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, 2024

 

 

 

 

 

 

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.

 

 

 

 
abrdn Global Income Fund, Inc. (FCO)
Semi-Annual Report
April 30, 2024
abrdn.com

 

Letter to Shareholders  (unaudited) 
Dear Shareholder,
We present the Semi-Annual Report, which covers the activities of abrdn Global Income Fund, Inc. (the “Fund”), for the six-month period ended April 30, 2024. The Fund’s principal investment objective is to provide high current income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but only when consistent with its principal investment objective.
Total Investment Return1
For the six-month period ended April 30, 2024, 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 8.95%
Market Price2 -2.66%
Blended Benchmark4 7.97%
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 six-month period end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).
       
  NAV Closing
Market
Price 		Premium(+)/
Discount(-)
4/30/2024 $3.76 $5.47 45.48%
10/31/2023 $3.74 $6.09 62.83%
During the six-month period ended April 30, 2024, the Fund’s NAV was within a range of $3.75 to $4.05 and the Fund’s market price
traded within a range of $4.93 to $6.63. During the six-month period ended April 30, 2024, the Fund’s shares traded within a range of a premium(+)/discount(-) of +25.77% to +65.33%.
Managed Distribution Policy
The Fund's distributions to common shareholders and the annualized distribution rates based on market price and NAV, respectively, for the six-month period ended April 30, 2024 and the fiscal years ended October 31, 2023 and October 31, 2022 are shown in the table below:
  Distribution
per share to
common
shareholders 		Market
Price 		Annualized
distribution
rate
based on
market price 		NAV Annualized
distribution
rate
based on
NAV
4/30/2024 $0.42 $5.47 15.4% $3.76 22.3%
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%
Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.
On May 9, 2024 and June 11, 2024, the Fund announced that it will pay on May 31, 2024 and June 28, 2024, respectively, a distribution of U.S. $0.07 per share to all shareholders of record as of May 23, 2024 and June 21, 2024, 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 $25,000,000 revolving credit facility with The Bank of Nova Scotia was renewed for a 1-year term on February 27, 2024 (“Revolving Credit Facility”). On February 27, 2024, the Fund’s Revolving Credit Facility with the Bank of Nova Scotia was amended to extend the scheduled commitment termination date to
 
{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 4.
abrdn Global Income Fund, Inc. 1

 

Letter to Shareholders  (unaudited)  (concluded)
February 25, 2025. The Fund’s outstanding balance as of April 30, 2024 was $22,050,000. 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 six-month period ended April 30, 2024, 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 its 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.
2 abrdn Global Income Fund, Inc.

 

Loan Facilities and the Use of Leverage  (unaudited) 
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 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 April 30, 2024, the Fund held interest rate swap agreements with an aggregate notional amount of$22,050,000 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
April 30, 2024 		Receive/(Pay)
Floating
Rate 		Amount
(in $ thousands) 		Fixed Rate
Payable (%)
70 months Receive $5,000.0 3.46%
94 months Receive $5,000.0 3.40%
106 months Receive $7,350.0 3.38%
110 months Receive $3,000.0 3.72%
118 months Receive $1,700.0 3.92%
 
 
abrdn Global Income Fund, Inc. 3

 

Total Investment Return  (unaudited) 
The following table summarizes the average annual Fund performance compared to the Fund’s blended benchmark and the Bloomberg Global Aggregate Index for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended April 30, 2024.
  6 Months 1 Year 3 Years 5 Years 10 Years
Net Asset Value (NAV) 8.95% 6.77% -4.77% -1.57% -0.15%
Market Price -2.66% 25.92% -0.15% 5.41% 4.33%
Blended Benchmark* 7.97% 4.28% -2.59% 0.86% 1.28%
Bloomberg Global Aggregate Index1 4.43% -2.47% -5.93% -1.61% -0.44%
    
* The blended benchmark is summarized in the table below:
    
Blended Benchmark Constituents Weight
ICE BofA Merrill Lynch Australian Government Bond Index2 10.0%
ICE BofA 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 BofA Global High Yield Constrained Index6 25.0%
Performance of a $10,000 Investment (as of April 30, 2024)
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.
{foots1}
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.
{foots1}
2 The 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}
3 The 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}
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.
{foots1}
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.
{foots1}
6 The ICE BofA Global High Yield Constrained Index contains all securities in the ICE BofA Global High Yield Index but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis.
4 abrdn Global Income Fund, Inc.

 

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 April 30, 2024. 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 annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended April 30, 2024, was 5.07%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended April 30, 2024 was 5.01%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2024, was 2.36%.  
abrdn Global Income Fund, Inc. 5

 

Portfolio Composition  (as a percentage of net assets) (unaudited) 
As of April 30, 2024
Quality of Investments(1)(2)
As of April 30, 2024, 10.8% 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 of April 30, 2024, compared with October 31, 2023 and April 30, 2023:
Date AAA/Aaa
% 		AA/Aa
% 		A
% 		BBB/Baa
% 		BB/Ba
% 		B
% 		B or below
% 		NR
%
April 30, 2024 0.0 2.2 8.6 20.1 28.9 29.5 7.4 3.3
October 31, 2023 0.5 3.1 3.6 27.2 29.8 25.4 8.1 2.3
April 30, 2023 1.6 2.2 5.0 24.4 31.9 20.2 6.6 8.1
Geographic Composition(2)
The Fund’s investments are divided into three categories: Developed Markets, Investment Grade Developing Markets and Sub-Investment Grade Developing Markets. The table below shows the geographical composition (with U.S. Dollar-denominated bonds issued by foreign issuers allocated into country of issuance) of the Fund’s total investments as of April 30, 2024, compared with October 31, 2023 and April 30, 2023:
Date Developed Markets
% 		Investment Grade
Developing Markets
% 		Sub-Investment Grade
Developing Markets
%
April 30, 2024 47.6 19.8 32.6
October 31, 2023 49.9 20.8 29.3
April 30, 2023 51.2 21.6 27.2
Currency Composition(2)
The table below shows the currency composition of the Fund’s total investments as of April 30, 2024, compared with October 31, 2023 and April 30, 2023:
Date Developed Markets
% 		Investment Grade
Developing Markets
% 		Sub-Investment Grade
Developing Markets
%
April 30, 2024 80.9 10.7 8.4
October 31, 2023 86.5 6.7 6.8
April 30, 2023 77.3 13.9 8.8
Maturity Composition(2)
The average maturity of the Fund’s total investments was 6.2 years at April 30, 2024, compared with 6.6 years at October 31, 2023, and 6.4 years at April 30, 2023. The following table shows the maturity composition of the Fund’s investments as of April 30, 2024, compared with October 31, 2023 and April 30, 2023:
Date 0 to 5 Years
% 		5 to 10 Years
% 		10 Years & Over
%
April 30, 2024 45.1 31.5 23.4
October 31, 2023 25.1 48.4 26.5
April 30, 2023 45.4 35.1 19.5
Modified Duration
As of April 30, 2024, the modified duration* of the Fund was 2.1 years. This calculation excludes the interest rate swaps that are used to manage the leverage of the Fund. Excluding swaps will decrease portfolio duration.
6 abrdn Global Income Fund, Inc.

 

Portfolio Composition  (as a percentage of net assets) (unaudited)  (concluded)
As of April 30, 2024
* Modified duration is a measure of the sensitivity of the price of a bond to the fluctuations in interest rates.
(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.
(2) % reflected in below table do not reflect exposure to derivatives.  
abrdn Global Income Fund, Inc. 7

 

Summary of Key Rates  (unaudited) 
The following table summarizes the movements of key interest rates and currencies from April 30, 2024 compared to October 31, 2023 and April 30, 2023.
    Apr–24 Oct–23 Apr-23
Australia 90 day Bank Bills 4.40% 4.36% 3.68%
  10 yr bond 4.42% 3.90% 3.58%
  currency local per 1USD $1.54 $1.58 $1.51
New Zealand 90 day Bank Bills 5.63% 5.64% 5.56%
  10 yr bond 4.90% 5.55% 4.09%
  currency local per 1USD $0.00 $1.72 $1.62
Malaysia 3-month T-Bills 3.20% 3.21% 2.85%
  10 yr bond 3.99% 4.10% 3.73%
  currency local per 1USD RM4.77 RM4.76 RM4.46
India 3-month T-Bills 6.98% 6.89% 6.78%
  10 yr bond 7.19% 7.35% 7.11%
  currency local per 1USD ₹83.44 ₹83.26 ₹81.84
Indonesia 3 months deposit rate 4.18% 4.10% 3.94%
  10 yr bond 7.22% 7.09% 6.51%
  currency local per 1USD Rp16,260.00 Rp15,885.00 Rp14,670.00
Russia Zero Cpn 3m 14.65% 13.13% 7.23%
  10 yr bond 15.99% 15.99% 15.99%
  currency local per 1USD ₽93.48 ₽93.58 ₽80.20
USD Denominated Bonds Mexico 6.25% 6.78% 5.28%
  Indonesia 5.53% 5.85% 4.44%
  Argentina 23.20% 23.20% 23.20%
  Romania 5.58% 5.37% 4.95%
 
8 abrdn Global Income Fund, Inc.

 

Portfolio of Investments (unaudited) 
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS—89.5%  
AUSTRALIA—15.6%    
Australia & New Zealand Banking Group Ltd., (fixed rate to 02/10/2033, variable rate thereafter), 6.74%, 02/10/2033(a)(b) AUD       1,300,000 $ 870,079
Commonwealth Bank of Australia, (fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2033(b)        1,800,000 1,185,058
Macquarie Bank Ltd., 6.80%, 01/18/2033(a) $      1,000,000 1,032,369
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(b)        1,520,000 1,537,297
National Australia Bank Ltd.      
(fixed rate to 08/03/2027, variable rate thereafter), 6.32%, 08/03/2027(a)(b) AUD 1,000,000    657,109
(fixed rate to 03/09/2028, variable rate thereafter), 6.16%, 03/09/2028(a)(b)   800,000    522,966
NBN Co. Ltd., 6.00%, 10/06/2033(a)(b) $        800,000 824,136
Perenti Finance Pty. Ltd., 7.50%, 04/26/2029(a)(b)          200,000 201,955
Westpac Banking Corp.      
(fixed rate to 06/23/2028, variable rate thereafter), 6.49%, 06/23/2028(b) AUD 600,000    397,358
(fixed rate to 06/23/2033, variable rate thereafter), 6.93%, 06/23/2033(a)(b)   700,000    472,201
(fixed rate to 11/15/2033, variable rate thereafter), 7.20%, 11/15/2033(b)   300,000    204,704
Total Australia   7,905,232
BARBADOS—0.4%    
Sagicor Financial Co. Ltd., 5.30%, 05/13/2028(a)(b) $        210,000 201,075
BRAZIL—3.0%    
Banco do Brasil SA VRN, 8.75%, 10/15/2024(a)(c)   620,000 621,661
BRF SA, 5.75%, 09/21/2050(a)(b)   200,000 151,308
Guara Norte SARL, 5.20%, 06/15/2034(a)(d)   171,358 155,359
Minerva Luxembourg SA, 8.88%, 09/13/2033(a)(b)   200,000 205,142
Samarco Mineracao SA PIK, 9.50%, 06/30/2031(a)(b)(e)   405,314 369,935
Total Brazil   1,503,405
CANADA—1.5%    
Bombardier, Inc., 8.75%, 11/15/2030(a)(b)   117,000 124,475
Enerflex Ltd., 9.00%, 10/15/2027(a)(b)   290,000 296,966
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2027(a)(b)   275,000 261,399
TransAlta Corp., 7.75%, 11/15/2029(b)   98,000 100,302
Total Canada   783,142
  Shares or
Principal
Amount 		Value
CHILE—0.9%    
Corp. Nacional del Cobre de Chile, 3.75%, 01/15/2031(a)(b) $          330,000 $ 287,492
Empresa Nacional del Petroleo, 3.45%, 09/16/2031(a)(b)          200,000 167,694
Total Chile   455,186
CHINA—2.1%    
China Evergrande Group, 8.75%, 06/28/2025(a)(b)(f)(g)          200,000 2,180
China Huadian Overseas Development 2018 Ltd., (fixed rate to 06/23/2025, variable rate thereafter), 3.38%, 06/23/2025(a)(c)          200,000 192,680
Huarong Finance II Co. Ltd.      
EMTN, 5.50%, 01/16/2025(a)   619,000    611,863
5.00%, 11/19/2025(a)   200,000    194,050
Kaisa Group Holdings Ltd., 11.95%, 11/12/2023(a)(b)(f)(g)          200,000 5,000
Logan Group Co. Ltd.      
7.50%, 08/25/2022(a)(b)(f)(g)   200,000     19,000
6.50%, 07/16/2023(a)(b)(f)(g)   200,000     19,102
Sunac China Holdings Ltd.      
PIK, 6.00%, 09/30/2026(a)(b)(e)(g)   18,444      1,844
PIK, 6.25%, 09/30/2027(a)(b)(e)(g)   18,467      1,711
PIK, 6.50%, 09/30/2027(a)(b)(e)(g)   36,979 2,773
PIK, 6.75%, 09/30/2028(a)(b)(e)(g)   55,535 3,864
PIK, 7.00%, 09/30/2029(a)(b)(e)(g)   55,602 3,406
PIK, 7.25%, 09/30/2030(a)(b)(e)(g)   26,152 1,308
PIK, 1.00%, 09/30/2032(a)(b)(e)(h)   22,246 1,112
Zhenro Properties Group Ltd., 6.63%, 01/07/2026(a)(b)(f)(g)   200,000 1,520
Total China   1,061,413
COLOMBIA—2.0%    
Bancolombia SA, (fixed rate to 12/18/2024, variable rate thereafter), 4.63%, 12/18/2024(b)   200,000 193,022
Ecopetrol SA      
5.38%, 06/26/2026(b)   351,000 342,223
8.88%, 01/13/2033(b)   105,000 107,468
Empresas Publicas de Medellin ESP, 4.38%, 02/15/2031(a)(b)   437,000 354,256
Total Colombia   996,969
DOMINICAN REPUBLIC—0.4%    
AES Espana BV, 5.70%, 05/04/2028(a)(b)   202,000 189,577
ECUADOR—0.4%    
International Airport Finance SA, 12.00%, 03/15/2033(a)(b)(d)   190,474 202,197
FRANCE—1.4%    
Banijay Entertainment SASU, 8.13%, 05/01/2029(a)(b)   200,000 204,637
BNP Paribas SA, (fixed rate to 02/25/2030, variable rate thereafter), 4.50%, 02/25/2030(a)(c)   200,000 158,793
Cerba Healthcare SACA, 3.50%, 05/31/2028(a)(b) EUR 130,000 113,070
 
abrdn Global Income Fund, Inc. 9

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
FRANCE (continued)    
Electricite de France SA, (fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(c) EUR          100,000 $ 105,920
Nova Alexandre III SAS FRN, 9.11%, 07/15/2029(a)(b)(i)          100,000 105,386
Total France   687,806
GEORGIA—1.0%    
Georgian Railway JSC, 4.00%, 06/17/2028(a)(b) $        359,000 321,881
TBC Bank JSC, (fixed rate to 07/30/2029, variable rate thereafter), 10.25%, 07/30/2029(a)(c)          200,000 198,836
Total Georgia   520,717
GERMANY—2.1%    
CT Investment GmbH, 6.38%, 04/15/2030(a)(b) EUR        100,000 106,854
Gruenenthal GmbH, 3.63%, 11/15/2026(a)(b)          100,000 104,179
HT Troplast GmbH, 9.38%, 07/15/2028(a)(b)          110,000 122,088
IHO Verwaltungs GmbH, 8.75%, 05/15/2028(a)(b)(e)          103,347 118,426
PrestigeBidCo GmbH FRN, 9.91%, 07/15/2027(a)(b)(i)          109,000 117,779
Schaeffler AG, 2.88%, 03/26/2027(a)(b)           60,000 62,109
Techem Verwaltungsgesellschaft 675 GmbH, 2.00%, 07/15/2025(a)(b)          106,000 110,708
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a)(b)          100,000 102,025
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031(a)(b)   100,000 106,453
ZF Europe Finance BV, 2.50%, 10/23/2027(a)(b)   100,000 99,367
Total Germany   1,049,988
HONG KONG—1.0%    
AIA Group Ltd., 5.63%, 10/25/2027(a)(b) $ 500,000 503,727
INDIA—4.1%    
HDFC Bank Ltd., 8.10%, 03/22/2025(a) INR 110,000,000 1,317,818
India Green Power Holdings, 4.00%, 02/22/2027(a)(b)(d) $ 186,660 168,255
Indiabulls Housing Finance Ltd., Series 6B, 9.00%, 09/26/2026 INR 50,000,000 565,287
Total India   2,051,360
INDONESIA—1.5%    
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028(a)(b) $ 221,000 211,228
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/2026(a)(b)   200,000 200,132
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.25%, 10/24/2042(a)   400,000 347,369
Total Indonesia   758,729
  Shares or
Principal
Amount 		Value
IRELAND—0.3%    
GGAM Finance Ltd., 8.00%, 02/15/2027(a)(b) $          161,000 $ 165,004
ISRAEL—0.8%    
Bank Leumi Le-Israel BM, (fixed rate to 04/18/2028, variable rate thereafter), 7.13%, 04/18/2028(a)(b)          200,000 193,000
Energean Israel Finance Ltd., 8.50%, 09/30/2033(a)(b)          230,000 220,846
Total Israel   413,846
ITALY—0.5%    
Lottomatica SpA FRN, 8.07%, 06/01/2028(a)(b)(i) EUR        100,000 107,264
Telecom Italia Capital SA, 6.38%, 11/15/2033 $        140,000 123,690
Total Italy   230,954
KAZAKHSTAN—1.7%    
KazMunayGas National Co. JSC      
3.50%, 04/14/2033(a)(b)   200,000    159,659
5.75%, 04/19/2047(a)   870,000    718,469
Total Kazakhstan   878,128
KUWAIT—0.4%    
MEGlobal Canada ULC, 5.00%, 05/18/2025(a)          200,000 197,038
LUXEMBOURG—1.5%    
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a)(b) EUR 100,000 106,636
Cidron Aida Finco SARL, 6.25%, 04/01/2028(a)(b) GBP 100,000 117,927
Cullinan Holdco SCSp, 4.63%, 10/15/2026(a)(b) EUR 100,000 86,770
Ephios Subco 3 SARL, 7.88%, 01/31/2031(a)(b)   100,000 109,271
LHMC Finco 2 SARL PIK, 7.25%, 10/02/2025(a)(b)(e)   2,943 3,138
Matterhorn Telecom SA, 3.13%, 09/15/2026(a)(b)   200,000 207,571
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a)(b)   110,000 119,470
Total Luxembourg   750,783
MEXICO—2.8%    
BBVA Bancomer SA, (fixed rate to 01/17/2028, variable rate thereafter), 5.13%, 01/18/2033(a)(b) $ 470,000 429,060
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(b)   200,000 150,201
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(c)   200,000 214,627
Petroleos Mexicanos      
7.19%, 09/12/2024(a) MXN 4,200,000 239,123
7.19%, 09/12/2024(a)   3,378,800 192,369
Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025(a)(b) $ 210,000 199,657
Total Mexico   1,425,037
 
10 abrdn Global Income Fund, Inc.

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
MOROCCO—0.5%    
Vivo Energy Investments BV, 5.13%, 09/24/2027(a)(b) $          255,000 $ 241,077
NETHERLANDS—1.3%    
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031(a)(b) GBP        100,000 133,077
OCI NV, 3.63%, 10/15/2025(a)(b) EUR         90,000 94,490
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(c)(j)           60,000 67,948
Sunrise HoldCo IV BV, 5.50%, 01/15/2028(a)(b) $        200,000 188,371
Versuni Group BV, 3.13%, 06/15/2028(a)(b) EUR        100,000 95,515
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a)(b)          100,000 91,917
Total Netherlands   671,318
NIGERIA—2.5%    
Access Bank PLC, 6.13%, 09/21/2026(a) $        216,000 199,800
BOI Finance BV, 7.50%, 02/16/2027(a)(k) EUR        196,000 197,847
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a)(b) $        230,000 216,372
SEPLAT Energy PLC, 7.75%, 04/01/2026(a)(b)          297,000 286,605
United Bank for Africa PLC, 6.75%, 11/19/2026(a)          380,000 362,159
Total Nigeria   1,262,783
OMAN—0.5%    
EDO Sukuk Ltd., 5.88%, 09/21/2033(a)   250,000 251,500
PERU—0.5%    
Petroleos del Peru SA, 5.63%, 06/19/2047(a)   400,000 245,453
PHILIPPINES—0.9%    
International Container Terminal Services, Inc., 4.75%, 06/17/2030(a)   260,000 247,498
Manila Water Co., Inc., 4.38%, 07/30/2030(a)(b)   243,000 223,555
Total Philippines   471,053
RUSSIA—0.0%    
Sovcombank Via SovCom Capital DAC, (fixed rate to 05/06/2025, variable rate thereafter), 7.75%, 05/06/2025(a)(c)(g)(l)(m)   250,000 –
SINGAPORE—1.1%    
Puma International Financing SA, 7.75%, 04/25/2029(a)(b)   331,000 334,409
Vena Energy Capital Pte. Ltd., 3.13%, 02/26/2025(a)   210,000 204,383
Total Singapore   538,792
SLOVENIA—0.2%    
Summer BidCo BV, 10.00%, 02/15/2029(a)(b)(e) EUR 100,000 107,310
  Shares or
Principal
Amount 		Value
SOUTH AFRICA—3.0%    
Eskom Holdings SOC Ltd.      
7.13%, 02/11/2025(a) $  410,000 $    407,294
0.01%, 12/31/2032(n) ZAR 28,700,000    329,372
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a)(b) $        446,000 260,910
Sasol Financing USA LLC, 5.50%, 03/18/2031(b)          400,000 332,455
Transnet SOC Ltd., 8.25%, 02/06/2028(a)          200,000 196,500
Total South Africa   1,526,531
SPAIN—1.2%    
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(c)          200,000 197,256
Banco de Sabadell SA, (fixed rate to 02/07/2028, variable rate thereafter), 5.25%, 02/07/2028(a)(b) EUR        100,000 110,227
Cellnex Finance Co. SA      
1.50%, 06/08/2028(a)(b)   100,000     96,798
2.00%, 09/15/2032(a)(b)   100,000     90,348
Lorca Telecom Bondco SA, 4.00%, 09/18/2027(a)(b)          100,000 103,945
Total Spain   598,574
SWITZERLAND—1.0%    
Consolidated Energy Finance SA      
5.63%, 10/15/2028(a)(b) $ 150,000 126,751
12.00%, 02/15/2031(a)(b)   150,000 155,251
UBS Group AG, (fixed rate to 11/13/2028, variable rate thereafter), 9.25%, 11/13/2028(a)(c)   200,000 213,446
Total Switzerland   495,448
TANZANIA—0.4%    
HTA Group Ltd., 7.00%, 12/18/2025(a)(b)   200,000 199,040
TRINIDAD—0.6%    
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029(a)(b)   291,000 304,968
TURKEY—1.0%    
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(b)   275,000 283,230
Yapi ve Kredi Bankasi AS, (fixed rate to 01/17/2029, variable rate thereafter), 9.25%, 01/17/2029(a)(b)   200,000 204,464
Total Turkey   487,694
UKRAINE—1.0%    
Kernel Holding SA, 6.75%, 10/27/2027(a)(b)(g)   206,000 147,912
MHP Lux SA, 6.95%, 04/03/2026(a)(g)   218,000 174,078
NPC Ukrenergo, 6.88%, 11/09/2028(a)(g)(k)   200,000 73,900
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026(a)(g)   200,000 123,418
Total Ukraine   519,308
 
abrdn Global Income Fund, Inc. 11

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
UNITED ARAB EMIRATES—0.4%    
MAF Global Securities Ltd., (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026(a)(c) $          200,000 $ 196,736
UNITED KINGDOM—3.1%    
888 Acquisitions Ltd., 7.56%, 07/15/2027(a)(b) EUR        100,000 102,558
BCP V Modular Services Finance II PLC, 4.75%, 11/30/2028(a)(b)          125,000 125,381
Bellis Acquisition Co. PLC, 4.50%, 02/16/2026(a)(b) GBP        124,000 154,170
CD&R Firefly Bidco PLC, 8.63%, 04/30/2029(a)(b)          100,000 124,305
Iceland Bondco PLC, 10.88%, 12/15/2027(a)(b)          100,000 127,816
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a)(b) $        200,000 201,307
Macquarie Airfinance Holdings Ltd.      
6.40%, 03/26/2029(a)(b)   5,000      4,986
8.13%, 03/30/2029(a)(b)   125,000    130,713
6.50%, 03/26/2031(a)(b)   10,000     10,008
Motion Finco SARL, 7.38%, 06/15/2030(a)(b) EUR        100,000 110,855
Pinewood Finco PLC, 6.00%, 03/27/2030(a)(b) GBP        116,000 140,845
Synthomer PLC, 7.38%, 05/02/2029(a)(b) EUR        100,000 107,669
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a)(b) GBP        200,000 222,745
Total United Kingdom   1,563,358
UNITED STATES—24.5%    
Academy Ltd., 6.00%, 11/15/2027(a)(b) $ 296,000 289,359
Adams Homes, Inc.      
7.50%, 02/15/2025(a)(b)   117,000 116,799
9.25%, 10/15/2028(a)(b)   204,000 210,654
Adient Global Holdings Ltd., 3.50%, 08/15/2024(a)(b) EUR 17,635 18,702
Affinity Interactive, 6.88%, 12/15/2027(a)(b) $ 211,000 188,856
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.13%, 08/15/2026(a)(b)   200,000 166,671
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(a)(b)   116,000 110,547
Ball Corp.      
2.88%, 08/15/2030(b)   137,000 114,408
3.13%, 09/15/2031(b)   34,000 28,236
Boeing Co., 5.15%, 05/01/2030(b)   102,000 96,471
Builders FirstSource, Inc., 4.25%, 02/01/2032(a)(b)   351,000 305,734
Caesars Entertainment, Inc.      
7.00%, 02/15/2030(a)(b)   4,000 4,028
6.50%, 02/15/2032(a)(b)   29,000 28,572
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(a)(b)   98,000 96,344
  Shares or
Principal
Amount 		Value
Carnival Corp.      
7.63%, 03/01/2026(a)(b) $   96,000 $     96,595
6.00%, 05/01/2029(a)(b)   56,000     54,266
CCM Merger, Inc., 6.38%, 05/01/2026(a)(b)          197,000 196,522
CCO Holdings LLC/CCO Holdings Capital Corp.      
5.38%, 06/01/2029(a)(b)   38,000     33,470
4.25%, 02/01/2031(a)(b)   225,000    176,095
4.75%, 02/01/2032(a)(b)   63,000     49,545
4.25%, 01/15/2034(a)(b)   486,000    352,112
CHS/Community Health Systems, Inc.      
5.25%, 05/15/2030(a)(b)   120,000     98,110
10.88%, 01/15/2032(a)(b)   26,000     26,618
Civitas Resources, Inc.      
8.38%, 07/01/2028(a)(b)   73,000     76,152
8.63%, 11/01/2030(a)(b)   56,000     59,591
8.75%, 07/01/2031(a)(b)   73,000     77,434
Clean Harbors, Inc.      
4.88%, 07/15/2027(a)(b)   112,000 107,863
5.13%, 07/15/2029(a)(b)   16,000 15,245
6.38%, 02/01/2031(a)(b)   29,000 28,730
Clearway Energy Operating LLC, 3.75%, 02/15/2031(a)(b)   60,000 50,725
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a)(b)   83,000 81,049
Consensus Cloud Solutions, Inc.      
6.00%, 10/15/2026(a)(b)   37,000 35,080
6.50%, 10/15/2028(a)(b)   102,000 89,311
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a)(b)   89,000 75,096
CSC Holdings LLC, 6.50%, 02/01/2029(a)(b)   200,000 149,164
Darling Ingredients, Inc., 6.00%, 06/15/2030(a)(b)   145,000 140,859
Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029(a)(b)   93,000 93,704
Directv Financing LLC, 8.88%, 02/01/2030(a)(b)   20,000 19,447
Encore Capital Group, Inc., 5.38%, 02/15/2026(a)(b) GBP 100,000 120,894
Endo Finance Holdings, Inc., 8.50%, 04/15/2031(a)(b) $ 9,000 9,145
EnerSys, 6.63%, 01/15/2032(a)(b)   117,000 116,518
Fiesta Purchaser, Inc., 7.88%, 03/01/2031(a)(b)   76,000 77,441
Frontier Communications Holdings LLC      
5.00%, 05/01/2028(a)(b)   48,000 44,159
8.75%, 05/15/2030(a)(b)   177,000 180,209
8.63%, 03/15/2031(a)(b)   119,000 120,187
Goodyear Tire & Rubber Co.      
9.50%, 05/31/2025(b)   230,000 230,774
5.00%, 07/15/2029(b)   215,000 194,999
Graphic Packaging International LLC, 3.75%, 02/01/2030(a)(b)   278,000 241,882
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(a)(b)   158,999 149,123
 
12 abrdn Global Income Fund, Inc.

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
UNITED STATES (continued)    
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL      
7.88%, 05/01/2029(a)(b) EUR  100,000 $    106,240
8.75%, 05/01/2029(a)(b) $ 200,000    200,396
Hess Midstream Operations LP, 4.25%, 02/15/2030(a)(b)          182,000 164,254
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 6.63%, 01/15/2032(a)(b)          112,000 110,417
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(a)(b)          113,000 118,354
Hyundai Capital America, 6.38%, 04/08/2030(a)(b)          200,000 205,385
Iron Mountain, Inc.      
5.00%, 07/15/2028(a)(b)   23,000     21,675
4.88%, 09/15/2029(a)(b)   60,000     55,366
ITT Holdings LLC, 6.50%, 08/01/2029(a)(b)          104,000 93,935
Kodiak Gas Services LLC, 7.25%, 02/15/2029(a)(b)          105,000 105,757
Macy's Retail Holdings LLC      
5.88%, 04/01/2029(a)(b)   35,000     33,746
5.88%, 03/15/2030(a)(b)   3,000      2,860
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(b)          225,000 211,143
Meritage Homes Corp., 3.88%, 04/15/2029(a)(b)   162,000 146,870
MGM Resorts International, 5.75%, 06/15/2025(b)   113,000 112,361
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(a)(b)   16,000 15,890
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(a)(b)   87,000 86,756
Nabors Industries, Inc., 9.13%, 01/31/2030(a)(b)   73,000 75,276
NCL Corp. Ltd.      
5.88%, 02/15/2027(a)(b)   108,000 105,502
7.75%, 02/15/2029(a)(b)   124,000 126,663
NCR Atleos Corp., 9.50%, 04/01/2029(a)(b)   115,000 122,244
Neptune Bidco U.S., Inc., 9.29%, 04/15/2029(a)(b)   239,000 225,586
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a)(b)   87,000 81,722
Novelis Corp., 3.25%, 11/15/2026(a)(b)   93,000 86,952
Novelis Sheet Ingot GmbH, 3.38%, 04/15/2029(a)(b) EUR 100,000 100,268
NRG Energy, Inc.      
3.38%, 02/15/2029(a)(b) $ 15,000 13,154
5.25%, 06/15/2029(a)(b)   134,000 126,737
7.00%, 03/15/2033(a)(b)   73,000 76,020
OI European Group BV, 6.25%, 05/15/2028(a)(b) EUR 100,000 111,002
  Shares or
Principal
Amount 		Value
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, 04/30/2031(a)(b) $         255,000 $ 220,499
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(a)(b)          135,000 135,700
Permian Resources Operating LLC, 5.88%, 07/01/2029(a)(b)           88,000 85,524
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030(b)          200,000 183,265
Post Holdings, Inc., 5.63%, 01/15/2028(a)(b)           70,000 67,932
Sabre GLBL, Inc., 8.63%, 06/01/2027(a)(b)           94,000 83,178
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/2032(a)(b)           60,000 59,761
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a)(b)          105,000 105,229
Staples, Inc., 7.50%, 04/15/2026(a)(b)           84,000 80,986
Star Parent, Inc., 9.00%, 10/01/2030(a)(b)          158,000 165,276
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)(b)          275,000 242,820
Sunoco LP      
7.00%, 05/01/2029(a)(b)   36,000     36,561
7.25%, 05/01/2032(a)(b)   56,000     56,877
Talen Energy Supply LLC, 8.63%, 06/01/2030(a)(b)          124,000 131,196
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a)(b)          175,000 144,079
Travel & Leisure Co.      
6.00%, 04/01/2027(b)   80,000 79,022
4.63%, 03/01/2030(a)(b)   25,000 22,331
TreeHouse Foods, Inc., 4.00%, 09/01/2028(b)   124,000 109,795
Turning Point Brands, Inc., 5.63%, 02/15/2026(a)(b)   108,000 105,629
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028(a)(b)   113,000 117,230
Univision Communications, Inc.      
6.63%, 06/01/2027(a)(b)   97,000 93,606
8.00%, 08/15/2028(a)(b)   95,000 94,888
Venture Global Calcasieu Pass LLC      
3.88%, 08/15/2029(a)(b)   73,000 64,498
6.25%, 01/15/2030(a)(b)   114,000 112,714
4.13%, 08/15/2031(a)(b)   145,000 126,552
3.88%, 11/01/2033(a)(b)   98,000 80,462
Venture Global LNG, Inc.      
8.13%, 06/01/2028(a)(b)   222,000 226,988
9.88%, 02/01/2032(a)(b)   208,000 221,958
Vistra Operations Co. LLC      
4.38%, 05/01/2029(a)(b)   126,000 114,714
7.75%, 10/15/2031(a)(b)   126,000 129,225
Vital Energy, Inc., 9.75%, 10/15/2030(b)   169,000 184,142
 
abrdn Global Income Fund, Inc. 13

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
UNITED STATES (continued)    
Weatherford International Ltd., 6.50%, 09/15/2028(a)(b) $           15,000 $ 15,490
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a)(b)          257,000 205,272
Total United States   12,389,425
ZAMBIA—0.4%    
First Quantum Minerals Ltd., 8.63%, 06/01/2031(a)(b)          200,000 193,580
Total Corporate Bonds   45,195,261
GOVERNMENT BONDS—46.4%  
ANGOLA—1.2%    
Angola Government International Bonds, 9.13%, 11/26/2049(a)          701,000    581,830
ARGENTINA—2.8%    
Argentina Republic Government International Bonds      
4.25%, 01/09/2038(b)(d)(j)   1,609,200 820,007
3.63%, 07/09/2046(b)(d)(j)   1,293,010 615,476
Total Argentina   1,435,483
BAHRAIN—1.5%    
Bahrain Government International Bonds      
4.25%, 01/25/2028(a)   390,000 360,063
5.45%, 09/16/2032(a)   229,000 205,236
6.25%, 01/25/2051(a)   210,000 167,896
Total Bahrain   733,195
BRAZIL—3.4%    
Brazil Government International Bonds, 7.13%, 01/20/2037   370,000 381,354
Brazil Notas do Tesouro Nacional,Series F, 10.00%, 01/01/2029 BRL 7,434,000 1,360,935
Total Brazil   1,742,289
CHILE—0.6%    
Chile Government International Bonds, 4.34%, 03/07/2042(b) $ 386,000 320,564
COLOMBIA—1.5%    
Colombia Government International Bonds, 5.20%, 05/15/2049(b)   200,000 137,597
Colombia TES,Series B, 9.25%, 05/28/2042 COP 2,757,800,000 599,246
Total Colombia   736,843
DOMINICAN REPUBLIC—3.0%    
Dominican Republic International Bonds      
5.50%, 02/22/2029(a)(b) $ 200,000 190,032
11.25%, 09/15/2035(a)(b) DOP 19,200,000 343,990
5.88%, 01/30/2060(a) $ 1,230,000 1,001,602
Total Dominican Republic   1,535,624
ECUADOR—2.4%    
Ecuador Government International Bonds, 3.50%, 07/31/2035(a)(d)(j)   2,205,200 1,207,801
  Shares or
Principal
Amount 		Value
EGYPT—2.1%    
Egypt Government International Bonds      
7.63%, 05/29/2032(a) $   400,000 $ 331,144
7.90%, 02/21/2048(a)   992,000 718,010
Total Egypt   1,049,154
GEORGIA—0.6%    
Georgia Government International Bonds, 2.75%, 04/22/2026(a)          306,000    282,695
GHANA—0.4%    
Ghana Government International Bonds, 7.63%, 05/16/2029(a)(d)          385,000    185,424
HUNGARY—0.7%    
Hungary Government Bonds,Series 24/C, 2.50%, 10/24/2024 HUF    128,420,000    342,490
INDONESIA—4.3%    
Indonesia Government International Bonds      
7.75%, 01/17/2038(a) $ 100,000 119,706
3.70%, 10/30/2049   935,000 678,628
Indonesia Treasury Bonds      
Series FR77, 8.13%, 05/15/2024 IDR 14,800,000,000 910,300
Series FR81, 6.50%, 06/15/2025   780,000,000 47,443
Series FR82, 7.00%, 09/15/2030   341,000,000 20,733
Series FR83, 7.50%, 04/15/2040   6,535,000,000 411,664
Total Indonesia   2,188,474
IRAQ—1.0%    
Iraq International Bonds, 5.80%, 01/15/2028(a)(b)(d) $ 521,000 485,811
IVORY COAST—0.7%    
Ivory Coast Government International Bonds, 6.63%, 03/22/2048(a)(d) EUR 444,000 369,593
KENYA—1.6%    
Republic of Kenya Government International Bonds, 8.25%, 02/28/2048(a) $ 932,000 782,880
MALAYSIA—1.6%    
Malaysia Government Bonds      
Series 0411, 4.23%, 06/30/2031 MYR 1,100,000 235,321
Series 0419, 3.83%, 07/05/2034   800,000 164,648
Series 0519, 3.76%, 05/22/2040   1,000,000 199,593
Series 0120, 4.07%, 06/15/2050   1,100,000 222,596
Total Malaysia   822,158
MEXICO—2.2%    
Mexico Bonos      
Series M, 5.75%, 03/05/2026 MXN 6,120,200 327,754
Series M, 7.75%, 11/13/2042   16,497,100 777,140
Total Mexico   1,104,894
NIGERIA—0.6%    
Nigeria Government International Bonds, 7.63%, 11/28/2047(a) $ 435,000 322,017
OMAN—2.8%    
Oman Government International Bonds, 7.00%, 01/25/2051(a)   1,400,000 1,426,594
PERU—2.1%    
Peru Government International Bonds, 6.90%, 08/12/2037(a) PEN 4,138,000 1,042,417
 
14 abrdn Global Income Fund, Inc.

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
  Shares or
Principal
Amount 		Value
GOVERNMENT BONDS (continued)  
POLAND—0.7%    
Republic of Poland Government Bonds,Series 0432, 1.75%, 04/25/2032 PLN       1,894,000 $    351,121
QATAR—0.9%    
Qatar Government International Bonds, 4.40%, 04/16/2050(a) $        576,000    477,149
RWANDA—0.6%    
Rwanda International Government Bonds, 5.50%, 08/09/2031(a)          400,000    321,500
SAUDI ARABIA—0.8%    
Saudi Government International Bonds, 4.38%, 04/16/2029(a)          410,000    393,580
SENEGAL—0.7%    
Senegal Government International Bonds, 6.75%, 03/13/2048(a)(d)          513,000    376,333
SOUTH KOREA—0.6%    
Industrial Bank of Korea, 5.13%, 10/25/2024(a)          300,000    299,065
TURKEY—2.6%    
Istanbul Metropolitan Municipality, 10.50%, 12/06/2028(a)(b)          200,000    214,000
Turkiye Government International Bonds, 9.38%, 01/19/2033        1,001,000  1,104,854
Total Turkey   1,318,854
UKRAINE—0.2%    
Ukraine Government International Bonds, 7.75%, 09/01/2029(a)(g)   424,000 118,720
URUGUAY—1.4%    
Uruguay Government International Bonds      
4.38%, 12/15/2028(d)(o) UYU 11,951,373 328,619
7.88%, 01/15/2033(e) $ 165,000 191,590
7.63%, 03/21/2036(d)   146,000 169,433
Total Uruguay   689,642
UZBEKISTAN—0.8%    
National Bank of Uzbekistan, 4.85%, 10/21/2025(a)   200,000 191,516
Republic of Uzbekistan International Bonds, 3.70%, 11/25/2030(a)   252,000 203,603
Total Uzbekistan   395,119
Total Government Bonds   23,439,313
U.S. TREASURIES—0.4%  
Egypt Treasury Bills, 25.44%, 09/10/2024(p) EGP 10,625,000 203,281
Total U.S. Treasuries   203,281
WARRANTS—0.0%  
BRAZIL—0.0%    
OAS SA(b)(g)(m)(q)   61,465 –
UNITED STATES—0.0%    
Delco(b)(f)(m)(q)   73,666 –
Total Warrants   –
  Shares or
Principal
Amount 		Value
SHORT-TERM INVESTMENT—3.7%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(r)        1,872,324 $  1,872,324
Total Short-Term Investment   1,872,324
Total Investments
(Cost $74,948,793)(s)—140.0% 		  70,710,179
Liabilities in Excess of Other Assets—(40.0%)   (20,204,941)
Net Assets—100.0%   $50,505,238
    
(a) Denotes a security issued under Regulation S or Rule 144A.
(b) The maturity date presented for these instruments represents the next call/put date.
(c) Perpetual maturity. Maturity date presented represents the next call date.
(d) Sinkable security.
(e) Payment-in-kind security for which part of the income earned may be paid as additional principal.
(f) Security is in default.
(g) The Fund’s investment manager has deemed this security to be illiquid based upon procedures approved by the Board of Directors. Illiquid securities held by the Fund represent 1.4% of net assets as of April 30, 2024.
(h) Convertible Bond
(i) Variable or Floating Rate security. Rate disclosed is as of April 30, 2024.
(j) Step bond. Rate disclosed is as of April 30, 2024.
(k) Denotes the security is government guaranteed.
(l) Illiquid security.
(m) Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(n) Zero coupon bond. Rate represents yield to maturity.
(o) Inflation linked security.
(p) The rate shown is the discount yield at the time of purchase.
(q) Non-income producing security.
(r) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2024.
(s) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
    
AUD Australian Dollar
BRL Brazilian Real
CNH Chinese Yuan Renminbi Offshore
COP Colombian Peso
DOP Dominican Republic Peso
EGP Egyptian Pound
EMTN Euro Medium Term Note
EUR Euro Currency
FRN Floating Rate Note
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
MXN Mexican Peso
MYR Malaysian Ringgit
PEN Peruvian Sol
PIK Payment-In-Kind
PLC Public Limited Company
PLN Polish Zloty
 
abrdn Global Income Fund, Inc. 15

 

Portfolio of Investments (unaudited)  (concluded)
As of April 30, 2024
SGD Singapore Dollar
USD U.S. Dollar
UYU Uruguayan Peso
VRN Variable Rate Note
ZAR South African Rand
 
At April 30, 2024, 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)
Australian Dollar/United States Dollar          
05/20/2024 UBS AG AUD 4,260,262 USD 2,782,373 $2,761,264 $(21,109)
British Pound/United States Dollar          
05/16/2024 UBS AG GBP 100,000 USD 126,608 124,963 (1,645)
Chinese Yuan Renminbi/United States Dollar          
06/25/2024 UBS AG CNH 21,603,213 USD 3,016,100 2,985,666 (30,434)
Euro/United States Dollar          
05/16/2024 UBS AG EUR 91,678 USD 97,944 97,889 (55)
Indonesian Rupiah/United States Dollar          
05/21/2024 UBS AG IDR 50,990,000,000 USD 3,264,923 3,138,865 (126,058)
Singapore Dollar/United States Dollar          
06/07/2024 State Street Bank & Trust Co. SGD 3,965,852 USD 2,986,245 2,910,090 (76,155)
  $12,018,737 $(255,456)
    
Sale Contracts
Settlement Date* 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/British Pound          
05/16/2024 Deutsche Bank AG USD 1,551,969 GBP 1,223,448 $1,528,852 $23,117
United States Dollar/Euro          
05/16/2024 Deutsche Bank AG USD 3,718,547 EUR 3,418,989 3,650,593 67,954
05/16/2024 JPMorgan Chase Bank N.A. USD 105,887 EUR 99,250 105,973 (86)
05/16/2024 Morgan Stanley & Co. USD 107,557 EUR 100,000 106,774 783
05/16/2024 Morgan Stanley & Co. USD 106,698 EUR 100,000 106,774 (76)
United States Dollar/South African Rand          
05/16/2024 Morgan Stanley & Co. USD 298,953 ZAR 5,544,000 294,259 4,694
  $5,793,225 $96,386
Unrealized appreciation on forward foreign currency exchange contracts $96,548
Unrealized depreciation on forward foreign currency exchange contracts $(255,618)
    
* Certain contracts with different trade dates and like characteristics have been shown net.
    
At April 30, 2024, 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 Citigroup Receive 12-month SOFR 3.38% Annually $- $527,487 $527,487
USD 5,000,000 03/17/2030 Citigroup Receive 12-month SOFR 3.46% Annually - 259,392 259,392
USD 5,000,000 03/17/2032 Citigroup Receive 12-month SOFR 3.40% Annually - 326,453 326,453
USD 3,000,000 07/13/2033 Citigroup Receive 12-month SOFR 3.72% Annually - 176,726 176,726
USD 1,700,000 03/20/2034 Citigroup Receive 12-month SOFR 3.92% Annually - 57,183 57,183
    $- $1,347,241 $1,347,241
 
See Accompanying Notes to Financial Statements.
16 abrdn Global Income Fund, Inc.

 

Statement of Assets and Liabilities  (unaudited) 
As of April 30, 2024
Assets  
Investments, at value (cost $73,076,469) $ 68,837,855
Short-term investments, at value (cost $1,872,324)  1,872,324
Foreign currency, at value (cost $6,910) 6,872
Cash at broker for interest rate swaps 893,134
Cash at broker for forward foreign currency contracts 180,000
Interest and dividends receivable 1,236,183
Receivable for common shares issued 17,069
Unrealized appreciation on forward foreign currency exchange contracts 96,548
Variation margin receivable for centrally cleared swaps 113,873
Prepaid expenses in connection with the at-the-market stock offering (Note 5) 107,493
Prepaid expenses in connection with the shelf registration (Note 5) 43,583
Prepaid expenses 1,781
Total assets 73,406,715
Liabilities  
Revolving credit facility payable (Note 7) 22,050,000
Payable for investments purchased 367,498
Unrealized depreciation on forward foreign currency exchange contracts 255,618
Investment management fees payable (Note 3) 41,796
Investor relations fees payable (Note 3) 9,435
Interest payable on bank loan 8,778
Administration fees payable (Note 3) 8,038
Deferred foreign capital gains tax (Note 2j) 311
Other accrued expenses 160,003
Total liabilities 22,901,477
 
Net Assets $50,505,238
Composition of Net Assets  
Common stock (par value $0.001 per share) (Note 5) $ 13,414
Paid-in capital in excess of par  70,899,224
Accumulated loss  (20,407,400)
Net Assets $50,505,238
Net asset value per share based on 13,413,555 shares issued and outstanding $3.77
 
See Accompanying Notes to Financial Statements.
abrdn Global Income Fund, Inc. 17

 

Statement of Operations  (unaudited) 
For the Six-Months Ended April 30, 2024
Net Investment Income  
Investment Income:  
Interest and amortization of discount and premium (net of foreign withholding taxes of $16,934) $ 2,666,547
Total investment income 2,666,547
Expenses:  
Investment management fee (Note 3)  235,535
Directors' fees and expenses  97,803
Bank loan fees and expenses  52,604
Independent auditors’ fees and tax expenses  46,301
Administration fee (Note 3)  45,295
Legal fees and expenses  30,372
Investor relations fees and expenses (Note 3)  28,880
Reports to shareholders and proxy solicitation  24,447
Insurance expense  23,253
Custodian’s fees and expenses  14,385
Transfer agent’s fees and expenses  12,338
Miscellaneous  18,014
Total operating expenses, excluding interest expense 629,227
Interest expense (Note 7)  686,292
Total operating expenses before reimbursed/waived expenses 1,315,519
Less: Investor relations fee waiver (Note 3) (15,912)
Net expenses 1,299,607
 
Net Investment Income 1,366,940
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:  
Net realized gain/(loss) from:  
Investments (Note 2j) (752,953)
Interest rate swaps