UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-22491 | |||||||
| ||||||||
Legg Mason BW Global Income Opportunities Fund Inc. | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
| ||||||||
620 Eighth Avenue, 49th Floor, New York, NY |
|
10018 | ||||||
(Address of principal executive offices) |
|
(Zip code) | ||||||
| ||||||||
Robert I. Frenkel, Esq. Legg Mason & Co., LLC 100 First Stamford Place Stamford, CT 06902 | ||||||||
(Name and address of agent for service) | ||||||||
| ||||||||
Registrants telephone number, including area code: |
1-888-777-0102 |
| ||||||
| ||||||||
Date of fiscal year end: |
October 31 |
| ||||||
| ||||||||
Date of reporting period: |
July 31, 2012 |
| ||||||
ITEM 1. SCHEDULE OF INVESTMENTS.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
FORM N-Q
JULY 31, 2012
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited)
July 31, 2012
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
SOVEREIGN BONDS 56.2% |
|
|
|
|
|
|
|
|
| |
Brazil 10.4% |
|
|
|
|
|
|
|
|
| |
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/17 |
|
43,100,000 |
BRL |
$ |
21,784,682 |
(a) |
Brazil Nota do Tesouro Nacional, Notes |
|
10.000% |
|
1/1/21 |
|
44,600,000 |
BRL |
22,405,645 |
(a) | |
Total Brazil |
|
|
|
|
|
|
|
44,190,327 |
| |
Hungary 7.6% |
|
|
|
|
|
|
|
|
| |
Hungary Government Bond, Bonds |
|
5.500% |
|
2/12/16 |
|
154,600,000 |
HUF |
642,450 |
| |
Hungary Government Bond, Bonds |
|
6.750% |
|
11/24/17 |
|
920,000,000 |
HUF |
3,920,102 |
| |
Hungary Government Bond, Bonds |
|
7.500% |
|
11/12/20 |
|
5,285,000,000 |
HUF |
23,311,014 |
| |
Hungary Government Bond, Bonds |
|
7.000% |
|
6/24/22 |
|
1,072,000,000 |
HUF |
4,566,919 |
| |
Total Hungary |
|
|
|
|
|
|
|
32,440,485 |
| |
Ireland 0.9% |
|
|
|
|
|
|
|
|
| |
Republic of Ireland |
|
5.000% |
|
10/18/20 |
|
3,365,000 |
EUR |
3,902,435 |
| |
Mexico 20.6% |
|
|
|
|
|
|
|
|
| |
Mexican Bonos, Bonds |
|
7.000% |
|
6/19/14 |
|
35,580,000 |
MXN |
2,801,789 |
| |
Mexican Bonos, Bonds |
|
8.500% |
|
5/31/29 |
|
372,100,000 |
MXN |
35,600,864 |
(a) | |
Mexican Bonos, Bonds |
|
8.500% |
|
11/18/38 |
|
517,979,500 |
MXN |
49,361,029 |
(a) | |
Total Mexico |
|
|
|
|
|
|
|
87,763,682 |
| |
Poland 8.6% |
|
|
|
|
|
|
|
|
| |
Republic of Poland, Bonds |
|
5.250% |
|
10/25/20 |
|
58,290,000 |
PLN |
18,049,303 |
(a) | |
Republic of Poland, Bonds |
|
5.750% |
|
9/23/22 |
|
57,930,000 |
PLN |
18,498,516 |
(a) | |
Total Poland |
|
|
|
|
|
|
|
36,547,819 |
| |
South Africa 8.1% |
|
|
|
|
|
|
|
|
| |
Republic of South Africa, Bonds |
|
6.500% |
|
2/28/41 |
|
340,500,000 |
ZAR |
34,237,005 |
(a) | |
TOTAL SOVEREIGN BONDS (Cost $230,908,707) |
|
|
|
239,081,753 |
| |||||
COLLATERALIZED MORTGAGE OBLIGATIONS 25.8% |
|
|
|
|
|
| ||||
ARM Trust, 2004-5 4A1 |
|
5.151% |
|
4/25/35 |
|
2,535,346 |
|
2,492,883 |
(b) | |
Bear Stearns ARM Trust, 2004-3 4A |
|
4.756% |
|
7/25/34 |
|
17,344,794 |
|
17,187,893 |
(b) | |
Countrywide Alternative Loan Trust, 2005-06CB 1A4 |
|
5.500% |
|
4/25/35 |
|
19,655,207 |
|
17,913,058 |
| |
Countrywide Alternative Loan Trust, 2005-23CB A15 |
|
5.500% |
|
7/25/35 |
|
8,141,610 |
|
7,406,679 |
| |
Countrywide Alternative Loan Trust, 2005-J14 A8 |
|
5.500% |
|
12/25/35 |
|
3,487,560 |
|
2,767,850 |
| |
Countrywide Home Loans, 2004-6 1A2 |
|
2.991% |
|
5/25/34 |
|
4,519,615 |
|
4,132,044 |
(b) | |
Countrywide Home Loans, 2005-23 A1 |
|
5.500% |
|
11/25/35 |
|
7,337,534 |
|
6,762,521 |
| |
GMAC Mortgage Corp. Loan Trust, 2005-AR1 5A |
|
5.238% |
|
3/18/35 |
|
4,910,668 |
|
4,761,686 |
(b) | |
Government National Mortgage Association (GNMA), 2011-3 SG, IO |
|
6.303% |
|
1/20/41 |
|
9,216,874 |
|
1,763,155 |
(b) | |
GSR Mortgage Loan Trust, 2005-1F 2A3 |
|
6.000% |
|
2/25/35 |
|
139,629 |
|
136,548 |
| |
Harborview Mortgage Loan Trust, 2005-9 2A1A |
|
0.587% |
|
6/20/35 |
|
2,446,659 |
|
2,068,838 |
(b) | |
Morgan Stanley Reremic Trust, 2009-R2 1A1A |
|
6.000% |
|
4/26/36 |
|
12,050,136 |
|
12,303,454 |
(c) | |
Provident Funding Mortgage Loan Trust, 2005-1 2A2 |
|
2.816% |
|
5/25/35 |
|
1,229,060 |
|
1,033,834 |
(b) | |
Provident Funding Mortgage Loan Trust, 2005-2 1A1A |
|
2.980% |
|
10/25/35 |
|
1,359,862 |
|
1,220,756 |
(b) | |
Structured Asset Securities Corp., 2005-14 4A1 |
|
5.750% |
|
7/25/35 |
|
6,549,925 |
|
6,317,825 |
| |
Structured Asset Securities Corp., 2005-15 2A7 |
|
5.500% |
|
8/25/35 |
|
4,150,000 |
|
3,742,383 |
| |
Thornburg Mortgage Securities Trust, 2003-2 M1 |
|
1.371% |
|
4/25/43 |
|
230,587 |
|
194,940 |
(b) | |
Thornburg Mortgage Securities Trust, 2004-4 5A |
|
4.815% |
|
12/25/44 |
|
4,106,328 |
|
3,943,836 |
(b) | |
WaMu Mortgage Pass-Through Certificates, 2007-HY1 3A1 |
|
5.315% |
|
2/25/37 |
|
3,975,298 |
|
3,555,834 |
(b) | |
Wells Fargo Mortgage Backed Securities Trust, 2005-AR1 2A1 |
|
2.610% |
|
2/25/35 |
|
2,198,885 |
|
2,039,488 |
(b) | |
Wells Fargo Mortgage Backed Securities Trust, 2005-AR2 2A2 |
|
2.614% |
|
3/25/35 |
|
1,190,881 |
|
1,137,652 |
(b) | |
See Notes to Schedule of Investments.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited) (contd)
July 31, 2012
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
COLLATERALIZED MORTGAGE OBLIGATIONS continued |
|
|
|
|
| |||||
Wells Fargo Mortgage Backed Securities Trust, 2006-AR14 1A6 |
|
5.661% |
|
10/25/36 |
|
4,987,601 |
|
$ |
4,840,901 |
(b) |
Wells Fargo Mortgage Backed Securities Trust, 2006-AR4 2A1 |
|
5.610% |
|
4/25/36 |
|
2,116,727 |
|
2,033,836 |
(b) | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $107,564,278) |
|
109,757,894 |
| |||||||
CORPORATE BONDS & NOTES 45.0% |
|
|
|
|
|
|
|
|
| |
CONSUMER DISCRETIONARY 6.7% |
|
|
|
|
|
|
|
|
| |
Auto Components 0.7% |
|
|
|
|
|
|
|
|
| |
Goodyear Dunlop Tires Europe BV, Senior Notes |
|
6.750% |
|
4/15/19 |
|
600,000 |
EUR |
764,078 |
(c) | |
Goodyear Tire & Rubber Co., Senior Notes |
|
7.000% |
|
5/15/22 |
|
640,000 |
|
656,800 |
| |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Notes |
|
8.000% |
|
1/15/18 |
|
1,500,000 |
|
1,601,250 |
| |
Total Auto Components |
|
|
|
|
|
|
|
3,022,128 |
| |
Automobiles 0.2% |
|
|
|
|
|
|
|
|
| |
Jaguar Land Rover PLC, Senior Bonds |
|
8.125% |
|
5/15/18 |
|
500,000 |
GBP |
813,714 |
(c) | |
Diversified Consumer Services 0.2% |
|
|
|
|
|
|
|
|
| |
Stonemor Operating LLC/Cornerstone Family Services of WV/Osiris Holding, Senior Notes |
|
10.250% |
|
12/1/17 |
|
900,000 |
|
891,000 |
| |
Hotels, Restaurants & Leisure 0.8% |
|
|
|
|
|
|
|
|
| |
Arcos Dorados Holdings Inc., Senior Notes |
|
10.250% |
|
7/13/16 |
|
1,235,000 |
BRL |
639,588 |
(c) | |
Carrols Restaurant Group Inc., Senior Secured Notes |
|
11.250% |
|
5/15/18 |
|
350,000 |
|
370,125 |
(c) | |
Marina District Finance Co. Inc., Senior Secured Notes |
|
9.875% |
|
8/15/18 |
|
600,000 |
|
564,000 |
| |
Penn National Gaming Inc., Senior Notes |
|
8.750% |
|
8/15/19 |
|
950,000 |
|
1,055,688 |
| |
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., Senior Secured Notes |
|
9.500% |
|
6/15/19 |
|
675,000 |
|
707,906 |
(c) | |
Total Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
3,337,307 |
| |
Media 4.4% |
|
|
|
|
|
|
|
|
| |
Cablevision Systems Corp., Senior Notes |
|
8.000% |
|
4/15/20 |
|
1,250,000 |
|
1,390,625 |
| |
Cyfrowy Polsat Finance AB, Senior Secured Bonds |
|
7.125% |
|
5/20/18 |
|
710,000 |
EUR |
928,183 |
(c) | |
DISH DBS Corp., Senior Notes |
|
6.750% |
|
6/1/21 |
|
600,000 |
|
659,250 |
| |
LBI Media Inc., Senior Secured Notes |
|
9.250% |
|
4/15/19 |
|
400,000 |
|
354,000 |
(c) | |
Time Warner Cable Inc., Debentures |
|
7.300% |
|
7/1/38 |
|
11,125,000 |
|
15,233,652 |
(a) | |
Total Media |
|
|
|
|
|
|
|
18,565,710 |
| |
Multiline Retail 0.1% |
|
|
|
|
|
|
|
|
| |
House of Fraser Funding PLC, Senior Secured Notes |
|
8.875% |
|
8/15/18 |
|
450,000 |
GBP |
638,507 |
(c) | |
Specialty Retail 0.3% |
|
|
|
|
|
|
|
|
| |
Edcon Proprietary Ltd., Secured Notes |
|
3.912% |
|
6/15/14 |
|
1,000,000 |
EUR |
1,125,816 |
(b)(c) | |
Edcon Proprietary Ltd., Senior Secured Notes |
|
9.500% |
|
3/1/18 |
|
325,000 |
|
309,562 |
(c) | |
Total Specialty Retail |
|
|
|
|
|
|
|
1,435,378 |
| |
TOTAL CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
28,703,744 |
| |
CONSUMER STAPLES 0.5% |
|
|
|
|
|
|
|
|
| |
Food Products 0.4% |
|
|
|
|
|
|
|
|
| |
Agrokor DD, Senior Bonds |
|
9.875% |
|
5/1/19 |
|
600,000 |
EUR |
763,155 |
(c) | |
Boparan Holdings Ltd., Senior Notes |
|
9.875% |
|
4/30/18 |
|
350,000 |
GBP |
569,326 |
(c) | |
JBS USA LLC/JBS USA Finance Inc., Senior Notes |
|
8.250% |
|
2/1/20 |
|
555,000 |
|
554,279 |
(c) | |
Total Food Products |
|
|
|
|
|
|
|
1,886,760 |
| |
Tobacco 0.1% |
|
|
|
|
|
|
|
|
| |
Alliance One International Inc., Senior Notes |
|
10.000% |
|
7/15/16 |
|
440,000 |
|
448,800 |
| |
TOTAL CONSUMER STAPLES |
|
|
|
|
|
|
|
2,335,560 |
| |
ENERGY 4.6% |
|
|
|
|
|
|
|
|
| |
Energy Equipment & Services 3.2% |
|
|
|
|
|
|
|
|
| |
Key Energy Services Inc., Senior Notes |
|
6.750% |
|
3/1/21 |
|
600,000 |
|
604,500 |
| |
See Notes to Schedule of Investments.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited) (contd)
July 31, 2012
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Energy Equipment & Services continued |
|
|
|
|
|
|
|
|
| |
Transocean Inc., Senior Notes |
|
6.800% |
|
3/15/38 |
|
10,715,000 |
|
$ |
13,311,662 |
(a) |
Total Energy Equipment & Services |
|
|
|
|
|
|
|
13,916,162 |
| |
Oil, Gas & Consumable Fuels 1.4% |
|
|
|
|
|
|
|
|
| |
Bill Barrett Corp., Senior Notes |
|
7.000% |
|
10/15/22 |
|
1,080,000 |
|
1,063,800 |
| |
Chesapeake Energy Corp., Senior Bonds |
|
6.250% |
|
1/15/17 |
|
200,000 |
EUR |
239,928 |
| |
Chesapeake Energy Corp., Senior Notes |
|
6.875% |
|
11/15/20 |
|
1,000,000 |
|
995,000 |
| |
Connacher Oil and Gas Ltd., Secured Notes |
|
8.500% |
|
8/1/19 |
|
500,000 |
|
438,750 |
(c) | |
Energy XXI Gulf Coast Inc., Senior Notes |
|
7.750% |
|
6/15/19 |
|
600,000 |
|
633,000 |
| |
Linn Energy LLC/Linn Energy Finance Corp., Senior Notes |
|
6.500% |
|
5/15/19 |
|
1,000,000 |
|
1,002,500 |
(c) | |
MOL Hungarian Oil and Gas PLC, Senior Notes |
|
5.875% |
|
4/20/17 |
|
320,000 |
EUR |
382,881 |
| |
Plains Exploration & Production Co., Senior Notes |
|
6.750% |
|
2/1/22 |
|
1,000,000 |
|
1,075,000 |
| |
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
5,830,859 |
| |
TOTAL ENERGY |
|
|
|
|
|
|
|
19,747,021 |
| |
FINANCIALS 20.2% |
|
|
|
|
|
|
|
|
| |
Capital Markets 12.9% |
|
|
|
|
|
|
|
|
| |
Goldman Sachs Group Inc., Senior Notes |
|
5.250% |
|
7/27/21 |
|
4,710,000 |
|
4,966,850 |
(a) | |
Goldman Sachs Group Inc., Subordinated Notes |
|
6.750% |
|
10/1/37 |
|
13,045,000 |
|
13,453,061 |
(a) | |
Merrill Lynch & Co. Inc., Subordinated Notes |
|
7.750% |
|
5/14/38 |
|
12,600,000 |
|
15,482,351 |
(a) | |
Morgan Stanley, Senior Notes |
|
5.625% |
|
9/23/19 |
|
20,555,000 |
|
20,806,244 |
(a) | |
Total Capital Markets |
|
|
|
|
|
|
|
54,708,506 |
| |
Diversified Financial Services 3.8% |
|
|
|
|
|
|
|
|
| |
Bank of America Corp., Senior Notes |
|
6.500% |
|
8/1/16 |
|
6,000,000 |
|
6,779,670 |
(a) | |
Citigroup Inc., Senior Notes |
|
8.125% |
|
7/15/39 |
|
5,330,000 |
|
7,651,998 |
(a) | |
EC Finance PLC, Senior Secured Bonds |
|
9.750% |
|
8/1/17 |
|
250,000 |
EUR |
312,214 |
(c) | |
Speedy Cash Inc., Senior Secured Notes |
|
10.750% |
|
5/15/18 |
|
1,250,000 |
|
1,318,750 |
(c) | |
Total Diversified Financial Services |
|
|
|
|
|
|
|
16,062,632 |
| |
Insurance 3.5% |
|
|
|
|
|
|
|
|
| |
Hartford Financial Services Group Inc., Senior Notes |
|
6.625% |
|
4/15/42 |
|
13,585,000 |
|
15,068,509 |
(a) | |
TOTAL FINANCIALS |
|
|
|
|
|
|
|
85,839,647 |
| |
HEALTH CARE 3.7% |
|
|
|
|
|
|
|
|
| |
Biotechnology 2.4% |
|
|
|
|
|
|
|
|
| |
Amgen Inc., Senior Notes |
|
5.150% |
|
11/15/41 |
|
9,195,000 |
|
10,217,907 |
| |
Health Care Providers & Services 1.0% |
|
|
|
|
|
|
|
|
| |
DaVita Inc. |
|
6.375% |
|
11/1/18 |
|
600,000 |
|
639,000 |
| |
DJO Finance LLC/DJO Finance Corp., Senior Notes |
|
7.750% |
|
4/15/18 |
|
600,000 |
|
511,500 |
| |
Fresenius Medical Care U.S. Finance Inc., Senior Notes |
|
5.750% |
|
2/15/21 |
|
600,000 |
|
643,500 |
(c) | |
HCA Inc., Senior Notes |
|
7.500% |
|
2/15/22 |
|
700,000 |
|
789,250 |
| |
LifePoint Hospitals Inc., Senior Notes |
|
6.625% |
|
10/1/20 |
|
600,000 |
|
647,625 |
| |
Vanguard Health Holdings Co., II LLC/Vanguard Holding Co., II Inc., Senior Notes |
|
7.750% |
|
2/1/19 |
|
885,000 |
|
924,825 |
| |
Total Health Care Providers & Services |
|
|
|
|
|
|
|
4,155,700 |
| |
Pharmaceuticals 0.3% |
|
|
|
|
|
|
|
|
| |
Valeant Pharmaceuticals International, Senior Notes |
|
6.750% |
|
8/15/21 |
|
600,000 |
|
610,500 |
(c) | |
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, Senior Notes |
|
7.750% |
|
9/15/18 |
|
600,000 |
|
651,750 |
| |
Total Pharmaceuticals |
|
|
|
|
|
|
|
1,262,250 |
| |
TOTAL HEALTH CARE |
|
|
|
|
|
|
|
15,635,857 |
| |
INDUSTRIALS 1.7% |
|
|
|
|
|
|
|
|
| |
Airlines 0.9% |
|
|
|
|
|
|
|
|
| |
Air Canada, Senior Secured Notes |
|
9.250% |
|
8/1/15 |
|
1,510,000 |
|
1,521,325 |
(c) | |
See Notes to Schedule of Investments.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited) (contd)
July 31, 2012
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
Airlines continued |
|
|
|
|
|
|
|
|
| |
BAA SH PLC, Senior Secured Notes |
|
7.125% |
|
3/1/17 |
|
1,445,000 |
GBP |
$ |
2,340,080 |
|
Total Airlines |
|
|
|
|
|
|
|
3,861,405 |
| |
Building Products 0.1% |
|
|
|
|
|
|
|
|
| |
USG Corp., Senior Notes |
|
7.875% |
|
3/30/20 |
|
400,000 |
|
427,500 |
(c) | |
Commercial Services & Supplies 0.6% |
|
|
|
|
|
|
|
|
| |
ALBA Group PLC & Co. KG, Senior Notes |
|
8.000% |
|
5/15/18 |
|
450,000 |
EUR |
575,827 |
(c) | |
Iron Mountain Inc., Senior Bonds |
|
8.375% |
|
8/15/21 |
|
1,500,000 |
|
1,668,750 |
| |
Iron Mountain Inc., Senior Notes |
|
7.750% |
|
10/1/19 |
|
200,000 |
|
223,000 |
| |
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
2,467,577 |
| |
Transportation 0.1% |
|
|
|
|
|
|
|
|
| |
Aguila 3 SA, Senior Secured Notes |
|
7.875% |
|
1/31/18 |
|
420,000 |
CHF |
459,234 |
(c) | |
TOTAL INDUSTRIALS |
|
|
|
|
|
|
|
7,215,716 |
| |
INFORMATION TECHNOLOGY 0.4% |
|
|
|
|
|
|
|
|
| |
Communications Equipment 0.1% |
|
|
|
|
|
|
|
|
| |
ViaSat Inc., Senior Notes |
|
6.875% |
|
6/15/20 |
|
350,000 |
|
363,125 |
(c) | |
Electronic Equipment, Instruments & Components 0.1% |
|
|
|
|
| |||||
MMI International Ltd., Senior Secured Notes |
|
8.000% |
|
3/1/17 |
|
500,000 |
|
522,500 |
(c) | |
Internet Software & Services 0.2% |
|
|
|
|
|
|
|
|
| |
eAccess Ltd., Senior Notes |
|
8.375% |
|
4/1/18 |
|
400,000 |
EUR |
433,101 |
(c) | |
Equinix Inc., Senior Notes |
|
7.000% |
|
7/15/21 |
|
300,000 |
|
334,875 |
| |
Total Internet Software & Services |
|
|
|
|
|
|
|
767,976 |
| |
TOTAL INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
1,653,601 |
| |
MATERIALS 2.1% |
|
|
|
|
|
|
|
|
| |
Chemicals 0.1% |
|
|
|
|
|
|
|
|
| |
Ineos Finance PLC, Senior Secured Notes |
|
9.000% |
|
5/15/15 |
|
600,000 |
|
636,000 |
(a)(c) | |
Containers & Packaging 0.8% |
|
|
|
|
|
|
|
|
| |
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., Senior Secured Notes |
|
7.375% |
|
10/15/17 |
|
975,000 |
EUR |
1,265,620 |
(c) | |
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Senior Secured Notes |
|
7.125% |
|
4/15/19 |
|
1,250,000 |
|
1,334,375 |
| |
Viskase Cos. Inc., Senior Secured Notes |
|
9.875% |
|
1/15/18 |
|
615,000 |
|
651,900 |
(c) | |
Total Containers & Packaging |
|
|
|
|
|
|
|
3,251,895 |
| |
Metals & Mining 1.2% |
|
|
|
|
|
|
|
|
| |
ArcelorMittal, Senior Notes |
|
6.500% |
|
2/25/22 |
|
5,000,000 |
|
5,019,370 |
| |
TOTAL MATERIALS |
|
|
|
|
|
|
|
8,907,265 |
| |
TELECOMMUNICATION SERVICES 4.5% |
|
|
|
|
|
|
|
|
| |
Diversified Telecommunication Services 1.5% |
|
|
|
|
|
|
|
|
| |
Digicel Ltd., Senior Notes |
|
8.250% |
|
9/1/17 |
|
1,500,000 |
|
1,586,250 |
(c) | |
Eileme 2 AB, Senior Notes |
|
11.750% |
|
1/31/20 |
|
960,000 |
EUR |
1,252,055 |
(c) | |
Matterhorn Mobile SA, Senior Notes |
|
6.750% |
|
5/15/19 |
|
370,000 |
CHF |
398,405 |
(c) | |
Primus Telecommunications Holding Inc., Senior Notes |
|
10.000% |
|
4/15/17 |
|
1,250,000 |
|
1,340,625 |
(c) | |
Satmex Escrow SA de CV, Secured Senior Notes |
|
9.500% |
|
5/15/17 |
|
350,000 |
|
370,125 |
| |
Satmex Escrow SA de CV, Senior Secured Notes |
|
9.500% |
|
5/15/17 |
|
150,000 |
|
158,625 |
(c) | |
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Senior Secured Notes |
|
7.500% |
|
3/15/19 |
|
430,000 |
EUR |
566,107 |
(c) | |
Wind Acquisition Finance SA, Senior Secured Notes |
|
7.375% |
|
2/15/18 |
|
350,000 |
EUR |
375,733 |
(c) | |
Wind Acquisition Finance SA, Senior Secured Notes |
|
7.375% |
|
2/15/18 |
|
150,000 |
EUR |
162,874 |
(c) | |
Total Diversified Telecommunication Services |
|
|
|
|
|
|
|
6,210,799 |
| |
Wireless Telecommunication Services 3.0% |
|
|
|
|
|
|
|
|
| |
Oi S.A., Senior Notes |
|
5.750% |
|
2/10/22 |
|
12,415,000 |
|
12,787,450 |
(a)(c) | |
TOTAL TELECOMMUNICATION SERVICES |
|
|
|
|
|
|
|
18,998,249 |
| |
See Notes to Schedule of Investments.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited) (contd)
July 31, 2012
SECURITY |
|
RATE |
|
MATURITY |
|
FACE |
|
VALUE |
| |
UTILITIES 0.6% |
|
|
|
|
|
|
|
|
| |
Gas Utilities 0.2% |
|
|
|
|
|
|
|
|
| |
AmeriGas Finance LLC/AmeriGas Finance Corp., Senior Notes |
|
6.750% |
|
5/20/20 |
|
1,000,000 |
|
$ |
1,060,000 |
|
Independent Power Producers & Energy Traders 0.4% |
|
|
|
| ||||||
AES Corp., Senior Notes |
|
7.375% |
|
7/1/21 |
|
1,100,000 |
|
1,263,625 |
(c) | |
Mirant Americas Generation LLC, Senior Notes |
|
8.500% |
|
10/1/21 |
|
360,000 |
|
376,200 |
| |
Total Independent Power Producers & Energy Traders |
|
|
|
|
1,639,825 |
| ||||
TOTAL UTILITIES |
|
|
|
|
|
|
|
2,699,825 |
| |
TOTAL CORPORATE BONDS & NOTES (Cost $183,006,740) |
|
|
|
|
191,736,485 |
| ||||
MUNICIPAL BONDS 1.5% |
|
|
|
|
|
|
|
|
| |
Georgia 1.5% |
|
|
|
|
|
|
|
|
| |
Municipal Electric Authority, GA, Build America Bonds, Plant Vogtle Units 3&4 Project J |
|
6.637% |
|
4/1/57 |
|
4,285,000 |
|
5,166,381 |
(a) | |
Municipal Electric Authority, GA, Build America Bonds, Plant Vogtle Units 3&4 Project M |
|
6.655% |
|
4/1/57 |
|
1,035,000 |
|
1,228,742 |
(a) | |
TOTAL MUNICIPAL BONDS (Cost $6,064,459) |
|
|
|
|
|
|
|
6,395,123 |
| |
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost $527,544,184) |
546,971,255 |
| ||||||||
SHORT-TERM INVESTMENTS 0.3% |
|
|
|
|
|
|
|
|
| |
Repurchase Agreements 0.3% |
|
|
|
|
|
|
|
|
| |
State Street Bank & Trust Co. repurchase agreement dated 7/31/12; Proceeds at maturity - $1,464,000; (Fully collateralized by U.S. government agency obligations, 4.000% due 9/25/39; Market value - $1,494,814) (Cost - $1,464,000) |
|
0.010% |
|
8/1/12 |
|
1,464,000 |
|
1,464,000 |
| |
TOTAL INVESTMENTS 128.8% (Cost $529,008,184#) |
|
|
|
548,435,255 |
| |||||
Liabilities in Excess of Other Assets (28.8)% |
|
|
|
|
|
|
|
(122,796,031) |
| |
TOTAL NET ASSETS 100.0% |
|
|
|
|
|
|
|
$ |
425,639,224 |
|
|
Face amount denominated in U.S. dollars, unless otherwise noted. | |
(a) |
All or a portion of this security is pledged as collateral pursuant to the loan agreement. | |
(b) |
Variable rate security. Interest rate disclosed is as of the most recent information available. | |
(c) |
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted. | |
# |
Aggregate cost for federal income tax purposes is substantially the same. | |
|
| |
|
Abbreviations used in this schedule: | |
|
ARM |
- Adjustable Rate Mortgage |
|
BRL |
- Brazilian Real |
|
CHF |
- Swiss Franc |
|
EUR |
- Euro |
|
GBP |
- British Pound |
|
HUF |
- Hungarian Forint |
|
IO |
- Interest Only |
|
MXN |
- Mexican Peso |
|
PLN |
- Polish Zloty |
|
ZAR |
- South African Rand |
See Notes to Schedule of Investments.
LEGG MASON BW GLOBAL INCOME OPPORTUNITIES FUND INC.
Schedule of investments (unaudited) (contd)
July 31, 2012
Summary of Investments by Country
United States |
|
46.6 |
% |
Mexico |
|
16.1 |
|
Brazil |
|
10.4 |
|
Poland |
|
6.7 |
|
South Africa |
|
6.5 |
|
Hungary |
|
6.0 |
|
Switzerland |
|
2.4 |
|
Luxembourg |
|
1.2 |
|
United Kingdom |
|
1.0 |
|
Ireland |
|
0.9 |
|
Sweden |
|
0.4 |
|
Canada |
|
0.4 |
|
Bermuda |
|
0.3 |
|
Germany |
|
0.2 |
|
Netherlands |
|
0.1 |
|
Croatia |
|
0.1 |
|
Puerto Rico |
|
0.1 |
|
British Virgin Islands |
|
0.1 |
|
Malaysia |
|
0.1 |
|
Japan |
|
0.1 |
|
Short-Term Investments |
|
0.3 |
|
|
|
100.0 |
% |
As a percentage of total investments. Please note that Fund holdings are as of July 31, 2012 and are subject to change.
See Notes to Schedule of Investments.
Notes to schedule of investments (unaudited)
1. Organization and significant accounting policies
Legg Mason BW Global Income Opportunities Fund Inc. (the Fund) was incorporated in Maryland on October 27, 2010 and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the 1940 Act). The Funds primary investment objective is to provide current income. As a secondary investment objective, the Fund will seek capital appreciation. There can be no assurance the Fund will achieve its investment objectives.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (GAAP).
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investments fair value. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Funds Board of Directors.
The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North American Fund Valuation Committee (the Valuation Committee). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Funds pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuers financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information
Notes to schedule of investments (unaudited) (continued)
generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
· Level 1quoted prices in active markets for identical investments
· Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Funds assets and liabilities carried at fair value:
ASSETS | |||||||||||
|
|
QUOTED |
|
OTHER |
|
SIGNIFICANT |
|
|
| ||
DESCRIPTION |
|
(LEVEL 1) |
|
(LEVEL 2) |
|
(LEVEL 3) |
|
TOTAL |
| ||
Long-term investments: |
|
|
|
|
|
|
|
|
| ||
Sovereign bonds |
|
|
|
$ |
239,081,753 |
|
|
|
$ |
239,081,753 |
|
Collateralized mortgage obligations |
|
|
|
109,757,894 |
|
|
|
109,757,894 |
| ||
Corporate bonds & notes |
|
|
|
191,736,485 |
|
|
|
191,736,485 |
| ||
Municipal bonds |
|
|
|
6,395,123 |
|
|
|
6,395,123 |
| ||
Total long-term investments |
|
|
|
$ |
546,971,255 |
|
|
|
$ |
546,971,255 |
|
Short-term investments |
|
|
|
1,464,000 |
|
|
|
1,464,000 |
| ||
Total investments |
|
|
|
$ |
548,435,255 |
|
|
|
$ |
548,435,255 |
|
Other financial instruments: |
|
|
|
|
|
|
|
|
| ||
Forward foreign currency contracts |
|
|
|
$ |
3,383,846 |
|
|
|
$ |
3,383,846 |
|
Total |
|
|
|
$ |
551,819,101 |
|
|
|
$ |
551,819,101 |
|
LIABILITIES | |||||||||||
|
|
QUOTED |
|
OTHER |
|
SIGNIFICANT |
|
|
| ||
DESCRIPTION |
|
(LEVEL 1) |
|
(LEVEL 2) |
|
(LEVEL 3) |
|
TOTAL |
| ||
Other financial instruments: |
|
|
|
|
|
|
|
|
| ||
Forward foreign currency contracts |
|
|
|
$ |
33,817 |
|
|
|
$ |
33,817 |
|
See Schedule of Investments for additional detailed categorizations.
(b) Repurchase agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Funds holding period. When entering into repurchase agreements, it is the Funds policy that its custodian or a third party custodian, acting on the Funds behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are
Notes to schedule of investments (unaudited) (continued)
commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
(c) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.
When entering into a forward foreign currency contract, the Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
(d) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(e) Stripped securities. The Fund may invest in Stripped Securities, a term used collectively for components, or strips, of fixed income securities. Stripped securities can be principal only securities (PO), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities (IO), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the markets perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.
The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs.
(f) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Funds investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Funds investment in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
Investments in securities that are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.
(g) Foreign investment risks. The Funds investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
Notes to schedule of investments (unaudited) (continued)
(h) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions, where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds investment manager attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment manager. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
The Fund has entered into master agreements with certain of its derivative counterparties that provide for general obligations, representations, agreements, collateral, events of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Funds net assets or NAV over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.
As of July 31, 2012, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $33,817. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.
(i) Security transactions. Security transactions are accounted for on a trade date basis.
2. Investments
At July 31, 2012, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
Gross unrealized appreciation |
|
$22,595,891 |
|
Gross unrealized depreciation |
|
(3,168,820) |
|
Net unrealized appreciation |
|
$19,427,071 |
|
At July 31, 2012, the Fund had the following open forward foreign currency contracts:
FOREIGN CURRENCY |
|
COUNTERPARTY |
|
LOCAL |
|
MARKET |
|
SETTLEMENT |
|
UNREALIZED |
| ||||
Contracts to Buy: |
|
|
|
|
|
|
|
|
|
|
| ||||
Turkish Lira |
|
HSBC Bank USA, N.A. |
|
84,930,000 |
|
$ |
47,241,572 |
|
8/9/12 |
|
$ |
1,610,947 |
| ||
Mexican Peso |
|
Citibank, N.A. |
|
322,595,000 |
|
24,225,634 |
|
8/13/12 |
|
387,978 |
| ||||
British Pound |
|
UBS AG |
|
146,059 |
|
228,992 |
|
10/5/12 |
|
2,308 |
| ||||
Chilean Peso |
|
HSBC Bank USA, N.A. |
|
11,622,000,000 |
|
23,714,915 |
|
11/16/12 |
|
1,269,956 |
| ||||
|
|
|
|
|
|
|
|
|
|
3,271,189 |
| ||||
Contracts to Sell: |
|
|
|
|
|
|
|
|
|
|
| ||||
British Pound |
|
HSBC Bank USA, N.A. |
|
1,755,000 |
|
2,751,509 |
|
9/13/12 |
|
(1,424 |
) | ||||
British Pound |
|
HSBC Bank USA, N.A. |
|
140,000 |
|
219,494 |
|
9/13/12 |
|
(386 |
) | ||||
Euro |
|
HSBC Bank USA, N.A. |
|
4,960,000 |
|
6,107,144 |
|
9/28/12 |
|
98,312 |
| ||||
Euro |
|
HSBC Bank USA, N.A. |
|
1,035,000 |
|
1,274,374 |
|
9/28/12 |
|
(13,867 |
) | ||||
Euro |
|
Morgan Stanley & Co. Inc. |
|
589,000 |
|
725,223 |
|
9/28/12 |
|
(302 |
) | ||||
Euro |
|
UBS AG |
|
2,882,000 |
|
3,548,546 |
|
9/28/12 |
|
(5,825 |
) | ||||
Euro |
|
UBS AG |
|
431,000 |
|
530,681 |
|
9/28/12 |
|
(6,371 |
) | ||||
Swiss Franc |
|
UBS AG |
|
824,000 |
|
845,240 |
|
9/28/12 |
|
14,345 |
| ||||
Euro |
|
UBS AG |
|
185,000 |
|
227,809 |
|
10/5/12 |
|
(1,125 |
) | ||||
South African Rand |
|
UBS AG |
|
3,899,000 |
|
466,134 |
|
10/18/12 |
|
(3,718 |
) | ||||
Canadian Dollar |
|
HSBC Bank USA, N.A. |
|
110,000 |
|
109,483 |
|
10/24/12 |
|
(799 |
) | ||||
|
|
|
|
|
|
|
|
|
|
78,840 |
| ||||
Net unrealized gain on open forward foreign currency contracts |
|
|
|
|
|
$ |
3,350,029 |
| |||||||
Notes to schedule of investments (unaudited) (continued)
3. Derivative instruments and hedging activities
Financial Accounting Standards Board Codification Topic 815 requires enhanced disclosure about an entitys derivative and hedging activities.
The following is a summary of the Funds derivative instruments categorized by risk exposure at July 31, 2012.
Forward Foreign Currency |
| ||||||
Primary Underlying |
|
Unrealized |
|
Unrealized |
|
Total |
|
|
|
|
|
|
|
|
|
Foreign Exchange Risk |
|
$ 3,383,846 |
|
$(33,817) |
|
$ 3,350,029 |
|
During the period ended July 31, 2012, the volume of derivative activity for the Fund was as follows:
|
|
Average Market Value |
| |
Forward foreign currency contracts (to buy) |
|
$ |
83,304,026 |
|
Forward foreign currency contracts (to sell) |
|
27,962,528 |
| |
4. Recent accounting pronouncement
In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU No. 2011-04). ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements. ASU No. 2011-04 is effective during interim and annual periods beginning after December 15, 2011. Management has evaluated ASU No. 2011-04 and concluded that it does not materially impact the financial statement amounts; however, as required, additional disclosure has been included about fair value measurement.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are likely to materially affect the registrants internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Legg Mason BW Global Income Opportunities Fund Inc. |
| |
|
| |
|
| |
By |
/s/ R. Jay Gerken |
|
|
R. Jay Gerken |
|
|
Chief Executive Officer |
|
|
| |
|
| |
Date: September 26, 2012 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By |
/s/ R. Jay Gerken |
|
|
R. Jay Gerken |
|
|
Chief Executive Officer |
|
|
| |
|
| |
Date: September 26, 2012 |
| |
|
| |
|
| |
By |
/s/ Richard F. Sennett |
|
|
Richard F. Sennett |
|
|
Principal Financial Officer |
|
|
| |
|
| |
Date: September 26, 2012 |
|