UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-06342 |
Exact name of registrant as specified in charter: | abrdn Global Income Fund, Inc. |
Address of principal executive offices: | 1900 Market Street, Suite 200 |
Philadelphia, PA 19103 | |
�� | |
Name and address of agent for service: | Sharon Ferrari |
abrdn Inc. | |
1900 Market Street, Suite 200 | |
Philadelphia, PA 19103 | |
Registrant’s telephone number, including area code: | 1-800-522-5465 |
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2023 |
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.
NAV2,3 | 12.41% |
Market Price2 | 22.65% |
Blended Benchmark4 | 9.92% |
NAV | Closing Market Price | Premium(+)/ Discount(-) | |
4/30/2023 | $ 4.11 | $5.07 | 23.36% |
10/31/2022 | $3.98 | $4.50 | 13.07% |
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. |
4 | Blended Benchmark as defined in Total Investment Return section on Page 5. |
abrdn Global Income Fund, Inc. | 1 |
2 | abrdn Global Income Fund, Inc. |
• | 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.). |
President
abrdn Global Income Fund, Inc. | 3 |
on acceptable terms, if at all.
Remaining Term as of April 30, 2023 | Receive/(Pay) Floating Rate | Amount (in $ millions) | Fixed Rate Payable (%) |
82 months | Receive | $5,000.0 | 3.46% |
106 months | Receive | $5,000.0 | 3.40% |
118 months | Receive | $ 7,350.0 | 3.38% |
4 | abrdn Global Income Fund, Inc. |
abrdn Global Income Fund, Inc. | 5 |
6 Months | 1 Year | 3 Years | 5 Years | 10 Years | |
Net Asset Value (NAV) | 12.41% | -0.69% | 0.33% | -2.83% | -1.34% |
Market Price | 22.65% | 0.92% | 10.52% | 1.80% | 0.90% |
Blended Benchmark* | 9.92% | -0.14% | 0.35% | 0.87% | 1.95% |
Bloomberg Global Aggregate Index1 | 8.92% | -2.31% | -3.91% | -0.93% | -0.03% |
* | The blended benchmark is summarized in the table below: |
Constituent Index | Weight |
ICE Bank of America Merrill Lynch Australian Government Bond Index2 | 10.0% |
ICE Bank of America Merrill Lynch New Zealand Government Bond Index3 | 5.0% |
iBoxx Asia Government (U.S. dollar unhedged)4 | 25.0% |
J.P. Morgan Emerging Markets Bond (EMBI) Global Diversified Index5 | 35.0% |
ICE Bank of America Global High Yield Constrained Index6 | 25.0% |
1 | The Bloomberg Global Aggregate Index is a measure of global investment grade debt from 24 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 Bank of America Merrill Lynch Australian Government Bond Index tracks the performance of AUD denominated sovereign debt publicly issued by the Australian government in its domestic market. |
3 | The ICE Bank of America Merrill Lynch New Zealand Government Bond Index tracks the performance of NZD denominated sovereign debt publicly issued by the New Zealand government in its domestic market. |
4 | The iBoxx Asia Government (U.S. dollar unhedged) tracks the performance of local currency-denominated sovereign and quasi-sovereign debt from 11 Asian countries/territories. |
5 | The J.P. Morgan Emerging Markets Bond (EMBI) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed rate, domestic currency government bonds. |
6 | The ICE Bank of America 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 | abrdn Global Income Fund, Inc. |
abrdn Global Income Fund, Inc. | 7 |
Date | AAA/Aaa % | AA/Aa % | A % | BBB/Baa % | BB/Ba % | B % | CCC/CC/C % | D % | NR % |
April 30, 2023 | 1.6 | 2.2 | 5.0 | 24.4 | 31.9 | 20.2 | 6.6 | 0.0 | 8.1 |
October 31, 2022 | 1.7 | 2.6 | 4.9 | 11.9 | 34.9 | 24.1 | 6.9 | 0.2 | 13.5 |
April 30, 2022 | 1.8 | 2.4 | 3.1 | 9.6 | 34.3 | 27.9 | 7.8 | 0.2 | 13.6 |
(1) | For financial reporting purposes, credit quality ratings shown above reflect the lowest rating assigned by either S&P, Moody’s or Fitch 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 these rating agencies. 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. |
Date | Developed Markets % | Investment Grade Developing Markets % | Sub-Investment Grade Developing Markets % |
April 30, 2023 | 51.2 | 21.6 | 27.2 |
October 31, 2022 | 51.3 | 22.2 | 26.5 |
April 30, 2022 | 49.8 | 19.7 | 30.5 |
Date | Developed Markets % | Investment Grade Developing Markets % | Sub-Investment Grade Developing Markets % |
April 30, 2023 | 77.3 | 13.9 | 8.8 |
October 31, 2022 | 82.8 | 12.8 | 4.4 |
April 30, 2022 | 77.8 | 15.1 | 7.1 |
8 | abrdn Global Income Fund, Inc. |
Date | Under 3 Years % | 3 to 5 Years % | 5 to 10 Years % | 10 Years & Over % |
April 30, 2023 | 28.4 | 17.0 | 35.1 | 19.5 |
October 31, 2022 | 26.0 | 17.4 | 35.0 | 21.6 |
April 30, 2022 | 20.3 | 17.4 | 34.6 | 26.1 |
* | Modified duration is a measure of the sensitivity of the price of a bond to the fluctuations in interest rates. |
abrdn Global Income Fund, Inc. | 9 |
Apr–23 | Oct–22 | Apr-22 | ||
Australia | 90 day Bank Bills | 3.68% | 3.09% | 0.70% |
10 yr bond | 0.00% | 3.14% | 1.83% | |
currency local per 1USD | $1.51 | $1.56 | $1.41 | |
New Zealand | 90 day Bank Bills | 5.56% | 4.10% | 1.97% |
10 yr bond | 4.09% | 1.72% | 3.64% | |
currency local per 1USD | $1.62 | $1.72 | $1.54 | |
Malaysia | 3-month T-Bills | 2.85% | 2.71% | 1.80% |
10 yr bond | 3.73% | 4.37% | 4.38% | |
currency local per 1USD | RM4.46 | RM4.37 | RM4.35 | |
India | 3-month T-Bills | 6.78% | 6.42% | 4.04% |
10 yr bond | 7.11% | 7.45% | 7.14% | |
currency local per 1USD | ₹81.84 | ₹82.78 | ₹76.44 | |
Indonesia | 3 months deposit rate | 3.94% | 3.55% | 3.26% |
10 yr bond | 6.51% | 7.51% | 6.97% | |
currency local per 1USD | Rp14,670.00 | Rp15,597.50 | Rp14,497.00 | |
Russia | Zero Cpn 3m | 7.23% | 7.48% | 13.09% |
10 yr bond | 15.99% | 15.99% | 15.99% | |
currency local per 1USD | ₽80.20 | ₽61.70 | ₽70.83 | |
USD Denominated Bonds | Mexico | 5.28% | 6.48% | 5.00% |
Indonesia | 4.44% | 23.20% | 4.01% | |
Argentina | 23.20% | 23.20% | 23.20% | |
Romania | 4.95% | 5.49% | 3.45% |
10 | abrdn Global Income Fund, Inc. |
Shares or Principal Amount | Value | ||
CORPORATE BONDS—78.2% | |||
AUSTRALIA—2.3% | |||
Australia & New Zealand Banking Group Ltd. | |||
(fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026(a)(b) | $ | 200,000 | $ 192,976 |
6.74%, 02/10/2038(a)(c) | AUD | 1,000,000 | 689,965 |
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(d) | $ | 320,000 | 325,883 |
Total Australia | 1,208,824 | ||
BAHRAIN—0.5% | |||
Oil & Gas Holding Co. BSCC (The), 7.63%, 11/07/2024(a) | 260,000 | 263,821 | |
BARBADOS—0.4% | |||
Sagicor Financial Co. Ltd., 5.30%, 05/13/2028(a)(d) | 210,000 | 202,272 | |
BRAZIL—1.6% | |||
Banco do Brasil SA, (fixed rate to 04/15/2024, variable rate thereafter), 6.25%, 04/15/2024(a)(b) | ��� 620,000 | 562,650 | |
BRF SA, 5.75%, 09/21/2050(a)(d) | 200,000 | 125,024 | |
Guara Norte Sarl, 5.20%, 06/15/2034(a)(e) | 182,114 | 155,110 | |
Total Brazil | 842,784 | ||
CANADA—1.8% | |||
Baytex Energy Corp., 8.50%, 04/30/2030(a) | 28,000 | 28,149 | |
Enerflex Ltd., 9.00%, 10/15/2027(a)(d) | 169,000 | 168,392 | |
GFL Environmental, Inc. | |||
5.13%, 12/15/2026(a)(d) | 23,000 | 22,626 | |
4.75%, 06/15/2029(a)(d) | 78,000 | 72,595 | |
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082(a)(d) | 124,000 | 112,034 | |
Teck Resources Ltd., 3.90%, 07/15/2030(d) | 199,000 | 185,366 | |
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026(a)(d) | 125,000 | 111,250 | |
TransAlta Corp., 7.75%, 11/15/2029(d) | 220,000 | 231,017 | |
Total Canada | 931,429 | ||
CHILE—0.9% | |||
Corp. Nacional del Cobre de Chile, 3.75%, 01/15/2031(a)(d) | 330,000 | 304,428 | |
Empresa Nacional del Petroleo, 3.45%, 09/16/2031(a)(d) | 200,000 | 168,588 | |
Total Chile | 473,016 | ||
CHINA—2.5% | |||
China Evergrande Group, 8.75%, 06/28/2025(a)(f)(g) | 200,000 | 13,100 | |
China Huadian Overseas Development 2018 Ltd., (fixed rate to 06/23/2025, variable rate thereafter), 3.38%, 06/23/2025(a)(b) | 200,000 | 191,850 | |
Huarong Finance II Co. Ltd. | |||
5.50%, 01/16/2025(a) | 619,000 | 586,405 | |
5.00%, 11/19/2025(a) | 200,000 | 182,981 |
Shares or Principal Amount | Value | ||
Kaisa Group Holdings Ltd., 11.95%, 11/12/2023(a)(f)(g) | $ | 200,000 | $ 19,196 |
Logan Group Co. Ltd. | |||
6.50%, 07/16/2023(a)(f)(g) | 200,000 | 35,912 | |
7.50%, 08/25/2049(a)(f)(g) | 200,000 | 36,155 | |
Shandong Iron & Steel Xinheng International Co. Ltd., 6.50%, 11/05/2023(a) | 200,000 | 199,000 | |
Sunac China Holdings Ltd., 6.80%, 10/20/2024(a)(f)(g) | 200,000 | 40,092 | |
Zhenro Properties Group Ltd., 6.63%, 01/07/2026(a)(f)(g) | 200,000 | 12,000 | |
Total China | 1,316,691 | ||
COLOMBIA—1.1% | |||
Bancolombia SA, (Fixed rate to 12/18/2024, variable rate thereafter), 4.63%, 12/18/2029(d) | 200,000 | 170,000 | |
Ecopetrol SA | |||
5.38%, 06/26/2026(d) | 351,000 | 332,485 | |
8.88%, 01/13/2033(d) | 105,000 | 101,804 | |
Total Colombia | 604,289 | ||
DOMINICAN REPUBLIC—0.3% | |||
AES Espana BV, 5.70%, 05/04/2028(a)(d) | 202,000 | 182,810 | |
ECUADOR—0.3% | |||
International Airport Finance SA, 12.00%, 03/15/2033(a)(d)(e) | 194,529 | 183,050 | |
FRANCE—0.9% | |||
Altice France SA, 5.88%, 02/01/2027(a) | EUR | 100,000 | 95,315 |
BNP Paribas SA, (Fixed rate to 02/25/2030,variable rate thereafter), 4.50%, 02/25/2030(a)(b) | $ | 200,000 | 142,540 |
Chrome Bidco SASU, 3.50%, 05/31/2028(a) | EUR | 130,000 | 115,519 |
Electricite de France SA, (fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(b) | 100,000 | 101,375 | |
Total France | 454,749 | ||
GEORGIA—1.0% | |||
Bank of Georgia JSC, 6.00%, 07/26/2023(a) | $ | 200,000 | 198,418 |
Georgian Railway JSC, 4.00%, 06/17/2028(a) | 359,000 | 305,259 | |
Total Georgia | 503,677 | ||
GERMANY—2.5% | |||
CT Investment GmbH, 5.50%, 04/15/2026(a) | EUR | 100,000 | 97,207 |
Deutsche Bank AG | |||
2.63%, 12/16/2024(a) | GBP | 100,000 | 117,196 |
(fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(b) | 100,000 | 97,048 | |
Gruenenthal GmbH, 3.63%, 11/15/2026(a) | EUR | 100,000 | 103,716 |
HT Troplast GmbH, 9.25%, 07/15/2025(a) | 100,000 | 108,537 | |
IHO Verwaltungs GmbH PIK, 8.75%, 05/15/2028(a)(d)(h) | 103,347 | 115,484 |
abrdn Global Income Fund, Inc. | 11 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
GERMANY (continued) | |||
Nidda Healthcare Holding GmbH, 3.50%, 09/30/2024(a) | EUR | 97,481 | $ 106,340 |
PrestigeBidCo GmbH, 3 mo. Euribor + 6.000%, 9.18%, 07/15/2027(a)(c) | 109,000 | 119,206 | |
Schaeffler AG | |||
2.88%, 03/26/2027(a) | 60,000 | 62,346 | |
3.38%, 10/12/2028(a) | 100,000 | 99,251 | |
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/2025(a) | 106,000 | 110,330 | |
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a) | 100,000 | 98,207 | |
ZF Europe Finance BV, 2.50%, 10/23/2027(a) | 100,000 | 95,759 | |
Total Germany | 1,330,627 | ||
GHANA—0.4% | |||
Tullow Oil PLC, 7.00%, 03/01/2025(a) | $ | 362,000 | 220,273 |
HONG KONG—1.0% | |||
AIA Group Ltd., 5.63%, 10/25/2027(a)(d) | 500,000 | 521,599 | |
INDIA—2.9% | |||
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a) | 200,000 | 198,500 | |
HDFC Bank Ltd., 8.10%, 03/22/2025(a) | INR | 30,000,000 | 363,246 |
India Green Power Holdings, 4.00%, 02/22/2027(a)(d)(e) | $ | 200,000 | 174,014 |
Indiabulls Housing Finance Ltd. Series 6B, 9.00%, 09/26/2026 | INR | 50,000,000 | 574,809 |
REC Ltd., 5.25%, 11/13/2023(a) | $ | 200,000 | 200,100 |
Total India | 1,510,669 | ||
INDONESIA—1.4% | |||
Medco Oak Tree Pte Ltd., 7.38%, 05/14/2026(a)(d) | 200,000 | 192,026 | |
Medco Platinum Road Pte Ltd., 6.75%, 01/30/2025(a)(d) | 200,000 | 194,851 | |
Perusahaan Perseroan Persero PT, Perusahaan Listrik Negara, 5.25%, 10/24/2042(a) | 400,000 | 360,560 | |
Total Indonesia | 747,437 | ||
ISRAEL—0.9% | |||
Energean Israel Finance Ltd., 4.88%, 03/30/2026(a) | 192,000 | 176,880 | |
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/2025(d) | 276,000 | 282,260 | |
Total Israel | 459,140 | ||
ITALY—0.4% | |||
Telecom Italia Capital SA | |||
6.38%, 11/15/2033 | 140,000 | 125,157 | |
7.20%, 07/18/2036 | 100,000 | 90,367 | |
Total Italy | 215,524 | ||
KAZAKHSTAN—1.6% | |||
KazMunayGas National Co. JSC | |||
3.50%, 04/14/2033(a)(d) | 200,000 | 153,693 | |
5.75%, 04/19/2047(a) | 870,000 | 687,300 | |
Total Kazakhstan | 840,993 |
Shares or Principal Amount | Value | ||
KUWAIT—0.4% | |||
MEGlobal Canada ULC, 5.00%, 05/18/2025(a) | $ | 200,000 | $ 198,500 |
LUXEMBOURG—1.9% | |||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a) | EUR | 100,000 | 101,267 |
Altice Financing SA, 5.75%, 08/15/2029(a)(d) | $ | 204,000 | 162,721 |
Altice France Holding SA | |||
8.00%, 05/15/2027(a) | EUR | 100,000 | 78,530 |
10.50%, 05/15/2027(a)(d) | $ | 200,000 | 147,696 |
Cidron Aida Finco Sarl, 6.25%, 04/01/2028(a) | GBP | 100,000 | 108,009 |
Cullinan Holdco Scsp, 4.63%, 10/15/2026(a) | EUR | 100,000 | 96,034 |
LHMC Finco 2 Sarl PIK, 7.25%, 10/02/2025(a)(h) | 4,866 | 5,013 | |
Matterhorn Telecom SA, 3.13%, 09/15/2026(a) | 200,000 | 202,449 | |
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a) | 110,000 | 121,815 | |
Total Luxembourg | 1,023,534 | ||
MEXICO—3.2% | |||
BBVA Bancomer SA, 5.13%, 01/18/2033(a) | $ | 470,000 | 414,688 |
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(d) | 200,000 | 143,100 | |
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2025(a)(b) | 200,000 | 198,600 | |
Petroleos Mexicanos | |||
7.19%, 09/12/2024(a) | MXN | 4,200,000 | 214,618 |
7.19%, 09/12/2024(a) | 3,378,800 | 172,655 | |
7.69%, 01/23/2050(d) | $ | 530,000 | 353,252 |
Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025(a)(d) | 210,000 | 178,344 | |
Total Mexico | 1,675,257 | ||
MOROCCO—0.4% | |||
Vivo Energy Investments BV, 5.13%, 09/24/2027(a)(d) | 255,000 | 231,030 | |
NETHERLANDS—1.0% | |||
Nobel Bidco BV, 3.13%, 06/15/2028(a) | EUR | 100,000 | 81,189 |
OCI NV, 3.63%, 10/15/2025(a) | 90,000 | 96,558 | |
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(b)(i) | 60,000 | 62,726 | |
Summer BidCo BV PIK, 9.00%, 11/15/2025(a)(h) | 104,875 | 96,667 | |
UPCB Finance VII Ltd., 3.63%, 06/15/2029(a) | 100,000 | 95,620 | |
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a) | 100,000 | 86,369 | |
Total Netherlands | 519,129 | ||
NIGERIA—2.1% | |||
Access Bank PLC, 6.13%, 09/21/2026(a) | $ | 216,000 | 169,755 |
BOI Finance BV, 7.50%, 02/16/2027(a) | EUR | 196,000 | 164,679 |
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a)(d) | $ | 230,000 | 202,101 |
12 | abrdn Global Income Fund, Inc. |
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
NIGERIA (continued) | |||
SEPLAT Energy PLC, 7.75%, 04/01/2026(a)(d) | $ | 297,000 | $ 235,794 |
United Bank for Africa PLC, 6.75%, 11/19/2026(a) | 380,000 | 320,530 | |
Total Nigeria | 1,092,859 | ||
OMAN—0.4% | |||
Oztel Holdings SPC Ltd., 6.63%, 04/24/2028(a) | 230,000 | 239,508 | |
PERU—0.5% | |||
Petroleos del Peru SA, 5.63%, 06/19/2047(a) | 400,000 | 253,754 | |
PHILIPPINES—0.9% | |||
International Container Terminal Services, Inc., 4.75%, 06/17/2030(a) | 260,000 | 244,530 | |
Manila Water Co., Inc., 4.38%, 07/30/2030(a) | 243,000 | 215,055 | |
Total Philippines | 459,585 | ||
REPUBLIC OF IRELAND—0.2% | |||
Cimpress PLC, 7.00%, 06/15/2026(d) | 160,000 | 133,955 | |
RUSSIA—0.0% | |||
Sovcombank Via SovCom Capital DAC, (fixed rate to 05/06/2025, variable rate thereafter), 7.75%, 05/06/2025(a)(b)(f)(j)(k) | 250,000 | – | |
SAUDI ARABIA—1.7% | |||
Saudi Arabian Oil Co., 2.88%, 04/16/2024(a) | 918,000 | 897,352 | |
SINGAPORE—1.1% | |||
DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2028(a)(c)(d) | 200,000 | 198,858 | |
Puma International Financing SA, 5.00%, 01/24/2026(a) | 210,000 | 188,658 | |
Vena Energy Capital Pte Ltd., 3.13%, 02/26/2025(a) | 210,000 | 197,993 | |
Total Singapore | 585,509 | ||
SOUTH AFRICA—2.9% | |||
Eskom Holdings SOC Ltd. | |||
7.13%, 02/11/2025(a) | 410,000 | 399,340 | |
0.00%, 12/31/2032(g)(l) | ZAR | 28,700,000 | 325,557 |
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a)(d) | $ | 446,000 | 265,370 |
Sasol Financing USA LLC, 5.50%, 03/18/2031(d) | 400,000 | 331,187 | |
Transnet SOC Ltd., 8.25%, 02/06/2028(a) | 200,000 | 197,920 | |
Total South Africa | 1,519,374 | ||
SPAIN—1.3% | |||
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(b) | 200,000 | 182,386 | |
Banco de Sabadell SA FRN, (fixed rate to 06/16/2027, variable rate thereafter), 0.88%, 06/16/2028(a) | EUR | 100,000 | 90,851 |
Shares or Principal Amount | Value | ||
Cellnex Finance Co. SA | |||
1.50%, 06/08/2028(a) | EUR | 100,000 | $ 96,101 |
2.00%, 09/15/2032(a)(d) | 100,000 | 87,428 | |
Cirsa Finance International Sarl, 6.25%, 12/20/2023(a) | 28,959 | 31,791 | |
Lorca Telecom Bondco SA, 4.00%, 09/18/2027(a) | 100,000 | 101,167 | |
Unicaja Banco SA FRN, (fixed rate to 11/05/2026, variable rate thereafter), 7.25%, 11/15/2027(a) | 100,000 | 111,413 | |
Total Spain | 701,137 | ||
SWEDEN—0.4% | |||
Intrum AB, 4.88%, 08/15/2025(a) | 100,000 | 99,380 | |
Verisure Holding AB, 3.88%, 07/15/2026(a) | 100,000 | 101,375 | |
Total Sweden | 200,755 | ||
SWITZERLAND—0.5% | |||
Consolidated Energy Finance SA, 5.63%, 10/15/2028(a)(d) | $ | 150,000 | 131,847 |
Dufry One BV, 2.50%, 10/15/2024(a) | EUR | 100,000 | 107,984 |
Total Switzerland | 239,831 | ||
TANZANIA—0.4% | |||
HTA Group Ltd., 7.00%, 12/18/2025(a)(d) | $ | 200,000 | 188,200 |
TRINIDAD—0.6% | |||
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029(a)(d) | 291,000 | 301,074 | |
UKRAINE—0.6% | |||
Kernel Holding SA, 6.75%, 10/27/2027(a)(d)(g) | 206,000 | 118,965 | |
MHP Lux SA, 6.95%, 04/03/2026(a)(g) | 218,000 | 111,180 | |
NPC Ukrenergo, 6.88%, 11/09/2028(a)(f)(g) | 200,000 | 32,000 | |
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026(a)(f)(g) | 200,000 | 38,000 | |
Total Ukraine | 300,145 | ||
UNITED ARAB EMIRATES—0.4% | |||
MAF Global Securities Ltd., (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026(a)(b) | 200,000 | 195,162 | |
UNITED KINGDOM—2.2% | |||
Bellis Acquisition Co. PLC, 4.50%, 02/16/2026(a) | GBP | 124,000 | 130,708 |
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a)(d) | $ | 200,000 | 192,526 |
Jerrold Finco PLC, 4.88%, 01/15/2026(a) | GBP | 100,000 | 110,027 |
Phoenix Group Holdings PLC, 6.63%, 12/18/2025(a) | 150,000 | 188,888 | |
Pinewood Finance Co. Ltd., 3.25%, 09/30/2025(a) | 100,000 | 117,632 | |
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a) | 200,000 | 205,965 | |
Vodafone Group PLC, (fixed rate to 07/03/2024, variable rate thereafter), 6.25%, 10/03/2078(a)(c)(d) | $ | 200,000 | 195,000 |
Total United Kingdom | 1,140,746 |
abrdn Global Income Fund, Inc. | 13 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES—30.0% | |||
Academy Ltd., 6.00%, 11/15/2027(a)(d) | $ | 169,000 | $ 165,991 |
ACI Worldwide, Inc., 5.75%, 08/15/2026(a)(d) | 229,000 | 228,141 | |
Adams Homes, Inc., 7.50%, 02/15/2025(a)(d) | 163,000 | 153,693 | |
Adient Global Holdings Ltd. | |||
3.50%, 08/15/2024(a) | EUR | 17,635 | 19,067 |
7.00%, 04/15/2028(a) | $ | 45,000 | 46,144 |
8.25%, 04/15/2031(a) | 45,000 | 46,094 | |
Affinity Interactive, 6.88%, 12/15/2027(a)(d) | 182,000 | 163,707 | |
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(a)(d) | 70,000 | 57,681 | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 03/01/2029(a)(d) | 100,000 | 90,711 | |
Ball Corp. | |||
2.88%, 08/15/2030(d) | 137,000 | 114,776 | |
3.13%, 09/15/2031(d) | 34,000 | 28,317 | |
Builders FirstSource, Inc., 4.25%, 02/01/2032(a)(d) | 110,000 | 96,380 | |
Caesars Entertainment, Inc., 7.00%, 02/15/2030(a)(d) | 4,000 | 4,036 | |
Carnival Corp. | |||
10.50%, 02/01/2026(a)(d) | 21,000 | 21,922 | |
6.00%, 05/01/2029(a)(d) | 56,000 | 43,954 | |
CCM Merger, Inc., 6.38%, 05/01/2026(a)(d) | 151,000 | 147,602 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | |||
5.38%, 06/01/2029(a)(d) | 38,000 | 34,850 | |
4.25%, 02/01/2031(a)(d) | 99,000 | 81,082 | |
4.75%, 02/01/2032(a)(d) | 63,000 | 52,131 | |
4.25%, 01/15/2034(a)(d) | 486,000 | 370,206 | |
Cedar Fair LP, 5.25%, 07/15/2029(d) | 74,000 | 68,838 | |
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/01/2028(d) | 70,000 | 69,163 | |
Celanese US Holdings LLC | |||
6.17%, 07/15/2027(d) | 86,000 | 87,053 | |
6.38%, 07/15/2032(d) | 36,000 | 36,508 | |
Centene Corp. | |||
4.25%, 12/15/2027(d) | 23,000 | 21,979 | |
4.63%, 12/15/2029(d) | 39,000 | 36,758 | |
3.38%, 02/15/2030(d) | 233,000 | 205,638 | |
Chart Industries, Inc. | |||
7.50%, 01/01/2030(a)(d) | 93,000 | 95,790 | |
9.50%, 01/01/2031(a)(d) | 20,000 | 21,175 | |
Cheniere Energy Partners LP | |||
4.50%, 10/01/2029(d) | 189,000 | 177,818 | |
4.00%, 03/01/2031(d) | 64,000 | 57,243 | |
Clarios Global LP / Clarios US Finance Co., 6.75%, 05/15/2028(a) | 87,000 | 87,337 | |
Clean Harbors, Inc. | |||
4.88%, 07/15/2027(a)(d) | 233,000 | 225,549 | |
5.13%, 07/15/2029(a)(d) | 16,000 | 15,373 | |
6.38%, 02/01/2031(a)(d) | 29,000 | 29,587 |
Shares or Principal Amount | Value | ||
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a) | $ | 83,000 | $ 80,675 |
Consensus Cloud Solutions, Inc. | |||
6.00%, 10/15/2026(a)(d) | 37,000 | 34,020 | |
6.50%, 10/15/2028(a)(d) | 104,000 | 91,000 | |
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a)(d) | 87,000 | 65,468 | |
CSC Holdings LLC | |||
6.50%, 02/01/2029(a)(d) | 200,000 | 166,987 | |
5.75%, 01/15/2030(a)(d) | 200,000 | 102,069 | |
Darling Ingredients, Inc., 6.00%, 06/15/2030(a)(d) | 162,000 | 160,261 | |
DISH Network Corp., 11.75%, 11/15/2027(a)(d) | 105,000 | 99,188 | |
Encore Capital Group, Inc., 4.88%, 10/15/2025(a) | EUR | 100,000 | 100,594 |
EnLink Midstream LLC, 6.50%, 09/01/2030(a)(d) | $ | 118,000 | 119,200 |
EnLink Midstream Partners LP, 5.45%, 06/01/2047(d) | 94,000 | 78,490 | |
Ford Motor Co. | |||
6.63%, 10/01/2028 | 44,000 | 44,790 | |
9.63%, 04/22/2030(d) | 148,000 | 172,103 | |
Ford Motor Credit Co. LLC | |||
4.54%, 03/06/2025 | GBP | 211,000 | 253,531 |
2.39%, 02/17/2026 | EUR | 100,000 | 102,036 |
Frontier Communications Holdings LLC | |||
6.00%, 01/15/2030(a)(d) | $ | 60,000 | 45,895 |
8.75%, 05/15/2030(a)(d) | 83,000 | 82,095 | |
8.63%, 03/15/2031(a)(d) | 63,000 | 61,386 | |
GLP Capital, LP/GLP Financing II, Inc. REIT, 5.75%, 06/01/2028(d) | 137,000 | 134,846 | |
Goodyear Europe BV, 2.75%, 08/15/2028(a)(d) | EUR | 116,000 | 106,353 |
Goodyear Tire & Rubber Co. (The) | |||
9.50%, 05/31/2025(d) | $ | 230,000 | 235,457 |
5.00%, 07/15/2029(d) | 120,000 | 106,075 | |
Graphic Packaging International LLC, 3.75%, 02/01/2030(a)(d) | 463,000 | 413,887 | |
HCA, Inc. | |||
5.88%, 02/15/2026(d) | 114,000 | 115,774 | |
5.63%, 09/01/2028(d) | 337,000 | 344,008 | |
Hess Midstream Operations LP | |||
4.25%, 02/15/2030(a)(d) | 129,000 | 114,693 | |
5.50%, 10/15/2030(a)(d) | 20,000 | 18,614 | |
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a)(d) | 150,000 | 140,139 | |
Howmet Aerospace, Inc. | |||
6.88%, 05/01/2025(d) | 7,000 | 7,209 | |
3.00%, 01/15/2029(d) | 370,000 | 332,039 | |
5.95%, 02/01/2037 | 76,000 | 77,335 | |
Hyundai Capital America, 6.38%, 04/08/2030(a)(d) | 200,000 | 210,393 | |
International Game Technology PLC, 3.50%, 06/15/2026(a) | EUR | 179,000 | 191,323 |
IQVIA, Inc., 1.75%, 03/15/2026(a)(d) | 125,000 | 126,965 |
14 | abrdn Global Income Fund, Inc. |
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Iron Mountain, Inc. | |||
5.25%, 03/15/2028(a)(d) | $ | 140,000 | $ 134,661 |
5.00%, 07/15/2028(a)(d) | 23,000 | 21,648 | |
4.88%, 09/15/2029(a)(d) | 60,000 | 54,724 | |
5.25%, 07/15/2030(a)(d) | 122,000 | 112,365 | |
ITT Holdings LLC, 6.50%, 08/01/2029(a)(d) | 179,000 | 148,618 | |
JPMorgan Chase & Co. Series CC, (fixed rate to 11/01/2022, variable rate thereafter), 7.88%, 08/01/2023(b) | 180,000 | 178,578 | |
JPMorgan Chase Bank NA, 11.67%, 11/27/2023(a)(g) | UAH | 10,041,000 | 216,289 |
Lennar Corp., 4.88%, 12/15/2023(d) | $ | 280,000 | 279,436 |
Level 3 Financing, Inc., 10.50%, 05/15/2030(a)(d) | 102,000 | 97,645 | |
Macy's Retail Holdings LLC | |||
5.88%, 04/01/2029(a)(d) | 139,000 | 127,328 | |
5.88%, 03/15/2030(a)(d) | 3,000 | 2,664 | |
6.13%, 03/15/2032(a)(d) | 9,000 | 7,878 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(d) | 175,000 | 138,250 | |
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(a)(d) | 48,000 | 45,552 | |
McAfee Corp., 7.38%, 02/15/2030(a)(d) | 124,000 | 102,932 | |
MGM Resorts International, 5.75%, 06/15/2025(d) | 113,000 | 112,705 | |
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027(a)(d) | 77,000 | 71,303 | |
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a)(d) | 236,000 | 198,240 | |
NCL Corp. Ltd. | |||
5.88%, 02/15/2027(a)(d) | 87,000 | 82,065 | |
8.38%, 02/01/2028(a)(d) | 34,000 | 34,203 | |
7.75%, 02/15/2029(a)(d) | 41,000 | 34,716 | |
Neptune Bidco US, Inc., 9.29%, 04/15/2029(a)(d) | 85,000 | 80,006 | |
Netflix, Inc. | |||
4.63%, 05/15/2029 | EUR | 134,000 | 150,839 |
6.38%, 05/15/2029 | $ | 63,000 | 68,071 |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a)(d) | 87,000 | 77,865 | |
Noble Finance II LLC, 8.00%, 04/15/2030(a) | 98,000 | 100,354 | |
Novelis Corp., 3.25%, 11/15/2026(a)(d) | 163,000 | 149,221 | |
NRG Energy, Inc. | |||
3.38%, 02/15/2029(a)(d) | 15,000 | 12,702 | |
5.25%, 06/15/2029(a)(d) | 134,000 | 123,603 | |
3.63%, 02/15/2031(a)(d) | 202,000 | 163,516 | |
3.88%, 02/15/2032(a)(d) | 68,000 | 54,907 | |
Occidental Petroleum Corp. | |||
5.50%, 12/01/2025(d) | 26,000 | 26,082 | |
5.55%, 03/15/2026(d) | 22,000 | 22,185 | |
6.38%, 09/01/2028(d) | 43,000 | 44,847 | |
6.63%, 09/01/2030(d) | 46,000 | 49,105 | |
6.45%, 09/15/2036 | 130,000 | 137,962 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028(a) | EUR | 196,000 | 186,592 |
Shares or Principal Amount | Value | ||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | |||
7.50%, 06/01/2025(a)(d) | $ | 29,000 | $ 29,145 |
4.88%, 05/15/2029(a)(d) | 82,000 | 70,930 | |
Perrigo Finance Unlimited Co., 4.40%, 06/15/2030(d) | 200,000 | 180,499 | |
Post Holdings, Inc. | |||
5.63%, 01/15/2028(a)(d) | 70,000 | 68,397 | |
5.50%, 12/15/2029(a)(d) | 120,000 | 114,137 | |
Royal Caribbean Cruises Ltd. | |||
11.50%, 06/01/2025(a)(d) | 33,000 | 35,021 | |
3.70%, 03/15/2028(d) | 136,000 | 110,492 | |
Sabre GLBL, Inc. | |||
7.38%, 09/01/2025(a)(d) | 94,000 | 83,543 | |
11.25%, 12/15/2027(a)(d) | 41,000 | 36,029 | |
Sealed Air Corp. | |||
5.00%, 04/15/2029(a)(d) | 72,000 | 69,010 | |
6.88%, 07/15/2033(a) | 44,000 | 46,741 | |
Six Flags Entertainment Corp., 5.50%, 04/15/2027(a)(d) | 116,000 | 110,860 | |
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a)(d) | 105,000 | 106,285 | |
Southwestern Energy Co., 4.75%, 02/01/2032(d) | 170,000 | 149,898 | |
Sprint Capital Corp. | |||
6.88%, 11/15/2028 | 61,000 | 65,763 | |
8.75%, 03/15/2032 | 224,000 | 273,799 | |
Staples, Inc., 7.50%, 04/15/2026(a)(d) | 145,000 | 122,284 | |
Starwood Property Trust, Inc., 3.63%, 07/15/2026(a)(d) | 128,000 | 110,213 | |
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)(d) | 191,000 | 166,294 | |
Talen Energy Supply LLC, 8.63%, 06/01/2030(a) | 64,000 | 64,000 | |
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a)(d) | 123,000 | 101,974 | |
Tenet Healthcare Corp. | |||
4.63%, 07/15/2024(d) | 127,000 | 125,908 | |
6.13%, 10/01/2028(d) | 49,000 | 47,540 | |
TransDigm, Inc., 6.75%, 08/15/2028(a)(d) | 118,000 | 119,834 | |
Travel & Leisure Co. | |||
5.65%, 04/01/2024(d) | 115,000 | 114,264 | |
6.00%, 04/01/2027(d) | 80,000 | 78,700 | |
4.63%, 03/01/2030(a)(d) | 25,000 | 21,563 | |
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(a) | 5,000 | 5,120 | |
Turning Point Brands, Inc., 5.63%, 02/15/2026(a)(d) | 108,000 | 98,820 | |
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 10.50%, 02/15/2028(a)(d) | 81,000 | 77,509 | |
Univision Communications, Inc. | |||
6.63%, 06/01/2027(a)(d) | 97,000 | 93,398 | |
7.38%, 06/30/2030(a)(d) | 22,000 | 21,110 |
abrdn Global Income Fund, Inc. | 15 |
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Venture Global Calcasieu Pass LLC | |||
3.88%, 08/15/2029(a)(d) | $ | 73,000 | $ 65,569 |
6.25%, 01/15/2030(a)(d) | 114,000 | 115,597 | |
4.13%, 08/15/2031(a)(d) | 145,000 | 128,449 | |
3.88%, 11/01/2033(a)(d) | 98,000 | 82,635 | |
Viatris, Inc., 2.70%, 06/22/2030(d) | 258,000 | 210,203 | |
Viking Cruises Ltd., 13.00%, 05/15/2025(a)(d) | 65,000 | 68,413 | |
Viper Energy Partners LP, 5.38%, 11/01/2027(a)(d) | 117,000 | 113,098 | |
Vistra Operations Co. LLC, 4.38%, 05/01/2029(a)(d) | 126,000 | 112,651 | |
Warnermedia Holdings, Inc., 3.79%, 03/15/2025(a)(d) | 93,000 | 90,109 | |
Weatherford International Ltd., 8.63%, 04/30/2030(a)(d) | 97,000 | 98,806 | |
Western Midstream Operating LP | |||
3.95%, 06/01/2025(d) | 142,000 | 136,754 | |
4.65%, 07/01/2026(d) | 84,000 | 81,665 | |
6.15%, 04/01/2033 | 114,000 | 115,916 | |
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a)(d) | 113,000 | 93,931 | |
Total United States | 15,819,725 | ||
ZAMBIA—0.4% | |||
First Quantum Minerals Ltd., 7.50%, 04/01/2025(a) | 230,000 | 229,414 | |
Total Corporate Bonds | 41,159,209 | ||
GOVERNMENT BONDS—41.6% | |||
ANGOLA—1.0% | |||
Angolan Government International Bond, 9.13%, 11/26/2049(a) | 701,000 | 522,164 | |
ARGENTINA—1.6% | |||
Argentine Republic Government International Bond | |||
1.00%, 07/09/2029(d)(e) | 71,292 | 16,751 | |
1.50%, 07/09/2035(d)(e)(i) | 449,075 | 99,347 | |
3.88%, 01/09/2038(d)(e)(i) | 1,609,200 | 442,094 | |
1.50%, 07/09/2046(d)(e)(i) | 1,293,010 | 293,806 | |
Total Argentina | 851,998 | ||
AUSTRALIA—3.4% | |||
Australia Government Bond Series 154, 2.75%, 11/21/2029(a) | AUD | 1,700,000 | 1,096,393 |
Queensland Treasury Corp., 3.50%, 08/21/2030(a) | 1,100,000 | 718,445 | |
Total Australia | 1,814,838 | ||
BAHRAIN—1.4% | |||
Bahrain Government International Bond | |||
4.25%, 01/25/2028(a) | $ | 390,000 | 359,287 |
5.45%, 09/16/2032(a) | 229,000 | 204,360 | |
6.25%, 01/25/2051(a) | 210,000 | 164,313 | |
Total Bahrain | 727,960 | ||
BELARUS—0.0% | |||
Republic of Belarus Ministry of Finance, 5.88%, 02/24/2026(g)(k) | – | – |
Shares or Principal Amount | Value | ||
BRAZIL—4.1% | |||
Brazil Notas do Tesouro Nacional | |||
Series NTNF, 10.00%, 01/01/2027 | BRL | 2,076,000 | $ 394,743 |
Series NTNF, 10.00%, 01/01/2029 | 7,434,000 | 1,366,853 | |
Brazilian Government International Bond, 7.13%, 01/20/2037 | $ | 370,000 | 394,854 |
Total Brazil | 2,156,450 | ||
CHILE—0.7% | |||
Chile Government International Bond, 4.34%, 03/07/2042(d) | 386,000 | 349,809 | |
COLOMBIA—1.2% | |||
Colombia Government International Bond | |||
9.85%, 06/28/2027 | COP | 2,385,000,000 | 470,873 |
5.20%, 05/15/2049(d) | $ | 200,000 | 134,515 |
Total Colombia | 605,388 | ||
DOMINICAN REPUBLIC—2.7% | |||
Dominican Republic International Bond | |||
9.75%, 06/05/2026(a) | DOP | 15,300,000 | 278,207 |
5.50%, 02/22/2029(a)(d) | $ | 200,000 | 190,313 |
5.88%, 01/30/2060(a) | 1,230,000 | 937,177 | |
Total Dominican Republic | 1,405,697 | ||
EGYPT—0.8% | |||
Egypt Government International Bond | |||
7.63%, 05/29/2032(a) | 400,000 | 223,882 | |
7.90%, 02/21/2048(a) | 426,000 | 214,214 | |
Total Egypt | 438,096 | ||
GEORGIA—0.5% | |||
Georgia Government International Bond, 2.75%, 04/22/2026(a) | 306,000 | 274,340 | |
GHANA—0.3% | |||
Ghana Government International Bond, 7.63%, 05/16/2029(a)(e) | 385,000 | 140,892 | |
HUNGARY—0.6% | |||
Hungary Government Bond Series 24/C, 2.50%, 10/24/2024 | HUF | 128,420,000 | 329,706 |
INDONESIA—6.6% | |||
Indonesia Government International Bond | |||
3.50%, 01/11/2028 | $ | 650,000 | 626,689 |
7.75%, 01/17/2038(a) | 100,000 | 126,976 | |
3.70%, 10/30/2049 | 1,180,000 | 941,898 | |
Indonesia Treasury Bond | |||
Series FR63, 5.63%, 05/15/2023 | IDR | 2,600,000,000 | 177,117 |
Series FR77, 8.13%, 05/15/2024 | 14,800,000,000 | 1,028,645 | |
Series FR81, 6.50%, 06/15/2025 | 780,000,000 | 53,491 | |
Series FR82, 7.00%, 09/15/2030 | 341,000,000 | 23,856 | |
Series FR83, 7.50%, 04/15/2040 | 6,535,000,000 | 468,088 | |
Total Indonesia | 3,446,760 | ||
IRAQ—0.6% | |||
Iraq International Bond | |||
5.80%, 01/15/2028(a)(d)(e) | $ | 156,250 | 145,735 |
5.80%, 01/15/2028(a) | 156,250 | 145,734 | |
Total Iraq | 291,469 |
16 | abrdn Global Income Fund, Inc. |
Shares or Principal Amount | Value | ||
GOVERNMENT BONDS (continued) | |||
IVORY COAST—0.6% | |||
Ivory Coast Government International Bond, 6.63%, 03/22/2048(a)(e) | EUR | 444,000 | $ 327,598 |
MALAYSIA—1.7% | |||
Malaysia Government Bond | |||
Series 0411, 4.23%, 06/30/2031 | MYR | 1,100,000 | 253,080 |
Series 0419, 3.83%, 07/05/2034 | 800,000 | 177,734 | |
Series 0519, 3.76%, 05/22/2040 | 1,000,000 | 214,755 | |
Series 0120, 4.07%, 06/15/2050 | 1,100,000 | 237,536 | |
Total Malaysia | 883,105 | ||
MEXICO—2.1% | |||
Mexican Bonos | |||
Series M, 5.75%, 03/05/2026 | MXN | 6,120,200 | 308,211 |
Series M, 7.75%, 11/13/2042 | 16,497,100 | 799,663 | |
Total Mexico | 1,107,874 | ||
MOROCCO—0.6% | |||
Morocco Government International Bond, 2.38%, 12/15/2027(a) | $ | 328,000 | 290,388 |
NIGERIA—0.5% | |||
Nigeria Government International Bond | |||
7.14%, 02/23/2030(a) | 200,000 | 149,308 | |
7.63%, 11/28/2047(a) | 200,000 | 124,362 | |
Total Nigeria | 273,670 | ||
OMAN—2.6% | |||
Oman Government International Bond, 7.00%, 01/25/2051(a) | 1,400,000 | 1,387,750 | |
PERU—2.0% | |||
Peruvian Government International Bond, 6.90%, 08/12/2037(a) | PEN | 4,138,000 | 1,049,846 |
POLAND—0.6% | |||
Republic of Poland Government Bond Series 0432, 1.75%, 04/25/2032 | PLN | 1,894,000 | 327,460 |
QATAR—1.0% | |||
Qatar Government International Bond, 4.40%, 04/16/2050(a) | $ | 576,000 | 539,280 |
REPUBLIC OF KOREA—0.6% | |||
Industrial Bank of Korea, 5.13%, 10/25/2024(a) | 300,000 | 301,227 | |
RWANDA—0.5% | |||
Rwanda International Government Bond, 5.50%, 08/09/2031(a) | 400,000 | 287,091 | |
SAUDI ARABIA—0.8% | |||
Saudi Government International Bond, 4.38%, 04/16/2029(a) | 410,000 | 412,667 | |
TURKEY—0.5% | |||
Turkey Government International Bond, 9.88%, 01/15/2028 | 279,000 | 288,224 | |
URUGUAY—1.3% | |||
Uruguay Government International Bond | |||
4.38%, 12/15/2028(e) | UYU | 11,490,593 | 310,329 |
7.88%, 01/15/2033 | $ | 165,000 | 206,939 |
7.63%, 03/21/2036(e) | 146,000 | 184,996 | |
Total Uruguay | 702,264 |
Shares or Principal Amount | Value | ||
UZBEKISTAN—0.7% | |||
National Bank of Uzbekistan, 4.85%, 10/21/2025(a) | $ | 200,000 | $ 184,500 |
Republic of Uzbekistan International Bond, 3.70%, 11/25/2030(a) | 252,000 | 205,695 | |
Total Uzbekistan | 390,195 | ||
Total Government Bonds | 21,924,206 | ||
WARRANTS—0.0% | |||
BRAZIL—0.0% | |||
OAS SA(g)(j)(m) | 61,465 | – | |
UNITED STATES—0.0% | |||
Delco, Series A(g)(j)(m) | 73,666 | – | |
Total Warrants | – | ||
SHORT-TERM INVESTMENT—8.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.76%(n) | 4,507,658 | 4,507,657 | |
Total Short-Term Investment | 4,507,657 | ||
Total Investments (Cost $76,193,104)(o)—128.4% | 67,591,072 | ||
Liabilities in Excess of Other Assets—(28.4%) | (14,951,016) | ||
Net Assets—100.0% | $52,640,056 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Perpetual maturity. Maturity date presented represents the next call date. |
(c) | Variable or Floating Rate security. Rate disclosed is as of April 30, 2023. |
(d) | The maturity date presented for these instruments represents the next call/put date. |
(e) | Sinkable security. |
(f) | Security is in default. |
(g) | Illiquid security. |
(h) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(i) | Step bond. Rate disclosed is as of April 30, 2023. |
(j) | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
(k) | The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Directors. Illiquid securities held by the Fund represent 0.00% of net assets as of April 30, 2023. |
(l) | Zero coupon bond. Rate represents yield to maturity. |
(m) | Non-income producing security. |
(n) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2023. |
(o) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
AUD | Australian Dollar |
BRL | Brazilian Real |
CNY | Chinese Yuan Renminbi |
COP | Colombian Peso |
DOP | Dominican Republic Peso |
EUR | Euro Currency |
FRN | Floating Rate Note |
GBP | British Pound Sterling |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
abrdn Global Income Fund, Inc. | 17 |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Sol |
PIK | Payment-In-Kind |
PLC | Public Limited Company |
PLN | Polish Zloty |
REIT | Real Estate Investment Trust |
SGD | Singapore Dollar |
UAH | Ukraine Hryvna |
USD | U.S. Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
At April 30, 2023, the Fund held the following forward foreign currency contracts: |
Purchase Contracts Settlement Date* | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
Chinese Renminbi/United States Dollar | ||||||||
05/19/2023 | Morgan Stanley & Co. | CNY | 17,905,483 | USD | 2,612,704 | $ 2,589,982 | $ (22,722) | |
05/24/2023 | UBS AG | CNY | 17,905,483 | USD | 2,605,870 | 2,591,036 | (14,834) | |
Indonesian Rupiah/United States Dollar | ||||||||
06/26/2023 | Citibank N.A. | IDR | 31,055,400,000 | USD | 2,077,285 | 2,116,437 | 39,152 | |
Singapore Dollar/United States Dollar | ||||||||
05/19/2023 | Citibank N.A. | SGD | 5,428,895 | USD | 4,068,009 | 4,070,695 | 2,686 | |
South Korean Won/United States Dollar | ||||||||
06/15/2023 | UBS AG | KRW | 3,476,568,000 | USD | 2,672,932 | 2,606,028 | (66,904) | |
$13,974,178 | $(62,622) |
Sale Contracts Settlement Date* | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/British Pound | ||||||||
05/19/2023 | Deutsche Bank AG | USD | 1,261,792 | GBP | 1,010,674 | $ 1,270,623 | $ (8,831) | |
United States Dollar/Chinese Renminbi | ||||||||
05/24/2023 | Morgan Stanley & Co. | USD | 2,613,512 | CNY | 17,905,483 | 2,591,036 | 22,476 | |
United States Dollar/Euro | ||||||||
05/19/2023 | JPMorgan Chase Bank N.A. | USD | 122,764 | EUR | 111,100 | 122,534 | 230 | |
05/19/2023 | Morgan Stanley & Co. | USD | 4,435,580 | EUR | 4,056,933 | 4,474,459 | (38,879) | |
$8,458,652 | $(25,004) | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ 64,544 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(152,170) |
* | Certain contracts with different trade dates and like characteristics have been shown net. |
At April 30, 2023, 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 | Frequency of Paid Payments Made | Premiums Paid (Received) | Value | Unrealized Appreciation/ (Depreciation) |
USD | 7,350,000 | 03/17/2033 | UBS AG | Receive | 12-month SOFR | 3.38% | Annually | $- | $ (114,932) | $ (114,932) |
USD | 5,000,000 | 03/17/2030 | UBS AG | Receive | 12-month SOFR | 3.46% | Annually | - | (62,649) | (62,649) |
USD | 5,000,000 | 03/17/2032 | UBS AG | Receive | 12-month SOFR | 3.40% | Annually | - | (74,769) | (74,769) |
$- | $(252,350) | $(252,350) |
18 | abrdn Global Income Fund, Inc. |
Assets | |
Investments, at value (cost $71,685,447) | $ 63,083,415 |
Short-term investments, at value (cost $4,507,657) | 4,507,657 |
Foreign currency, at value (cost $270,793) | 240,302 |
Cash | 13,194 |
Cash at broker for interest rate swaps | 894,626 |
Cash at broker for forward foreign currency contracts | 60,000 |
Receivable for investments sold | 169,401 |
Interest and dividends receivable | 1,163,358 |
Receivable for common shares issued | 223,158 |
Unrealized appreciation on forward foreign currency exchange contracts | 64,544 |
Variation margin receivable for centrally cleared swaps | 191,254 |
Prepaid expenses in connection with the at-the-market stock offering (Note 5) | 129,341 |
Prepaid expenses in connection with the shelf registration (Note 5) | 51,235 |
Prepaid expenses in connection with revolving credit facility (Note 7) | 36,785 |
Prepaid expenses | 3,884 |
Total assets | 70,832,154 |
Liabilities | |
Revolving credit facility payable (Note 7) | 17,350,000 |
Payable for investments purchased | 465,473 |
Unrealized depreciation on forward foreign currency exchange contracts | 152,170 |
Interest payable on bank loan | 72,419 |
Investment management fees payable (Note 3) | 37,170 |
Cash collateral due to broker | 10,000 |
Investor relations fees payable (Note 3) | 9,275 |
Administration fees payable (Note 3) | 7,148 |
Deferred foreign capital gains tax (Note 2j) | 1,656 |
Other accrued expenses | 86,787 |
Total liabilities | 18,192,098 |
Net Assets | $52,640,056 |
Composition of Net Assets | |
Common stock (par value $0.001 per share) (Note 5) | $ 12,789 |
Paid-in capital in excess of par | 75,889,462 |
Distributable accumulated loss | (23,262,195) |
Net Assets | $52,640,056 |
Net asset value per share based on 12,788,980 shares issued and outstanding | $ 4.12(a) |
(a) | The NAV shown above differs from the traded NAV on April 30, 2023 due to financial statement rounding and/or financial statement adjustments. |
abrdn Global Income Fund, Inc. | 19 |
Net Investment Income | |
Investment Income: | |
Interest and amortization of discount and premium (net of foreign withholding taxes of $6,615) | $ 2,199,575 |
Total investment income | 2,199,575 |
Expenses: | |
Investment management fee (Note 3) | 216,869 |
Directors' fees and expenses | 96,026 |
Independent auditors’ fees and expenses | 44,328 |
Administration fee (Note 3) | 41,705 |
Bank loan fees and expenses | 36,909 |
Investor relations fees and expenses (Note 3) | 27,470 |
Reports to shareholders and proxy solicitation | 21,191 |
Custodian’s fees and expenses | 17,735 |
Transfer agent’s fees and expenses | 13,498 |
Insurance expense | 7,633 |
Legal fees and expenses | 7,053 |
Miscellaneous | 20,703 |
Total operating expenses, excluding interest expense | 551,120 |
Interest expense (Note 7) | 477,951 |
Total operating expenses before reimbursed/waived expenses | 1,029,071 |
Less: Investor relations fee waiver (Note 3) | (15,090) |
Net expenses | 1,013,981 |
Net Investment Income/(Loss) | 1,185,594 |
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: | |
Net realized gain/(loss) from: | |
Investment transactions (including $(287) capital gains tax) | (1,443,511) |
Interest rate swaps | 1,033 |
Forward foreign currency exchange contracts | (472,651) |
Foreign currency transactions | (26,918) |
(1,942,047) | |
Net change in unrealized appreciation/(depreciation) on: | |
Investments (including change in deferred capital gains tax of $1,361) | 4,166,436 |
Interest rate swaps | (252,350) |
Forward foreign currency exchange contracts | 525,918 |
Foreign currency translation | 1,266,768 |
5,706,772 | |
Net realized and unrealized gain from investments, interest rate swaps, forward foreign currency exchange contracts and foreign currencies | 3,764,725 |
Change in Net Assets Resulting from Operations | $4,950,319 |
20 | abrdn Global Income Fund, Inc. |
For the Six-Month Period Ended April 30, 2023 (unaudited) | For the Year Ended October 31, 2022 | |
Increase/(Decrease) in Net Assets: | ||
Operations: | ||
Net investment income | $ 1,185,594 | $ 2,459,102 |
Net realized loss from investments, interest rate swaps, forward foreign currency exchange contracts and foreign currency transactions | (1,942,047) | (4,489,942) |
Net change in unrealized appreciation/(depreciation) on investments, interest rate swaps, forward foreign currency exchange contracts and foreign currency translation | 5,706,772 | (13,883,934) |
Net increase/(decrease) in net assets resulting from operations | 4,950,319 | (15,914,774) |
Distributions to Shareholders From: | ||
Distributable earnings | (5,036,229) | (1,030,650) |
Return of capital | – | (7,146,830) |
Net decrease in net assets from distributions | (5,036,229) | (8,177,480) |
Proceeds from at-the-market offering resulting in the issuance of 1,771,674 and 2,114,574 shares of common stock, respectively | 8,980,220 | 12,183,264 |
Expenses in connection with the at-the-market stock offering (Note 5) | (85,545) | (99,522) |
Expenses in connection with the shelf offering (Note 5) | (18,149) | (17,907) |
Reinvestment of dividends resulting in the issuance of 14,532 and 25,019 shares of common stock, respectively | 71,401 | 138,357 |
Change in net assets from capital transactions | 8,947,927 | 12,204,192 |
Change in net assets | 8,862,017 | (11,888,062) |
Net Assets: | ||
Beginning of period | 43,778,039 | 55,666,101 |
End of period | $52,640,056 | $43,778,039 |
abrdn Global Income Fund, Inc. | 21 |
Cash flows from operating activities: | |
Net increase/(decrease) in net assets resulting from operations | $ 4,950,319 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |
Investments purchased | (12,768,443) |
Investments sold and principal repayments | 9,568,365 |
Decrease in short-term investments, excluding foreign government | 161,868 |
Net amortization/accretion of premium (discount) | (111,329) |
Increase in receivable for common shares sold | (211,513) |
Increase in cash due to broker | 10,000 |
Decrease in cash due to broker for forward foreign currency exchange contracts | (40,000) |
Increase in interest and dividends receivable | (125,863) |
Net change unrealized appreciation on forward foreign currency exchange contracts | (525,918) |
Decrease in prepaid expenses | 29,284 |
Increase in interest payable on bank loan | 17,795 |
Increase in accrued investment management fees payable | 3,505 |
Increase in other accrued expenses | 32,703 |
Net change in unrealized appreciation of investments | (4,166,436) |
Net change in unrealized appreciation on foreign currency translations | (1,266,768) |
Net realized loss on investments transactions | 1,443,511 |
Total Cash flows from operating activities | (2,998,920) |
Cash flows from financing activities: | |
Distributions paid to shareholders | (5,036,229) |
Proceeds from stock offering | 8,980,220 |
Proceeds from reinvestment of dividends | $ 71,401 |
Net cash paid (received) for swap contracts | (191,254) |
Expenses in connection with the at-the-market and shelf offering | (103,694) |
Net cash used in financing activities | 3,720,444 |
Effect of exchange rate on cash | (5,240) |
Net change in cash | 716,284 |
Unrestricted and restricted cash and foreign currency, beginning of year | 491,838 |
Unrestricted and restricted cash and foreign currency, end of year | $ 1,208,122 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest and fees on borrowing | 460,156 |
22 | abrdn Global Income Fund, Inc. |
Reconciliation of unrestricted and restricted cash to the statements of assets and liabilities | ||
Six-Month Period Ended April 30, 2023 (unaudited) | Year Ended October 31, 2022 | |
Cash | $ 13,194 | $ 28,548 |
Foreign currency, at value | 240,302 | 143,290 |
Cash at broker for interest rate swaps | 894,626 | – |
Cash at broker for forward foreign currency contracts | 60,000 | 320,000 |
$1,208,122 | $491,838 |
abrdn Global Income Fund, Inc. | 23 |
For the Six-Months Ended April 30, | For the Fiscal Years Ended October 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
PER SHARE OPERATING PERFORMANCE(a): | ||||||
Net asset value per common share, beginning of period | $3.98 | $6.28 | $6.55 | $7.83 | $7.99 | $9.17 |
Net investment income | 0.10 | 0.25 | 0.31 | 0.32 | 0.35 | 0.44 |
Net realized and unrealized gains/(losses) on investments, interestrate swaps, futures contracts and foreign currency transactions | 0.35 | (1.92) | 0.22 | (0.76) | 0.33 | (0.78) |
Total from investment operations applicable to common shareholders | 0.45 | (1.67) | 0.53 | (0.44) | 0.68 | (0.34) |
Distributions to common shareholders from: | ||||||
Net investment income | (0.42) | (0.10) | (0.21) | (0.17) | (0.36) | (0.16) |
Return of capital | – | (0.74) | (0.63) | (0.67) | (0.48) | (0.68) |
Total distributions | (0.42) | (0.84) | (0.84) | (0.84) | (0.84) | (0.84) |
Capital Share Transactions: | ||||||
Impact of shelf offering | 0.11 | 0.21 | 0.04 | – | – | – |
Net asset value per common share, end of period | $4.12 | $3.98 | $6.28 | $6.55 | $7.83 | $7.99 |
Market price, end of period | $5.07 | $4.50 | $8.35 | $6.80 | $8.41 | $8.22 |
Total Investment Return Based on(b): | ||||||
Market price | 22.65% | (37.38%) | 36.38% | (8.35%) | 13.46% | 1.27% |
Net asset value | 12.69%(c) | (26.36%) | 6.49% | (5.18%) | 8.68% | (3.81%) |
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data: | ||||||
Net assets applicable to common shareholders, end of period (000 omitted) | $52,640 | $43,778 | $55,666 | $57,148 | $68,335 | $69,693 |
Average net assets applicable to common shareholders (000 omitted) | $49,932 | $48,635 | $58,918 | $60,738 | $69,229 | $76,372 |
Net operating expenses, net of fee waivers | 4.10%(d) | 3.11% | 2.62% | 2.89% | 3.45% | 3.03% |
Net operating expenses, excluding fee waivers | 4.16%(d) | 3.18% | 2.66% | 2.93% | 3.46% | 3.06% |
Net operating expenses, excluding interest expense, net of fee waivers | 2.16%(d) | 2.25% | 2.19% | 2.11% | 2.04% | 1.89% |
Net Investment income | 4.79%(d) | 5.06% | 4.57% | 4.63% | 4.47% | 5.04% |
Portfolio turnover | 15%(e) | 39% | 44% | 75% | 59% | 45% |
Revolving credit facility outstanding (000 omitted) | $17,350 | $17,350 | $21,900 | $20,300 | $29,300 | $28,600 |
Asset coverage ratio on revolving credit facility at period end | 403% | 352% | 354% | 382% | 333% | 344% |
Asset coverage per $1,000 on revolving credit facility at periodend(f) | $4,034 | $3,523 | $3,542 | $3,815 | $3,332 | $3,437 |
(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 netasset value is substituted for the closing market value. |
(c) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
|
24 | abrdn Global Income Fund, Inc. |
(d) | Annualized. |
(e) | Not annualized. |
(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. |
abrdn Global Income Fund, Inc. | 25 |
April 30, 2023
26 | abrdn Global Income Fund, Inc. |
April 30, 2023
abrdn Global Income Fund, Inc. | 27 |
April 30, 2023
Investments, at Value | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total |
Assets | ||||
Investments in Securities | ||||
Corporate Bonds | $ – | $ 41,159,209 | $– | $ 41,159,209 |
Government Bonds | – | 21,924,206 | – | 21,924,206 |
Warrants | – | – | – | – |
Short-Term Investment | 4,507,657 | – | – | 4,507,657 |
Total Investments | $4,507,657 | $63,083,415 | $– | $67,591,072 |
Other Financial Instruments | ||||
Foreign Currency Exchange Contracts | $ – | $ 64,544 | $– | $ 64,544 |
Total Assets | $4,507,657 | $63,147,959 | $– | $67,655,616 |
Liabilities | ||||
Other Financial Instruments | ||||
Centrally Cleared Interest Rate Swap Agreements | $ – | $ (252,350) | $– | $ (252,350) |
Foreign Currency Exchange Contracts | – | (152,170) | – | (152,170) |
Total Liabilities | $ – | $ (404,520) | $– | $ (404,520) |
28 | abrdn Global Income Fund, Inc. |
April 30, 2023
abrdn Global Income Fund, Inc. | 29 |
April 30, 2023
Risk Exposure Category | |||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Other | Total | |
Assets: | |||||||
Unrealized appreciation on: | |||||||
Forward Foreign Currency Exchange Contracts | $ – | $ 64,544 | $– | $– | $– | $– | $ 64,544 |
Total | $ – | $64,544 | $– | $– | $– | $– | $ 64,544 |
Liabilities: | |||||||
Unrealized depreciation on: | |||||||
Forward Foreign Currency Exchange Contracts | $ – | $ 152,170 | $– | $– | $– | $– | $ 152,170 |
Swap Contracts | 252,350 | – | – | – | – | – | 252,350 |
Total | $252,350 | $152,170 | $– | $– | $– | $– | $404,520 |
30 | abrdn Global Income Fund, Inc. |
April 30, 2023
Gross Amounts Not Offset in the Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities | |||||||
Gross Amounts of Assets Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received | Net Amount | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged | Net Amount | |
Description | Assets | Liabilities | ||||||
Foreign Currency Exchange Contracts | ||||||||
Citibank N.A. | $41,838 | $– | $– | $41,838 | $– | $– | $– | $– |
Deutsche Bank AG | – | – | – | – | 8,831 | – | – | 8,831 |
JPMorgan Chase Bank N.A. | 230 | – | – | 230 | – | – | – | – |
Morgan Stanley & Co. | 22,476 | (22,476) | – | – | 61,601 | (22,476) | – | 39,125 |
UBS AG | – | – | – | – | 81,738 | – | (60,000) | 21,738 |
Risk Exposure Category | ||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Total | |
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations: | ||||||
Net realized gain (loss) on: | ||||||
Forward Currency Contracts | $ – | $ (472,651) | $– | $– | $– | $ (472,651) |
Swap Contracts | 1,033 | – | – | – | – | 1,033 |
Total | $ 1,033 | $(472,651) | $– | $– | $– | $(471,618) |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: | ||||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Forward Currency Contracts | $ – | $ 525,918 | $– | $– | $– | $ 525,918 |
Swap Contracts | (252,350) | – | – | – | – | (252,350) |
Total | $(252,350) | $ 525,918 | $– | $– | $– | $ 273,568 |
Derivative | Average Notional Value |
Swap Contracts at Notional Amount | $17,350,000 |
Foreign Currency Contracts Purchased | $12,447,433 |
Foreign Currency Contracts Sold | $ 7,827,409 |
abrdn Global Income Fund, Inc. | 31 |
April 30, 2023
32 | abrdn Global Income Fund, Inc. |
April 30, 2023
abrdn Global Income Fund, Inc. | 33 |
April 30, 2023
34 | abrdn Global Income Fund, Inc. |
April 30, 2023
abrdn Global Income Fund, Inc. | 35 |
April 30, 2023
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) |
$75,972,236 | $857,806 | $(9,578,946) | $(8,721,140) |
36 | abrdn Global Income Fund, Inc. |
abrdn Global Income Fund, Inc. | 37 |
38 | abrdn Global Income Fund, Inc. |
Radhika Ajmera
Stephen Bird
William J. Potter
Moritz Sell
21 Church Street
#01-01 Capital Square Two
Singapore 049480
10 Queen's Terrace
Aberdeen, AB10 1XL
Scotland, United Kingdom
1900 Market Street, Suite 200
Philadelphia, PA 19103
One Congress Street, Suite 1
Boston, MA 02114-2016
P.O. Box 43006
Providence, RI 02940-3078
1601 Market Street
Philadelphia, PA 19103
1900 K Street N.W.
Washington D.C. 20006
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
Investor.Relations@abrdn.com
(b) Not applicable.
Item 2. Code of Ethics.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual report on Form N-CSR.
(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases were made by or on behalf of the Registrant during the period covered by the report.
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended April 30, 2023, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in Registrant’s independent public accountant. Not applicable. |
(b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
abrdn Global Income Fund, Inc.
By: | /s/ Christian Pittard | |
Christian Pittard, | ||
Principal Executive Officer of | ||
abrdn Global Income Fund, Inc. |
Date: July 10, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Christian Pittard | |
Christian Pittard, | ||
Principal Executive Officer of | ||
abrdn Global Income Fund, Inc. | ||
Date: July 10, 2023 | ||
By: | /s/ Sharon Ferrari | |
Sharon Ferrari, | ||
Principal Financial Officer of | ||
abrdn Global Income Fund, Inc. |
Date: July 10, 2023