed to the Agent at 59
Maiden Lane, New York, New York 10038.
The report is transmitted to the shareholders of the Fund for their information.
This is not a prospectus, circular or representation intended for use in the
purchase of shares of the Fund or any securities mentioned in this report.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase at market prices from time to
time shares of its common stock in the open market.
PAGE 32
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- -------------------------------------
Additional Information (unaudited)
INFORMATION ABOUT DIRECTORS AND OFFICERS
The business and affairs of Salomon Brothers Global Partners Income Fund
Inc. ('Fund') are managed under the direction of the Board of Directors.
Information pertaining to the Directors and Officers of the Fund is set forth
below.
<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
OFFICE(1) ADVISED BY
AND SBAM(2) AND
POSITION(S) LENGTH OVERSEEN BY OTHER
HELD WITH OF TIME PRINCIPAL OCCUPATION(S) DIRECTOR (INCLUDING DIRECTORSHIPS
NAME, ADDRESS, AND AGE FUND(1) SERVED DURING PAST FIVE YEARS THE FUND) HELD BY DIRECTOR
- ---------------------------------------------------------------------------------------------------------------------------
NON-INTERESTED
DIRECTORS:
Carol L. Colman Director and Since President, Colman 31 None
Colman Consulting Co. Member of the 2003 Consulting Co.
278 Hawley Road Audit Committee,
North Salem, NY 10560 Class II
Age 57
Daniel P. Cronin Director and Since Associate General 28 None
Pfizer Inc. Member of the 2003 Counsel, Pfizer Inc.
235 East 42nd Street Audit Committee,
New York, NY 10017 Class I
Age 57
Leslie H. Gelb Director and Since President Emeritus and 33 Britannica.com;
The Council on Member of the 2000 Senior Board Fellow, Director of two
Foreign Relations Audit Committee, The Council on Foreign registered
58 East 68th Street Class II Relations; formerly, investment companies
New York, NY 10021 Columnist Deputy advised by Advantage
Age 66 Editorial Page Editor Advisers, Inc.
and Editor, Op-Ed Page, ('Advantage')
The New York Times
Riordan Roett Director and Since Professor and Director, 30 The Latin America
The Johns Hopkins University Member of the 1997 Latin American Studies Equity Fund, Inc.
1740 Massachusetts Ave., NW Audit Committee, Program, The Johns
Washington, DC 20036 Class I Hopkins University
Age 64
Jeswald W. Salacuse Director and Since Henry J. Braker 30 Director of two
Tufts University Member of the 2000 Professor of Commercial registered
The Fletcher School of Audit Committee, Law and formerly Dean, investment companies
Law & Diplomacy Class III The Fletcher School of advised by Advantage
160 Packard Avenue Law & Diplomacy,
Medford, MA 02155 Tufts University
Age 65
</Table>
PAGE 33
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- -------------------------------------
Additional Information (unaudited) (continued)
<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
OFFICE(1) ADVISED BY
AND SBAM(2) AND
POSITION(S) LENGTH OVERSEEN BY OTHER
HELD WITH OF TIME PRINCIPAL OCCUPATION(S) DIRECTOR (INCLUDING DIRECTORSHIPS
NAME, ADDRESS, AND AGE FUND(1) SERVED DURING PAST FIVE YEARS THE FUND) HELD BY DIRECTOR
- ------------------------------------------------------------------------------------------------------------------------------
INTERESTED DIRECTORS:
R. Jay Gerken, CFA Director, Since Managing Director 219 None
Citigroup Asset Management Chairman and 2002 of Citigroup Global
('CAM') Chief Executive Markets Inc. ('CGM');
399 Park Avenue Officer, Chairman, President and
4th Floor Class III Director of Smith
New York, NY 10022 Barney Fund Management
Age 52 LLC ('SBFM'), Travelers
Investment Adviser,
Inc. ('TIA') and Citi
Fund Management Inc.
('CFM'); formerly
Portfolio Manager of
Smith Barney Allocation
Series Inc. (from
1996-2001) and Smith
Barney Growth and
Income Fund (from
1996-2001)
OFFICERS:
Peter J. Wilby, CFA President Since Managing Director of N/A N/A
CAM 2002 CGM and Salomon
399 Park Avenue Executive Vice 1994- Brothers Asset
4th Floor President 2002 Management Inc ('SBAM')
New York, NY 10022
Age 44
Lewis E. Daidone Executive Vice Since Managing Director of N/A N/A
CAM President and 2002 CGM; Director and
125 Broad Street Chief Senior Vice President
11th Floor Administrative of SBFM and TIA;
New York, NY 10004 Officer Director of CFM; Chief
Age 46 Financial Officer and
Executive Vice 1998- formerly Treasurer of
President and 2002 certain mutual funds
Treasurer affiliated with
Citigroup Inc.
James E. Craige, CFA Executive Vice Since Managing Director of N/A N/A
CAM President 1999 CGM and SBAM since
399 Park Avenue December 1998; Director
New York, NY 10022 of CGM and SBAM since
Age 35 January 1998 and Vice
President of CGM and
SBAM from May 1992 to
January 1998
Thomas K. Flanagan, CFA Executive Vice Since Managing Director of N/A N/A
CAM President 1994 CGM and SBAM since
399 Park Avenue December 1998; Prior to
New York, NY 10022 December 1998, Director
Age 50 of CGM and SBAM
</Table>
PAGE 34
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- -------------------------------------
Additional Information (unaudited) (continued)
<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
OFFICE(1) ADVISED BY
AND SBAM(2) AND
POSITION(S) LENGTH OVERSEEN BY OTHER
HELD WITH OF TIME PRINCIPAL OCCUPATION(S) DIRECTOR (INCLUDING DIRECTORSHIPS
NAME, ADDRESS, AND AGE FUND(1) SERVED DURING PAST FIVE YEARS THE FUND) HELD BY DIRECTOR
- -----------------------------------------------------------------------------------------------------------------------------
Beth Semmel, CFA Executive Vice Since Managing Director of N/A N/A
CAM President 1998 CGM and SBAM since
399 Park Avenue December 1998; Director
New York, NY 10022 of CGM and SBAM since
Age 43 January 1996
Frances M. Guggino Controller Since Vice President of CGM N/A N/A
CAM 2002
125 Broad Street
10th Floor
New York, NY 10004
Age 45
Christina T. Sydor Secretary Since Managing Director of N/A N/A
CAM 1998 CGM; General Counsel
300 First Stamford Place and Secretary of SBFM
4th Floor and TIA
Stamford, CT 06902
Age 52
</Table>
- ---------
(1) The Fund's Board of Directors is divided into three classes: Class I,
Class II and Class III. The terms of office of the Class I, II and III
Directors expire at the Annual Meeting of Stockholders in the year 2004,
year 2005 and year 2003, respectively, or thereafter in each case when their
respective successors are duly elected and qualified. The Fund's executive
officers are chosen each year at the first meeting of the Fund's Board of
Directors following the Annual Meeting of Stockholders, to hold office until
the meeting of the Board following the next Annual Meeting of Stockholders
and until their successors are duly elected and qualified.
(2) Number of portfolios advised by Salomon Brothers Asset Management Inc
('SBAM') or affiliates of SBAM.
PAGE 35
<Page>
SALOMON BROTHERS EMERGING MARKETS FLOATING RATE FUND INC.
- -------------------------------------------------
Additional Stockholder Information (unaudited)
RESULTS OF ANNUAL MEETING OF STOCKHOLDERS
The Fund held its Annual Meeting of Stockholders on December 11, 2002, for
the approval of a new Investment Advisory and Administration Agreement and for
the purpose of voting upon the election of R. Jay Gerken as Class III Director
of the Fund, to serve until the 2003 Annual Meeting of Stockholders, and Stephen
J. Treadway and Leslie H. Gelb as Class II Directors of the Fund, to serve until
the 2005 Annual Meeting of Stockholders. The following table provides
information concerning the matter voted upon at the Meeting.
1. APPROVAL OF NEW INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENT
<Table>
<Caption>
VOTES FOR VOTES WITHHELD VOTES AGAINST
--------- -------------- -------------
13,653,161 220,829 138,211
2. ELECTION OF DIRECTORS
NOMINEES VOTES FOR VOTES WITHHELD
- -------- --------- --------------
CLASS III -- TO SERVE UNTIL THE YEAR 2003
R. Jay Gerken........................................... 13,772,422 239,779
CLASS II -- TO SERVE UNTIL THE YEAR 2005
Stephen J. Treadway..................................... 13,771,135 241,066
Leslie H. Gelb.......................................... 13,773,322 238,879
</Table>
The following Directors, representing the balance of the Board of Directors,
continue to serve as Directors: Carol L. Colman, Daniel P. Cronin, Riordan Roett
and Jeswald W. Salacuse.
Effective December 16, 2002, Stephen J. Treadway no longer serves as a
Director of this Fund (See Note 2 of the Notes to Financial Statements).
- -----------------------------
Tax Information (unaudited)
For Federal tax purposes, the Fund hereby designates for the fiscal year ended
August 31, 2003:
A corporate dividends received deduction of 0.35%.
PAGE 36
<Page>
SALOMON BROTHERS GLOBAL PARTNERS INCOME FUND INC.
- ---------
Directors
CAROL L. COLMAN
DANIEL P. CRONIN
LESLIE H. GELB
R. JAY GERKEN, CFA
RIORDAN ROETT
JESWALD W. SALACUSE
- -------
Officers
R. JAY GERKEN, CFA
Chairman and
Chief Executive Officer
PETER J. WILBY, CFA
President
LEWIS E. DAIDONE
Executive Vice President and
Chief Administrative Officer
JAMES E. CRAIGE, CFA
Executive Vice President
THOMAS K. FLANAGAN, CFA
Executive Vice President
BETH A. SEMMEL, CFA
Executive Vice President
FRANCES M. GUGGINO
Controller
CHRISTINA T. SYDOR
Secretary
- ----------------------------
Salomon Brothers Global
Partners Income Fund Inc.
125 Broad Street
10th Floor, MF-2
New York, New York 10004
Telephone 1-888-777-0102
INVESTMENT ADVISER
Salomon Brothers Asset Management Inc
399 Park Avenue
New York, New York 10022
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
DIVIDEND DISBURSING AND TRANSFER AGENT
American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
LEGAL COUNSEL
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017
NEW YORK STOCK EXCHANGE SYMBOL
GDF
PAGE 37
<Page>
(This page intentionally left blank.)
<Page>
Salomon Brothers Global
Partners Income Fund Inc.
Annual Report
August 31, 2003
----------------
SALOMON
----------------
BROTHERS
----------------
Asset Management
American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038
GDFANN 8/03
03-5512
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The fund does not currently have an audit committee financial expert
("ACFE") serving on its Audit Committee. The Board of Directors of the
fund has, however, nominated a new member to the Board, whom the Audit
Committee of the Board has determined will qualify as an ACFE. The
aforementioned nominee has previously been elected to the Boards of
Directors of the majority of the funds comprising the Salomon Brothers
Funds Fund Complex and currently serves as the ACFE on each of the
Audit Committees of these Boards. The Board of Directors of the fund is
unable to currently appoint any new members to the Board, prior to
election by shareholders, due to the restrictions imposed by section 16
of the Investment Company Act of 1940. The proposal to elect this
nominee (William R. Hutchinson) will be presented to the fund's
shareholders at their annual meeting on December 11, 2003 and a proxy
statement will be filed with the Securities and Exchange Commission, on
the behalf of the fund's Board of Directors, to solicit approval of
this proposal. The fund, its Board of Directors and its Audit Committee
have previously resolved that William R. Hutchinson's appointment as
ACFE is to be effective immediately upon the approval of his election
to the fund's Board of Directors by shareholders.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. 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
<Page>
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 half-year
(the registrant's second fiscal half-year in the case of an
annual report) that have materially affected, or are likely to
materially affect the registrant's internal control over
financial reporting.
ITEM 10. EXHIBITS.
(a) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(b) Attached hereto.
Exhibit 99.CERT Certifications pursuant to section 302 of the
Sarbanes-Oxley Act of 2002
Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
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, there unto duly authorized.
Salomon Brothers Global Partners Income Fund Inc.
By: /s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer of
Salomon Brothers Global Partners Income Fund Inc.
Date: October 31, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ R. Jay Gerken
(R. Jay Gerken)
Chief Executive Officer of
Salomon Brothers Global Partners Income Fund Inc.
Date: October 31, 2003
<Page>
By: /s/ Lewis E. Daidone
(Lewis E. Daidone)
Chief Administrative Officer of
Salomon Brothers Global Partners Income Fund Inc.
Date: October 31, 2003
STATEMENT OF DIFFERENCES
The section symbol shall be expressed as....................................'SS'