0000876717 falseRepresents the estimated commission with respect to the Common Shares being sold in the Offering. Jones Trading will be entitled to compensation of 1.00% to 3.00% of the gross proceeds of the sale of any Common Shares under the Sales Agreement, with the exact amount of such compensation to be mutually agreed upon in writing by the Fund and Jones Trading from time to time. The Fund has assumed that Jones Trading will receive a commission of 1.50% of the gross sale proceeds of the Common Shares sold in the Offering. This is the only sales load to be paid in connection with the Offering. Offering expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund. The Investment Manager receives a monthly fee 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. The advisory fee percentage calculation assumes the use of leverage by the Fund as discussed in note (5). To derive the annual advisory fee as a percentage of the Fund’s net assets (which are the Fund’s total assets less all of the Fund’s liabilities), the Fund’s average Managed Assets for the year ended October 31, 2023 (which includes the use of leverage discussed in note (5)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period. The percentage in the table is based on total borrowings of $20,350,000 (the balance outstanding under the Fund’s credit facility as of October 31, 2023), representing approximately 28.87% of the Fund’s Managed Assets and an average interest rate during the year ended October 31, 2023 of 5.94%. There can be no assurances that the Fund will be able to obtain such level of borrowing (or to maintain its current level of borrowing), that the terms under which the Fund borrows will not change, or that the Fund’s use of leverage will be profitable. The expenses shown under “Interest expense on bank borrowings” in the table above reflect the cost to the Fund of borrowings, expressed as a percentage of the Fund’s net assets as of October 31, 2022, based on interest rates in effect as of October 31, 2023. The Fund currently intends during the next twelve months to maintain a similar proportionate amount of borrowings but may increase such amount to 33 1/3% of the average daily value of the Fund’s total assets. The examples above should not be considered representations of future expenses. Actual expenses may be higher or lower than those shown. The examples assume that all dividends and distributions are reinvested at net asset value. The Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the examples. For more complete descriptions of certain of the Fund’s costs and expenses, see “Management of the Fund — Advisory Agreements” in the Fund’s Prospectus. Shareholders who participate in the Fund’s Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”) may be subject to fees on certain transactions. The Plan Agent’s (as defined under “Dividend Reinvestment and Optional Cash Purchase Plan” in the Fund’s Prospectus) fees for the handling of the reinvestment of dividends will be paid by the Fund; however, participating shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant, which will be deducted from the value of the dividend. For optional share purchases, shareholders will also be charged a $2.50 fee for automatic debits from a checking/savings account, a $5.00 one-time fee for online bank debit and/or $5.00 for check. Shareholders will be subject to $0.12 per share fee and either a $10.00 fee (for batch orders) or $25.00 fee (for market orders) for sales of shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Plan agent is required to pay. For more details about the Plan, see “Dividend Reinvestment and Optional Cash Purchase Plan” in the Fund’s Prospectus. Notwithstanding this assumption, in actuality, these fees will be indirectly borne by all holders of Common Shares. Based on average shares outstanding. Source: Bloomberg L.P. 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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:   October 31, 2023

 

 
 

 

 

Item 1. Reports to Stockholders.

 

 

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abrdn Global Income Fund, Inc. (FCO)
Annual Report
October 31, 2023
abrdn.com

 

 

Letter to Shareholders  (unaudited) 
Dear Shareholder,
We present the Annual Report, which covers the activities of abrdn Global Income Fund, Inc. (the “Fund”), for the fiscal year ended October 31, 2023. 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 fiscal year ended October 31, 2023, the total return to shareholders of the Fund based on the net asset value (“NAV”) and market price of the Fund, respectively, compared to the Fund’s benchmark is as follows:
NAV2,3 10.17%
Market Price2 58.66%
Blended Benchmark4 6.19%
For more information about Fund performance, please visit the Fund on the web at www.abrdnfco.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 fiscal year end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).
       
  NAV Closing
Market
Price		 Premium(+)/
Discount(-)
10/31/2023 $ 3.74 $6.09 62.83%
10/31/2022 $3.98 $4.50 13.07%
During the fiscal year ended October 31, 2023, the Fund’s NAV traded within a range of $3.70 to $4.43 and the Fund’s market price traded
within a range of $4.39 to $6.47. During the fiscal year ended October 31, 2023, the Fund’s shares traded within a range of a premium(+)/discount(-) of 7.06% to 62.83%.
Managed Distribution Policy
The Fund's distributions to common shareholders and the annualized distribution rates based on market price and NAV, respectively, for the fiscal years ended October 31, 2023, October 31, 2022 and October 31, 2021 are shown in the table below:
  Distribution
per share to
common
shareholders		 Market
Price		 Market
Price 12-
month
distribution
rate		 NAV NAV 12-
month
distribution
rate
10/31/2023 $0.84 $6.09 13.8% $3.74 22.5%
10/31/2022 $0.84 $4.50 18.7% $3.98 21.1%
10/31/2021 $0.84 $8.35 10.1% $6.28 13.4%
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 November 9, 2023 and December 11, 2023, the Fund announced that it will pay on November 30, 2023 and January 10, 2024, respectively, a distribution of U.S. $0.07 per share to all shareholders of record as of November 22, 2023 and December 29, 2023, 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 (the "Board"), unless market conditions require an earlier evaluation.
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”). On February 28, 2023, the Fund’s Revolving Credit Facility with the Bank
 
{foots1}
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.
{foots1}
2 Assuming the reinvestment of dividends and distributions.
{foots1}
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.
{foots1}
4 Blended Benchmark as defined in Total Investment Return section on Page 8.
abrdn Global Income Fund, Inc. 1

 

 Letter to Shareholders  (unaudited)  (concluded)
of Nova Scotia was amended to extend the scheduled commitment termination date to February 27, 2024 with a committed facility amount of $25,000,000. The Fund’s outstanding balance as of October 31, 2023 was $20,350,000. 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.
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.
Open Market Repurchase Program
The Board approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment manager. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the fiscal year ended October 31, 2023, the Fund did not repurchase any shares through the Program.
On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter and if shares are repurchased management will post the number of shares repurchased on the Fund's website on a monthly basis.  Under the terms of the Program, the Fund is permitted to repurchase up to 10%
of its outstanding shares of common stock in the open market during any 12 month period.
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 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.
Investor Relations Information
As part of abrdn’s commitment to shareholders, we invite you to visit the Fund on the web at www.abrdnfco.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 
 
{foots1}
All amounts are U.S. Dollars unless otherwise stated.
2abrdn Global Income Fund, Inc.

 

Report of the Investment Manager  (unaudited) 
Market Review
Although U.S. Treasury yields generally rose over the 12 months under review, global bond markets delivered positive returns overall. Shorter-dated government bonds outperformed, with the yield curve flattening over the period under review, while still remaining inverted. Investors now expect that the U.S. Federal Reserve (Fed) has delivered its final interest rate hike in October, taking the federal funds rate to 5.25–5.50%.
The U.S. 10-year Treasury yield briefly traded above 5.00% in October before ending the period at 4.93%, as economic data continued to illustrate a resilient U.S. economy. That said, at the time of writing, yields have fallen back, with cracks in the economic outlook starting to appear: delinquencies rising, the pandemic build-up in household savings largely run down, credit card debt hitting record levels, and an increasing number of people drawing down hardship payments from their 401k pension accounts. Meanwhile, the U.S. dollar retreated from its historic highs in October 2022, although remaining at elevated levels, with the DXY Index1 above 100 for the period under review.
While the rhetoric from developed market (DM) central banks was that interest rates would remain higher for longer, it seemed most monetary authorities were now at, or very close to, their peak policy2 rates. More surprising was the loosening of the yield curve control policy by the Bank of Japan (BoJ) under its new governor, Kazuo Ueda. With the BoJ predicting that inflation will hit 2.0% in 2024, the central bank first loosened the ‘ceiling’ for the 10-year Japanese government bond yield to around 1.0%, before re-defining this as a loose ‘upper bound’ and removing its pledge to defend this level.
Asia and its central banks are in a very different position to developed markets. Data in Asia has generally remained on the weaker side and growth pressures are more evident. Currency performance was mixed, with a basket of Asian currencies strengthening against the U.S. dollar overall, mainly due to strong performance from the Thai baht, Korean won, and Sri Lankan rupee. Asian local currency government bonds delivered positive returns over the 12 months, outperforming U.S. Treasuries.
Asian corporate bonds (credit) delivered positive returns over the 12 months, although the performance deteriorated over the second half of the period as it became clear that the federal funds rate would stay elevated for longer. In addition, purchasing managers’ indices pointed to economic activity levels slowing across the region apart from in Malaysia, which was flat, and in the Philippines, which expanded at a faster rate. Economic activity contracted in October in half of Asia’s economies, including China, with only India still growing strongly in both its manufacturing and services sectors.
Asia’s inflation picture has become more nuanced, with the latest prints showing that Thailand slipped into deflation3 for the first time in over two years. Inflation printed on target in Hong Kong, India, and Indonesia. Meanwhile, in the Philippines, Singapore, and South Korea, inflation was above central banks’ targets and rose further in the latest prints, most notably in the Philippines. Elsewhere, prices in China remained flat while further economic data continued to highlight economic weakness in the country.
Emerging market (EM) bonds performed strongly, driven by improved risk sentiment combined with countries making progress to achieve debt sustainability. EM central banks coming to the end of their rate-hiking cycles also contributed to performance on a local currency assets, which outperformed hard currency4 debt over the period under review. Investment-grade bonds5 outperformed lower-quality high yield (HY) bonds6, which fell over the 12-month period. Investment-grade spreads7 tightened over the period. In EM currencies, the Russian ruble underperformed against the U.S. dollar, while the Chilean peso, Mexican peso, and Brazilian real all strengthened over the 12 months.
The past 12 months-to-end October 2023 saw a reversal of fortune for HY investors. Returns were aided by a coinciding rally in government bond markets that propelled yields lower at the start of the period, while tighter credit spreads also aided performance. EM returns nearly matched the strength of the U.S. These returns were slightly tempered by rising government bond yields towards the end of the period, but it was still a solid 12 months for HY investors.
 
{foots1}
1An index that measures the value of the U.S. dollar against a basket of global currencies.
{foots1}
2Monetary policy refers to decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates.
{foots1}
3Deflation is the opposite of inflation, describing a situation where there is a fall in the general price level.
{foots1}
4Emerging market bonds issued in other currencies (such as the U.S. dollar and euro) that investors feel are more stable. These are typically denominated in U.S. dollars.
{foots1}
5Companies whose bonds are rated as 'investment grade' have a lower chance of defaulting on their debt than those rated as 'non-investment grade'. Generally, these bonds are issued by long-established companies with strong balance sheets. Bonds rated BBB or above are known as investment-grade bonds.
{foots1}
6Companies whose bonds have a higher chance of defaulting on their debt than those rated as ‘investment grade’. Bonds rated BB and below are considered ‘high yield’. Also known as ‘non-investment grade’.
{foots1}
7Difference in yield of two fixed income securities with similar maturities but different credit quality.
abrdn Global Income Fund, Inc.3

 

Report of the Investment Manager  (unaudited)  (continued)
Performance Review
The abrdn Global Income Fund returned 10.2% on a net asset value8 basis for the year ended October 31, 2023, versus the 6.2% return of its blended benchmark9 for the same period. While the performance of the net asset value includes the impact of leverage10, the benchmark performance does not. The unlevered NAV generated a return, after fees and expenses, of 7.5% for the 12-month reporting period ended October 31, 2023, demonstrating that the leverage added an incremental 2.7% to fund performance over that timeframe.
Tighter credit spreads and a return to favor for EM debt and global HY contributed to the positive total return for the reporting period. The Fund’s use of leverage magnified the positive impact of the investment returns on the net asset value.
Leverage is used strategically by the Fund to support its income-generating capacity. The Fund continues to benefit from a positive interest rate differential between the interest income on the investment portfolio and the cost of the leverage.
Relative to the Fund’s blended benchmark, the investment portfolio outperformed. The principal driver of the outperformance was the overweight11 allocation to EM debt, while our underweight12 exposure to Australia and New Zealand was also accretive, with this region producing negative returns over the period.
During the reporting period, the Fund's performance was positively impacted by about 2.9% due to the use of the various forms of derivatives. The use of derivatives to hedge the interest rate risk (primarily paid interest rate swap positions to fix the cost of the leverage) in the portfolio contributed positively, while the use of currency forwards detracted value.
The monthly distribution reflects the Fund’s current policy to provide shareholders with a relatively stable cash flow per share. This policy did not have a material effect on the Fund’s investment strategy over the reporting period.
Outlook
Core rates markets rallied sharply in early November 2022 after U.S. inflation printed below expectations and China announced a long-awaited easing of its COVID restrictions. This performance of the rates market gives a flavor of the environment we looked to
position for. However, we are mindful that the market may be overreacting due to technical factors around positioning, largely short rates and long U.S. dollars. The move in U.S. Treasuries prices out too much of the tail end of the policy normalization cycle, and with inflation expected to remain high, we anticipate that the Fed will likely still take the terminal rate to 4.75%–5.00%.
While EM spreads remain relatively contained following the sharp rally seen in June and July, they are well below the levels seen in March–May 2023 (during the regional banking crisis in the U.S.) as hopes of a soft landing13 continue. Wider concerns about the economic outlook in DM credit could harm EM relative valuations. However, if spreads move to price in the expectation of a recession, a lower Fed terminal rate14 and the end of U.S. growth exceptionalism could be beneficial for EMs. The ‘Goldilocks’ scenario for EM combines the current rate path for the Fed with the realization of Fed Chairman Powell’s forecast for a soft landing, resulting in slower U.S. growth and a weaker U.S. dollar. The two scenarios that could lead to a more challenging environment for EMs would be a higher terminal rate due to persistent U.S. inflation, or markedly lower bond yields due to financial stability risks.
Regarding HY, it appears that investors finally came to the realization that lower quality credits will struggle to refinance their bonds at reasonable levels in a higher-for-longer environment, driving spread widening across quality. We maintain our view that the higher quality end of HY offers very attractive return potential. In the meantime, we continue to be focused on looking for good credits, with long maturity runways and ample yield.
Loan Facilities 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
 
{foots1}
8A key measure of the value of a company, fund, or trust is the total value of assets less liabilities, divided by the number of shares.
{foots1}
9The Fund’s blended benchmark is composed of 25% iBoxx Asia ex-Japan Sovereign, 25% Merrill Lynch Global High Yield Constrained, 35% JP Morgan EMBI Global Diversified, 10% ICE BofA Merrill Lynch Australian Government Bond Index, and 5% ICE BofA Merrill Lynch New Zealand Government Bond Index.
{foots1}
10Leverage refers to a fund being exposed by more than 100% of its net asset value to assets or markets; typically resulting from the use of debt or derivatives.
{foots1}
11A portfolio holding an excess amount of a particular security (or sector or region) compared to the security’s weight in the benchmark portfolio.
{foots1}
12A portfolio holding less of a particular security (or sector or region) than the security’s weight in the benchmark portfolio.
{foots1}
13A milder economic slowdown compared to a recession.
{foots1}
14The interest rate at which the economy is experiencing stable inflation and full employment.
4abrdn Global Income Fund, Inc.

 

Report of the Investment Manager  (unaudited)  (continued)
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. Under the Fund's loan facilities, the Fund is charged interest on amounts borrowed at a variable rate, which may be based on a reference rate such as the Secured Overnight Financing Rate ("SOFR”), plus a spread. Additionally, the Fund may invest in certain debt securities, derivatives or other financial instruments that utilize SOFR as a “benchmark” or “reference rate” for various interest rate calculations.
Interest Rate Swaps
The Fund enters into interest rate swaps to hedge interest rate risk on the credit facility. As of October 31, 2023, the Fund held interest rate swap agreements with an aggregate notional amount of $20,350,000 which represented 100% of the Fund’s total borrowings. Under the terms of the agreements currently in effect, the Fund receives a floating rate of interest and pays fixed rates of interest for the terms and based upon the notional amounts set forth below:
Remaining
Term as of
October 31, 2023		Receive/(Pay)
Floating
Rate		Amount
(in $ thousands)		Fixed Rate
Payable (%)
76 monthsReceive$5,000.03.46%
100 monthsReceive$5,000.03.40%
112 monthsReceive$ 7,350.03.38%
116 monthsReceive$3,000.03.72%
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.
Risk Considerations
Past performance is not an indication of future results.
Foreign securities may be more volatile, harder to price and less liquid than U.S. securities. They are subject to risks associated with less stringent accounting and regulatory standards, the impact of currency exchange rate fluctuation, political and economic instability, reduced information about issuers, higher transaction costs and delayed settlement. The Fund focuses its investments in the Asia-Pacific region, which may subject the Fund to more volatility and greater risk of loss than geographically diverse funds.
Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), extension (principal repayments may not occur as quickly as anticipated, causing the
 
abrdn Global Income Fund, Inc.5

 

Report of the Investment Manager  (unaudited)  (concluded)
expected maturity of a security to increase) and issuer risk (the value of a security may decline for reasons related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services).
abrdn Asia Limited 
6abrdn Global Income Fund, Inc.

 

Total Investment Return  (unaudited) 
The following table summarizes the average annual Fund performance compared to the Fund’s primary benchmark and a blended benchmark for the 1-year, 3-year, 5-year and 10-year periods ended October 31, 2023.
 1 Year3 Years5 Years10 Years
Net Asset Value (NAV)10.17%-4.76%-2.30%-0.66%
Market Price58.66%10.66%7.10%5.28%
Blended Benchmark*6.19%-3.86%0.67%0.77%
Bloomberg Global Aggregate Index11.72%-7.33%-1.64%-0.66%
    
*The blended benchmark is summarized in the table below:
    
Blended Benchmark ConstituentsWeight
ICE BofA Merrill Lynch Australian Government Bond Index210.0%
ICE BofA Merrill Lynch New Zealand Government Bond Index35.0%
iBoxx Asia Government (U.S. dollar unhedged)425.0%
J.P. Morgan Emerging Markets Bond (EMBI) Global Diversified Index535.0%
ICE BofA Global High Yield Constrained Index625.0%
Performance of a $10,000 Investment (as of October 31, 2023)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.
tm2327714d15stylizedsemii003.jpg
{foots1}
1The 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.
{foots1}
2The ICE BofA Merrill Lynch Australian Government Bond Index tracks the performance of AUD denominated sovereign debt publicly issued by the Australian government in its domestic market.
{foots1}
3The ICE BofA 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.
{foots1}
4The iBoxx Asia Government (U.S. dollar unhedged) tracks the performance of local currency-denominated sovereign and quasi-sovereign debt from 11 Asian countries/territories.
{foots1}
5The 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.
{foots1}
6The 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.
abrdn Global Income Fund, Inc.7

 

Total Investment Return  (unaudited)  (concluded)
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 dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” 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 dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of October 31, 2023. 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.abrdnfco.com or by calling 800-522-5465.
The net operating expense ratio excluding fee waivers based on the fiscal year ended October 31, 2023 was 4.59%. The net operating expense ratio net of fee waivers based on the fiscal year ended October 31, 2023 was 4.53%. The net operating expenses net of fee waivers and excluding interest expense based on the fiscal year ended October 31, 2023 was 2.38%.  
8abrdn Global Income Fund, Inc.

 

Portfolio Composition  (as a percentage of net assets) (unaudited) 
As of October 31, 2023
Quality of Investments(1)
As at October 31, 2023, 7.2% of the Fund’s investments were invested in securities where either the issue or the issuer was rated “A” or better by S&P Global Ratings ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch Ratings, Inc. ("Fitch") or, if unrated, was judged to be of equivalent quality by abrdn Asia Limited (the “Investment Manager”). The following table shows the ratings of securities held by the Fund as at October 31, 2023, compared with April 30, 2023 and October 31, 2022:
DateAAA/Aaa
%		AA/Aa
%		A
%		BBB/Baa
%		BB/Ba
%		B
%		B or below
%		NR
%
October 31, 20230.53.13.627.229.825.48.12.3
April 30, 20231.62.25.024.431.920.26.68.1
October 31, 20221.72.64.911.934.924.16.213.5
(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.
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 at October 31, 2023, compared with April 30, 2023 and October 31, 2022:
DateDeveloped Markets
%		Investment Grade
Developing Markets
%		Sub-Investment Grade
Developing Markets
%
October 31, 202349.920.829.3
April 30, 202351.221.627.2
October 31, 202251.322.226.5
Currency Composition
The table below shows the currency composition of the Fund’s total investments as of October 31, 2023, compared with April 30, 2023 and October 31, 2022:
DateDeveloped Markets
%		Investment Grade
Developing Markets
%		Sub-Investment Grade
Developing Markets
%
October 31, 202386.56.76.8
April 30, 202377.313.98.8
October 31, 202282.812.84.4
abrdn Global Income Fund, Inc.9

 

Portfolio Composition  (as a percentage of net assets) (unaudited)  (concluded)
As of October 31, 2023
Maturity Composition
The average maturity of the Fund’s total investments was 6.6 years at October 31, 2023, compared with 6.4 years at April 30, 2023, and 9.4 years at October 31, 2022. The following table shows the maturity composition of the Fund’s investments as at October 31, 2023, compared with April 30, 2023 and October 31, 2022:
Date0 to 5 Years
%		5 to 10 Years
%		10 Years & Over
%
October 31, 202325.148.426.5
April 30, 202345.435.119.5
October 31, 202243.435.021.6
Modified Duration
As of October 31, 2023, the modified duration* of the Fund was 2.2 years. This calculation excludes the interest rate swaps that are used to manage the leverage of the Fund. Excluding swaps will decrease portfolio duration.
*Modified duration is a measure of the sensitivity of the price of a bond to the fluctuations in interest rates. 
10abrdn Global Income Fund, Inc.

 

Summary of Key Rates  (unaudited) 
The following table summarizes the movements of key interest rates and currencies from October 31, 2023 compared to April 30, 2023 and October 31, 2022.
  Oct–23Apr–23Oct-22
Australia90 day Bank Bills4.36%3.68%3.09%
 10 yr bond3.90%3.58%3.14%
 currency local per 1USD$1.58$1.51$1.56
New Zealand90 day Bank Bills5.64%5.56%4.10%
 10 yr bond5.55%4.09%4.19%
 currency local per 1USD$1.72$1.62$1.72
Malaysia3-month T-Bills3.21%2.85%2.71%
 10 yr bond4.10%3.73%4.37%
 currency local per 1USDRM4.76RM4.46RM4.73
India3-month T-Bills6.89%6.78%6.42%
 10 yr bond7.35%7.11%7.45%
 currency local per 1USD₹83.26₹81.84₹82.78
Indonesia3 months deposit rate4.10%3.94%3.55%
 10 yr bond7.09%6.51%7.51%
 currency local per 1USDRp15,885.00Rp14,670.00Rp15,597.50
RussiaZero Cpn 3m13.13%7.23%7.48%
 10 yr bond15.99%15.99%15.99%
 currency local per 1USD₽93.58₽80.20₽61.70
USD Denominated BondsMexico6.78%5.28%6.48%
 Indonesia5.85%4.44%5.88%
 Argentina23.20%23.20%23.20%
 Romania5.37%4.95%5.49%
 
abrdn Global Income Fund, Inc.11

 

Portfolio of Investments  
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS—91.1% 
AUSTRALIA—12.7%  
Australia & New Zealand Banking Group Ltd.   
(fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026(a)(b)$ 200,000$    194,040
(fixed rate to 02/10/2033, variable rate thereafter), 6.74%, 02/10/2038(a)(c)AUD1,300,000   828,633
Commonwealth Bank of Australia, (fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2038(c)      1,800,0001,142,879
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(c)$     1,520,0001,468,761
National Australia Bank Ltd.   
(fixed rate to 08/03/2027, variable rate thereafter), 6.32%, 08/03/2032(a)(c)AUD1,000,000   633,382
(fixed rate to 03/09/2028, variable rate thereafter), 6.16%, 03/09/2033(c) 800,000   499,347
NBN Co. Ltd., 6.00%, 10/06/2033(a)(c)$       800,000787,387
Westpac Banking Corp.   
(fixed rate to 06/23/2028, variable rate thereafter), 6.49%, 06/23/2033(c)AUD600,000   379,831
(fixed rate to 06/23/2033, variable rate thereafter), 6.93%, 06/23/2038(a)(c) 700,000   447,846
Total Australia 6,382,106
BARBADOS—0.4%  
Sagicor Financial Co. Ltd., 5.30%, 05/13/2028(a)(c)$       210,000195,489
BRAZIL—2.1%  
Banco do Brasil SA VRN, (fixed rate to 04/15/2024, variable rate thereafter), 6.25%, 04/15/2024(a)(b) 620,000594,223
BRF SA, 5.75%, 09/21/2050(a)(c) 200,000130,297
Guara Norte Sarl, 5.20%, 06/15/2034(a)(d) 176,852150,008
Minerva Luxembourg SA, 8.88%, 09/13/2033(a)(c) 200,000196,290
Total Brazil 1,070,818
CANADA—2.4%  
Enerflex Ltd., 9.00%, 10/15/2027(a)(c) 238,000216,580
GFL Environmental, Inc.   
5.13%, 12/15/2026(a)(c) 23,00021,824
4.75%, 06/15/2029(a)(c) 78,00068,281
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082(a)(c) 275,000241,924
Teck Resources Ltd., 3.90%, 07/15/2030(c) 354,000301,069
 Shares or
Principal
Amount		Value
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026(a)(c)$         125,000$    116,264
TransAlta Corp., 7.75%, 11/15/2029(c)        220,000218,881
Total Canada 1,184,823
CHILE—0.9%  
Corp. Nacional del Cobre de Chile, 3.75%, 01/15/2031(a)(c)        330,000273,849
Empresa Nacional del Petroleo, 3.45%, 09/16/2031(a)(c)        200,000155,151
Total Chile 429,000
CHINA—2.5%  
China Evergrande Group, 8.75%, 06/28/2025(a)(c)(e)(f)        200,0003,000
China Huadian Overseas Development 2018 Ltd. VRN, (fixed rate to 06/23/2025, variable rate thereafter), 3.38%, 06/23/2025(a)(b)        200,000190,760
Huarong Finance II Co. Ltd.   
5.50%, 01/16/2025(a) 619,000   594,240
5.00%, 11/19/2025(a) 200,000   184,214
Kaisa Group Holdings Ltd., 11.95%, 11/12/2023(a)(c)(e)(f)        200,0006,250
Logan Group Co. Ltd.   
7.50%, 08/25/2022(a)(c)(e)(f) 200,000    12,000
6.50%, 07/16/2023(a)(c)(e)(f) 200,00011,696
Shandong Iron & Steel Xinheng International Co. Ltd., 6.50%, 11/05/2023(a) 200,000199,608
Sunac China Holdings Ltd., 6.80%, 10/20/2024(a)(c)(e)(f) 200,00031,000
Zhenro Properties Group Ltd., 6.63%, 01/07/2026(a)(c)(e)(f) 200,0001,000
Total China 1,233,768
COLOMBIA—1.9%  
Bancolombia SA VRN, (fixed rate to 12/18/2024, variable rate thereafter), 4.63%, 12/18/2029(c) 200,000175,013
Ecopetrol SA   
5.38%, 06/26/2026(c) 351,000336,056
8.88%, 01/13/2033(c) 105,000100,842
Empresas Publicas de Medellin ESP, 4.38%, 02/15/2031(a)(c) 437,000323,698
Total Colombia 935,609
DOMINICAN REPUBLIC—0.4%  
AES Espana BV, 5.70%, 05/04/2028(a)(c) 202,000177,150
ECUADOR—0.4%  
International Airport Finance SA, 12.00%, 03/15/2033(a)(c)(d) 192,467184,073
FRANCE—0.9%  
Altice France SA, 5.88%, 02/01/2027(a)(c)EUR100,00087,600
BNP Paribas SA VRN, (fixed rate to 02/25/2030,variable rate thereafter), 4.50%, 02/25/2030(a)(b)$200,000135,795
 
12abrdn Global Income Fund, Inc.

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS (continued) 
FRANCE (continued)  
Cerba Healthcare SACA, 3.50%, 05/31/2028(a)(c)EUR        130,000$     111,371
Electricite de France SA, (fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(b)        100,000101,029
Total France 435,795
GEORGIA—0.6%  
Georgian Railway JSC, 4.00%, 06/17/2028(a)(c)$       359,000305,186
GERMANY—2.2%  
CT Investment GmbH, 5.50%, 04/15/2026(a)(c)EUR       100,00099,112
Deutsche Bank AG   
2.63%, 12/16/2024(a)GBP100,000   115,951
(fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(b) 100,000    98,786
Gruenenthal GmbH, 3.63%, 11/15/2026(a)(c)EUR       100,000100,255
HT Troplast GmbH, 9.38%, 07/15/2028(a)(c)        110,000112,893
IHO Verwaltungs GmbH PIK, 8.75%, 05/15/2028(a)(c)(g)        103,347112,510
PrestigeBidCo GmbH FRN, 3 mo. Euribor + 6.000%, 9.97%, 07/15/2027(a)(c)(h)        109,000115,621
Schaeffler AG, 2.88%, 03/26/2027(a)(c)         60,00059,359
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/2025(a)(c)        106,000107,797
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a)(c) 100,00095,758
ZF Europe Finance BV, 2.50%, 10/23/2027(a)(c) 100,00092,869
Total Germany 1,110,911
GHANA—0.6%  
Tullow Oil PLC, 7.00%, 03/01/2025(a)(c)$362,000285,756
HONG KONG—1.0%  
AIA Group Ltd., 5.63%, 10/25/2027(a)(c) 500,000499,642
INDIA—4.9%  
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a) 200,000198,062
HDFC Bank Ltd., 8.10%, 03/22/2025(a)INR110,000,0001,304,953
India Green Power Holdings, 4.00%, 02/22/2027(a)(c)(d)$200,000171,252
Indiabulls Housing Finance Ltd., Series 6B, 9.00%, 09/26/2026INR50,000,000579,101
REC Ltd., 5.25%, 11/13/2023(a)$200,000199,995
Total India 2,453,363
INDONESIA—1.4%  
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028(a)(c) 221,000204,121
 Shares or
Principal
Amount		Value
Medco Oak Tree Pte Ltd., 7.38%, 05/14/2026(a)(c)$         200,000$    198,826
Perusahaan Perseroan Persero PT, Perusahaan Listrik Negara, 5.25%, 10/24/2042(a)        400,000313,075
Total Indonesia 716,022
IRELAND—0.3%  
Cimpress PLC, 7.00%, 06/15/2026(c)        160,000148,067
ISRAEL—0.8%  
Bank Leumi Le-Israel BM, (fixed rate to 04/18/2028, variable rate thereafter), 7.13%, 07/18/2033(a)(c)        200,000178,000
Energian Israel Finance Ltd., 8.50%, 09/30/2033(a)(c)        230,000200,387
Total Israel 378,387
ITALY—0.4%  
Lottomatica/Roma SpA 3 mo. Euribor + 4.125%, 7.93%, 06/01/2028(a)(c)(h)EUR       100,000105,921
Telecom Italia Capital SA, 6.38%, 11/15/2033$       140,000119,380
Total Italy 225,301
KAZAKHSTAN—1.6%  
KazMunayGas National Co. JSC   
3.50%, 04/14/2033(a)(c) 200,000   145,500
5.75%, 04/19/2047(a) 870,000644,687
Total Kazakhstan 790,187
KUWAIT—0.4%  
MEGlobal Canada ULC, 5.00%, 05/18/2025(a) 200,000194,500
LUXEMBOURG—1.8%  
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a)(c)EUR100,00099,990
Altice Financing SA, 5.75%, 08/15/2029(a)(c)$204,000157,755
Altice France Holding SA   
8.00%, 05/15/2027(a)(c)EUR100,00056,860
10.50%, 05/15/2027(a)(c)$200,000108,820
Cidron Aida Finco Sarl, 6.25%, 04/01/2028(a)(c)GBP100,000106,504
Cullinan Holdco Scsp, 4.63%, 10/15/2026(a)(c)EUR100,00073,940
LHMC Finco 2 Sarl PIK, 7.25%, 10/02/2025(a)(c)(g) 4,8664,947
Matterhorn Telecom SA, 3.13%, 09/15/2026(a)(c) 200,000197,336
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a)(c) 110,000111,402
Total Luxembourg 917,554
MEXICO—2.6%  
BBVA Bancomer SA VRN, (fixed rate to 01/17/2028, variable rate thereafter), 5.13%, 01/18/2033(a)(c)$470,000397,706
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(c) 200,000118,046
 
abrdn Global Income Fund, Inc.13

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS (continued) 
MEXICO (continued)  
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(b)$         200,000$   205,027
Petroleos Mexicanos   
7.19%, 09/12/2024(a)MXN4,200,000   219,195
7.19%, 09/12/2024(a) 3,378,800   176,337
Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025(a)(c)$       210,000188,834
Total Mexico 1,305,145
MOROCCO—0.5%  
Vivo Energy Investments BV, 5.13%, 09/24/2027(a)(c)        255,000229,500
NETHERLANDS—1.2%  
OCI NV, 3.63%, 10/15/2025(a)(c)EUR        90,00093,113
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(b)(i)         60,00057,143
Summer BidCo BV PIK, 9.00%, 11/15/2025(a)(c)(g)        120,973124,801
UPC Holding BV, 5.50%, 01/15/2028(a)(c)$       200,000174,500
Versuni Group BV, 3.13%, 06/15/2028(a)(c)EUR       100,00081,362
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a)(c)        100,00080,642
Total Netherlands 611,561
NIGERIA—2.2%  
Access Bank PLC, 6.13%, 09/21/2026(a)$216,000178,870
BOI Finance BV, 7.50%, 02/16/2027(a)(j)EUR196,000175,025
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a)(c)$230,000187,450
SEPLAT Energy PLC, 7.75%, 04/01/2026(a)(c) 297,000248,589
United Bank for Africa PLC, 6.75%, 11/19/2026(a) 380,000326,663
Total Nigeria 1,116,597
OMAN—0.5%  
EDO Sukuk Ltd., 5.88%, 09/21/2033(a) 250,000239,625
PERU—0.4%  
Petroleos del Peru SA, 5.63%, 06/19/2047(a) 400,000218,872
PHILIPPINES—0.9%  
International Container Terminal Services, Inc., 4.75%, 06/17/2030(a) 260,000241,099
Manila Water Co., Inc., 4.38%, 07/30/2030(a)(c) 243,000212,746
Total Philippines 453,845
RUSSIA—0.0%  
Sovcombank Via SovCom Capital DAC, (fixed rate to 05/06/2025, variable rate thereafter), 7.75%, 05/06/2025(a)(b)(e)(f)(k)(l) 250,000–
 Shares or
Principal
Amount		Value
SINGAPORE—1.2%  
DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2028(a)(c)$         200,000$    199,634
Puma International Financing SA, 5.00%, 01/24/2026(a)(c)        210,000188,006
Vena Energy Capital Pte Ltd., 3.13%, 02/26/2025(a)        210,000199,627
Total Singapore 587,267
SOUTH AFRICA—2.9%  
Eskom Holdings SOC Ltd.   
7.13%, 02/11/2025(a) 410,000   401,800
0.01%, 12/31/2032(f)(m)ZAR28,700,000   304,902
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a)(c)$       446,000272,901
Sasol Financing USA LLC, 5.50%, 03/18/2031(c)        400,000306,247
Transnet SOC Ltd., 8.25%, 02/06/2028(a)        200,000189,025
Total South Africa 1,474,875
SPAIN—1.5%  
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(b)        200,000188,424
Banco de Sabadell SA   
(fixed rate to 06/16/2027, variable rate thereafter), 0.88%, 06/16/2028(a)(c)EUR100,000    90,855
(fixed rate to 02/07/2028, variable rate thereafter), 5.25%, 02/07/2029(a)(c) 100,000104,573
Cellnex Finance Co. SA   
1.50%, 06/08/2028(a)(c) 100,00090,797
2.00%, 09/15/2032(a)(c) 100,00081,478
Lorca Telecom Bondco SA, 4.00%, 09/18/2027(a)(c) 100,00098,139
Unicaja Banco SA, (fixed rate to 11/15/2026, variable rate thereafter), 7.25%, 11/15/2027(a)(c) 100,000107,903
Total Spain 762,169
SWITZERLAND—0.4%  
Consolidated Energy Finance SA, 5.63%, 10/15/2028(a)(c)$150,000123,255
Dufry One BV, 2.50%, 10/15/2024(a)(c)EUR100,000103,165
Total Switzerland 226,420
TANZANIA—0.4%  
HTA Group Ltd., 7.00%, 12/18/2025(a)(c)$200,000193,148
TRINIDAD—1.1%  
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029(a)(c) 291,000302,058
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(c) 275,000274,230
Total Trinidad 576,288
 
14abrdn Global Income Fund, Inc.

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS (continued) 
UKRAINE—0.9%  
Kernel Holding SA, 6.75%, 10/27/2027(a)(c)(f)$         206,000$   128,791
MHP Lux SA, 6.95%, 04/03/2026(a)(f)        218,000160,416
NPC Ukrenergo, 6.88%, 11/09/2028(a)(e)(f)(j)        200,00052,990
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026(a)(e)(f)        200,000103,724
Total Ukraine 445,921
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)        200,000190,404
UNITED KINGDOM—2.3%  
BCP V Modular Services Finance II PLC, 4.75%, 11/30/2028(a)(c)EUR       125,000109,447
Bellis Acquisition Co. PLC, 4.50%, 02/16/2026(a)(c)GBP       124,000133,548
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a)(c)$       200,000192,006
Jerrold Finco PLC, 4.88%, 01/15/2026(a)(c)GBP       100,000112,611
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029(a)(c)$       125,000123,131
Phoenix Group Holdings PLC, 6.63%, 12/18/2025(a)GBP       150,000181,272
Pinewood Finance Co. Ltd., 3.25%, 09/30/2025(a)(c)        100,000114,683
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a)(c)        200,000203,249
Total United Kingdom 1,169,947
UNITED STATES—30.4%  
Academy Ltd., 6.00%, 11/15/2027(a)(c)$296,000278,648
ACI Worldwide, Inc., 5.75%, 08/15/2026(a)(c) 229,000219,213
Acushnet Co., 7.38%, 10/15/2028(a)(c) 116,000116,211
Adams Homes, Inc.   
7.50%, 02/15/2025(a)(c) 117,000114,513
9.25%, 10/15/2028(a)(c) 204,000197,162
Adient Global Holdings Ltd.   
3.50%, 08/15/2024(a)(c)EUR17,63518,334
7.00%, 04/15/2028(a)(c)$45,00044,294
8.25%, 04/15/2031(a)(c) 45,00043,797
Affinity Interactive, 6.88%, 12/15/2027(a)(c) 211,000171,983
Ball Corp.   
2.88%, 08/15/2030(c) 137,000106,867
3.13%, 09/15/2031(c) 34,00026,320
Builders FirstSource, Inc., 4.25%, 02/01/2032(a)(c) 351,000279,346
Caesars Entertainment, Inc., 7.00%, 02/15/2030(a)(c) 4,0003,860
Carnival Corp.   
7.63%, 03/01/2026(a)(c) 96,00093,350
6.00%, 05/01/2029(a)(c) 56,00047,309
CCM Merger, Inc., 6.38%, 05/01/2026(a)(c) 197,000186,476
 Shares or
Principal
Amount		Value
CCO Holdings LLC / CCO Holdings Capital Corp.   
5.38%, 06/01/2029(a)(c)$  38,000$     33,261
4.25%, 02/01/2031(a)(c) 225,000   175,095
4.75%, 02/01/2032(a)(c) 63,000    49,175
4.25%, 01/15/2034(a)(c) 486,000   351,039
Centene Corp., 3.38%, 02/15/2030(c)        233,000192,656
Chart Industries, Inc., 7.50%, 01/01/2030(a)(c)         93,00091,325
CHS/Community Health Systems, Inc., 5.25%, 05/15/2030(a)(c)        120,00085,218
Civitas Resources, Inc.   
8.38%, 07/01/2028(a)(c) 73,000    73,450
8.63%, 11/01/2030(a)(c) 56,000    56,998
8.75%, 07/01/2031(a)(c) 73,000    73,676
Clean Harbors, Inc.   
4.88%, 07/15/2027(a)(c) 233,000   217,202
5.13%, 07/15/2029(a)(c) 16,000    14,391
6.38%, 02/01/2031(a)(c) 29,000    27,563
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a)(c) 83,00076,957
Consensus Cloud Solutions, Inc.   
6.00%, 10/15/2026(a)(c) 37,00034,270
6.50%, 10/15/2028(a)(c) 102,00084,533
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a)(c) 171,000125,018
CSC Holdings LLC   
6.50%, 02/01/2029(a)(c) 200,000158,138
5.75%, 01/15/2030(a)(c) 200,000104,634
Darling Ingredients, Inc., 6.00%, 06/15/2030(a)(c) 145,000136,039
DISH Network Corp., 11.75%, 11/15/2027(a)(c) 163,000161,461
Encore Capital Group, Inc., 5.38%, 02/15/2026(a)(c)GBP100,000110,727
EnLink Midstream LLC, 6.50%, 09/01/2030(a)(c)$118,000113,265
EnLink Midstream Partners LP, 5.45%, 06/01/2047(c) 159,000119,522
Ford Motor Co.   
6.63%, 10/01/2028 44,00043,480
9.63%, 04/22/2030(c) 148,000165,028
Ford Motor Credit Co. LLC   
4.54%, 03/06/2025GBP211,000248,561
2.39%, 02/17/2026EUR100,000100,324
Frontier Communications Holdings LLC   
6.00%, 01/15/2030(a)(c)$96,00072,263
8.75%, 05/15/2030(a)(c) 83,00079,078
8.63%, 03/15/2031(a)(c) 119,000111,884
GLP Capital, LP/GLP Financing II, Inc. REIT, 5.75%, 06/01/2028(c) 137,000128,444
Goodyear Europe BV, 2.75%, 08/15/2028(a)(c)EUR116,000102,641
Goodyear Tire & Rubber Co. (The)   
9.50%, 05/31/2025(c)$230,000232,645
5.00%, 07/15/2029(c) 120,000103,203
Graphic Packaging International LLC, 3.75%, 02/01/2030(a)(c) 278,000227,376
 
abrdn Global Income Fund, Inc.15

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS (continued) 
UNITED STATES (continued)  
Hess Midstream Operations LP   
4.25%, 02/15/2030(a)(c)$  129,000$    110,382
5.50%, 10/15/2030(a)(c) 20,000    18,156
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(a)(c)        113,000113,602
Howmet Aerospace, Inc.   
3.00%, 01/15/2029(c) 210,000   177,254
5.95%, 02/01/2037 76,000    69,427
Hyundai Capital America, 6.38%, 04/08/2030(a)(c)        200,000196,880
International Game Technology PLC, 3.50%, 06/15/2026(a)(c)EUR       179,000180,447
IQVIA, Inc., 1.75%, 03/15/2026(a)(c)        125,000123,739
Iron Mountain, Inc.   
5.00%, 07/15/2028(a)(c)$23,000    20,582
4.88%, 09/15/2029(a)(c) 60,000    52,264
5.25%, 07/15/2030(a)(c) 167,000   144,968
ITT Holdings LLC, 6.50%, 08/01/2029(a)(c)        104,00086,970
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033(c)        174,000153,680
JPMorgan Chase & Co. VRN, Series CC, 8.22%, 02/01/2024(b)(h) 180,000179,629
JPMorgan Chase Bank NA, 11.67%, 11/27/2023(a)(f)UAH10,041,000239,269
Level 3 Financing, Inc., 10.50%, 05/15/2030(a)(c)$192,000192,150
Macy's Retail Holdings LLC   
5.88%, 04/01/2029(a)(c) 139,000122,542
5.88%, 03/15/2030(a)(c) 3,0002,538
6.13%, 03/15/2032(a)(c) 54,00044,596
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(c) 225,000174,375
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(a)(c) 48,00039,975
MGM Resorts International   
5.75%, 06/15/2025(c) 113,000110,500
5.50%, 04/15/2027(c) 73,00068,106
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a)(c) 281,000223,044
NCL Corp. Ltd.   
5.88%, 02/15/2027(a)(c) 87,00080,081
8.38%, 02/01/2028(a)(c) 34,00033,683
7.75%, 02/15/2029(a)(c) 124,000108,226
NCR Atleos Escrow Corp., 9.50%, 04/01/2029(a)(c) 115,000112,726
Neptune Bidco US, Inc., 9.29%, 04/15/2029(a)(c) 239,000210,929
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a)(c) 87,00076,777
Novelis Corp., 3.25%, 11/15/2026(a)(c) 163,000145,093
Novelis Sheet Ingot GmbH, 3.38%, 04/15/2029(a)(c)EUR100,00090,038
 Shares or
Principal
Amount		Value
NRG Energy, Inc.   
3.38%, 02/15/2029(a)(c)$ 15,000$     12,208
5.25%, 06/15/2029(a)(c) 134,000   118,223
3.63%, 02/15/2031(a)(c) 202,000   152,437
3.88%, 02/15/2032(a)(c) 68,000    50,535
7.00%, 03/15/2033(a)(c) 56,000    52,930
Occidental Petroleum Corp.   
5.50%, 12/01/2025(c) 26,000    25,662
5.55%, 03/15/2026(c) 22,000    21,705
6.45%, 09/15/2036 47,000    45,650
OI European Group BV, 6.25%, 05/15/2028(a)(c)EUR       100,000104,501
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028(a)(c)        196,000179,017
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)(c)$        76,00069,540
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030(c)        200,000167,011
Post Holdings, Inc.   
5.63%, 01/15/2028(a)(c) 70,000    65,056
5.50%, 12/15/2029(a)(c) 120,000107,018
Royal Caribbean Cruises Ltd.   
11.50%, 06/01/2025(a)(c) 12,00012,682
3.70%, 03/15/2028(c) 136,000115,909
8.25%, 01/15/2029(a)(c) 87,00089,186
Sabre GLBL, Inc., 11.25%, 12/15/2027(a)(c) 41,00036,510
Sabre Global, Inc., 8.63%, 06/01/2027(a)(c) 94,00077,959
Sirius XM Radio, Inc., 4.13%, 07/01/2030(a)(c) 143,000113,544
Six Flags Entertainment Corp., 5.50%, 04/15/2027(a)(c) 116,000105,603
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a)(c) 105,000104,276
Southwestern Energy Co., 4.75%, 02/01/2032(c) 210,000180,597
Staples, Inc., 7.50%, 04/15/2026(a)(c) 84,00068,518
Star Parent, Inc., 9.00%, 10/01/2030(a)(c) 158,000156,797
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)(c) 264,000220,968
Talen Energy Supply LLC, 8.63%, 06/01/2030(a)(c) 124,000125,998
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a)(c) 175,000131,054
Tenet Healthcare Corp., 6.13%, 10/01/2028(c) 145,000134,487
TransDigm, Inc., 6.75%, 08/15/2028(a)(c) 118,000114,576
Travel & Leisure Co.   
5.65%, 04/01/2024(c) 115,000114,137
6.00%, 04/01/2027(c) 80,00074,720
4.63%, 03/01/2030(a)(c) 25,00020,466
Turning Point Brands, Inc., 5.63%, 02/15/2026(a)(c) 108,00099,090
U.S. Foods, Inc.   
6.88%, 09/15/2028(a)(c) 77,00075,257
7.25%, 01/15/2032(a)(c) 79,00077,549
 
16abrdn Global Income Fund, Inc.

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
CORPORATE BONDS (continued) 
UNITED STATES (continued)  
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 10.50%, 02/15/2028(a)(c)$         113,000$    108,814
Univision Communications, Inc.   
6.63%, 06/01/2027(a)(c) 97,000    88,599
8.00%, 08/15/2028(a)(c) 62,000    58,548
7.38%, 06/30/2030(a)(c) 95,000    83,648
Venture Global Calcasieu Pass LLC   
3.88%, 08/15/2029(a)(c) 73,000    60,749
6.25%, 01/15/2030(a)(c) 114,000   107,543
4.13%, 08/15/2031(a)(c) 145,000   116,581
3.88%, 11/01/2033(a)(c) 98,000    74,054
Venture Global LNG, Inc.   
8.13%, 06/01/2028(a)(c) 222,000   215,522
8.38%, 06/01/2031(a)(c) 232,000   221,387
Viatris, Inc., 2.70%, 06/22/2030(c)        229,000175,877
Vistra Operations Co. LLC, 4.38%, 05/01/2029(a)(c)        126,000107,024
Vital Energy, Inc., 9.75%, 10/15/2030(c)        169,000165,625
Weatherford International Ltd.   
6.50%, 09/15/2028(a)(c) 57,00057,294
8.63%, 04/30/2030(a)(c) 68,00068,713
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a)(c) 257,000191,618
Total United States 15,253,823
ZAMBIA—0.7%  
First Quantum Minerals Ltd.   
7.50%, 04/01/2025(a)(c) 200,000187,578
8.63%, 06/01/2031(a)(c) 200,000168,820
Total Zambia 356,398
Total Corporate Bonds 45,665,312
GOVERNMENT BONDS—43.6% 
ANGOLA—1.0%  
Angolan Government International Bond, 9.13%, 11/26/2049(a) 701,000490,700
ARGENTINA—1.6%  
Argentine Republic Government International Bond   
1.00%, 07/09/2029(c)(d) 71,29218,970
4.25%, 01/09/2038(c)(d)(i) 1,609,200483,928
3.63%, 07/09/2046(c)(d)(i) 1,293,010318,901
Total Argentina 821,799
AUSTRALIA—1.9%  
Australia Government Bond,Series 154, 2.75%, 11/21/2029(a)AUD600,000342,808
Queensland Treasury Corp., 3.50%, 08/21/2030(a) 1,100,000631,975
Total Australia 974,783
BAHRAIN—1.4%  
Bahrain Government International Bond   
4.25%, 01/25/2028(a)$390,000349,523
5.45%, 09/16/2032(a) 229,000192,786
6.25%, 01/25/2051(a) 210,000149,887
Total Bahrain 692,196
 Shares or
Principal
Amount		Value
BRAZIL—3.5%  
Brazil Notas do Tesouro Nacional,Series NTNF, 10.00%, 01/01/2029BRL      7,434,000$  1,386,741
Brazilian Government International Bond, 7.13%, 01/20/2037$       370,000   363,477
Total Brazil 1,750,218
CHILE—0.6%  
Chile Government International Bond, 4.34%, 03/07/2042(c)        386,000   298,489
COLOMBIA—1.3%  
Colombia Government International Bond, 5.20%, 05/15/2049(c)        200,000   127,894
Colombia TES,Series B, 9.25%, 05/28/2042COP 2,757,800,000   534,739
Total Colombia 662,633
DOMINICAN REPUBLIC—2.8%  
Dominican Republic International Bond   
5.50%, 02/22/2029(a)(c)$200,000182,010
5.88%, 01/30/2060(a) 1,230,000872,054
Dominican Republic International Bonds, 11.25%, 09/15/2035(a)(c)DOP    19,200,000   333,010
Total Dominican Republic 1,387,074
ECUADOR—1.7%  
Ecuador Government International Bond, 3.50%, 07/31/2035(a)(d)(i)$2,205,200834,782
EGYPT—1.4%  
Egypt Government International Bond   
7.63%, 05/29/2032(a) 400,000228,008
7.90%, 02/21/2048(a) 992,000502,305
Total Egypt 730,313
GEORGIA—0.5%  
Georgia Government International Bond, 2.75%, 04/22/2026(a) 306,000271,412
GHANA—0.3%  
Ghana Government International Bond, 7.63%, 05/16/2029(a)(d)(e) 385,000162,570
HUNGARY—0.7%  
Hungary Government Bond,Series 24/C, 2.50%, 10/24/2024HUF128,420,000335,763
INDONESIA—4.7%  
Indonesia Government International Bond   
7.75%, 01/17/2038(a)$100,000113,989
3.70%, 10/30/2049 1,180,000797,604
Indonesia Treasury Bond   
Series FR77, 8.13%, 05/15/2024IDR14,800,000,000937,632
Series FR81, 6.50%, 06/15/2025 780,000,00048,729
Series FR82, 7.00%, 09/15/2030 341,000,00021,260
Series FR83, 7.50%, 04/15/2040 6,535,000,000419,951
Total Indonesia 2,339,165
IRAQ—1.0%  
Iraq International Bond   
5.80%, 01/15/2028(a)(c)(d)$445,500395,738
5.80%, 01/15/2028(a)(c)(d) 140,625124,917
Total Iraq 520,655
 
abrdn Global Income Fund, Inc.17

 

Portfolio of Investments   (continued)
As of October 31, 2023
 Shares or
Principal
Amount		Value
GOVERNMENT BONDS (continued) 
IVORY COAST—0.6%  
Ivory Coast Government International Bond, 6.63%, 03/22/2048(a)(d)EUR        444,000$    314,764
KENYA—1.3%  
Republic of Kenya Government International Bonds, 8.25%, 02/28/2048(a)$       932,000   652,400
MALAYSIA—1.6%  
Malaysia Government Bond   
Series 0411, 4.23%, 06/30/2031MYR1,100,000232,246
Series 0419, 3.83%, 07/05/2034 800,000162,256
Series 0519, 3.76%, 05/22/2040 1,000,000192,592
Series 0120, 4.07%, 06/15/2050 1,100,000212,712
Total Malaysia 799,806
MEXICO—2.1%  
Mexican Bonos   
Series M, 5.75%, 03/05/2026MXN6,120,200305,046
Series M, 7.75%, 11/13/2042 16,497,100730,387
Total Mexico 1,035,433
MOROCCO—0.6%  
Morocco Government International Bond, 2.38%, 12/15/2027(a)$328,000280,663
NIGERIA—0.6%  
Nigeria Government International Bond, 7.63%, 11/28/2047(a) 435,000292,538
OMAN—2.6%  
Oman Government International Bond, 7.00%, 01/25/2051(a) 1,400,0001,284,500
PERU—2.0%  
Peruvian Government International Bond, 6.90%, 08/12/2037(a)PEN4,138,000999,432
POLAND—0.7%  
Republic of Poland Government Bond,Series 0432, 1.75%, 04/25/2032PLN1,894,000334,890
QATAR—0.9%  
Qatar Government International Bond, 4.40%, 04/16/2050(a)$576,000443,871
RWANDA—0.6%  
Rwanda International Government Bond, 5.50%, 08/09/2031(a) 400,000302,510
SAUDI ARABIA—0.8%  
Saudi Government International Bond, 4.38%, 04/16/2029(a) 410,000384,754
SOUTH KOREA—0.6%  
Industrial Bank of Korea, 5.13%, 10/25/2024(a) 300,000297,950
TURKEY—2.0%  
Turkiye Government International Bonds, 9.38%, 01/19/2033 1,001,0001,002,702
UKRAINE—0.2%  
Ukraine Government International Bonds, 7.75%, 09/01/2029(a)(e) 424,000118,190
 Shares or
Principal
Amount		Value
URUGUAY—1.3%  
Uruguay Government International Bond   
4.38%, 12/15/2028(d)(n)UYU 11,583,427$     300,187
7.88%, 01/15/2033(g)$165,000188,625
7.63%, 03/21/2036(d) 146,000165,165
Total Uruguay 653,977
UZBEKISTAN—0.7%  
National Bank of Uzbekistan, 4.85%, 10/21/2025(a)        200,000   182,800
Republic of Uzbekistan International Bond, 3.70%, 11/25/2030(a)        252,000   191,627
Total Uzbekistan 374,427
Total Government Bonds 21,845,359
WARRANTS—0.0% 
BRAZIL—0.0%  
OAS SA(f)(k)(o)         61,465         –
UNITED STATES—0.0%  
Delco, Series A(e)(f)(k)(o)         73,666         –
Total Warrants –
SHORT-TERM INVESTMENT—0.8% 
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(p) 413,338413,338
Total Short-Term Investment 413,338
Total Investments
(Cost $78,090,888)(q)—135.5%		 67,924,009
Liabilities in Excess of Other Assets—(35.5%) (17,795,850)
Net Assets—100.0% $ 50,128,159
    
(a)Denotes a security issued under Regulation S or Rule 144A.
(b)Perpetual maturity. Maturity date presented represents the next call date.
(c)The maturity date presented for these instruments represents the next call/put date.
(d)Sinkable security.
(e)Security is in default.
(f)Illiquid security.
(g)Payment-in-kind security for which part of the income earned may be paid as additional principal.
(h)Variable or Floating Rate security. Rate disclosed is as of October 31, 2023.
(i)Step bond. Rate disclosed is as of October 31, 2023.
(j)Denotes the security is government guaranteed.
(k)Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(l)The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2023.
(m)Zero coupon bond. Rate represents yield to maturity.
(n)Inflation linked security.
(o)Non-income producing security.
(p)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2023.
(q)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
    
AUDAustralian Dollar
 
18abrdn Global Income Fund, Inc.

 

Portfolio of Investments   (continued)
As of October 31, 2023
BRLBrazilian Real
CNHChinese Yuan Renminbi Offshore
COPColombian Peso
DOPDominican Republic Peso
EUREuro Currency
FRNFloating Rate Note
GBPBritish Pound Sterling
HUFHungarian Forint
IDRIndonesian Rupiah
INRIndian Rupee
KRWSouth Korean Won
MXNMexican Peso
MYRMalaysian Ringgit
PENPeruvian Sol
PIKPayment-In-Kind
PLCPublic Limited Company
PLNPolish Zloty
REITReal Estate Investment Trust
SGDSingapore Dollar
UAHUkraine Hryvna
USDU.S. Dollar
UYUUruguayan Peso
VRNVariable Rate Note
ZARSouth African Rand
 
At October 31, 2023, the Fund held the following forward foreign currency contracts:
    
Purchase Contracts
Settlement Date*		CounterpartyCurrency
Purchased		Amount
Purchased		Currency
Sold		Amount
Sold		Fair ValueUnrealized
Appreciation/
(Depreciation)
Chinese Yuan Renminbi Offshore/United States Dollar     
11/28/2023Royal Bank of CanadaCNH19,507,367USD2,687,886$ 2,662,084$   (25,802)
Indonesian Rupiah/United States Dollar     
12/11/2023UBS AGIDR31,055,400,000USD2,018,7311,951,942(66,789)
Singapore Dollar/United States Dollar     
01/11/2024Citibank N.A.SGD5,716,118USD4,198,0884,188,100(9,988)
South Korean Won/United States Dollar     
11/21/2023Citibank N.A.KRW7,227,445,888USD5,496,4495,350,626(145,823)
 $14,152,752$(248,402)
    
Sale Contracts
Settlement Date*		CounterpartyCurrency
Purchased		Amount
Purchased		Currency
Sold		Amount
Sold		Fair ValueUnrealized
Appreciation/
(Depreciation)
United States Dollar/British Pound     
11/21/2023Morgan Stanley & Co.USD1,354,585GBP1,104,125$   1,342,139$   12,446
United States Dollar/Euro     
11/21/2023Deutsche Bank AGUSD4,173,363EUR3,937,1174,168,9574,406
11/21/2023Morgan Stanley & Co.USD113,196EUR106,824113,11482
United States Dollar/South African Rand     
11/21/2023Morgan Stanley & Co.USD292,049ZAR5,544,000296,994(4,945)
United States Dollar/South Korean Won     
11/21/2023Royal Bank of CanadaUSD5,349,396KRW7,227,445,8885,350,626(1,230)
 $11,271,830$   10,759
Unrealized appreciation on forward foreign currency exchange contracts$  16,934
Unrealized depreciation on forward foreign currency exchange contracts$(254,577)
    
*Certain contracts with different trade dates and like characteristics have been shown net.
    
At October 31, 2023, the Fund held the following centrally cleared interest rate swaps:
    
CurrencyNotional
Amount		Expiration
Date		Counterparty