abrdn Inc.
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to shareholders
pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.
Letter to Shareholders (unaudited)
Dear Shareholder,
We present this Semi-Annual Report, which covers the activities of Aberdeen
Global Income Fund, Inc. (the "Fund"), for the six-month period ended April 30, 2022. The Fund's principal investment
objective is to provide high current income by investing primarily in fixed income securities. As a secondary investment objective, the
Fund seeks capital appreciation, but only when consistent with its principal investment objective.
Total Investment Return1
For the six-month period ended April 30, 2022, the total return
to shareholders of the Fund based on the net asset value ("NAV") and market price of the Fund, respectively, are as follows:
NAV2,3 |
-16.6 |
% |
Market Price2 |
-23.9 |
% |
For more information about Fund performance, please visit the Fund on
the web at www.aberdeenfco.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and
performance information, and other Fund literature.
NAV, Market Price, and Premium/Discount
The below table represents comparison from current six-month period end
to prior fiscal year end of market price to NAV and associated premium (+)/discount(-).
|
NAV |
|
Closing
Market
Price |
|
Premium(+)/
Discount(-) |
|
4/30/2022 |
$4.91 |
|
$5.96 |
|
+21.4% |
|
10/31/2021 |
$6.28 |
|
$8.35 |
|
+33.0% |
|
During the six-month period ended April 30, 2022, the Fund's NAV
traded within a range of $4.91 to $6.30 and the Fund's market price was within a range of $5.55 to $8.44. During the six-month period
ended April 30, 2022, the Fund's shares traded within a range of a premium(+)/discount(-) of +9.9% to +36.8%.
Managed Distribution Policy
Distributions to common shareholders for the six-month period ended April 30,
2022 totaled $0.42 per share. Based on the market price of $5.96 on April 30, 2022, the annualized distribution rate as of six-month
period ended April 30, 2022 was 14.1%. Based on the NAV of $4.91 on April 30, 2022, the annualized distribution rate as of six-month
period ended April 30, 2022 was 17.1%. Since all distributions are paid after deducting applicable withholding taxes, the effective
distribution rate may be higher for those U.S. investors who are able to claim a tax credit.
On May 10, 2022 and June 9, 2022, the Fund announced that it
will pay on May 31, 2022 and June 30, 2022, respectively, a distribution of U.S. $0.07 per share to all shareholders of record
as of May 20, 2022 and June 22, 2022, respectively.
The Fund's policy is to provide investors with a stable monthly distribution
out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a non-taxable return
of capital. This policy is subject to an annual review as well as regular review at the quarterly meetings of the Fund's Board of Directors,
unless market conditions require an earlier evaluation.
Open Market Repurchase Program
The Fund's policy is generally to buy back Fund shares on the open market
when the Fund trades at certain discounts to NAV and management believes such repurchases may enhance shareholder value. During the six-month
period ended April 30, 2022, the Fund did not repurchase any shares.
Revolving Credit Facility
The Fund's $40,000,000 revolving credit facility with The Bank of Nova
Scotia was renewed for a 3-year term on February 28, 2020 and last amended on September 21, 2021 ("Revolving Credit Facility").
The Fund's outstanding balance on October 31, 2021 was $21,900,000. During the period between March 7 and March 21, 2022,
the Fund paid down $2,800,000 on the facility. The Fund's outstanding balance
| 1 | Past performance is no guarantee of future results. Investment
returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may
be lower or higher than the performance quoted. Net asset value return data include investment management fees, custodial charges and
administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions. |
| 2 | Assuming the reinvestment of dividends and distributions. |
| 3 | The Fund's total return is based on the reported NAV for each
financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or
adjustments. |
|
Aberdeen Global Income Fund, Inc. |
1 |
Letter to Shareholders (unaudited)
(continued)
as of April 30, 2022 was $19.1 million. Under the terms of the loan
facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding
borrowings. The Board regularly reviews the use of leverage by the Fund. The Fund is also authorized to use reverse repurchase agreements
as another form of leverage. A more detailed description of the Fund's Revolving Credit Facility can be found in the Notes to Financial
Statements.
Portfolio Holdings Disclosure
The Fund's complete schedule of portfolio holdings for the second and
fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each
fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at http://www.sec.gov.
The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.
Proxy Voting
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities
during the most recent 12 month period ended June 30 is available by August 31 of the relevant year: (1) upon request and
without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC's website at http://www.sec.gov.
Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain
states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its
own definition of unclaimed property, and Fund shares could be considered "unclaimed property" due to account inactivity (e.g.,
no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer
agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's
transfer agent will follow the applicable state's statutory requirements to contact you, but if unsuccessful, laws may require that the
shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may
involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial
adviser or the Fund's transfer agent.
COVID-19
The COVID-19 pandemic has caused major disruption to economies and markets
around the world, including the United States. Financial markets have experienced losses, and some sectors of the economy and individual
issuers have experienced particularly large losses. Although many financial markets have generally recovered from such losses, market
volatility has continued. These circumstances may continue for an extended period of time, and as a result may affect adversely the value
and liquidity of the Fund's investments. The rapid development and fluidity of this situation precludes any prediction as to the ultimate
adverse impact of COVID-19 on economic and market conditions, and, as a result, present uncertainty and risk with respect to the Fund
and the performance of its investments and ability to pay distributions. The full extent of the impact and effects of COVID-19 will depend
on future developments, including, among other factors, the duration and spread of the outbreak, along with related travel advisories,
quarantines and restrictions, the recovery time of the disrupted supply chains and industries, the impact of labor market interruptions,
the impact of government interventions, and uncertainty with respect to the duration of the global economic slowdown.
LIBOR
Under the revolving credit facility, the Fund is charged interest on
amounts borrowed at a variable rate, which may be based on the London Interbank Offered Rate ("LIBOR") plus a spread. The Fund
may invest in certain debt securities, derivatives or other financial instruments that utilize LIBOR as a "benchmark" or "reference
rate" for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority ("FCA"),
which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA,
the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023.
It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to
be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested
alternative reference rates, such as European Interbank Offered Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate
("SONIA") and Secured Overnight Financing Rate ("SOFR"), global consensus on alternative rates is lacking and the
process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes
to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse
impact on the market for, or
2 |
Aberdeen Global Income Fund, Inc. |
|
Letter to Shareholders (unaudited)
(concluded)
value of, any securities or payments linked to those reference rates,
which may adversely affect the Fund's performance and/or NAV. Uncertainty and risk also remain regarding the willingness and ability of
issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from
LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values
of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished
effectiveness of hedging strategies, adversely affecting the Fund's performance. Furthermore, the risks associated with the expected discontinuation
of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not
completed in a timely manner.
abrdn Rebrand
abrdn plc, formerly known as Standard Life Aberdeen plc, was renamed
on September 27, 2021. In connection with this re-branding, the entities within abrdn plc group, including investment advisory entities,
have been or will be renamed in the near future. The Fund's Board has approved a change in the name of the Fund from "Aberdeen Global
Income Fund, Inc." to "abrdn Global Income Fund, Inc." effective on or about June 30, 2022. The internet
address for the Fund's website will also change from www.aberdeenfco.com to www.abrdnfco.com, effective as of June 30, 2022. The
old address will continue to redirect to the new address for at least a year.
Investor Relations Information
As part of abrdn's commitment to shareholders, we invite you to visit
the Fund on the web at www.aberdeenfco.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance
information, and other Fund literature.
Enroll in abrdn's email services and be among the first to receive the
latest closed-end fund news, announcements, videos, and other information. In addition, you can receive electronic versions of important
Fund documents including annual reports, semi-annual reports, prospectuses, and proxy statements. Sign up today at https://www.abrdn.com/en-us/cefinvestorcenter/contact-us/preferences.
Contact Us:
| • | Visit: https://www.abrdn.com/en-us/cefinvestorcenter |
| • | Email: Investor.Relations@abrdn.com; or |
| • | Call: 1-800-522-5465 (toll free in the U.S.). |
Yours sincerely,
/s/ Christian Pittard
Christian Pittard
President
All amounts are U.S. Dollars unless otherwise
stated.
|
Aberdeen Global Income Fund, Inc. |
3 |
Loan Facility and the Use of Leverage
(unaudited)
Loan Facility and the Use of Leverage
The Fund utilizes leverage to seek to increase the yield for its shareholders.
The amounts borrowed from the Fund's loan facility may be invested to seek to return higher rates than the rates in the Fund's portfolio.
However, the cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund
is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage,
the yield on the Fund's common stock will decrease. In addition, in the event of a general market decline in the value of assets in which
the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds
of the leverage. Non-recurring expenses in connection with the implementation of the loan facility will reduce the Fund's performance.
The Fund's leveraged capital structure creates special risks not associated
with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the loan facility may constitute
a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in
liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default under the loan facility. In
the event of default under the loan facility, the lender has the right to cause a liquidation of the collateral (i.e., sell portfolio
securities and other assets of the Fund) and, if any such default is not cured, the lender may be able to control the liquidation as well.
A liquidation of the Fund's collateral assets in an event of default, or a voluntary paydown of the loan facility in order to avoid an
event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve
selling off of portions of the Fund's assets at inopportune times which can result in losses when markets are unfavorable. The loan facility
has a term of three years and is not a perpetual form of leverage; there can be no assurance that the loan facility will be available
for renewal on acceptable terms, if at all.
The credit agreement governing the loan facility includes usual and customary
covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements
and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the Investment
Company Act of 1940, as amended (the "1940 Act"). The covenants or guidelines could impede management of the Fund from fully
managing the Fund's portfolio in accordance with the Fund's investment objective and policies.
Furthermore, non-compliance with such covenants or the occurrence of
other events could lead to the cancellation of the loan facility. The covenants also include a requirement that the Fund maintain net
assets of no less than $25,000,000.
Prices and availability of leverage are extremely volatile in the current
market environment. The Board regularly reviews the use of leverage by the Fund and may explore other forms of leverage. The Fund is authorized
to use reverse repurchase agreements as another form of leverage. A reverse repurchase agreement involves the sale of a security, with
an agreement to repurchase the same or substantially similar securities at an agreed upon price and date. Whether such a transaction produces
a gain for the Fund depends upon the costs of the agreements and the income and gains of the securities purchased with the proceeds received
from the sale of the security. If the income and gains on the securities purchased fail to exceed the costs, the Fund's NAV will decline
faster than otherwise would be the case. Reverse repurchase agreements, as with any leveraging techniques, may increase the Fund's return;
however, such transactions also increase the Fund's risks in down markets. In July 2017, the FCA announced that it will no longer
persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of
LIBOR on the current basis cannot and will not be guaranteed after 2021. However, for U.S. dollar LIBOR, it now appears that the relevant
date may be deferred to June 30, 2023 for the most common tenors (overnight and one, three, six and 12 months).
Interest Rate Swaps
The Fund enters into interest rate swaps to hedge interest rate risk
on the credit facility. As of April 30, 2022, the Fund held interest rate swap agreements with an aggregate notional amount of $19,100,000
which represented 100% of the Fund's total borrowings. Under the terms of the agreements currently in effect, the Fund either receives
a floating rate of interest (three month USD-LIBOR BBA rate) and pays fixed rates of interest for the terms and based upon the notional
amounts set forth below:
Remaining
Term as of
April 30, 2022 |
Receive/(Pay)
Floating
Rate |
Amount
(in $ millions) |
Fixed
Rate
Payable (%) |
30 months |
Receive |
$0.1 |
2.44% |
62 months |
Receive |
$1.0 |
0.70% |
66 months |
Receive |
$ 13.5 |
2.36% |
87 months |
Receive |
$0.7 |
1.97% |
96 months |
Receive |
$2.0 |
0.70% |
96 months |
Receive |
$1.0 |
0.62% |
109 months |
Receive |
$0.8 |
0.71% |
A significant risk associated with interest rate swaps is the risk that
the counterparty may default or file for bankruptcy, in which case the Fund would bear the risk of loss of the amount expected to be received
under the swap agreements. There can be no assurance that the Fund will have an interest rate swap in place at any given time nor can
there be any assurance that, if an interest rate swap is in place, it will be successful in hedging the Fund's interest rate risk with
respect to the loan facility.
4 |
Aberdeen Global Income Fund, Inc. |
|
Loan Facility and the Use of Leverage
(unaudited) (concluded)
Acknowledging historically low level of short-rates, the Fund used interest
rate swap agreements to hedge up to 100% of the interest rate risk on the revolving credit facility thereby locking in the cost of leverage
used by the Fund.
In recent months, the market's view of policy rates has drastically
changed, as the economic recovery endures, and inflationary pressures have become more elevated and less transient in nature. Additionally,
the Federal Reserve proceeded with a tightening of monetary policy at
a more aggressive pace than initially expected. On May 10, 2022, the Fund sold its interest rate swap agreements with an aggregate
notional amount of $19.1 million.
|
Aberdeen Global Income Fund, Inc. |
5 |
Total Investment Returns (unaudited)
The following table summarizes the average annual Fund performance for
the six-month, 1-year, 3-year, 5-year and 10-year periods ended as of April 30, 2022.
|
6
Months |
|
1
Year |
|
3
Years |
5
Years |
|
10
Years |
|
Net
Asset Value (NAV) |
-16.6% |
|
-18.6% |
|
-4.5% |
-1.7% |
|
-0.5% |
|
Market
Price |
-23.9% |
|
-21.7% |
|
0.8% |
3.6% |
|
1.1% |
|
Blended
Benchmark* |
-10.8% |
|
-11.2% |
|
0.1% |
1.6% |
|
3.0% |
|
Bloomberg
Global Aggregate Index1 |
-11.7% |
|
-12.6% |
|
-1.1% |
0.3% |
|
0.4% |
|
| * | The blended benchmark is summarized in the table below: |
Index |
Weight |
|
ICE BofA Australia Government2 |
10% |
|
ICE BofA New Zealand Government3 |
5% |
|
iBoxx Asia Government USD Unhedged4 |
25% |
|
JPM EMBI Global Diversified5 |
35% |
|
ICE BofA Global High Yield Constrained6 |
25% |
|
| 1 | The Bloomberg Global Aggregate Index is a measure of global
investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate
and securitized fixed-rate bonds from both developed and emerging markets issuers. |
| 2 | The ICE BofA Australia Government Index tracks the performance
of AUD denominated sovereign debt publicly issued by the Australian government in its domestic market. |
| 3 | The ICE BofA New Zealand Government Index tracks the performance
of NZD denominated sovereign debt publicly issued by the New Zealand government in its domestic market. |
| 4 | The Markit iBoxx Asia Government Index tracks the performance
of local currency-denominated sovereign and quasi-sovereign debt from 10 Asian countries/territories. |
| 5 | The J.P. Morgan EMBI Global Diversified Index is a comprehensive
global local emerging markets index comprising liquid, fixed?rate, domestic currency government bonds. |
| 6 | The ICE BofA Global High Yield Constrained Index contains all
securities in the ICE BofA Global High Yield Index but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based
on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the
limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. |
6 |
Aberdeen Global Income Fund, Inc. |
|
Total Investment Returns (unaudited)
(concluded)
Performance of a $10,000 Investment (as of April 30, 2022)
This graph shows the change in value of a hypothetical investment of
$10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
abrdn, Inc. has entered into an agreement with the Fund to
limit investor relations services fees, without which performance would be lower. This agreement aligns with the term of the advisory
agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial
Statements. Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes
reinvestment of dividends and distributions, if any, at market prices pursuant to the Fund's dividend reinvestment program. All return
data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations under "Expenses". The
Fund's total investment return at NAV is based on the reported NAV on each financial reporting period end. Total investment return at
market value is based on changes in the market price at which the Fund's shares traded on the NYSE American during the period and assumes
reinvestment of dividends and distributions, if any, at market prices pursuant to the Fund's dividend reinvestment program. Because the
Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore,
returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance
information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The
current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate.
Performance information current to the most recent month-end is available at www.aberdeenfco.com or by calling 800-522-5465.
The annualized net operating expense ratio, excluding fee waivers,
based on the six-month period ended April 30, 2022 was 2.78%. The annualized net operating expense ratio, net of fee waivers, based
on the six-month period ended April 30, 2022 was 2.72%. The annualized net operating expense ratio, excluding interest expense and
net of fee waivers, based on the six-month period ended April 30, 2022 was 2.20%.
|
Aberdeen Global Income Fund, Inc. |
7 |
Portfolio Composition (unaudited)
Quality of Investments(1)
As of April 30, 2022, 7.3% of the Fund's total investments were
invested in securities where either the issue or the issuer was rated "A" or better by S&P Global Ratings', Moody's Investors
Service, Inc. or Fitch Ratings, Inc. or, if unrated, was judged to be the equivalent quality by the abrdn Asia Limited ("abrdn
Asia" or the "Investment Manager"). The table below shows the asset quality of the Fund's portfolio as of April 30,
2022 compared with October 31, 2021 and April 30, 2021:
Date |
AAA/Aaa
% |
|
AA/Aa
% |
|
A
% |
|
BBB/Baa
% |
|
BB/Ba*
% |
|
B*
% |
|
C/CCC*
% |
|
D*
% |
|
NR**
% |
|
April 30, 2022 |
1.8 |
|
2.4 |
|
3.1 |
|
9.6 |
|
34.3 |
|
27.9 |
|
7.1 |
|
0.2 |
|
13.6 |
|
October 31, 2021 |
3.1 |
|
1.2 |
|
1.6 |
|
13.0 |
|
28.0 |
|
35.6 |
|
8.1 |
|
0.0 |
|
9.4 |
|
April 30, 2021 |
3.2 |
|
1.2 |
|
1.6 |
|
13.2 |
|
28.0 |
|
36.1 |
|
8.0 |
|
0.0 |
|
8.7 |
|
| (1) | For financial reporting purposes, credit quality ratings shown
above reflect the lowest rating assigned by either S&P Global Ratings, Moody's Investor Service, Inc. or Fitch Ratings, Inc.
if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used.
Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower.
Investments designated NR are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality.
Credit quality ratings are subject to change. The Investment Manager evaluates the credit quality of unrated investments based upon,
but not limited to, credit ratings for similar investments. |
Geographic Composition
The Fund's investments are divided into three categories: Developed Markets, Investment
Grade Developing Markets and Sub-Investment Grade Developing Markets. The table below shows the geographical composition (with U.S. Dollar-denominated
bonds issued by foreign issuers allocated into country of issuance) of the Fund's total investments as of April 30, 2022, compared
with October 31, 2021 and April 30, 2021:
Date |
Developed
Markets
% |
|
Investment
Grade
Developing Markets
% |
|
Sub-Investment
Grade
Developing Markets
% |
|
April 30, 2022 |
49.8 |
|
19.7 |
|
30.5 |
|
October 31, 2021 |
44.3 |
|
20.1 |
|
35.6 |
|
April 30, 2021 |
45.0 |
|
19.6 |
|
35.4 |
|
Currency Composition
The table below shows the currency composition, including hedges, of
the Fund's total investments as of April 30, 2022, compared with October 31, 2021 and April 30, 2021:
Date |
Developed
Markets
% |
|
Investment
Grade
Developing Markets
% |
|
Sub-Investment
Grade
Developing Markets
% |
|
April 30, 2022 |
77.8 |
|
15.1 |
|
7.1 |
|
October 31, 2021 |
79.6 |
|
14.3 |
|
6.1 |
|
April 30, 2021 |
81.1 |
|
13.6 |
|
5.3 |
|
8 |
Aberdeen Global Income Fund, Inc. |
|
Portfolio Composition (unaudited)
(concluded)
Maturity Composition
As of April 30, 2022, the average maturity of the Fund's total investments
was 11.4 years, compared with 11.6 years at October 31, 2021 and 11.7 years at April 30, 2021. The table below shows the maturity
composition of the Fund's investments as of April 30, 2022, compared with October 31, 2021 and April 30, 2021:
Date |
Under
3 Years
% |
|
3
to 5 Years
% |
|
5
to 10 Years
% |
|
10
Years & Over
% |
April 30, 2022 |
20.3 |
|
19.0 |
|
34.6 |
|
26.1 |
October 31, 2021 |
14.3 |
|
24.8 |
|
36.2 |
|
24.7 |
April 30, 2021 |
14.4 |
|
22.3 |
|
38.9 |
|
24.4 |
Modified Duration
As of April 30, 2022 the modified duration of the Fund was 3.53
years. This calculation excludes the interest rate swaps that are used to manage the leverage of the Fund. Excluding swaps will increase
portfolio duration.
|
Aberdeen Global Income Fund, Inc. |
9 |
Summary of Key Rates (unaudited)
The following table summarizes the movements of key interest rates and
currencies from April 30, 2022 compared with October 31, 2021 and April 30, 2021:
|
|
|
Apr-22 |
|
Oct-21 |
|
Apr-21 |
|
Australia |
90 day Bank Bills |
|
0.70 |
% |
|
0.08 |
% |
|
0.04 |
% |
|
|
10
yr bond |
|
1.83 |
% |
|
0.58 |
% |
|
0.08 |
% |
|
|
currency local per 1USD |
|
$1.41 |
|
|
$1.33 |
|
|
$1.29 |
|
|
New Zealand |
90 day Bank Bills |
|
1.97 |
% |
|
0.80 |
% |
|
0.36 |
% |
|
|
10
yr bond |
|
3.64 |
% |
|
2.64 |
% |
|
1.65 |
% |
|
|
currency local per 1USD |
|
$1.54 |
|
|
$1.40 |
|
|
$1.39 |
|
|
Malaysia |
3-month T-Bills |
|
1.80 |
% |
|
1.78 |
% |
|
1.77 |
% |
|
|
10
yr bond |
|
4.38 |
% |
|
3.58 |
% |
|
3.11 |
% |
|
|
currency local per 1USD |
|
RM4.35 |
|
|
RM4.14 |
|
|
RM4.10 |
|
|
India |
3-month T-Bills |
|
4.04 |
% |
|
3.52 |
% |
|
6.11 |
% |
|
|
10
yr bond |
|
7.14 |
% |
|
6.39 |
% |
|
6.03 |
% |
|
|
currency local per 1USD |
|
₹76.44 |
|
|
₹74.88 |
|
|
₹74.07 |
|
|
Indonesia |
3 months deposit rate |
|
3.26 |
% |
|
3.50 |
% |
|
4.09 |
% |
|
|
10
yr bond |
|
6.97 |
% |
|
6.03 |
% |
|
6.44 |
% |
|
|
currency local per 1USD |
|
Rp14497.00 |
|
|
Rp14167.50 |
|
|
Rp14445.00 |
|
|
Russia |
Zero Cpn 3m |
|
13.09 |
% |
|
7.46 |
% |
|
5.01 |
% |
|
|
10
yr bond |
|
15.99 |
% |
|
8.22 |
% |
|
7.11 |
% |
|
|
currency local per 1USD |
|
₽70.83 |
|
|
₽70.96 |
|
|
₽75.08 |
|
|
USD Denominated Bonds |
Mexico |
|
5.00 |
% |
|
3.08 |
% |
|
3.02 |
% |
|
|
Indonesia |
|
4.01 |
% |
|
2.20 |
% |
|
2.29 |
% |
|
|
Argentina |
|
23.20 |
% |
|
23.20 |
% |
|
23.20 |
% |
|
|
Romania |
|
3.45 |
% |
|
1.36 |
% |
|
0.74 |
% |
|
10 |
Aberdeen Global Income Fund, Inc. |
|
Portfolio of Investments (unaudited)
April 30, 2022
Principal
Amount (000) or Shares |
Description |
Value
(US$) | |
CORPORATE
BONDS—84.5% |
AUSTRALIA—1.1% |
| | |
USD |
200 | |
Australia
& New Zealand Banking Group Ltd., (fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026(a)(b) |
$ | 209,500 | |
USD |
320 | |
Mineral
Resources Ltd., 8.00%, 11/01/2027 |
| 318,800 | |
|
| |
|
| 528,300 | |
BAHRAIN—0.6% |
| | |
USD |
260 | |
Oil
and Gas Holding Co. BSCC, 7.63%, 11/07/2024(b) |
| 271,700 | |
BRAZIL—2.4% |
| | |
USD |
620 | |
Banco
do Brasil SA/Cayman (fixed rate to 04/15/2024, variable rate thereafter), 6.25%, 04/15/2024(a)(b) |
| 572,731 | |
USD |
200 | |
BRF
SA, 5.75%, 03/21/2050(b)(c) |
| 156,802 | |
USD |
192 | |
Guara
Norte Sarl, 5.20%, 06/15/2034(b)(d) |
| 169,054 | |
USD |
230 | |
Petrobras
Global Finance BV, 5.60%, 10/03/2030(c) |
| 225,745 | |
|
| |
|
| 1,124,332 | |
CANADA—1.1% |
| | |
USD |
78 | |
GFL
Environmental, Inc., 4.75%, 06/15/2024(b)(c) |
| 70,785 | |
USD |
119 | |
GFL
Environmental, Inc., 5.13%, 12/15/2022(b)(c) |
| 116,965 | |
USD |
103 | |
NOVA
Chemicals Corp., 4.25%, 05/15/2024(b)(c) |
| 89,095 | |
USD |
124 | |
Rogers
Communications, Inc., (fixed rate to 3/15/2027, variable rate thereafter), 5.25%, 03/15/2027(b)(c) |
| 116,381 | |
USD |
125 | |
Titan
Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 05/30/2022(b)(c) |
| 120,625 | |
|
| |
|
| 513,851 | |
CHILE—1.0% |
| | |
USD |
330 | |
Corp.
Nacional del Cobre de Chile, 3.75%, 10/15/2030(b)(c) |
| 307,956 | |
USD |
200 | |
Empresa
Nacional del Petroleo, 3.45%, 06/16/2031(b)(c) |
| 169,000 | |
|
| |
|
| 476,956 | |
CHINA—1.8% |
| | |
|
200 | |
China
Evergrande Group, 8.75%, 05/30/2022(b)(c) |
| 22,000 | |
USD |
200 | |
China
Huadian Overseas Development 2018 Ltd., (fixed rate to 06/23/2025, variable rate thereafter), 3.38%, 06/23/2025(a)(b) |
| 197,100 | |
USD |
200 |
|
Huarong
Finance II Co. Ltd., 5.00%, 11/19/2025(b) |
|
194,500 |
|
USD |
200 |
|
Kaisa
Group Holdings Ltd., 11.95%, 05/30/2022(b)(c)(e) |
|
41,550 |
|
USD |
200 |
|
Logan
Group Co. Ltd., 7.50%, 05/30/2022(b)(c) |
|
70,000 |
|
|
200 |
|
Logan
Group Co. Ltd., 6.50%, 05/30/2022(b)(c) |
|
59,000 |
|
USD |
200 |
|
Shandong
Iron And Steel Xinheng International Co., Ltd., 6.50%, 11/05/2023(b) |
|
204,000 |
|
USD |
200 |
|
Sunac
China Holdings Ltd., 6.80%, 10/20/2023(b)(c) |
|
45,900 |
|
USD |
200 |
|
Zhenro
Properties Group Ltd., 6.63%, 01/07/2024(b)(c) |
|
17,000 |
|
|
|
851,050 |
|
COLOMBIA—1.1% |
|
|
|
USD |
200 |
|
Bancolombia
SA, (fixed rate to 12/18/2024, variable rate thereafter), 4.63%, 12/18/2024(c) |
|
186,480 |
|
USD |
351 |
|
Ecopetrol
SA, 5.38%, 03/26/2026(c) |
|
345,419 |
|
|
|
|
|
|
531,899 |
|
DOMINICAN
REPUBLIC—0.4% |
|
|
|
USD |
202 |
|
AES
Andres BV, 5.70%, 05/04/2024(b)(c) |
|
185,275 |
|
ECUADOR—0.5% |
|
|
|
USD |
197 |
|
International
Airport Finance SA, 12.00%, 03/15/2024(b) |
|
206,541 |
|
|
Aberdeen Global Income
Fund, Inc. |
11 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount (000) or Shares |
Description |
Value
(US$) | |
CORPORATE
BONDS (continued) |
FRANCE—0.8% |
| | |
EUR |
100 | |
Altice
France SA, 5.88%, 05/31/2022(b)(c) |
$ | 105,759 | |
USD |
200 | |
BNP
Paribas SA, (fixed rate to 02/25/2030, variable rate thereafter), 4.50%, 02/25/2030(a)(b) |
| 172,500 | |
EUR |
100 | |
Electricite
de France SA, (fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(b) |
| 103,284 | |
|
| |
|
| 381,543 | |
GEORGIA—0.4% |
| | |
USD |
200 | |
Bank
of Georgia JSC, 6.00%, 07/26/2023(b) |
| 198,852 | |
GERMANY—2.8% |
| | |
EUR |
200 | |
Aareal
Bank AG, 7.36%, 04/30/2023(a)(b)(f) |
| 208,616 | |
EUR |
100 | |
CT
Investment GmbH, 5.50%, 04/15/2023(b)(c) |
| 98,374 | |
GBP |
100 | |
Deutsche
Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(b) |
| 122,419 | |
EUR |
100 | |
HT
Troplast GmbH, 9.25%, 07/15/2022(b)(c) |
| 104,045 | |
EUR |
152 | |
Nidda
Healthcare Holding GmbH, 3.50%, 05/09/2022(b)(c) |
| 148,528 | |
EUR |
250 | |
PrestigeBidCo
GmbH, 6.25%, 05/09/2022(b)(c) |
| 262,648 | |
EUR |
60 | |
Schaeffler
AG, 2.88%, 12/26/2026(b)(c) |
| 59,657 | |
EUR |
100 | |
Schaeffler
AG, 3.38%, 07/12/2028(b)(c) |
| 96,274 | |
EUR |
106 | |
Techem
Verwaltungsgesellschaft 675 mbH, 2.00%, 05/09/2022(b)(c) |
| 103,568 | |
EUR |
100 | |
TK
Elevator Midco GmbH, 4.38%, 07/15/2023(b)(c) |
| 97,444 | |
|
| |
|
| 1,301,573 | |
GHANA—0.6% |
| | |
|
362 |
|
Tullow
Oil PLC, 7.00%, 05/30/2022(b)(c) |
| 293,691 | |
HONDURAS—0.4% |
| | |
USD |
200 | |
Inversiones
Atlantida SA, 7.50%, 05/19/2023(b)(c) |
| 196,000 | |
INDIA—4.7% |
| | |
USD |
420 | |
Adani
Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd., 6.25%, 12/10/2024(b) |
| 424,368 | |
USD |
200 | |
Azure
Power Solar Energy Pvt Ltd., 5.65%, 09/24/2022(b)(c) |
| 200,052 | |
USD |
200 | |
GMR
Hyderabad International Airport Ltd., 5.38%, 04/10/2024(b) |
| 200,900 | |
INR |
30,000 | |
HDFC
Bank Ltd., 8.10%, 03/22/2025(b) |
| 393,856 | |
USD |
200 | |
India
Green Power Holdings, 4.00%, 02/22/2024(b) |
| 173,160 | |
INR |
50,000 | |
Indiabulls
Housing Finance Ltd., 9.00%, 09/26/2026 |
| 611,647 | |
USD |
200 | |
REC
Ltd., 5.25%, 11/13/2023(b) |
| 203,689 | |
|
| |
|
| 2,207,672 | |
INDONESIA—1.6% |
| | |
USD |
200 | |
Medco
Oak Tree Pte Ltd., 7.38%, 05/14/2023(b)(c) |
| 198,100 | |
USD |
200 | |
Medco
Platinum Road Pte Ltd., 6.75%, 05/30/2022(b)(c) |
| 197,300 | |
USD |
400 | |
Perusahaan
Perseroan Persero PT, 5.25%, 10/24/2042(b) |
| 361,328 | |
|
| |
|
| 756,728 | |
ISRAEL—0.4% |
| | |
USD |
192 | |
Energean
Israel Finance Ltd., 4.88%, 12/30/2025(b)(c) |
| 177,984 | |
ITALY—0.4% |
| | |
EUR |
100 | |
Golden
Goose SpA, 4.88%, 11/14/2022(b)(c)(f) |
| 102,765 | |
EUR |
100 | |
Kedrion
SpA, 3.38%, 05/15/2023(b)(c) |
| 101,275 | |
|
| |
|
| 204,040 | |
12 |
Aberdeen Global Income
Fund, Inc. |
|
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal Amount (000) or Shares |
Description |
Value
(US$) |
|
CORPORATE
BONDS (continued) |
|
JAPAN—0.4% |
|
USD |
210 |
|
SoftBank
Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), 6.00%, 07/19/2023(a)(b) |
$ |
192,724 |
|
KAZAKHSTAN—2.0% |
|
USD |
200 |
|
KazMunayGas
National Co. JSC, 3.50%, 10/14/2032(b)(c) |
|
165,500 |
|
USD |
870 |
|
KazMunayGas
National Co. JSC, 5.75%, 04/19/2047(b) |
|
788,394 |
|
|
|
953,894 |
|
KUWAIT—0.4% |
|
USD |
200 |
|
MEGlobal
Canada ULC, 5.00%, 05/18/2025(b) |
|
203,626 |
|
LUXEMBOURG—2.4% |
|
EUR |
100 |
|
Albion
Financing 1 SARL / Aggreko Holdings, Inc., 5.25%, 10/15/2023(b)(c) |
|
99,930 |
|
USD |
204 |
|
Altice
Financing SA, 5.75%, 08/15/2024(b)(c) |
|
171,872 |
|
EUR |
100 |
|
Altice
France Holding SA, 8.00%, 05/15/2022(b)(c) |
|
106,845 |
|
USD |
200 |
|
Altice
France Holding SA, 10.50%, 05/15/2022(b)(c) |
|
202,750 |
|
GBP |
100 |
|
Cidron
Aida Finco Sarl, 6.25%, 04/01/2024(b)(c) |
|
112,586 |
|
EUR |
100 |
|
Cullinan
Holdco Scsp, 4.63%, 10/15/2023(b)(c) |
|
95,884 |
|
EUR |
117 |
|
LHMC
Finco 2 Sarl, 7.25%, 05/30/2022(b)(c)(g) |
|
117,243 |
|
EUR |
200 |
|
Matterhorn
Telecom SA, 3.13%, 09/15/2022(b)(c) |
|
195,187 |
|
|
|
1,102,297 |
|
MEXICO—3.0% |
|
USD |
470 |
|
BBVA
Bancomer SA, (fixed rate to 01/17/2028, variable rate thereafter), 5.13%, 01/17/2028(b)(c) |
|
440,037 |
|
MXN |
7,579 |
|
Petroleos
Mexicanos, 7.19%, 09/12/2024(b) |
|
345,023 |
|
USD |
530 |
|
Petroleos
Mexicanos, 7.69%, 07/23/2049(c) |
|
414,126 |
|
USD |
210 |
|
Sixsigma
Networks Mexico SA de CV, 7.50%, 05/30/2022(b)(c) |
|
201,233 |
|
|
|
1,400,419 |
|
MOROCCO—0.5% |
|
USD |
255 |
|
Vivo
Energy Investments BV, 5.13%, 09/24/2023(b)(c) |
|
247,987 |
|
NETHERLANDS—1.3% |
|
EUR |
139 |
|
Lincoln
Financing SARL, 3.63%, 05/31/2022(b)(c) |
|
145,365 |
|
EUR |
100 |
|
Lincoln
Financing SARL, 3.88%, 05/30/2022(b)(c)(f) |
|
104,968 |
|
EUR |
100 |
|
Nobel
Bidco BV, 3.13%, 06/15/2024(b)(c) |
|
87,582 |
|
EUR |
90 |
|
OCI
NV, 3.63%, 10/15/2022(b)(c) |
|
96,845 |
|
EUR |
60 |
|
Stichting
AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(b)(h) |
|
68,899 |
|
EUR |
105 |
|
Summer
BidCo BV, 9.00%, 05/30/2022(b)(c)(g) |
|
107,016 |
|
|
|
610,675 |
|
NIGERIA—2.7% |
|
USD |
216 |
|
Access
Bank PLC, 6.13%, 09/21/2026(b) |
|
203,040 |
|
EUR |
196 |
|
BOI
Finance BV, 7.50%, 02/16/2027(b) |
|
202,635 |
|
USD |
230 |
|
IHS
Netherlands Holdco BV, 8.00%, 09/18/2022(b)(c) |
|
230,897 |
|
USD |
297 |
|
SEPLAT
Petroleum Development Co. PLC, 7.75%, 04/01/2023(b)(c) |
|
281,407 |
|
|
380 |
|
United
Bank for Africa PLC, 6.75%, 11/19/2026(b) |
|
360,525 |
|
|
|
1,278,504 |
|
OMAN—0.5% |
|
USD |
230 |
|
Oztel
Holdings SPC Ltd., 6.63%, 04/24/2028(b) |
|
238,300 |
|
|
Aberdeen Global Income Fund, Inc. |
13 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
Description |
Value
(US$) |
CORPORATE BONDS (continued) |
PERU—0.3% |
USD |
200 |
|
Petroleos del Peru SA, 5.63%, 06/19/2047(b) |
$ |
145,300 |
|
PHILIPPINES—1.0% |
USD |
260 |
|
International Container Terminal Services, Inc., 4.75%, 06/17/2030(b) |
|
255,450 |
|
USD |
243 |
|
Manila Water Co., Inc., 4.38%, 07/30/2025(b)(c) |
|
227,934 |
|
|
|
483,384 |
|
RUSSIA—0.1% |
USD |
200 |
|
Home
Credit & Finance Bank OOO Via Eurasia Capital SA., (fixed rate to 02/07/2025,variable rate thereafter), 8.80%, 02/07/2025(a)(b)(k) |
|
18,600 |
|
USD |
250 |
|
Sovcombank
Via SovCom Capital DAC, (fixed rate to 05/06/2025, variable rate thereafter), 7.75%, 05/06/2025(a)(b)(k) |
|
– |
|
|
|
|
|
|
18,600 |
|
SAUDI ARABIA-1.9% |
|
|
|
USD |
921 |
|
Saudi Arabian Oil Co., 2.88%, 04/16/2024(b) |
|
909,627 |
|
SINGAPORE—1.7% |
USD |
200 |
|
DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2023(b)(c) |
|
202,746 |
|
USD |
200 |
|
Parkway Pantai Ltd., (fixed rate to 07/27/2022, variable rate thereafter), 4.25%, 07/27/2022(a)(b) |
|
196,800 |
|
USD |
210 |
|
Puma International Financing SA, 5.00%, 05/09/2022(b)(c) |
|
195,825 |
|
USD |
210 |
|
Vena Energy Capital Pte Ltd., 3.13%, 02/26/2025(b) |
|
202,105 |
|
|
|
797,476 |
|
SOUTH AFRICA—2.1% |
USD |
210 |
|
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(b) |
|
200,298 |
|
USD |
446 |
|
Liquid Telecommunications Financing PLC, 5.50%, 03/04/2023(b)(c) |
|
425,930 |
|
USD |
400 |
|
Sasol Financing USA LLC, 5.50%, 03/18/2030(c) |
|
360,000 |
|
|
|
986,228 |
|
SPAIN—0.4% |
USD |
200 |
|
Banco Bilbao Vizcaya Argentaria SA, Series
9 (fixed rate to 03/05/2025, variable rate thereafter), 6.50%, 03/05/2025(a) |
|
193,750 |
|
SWEDEN—0.4% |
EUR |
100 |
|
Intrum AB, 3.50%, 07/15/2022(b)(c) |
|
98,024 |
|
EUR |
100 |
|
Verisure Holding AB, 3.88%, 07/15/2022(b)(c) |
|
99,165 |
|
|
|
197,189 |
|
SWITZERLAND—0.7% |
USD |
150 |
|
Consolidated Energy Finance SA, 5.63%, 10/15/2024(b)(c) |
|
138,750 |
|
USD |
200 |
|
Credit Suisse Group AG, (fixed rate to 12/18/2024, variable rate thereafter), 6.25%, 12/18/2024(a)(b) |
|
193,950 |
|
|
|
|
|
332,700 |
|
TANZANIA—0.4% |
USD |
200 |
|
HTA Group Ltd., 7.00%, 06/18/2022(b)(c) |
|
197,600 |
|
TRINIDAD—0.8% |
USD |
400 |
|
Trinidad Generation UnLtd, 5.25%, 11/04/2027(b)(d) |
|
391,040 |
|
TURKEY—0.4% |
USD |
200 |
|
Hazine Mustesarligi Varlik Kiralama, 5.13%, 06/22/2026(b) |
|
188,520 |
|
14 |
Aberdeen Global Income
Fund, Inc. |
|
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
Description |
Value
(US$) |
|
CORPORATE
BONDS (continued) |
|
UKRAINE—0.7% |
|
USD |
206 |
|
Kernel Holding SA, 6.75%, 10/27/2023(b)(c)(k) |
$ |
109,180 |
|
USD |
218 |
|
MHP Lux SA, 6.95%, 04/03/2026(b)(k) |
|
102,460 |
|
USD |
200 |
|
NPC Ukrenergo, 6.88%, 11/09/2026(b)(k) |
|
66,000 |
|
USD |
200 |
|
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024(b)(k) |
|
52,000 |
|
|
|
329,640 |
|
UNITED
ARAB EMIRATES—1.2% |
|
USD |
200 |
|
MAF Global Securities Ltd., (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026(a)(b) |
|
202,000 |
|
USD |
370 |
|
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter), 5.50%, 09/07/2022(a)(b) |
|
366,759 |
|
|
|
568,759 |
|
UNITED
KINGDOM—3.7% |
|
GBP |
200 |
|
Arqiva Broadcast Finance PLC, 6.75%, 05/30/2022(b)(c) |
|
250,233 |
|
GBP |
124 |
|
Bellis Acquisition Co. PLC, 4.50%, 02/24/2023(b)(c) |
|
141,696 |
|
EUR |
125 |
|
eG Global Finance PLC, 6.25%, 05/30/2022(b)(c) |
|
128,763 |
|
USD |
200 |
|
Ithaca Energy North Sea PLC, 9.00%, 07/15/2023(b)(c) |
|
203,958 |
|
GBP |
100 |
|
Jerrold Finco PLC, 4.88%, 05/30/2022(b)(c) |
|
119,395 |
|
GBP |
150 |
|
Phoenix Group Holdings, 6.63%, 12/18/2025(b) |
|
203,752 |
|
USD |
200 |
|
Standard Chartered PLC, (fixed rate to 04/02/2023, variable rate thereafter), 7.75%, 04/02/2023(a)(b) |
|
205,054 |
|
GBP |
100 |
|
TalkTalk Telecom Group Ltd., 3.88%, 05/30/2022(b)(c) |
|
113,485 |
|
GBP |
125 |
|
Very Group Funding PLC (The), 6.50%, 08/01/2023(b)(c) |
|
141,856 |
|
GBP |
200 |
|
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2023(b)(c) |
|
227,913 |
|
|
|
1,736,105 |
|
UNITED
STATES—32.9% |
|
USD |
169 |
|
Academy Ltd., 6.00%, 11/15/2023(b)(c) |
|
168,577 |
|
USD |
229 |
|
ACI Worldwide, Inc., 5.75%, 05/31/2022(b)(c) |
|
231,290 |
|
USD |
163 |
|
Adams Homes, Inc., 7.50%, 05/16/2022(b)(c) |
|
158,809 |
|
USD |
69 |
|
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2023(b)(c) |
|
71,107 |
|
USD |
182 |
|
Affinity Gaming, 6.88%, 12/01/2023(b)(c) |
|
170,468 |
|
USD |
70 |
|
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2024(b)(c) |
|
61,701 |
|
USD |
23 |
|
ASP Unifrax Holdings, Inc., 7.50%, 09/30/2024(b)(c) |
|
18,860 |
|
USD |
98 |
|
Austin BidCo, Inc., 7.13%, 12/15/2023(b)(c) |
|
88,200 |
|
USD |
148 |
|
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 03/01/2024(b)(c) |
|
138,750 |
|
USD |
314 |
|
Ball Corp., 2.88%, 05/15/2030(c) |
|
264,043 |
|
USD |
34 |
|
Ball Corp., 3.13%, 06/15/2031(c) |
|
28,451 |
|
USD |
115 |
|
Bausch Health Americas, Inc., 8.50%, 07/31/2022(b)(c) |
|
108,821 |
|
USD |
62 |
|
Bausch Health Cos., Inc., 4.88%, 06/01/2024(b)(c) |
|
55,010 |
|
USD |
74 |
|
Bausch Health Cos., Inc., 6.13%, 02/01/2024(b)(c) |
|
71,048 |
|
USD |
139 |
|
Berry Global, Inc., 4.50%, 05/31/2022(b)(c) |
|
136,741 |
|
USD |
67 |
|
Boyd Gaming Corp., 8.63%, 06/01/2022(b)(c) |
|
69,847 |
|
USD |
130 |
|
Carnival Corp., 6.00%, 11/01/2024(b)(c) |
|
116,675 |
|
USD |
95 |
|
Carnival Corp., 10.50%, 08/01/2023(b)(c) |
|
104,500 |
|
USD |
134 |
|
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2025(b)(c) |
|
116,555 |
|
USD |
151 |
|
CCM Merger, Inc., 6.38%, 11/01/2022(b)(c) |
|
150,622 |
|
USD |
99 |
|
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 07/01/2025(b)(c) |
|
83,437 |
|
USD |
203 |
|
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 01/15/2028(b)(c) |
|
161,385 |
|
USD |
63 |
|
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 02/01/2027(b)(c) |
|
54,138 |
|
USD |
38 |
|
CCO Holdings LLC / CCO Holdings Capital Corp., 5.38%, 06/01/2024(b)(c) |
|
36,005 |
|
USD |
74 |
|
Cedar Fair LP, 5.25%, 07/15/2024(c) |
|
70,023 |
|
|
Aberdeen Global Income Fund, Inc. |
15 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
Description |
Value
(US$) |
|
CORPORATE BONDS (continued) |
|
UNITED STATES (continued) |
|
USD |
70 |
|
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/01/2023(c) |
$ |
70,176 |
|
USD |
148 |
|
Centene Corp., 3.38%, 02/15/2025(c) |
|
132,231 |
|
USD |
23 |
|
Centene Corp., 4.25%, 12/15/2022(c) |
|
22,310 |
|
USD |
39 |
|
Centene Corp., 4.63%, 12/15/2024(c) |
|
37,772 |
|
USD |
57 |
|
ChampionX Corp., 6.38%, 05/10/2022(c) |
|
57,475 |
|
USD |
189 |
|
Cheniere Energy Partners LP, 4.50%, 10/01/2024(c) |
|
180,967 |
|
USD |
48 |
|
Cheniere Energy, Inc., 4.63%, 10/15/2023(c) |
|
46,440 |
|
USD |
151 |
|
Chesapeake Energy Corp., 6.75%, 04/15/2024(b)(c) |
|
151,944 |
|
USD |
160 |
|
Cimpress PLC, 7.00%, 05/30/2022(b)(c) |
|
149,200 |
|
USD |
192 |
|
Clean Harbors, Inc., 4.88%, 07/15/2022(b)(c) |
|
188,160 |
|
USD |
16 |
|
Clean Harbors, Inc., 5.13%, 07/15/2024(b)(c) |
|
15,760 |
|
USD |
17 |
|
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2025(b)(c) |
|
16,958 |
|
USD |
22 |
|
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2025(b)(c) |
|
20,107 |
|
USD |
104 |
|
Coinbase Global, Inc., 3.38%, 10/01/2024(b)(c) |
|
80,749 |
|
USD |
97 |
|
Coinbase Global, Inc., 3.63%, 10/01/2026(b)(c) |
|
71,657 |
|
USD |
124 |
|
Condor Merger Sub, Inc., 7.38%, 02/15/2025(b)(c) |
|
110,943 |
|
USD |
37 |
|
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2023(b)(c) |
|
35,150 |
|
USD |
104 |
|
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2026(b)(c) |
|
97,760 |
|
USD |
13 |
|
Consolidated Communications, Inc., 5.00%, 10/01/2023(b)(c) |
|
10,624 |
|
USD |
100 |
|
Consolidated Communications, Inc., 6.50%, 10/01/2023(b)(c) |
|
87,134 |
|
USD |
87 |
|
Cornerstone Building Brands, Inc., 6.13%, 09/15/2023(b)(c) |
|
72,388 |
|
USD |
200 |
|
CSC Holdings LLC, 5.75%, 01/15/2025(b)(c) |
|
166,000 |
|
USD |
79 |
|
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2024(b)(c) |
|
73,470 |
|
USD |
81 |
|
Encompass Health Corp., 4.50%, 02/01/2023(c) |
|
74,887 |
|
USD |
37 |
|
Encompass Health Corp., 4.75%, 02/01/2025(c) |
|
33,439 |
|
USD |
108 |
|
Energy Transfer LP, (fixed rate to 05/15/2025, variable rate thereafter), 6.75%, 05/15/2025(a) |
|
103,815 |
|
USD |
68 |
|
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 05/31/2022(b)(c) |
|
69,289 |
|
USD |
163 |
|
Ford Motor Co., 9.00%, 03/22/2025(c) |
|
181,638 |
|
USD |
243 |
|
Ford Motor Co., 9.63%, 01/22/2030(c) |
|
297,067 |
|
USD |
101 |
|
Frontier Communications Holdings LLC, 6.00%, 10/15/2024(b)(c) |
|
87,879 |
|
USD |
65 |
|
FXI Holdings, Inc., 7.88%, 05/31/2022(b)(c) |
|
64,069 |
|
USD |
45 |
|
FXI Holdings, Inc., 12.25%, 11/15/2022(b)(c) |
|
47,925 |
|
USD |
83 |
|
GCI LLC, 4.75%, 10/15/2023(b)(c) |
|
76,982 |
|
USD |
94 |
|
General Motors Financial Co., Inc., (fixed rate to 09/30/2027, variable rate thereafter), 5.75%, 09/30/2027(a) |
|
86,481 |
|
USD |
90 |
|
GLP Capital LP / GLP Financing II, Inc., 5.38%, 08/01/2023(c) |
|
91,292 |
|
USD |
223 |
|
Goodyear Tire & Rubber Co., 5.00%, 07/15/2029 |
|
198,849 |
|
USD |
21 |
|
Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 |
|
18,113 |
|
USD |
230 |
|
Goodyear Tire & Rubber Co., 9.50%, 05/31/2022(c) |
|
241,180 |
|
USD |
407 |
|
Graphic Packaging International LLC, 3.75%, 08/01/2029(b)(c) |
|
356,829 |
|
USD |
131 |
|
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2024(b)(c) |
|
122,485 |
|
USD |
68 |
|
HCA, Inc., 5.38%, 02/01/2025 |
|
69,955 |
|
USD |
154 |
|
HCA, Inc., 5.63%, 03/01/2028(c) |
|
159,150 |
|
USD |
114 |
|
HCA, Inc., 5.88%, 08/15/2025(c) |
|
118,047 |
|
USD |
125 |
|
Hess Midstream Operations LP, 4.25%, 02/15/2025(b)(c) |
|
114,661 |
|
USD |
20 |
|
Hess Midstream Operations LP, 5.50%, 10/15/2025(b)(c) |
|
19,706 |
|
USD |
57 |
|
Hess Midstream Operations LP, 5.63%, 05/31/2022(b)(c) |
|
57,000 |
|
USD |
150 |
|
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2024(b)(c) |
|
147,000 |
|
USD |
296 |
|
Howmet Aerospace, Inc., 3.00%, 11/15/2028(c) |
|
258,304 |
|
USD |
76 |
|
Howmet Aerospace, Inc., 5.95%, 02/01/2037 |
|
76,803 |
|
USD |
7 |
|
Howmet Aerospace, Inc., 6.88%, 04/01/2025(c) |
|
7,402 |
|
16 | Aberdeen Global Income Fund, Inc. |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
Description |
Value
(US$) |
|
CORPORATE BONDS (continued) |
|
UNITED STATES (continued) |
|
USD |
200 |
|
Hyundai Capital America, 6.38%, 01/08/2030(b)(c) |
$ |
219,152 |
|
EUR |
179 |
|
International Game Technology PLC, 3.50%, 06/15/2022(b)(c) |
|
183,445 |
|
USD |
60 |
|
Iron Mountain, Inc., 4.88%, 09/15/2024(b)(c) |
|
54,963 |
|
USD |
23 |
|
Iron Mountain, Inc., 5.00%, 07/15/2023(b)(c) |
|
21,789 |
|
USD |
140 |
|
Iron Mountain, Inc., 5.25%, 12/27/2022(b)(c) |
|
133,354 |
|
USD |
65 |
|
Iron Mountain, Inc., 5.25%, 07/15/2025(b)(c) |
|
59,575 |
|
USD |
179 |
|
ITT Holdings LLC, 6.50%, 08/01/2024(b)(c) |
|
158,415 |
|
USD |
180 |
|
JPMorgan Chase & Co., (fixed rate to 11/01/2022, variable rate thereafter), 4.63%, 11/01/2022(a) |
|
172,350 |
|
USD |
280 |
|
Lennar Corp., 4.88%, 09/15/2023(c) |
|
284,684 |
|
USD |
134 |
|
LogMeIn, Inc., 5.50%, 09/01/2023(b)(c) |
|
117,250 |
|
USD |
139 |
|
Macy's Retail Holdings LLC, 5.88%, 04/01/2024(b)(c) |
|
131,858 |
|
USD |
3 |
|
Macy's Retail Holdings LLC, 5.88%, 03/15/2025(b)(c) |
|
2,815 |
|
USD |
9 |
|
Macy's Retail Holdings LLC, 6.13%, 03/15/2027(b)(c) |
|
8,325 |
|
USD |
102 |
|
MajorDrive Holdings IV LLC, 6.38%, 06/01/2024(b)(c) |
|
80,835 |
|
USD |
13 |
|
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2024(b)(c) |
|
11,440 |
|
USD |
119 |
|
Marriott Ownership Resorts, Inc., 4.75%, 09/15/2022(c) |
|
109,480 |
|
USD |
48 |
|
Mauser Packaging Solutions Holding Co., 7.25%, 05/31/2022(b)(c) |
|
45,480 |
|
USD |
96 |
|
Michaels Cos Inc.(The), 5.25%, 11/01/2023(b)(c) |
|
82,504 |
|
USD |
77 |
|
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2022(b)(c) |
|
75,267 |
|
USD |
88 |
|
Millennium Escrow Corp., 6.63%, 08/01/2023(b)(c) |
|
81,312 |
|
USD |
120 |
|
Minerva Merger Sub, Inc., 6.50%, 02/15/2025(b)(c) |
|
110,453 |
|
USD |
148 |
|
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2025(b)(c) |
|
128,020 |
|
USD |
181 |
|
Mozart Debt Merger Sub, Inc., 3.88%, 10/01/2024(b)(c) |
|
158,151 |
|
USD |
65 |
|
NCL Corp. Ltd., 5.88%, 02/15/2024(b)(c) |
|
61,961 |
|
USD |
69 |
|
NCL Corp. Ltd., 7.75%, 11/15/2028(b)(c) |
|
66,930 |
|
USD |
21 |
|
NCL Finance Ltd., 6.13%, 12/15/2027(b)(c) |
|
18,900 |
|
USD |
27 |
|
Netflix, Inc., 4.88%, 03/15/2030(b)(c) |
|
26,325 |
|
USD |
95 |
|
Netflix, Inc., 5.88%, 11/15/2028 |
|
97,850 |
|
USD |
63 |
|
Netflix, Inc., 6.38%, 05/15/2029 |
|
66,780 |
|
USD |
87 |
|
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2024(b)(c) |
|
79,521 |
|
USD |
71 |
|
Nielsen Finance LLC / Nielsen Finance Co., 5.63%, 10/01/2023(b)(c) |
|
68,801 |
|
USD |
66 |
|
Novelis Corp., 3.25%, 11/15/2023(b)(c) |
|
60,222 |
|
USD |
28 |
|
Novelis Corp., 3.88%, 08/15/2026(b)(c) |
|
24,010 |
|
USD |
54 |
|
Novelis Corp., 4.75%, 01/30/2025(b)(c) |
|
49,665 |
|
USD |
15 |
|
NRG Energy, Inc., 3.38%, 02/15/2024(b)(c) |
|
12,713 |
|
USD |
38 |
|
NRG Energy, Inc., 3.63%, 02/15/2026(b)(c) |
|
31,635 |
|
USD |
68 |
|
NRG Energy, Inc., 3.88%, 02/15/2027(b)(c) |
|
56,763 |
|
USD |
134 |
|
NRG Energy, Inc., 5.25%, 06/15/2024(b)(c) |
|
126,211 |
|
USD |
72 |
|
Occidental Petroleum Corp., 3.00%, 11/15/2026(c) |
|
66,960 |
|
USD |
26 |
|
Occidental Petroleum Corp., 5.50%, 09/01/2025(c) |
|
26,455 |
|
USD |
22 |
|
Occidental Petroleum Corp., 5.55%, 12/15/2025(c) |
|
22,550 |
|
USD |
115 |
|
Occidental Petroleum Corp., 6.38%, 03/01/2028(c) |
|
120,750 |
|
USD |
46 |
|
Occidental Petroleum Corp., 6.63%, 03/01/2030(c) |
|
49,853 |
|
USD |
82 |
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2024(b)(c) |
|
75,111 |
|
USD |
29 |
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/2022(b)(c) |
|
30,006 |
|
USD |
200 |
|
Perrigo Finance Unlimited Co., 3.90%, 03/15/2030(c) |
|
179,382 |
|
USD |
167 |
|
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2022(b)(c) |
|
154,475 |
|
USD |
118 |
|
Post Holdings, Inc., 5.63%, 12/01/2022(b)(c) |
|
111,569 |
|
USD |
125 |
|
Qwest Capital Funding, Inc., 6.88%, 07/15/2028 |
|
117,386 |
|
USD |
125 |
|
Qwest Capital Funding, Inc., 7.75%, 02/15/2031 |
|
118,750 |
|
Aberdeen Global Income Fund, Inc. | 17 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
|
Description |
Value
(US$) |
|
CORPORATE
BONDS (continued) |
|
UNITED
STATES (continued) |
|
USD |
97 |
|
Rattler Midstream LP, 5.63%, 07/15/2022(b)(c) |
$ |
97,126 |
|
USD |
136 |
|
Royal Caribbean Cruises Ltd., 3.70%, 12/15/2027(c) |
|
113,873 |
|
USD |
33 |
|
Royal Caribbean Cruises Ltd., 11.50%, 06/01/2022(b)(c) |
|
35,878 |
|
USD |
94 |
|
Sabre GLBL, Inc., 7.38%, 09/01/2022(b)(c) |
|
95,076 |
|
USD |
210 |
|
Sagicor Financial Co. Ltd., 5.30%, 05/13/2024(b)(c) |
|
204,756 |
|
USD |
72 |
|
Sealed Air Corp., 5.00%, 04/15/2029 |
|
71,460 |
|
USD |
76 |
|
Sealed Air Corp., 6.88%, 07/15/2033(b) |
|
83,260 |
|
USD |
228 |
|
Sirius XM Radio, Inc., 5.50%, 07/01/2024(b)(c) |
|
219,258 |
|
USD |
70 |
|
Six Flags Entertainment Corp., 4.88%, 05/31/2022(b)(c) |
|
69,720 |
|
USD |
208 |
|
Six Flags Theme Parks, Inc., 7.00%, 07/01/2022(b)(c) |
|
216,060 |
|
USD |
118 |
|
Southwestern Energy Co., 4.75%, 02/01/2027(c) |
|
111,584 |
|
USD |
62 |
|
Spirit AeroSystems, Inc., 4.60%, 03/15/2028(c) |
|
53,557 |
|
USD |
96 |
|
Spirit AeroSystems, Inc., 7.50%, 05/31/2022(b)(c) |
|
97,200 |
|
USD |
145 |
|
Staples, Inc., 7.50%, 05/31/2022(b)(c) |
|
138,475 |
|
USD |
35 |
|
Staples, Inc., 10.75%, 05/31/2022(b)(c) |
|
31,010 |
|
USD |
128 |
|
Starwood Property Trust, Inc., 3.63%, 01/15/2026(b)(c) |
|
116,800 |
|
USD |
191 |
|
SunCoke Energy, Inc., 4.88%, 06/30/2024(b)(c) |
|
171,241 |
|
USD |
123 |
|
Tempur Sealy International, Inc., 3.88%, 10/15/2026(b)(c) |
|
101,915 |
|
USD |
127 |
|
Tenet Healthcare Corp., 4.63%, 05/31/2022(c) |
|
126,655 |
|
USD |
95 |
|
Tenet Healthcare Corp., 6.13%, 10/01/2023(b)(c) |
|
91,195 |
|
USD |
25 |
|
Travel & Leisure Co., 4.63%, 12/01/2029(b)(c) |
|
22,250 |
|
USD |
115 |
|
Travel + Leisure Co., 5.65%, 02/01/2024(c) |
|
115,862 |
|
USD |
108 |
|
Turning Point Brands, Inc., 5.63%, 02/15/2023(b)(c) |
|
102,773 |
|
USD |
97 |
|
Univision Communications, Inc., 6.63%, 06/01/2023(b)(c) |
|
97,242 |
|
USD |
119 |
|
USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 09/01/2022(c) |
|
116,300 |
|
USD |
46 |
|
Venture Global Calcasieu Pass LLC, 3.88%, 02/15/2029(b)(c) |
|
41,975 |
|
USD |
98 |
|
Venture Global Calcasieu Pass LLC, 3.88%, 05/01/2033(b)(c) |
|
85,265 |
|
USD |
46 |
|
Venture Global Calcasieu Pass LLC, 4.13%, 02/15/2031(b)(c) |
|
41,745 |
|
USD |
65 |
|
Viking Cruises Ltd., 13.00%, 05/16/2022(b)(c) |
|
71,136 |
|
USD |
55 |
|
Vistra Operations Co. LLC, 4.38%, 05/01/2024(b)(c) |
|
49,911 |
|
USD |
123 |
|
VM Consolidated, Inc., 5.50%, 04/15/2024(b)(c) |
|
110,078 |
|
USD |
86 |
|
Western Midstream Operating LP, 5.75%, 08/01/2049(c) |
|
75,780 |
|
USD |
157 |
|
Wolverine World Wide, Inc., 4.00%, 08/15/2024(b)(c) |
|
133,425 |
|
|
|
15,472,977 |
|
ZAMBIA—0.5% |
|
USD |
230 |
|
First Quantum Minerals Ltd., 7.50%, 05/09/2022(b)(c) |
|
232,826 |
|
|
|
|
Total
Corporate Bonds—84.9% (cost $44,326,218) |
|
39,818,134 |
|
GOVERNMENT
BONDS—44.0% |
|
ANGOLA—1.9% |
|
|
1,000 |
|
Republic of Angola Government Bond, 9.13%, 11/26/2049(b) |
|
881,430 |
|
ARGENTINA—1.6% |
|
USD |
422 |
|
Argentine Republic Government International Bond, 0.50%, 05/30/2022(h) |
|
132,334 |
|
USD |
71 |
|
Argentine Republic Government International Bond, 1.00%, 05/31/2022 |
|
22,849 |
|
USD |
755 |
|
Argentine Republic Government International Bond, 1.13%, 05/30/2022(h) |
|
215,404 |
|
USD |
1,293 |
|
Argentine Republic Government International Bond, 1.13%, 05/30/2022(h) |
|
374,779 |
|
USD |
90 |
|
Argentine Republic Government International Bond, 2.00%, 05/30/2022(h) |
|
32,458 |
|
|
|
777,824 |
|
18 | Aberdeen Global Income Fund, Inc. |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
|
Description |
Value
(US$) |
|
GOVERNMENT
BONDS (continued) |
|
AUSTRALIA—4.1% |
|
AUD |
1,700 |
|
Australia Government Bond, 2.75%, 11/21/2029(b) |
$ |
1,177,067 |
|
AUD |
1,100 |
|
Queensland Treasury Corp., 3.50%, 08/21/2030(b) |
|
780,895 |
|
|
|
1,957,962 |
|
BAHRAIN—1.6% |
|
USD |
390 |
|
Bahrain Government International Bond, 4.25%, 01/25/2028(b) |
|
364,673 |
|
USD |
229 |
|
Bahrain Government International Bond, 5.45%, 09/16/2032(b) |
|
206,131 |
|
USD |
210 |
|
Bahrain Government International Bond, 6.25%, 01/25/2051(b) |
|
173,500 |
|
|
|
744,304 |
|
BELARUS—0.1% |
|
USD |
200 |
|
Republic of Belarus Ministry of Finance, 5.88%, 02/24/2026(b)(k) |
|
24,000 |
|
BRAZIL—4.6% |
|
BRL |
7,434 |
|
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2029 |
|
1,362,163 |
|
BRL |
2,076 |
|
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2027 |
|
390,287 |
|
USD |
370 |
|
Brazilian Government International Bond, 7.13%, 01/20/2037 |
|
396,455 |
|
|
|
2,148,905 |
|
COLOMBIA—0.3% |
|
USD |
200 |
|
Colombia Government International Bond, 5.20%, 11/15/2048(c) |
|
150,250 |
|
DOMINICAN
REPUBLIC—2.4% |
|
USD |
200 |
|
Dominican Republic International Bond, 5.50%, 12/22/2028(b)(c) |
|
186,900 |
|
USD |
1,230 |
|
Dominican Republic International Bond, 5.88%, 01/30/2060(b) |
|
932,202 |
|
|
|
1,119,102 |
|
ECUADOR—0.9% |
|
USD |
82 |
|
Ecuador Government International Bond, Zero Coupon, 07/31/2030(b)(d)(i) |
|
44,250 |
|
USD |
261 |
|
Ecuador Government International Bond, 0.50%, 07/31/2040(b)(d)(h) |
|
142,000 |
|
USD |
279 |
|
Ecuador Government International Bond, 5.00%, 07/31/2030(b)(d)(h) |
|
226,318 |
|
|
|
412,568 |
|
EGYPT—1.1% |
|
USD |
405 |
|
Egypt Government International Bond, 7.60%, 03/01/2029(b) |
|
343,845 |
|
USD |
200 |
|
Egypt Government International Bond, 7.63%, 05/29/2032(b) |
|
155,650 |
|
|
|
499,495 |
|
GEORGIA—0.6% |
|
USD |
306 |
|
Georgia Government International Bond, 2.75%, 04/22/2026(b) |
|
262,360 |
|
GHANA—0.5% |
|
USD |
385 |
|
Ghana Government International Bond, 7.63%, 05/16/2029(b)(d) |
|
242,123 |
|
INDONESIA—7.5% |
|
USD |
650 |
|
Indonesia Government International Bond, 3.50%, 01/11/2028 |
|
636,287 |
|
USD |
1,180 |
|
Indonesia Government International Bond, 3.70%, 10/30/2049 |
|
997,599 |
|
USD |
100 |
|
Indonesia Government International Bond, 7.75%, 01/17/2038(b) |
|
126,825 |
|
IDR |
2,600,000 |
|
Indonesia Treasury Bond, 5.63%, 05/15/2023 |
|
181,581 |
|
IDR |
780,000 |
|
Indonesia Treasury Bond, 6.50%, 06/15/2025 |
|
54,773 |
|
IDR |
341,000 |
|
Indonesia Treasury Bond, 7.00%, 09/15/2030 |
|
23,427 |
|
IDR |
6,535,000 |
|
Indonesia Treasury Bond, 7.50%, 04/15/2040 |
|
459,798 |
|
IDR |
14,800,000 |
|
Indonesia Treasury Bond, 8.13%, 05/15/2024 |
|
1,071,515 |
|
|
|
3,551,805 |
|
|
Aberdeen Global Income Fund, Inc. |
19 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
|
Description |
Value
(US$) |
|
GOVERNMENT
BONDS (continued) |
|
IRAQ—1.6% |
|
|
USD |
375 |
|
Iraq International Bond, 5.80%, 06/13/2022(b) |
$ |
361,973 |
|
USD |
400 |
|
Iraq International Bond, 6.75%, 03/09/2023(b) |
|
399,680 |
|
|
|
761,653 |
|
KENYA—0.7% |
|
USD |
410 |
|
Kenya Government International Bond, 8.25%, 02/28/2048(b) |
|
313,650 |
|
MALAYSIA—1.7% |
|
MYR |
1,000 |
|
Malaysia Government Bond, 3.76%, 05/22/2040 |
|
196,568 |
|
MYR |
800 |
|
Malaysia Government Bond, 3.83%, 07/05/2034 |
|
166,825 |
|
MYR |
1,100 |
|
Malaysia Government Bond, 4.07%, 06/15/2050 |
|
215,672 |
|
MYR |
1,100 |
|
Malaysia Government Bond, 4.23%, 06/30/2031 |
|
245,770 |
|
|
|
824,835 |
|
MEXICO—0.6% |
MXN |
7,000 |
|
Mexican Bonos, 7.75%, 11/13/2042 |
|
296,764 |
|
NIGERIA—0.7% |
|
USD |
200 |
|
Nigeria Government International Bond, 7.14%, 02/23/2030(b) |
|
170,750 |
|
USD |
200 |
|
Nigeria Government International Bond, 7.63%, 11/28/2047(b) |
|
142,016 |
|
|
|
312,766 |
|
OMAN—1.6% |
USD |
770 |
|
Oman Government International Bond, 7.00%, 01/25/2051(b) |
|
739,585 |
|
PERU—0.7% |
PEN |
1,350 |
|
Peruvian Government International Bond, 6.90%, 08/12/2037(b) |
|
311,187 |
|
QATAR—1.2% |
|
USD |
576 |
|
Qatar Government International Bond, 4.40%, 04/16/2050(b) |
|
583,283 |
|
RUSSIA—0.3% |
|
RUB |
57,000 |
|
Russian Federal Bond—OFZ, 7.05%, 01/19/2028(k) |
|
– |
|
RUB |
26,000 |
|
Russian Federal Bond—OFZ, 7.70%, 03/23/2033(k) |
|
– |
|
USD |
800 |
|
Russian Foreign Bond—Eurobond, 4.75%, 05/27/2026(b)(k) |
|
160,000 |
|
|
|
160,000 |
|
RWANDA—0.7% |
|
USD |
400 |
|
Rwanda International Government Bond, 5.50%, 08/09/2031(b) |
|
354,500 |
|
SAUDI
ARABIA—0.9% |
|
USD |
410 |
|
Saudi Government International Bond, 4.38%, 04/16/2029(b) |
|
426,179 |
|
SOUTH
AFRICA—2.6% |
|
ZAR |
23,221 |
|
Republic of South Africa Government Bond, 9.00%, 01/31/2040 |
|
1,242,881 |
|
TURKEY—1.8% |
|
USD |
304 |
|
Turkey Government International Bond, 4.88%, 10/09/2026 |
|
267,877 |
|
USD |
630 |
|
Turkey Government International Bond, 6.00%, 03/25/2027 |
|
573,082 |
|
|
|
840,959 |
|
UKRAINE—0.4% |
|
UAH |
9,500 |
|
Ukraine Government Bond, JPMorgan Chase Bank Credit Linked Note, 11.67%, 11/27/2023(b)(k) |
|
193,870 |
|
20 |
Aberdeen Global Income Fund, Inc. |
|
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
Principal
Amount
(000) or Shares |
|
Description |
Value
(US$) |
|
GOVERNMENT BONDS (continued) |
|
URUGUAY—0.9% |
|
USD |
146 |
|
Uruguay Government International Bond, 7.63%, 03/21/2036(d) |
$ |
190,739 |
|
USD |
165 |
|
Uruguay Government International Bond, 7.88%, 01/15/2033 |
|
212,782 |
|
|
|
403,521 |
|
UZBEKISTAN—0.4% |
|
USD |
252 |
|
Republic of Uzbekistan International Bond, 3.70%, 11/25/2030(b) |
|
205,380 |
|
|
|
|
Total
Government Bonds—43.6% (cost $25,894,733) |
|
20,743,141 |
|
WARRANTS—0.0% |
|
BRAZIL—0.0% |
|
BRL |
61,465 |
|
OAS S.A.(j)(k)(l) |
|
– |
|
UNITED STATES—0.0% |
|
BRL |
73,666 |
|
DELCO, Series A(j)(k)(l) |
|
– |
|
|
|
|
Total
Warrants— –% (cost $419,998) |
|
– |
|
SHORT-TERM INVESTMENT—9.2% |
|
UNITED STATES—9.2% |
|
USD |
4,340,995 |
|
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.29%(m) |
|
4,340,995 |
|
|
|
|
Total
Short-Term Investment—9.2% (cost $4,340,995) |
|
4,340,995 |
|
|
|
|
Total
Investments—137.7% (cost $74,981,944)(n) |
|
64,902,270 |
|
|
|
|
Liabilities in Excess of Other Assets—(37.7)% |
|
(17,783,944 |
) |
|
|
|
Net
Assets—100.0% |
$ |
47,118,326 |
|
| (a) | Perpetual bond. This is a bond that has no maturity date, is
redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put
date. |
| (b) | Denotes a restricted security. |
| (c) | The maturity date presented for these instruments represents
the next call/put date. |
| (e) | Security is in default. |
| (f) | Variable Rate Instrument. The rate shown is based on the latest
available information as of April 30, 2022. Certain variable rate securities are not based on a published reference rate and spread
but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate
and spread in their description. |
| (g) | Payment-in-kind. This is a type of bond that pays interest in
additional bonds rather than in cash. |
| (h) | Indicates a stepped coupon bond. This bond was issued with a
low coupon that gradually increases over the life of the bond. |
| (i) | Issued with a zero coupon. |
| (j) | Level 3 security. See Note 2(a) of the accompanying Notes
to Financial Statements. |
| (l) | Non-Income Producing Security. |
| (m) | Registered investment company advised by State Street Global
Advisors. The rate shown is the 7 day yield as of April 30, 2022. |
| (n) | See accompanying Notes to Financial Statements for tax unrealized
appreciation/(depreciation) of securities. |
AUD—Australian Dollar
BRL—Brazilian Real
CNY—Chinese Yuan Renminbi
EUR—Euro Currency
GBP—British Pound Sterling
IDR—Indonesian Rupiah
| INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
PEN—Peruvian Sol
PHP—Philippine Peso
| RUB—Russian Ruble
SGD—Singapore Dollar
THB—Thai Baht
UAH—Ukraine hryvna
USD—U.S. Dollar
ZAR—South African Rand
|
|
Aberdeen Global Income Fund, Inc. |
21 |
Portfolio of Investments (unaudited)
(continued)
April 30, 2022
At April 30, 2022, the Fund's open forward foreign currency exchange
contracts were as follows:
Purchase
Contracts Settlement Date* | |
Counterparty | |
Amount
Purchased | |
Amount
Sold | |
Fair
Value | |
Unrealized
Appreciation/ (Depreciation) | |
Australian Dollar/United States Dollar | |
|
| |
|
| |
| | |
| | |
06/24/2022 | |
UBS
AG | |
AUD |
6,145,931 | |
USD |
4,567,127 | |
| $ 4,346,372 | |
| $(220,755 | ) |
Brazilian Real/United States Dollar | |
|
| |
|
| |
| | |
| | |
05/24/2022 | |
UBS
AG | |
BRL |
3,922,000 | |
USD |
763,666 | |
| 787,965 | |
| 24,299 | |
British Pound/United States Dollar | |
|
| |
|
| |
| | |
| | |
05/31/2022 | |
JPMorgan
Chase Bank N.A. | |
GBP |
30,000 | |
USD |
37,339 | |
| 37,722 | |
| 383 | |
Chinese Renminbi/United States Dollar | |
|
| |
|
| |
| | |
| | |
06/14/2022 | |
Royal
Bank of Canada | |
CNY |
24,193,560 | |
USD |
3,798,683 | |
| 3,646,618 | |
| (152,065 | ) |
Euro/United
States Dollar | |
| |
|
| |
|
| |
| | |
| | |
07/14/2022 | |
Deutsche
Bank AG | |
EUR |
391,000 | |
USD |
426,591 | |
| 413,958 | |
| (12,633 | ) |
Philippine Peso/United States Dollar | |
|
| |
|
| |
| | |
| | |
05/16/2022 | |
Citibank
N.A. | |
PHP |
72,595,500 | |
USD |
1,406,672 | |
| 1,383,968 | |
| (22,704 | ) |
Singapore Dollar/United States Dollar | |
|
| |
|
| |
| | |
| | |
06/15/2022 | |
Royal
Bank of Canada | |
SGD |
4,250,000 | |
USD |
3,112,078 | |
| 3,073,060 | |
| (39,018 | ) |
South Korean Won/United States Dollar | |
|
| |
|
| |
| | |
| | |
05/23/2022 | |
Citibank
N.A. | |
KRW |
3,896,568,000 | |
USD |
3,266,933 | |
| 3,085,731 | |
| (181,202 | ) |
Thai Baht/United States Dollar | |
|
| |
|
| |
| | |
| | |
06/10/2022 | |
Citibank
N.A. | |
THB |
64,050,000 | |
USD |
1,930,808 | |
| 1,871,081 | |
| (59,727 | ) |
| |
| |
|
| |
|
| |
| $18,646,475 | |
| $(663,422 | ) |
Sale
Contracts Settlement Date* | |
Counterparty | |
Amount
Purchased | |
Amount
Sold | |
Fair
Value | |
Unrealized
Appreciation/ (Depreciation) | |
United
States Dollar/Brazilian Real |
05/24/2022 | |
Deutsche
Bank AG | |
USD |
732,024 | |
BRL |
3,922,000 | |
| $ 787,965 | |
| $ (55,941 | ) |
05/24/2022 | |
UBS
AG | |
USD |
1,881,593 | |
BRL |
8,939,000 | |
| 1,795,926 | |
| 85,667 | |
United
States Dollar/British Pound |
05/31/2022 | |
Royal
Bank of Canada | |
USD |
1,564,558 | |
GBP |
1,198,000 | |
| 1,506,380 | |
| 58,178 | |
United
States Dollar/Euro |
05/31/2022 | |
Citibank
N.A. | |
USD |
3,201,892 | |
EUR |
2,941,000 | |
| 3,106,171 | |
| 95,721 | |
05/31/2022 | |
Royal
Bank of Canada | |
USD |
327,266 | |
EUR |
303,000 | |
| 320,017 | |
| 7,249 | |
07/14/2022 | |
Citibank
N.A. | |
USD |
582,205 | |
EUR |
529,000 | |
| 560,060 | |
| 22,145 | |
United
States Dollar/Indonesian Rupiah |
05/12/2022 | |
UBS
AG | |
USD |
206,208 | |
IDR |
2,964,000,000 | |
| 204,398 | |
| 1,810 | |
United
States Dollar/MXN |
07/14/2022 | |
UBS
AG | |
USD |
535,787 | |
MXN |
10,784,000 | |
| 521,283 | |
| 14,504 | |
United
States Dollar/South African Rand |
07/14/2022 | |
Citibank
N.A. | |
USD |
39,482 | |
ZAR |
581,000 | |
| $ 36,512 | |
| $ 2,970 | |
| |
| |
|
| |
|
| |
| $8,838,712 | |
| $ 232,303 | |
Total
unrealized appreciation on open forward foreign currency exchange contracts | |
| | |
| $ 312,926 | |
Total
unrealized depreciation on open forward foreign currency exchange contracts | |
| | |
| $ (744,045 | ) |
* Certain contracts with different trade dates and like characteristics
have been shown net.
22 |
Aberdeen Global Income Fund, Inc. |
Portfolio of Investments (unaudited)
(concluded)
April 30, 2022
At April 30, 2022, the Fund held the following centrally cleared
interest rate swaps:
Currency | |
Notional
Amount | |
Expiration
Date |
|
Counterparty | |
Receive
(Pay)
Floating
Rate | |
Floating
Rate Index | |
Fixed
Rate | | |
Premiums
Paid (Received) | | |
Unrealized
Appreciation/ (Depreciation) | | |
Value |
USD | |
100,000 | |
11/04/2024 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 2.44% | | |
| $ – | | |
| $ 421 | | |
$ 421 |
USD | |
1,000,000 | |
06/10/2027 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 0.70% | | |
| – | | |
| 106,987 | | |
106,987 |
USD | |
13,500,000 | |
10/25/2027 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 2.36% | | |
| – | | |
| 285,765 | | |
285,765 |
USD | |
700,000 | |
07/23/2029 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 1.97% | | |
| – | | |
| 43,252 | | |
43,252 |
USD | |
2,000,000 | |
04/22/2030 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 0.70% | | |
| – | | |
| 319,004 | | |
319,004 |
USD | |
1,000,000 | |
05/06/2030 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 0.62% | | |
| (475 | ) | |
| 167,338 | | |
166,864 |
USD | |
800,000 | |
06/02/2031 |
|
Citibank | |
Receive | |
3-month
LIBOR | |
| 0.71% | | |
| (53,784 | ) | |
| 196,564 | | |
142,779 |
| |
| |
|
|
| |
| |
| |
| | | |
| $(54,259 | ) | |
| $1,119,331 | | |
$1,065,072 |
See accompanying Notes to Financial Statements.
Aberdeen
Global Income Fund, Inc. |
23 |
Statement of Assets and Liabilities (unaudited)
As of April 30, 2022
Assets |
Investments,
at value (cost $74,981,944) | |
| $ 64,902,270 | |
Cash at broker for interest rate
swaps | |
| 435,511 | |
Foreign currency, at value (cost
$340,568) | |
| 319,610 | |
Cash | |
| 78,272 | |
Cash at broker for forward foreign
currency contracts | |
| 300,000 | |
Interest and dividends receivable | |
| 1,082,192 | |
Unrealized appreciation on forward
foreign currency exchange contracts | |
| 312,926 | |
Receivable for investments sold | |
| 286,625 | |
Receivable for common shares
sold | |
| 70,092 | |
Variation margin receivable for
centrally cleared interest rate swap contracts | |
| 72,227 | |
Prepaid expenses in connection
with the at-the-market stock offering (Note 5) | |
| 207,263 | |
Prepaid expenses in connection
with the shelf registration (Note 5) | |
| 63,836 | |
Prepaid expenses in connection
with revolving credit facility (Note 7) | |
| 46,291 | |
Prepaid
expenses | |
| 228 | |
Total
assets | |
| 68,177,343 | |
Liabilities | |
| | |
Revolving credit facility payable
(Note 7) | |
| 19,100,000 | |
Payable for investments purchased | |
| 787,732 | |
Unrealized depreciation on forward
foreign currency exchange contracts | |
| 744,045 | |
Cash due to broker for forward
foreign currency contracts | |
| 140,000 | |
Director fees payable | |
| 59,500 | |
Investment management fees payable
(Note 3) | |
| 43,329 | |
Interest payable on bank loan | |
| 19,684 | |
Investor relations fees payable
(Note 3) | |
| 10,261 | |
Administration fees payable (Note
3) | |
| 8,332 | |
Deferred foreign capital gains
tax | |
| 3,141 | |
Other
accrued expenses | |
| 142,993 | |
Total
liabilities | |
| 21,059,017 | |
| |
| | |
Net
Assets | |
| $ 47,118,326 | |
Composition
of Net Assets: | |
| | |
Common stock
(par value $.001 per share) (Note 5) | |
| $9,586 | |
Paid-in
capital in excess of par | |
| 66,847,169 | |
Distributable
accumulated loss | |
| (19,738,429 | ) |
Net
Assets | |
| $ 47,118,326 | |
Net
asset value per share based on 9,586,475 shares issued and outstanding | |
| $ 4.92 | (a) |
(a) The NAV shown above differs from the traded NAV on April 30,
2022 due to financial statement rounding and/or financial statement adjustments.
See Notes to Financial Statements.
24 |
Aberdeen Global Income Fund, Inc. |
Statement of Operations (unaudited)
For the Six-Month Period Ended April 30, 2022
Net
Investment Income: |
Income |
|
|
|
|
Interest
and amortization of discount and premium (net of foreign withholding taxes of $14,029) | |
$ | 2,038,379 | |
Total
Investment Income | |
| 2,038,379 | |
Expenses: | |
| | |
Investment management fee (Note
3) | |
| 237,448 | |
Director fees and expenses | |
| 118,584 | |
Administration fee (Note 3) | |
| 45,663 | |
Bank loan fees and expenses | |
| 45,190 | |
Independent auditors' fees and
expenses | |
| 41,474 | |
Investor relations fees and expenses
(Note 3) | |
| 27,357 | |
Reports to shareholders and proxy
solicitation | |
| 22,059 | |
Transfer agent's fees and expenses | |
| 14,006 | |
Custodian fees and expenses | |
| 10,175 | |
Legal fees and expenses | |
| 4,838 | |
Insurance expense | |
| 2,920 | |
Miscellaneous | |
| 17,531 | |
Total operating expenses, excluding
interest expense | |
| 587,245 | |
Interest
expense (Note 7) | |
| 135,234 | |
Total operating expenses before
reimbursed/waived expenses | |
| 722,479 | |
Less:
Investor relations fee waiver (Note 3) | |
| (14,353 | ) |
Net
operating expenses | |
| 708,126 | |
| |
| | |
Net
Investment Income | |
| 1,330,253 | |
Net
Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: | |
| | |
Net
realized gain/(loss) from: | |
| | |
Investment transactions (including
$0 capital gains tax) | |
| (2,613,973 | ) |
Interest rate swaps | |
| 42,152 | |
Forward foreign currency exchange
contracts | |
| 329,700 | |
Foreign
currency transactions | |
| (96,717 | ) |
| |
| (2,338,838 | ) |
Net
change in unrealized appreciation/(depreciation) on: | |
| | |
Investments (including change
in deferred capital gains tax of $6,429) | |
| (9,024,209 | ) |
Interest rate swaps | |
| 1,585,313 | |
Forward foreign currency exchange
rate contracts | |
| (542,217 | ) |
Foreign
currency translation | |
| (652,067 | ) |
| |
| (8,633,180 | ) |
Net
(loss) from investments and interest rate swaps | |
| (10,972,018 | ) |
Net
Decrease in Net Assets Resulting from Operations | |
$ | (9,641,765 | ) |
See Notes to Financial Statements.
Aberdeen
Global Income Fund, Inc. |
25 |
Statement of Changes in Net Assets
| |
For
the Six-Month Period Ended
April 30, 2022 (unaudited) | | |
For
the Year Ended October 31, 2021 | |
Increase/(Decrease)
in Net Assets: | |
| | | |
| | |
Operations: | |
| | | |
| | |
Net investment income | |
$ | 1,330,253 | | |
$ | 2,690,299 | |
Net realized gain/(loss) from
investments, interest rate swaps and futures contracts | |
| (2,571,821 | ) | |
| 287,992 | |
Net realized gain/(loss) from
foreign currency transactions | |
| 232,983 | | |
| (346,352 | ) |
Net change in unrealized appreciation/(depreciation)
on investments and interest rate swaps | |
| (7,438,896 | ) | |
| 1,218,898 | |
Net
change in unrealized appreciation/(depreciation) on foreign currency translation | |
| (1,194,284 | ) | |
| 954,024 | |
Net
increase/(decrease) in net assets resulting from operations | |
| (9,641,765 | ) | |
| 4,804,861 | |
Distributions
to Shareholders From: | |
| | | |
| | |
Distributable earnings | |
| (3,861,181 | ) | |
| (1,828,954 | ) |
Tax
return of capital | |
| – | | |
| (5,515,678 | ) |
Net
decrease in net assets from distributions | |
| (3,861,181 | ) | |
| (7,344,632 | ) |
Proceeds from at the market stock
offering resulting in the issuance of 712,970 and 116,834 shares of common stock, respectively (Note 5) | |
| 4,933,427 | | |
| 934,799 | |
Expenses in connection with the
at-the-market stock offering (Note 5) | |
| (38,209 | ) | |
| (3,372 | ) |
Expenses in connection with the
shelf offering (Note 5) | |
| (7,204 | ) | |
| (1,252 | ) |
Reinvestment
of dividends resulting in the issuance of 10,324 and 15,401 shares of common stock, respectively | |
| 67,157 | | |
| 127,348 | |
Change
in net assets from capital transactions | |
| 4,955,171 | | |
| 1,057,523 | |
Change
in net assets resulting from operations | |
| (8,547,775 | ) | |
| (1,482,248 | ) |
Net
Assets: | |
| | | |
| | |
Beginning
of period | |
| 55,666,101 | | |
| 57,148,349 | |
End
of period | |
$ | 47,118,326 | | |
$ | 55,666,101 | |
See Notes to Financial Statements.
26 |
Aberdeen Global Income Fund, Inc. |
|
Statement of Cash Flows (unaudited)
For the Six-Months Ended April 30, 2022
Cash
Flows from Operating Activities | |
| | |
Net
decrease in net assets resulting from operations | |
$ | (9,641,765 | ) |
Adjustments
to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | |
| | |
Investments
purchased | |
| (13,739,993 | ) |
Investments
sold and principal repayments | |
| 14,915,159 | |
Increase
in short-term investments, excluding foreign government securities | |
| (2,499,161 | ) |
Net
amortization/accretion of premium (discount) | |
| 28,424 | |
Increase
in receivable for common shares sold | |
| (59,256 | ) |
Increase
in cash at broker for forward foreign currency exchange contracts | |
| 130,000 | |
Decrease
in interest and dividends receivable | |
| 15,497 | |
Net
change unrealized (appreciation) depreciation on forward foreign currency exchange contracts | |
| 542,217 | |
Increase
in prepaid expenses | |
| (129,776 | ) |
Increase
in interest payable on bank loan | |
| 1,653 | |
Decrease
in accrued investment management fees payable | |
| (7,878 | ) |
Increase
in other accrued expenses | |
| 62,127 | |
Net
change in unrealized depreciation from investments | |
| 9,024,209 | |
Net
change in unrealized depreciation from foreign currency translations | |
| 652,067 | |
Net
realized loss on investment transactions | |
| 2,613,973 | |
Net
cash provided by operating activities | |
| 1,907,497 | |
Cash Flows
from Financing Activities | |
| | |
Decrease
in payable due to custodian | |
| (41,532 | ) |
Decrease
in bank loan payable | |
| (2,800,000 | ) |
Distributions
paid to shareholders | |
| (3,861,181 | ) |
Proceeds
from stock offering | |
| 4,888,014 | |
Proceeds
from reinvestment of dividends | |
| 67,157 | |
Net
cash paid (received) for swap contracts | |
| (110,630 | ) |
Net
cash used in financing activities | |
$ | (1,858,172 | ) |
Effect
of exchange rate on cash | |
| (1,974 | ) |
Net
change in cash | |
| 47,351 | |
Unrestricted
and restricted cash and foreign currency, beginning of period | |
| 1,086,042 | |
Unrestricted
and restricted cash and foreign currency, end of period | |
$ | 1,133,393 | |
Supplemental
disclosure of cash flow information: | |
| | |
Cash
paid for interest and fees on borrowings: | |
$ | 133,581 | |
Aberdeen
Global Income Fund, Inc. |
27 |
Statement of Cash Flows (unaudited)
(concluded)
For the Six-Months Ended April 30, 2022
Reconciliation of unrestricted and restricted cash to the statements
of assets and liabilities
|
Six-Month
Period Ended |
|
|
Year
Ended |
|
|
|
April 30,
2022 |
|
|
October 31,
2021 |
|
|
Cash |
|
$ 78,272 |
|
|
|
$ – |
|
|
Foreign
currency, at value |
|
319,610 |
|
|
|
263,242 |
|
|
Cash
at broker for interest rate swaps |
|
435,511 |
|
|
|
792,800 |
|
|
Cash
at broker for forward foreign currency contracts |
|
300,000 |
|
|
|
30,000 |
|
|
|
|
$ 1,133,393 |
|
|
|
$1,086,042 |
|
|
Amounts listed as "–"
are $0 or round to $0.
See Notes to Financial Statements.
28 |
Aberdeen Global Income Fund, Inc. |
|
Financial Highlights
|
For
the
Six-Month
Period Ended
April 30, 2022 |
|
For
the Fiscal Years Ended October 31, |
|
|
(unaudited) |
|
2021 |
2020 |
2019 |
2018 |
2017 |
|
PER
SHARE OPERATING PERFORMANCE(a): |
Net
asset value per common share, beginning of period |
$6.28 |
|
$6.55 |
|
$7.83 |
|
$7.99 |
|
$9.17 |
|
$9.22 |
|
Net
investment income |
0.15 |
|
0.31 |
|
0.32 |
|
0.35 |
|
0.44 |
|
0.47 |
|
Net
realized and unrealized gains/(losses) on investments, interest rate swaps, futures contracts and foreign currency transactions |
(1.19 |
) |
0.22 |
|
(0.76 |
) |
0.33 |
|
(0.78 |
) |
0.32 |
|
Total
from investment operations applicable to common shareholders |
(1.04 |
) |
0.53 |
|
(0.44 |
) |
0.68 |
|
(0.34 |
) |
0.79 |
|
Distributions
to common shareholders from: |
Net
investment income |
(0.42 |
) |
(0.21 |
) |
(0.17 |
) |
(0.36 |
) |
(0.16 |
) |
(0.14 |
) |
Tax
return of capital |
– |
|
(0.63 |
) |
(0.67 |
) |
(0.48 |
) |
(0.68 |
) |
(0.70 |
) |
Total
distributions |
(0.42 |
) |
(0.84 |
) |
(0.84 |
) |
(0.84 |
) |
(0.84 |
) |
(0.84 |
) |
Capital
Share Transactions: |
Impact
of shelf offering |
0.10 |
|
0.04 |
|
– |
|
– |
|
– |
|
– |
|
Net
asset value per common share, end of period |
$4.92 |
|
$6.28 |
|
$6.55 |
|
$7.83 |
|
$7.99 |
|
$9.17 |
|
Market
value, end of period |
$5.96 |
|
$8.35 |
|
$6.80 |
|
$8.41 |
|
$8.22 |
|
$8.96 |
|
Total
Investment Return Based on(b): |
Market
value |
(23.89% |
) |
36.38% |
|
(8.35% |
) |
13.46% |
|
1.27% |
|
16.74% |
|
Net
asset value |
(16.47% |
)(c) |
6.49% |
|
(5.18% |
) |
8.68% |
|
(3.81% |
) |
9.63% |
|
Ratio
to Average Net Assets Applicable to Common Shareholders/Supplementary Data: |
|
Net
assets applicable to common shareholders, end of period (000 omitted) |
$47,118 |
|
$55,666 |
|
$57,148 |
|
$68,335 |
|
$69,693 |
|
$79,995 |
|
Average
net assets applicable to common shareholders (000 omitted) |
$52,447 |
|
$58,918 |
|
$60,738 |
|
$69,229 |
|
$76,372 |
|
$79,658 |
|
Net
operating expenses, net of fee waivers |
2.72% |
(d) |
2.62% |
|
2.89% |
|
3.45% |
|
3.03% |
|
2.77% |
|
Net
operating expenses, excluding fee waivers |
2.78% |
(d) |
2.66% |
|
2.93% |
|
3.46% |
|
3.06% |
|
2.78% |
|
Net
operating expenses, excluding interest expense, net of fee waivers |
2.20% |
(d) |
2.19% |
|
2.11% |
|
2.04% |
|
1.89% |
|
1.98% |
|
Net
investment income |
5.11% |
(d) |
4.57% |
|
4.63% |
|
4.47% |
|
5.04% |
|
5.18% |
|
Portfolio
turnover |
20% |
(e) |
44% |
|
75% |
|
59% |
|
45% |
|
95% |
|
Senior
securities (loan facility) outstanding (000 omitted) |
$19,100 |
|
$21,900 |
|
$20,300 |
|
$29,300 |
|
$28,600 |
|
$31,500 |
|
Asset
coverage ratio on revolving credit facility at period end |
347% |
|
354% |
|
382% |
|
333% |
|
344% |
|
354% |
|
Asset
coverage per $1,000 on revolving credit facility at period end(f) |
$3,467 |
|
$3,542 |
|
$3,815 |
|
$3,332 |
|
$3,437 |
|
$3,540 |
|
(a) | Based on average shares
outstanding. |
(b) | Total investment return
based on market value is calculated assuming that shares of the Fund's common stock were
purchased at the closing market price as of the beginning of the period, dividends, capital
gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment
plan and then sold at the closing market price per share on the last day of the period. The
computation does not reflect any sales commission investors may incur in purchasing or selling
shares of the Fund. The total investment return based on the net asset value is similarly
computed except that the Fund's net asset value is substituted for the closing market value. |
Aberdeen
Global Income Fund, Inc. |
29 |
Financial Highlights (concluded)
(c) | The total return shown
above includes the impact of financial statement adjustments to the NAV per share. |
(f) | Asset coverage ratio
is calculated by dividing net assets plus the amount of any borrowings for investment purposes
by the amount of any borrowings. |
Amounts listed as "–"
are $0 or round to $0.
See Notes to Financial Statements.
30 |
Aberdeen Global Income Fund, Inc. |
|
Notes to Financial Statements (unaudited)
April 30, 2022
1. Organization
Aberdeen Global Income Fund, Inc. (the “Fund”) was incorporated in Maryland on June 28, 1991, as a closed-end, non-diversified
management investment company. The Fund’s principal investment objective is to provide high current income by investing primarily
in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but only when consistent with its
principal investment objective. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any
borrowings for investment purposes, in debt securities. This 80% investment policy is a non-fundamental policy of the Fund and may be
changed by the Fund’s Board upon 60 days’ prior written notice to shareholders. The Fund’s investments are divided into
three categories: Developed Markets, Investment Grade Developing Markets and Sub- Investment Grade Developing Markets. “Developed
Markets” are those countries contained in the FTSE World Government Bond Index, New Zealand, Luxembourg and the Hong Kong Special
Administrative Region. As of October 31, 2021, securities of the following countries comprised the FTSE World Government Bond Index: Australia,
Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Poland,
Singapore, Spain, Sweden, the United Kingdom and the United States. “Investment Grade Developing Markets” are those countries
whose sovereign debt is rated not less than Baa3 by Moody’s Investors Services Inc. (“Moody’s”) or BBB- by S&P
Global Ratings (“S&P”) or comparably rated by another appropriate nationally or internationally recognized ratings agency.
As of October 31, 2021, “Investment Grade Developing Markets” are comprised of the following countries: Andorra, Aruba, Bermuda,
Botswana, Bulgaria, Cayman Islands, Chile, China, Colombia, Croatia, Curacao, Cyprus, Czech Republic, Estonia, Hungary, Iceland, India,
Indonesia, Ireland, Isle of Man, Jersey, Kazakhstan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malta, Mauritius, Montserrat,
Panama, Peru, Philippines, Portugal, Qatar, Republic of Korea (South Korea), Romania, Russia, Saudi Arabia, Slovakia, Slovenia, Switzerland,
Taiwan, Thailand, Trinidad & Tobago, United Arab Emirates and Uruguay. “Sub-Investment Grade Developing Markets” are those
countries that are not Developed Markets or Investment Grade Developing Markets. Under normal circumstances, at least 60% of the Fund’s
total assets are invested in fixed income securities of issuers in Developed Markets or Investment Grade Developing Markets, whether or
not denominated in the currency of such country; provided, however, that the Fund invests at least 40% of its total assets in fixed income
securities of issuers in Developed Markets. The Fund may invest up to 40% of its total assets in fixed income securities of issuers in
Sub- Investment Grade Developing Markets, whether or not denominated in the currency of such country. Fixed income securities of issuers
in
Sub-Investment Grade Developing Markets may be rated below investment grade, as described below, at the time of investment (sometimes
referred to as “junk bonds”). Below investment grade securities are considered to be speculative with respect to the issuer’s
ability to pay interest and principal when due. There can be no assurance that the Fund will achieve its investment objectives. The ability
of issuers of debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry,
country or region.
2. Summary of Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting
Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform
to generally accepted accounting principles (“GAAP”) in the United States of America. The preparation of financial statements
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual
results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used
as both the functional and reporting currency.
a. Security Valuation:
The Fund values its securities at current market value or fair value,
consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price
that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants
without a compulsion to transact at the measurement date.
In accordance with the authoritative guidance on fair value
measurements and disclosures under GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that
classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level,
measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to
valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets,
and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including
|
Aberdeen Global Income Fund, Inc. |
31 |
Notes to Financial Statements (unaudited)
(continued)
April 30, 2022
assumptions
about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model
and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are
inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data
obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best
information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest
level of any input that is significant to the fair value measurement.
Long-term debt and other fixed-income securities are valued at the last
quoted or evaluated bid price on the valuation date provided by an independent pricing service provider approved by the Board. If there
are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming
orderly transactions of an institutional "round lot" size and
the strategies employed by the Fund's investment manager generally trade in round lot sizes. In certain circumstances, some trades
may occur in smaller "odd lot" sizes which may be effected at lower, or higher, prices than institutional round lot
trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less
are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the
basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally
determined to be Level 2 investments.
Short-term investments are comprised of cash
and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State
Street Institutional U.S. Government Money Market Fund; which has elected to qualify as a
"government money market fund" pursuant to Rule 2a-7 under the 1940 Act,
and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Generally, these investment
types are categorized as Level 1 investments.
Derivatives are valued at fair value. Exchange
traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2
investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current
spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9-, and 12-month
periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Interest rate
swaps are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).
In the event that a security's market quotations are not readily available
or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the
security is valued at fair value as determined by the Fund's Pricing Committee, taking into account the relevant factors and surrounding
circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the
close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the
Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs. The three-level hierarchy of inputs
is summarized below:
Level 1 – quoted prices in active markets for identical investments;
Level 2 – other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 – significant unobservable inputs (including the Fund's
own assumptions in determining the fair value of investments).
A summary of standard inputs is listed below:
Security Type |
Standard Inputs |
Debt and other fixed-income securities |
Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield,
and maturity. |
Forward foreign currency contracts |
Forward exchange rate quotations. |
Swap agreements |
Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward
rates, and volatility measures. |
32 |
Aberdeen Global Income
Fund, Inc. |
|
Notes to Financial
Statements (unaudited) (continued)
April 30, 2022
The following is a summary of the inputs used as of April 30, 2022 in
valuing the Fund's investments and other financial instruments at fair value. The inputs or methodologies used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments
for a detailed breakout of the security types:
Investments,
at Value |
Level
1 – Quoted
Prices ($) |
|
|
Level
2 – Other Significant
Observable Inputs ($) |
|
|
Level
3 – Significant
Unobservable Inputs ($) |
|
|
Total
($) |
|
Investments
in Securities |
|
|
|
|
|
|
|
|
|
|
|
Fixed
Income Investments |
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
$– |
|
|
$40,012,004 |
|
|
$– |
|
|
$40,012,004 |
|
Government
Bonds |
– |
|
|
20,549,271 |
|
|
– |
|
|
20,549,271 |
|
Total
Fixed Income Investments |
– |
|
|
60,561,275 |
|
|
– |
|
|
60,561,275 |
|
Short-Term
Investment |
4,340,995 |
|
|
– |
|
|
– |
|
|
4,340,995 |
|
Total
Investments |
$4,340,995 |
|
|
$60,561,275 |
|
|
$– |
|
|
$64,902,270 |
|
Other
Financial Instruments |
| |
|
| |
|
| |
|
|
|
Centrally
Cleared Interest Rate
Swap
Agreements |
$– | |
|
$1,279,716 | |
|
$– | |
|
$1,279,716 |
|
Forward
Foreign Currency
Exchange
Contracts |
– | |
|
312,926 | |
|
– | |
|
312,926 |
|
Total
Other Financial Instruments |
$– | |
|
$1,592,642 | |
|
$– | |
|
$1,592,642 |
|
Total
Assets |
$4,340,995 | |
|
$62,153,917 | |
|
$0 | |
|
$66,494,912 |
|
Liabilities |
| |
|
| |
|
| |
|
|
|
Other
Financial Instruments |
| |
|
| |
|
| |
|
|
|
Centrally
Cleared Interest Rate
Swap
Agreements |
$– | |
|
$(160,385) | |
|
$– | |
|
$(160,385 |
) |
Forward
Foreign Currency
Exchange
Contracts |
– | |
|
(744,045) | |
|
– | |
|
(744,045 |
) |
Total
Liabilities – Other Financial
Instruments |
$– | |
|
$(904,430) | |
|
$– | |
|
$(904,430) |
|
Amounts listed as "–" are $0 or round to $0.
During the six-month period ended April 30,
2022, there have been no transfers between levels and no significant changes to the fair valuation methodologies. The Fund held no
Level 3 investments during the six-month period ended April 30, 2022 and accordingly, a reconciliation of Level 3 assets for the
period ended April 30, 2022 is not presented. The valuation technique used at April 30, 2022 was fair valuation at zero pursuant to
procedures approved by the Fund’s Board of Directors.
b. Restricted Securities:
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted
securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities
of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933,
as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of
such securities in the U.S. is permitted only in limited circumstances.
c. Foreign Currency Translation:
Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at
the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service
approved by the Board.
Foreign currency amounts are translated into U.S. Dollars on the following basis:
(i) market value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time;
and
(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective
dates of such transactions.
The Fund isolates that portion of the results of
operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at
the end of the reporting period.
|
Aberdeen Global
Income Fund, Inc. |
33 |
Notes to Financial
Statements (unaudited) (continued)
April 30, 2022
Similarly, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market
prices of portfolio securities sold during the reporting period.
Net exchange gain/(loss) is realized from sales and maturities of portfolio securities, sales of foreign currencies, settlement of securities
transactions, dividends, interest and foreign withholding taxes recorded on the Fund’s books. Net unrealized foreign exchange appreciation/(depreciation)
includes changes in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange
rate.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic
origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar
rises in value against foreign currency, the Fund’s investments denominated in that foreign currency will lose value because the
foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.
d. Derivative Financial Instruments:
The Fund is authorized to use derivatives to manage currency risk, credit
risk and interest rate risk and to replicate or use as a substitute for physical securities. Losses may arise due to changes in the value
of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees,
elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities.
Forward Foreign Currency Exchange Contracts:
A forward foreign currency exchange contract (“forward contract”) involves an obligation to purchase and sell a specific currency
at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the
time of the contract. Forward contracts are used to manage the Fund’s currency exposure. They are used to sell unwanted currency
exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient
to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts
allows for the separation of investment decision-making between foreign exchange holdings and their currencies. The forward contract is
marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts’
prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain
or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and
unrealized gains and losses are reported on the Statement of Operations. During the six-month
period ended April 30, 2022, the Fund used forward contracts to hedge its currency exposure.
While the Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve
certain risks. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts
and from unanticipated movements in exchange rates. Thus, while the Fund may benefit from such transactions, unanticipated changes in
currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Moreover,
there may be imperfect correlation between the Fund’s portfolio holdings or securities quoted or denominated in a particular currency
and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving a complete hedge, which
will expose the Fund to the risk of foreign exchange loss.
Forward contracts are subject to the risk that a counterparty to a forward contract may default on its obligations. Since a forward contract
is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction
costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the market price at
the time of default.
Swaps:
A swap is an agreement that obligates two parties to exchange a series
of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices
or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence
of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of
an underlying asset or notional principal amount. The Fund will enter into swaps only on a net basis, which means that the two payment
streams are netted out, with the Fund receiving or paying, as the case may be, only the amount of the difference between the two payments.
Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but
is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the
initiation, and again upon the termination of the transaction.
Traditionally, swaps were customized, privately negotiated agreements executed between two parties (“OTC Swaps”) but since
2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd–Frank Wall Street Reform and
Consumer Protection Act (“Dodd Frank”) and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade
Repositories (“EMIR”) (“Cleared Swaps”). Like OTC Swaps, Cleared Swaps are negotiated
34 |
Aberdeen Global Income
Fund, Inc. |
|
Notes to Financial
Statements (unaudited) (continued)
April 30, 2022
bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty
(“CCP”), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering
into a Cleared Swap, the Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract
amount. This payment is known as “initial margin”. Subsequent payments, known as “variation margin,” are calculated
each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. An unrealized gain or loss equal
to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is
presented in the Statements of Operations as a net realized gain or loss on swap contracts. As of March 2017, the Fund may be required
to provide variation and/or initial margin for OTC Swaps pursuant to further rules and regulations related to Dodd Frank and EMIR. The
margin requirements associated with OTC Swaps and Cleared Swaps may not be the same.
The rights and obligations of the parties to a
swap are memorialized in either an International Swap Dealers Association, Inc. Master Agreement (“ISDA”) for OTC Swaps or
a futures agreement with an OTC addendum for Cleared Swaps (“Clearing Agreement”). These agreements are with certain counterparties
whose creditworthiness is monitored on an ongoing basis by risk professionals. Both the ISDA and Clearing Agreement maintain provisions
for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified
event of default or termination by one party may give the other party the right to terminate and settle all of its contracts.
Entering into swap agreements involves, to varying degrees,
elements of credit, market and interest risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such
risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may
default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying
the agreement. The Fund's maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk
is mitigated by the posting of collateral by the counterparties to the Fund to cover the Fund’s exposure to the counterparty.
Interest Rate Swaps:
The Fund uses interest rate swap contracts to manage its exposure to
interest rates. Interest rate swap contracts typically represent the exchange between the Fund and a counterparty of respective commitments
to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a
term that is greater than one year, but typically require periodic interim settlement in cash, at which time the specified value of the
variable interest rate is reset for the next settlement period. Net payments of interest are recorded as realized gains or losses. During
the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from the Fund and changes in the
value of swap contracts are recorded as unrealized gains or losses. During the six-month period ended April 30, 2022, the Fund used interest
rate swaps to hedge the interest rate risk on the Fund's Revolving Credit Facility (as defined below).
Summary of Derivative Instruments:
The Fund may use derivatives for various purposes as noted above. The
following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2022:
| |
Asset
Derivatives | |
Liability
Derivatives |
Derivatives
Not Accounted For as Hedging Instruments and Risk Exposure | |
Statement
of Assets and Liabilities Location | |
Fair
Value | |
Statement
of Assets and Liabilities Location | |
Fair
Value |
Interest
rate swaps* (interest rate risk) | |
Unrealized
appreciation on receivable for centrally cleared interest rate swaps | |
$1,279,716 | |
Unrealized
depreciation payable for centrally cleared interest rate swaps | |
$160,385 |
Forward
foreign currency exchange contracts (foreign exchange risk) | |
Unrealized
appreciation on forward foreign currency exchange contracts | |
$312,926 | |
Unrealized
depreciation on forward foreign currency exchange contracts | |
$744,045 |
Total | |
| |
$1,592,642 | |
| |
$904,430 |
| * | The values shown reflect unrealized appreciation/(depreciation)
and the values shown in the Statement of Assets and Liabilities reflects variation margin. |
Amounts listed as "–" are $0 or round to $0.
|
Aberdeen Global Income Fund, Inc. |
35 |
Notes
to Financial Statements (unaudited) (continued)
April
30, 2022
The Fund has transactions that may be subject to enforceable master netting
agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities as of April 30, 2022 to the net amounts by
broker and derivative type, including any collateral received or pledged, is included in the following tables:
| |
| |
Gross
Amounts Not Offset in Statement of Assets & Liabilities | |
| |
Gross
Amounts Not Offset in Statement of Assets and Liabilities |
Description | |
Gross
Amounts of Assets Presented in Statement of Assets and
Liabilities | |
Financial
Instruments | |
Collateral
Received(1) | |
Net
Amount(3) | |
Gross
Amounts of Liabilities Presented in Statement of Assets and
Liabilities | |
Financial
Instruments | |
Collateral
Pledged(1) | |
Net Amount(3) |
|
| |
Assets | |
Liabilities |
|
Forward
foreign currency(2) | |
| |
| |
| |
| |
| |
| |
| |
|
|
Citibank
N.A. | |
$120,836 | |
$(120,836 | ) |
$– | |
$– | |
$263,633 | |
$(120,836 | ) |
$(142,797 | ) |
$– |
|
Deutsche
Bank AG | |
– | |
– | |
– | |
– | |
68,574 | |
– | |
(60,000 | ) |
8,574 |
|
JPMorgan
Chase
Bank N.A. | |
383 | |
– | |
– | |
383 | |
– | |
– | |
– | |
– |
|
Royal
Bank of
Canada | |
65,427 | |
(65,427 | ) |
– | |
– | |
191,083 | |
(65,427 | ) |
– | |
125,656 |
|
UBS
AG | |
126,280 | |
(126,280 | ) |
– | |
– | |
220,755 | |
(126,280 | ) |
– | |
94,475 |
|
| (1) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
| (2) | Includes financial instruments (swaps and forwards) which are not subject to a master netting arrangement across funds, or other another
similar arrangement. |
| (3) | Net amounts represent the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial
derivative instruments can only be netted across transactions governed under the same master netting arrangements with the same legal
entity. |
The effect of derivative instruments on the Statement of Operations for
the six-month period ended April 30, 2022:
Derivatives
Not Accounted For as Hedging Instruments | |
Location
of Gain or (Loss) on Derivatives | |
Realized
Gain
or (Loss) on Derivatives | |
Change
in Unrealized Appreciation/ (Depreciation) on Derivatives | |
Interest
rate swaps (interest rate risk) | |
Realized/Unrealized
Gain/(Loss) from Investments, Interest Rate Swaps, Futures Contracts and Foreign Currencies | |
$42,152 | |
$1,585,313 | |
Forward
foreign currency exchange contracts (foreign exchange risk) | |
| |
$329,700 | |
$(542,217 | ) |
Total | |
| |
$371,852 | |
$1,043,096 | |
36 |
Aberdeen Global Income Fund, Inc. |
|
Notes
to Financial Statements (unaudited) (continued)
April 30, 2022
Information about derivatives reflected as of the date of this report
is generally indicative of the type of activity for the six-month period ended April 30, 2022. The table below summarizes the weighted
average values of derivatives holdings for the Fund during the six-month period ended April 30, 2022.
Derivative | |
Average Notional Value |
Purchase Forward Foreign Currency Contracts | |
$19,731,866 |
Sale Forward Foreign Currency Contracts | |
8,341,757 |
Interest Rate Swap Contracts | |
22,300,000 |
e. Bank Loans:
The Fund may invest in bank loans. Bank loans include floating and fixed-rate
debt obligations. Floating rate loans are debt obligations issued by companies or other entities with floating interest rates that reset
periodically. Bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities.
Loan interest will primarily take the form of assignments purchased in the primary or secondary market but may include participations.
Floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g.,
common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations,
acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution
that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the
agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another
lender's portion of the floating rate loan.
The Fund may also enter into, or acquire participation in, delayed funding
loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to
make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. A revolving credit facility differs from a
delayed funding loan in that as the borrowing issuer repays the loan, an amount equal to the repayment is again made available to the
borrowing issuer under the facility. The borrowing issuer may at any time borrow and repay amounts so long as, in the aggregate, at any
given time the amount borrowed does not exceed the maximum amount established by the loan agreement. Delayed funding loans and revolving credit facilities
usually provide for floating or variable rates of interest.
See "Bank Loan Risk" under "Portfolio Investment Risks"
for information regarding the risks associated with an investment in bank loans.
f. Security Transactions,
Investment Income and Expenses:
Security transactions are recorded on the trade date. Realized and unrealized
gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis. Interest income and expenses
are recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis
over the estimated lives of the respective securities.
g. Distributions:
The Fund has a managed distribution policy to pay distributions from
net investment income supplemented by net realized foreign exchange gains, net realized short-term capital gains, net realized long-term
capital gains and return of capital distributions, if necessary, on a monthly basis. The managed distribution policy is subject to regular
review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions
and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date.
Dividends and distributions to shareholders are determined in accordance
with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign
currencies and loss deferrals.
h. Federal Income Taxes:
The Fund intends to continue to qualify as a "regulated investment
company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue
Code of 1986, as amended, (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient
to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.
The Fund recognizes the tax benefits of uncertain tax positions only
where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund
has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since
tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four
fiscal years up to the most recent fiscal year ended October 31, 2021 are subject
to such review.
i. Foreign Withholding Tax:
Dividend and interest income from non-U.S. sources received by the Fund
are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in
which it invests. The above taxes may be reduced or eliminated under
|
Aberdeen Global
Income Fund, Inc. |
37 |
Notes
to Financial Statements (unaudited) (continued)
April 30, 2022
the terms of applicable U.S. income tax treaties with some of these
countries. The Fund accrues such taxes when the related income is earned.
In addition, when the Fund sells securities within certain countries in which it invests, the capital gains realized may be subject to
tax. Based on these market requirements and as required under GAAP, the Fund accrues deferred capital gains tax on securities currently
held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued, if any, is reported on
the Statement of Assets and Liabilities.
j. Cash Flow Information:
The Fund invests in securities and distributes dividends from net investment
income and net realized gains on investment and currency transactions which are paid in cash or are reinvested at the discretion of shareholders.
These activities are reported in the Statements of Changes in Net Assets and additional information on cash receipts and cash payments
is presented in the Statement of Cash Flows. Cash includes domestic and foreign currency as well as cash in segregated accounts for financial
futures, swaps, and forward contracts which has been designated as collateral.
k. Payment-In-Kind:
The Fund may
invest in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt
instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when
issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded
as interest income. PIK interest income is reflected as non-cash income on the Statement of Operations.
l. Rights
Issues and Warrants:
Rights issues
give the right, normally to existing stockholders, to buy a proportional number of additional securities at a given price (generally
at a discount) within a fixed period (generally a short-term period) and are offered at the company’s discretion. Warrants are
securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and
warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued
at the last sale price on the exchange on which they are traded.
3. Agreements and Transactions with Affiliates
a. Investment Manager, Investment Sub-Adviser
and Fund Administrator:
abrdn Asia Limited (“abrdn Asia” or the “Investment Manager”), formerly Aberdeen Standard Investments (Asia) Limited,
serves as
investment manager to the Fund, pursuant to a management agreement (the “Management Agreement”). Aberdeen Asset Managers Limited
(“AAML” or the “Sub-Adviser”) serves as the sub-adviser, pursuant to a sub-advisory agreement. The Investment
Manager and the Sub-Adviser (collectively, the “Advisers”) are wholly-owned indirect subsidiaries of abrdn plc, formerly known
as Standard Life Aberdeen plc. In rendering advisory services, the Advisers may use the resources of investment advisor subsidiaries of
abrdn plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio
management and research services as associated persons of the Advisers.
The Investment Manager manages the Fund’s investments and makes investment decisions on behalf of the Fund, including the selection
of and the placement of orders with, brokers and dealers to execute portfolio transactions on behalf of the Fund. The Sub-Adviser manages
the portion of the Fund’s assets that the Investment Manager allocates to it. The Sub-Adviser is paid by the Investment Manager,
not the Fund.
The Management Agreement provides the Investment Manager with a fee, payable monthly by the Fund, at the following annual rates: 0.65%
of the Fund’s average weekly Managed Assets up to $200 million, 0.60% of Managed Assets between $200 million and $500 million, and
0.55% of Managed Assets in excess of $500 million. Managed Assets is defined in the Management Agreement as net assets plus the amount
of any borrowings for investment purposes.
For the six-month period ended April 30, 2022, abrdn Asia earned $237,448 from the Fund for investment management fees.
abrdn, Inc. (formerly known as Aberdeen Standard Investments, Inc.), an affiliate of the Advisers, is the Fund’s administrator,
pursuant to an agreement under which abrdn, Inc. receives a fee, payable monthly by the Fund, at an annual fee rate of 0.125% of the Fund’s
average weekly Managed Assets up to $1 billion, 0.10% of the Fund’s average weekly Managed Assets between $1 billion and $2 billion,
and 0.075% of the Fund’s average weekly Managed Assets in excess of $2 billion. For the six-month period ended April 30, 2022, abrdn,
Inc. earned $45,663 from the Fund for administration services.
b. Investor Relations:
Under the terms
of the Investor Relations Services Agreement, abrdn, Inc. provides and/or engages third parties to provide investor relations services
to the Fund and certain other funds advised by abrdn Asia or its affiliates as part of an Investor Relations Program. Under the Investor
Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s
Portion”). However, Investor Relations Services fees are limited by abrdn, Inc. so that the Fund will only pay up to an annual
rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of
38 |
Aberdeen Global
Income Fund, Inc. |
|
Notes
to Financial Statements (unaudited) (continued)
April 30, 2022
0.05% of the Fund’s average weekly net assets and the Fund’s Portion is paid for by abrdn, Inc.
Pursuant to the terms of the Investor Relations Services Agreement, abrdn, Inc. (or third parties hired by abrdn, Inc.), among other things,
provides objective and timely information to shareholders based on publicly-available information; provides information efficiently through
the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains
effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication
materials such as fund manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials
discussing the Fund’s investment results, portfolio positioning and outlook; develops and maintains effective communications with
large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management
detailing insight into general shareholder sentiment.
During the six-month period ended April 30, 2022, the Fund incurred investor relations fees of approximately $27,357. For the six-month
period ended April 30, 2022, abrdn Inc. bore $14,353 of the investor relations cost allocated to the Fund because the investor relations
fees were above 0.05% of the Fund’s average weekly net assets on an annual basis.
4. Investment Transactions
Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2022, were $13,546,484
and $14,619,476, respectively.
5. Capital
The authorized capital of the Fund is 300 million shares of $0.001 par value per share of common stock. During the six-month period ended
April 30, 2022, the Fund did not repurchase any shares pursuant to its Open Market Repurchase Program and reinvested 10,324 shares pursuant
to its Dividend Reinvestment and Cash Purchase Plan. As of April 30, 2022, there were 9,586,475 shares of common stock issued and outstanding.
On September 23, 2021, the Fund entered into an underwriting sales agreement with Jones Trading Institutional Services LLC (“Jones”),
pursuant to which the Fund may offer and sell up to $35,000,000 of common shares of beneficial interest, par value $0.001 per share (“Common
Shares”), from time to time, through Jones as its agent, in transactions deemed to be “at the market” as defined in
Rule 415 under the Securities Act of 1933, as amended (the “ATM Offering”). During
the six-month period ended April 30, 2022, 712,970 shares of common stock were sold under this agreement for $4,933,427 (net of commissions
to Jones of $45,413).
Offering costs associated with Fund’s shelf registration statement initially effective with the SEC on July 2, 2021 are approximately
$72,292 of which $8,456 were charged to paid-in-capital upon the issuance of associated shares. The Fund’s ATM Offering, through
Jones, was made under this shelf registration statement and the associated offering costs are approximately $248,845 of which $41,582
were charged to paid-in-capital upon the issuance of associated shares.
Additional shares of the Fund may be issued under certain circumstances, including pursuant to the Fund’s Dividend Reinvestment
and Optional Cash Purchase Plan. Additional information concerning the Automatic Dividend Reinvestment Plan is included within this report.
6. Open Market Repurchase Program
On March 1, 2001, the Board approved a stock repurchase program. The Board amended the program on December 12, 2007. The stock repurchase
program allows the Fund to repurchase up to 10% of its outstanding common stock in the open market during any 12-month period. The Fund
reports repurchase activity on the Fund’s website on a monthly basis.
For the six-month period ended April 30, 2022, the Fund did not repurchase any shares through this program.
7. Credit
Facility
The Fund may use leverage to the maximum extent permitted by the 1940 Act, which permits leverage to exceed 33 1/3% of the Fund’s
total assets (including the amount obtained through leverage) in certain market conditions.
The Fund’s revolving credit loan facility with The Bank of Nova Scotia was renewed for a 3-year term on February 28, 2020 and was
last amended on September 21, 2021. The Fund’s outstanding balance on October 31, 2021 was $21,900,000. During the period between
March 7 and March 21, 2022, the Fund paid down $2,800,000 on the facility. As of April 30, 2022, the balance of the loan outstanding was
$19,100,000. For the six-months ended April 30, 2022 the average interest rate on the loan facility was 1.28% and the average balance
was $21,141,989. The interest expense is accrued on a daily basis and is payable to The Bank of Nova Scotia on a monthly basis.
The amounts borrowed from the loan facility may be invested to return higher rates than the rates in the Fund’s portfolio. However,
the cost
|
Aberdeen Global
Income Fund, Inc. |
39 |
Notes to Financial Statements (unaudited)
(continued)
April 30, 2022
of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest
the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on
the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the
Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of
the leverage. Non-recurring expenses in connection with the implementation of the loan facility will reduce the Fund’s performance.
The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives
and policies. The funds borrowed pursuant to the loan facility may constitute a substantial lien and burden by reason of their prior claim
against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or
other distributions in the event of default under the loan facility. In the event of a default under the loan facility, the lenders have
the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default
is not cured, the lenders may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event
of default, or a voluntary paydown of the loan facility in order to avoid an event of default, would typically involve administrative
expenses and could involve penalties. Additionally, such liquidations often involve selling off of portions of the Fund’s assets
at inopportune times which can result in losses when markets are unfavorable. The loan facility has a term of three years and is not a
perpetual form of leverage; there can be no assurance that the loan facility will be available for renewal on acceptable terms, if at
all. Bank loan fees and expenses included in the Statement of Operations include fees for the renewal of the loan facility as well as
commitment fees for any portion of the loan facility not drawn upon at any time during the period. During the six-month period ended April
30, 2022, the Fund incurred fees of approximately $45,190.
The credit agreement governing the loan facility includes usual and customary covenants for this type of transaction. These covenants
impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments,
which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Investment Manager
or Sub-Adviser from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. The
covenants also include a requirement that the Fund maintain net assets of no less than $25,000,000. Furthermore, non-
compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan facility.
The estimated fair value of the loan facility was calculated, for disclosure purposes, by discounting future cash flows by a rate equal
to the current U.S. Treasury rate with an equivalent maturity date, the spread between the U.S. insurance and financial debt rate and
the U.S. Treasury rate. The following table shows the maturity date, interest rate, notional/carrying amount and estimated fair value
outstanding as of April 30, 2022.
Maturity
Date | |
Interest
Rate | |
Notional/
Carrying Amount | |
Estimated
Fair Value |
February 28, 2023 | |
1.55% | |
$19,100,000 | |
$18,821,508 |
8. Portfolio Investment Risks
a. Bank Loan Risk:
There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities
risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or
be insufficient to cover the amount owed under the loan. These risks could cause the Fund to lose income or principal on a particular
investment, which in turn could affect the Fund’s returns. In addition, bank loans may settle on a delayed basis, resulting in the
proceeds from the sale of such loans not being readily available to make additional investments or distributions. To the extent the extended
settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow
from banks or other lenders.
b. Credit and Market Risk:
A debt instrument’s price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral
and can decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral, or
changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest
in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and
emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investments in securities rated
below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not
receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market
trading.
40 |
Aberdeen Global
Income Fund, Inc. |
|
Notes
to Financial Statements (unaudited) (continued)
April 30, 2022
c. Emerging
Markets Risk:
The Fund is subject to emerging markets risk. This is a magnification of the risks that apply to foreign investments. These risks are
greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile
currencies and less established markets (see “Risks Associated with Foreign Securities and Currencies” below).
d. High-Yield Bonds and Other
Lower-Rated Securities Risk:
The Fund’s
investments in high-yield bonds (commonly referred to as “junk bonds”) and other lower-rated securities will subject the
Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered
to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield
bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price
or sell, particularly in times of negative sentiment toward high-yield securities.
e. Interest Rate Risk:
The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions
about the creditworthiness of individual issuers, including governments. Generally, the Fund’s fixed income securities will decrease
in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated
securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects
risk.
The Fund may be subject to a greater risk of rising interest rates due to the current interest rate environment and the effect of potential
government fiscal policy initiatives and resulting market reaction to those initiatives.
f. Risks Associated with Foreign
Securities and Currencies:
Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers.
These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental
laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory
taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries.
Foreign securities may also be harder to price than U.S. securities.
Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions
on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment
opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing
countries. Foreign securities may also be harder to price than U.S. securities.
The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical
or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments
denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk,
or hedging techniques used by the Advisers are unsuccessful.
Russia/Ukraine
Risk. In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and
the threat of wider spread hostilities could have a severe adverse effect on the region and global economies, including significant negative
impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia
by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian
economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events.
How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant
impact on Fund performance and the value of the Funds’ investments.
g. Focus Risk:
The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited
number of countries or regions subject to foreign securities or currency risks. Such focused investments may subject the Fund to additional
risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental
laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile
than those of comparable U.S. securities.
h. LIBOR
Risk:
Under the revolving credit facility, the Fund is charged interest on amounts borrowed at a variable rate, which may be based on the London
Interbank Offered Rate (“LIBOR”) plus a spread. The Fund may invest in certain debt securities, derivatives or other financial
instruments that utilize LIBOR as a “benchmark” or “reference rate” for various interest rate calculations. In
July 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out
the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate
that it is possible that the
|
Aberdeen Global
Income Fund, Inc. |
41 |
Notes
to Financial Statements (unaudited) (concluded)
April 30, 2022
most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator
will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. Although financial
regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offered Rate (“EURIBOR”),
Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus
on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear.
The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference
rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may
adversely affect the Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability
of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away
|
|
from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in
values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and
diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with
the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative
reference rate is not completed in a timely manner.
9. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents.
The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore,
cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.
|
10. Tax Information
The U.S. federal income tax basis of the Fund’s investments (including derivatives, if applicable) and the net unrealized appreciation
as of April 30, 2022, were as follows:
Tax
Basis of Investments |
|
Appreciation |
|
Depreciation |
|
Net
Unrealized
Appreciation/ (Depreciation) |
|
$75,127,999 |
|
$1,863,393 |
|
$(12,089,122 |
) |
$(10,225,729 |
) |
11. Recent Rulemaking
In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by
registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset
segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is
more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk
manager. Management is currently finalizing the implementation of Rule 18f-4 to meet the August 19, 2022 compliance date.
In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith
for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are
“readily available” for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security.
The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations.
Finally, the
|
|
SEC is rescinding previously issued guidance on related issues, including
the role of a board in determining fair value and the accounting and
auditing of fund investments. Rule 2a-5 and Rule 31a-4 became
effective on March 8, 2021, with a compliance date of September 8,
2022. Management is currently evaluating this guidance.
12. Subsequent Events
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements
were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2022,
other than as noted below.
On May 10, 2022 and June 9, 2022, the Fund announced that it will pay on May 31, 2022 and June 30, 2022, a distribution of US $0.07 per
share to all shareholders of record as of May 20, 2022 and June 22, 2022, respectively.
On May 10, 2022, the Fund sold its interest rate swap agreements with an aggregate notional amount of $19.1 million.
|
42 | Aberdeen Global Income Fund, Inc. |
|
Supplemental
Information (unaudited)
Results of Annual Meeting of
Shareholders
The Annual Meeting of Shareholders was held on April 28, 2022. The description of the proposals and number of shares voted at the meeting
are as follows:
| | To elect one Class III Director of the Fund, for a three-year
term until the 2025 Annual Meeting of Stockholders and until such Director’s successor is duly elected and qualify: |
|
|
|
Votes
For |
|
Votes
Withheld |
|
Votes
Abstained |
|
|
|
Radhika Ajmera |
|
5,577,132 |
|
269,354 |
|
134,484 |
|
|
| | To consider the continuation of the terms of two Directors under the Fund’s Corporate Governance Policies: |
|
|
|
Votes
For |
|
Votes
Against/Withheld |
|
Votes
Abstained |
|
|
|
P. Gerald Malone (Class I – 3 year term ending 2023) |
|
5,642,769 |
|
218,373 |
|
119,828 |
|
|
|
William Potter (Class II – 3 year term ending 2024) |
|
5,658,379 |
|
211,529 |
|
111,062 |
|
|
|
Aberdeen Global Income Fund, Inc. |
43 |
Dividend Reinvestment and Optional Cash
Purchase Plan (unaudited)
The Fund intends to distribute to stockholders substantially all of its net investment income and to distribute any net realized capital
gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains
net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), stockholders whose shares
of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by
Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such stockholders elect
to receive distributions in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check
in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks,
brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the
number of shares certified from time to time by the stockholders as representing the total amount registered in such stockholders’
names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares
registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such
nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the
Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the stockholders
in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the
Fund’s common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock,
to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected
per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at
NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at
95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading
day on the New York Stock Exchange, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time,
or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for
the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants’ accounts
on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund
share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund’s shares, resulting in the acquisition
of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date.
Because of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest
the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during
the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount
in newly issued shares at the close of business on the last purchase date.
Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit
or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund’s common stock, with an annual maximum contribution
of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives
good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase
Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.
If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th
of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent
maintains all stockholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information
needed by stockholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in
the name of the participant, and each stockholder’s proxy will include those shares purchased pursuant to the Plan. There will be
no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of
$0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital
gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the
Plan Agent is required to pay.
Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales
are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained
by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during
regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share).
Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available
trade must be presented to complete this transaction. Market Order sales may only be requested
44 |
Aberdeen Global Income Fund, Inc. |
|
Dividend Reinvestment and Optional Cash
Purchase Plan (unaudited) (concluded)
by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).
The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such
dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend
or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for
such dividend or distribution. The Plan also may be amended by the Fund or
the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and
Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days’ prior to the effective
date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584,
using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 505000, Louisville,
KY 40233-5000.
|
Aberdeen Global Income Fund, Inc. |
45 |
Corporate Information
Directors |
Custodian |
Radhika Ajmera |
State Street Bank and Trust Company |
Stephen Bird |
1 Lincoln Street |
P. Gerald Malone, Chairman |
Boston, MA 02111 |
William J. Potter |
|
Moritz Sell |
Transfer Agent |
|
Computershare Trust Company, N.A. |
Investment Manager |
P.O. Box 505000 |
abrdn Asia Limited |
Louisville, KY 40233 |
21 Church Street |
|
#01-01 Capital Square Two |
Independent Registered Public Accounting Firm |
Singapore 049480 |
KPMG LLP |
|
1601 Market Street |
Investment Sub-Adviser |
Philadelphia, PA 19103 |
Aberdeen Asset Managers Limited |
|
Bow Bells House, 1 Bread Street |
Legal Counsel |
London United Kingdom |
Dechert LLP |
EC4M 9HH |
1900 K Street, N.W. |
|
Washington, DC 20006 |
Administrator |
|
abrdn, Inc. |
Investor Relations |
1900 Market Street, Suite 200 |
abrdn, Inc. |
Philadelphia, PA 19103 |
1900 Market Street, Suite 200 |
|
Philadelphia, PA 19103 |
|
1-800-522-5465 |
|
Investor.Relations@abrdn.com |
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
Financial Statements as of April 30, 2022, were not audited and accordingly, no opinion is expressed thereon.
Notice is hereby
given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time,
shares of its common stock in the open market.
Shares of Aberdeen
Global Income Fund, Inc. are traded on the NYSE American equities exchange under the symbol “FCO”. Information about the
Fund’s net asset value and market price is available at www.aberdeenfco.com.
This report, including
the financial information herein, is transmitted to the shareholders of Aberdeen Global Income Fund, Inc. for their general information
only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person.
Past performance is no guarantee of future returns.
FCO
SEMI-ANNUAL
(b) Not applicable.