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: | Aberdeen Global Income Fund, Inc. | |
Address of principal executive offices: | 1735 Market Street, 32nd Floor | |
Philadelphia, PA 19103 | ||
Name and address of agent for service: | Ms. Andrea Melia | |
Aberdeen Asset Management Inc. | ||
1735 Market Street 32nd Floor | ||
Philadelphia, PA 19103 | ||
Registrants telephone number, including area code: | 800-522-5465 | |
Date of fiscal year end: | October 31 | |
Date of reporting period: | October 31, 2018 |
Item 1 Reports to Stockholders The Report to Shareholders is attached herewith.
Managed Distribution Policy (unaudited)
The Board of Directors of the Aberdeen Global Income Fund, Inc. (the Fund) has authorized a managed distribution policy (MDP) of paying monthly distributions at an annual rate set once a year. The Funds current monthly distribution is set at a rate of $0.07 per share. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and estimated composition of the distribution and other information required by the Funds MDP exemptive order. The Funds Board of Directors may amend or terminate the MDP at any time without prior notice to shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about the Funds investment performance from the amount of distributions or from the terms of the Funds MDP.
Distribution Disclosure Classification (unaudited)
The Funds 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.
The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.
Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Funds fiscal year, October 31. Under Section 19 of the Investment Company Act of 1940, as amended (the 1940 Act), the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from month to month because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which the Funds assets are denominated.
The distributions for the fiscal year ended October 31, 2018 consisted of 19% net investment income and 81% return of capital.
In January 2019, a Form 1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2018 calendar year.
Dividend Reinvestment and Direct Stock Purchase Plan (unaudited)
Computershare Trust Company, N.A. (Computershare), the Funds transfer agent, sponsors and administers a Dividend Reinvestment and Direct Stock Purchase Plan (the Plan), which is available to shareholders.
The Plan allows registered shareholders and first-time investors to buy and sell shares and automatically reinvest dividends and capital gains through the transfer agent. This is a cost-effective way to invest in the Fund.
Please note that for both purchase and reinvestment purposes, shares will be purchased in the open market at the current share price and cannot be issued directly by the Fund.
For more information about the Plan and a brochure that includes the terms and conditions of the Plan, please call Computershare at 1-800-647-0584 or visit www.computershare.com/buyaberdeen.
Letter to Shareholders (unaudited)
Aberdeen Global Income Fund, Inc.
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Letter to Shareholders (unaudited) (continued)
Aberdeen Global Income Fund, Inc.
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Letter to Shareholders (unaudited) (concluded)
All amounts are U.S. Dollars unless otherwise stated.
Aberdeen Global Income Fund, Inc.
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Report of the Investment Manager (unaudited)
1 | Duration is an estimate of bond price sensitivity to changes in interest rates. The higher the duration, the greater the change (i.e., higher risk) in relation to interest-rate movements. |
2 | The Funds blended benchmark comprises 10% Bank of America Merrill Lynch (BofA ML) All Maturity Australia Government Index; 25% Bank of America Merrill Lynch Global High Yield Constrained Index (hedged into U.S. dollars); 35% J.P. Morgan EMBI Global Diversified Index; 5% BofA ML New Zealand Government Index; and 25% Markit iBoxx Asia Government Index. |
Aberdeen Global Income Fund, Inc.
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Report of the Investment Manager (unaudited) (continued)
Aberdeen Global Income Fund, Inc.
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Report of the Investment Manager (unaudited) (concluded)
Aberdeen Global Income Fund, Inc.
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Total Investment Returns (unaudited)
The following table summarizes the average annual Fund performance for the 1-year, 3-year, 5-year and 10-year periods as of October 31, 2018. The Funds 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.
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Net Asset Value (NAV) |
-3.8% | 4.7% | 1.0% | 7.5% | ||||||||||||
Market Price |
1.3% | 10.9% | 3.5% | 9.5% |
Aberdeen Asset Management 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 Funds dividend reinvestment program. All return data at NAV includes fees charged to the Fund, which are listed in the Funds Statement of Operations under Expenses. The Funds total investment return at NAV is based on the reported NAV on each financial reporting period end. Total investment return at market value is based on changes in the market price at which the Funds shares traded on the NYSE American (formerly, NYSE MKT) during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the Funds dividend reinvestment program. Because the Funds 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 Funds yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenfco.com or by calling 800-522-5465.
The net operating expense ratio, excluding fee waivers, based on the fiscal year ended October 31, 2018 was 3.06%. The net operating expense ratio, net of fee waivers, based on the fiscal year ended October 31, 2018 was 3.03%. The net operating expense ratio, excluding interest expense and net of fee waivers, based on the fiscal year ended October 31, 2018 was 1.89%.
Aberdeen Global Income Fund, Inc.
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Portfolio Composition (unaudited)
Quality of Investments(1)
As of October 31, 2018, 18.9% of the Funds total investments were invested in securities where either the issue or the issuer was rated A or better by Standard & Poors or Moodys or Fitch Ratings, Inc. The table below shows the asset quality of the Funds portfolio as of October 31, 2018 compared to April 30, 2018 and October 31, 2017:
Date | AAA/Aaa % |
AA/Aa % |
A % |
BBB/Baa % |
BB/Ba** % |
B** % |
C/CCC** % |
NR*** % |
||||||||||||||||||||||||
October 31, 2018 |
4.5 | 10.4 | 4.0 | 14.7 | 20.7 | 30.1 | 5.9 | 9.7 | ||||||||||||||||||||||||
April 30, 2018 |
5.0 | 9.9 | 3.4 | 14.5 | 16.9 | 32.6 | 7.3 | 10.4 | ||||||||||||||||||||||||
October 31, 2017 |
5.3 | 9.3 | 2.8 | 13.3 | 19.8 | 33.5 | 8.5 | 7.5 |
** | Below investment grade |
*** | Not Rated |
(1) | For financial reporting purposes, credit quality ratings shown above reflect the lowest rating assigned by either S&P or Moodys or Fitch Ratings, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated NR are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. The Investment Manager evaluates the credit quality of unrated investments based upon, but not limited to, credit ratings for similar investments. |
Geographic Composition
The Funds 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 Funds total investments as of October 31, 2018, compared to April 30, 2018 and October 31, 2017:
Date | Developed Markets % |
Investment Grade Developing Markets % |
Sub-Investment Grade Developing Markets % |
|||||||||
October 31, 2018 |
54.2 | 17.0 | 28.8 | |||||||||
April 30, 2018 |
53.7 | 19.3 | 27.0 | |||||||||
October 31, 2017 |
50.3 | 21.4 | 28.3 |
Currency Exposure
The table below shows the currency exposure, including hedges, of the Funds total investments as of October 31, 2018, compared to April 30, 2018 and October 31, 2017:
Date | Developed Markets % |
Investment Grade Developing Markets % |
Sub-Investment Grade Developing Markets % |
|||||||||
October 31, 2018 |
84.3 | 8.4 | 7.3 | |||||||||
April 30, 2018 |
80.0 | 12.2 | 7.8 | |||||||||
October 31, 2017 |
77.8 | 14.1 | 8.1 |
Aberdeen Global Income Fund, Inc.
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Portfolio Composition (unaudited) (concluded)
Maturity Composition
As of October 31, 2018, the average maturity of the Funds total investments was 8.4 years, compared with 8.8 years at April 30, 2018 and 8.4 years at October 31, 2017. The table below shows the maturity composition of the Funds investments as of October 31, 2018, compared
to April 30, 2018 and October 31, 2017:
Date | Under 3 Years % |
3 to 5 Years % |
5 to 10 Years % |
10 Years & Over % |
||||||||||||
October 31, 2018 |
17.8 | 25.7 | 41.4 | 15.1 | ||||||||||||
April 30, 2018 |
15.3 | 17.3 | 46.3 | 21.1 | ||||||||||||
October 31, 2017 |
14.6 | 16.7 | 48.8 | 19.9 |
Modified Duration
As of October 31, 2018, the modified duration* of the Fund was 4.58 years. This calculation excludes the interest rate swaps that are used to manage the leverage of the fund. Excluding swaps will increase portfolio duration.
* | Modified duration is a measure of the sensitivity of the price of a bond to the fluctuations in interest rates. |
Aberdeen Global Income Fund, Inc.
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Summary of Key Rates (unaudited)
The following table summarizes the movements of key interest rates and currencies from October 31, 2018 compared to April 30, 2018 and October 31, 2017:
Oct-18 | Apr-18 | Oct-17 | ||||||||||
Australia |
||||||||||||
90 day Bank Bills |
1.91% | 2.03% | 1.69% | |||||||||
10 yr bond |
2.17% | 2.43% | 2.28% | |||||||||
currency USD per 1 AUD |
$0.71 | $0.75 | $0.77 | |||||||||
New Zealand |
||||||||||||
90 day Bank Bills |
1.93% | 2.02% | 1.95% | |||||||||
10 yr bond |
2.54% | 2.84% | 2.92% | |||||||||
currency USD per 1 NZD |
$0.65 | $0.70 | $0.69 | |||||||||
Malaysia |
||||||||||||
3-month T-Bills |
3.28% | 3.24% | 3.00% | |||||||||
10 yr bond |
4.08% | 4.13% | 3.90% | |||||||||
currency local per 1USD |
RM4.18 | RM3.92 | RM4.23 | |||||||||
India |
||||||||||||
3-month T-Bills |
6.11% | 6.11% | 6.10% | |||||||||
10 yr bond |
7.85% | 7.75% | 6.86% | |||||||||
currency local per 1USD |
₹ 73.95 | ₹ 66.74 | ₹ 64.77 | |||||||||
Indonesia |
||||||||||||
3 months deposit rate |
6.25% | 5.76% | 5.93% | |||||||||
10 yr bond |
8.50% | 6.88% | 6.77% | |||||||||
currency local per 1USD |
Rp15202.50 | RP13912.50 | RP13562.50 | |||||||||
Russia |
||||||||||||
Zero Cpn 3m |
7.40% | 6.22% | 7.63% | |||||||||
10 yr bond |
8.60% | 7.27% | 7.60% | |||||||||
currency local per 1USD |
||||||||||||
Yankee Bonds |
||||||||||||
Mexico |
4.83% | 4.50% | 3.64% | |||||||||
Indonesia |
4.88% | 4.18% | 3.22% | |||||||||
Argentina |
9.77% | 6.93% | 5.59% | |||||||||
Romania |
4.41% | 4.07% | 3.08% |
Aberdeen Global Income Fund, Inc.
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Portfolio of Investments
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS66.8% |
||||||||||
ARGENTINA0.2% |
| |||||||||
USD |
150 | Genneia SA, 8.75%, 01/20/2020 (a)(b) |
$ | 139,502 | ||||||
AUSTRALIA0.4% |
| |||||||||
USD |
200 | Australia and New Zealand Banking Group Ltd., 6.75%, 12/29/2049 (b)(c)(d) |
205,250 | |||||||
USD |
52 | FMG Resources August 2006 Pty Ltd., 4.75%, 02/15/2022 (a)(b) |
49,920 | |||||||
255,170 | ||||||||||
BANGLADESH0.3% |
| |||||||||
USD |
200 | Banglalink Digital Communications Ltd., 8.63%, 12/02/2018 (a)(b) |
201,000 | |||||||
BARBADOS0.3% |
| |||||||||
USD |
210 | Sagicor Finance 2015 Ltd., 8.88%, 08/11/2019 (a)(b) |
218,820 | |||||||
BELGIUM0.1% |
| |||||||||
EUR |
140 | Nyrstar Netherlands Holdings BV, 6.88%, 03/15/2020 (a)(b) |
95,293 | |||||||
BRAZIL3.1% |
| |||||||||
USD |
222 | Azul Investments LLP, 5.88%, 10/26/2021 (a)(b) |
200,080 | |||||||
USD |
220 | Caixa Economica Federal, (fixed rate to 07/23/2019, variable thereafter), 7.25% (a)(b) |
221,650 | |||||||
USD |
220 | CSN Resources SA, 7.63%, 02/13/2021 (a)(b) |
203,227 | |||||||
USD |
440 | GTL Trade Finance, Inc., 7.25%, 10/16/2043 (a)(b) |
457,605 | |||||||
USD |
420 | OAS Finance Ltd., 8.88%, 12/03/2018 (a)(b)(d)(e)(f) |
11,025 | |||||||
USD |
195 | Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/2020 (a)(b)(g) |
192,326 | |||||||
USD |
760 | Petrobras Global Finance BV, 8.75%, 05/23/2026 |
848,806 | |||||||
2,134,719 | ||||||||||
CANADA1.2% |
| |||||||||
USD |
80 | Bombardier, Inc., 7.50%, 03/15/2020 (a)(b) |
79,976 | |||||||
GBP |
300 | Entertainment One Ltd., 6.88%, 12/15/2018 (a)(b) |
397,840 | |||||||
USD |
144 | Taseko Mines Ltd., 8.75%, 06/15/2019 (a)(b) |
141,840 | |||||||
USD |
85 | Teine Energy Ltd., 6.88%, 12/03/2018 (a)(b) |
84,575 | |||||||
USD |
146 | Telesat Canada / Telesat LLC, 8.88%, 11/15/2019 (a)(b) |
155,490 | |||||||
859,721 | ||||||||||
CHINA3.4% |
| |||||||||
USD |
200 | China Aoyuan Property Group Ltd., 6.35%, 01/11/2020 (a) |
195,597 | |||||||
USD |
200 | China Evergrande Group, 8.25%, 03/23/2020 (a)(b) |
176,006 | |||||||
USD |
200 | Industrial & Commercial Bank of China Ltd., (fixed rate to 12/10/2019, variable thereafter), 6.00% (a)(b)(d) |
201,750 | |||||||
USD |
200 | New Metro Global Ltd., 4.75%, 02/11/2019 (a) |
198,514 | |||||||
USD |
200 | New Metro Global Ltd., 5.00%, 08/08/2020 (a)(b) |
170,492 | |||||||
USD |
200 | Proven Honour Capital Ltd., 4.13%, 05/06/2026 (a) |
181,092 | |||||||
USD |
210 | Shimao Property Holdings Ltd., 8.38%, 02/10/2019 (a)(b) |
212,917 | |||||||
USD |
330 | Sinopec Group Overseas Development 2017 Ltd., 2.38%, 04/12/2020 (a) |
324,642 | |||||||
USD |
330 | Sinopec Group Overseas Development 2017 Ltd., 3.00%, 04/12/2022 (a) |
320,096 | |||||||
USD |
200 | Tencent Holdings Ltd., 3.80%, 02/11/2025 (a) |
192,570 | |||||||
USD |
200 | Yingde Gases Investment Ltd., 6.25%, 01/19/2021 (a)(b) |
186,880 | |||||||
2,360,556 | ||||||||||
COLOMBIA0.6% |
| |||||||||
USD |
121 | Banco GNB Sudameris SA, (fixed rate to 04/03/2022, variable thereafter), 6.50% (a)(b) |
119,640 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
11
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
COLOMBIA (continued) |
| |||||||||
USD |
275 | Bancolombia SA, (fixed rate to 10/18/2022, variable thereafter), 4.88% (b) |
$ | 264,632 | ||||||
384,272 | ||||||||||
CONGO0.3% |
| |||||||||
USD |
210 | HTA Group Ltd., 9.13%, 03/08/2019 (a)(b) |
213,938 | |||||||
DENMARK0.3% |
| |||||||||
USD |
200 | DKT Finance ApS, 9.38%, 06/17/2020 (a)(b) |
210,000 | |||||||
EL SALVADOR0.3% |
| |||||||||
USD |
232 | Grupo Unicomer Co. Ltd., 7.88%, 04/01/2021 (a)(b) |
241,862 | |||||||
FRANCE0.8% |
| |||||||||
EUR |
100 | La Financiere Atalian SASU, 4.00%, 05/15/2020 (a)(b) |
100,840 | |||||||
EUR |
100 | La Financiere Atalian SASU, 4.00%, 05/15/2020 (a)(b) |
100,840 | |||||||
USD |
350 | SPCM SA, 4.88%, 09/15/2020 (a)(b) |
323,750 | |||||||
525,430 | ||||||||||
GEORGIA0.6% |
| |||||||||
USD |
200 | Bank of Georgia JSC, 6.00%, 07/26/2023 (a) |
196,092 | |||||||
USD |
250 | Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021 (a) |
254,359 | |||||||
450,451 | ||||||||||
GERMANY1.7% |
| |||||||||
EUR |
200 | Platin 1426 GmbH, 5.38%, 12/15/2019 (a)(b) |
219,451 | |||||||
EUR |
250 | PrestigeBidCo GmbH, 6.25%, 12/15/2019 (a)(b) |
300,552 | |||||||
EUR |
117 | Senvion Holding GmbH, 3.88%, 05/01/2019 (a)(b) |
113,291 | |||||||
EUR |
115 | Senvion Holding GmbH, 3.88%, 05/01/2019 (a)(b) |
111,355 | |||||||
EUR |
335 | Summit Germany Ltd., 2.00%, 01/31/2021 (a)(b) |
360,521 | |||||||
EUR |
100 | Tele Columbus AG, 3.88%, 05/02/2021 (a)(b) |
104,664 | |||||||
1,209,834 | ||||||||||
GUATEMALA0.3% |
| |||||||||
USD |
200 | Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/2019 (a)(b) |
204,575 | |||||||
HONDURAS0.3% |
| |||||||||
USD |
220 | Inversiones Atlantida SA, 8.25%, 07/28/2020 (a)(b) |
225,502 | |||||||
HONG KONG0.3% |
| |||||||||
USD |
200 | Hongkong Electric Finance Ltd., 2.88%, 05/03/2026 (a) |
181,535 | |||||||
INDIA3.4% |
| |||||||||
INR |
50,000 | Adani Transmission Ltd., 10.25%, 04/15/2021 |
694,701 | |||||||
INR |
50,000 | Axis Bank Ltd., 7.60%, 10/20/2023 |
646,639 | |||||||
INR |
50,000 | Indiabulls Housing Finance Ltd., 9.00%, 09/26/2026 |
668,656 | |||||||
USD |
200 | Neerg Energy Ltd., 6.00%, 02/13/2020 (a)(b) |
187,795 | |||||||
USD |
216 | Vedanta Resources PLC, 6.13%, 08/09/2021 (a)(b) |
190,586 | |||||||
2,388,377 | ||||||||||
INDONESIA1.1% |
| |||||||||
USD |
200 | Medco Platinum Road Pte Ltd., 6.75%, 01/30/2022 (a)(b) |
182,464 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
12
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
INDONESIA (continued) |
| |||||||||
USD |
370 | Pertamina Persero PT, 4.30%, 05/20/2023 (a) |
$ | 361,246 | ||||||
USD |
200 | TBG Global Pte Ltd., 5.25%, 02/10/2019 (a)(b) |
194,876 | |||||||
738,586 | ||||||||||
ITALY0.6% |
| |||||||||
USD |
235 | Telecom Italia Capital SA, 6.00%, 09/30/2034 |
212,087 | |||||||
USD |
200 | Wind Tre SpA, 5.00%, 11/03/2020 (a)(b) |
170,240 | |||||||
382,327 | ||||||||||
KAZAKHSTAN0.3% |
| |||||||||
USD |
216 | Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/2026 (a)(g) |
201,094 | |||||||
KUWAIT0.3% |
| |||||||||
USD |
200 | Equate Petrochemical BV, 3.00%, 03/03/2022 (a) |
191,360 | |||||||
LUXEMBOURG2.6% |
| |||||||||
USD |
425 | Altice Financing SA, 7.50%, 05/15/2021 (a)(b) |
399,500 | |||||||
EUR |
275 | Altice Luxembourg SA, 7.25%, 11/30/2018 (a)(b) |
304,533 | |||||||
EUR |
340 | ARD Finance SA, 6.63%, 09/15/2019 (b)(h) |
382,405 | |||||||
EUR |
275 | DEA Finance SA, 7.50%, 04/15/2019 (a)(b) |
330,199 | |||||||
EUR |
120 | INEOS Group Holdings SA, 5.38%, 08/01/2019 (a)(b) |
139,121 | |||||||
EUR |
100 | Kleopatra Holdings 1 SCA, 8.50%, 07/15/2019 (a)(b)(h) |
72,713 | |||||||
EUR |
152 | Matterhorn Telecom Holding SA, 4.88%, 11/13/2018 (a)(b) |
175,176 | |||||||
1,803,647 | ||||||||||
MALAYSIA1.4% |
| |||||||||
MYR |
300 | Cagamas Bhd, 4.05%, 12/20/2018 |
71,721 | |||||||
MYR |
500 | Cagamas Bhd, 4.45%, 11/25/2020 |
120,600 | |||||||
USD |
200 | Gohl Capital Ltd., 4.25%, 01/24/2027 (a) |
187,016 | |||||||
MYR |
200 | Malaysia Airports Capital Bhd, 4.55%, 08/28/2020 |
48,055 | |||||||
USD |
200 | Press Metal Labuan Ltd., 4.80%, 10/30/2020 (a)(b) |
187,875 | |||||||
USD |
200 | RHB Bank Bhd, 2.50%, 10/06/2021 (a) |
192,091 | |||||||
USD |
200 | TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026 (a) |
181,794 | |||||||
989,152 | ||||||||||
MEXICO1.8% |
| |||||||||
USD |
390 | Petroleos Mexicanos, 6.50%, 06/02/2041 |
333,957 | |||||||
USD |
280 | Petroleos Mexicanos, 6.63%, 06/15/2035 |
256,200 | |||||||
USD |
130 | Petroleos Mexicanos, 6.63%, 06/15/2038 |
116,025 | |||||||
USD |
159 | Petroleos Mexicanos, 6.88%, 08/04/2026 |
158,364 | |||||||
USD |
210 | Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2021 (a)(b) |
198,188 | |||||||
USD |
224 | Unifin Financiera SAB de CV SOFOM ENR, (fixed rate to 01/29/2025, variable thereafter), 8.88% (a)(b)(d) |
205,410 | |||||||
1,268,144 | ||||||||||
NETHERLANDS1.2% |
| |||||||||
USD |
160 | Cimpress NV, 7.00%, 06/15/2021 (a)(b) |
159,800 | |||||||
USD |
200 | GTH Finance BV, 7.25%, 01/26/2023 (a)(b) |
207,000 | |||||||
EUR |
100 | InterXion Holding, 4.75%, 06/15/2021 (a)(b) |
118,079 | |||||||
USD |
410 | Ziggo BV, 5.50%, 01/15/2022 (a)(b) |
376,175 | |||||||
861,054 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
13
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
NIGERIA1.5% |
| |||||||||
USD |
210 | Access Bank PLC, 10.50%, 10/19/2021 (a) |
$ | 223,524 | ||||||
USD |
200 | IHS Netherlands Holdco BV, 9.50%, 12/03/2018 (a)(b) |
201,258 | |||||||
USD |
220 | SEPLAT Petroleum Development Co. PLC, 9.25%, 04/01/2020 (a)(b) |
222,794 | |||||||
USD |
420 | United Bank for Africa PLC, 7.75%, 06/08/2022 (a) |
421,117 | |||||||
1,068,693 | ||||||||||
OMAN0.3% |
| |||||||||
USD |
230 | Oztel Holdings SPC Ltd., 6.63%, 04/24/2028 (a) |
225,354 | |||||||
PARAGUAY0.4% |
| |||||||||
USD |
250 | Banco Regional SAECA, 8.13%, 01/24/2019 (a) |
249,737 | |||||||
RUSSIA2.0% |
| |||||||||
USD |
240 | Credit Bank of Moscow Via CBOM Finance PLC, (fixed rate to 10/05/2022, variable thereafter), 7.50%, (a)(b) |
181,404 | |||||||
USD |
301 | Evraz Group SA, 5.38%, 03/20/2023 (a) |
295,732 | |||||||
USD |
230 | Gazprom OAO Via Gaz Capital SA, 4.95%, 03/23/2027 (a) |
219,414 | |||||||
USD |
300 | Gazprom OAO Via Gaz Capital SA, 6.00%, 01/23/2021 (a) |
307,314 | |||||||
USD |
380 | Vnesheconombank Via VEB Finance PLC, 6.80%, 11/22/2025 (a) |
374,273 | |||||||
1,378,137 | ||||||||||
SINGAPORE0.8% |
||||||||||
USD |
200 | DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable thereafter), 4.52% (a)(b) |
202,182 | |||||||
USD |
200 | Parkway Pantai Ltd., (fixed rate to 07/27/2022, variable thereafter), 4.25% (a)(b)(d) |
188,800 | |||||||
USD |
200 | United Overseas Bank Ltd., (fixed rate to 09/16/2021, variable thereafter), 3.50% (a)(b)(i) |
196,822 | |||||||
587,804 | ||||||||||
SOUTH AFRICA0.3% |
| |||||||||
USD |
210 | Liquid Telecommunications Financing PLC, 8.50%, 07/13/2020 (a)(b) |
214,174 | |||||||
SPAIN0.3% |
| |||||||||
EUR |
100 | Codere Finance 2 Luxembourg SA, 6.75%, 11/30/2018 (a)(b) |
106,755 | |||||||
EUR |
100 | Codere Finance 2 Luxembourg SA,, 6.75%, 11/30/2018 (a)(b) |
106,756 | |||||||
213,511 | ||||||||||
THAILAND0.6% |
| |||||||||
USD |
200 | GC Treasury Center Co. Ltd., 4.25%, 09/19/2022 (a) |
199,829 | |||||||
USD |
200 | PTTEP Canada International Finance Ltd., 5.69%, 04/05/2021 (a) |
208,288 | |||||||
408,117 | ||||||||||
TURKEY1.3% |
| |||||||||
USD |
600 | Hazine Mustesarligi Varlik Kiralama AS, 5.00%, 04/06/2023 (a) |
556,644 | |||||||
USD |
240 | Turkiye Garanti Bankasi AS, 5 year USD Swap + 4.220%, 6.13%, 05/24/2022 (a)(b)(c) |
198,592 | |||||||
USD |
209 | Turkiye Vakiflar Bankasi TAO, 6.00%, 11/01/2022 (a) |
170,335 | |||||||
925,571 | ||||||||||
UKRAINE1.2% |
| |||||||||
USD |
220 | Metinvest BV, 8.50%, 01/23/2026 (a)(b) |
209,550 | |||||||
USD |
243 | MHP Lux SA, 6.95%, 04/03/2026 (a) |
224,571 | |||||||
USD |
210 | Ukreximbank Via Biz Finance PLC, 9.63%, 04/27/2022 (a)(g) |
211,902 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
14
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
UKRAINE (continued) |
| |||||||||
UAH |
6,000 | Ukreximbank Via Biz Finance PLC, 16.50%, 03/02/2021 (a) |
$ | 185,831 | ||||||
831,854 | ||||||||||
UNITED ARAB EMIRATES0.3% |
| |||||||||
USD |
200 | MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable thereafter), 5.50% (a)(b)(d)(i) |
189,812 | |||||||
UNITED KINGDOM5.3% |
| |||||||||
EUR |
200 | Barclays PLC, (fixed rate to 09/15/2019, variable thereafter), 6.50% (b)(d) |
233,009 | |||||||
GBP |
110 | Cabot Financial Luxembourg SA, 6.50%, 11/12/2018 (a)(b) |
140,799 | |||||||
EUR |
130 | Corral Petroleum Holdings AB, 11.75%, 05/15/2019 (a)(b)(h) |
156,880 | |||||||
GBP |
110 | CYBG PLC, (fixed rate to 02/08/2021, variable thereafter), 5.00% (a)(b)(i) |
143,400 | |||||||
GBP |
200 | CYBG PLC, (fixed rate to 12/08/2022, variable thereafter), 8.00% (a)(b)(d)(i) |
257,877 | |||||||
USD |
310 | Fiat Chrysler Automobiles, 5.25%, 04/15/2023 |
308,450 | |||||||
USD |
200 | HSBC Holdings PLC, (fixed rate to 09/17/2024, variable thereafter), 6.38% (b)(d) |
193,800 | |||||||
GBP |
100 | Lloyds Bank PLC, (fixed rate to 01/22/2029, variable thereafter), 13.00% (b)(d)(i) |
215,539 | |||||||
GBP |
300 | Moto Finance PLC, 4.50%, 03/15/2019 (a)(b) |
376,270 | |||||||
GBP |
185 | Paragon Banking Group PLC (The), (fixed rate to 09/09/2021, variable thereafter), 7.25% (a)(b)(i) |
249,532 | |||||||
GBP |
150 | Phoenix Group Holdings, 6.63%, 12/18/2025 (a) |
200,981 | |||||||
GBP |
235 | Pinewood Finance Co. Ltd., 3.75%, 12/01/2019 (a)(b) |
300,076 | |||||||
GBP |
135 | Pinnacle Bidco PLC, 6.38%, 02/15/2021 (a)(b) |
176,043 | |||||||
GBP |
100 | Pizzaexpress Financing 2 PLC, 6.63%, 11/12/2018 (a)(b) |
113,908 | |||||||
GBP |
200 | RAC Bond Co. PLC, 5.00%, 07/14/2019 (a)(b) |
240,430 | |||||||
GBP |
100 | TalkTalk Telecom Group PLC, 5.38%, 01/15/2019 (a)(b) |
127,176 | |||||||
GBP |
207 | Virgin Media Secured Finance PLC, 5.50%, 01/15/2019 (a)(b) |
269,681 | |||||||
3,703,851 | ||||||||||
UNITED STATES25.3% |
| |||||||||
USD |
134 | ACI Worldwide, Inc., 5.75%, 08/15/2021 (a)(b) |
134,000 | |||||||
EUR |
200 | Adient Global Holdings Ltd., 3.50%, 05/15/2024 (a)(b) |
198,361 | |||||||
EUR |
120 | Alliance Data Systems Corp., 5.25%, 11/30/2018 (a)(b) |
139,818 | |||||||
USD |
123 | Alliance Data Systems Corp., 5.88%, 12/03/2018 (a)(b) |
125,128 | |||||||
GBP |
200 | AMC Entertainment Holdings, Inc., 6.38%, 11/15/2019 (b) |
255,630 | |||||||
USD |
100 | AmeriGas Partners LP / AmeriGas Finance Corp., 5.88%, 05/20/2026 (b) |
94,500 | |||||||
USD |
148 | Apergy Corp., 6.38%, 05/01/2021 (a)(b) |
149,850 | |||||||
USD |
66 | Ascend Learning LLC, 6.88%, 08/01/2020 (a)(b) |
65,670 | |||||||
USD |
353 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.50%, 12/03/2018 (b) |
343,292 | |||||||
USD |
120 | Banff Merger Sub, Inc., 9.75%, 09/01/2021 (a)(b) |
115,200 | |||||||
USD |
298 | Bank of America Corp., (fixed rate to 09/05/2024, variable thereafter), 6.25% (b)(d)(i) |
306,940 | |||||||
EUR |
120 | Bausch Health Cos. Inc., 4.50%, 11/30/2018 (a)(b) |
131,506 | |||||||
USD |
155 | Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.13%, 12/03/2018 (a)(b) |
158,100 | |||||||
USD |
240 | Boyd Gaming Corp., 6.38%, 04/01/2021 (b) |
237,900 | |||||||
USD |
122 | Bruin E&P Partners LLC, 8.88%, 08/01/2020 (a)(b) |
120,170 | |||||||
EUR |
100 | BWAY Holding Co., 4.75%, 04/15/2020 (a)(b) |
114,047 | |||||||
USD |
95 | Callon Petroleum Co., 6.13%, 10/01/2019 (b) |
92,625 | |||||||
USD |
160 | Calpine Corp., 5.75%, 10/15/2019 (b) |
142,968 | |||||||
USD |
217 | Carrizo Oil & Gas, Inc., 6.25%, 12/03/2018 (b) |
213,202 | |||||||
USD |
525 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 02/15/2021 (a)(b) |
519,750 | |||||||
USD |
100 | CenturyLink, Inc., 5.63%, 04/01/2020 |
101,250 | |||||||
USD |
292 | Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2020 (a)(b) |
285,430 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
15
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
UNITED STATES (continued) |
| |||||||||
USD |
374 | Cheniere Corpus Christi Holdings LLC, 5.88%, 10/02/2024 (b) |
$ | 385,220 | ||||||
USD |
39 | Cheniere Energy Partners LP, 5.25%, 10/01/2020 (b) |
38,269 | |||||||
USD |
240 | Cogent Communications Group, Inc., 5.38%, 12/01/2021 (a)(b) |
241,500 | |||||||
USD |
143 | Commercial Metals Co., 5.75%, 04/15/2021 (a)(b) |
137,280 | |||||||
USD |
279 | Compass Minerals International, Inc., 4.88%, 05/15/2024 (a)(b) |
259,470 | |||||||
EUR |
265 | Crown European Holdings SA, 3.38%, 11/15/2024 (a)(b) |
307,380 | |||||||
USD |
200 | CSC Holdings LLC, 10.88%, 10/15/2020 (a)(b) |
230,750 | |||||||
USD |
76 | Dell International LLC / EMC Corp., 5.88%, 11/16/2018 (a)(b) |
77,047 | |||||||
EUR |
100 | Energizer Gamma Acquisition BV, 4.63%, 07/15/2021 (a)(b) |
115,983 | |||||||
USD |
10 | Energizer Gamma Acquisition, Inc., 6.38%, 07/15/2021 (a)(b) |
10,000 | |||||||
USD |
300 | Equinix, Inc., 5.38%, 12/03/2018 (b) |
304,500 | |||||||
USD |
210 | Exela Intermediate LLC / Exela Finance, Inc., 10.00%, 07/15/2020 (a)(b) |
218,337 | |||||||
USD |
155 | Frontier Communications Corp., 10.50%, 06/15/2022 (b) |
129,038 | |||||||
USD |
243 | Golden Nugget, Inc., 6.75%, 10/15/2019 (a)(b) |
242,392 | |||||||
USD |
345 | Golden Nugget, Inc., 8.75%, 10/01/2020 (a)(b) |
354,487 | |||||||
USD |
322 | Goldman Sachs Group, Inc. (The), (fixed rate to 05/10/2020, variable thereafter), 5.38% (b)(d)(i) |
324,415 | |||||||
USD |
111 | Goodyear Tire & Rubber Co. (The), 5.13%, 12/03/2018 (b) |
108,891 | |||||||
USD |
113 | Graham Holdings Co., 5.75%, 06/01/2021 (a)(b) |
113,848 | |||||||
USD |
20 | Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.38%, 12/15/2019 (a)(b) |
20,550 | |||||||
USD |
125 | Harland Clarke Holdings Corp., 6.88%, 12/03/2018 (a)(b) |
122,813 | |||||||
USD |
125 | Harland Clarke Holdings Corp., 8.38%, 02/15/2019 (a)(b) |
112,813 | |||||||
USD |
109 | HCA, Inc., 5.25%, 12/15/2025 (b) |
110,908 | |||||||
USD |
299 | HCA, Inc., 5.88%, 08/15/2025 (b) |
305,727 | |||||||
USD |
115 | HCA, Inc., 7.50%, 02/15/2022 |
124,775 | |||||||
USD |
118 | Herc Rentals, Inc., 7.75%, 06/01/2019 (a)(b) |
124,490 | |||||||
USD |
189 | Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 04/01/2020 (a)(b) |
183,802 | |||||||
USD |
145 | Iron Mountain, Inc., 5.25%, 12/27/2022 (a)(b) |
130,138 | |||||||
USD |
180 | JPMorgan Chase & Co., (fixed rate to 11/01/2022, variable thereafter), 4.63% (b)(d) |
166,608 | |||||||
USD |
291 | KB Home, 7.00%, 09/15/2021 (b) |
301,912 | |||||||
USD |
29 | Lennar Corp., 4.50%, 01/31/2024 (b) |
27,486 | |||||||
USD |
185 | Lennar Corp., 4.88%, 09/15/2023 (b) |
180,606 | |||||||
USD |
312 | Level 3 Financing, Inc., 5.13%, 12/03/2018 (b) |
309,660 | |||||||
USD |
185 | Level 3 Financing, Inc., 5.38%, 05/01/2020 (b) |
180,606 | |||||||
USD |
163 | Meredith Corp., 6.88%, 02/01/2021 (a)(b) |
163,000 | |||||||
USD |
161 | MGM Resorts International, 4.63%, 06/01/2026 (b) |
145,303 | |||||||
USD |
190 | Morgan Stanley, (fixed rate to 07/15/2020, variable thereafter), 5.55% (b)(d)(i) |
191,900 | |||||||
USD |
142 | Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2021 (a)(b) |
136,632 | |||||||
USD |
53 | MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/2022 (b) |
49,804 | |||||||
USD |
170 | Nationstar Mortgage LLC / Nationstar Capital Corp., 6.50%, 12/03/2018 (b) |
168,300 | |||||||
USD |
110 | Neiman Marcus Group Ltd., LLC, 8.00%, 12/03/2018 (a)(b) |
66,000 | |||||||
USD |
329 | New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/2019 (a)(b) |
343,805 | |||||||
USD |
27 | Nine Energy Service, Inc., 8.75%, 11/01/2020 (a)(b) |
27,439 | |||||||
USD |
186 | Northwest Hardwoods, Inc., 7.50%, 12/03/2018 (a)(b) |
159,960 | |||||||
USD |
150 | Novelis Corp., 5.88%, 09/30/2021 (a)(b) |
141,375 | |||||||
USD |
45 | NRG Energy, Inc., 6.25%, 05/01/2019 (b) |
45,940 | |||||||
USD |
80 | NRG Energy, Inc., 7.25%, 05/15/2021 (b) |
85,000 | |||||||
USD |
150 | Oasis Petroleum, Inc., 6.88%, 12/03/2018 (b) |
151,313 | |||||||
USD |
112 | Park-Ohio Industries, Inc., 6.63%, 04/15/2022 (b) |
111,160 | |||||||
USD |
170 | Pitney Bowes, Inc., 3.88%, 09/01/2021 (b) |
161,500 | |||||||
USD |
167 | Post Holdings, Inc., 5.00%, 08/15/2021 (a)(b) |
154,057 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
16
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
CORPORATE BONDS (continued) |
| |||||||||
UNITED STATES (continued) |
| |||||||||
USD |
155 | Radiate Holdco LLC / Radiate Finance, Inc., 6.63%, 02/15/2020 (a)(b) |
$ | 144,925 | ||||||
USD |
49 | Radiate Holdco LLC / Radiate Finance, Inc., 6.88%, 02/15/2020 (a)(b) |
47,040 | |||||||
USD |
199 | Rite Aid Corp., 6.13%, 12/03/2018 (a)(b) |
169,026 | |||||||
USD |
377 | Sabine Pass Liquefaction LLC, 5.63%, 12/01/2024 (b) |
393,574 | |||||||
USD |
195 | Sanchez Energy Corp., 6.13%, 12/03/2018 (b) |
72,150 | |||||||
USD |
255 | Sinclair Television Group, Inc., 5.63%, 08/01/2019 (a)(b) |
244,162 | |||||||
USD |
62 | Sirius XM Radio, Inc., 6.00%, 07/15/2019 (a)(b) |
63,383 | |||||||
USD |
72 | Sprint Corp., 7.63%, 11/01/2025 (b) |
74,880 | |||||||
USD |
289 | Sprint Corp., 7.88%, 09/15/2023 |
308,507 | |||||||
USD |
120 | State Street Corp., 3M USD LIBOR + 1.000%, 3.33%, 12/03/2018 (b)(c) |
105,379 | |||||||
USD |
304 | Summit Materials LLC / Summit Materials Finance Corp, 6.13%, 11/16/2018 (b) |
294,120 | |||||||
USD |
2 | Summit Materials LLC / Summit Materials Finance Corp., 5.13%, 06/01/2020 (a)(b) |
1,790 | |||||||
USD |
140 | T-Mobile USA, Inc., 6.50%, 01/15/2021 (b) |
147,350 | |||||||
USD |
200 | Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 06/01/2020 (a)(b) |
190,440 | |||||||
USD |
309 | Tenet Healthcare Corp., 4.63%, 07/15/2020 (b) |
297,830 | |||||||
USD |
109 | TopBuild Corp., 5.63%, 05/01/2021 (a)(b) |
103,823 | |||||||
USD |
55 | TransDigm, Inc., 6.00%, 12/03/2018 (b) |
55,275 | |||||||
USD |
85 | TransDigm, Inc., 6.50%, 07/15/2019 (b) |
85,921 | |||||||
USD |
150 | Transocean Guardian Ltd., 5.88%, 07/15/2021 (a)(b)(g) |
148,500 | |||||||
USD |
182 | TTM Technologies, Inc., 5.63%, 10/01/2020 (a)(b) |
177,450 | |||||||
USD |
303 | United Rentals North America, Inc., 5.50%, 07/15/2020 (b) |
295,236 | |||||||
USD |
187 | Valvoline, Inc., 5.50%, 07/15/2019 (b) |
185,831 | |||||||
USD |
278 | Vistra Energy Corp., 7.63%, 11/01/2019 (b) |
293,985 | |||||||
USD |
213 | WMG Acquisition Corp., 5.63%, 11/30/2018 (a)(b) |
215,396 | |||||||
USD |
18 | WPX Energy, Inc., 5.75%, 06/01/2021 (b) |
17,910 | |||||||
USD |
115 | WPX Energy, Inc., 8.25%, 06/01/2023 (b) |
129,231 | |||||||
USD |
120 | WR Grace & Co-Conn, 5.13%, 10/01/2021 (a) |
120,900 | |||||||
USD |
115 | Wyndham Destinations, Inc., 4.15%, 02/01/2024 (b) |
110,688 | |||||||
USD |
110 | Wyndham Destinations, Inc., 6.35%, 07/01/2025 (b) |
109,450 | |||||||
USD |
305 | XPO Logistics, Inc., 6.13%, 09/01/2019 (a)(b) |
312,381 | |||||||
USD |
340 | Zayo Group LLC / Zayo Capital Inc, 6.38%, 05/15/2020 (b) |
347,650 | |||||||
17,613,709 | ||||||||||
Total Corporate Bonds66.8% (cost $49,228,820) |
46,546,245 | |||||||||
GOVERNMENT BONDS61.7% |
||||||||||
ANGOLA0.6% |
||||||||||
USD |
430 | Angolan Government International Bond, 9.38%, 05/08/2048 (a) |
432,184 | |||||||
ARGENTINA3.3% |
||||||||||
ARS |
23,444 | Argentina POM Politica Monetaria, Argentina Central Bank 7-day Repo Reference Rate, 67.49%, 06/21/2020 (c) |
735,724 | |||||||
USD |
280 | Argentine Republic Government International Bond, 5.63%, 01/26/2022 |
251,300 | |||||||
USD |
1,090 | Argentine Republic Government International Bond, 6.88%, 01/26/2027 |
907,425 | |||||||
USD |
323 | Argentine Republic Government International Bond, 7.13%, 07/06/2036 |
245,645 | |||||||
USD |
203 | Argentine Republic Government International Bond, 8.28%, 12/31/2033 (g) |
171,785 | |||||||
2,311,879 | ||||||||||
AUSTRALIA9.7% |
||||||||||
AUD |
3,500 | Queensland Treasury Corp., 3.25%, 07/21/2028 (a) |
2,506,733 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
17
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
GOVERNMENT BONDS (continued) |
||||||||||
AUSTRALIA (continued) |
||||||||||
AUD |
5,300 | Treasury Corp. of Victoria, 6.00%, 10/17/2022 |
$ | 4,272,075 | ||||||
6,778,808 | ||||||||||
BAHRAIN0.3% |
||||||||||
USD |
220 | Bahrain Government International Bond, 7.00%, 01/26/2026 (a) |
220,111 | |||||||
BRAZIL2.1% |
||||||||||
BRL |
1,200 | Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2029 |
319,579 | |||||||
BRL |
2,430 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 01/01/2021 |
675,623 | |||||||
USD |
400 | Brazilian Government International Bond, 7.13%, 01/20/2037 |
440,000 | |||||||
1,435,202 | ||||||||||
COLOMBIA0.5% |
||||||||||
USD |
200 | Colombia Government International Bond, 4.50%, 10/28/2025 (b) |
200,000 | |||||||
USD |
120 | Colombia Government International Bond, 7.38%, 09/18/2037 |
144,900 | |||||||
344,900 | ||||||||||
COSTA RICA0.9% |
||||||||||
USD |
480 | Costa Rica Government International Bond, 4.25%, 01/26/2023 (a) |
418,800 | |||||||
USD |
230 | Costa Rica Government International Bond, 7.16%, 03/12/2045 (a) |
191,820 | |||||||
610,620 | ||||||||||
DOMINICAN REPUBLIC1.3% |
||||||||||
USD |
210 | Dominican Republic International Bond, 5.88%, 04/18/2024 (a)(g) |
212,877 | |||||||
USD |
100 | Dominican Republic International Bond, 6.88%, 01/29/2026 (a) |
105,000 | |||||||
USD |
530 | Dominican Republic International Bond, 8.63%, 04/20/2027 (a)(g) |
594,262 | |||||||
912,139 | ||||||||||
ECUADOR0.9% |
| |||||||||
USD |
630 | Ecuador Government International Bond, 8.75%, 06/02/2023 (a) |
601,650 | |||||||
EGYPT0.8% |
| |||||||||
USD |
640 | Egypt Government International Bond, 7.90%, 02/21/2048 (a) |
572,372 | |||||||
EL SALVADOR0.6% |
| |||||||||
USD |
440 | El Salvador Government International Bond, 7.65%, 06/15/2035 (a) |
403,150 | |||||||
GHANA1.7% |
| |||||||||
GHS |
1,700 | Ghana Government Bond, 21.50%, 03/09/2020 |
363,847 | |||||||
USD |
420 | Ghana Government International Bond, 7.63%, 05/16/2029 (a)(g) |
400,809 | |||||||
USD |
430 | Ghana Government International Bond, 8.13%, 01/18/2026 (a)(g) |
432,001 | |||||||
1,196,657 | ||||||||||
INDIA0.4% |
| |||||||||
INR |
20,000 | India Government Bond, 7.73%, 12/19/2034 |
259,652 | |||||||
INDONESIA4.4% |
| |||||||||
USD |
940 | Indonesia Government International Bond, 4.13%, 01/15/2025 (a) |
902,602 | |||||||
USD |
800 | Indonesia Government International Bond, 5.13%, 01/15/2045 (a) |
751,478 | |||||||
IDR |
8,400,000 | Indonesia Treasury Bond, 5.63%, 05/15/2023 |
495,629 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
18
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
GOVERNMENT BONDS (continued) |
||||||||||
INDONESIA (continued) |
| |||||||||
IDR |
4,800,000 | Indonesia Treasury Bond, 6.13%, 05/15/2028 |
$ | 265,220 | ||||||
IDR |
5,826,000 | Indonesia Treasury Bond, 6.63%, 05/15/2033 |
315,779 | |||||||
IDR |
5,800,000 | Indonesia Treasury Bond, 7.50%, 05/15/2038 |
328,104 | |||||||
3,058,812 | ||||||||||
IRAQ0.7% |
| |||||||||
USD |
330 | Iraq International Bond, 5.80%, 12/16/2018 (a)(b)(g) |
302,276 | |||||||
USD |
200 | Iraq International Bond, 6.75%, 03/09/2023 (a) |
194,692 | |||||||
496,968 | ||||||||||
KAZAKHSTAN1.9% |
| |||||||||
USD |
520 | Kazakhstan Government International Bond, 3.88%, 10/14/2024 (a) |
521,300 | |||||||
USD |
681 | Kazakhstan Government International Bond, 6.50%, 07/21/2045 (a) |
810,833 | |||||||
1,332,133 | ||||||||||
KENYA1.1% |
| |||||||||
USD |
420 | Kenya Government International Bond, 6.88%, 06/24/2024 (a) |
408,621 | |||||||
USD |
410 | Kenya Government International Bond, 8.25%, 02/28/2048 (a) |
373,773 | |||||||
782,394 | ||||||||||
MALAYSIA2.1% |
| |||||||||
MYR |
400 | Malaysia Government Bond, 3.44%, 02/15/2021 |
95,280 | |||||||
MYR |
900 | Malaysia Government Bond, 3.49%, 03/31/2020 |
215,033 | |||||||
MYR |
600 | Malaysia Government Bond, 3.62%, 11/30/2021 |
143,135 | |||||||
MYR |
1,000 | Malaysia Government Bond, 4.05%, 09/30/2021 |
241,491 | |||||||
MYR |
800 | Malaysia Government Bond, 4.74%, 03/15/2046 |
184,279 | |||||||
MYR |
2,600 | Malaysia Government Bond, 4.76%, 04/07/2037 |
614,835 | |||||||
1,494,053 | ||||||||||
MEXICO1.4% |
| |||||||||
MXN |
4,600 | Mexican Bonos, 5.75%, 03/05/2026 |
189,394 | |||||||
MXN |
7,850 | Mexican Bonos, 8.00%, 06/11/2020 |
382,819 | |||||||
USD |
400 | Mexico Government International Bond, 3.50%, 01/21/2021 |
398,968 | |||||||
971,181 | ||||||||||
MONGOLIA0.5% |
| |||||||||
USD |
400 | Mongolia Government International Bond, 5.63%, 05/01/2023 (a) |
380,804 | |||||||
NEW ZEALAND9.8% |
| |||||||||
NZD |
3,800 | New Zealand Government Bond, 4.50%, 04/15/2027 (a) |
2,878,902 | |||||||
NZD |
6,000 | New Zealand Government Bond, 5.00%, 03/15/2019 (a) |
3,962,388 | |||||||
6,841,290 | ||||||||||
NIGERIA1.9% |
| |||||||||
NGN |
326,000 | Nigeria Government Bond, 12.50%, 01/22/2026 |
784,196 | |||||||
USD |
200 | Nigeria Government International Bond, 7.14%, 02/23/2030 (a) |
183,711 | |||||||
USD |
200 | Nigeria Government International Bond, 7.63%, 11/28/2047 (a) |
176,328 | |||||||
USD |
200 | Nigeria Government International Bond, 7.88%, 02/16/2032 (a) |
192,236 | |||||||
1,336,471 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
19
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
GOVERNMENT BONDS (continued) |
||||||||||
OMAN0.3% |
| |||||||||
USD |
230 | Oman Government International Bond, 6.75%, 01/17/2048 (a) |
$ | 209,875 | ||||||
PARAGUAY0.3% |
| |||||||||
USD |
200 | Paraguay Government International Bond, 5.00%, 04/15/2026 (a) |
199,750 | |||||||
PERU1.0% |
| |||||||||
PEN |
805 | Peru Government Bond, 6.15%, 08/12/2032 (a) |
237,383 | |||||||
PEN |
1,450 | Peruvian Government International Bond, 6.95%, 08/12/2031 (a) |
459,106 | |||||||
696,489 | ||||||||||
PHILIPPINES0.5% |
| |||||||||
PHP |
17,000 | Philippine Government Bond, 6.25%, 03/22/2028 |
282,476 | |||||||
USD |
40 | Philippine Government International Bond, 8.38%, 06/17/2019 |
41,348 | |||||||
323,824 | ||||||||||
POLAND0.6% |
| |||||||||
PLN |
1,400 | Republic of Poland Government Bond, 4.00%, 10/25/2023 |
390,576 | |||||||
QATAR0.3% |
| |||||||||
USD |
217 | Qatar Government International Bond, 5.10%, 04/23/2048 (a) |
220,255 | |||||||
ROMANIA1.8% |
| |||||||||
USD |
1,260 | Romanian Government International Bond, 4.88%, 01/22/2024 (a) |
1,283,688 | |||||||
RUSSIA1.4% |
| |||||||||
RUB |
26,000 | Russian Federal Bond OFZ, 7.70%, 03/23/2033 |
369,635 | |||||||
RUB |
25,200 | Russian Federal Bond OFZ, 8.15%, 02/03/2027 |
375,882 | |||||||
USD |
200 | Russian Foreign Bond Eurobond, 4.75%, 05/27/2026 (a) |
197,300 | |||||||
942,817 | ||||||||||
RWANDA0.8% |
| |||||||||
USD |
350 | Rwanda International Government Bond, 6.63%, 05/02/2023 (a) |
352,048 | |||||||
USD |
200 | Rwanda International Government Bond,, 6.63%, 05/02/2023 (a) |
201,170 | |||||||
553,218 | ||||||||||
SENEGAL0.5% |
| |||||||||
USD |
330 | Senegal Government International Bond, 8.75%, 05/13/2021 (a) |
351,622 | |||||||
SOUTH AFRICA2.1% |
| |||||||||
ZAR |
5,650 | Republic of South Africa Government Bond, 10.50%, 12/21/2026 |
406,118 | |||||||
USD |
1,030 | Republic of South Africa Government International Bond, 4.88%, 04/14/2026 |
952,750 | |||||||
USD |
100 | Republic of South Africa Government International Bond, 6.25%, 03/08/2041 |
92,956 | |||||||
1,451,824 | ||||||||||
SRI LANKA0.8% |
| |||||||||
LKR |
5,000 | Sri Lanka Government Bonds, 9.25%, 05/01/2020 |
27,870 | |||||||
LKR |
10,000 | Sri Lanka Government Bonds, 11.00%, 08/01/2021 |
56,779 | |||||||
LKR |
15,000 | Sri Lanka Government Bonds, 11.50%, 12/15/2021 |
86,358 | |||||||
USD |
430 | Sri Lanka Government International Bond, 6.75%, 04/18/2028 (a) |
378,405 | |||||||
549,412 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
20
Portfolio of Investments (continued)
As of October 31, 2018
Principal Amount (000) or Shares |
Description | Value (US$) |
||||||||
GOVERNMENT BONDS (continued) |
||||||||||
SURINAME0.3% |
| |||||||||
USD |
200 | Republic of Suriname, 9.25%, 10/26/2026 (a) |
$ | 196,500 | ||||||
TANZANIA0.1% |
| |||||||||
USD |
67 | Tanzania Government International Bond, 6M USD LIBOR + 6.000%, 8.54%, 03/09/2020 (a)(c)(g) |
68,016 | |||||||
TUNISIA0.5% |
| |||||||||
USD |
450 | Banque Centrale de Tunisie International Bond, 5.75%, 01/30/2025 (a) |
381,495 | |||||||
TURKEY1.1% |
| |||||||||
TRY |
4,900 | Turkey Government Bond, 8.80%, 09/27/2023 |
603,997 | |||||||
USD |
210 | Turkey Government International Bond, 6.00%, 03/25/2027 |
189,165 | |||||||
793,162 | ||||||||||
UKRAINE1.7% |
| |||||||||
USD |
1,260 | Ukraine Government International Bond, 7.75%, 09/01/2025 (a) |
1,157,698 | |||||||
URUGUAY0.7% |
| |||||||||
USD |
50 | Uruguay Government International Bond, 4.38%, 10/27/2027 (g) |
49,375 | |||||||
USD |
146 | Uruguay Government International Bond, 7.63%, 03/21/2036 (g) |
187,902 | |||||||
USD |
165 | Uruguay Government International Bond, 7.88%, 01/15/2033 |
214,500 | |||||||
451,777 | ||||||||||
Total Government Bonds61.7% (cost $46,400,574) |
42,995,428 | |||||||||
COMMON STOCKS0.0% |
| |||||||||
UNITED STATES0.0% |
| |||||||||
USD |
657 | Cenveo Enterprises, Inc. (f)(j)(k)(l) |
18,422 | |||||||
Total Common Stocks % (cost $68,595) |
18,422 | |||||||||
Shares or Principal Amount |
Value |
|||||||||
SHORT-TERM INVESTMENT6.0% |
| |||||||||
UNITED STATES6.0% |
| |||||||||
USD |
4,175,747 | State Street Institutional U.S. Government Money Market Fund, Premier Class, |
4,175,747 | |||||||
Total Short-Term Investment6.0% (cost $4,175,747) |
4,175,747 | |||||||||
Total Investments134.5% (cost $99,873,736) (n) |
93,735,842 | |||||||||
Liabilities in Excess of Other Assets(34.5)% |
(24,042,354 | ) | ||||||||
Net Assets100.0% |
$ | 69,693,488 |
(a) | Denotes a restricted security. |
(b) | The maturity date presented for these instruments represents the next call/put date. |
(c) | Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date. |
(e) | Security is in default. |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
21
Portfolio of Investments (continued)
As of October 31, 2018
(f) | Illiquid security. |
(g) | Sinkable security. |
(h) | Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash. |
(i) | The maturity date presented for these instruments is the later of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. |
(j) | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
(k) | Fair Values are determined pursuant to procedures approved by the Funds Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 2(a) of the accompanying Notes to Financial Statements. |
(l) | Security is Delisted. |
(m) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7-day yield as of October 31, 2018. |
(n) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ARSArgentine Peso | INRIndian Rupee | PLNPolish Zloty | ||
AUDAustralian Dollar | KRWSouth Korean Won | RUBNew Russian Ruble | ||
BRLBrazilian Real | LKRSri Lanka Rupee | SGDSingapore Dollar | ||
CNHChinese Yuan Renminbi Offshore | MXNMexican Peso | THBThai Baht | ||
CNYChinese Yuan Renminbi | MYRMalaysian Ringgit | TRYTurkish Lira | ||
EUREuro Currency | NGNNigerian Naira | TWDNew Taiwan Dollar | ||
GBPBritish Pound Sterling | NZDNew Zealand Dollar | UAHUkraine hryvna | ||
GHSGhanaian Cedi | PENPeruvian Sol | USDU.S. Dollar | ||
IDRIndonesian Rupiah | PHPPhilippine Peso | ZARSouth African Rand |
At October 31, 2018, the Funds open forward foreign currency exchange contracts were as follows:
Purchase Contracts Settlement Date* |
Counterparty | Amount Purchased |
Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) |
|||||||||||||
British Pound/United States Dollar |
||||||||||||||||||
11/14/2018 | Royal Bank of Canada |
GBP7,500 | USD9,541 | $ | 9,591 | $ | 50 | |||||||||||
11/30/2018 | Royal Bank of Canada |
GBP6,500 | USD8,446 | 8,318 | (128 | ) | ||||||||||||
Chinese Yuan Renminbi/United States Dollar |
||||||||||||||||||
01/11/2019 | HSBC Bank USA |
CNY1,394,980 | USD199,999 | 199,409 | (590 | ) | ||||||||||||
Chinese Yuan Renminbi Offshore/United States Dollar |
||||||||||||||||||
01/11/2019 | UBS AG |
CNH12,635,983 | USD1,812,719 | 1,805,755 | (6,964 | ) | ||||||||||||
Euro/United States Dollar |
||||||||||||||||||
11/14/2018 | Citibank N.A. |
EUR209,500 | USD244,133 | 237,508 | (6,625 | ) | ||||||||||||
11/14/2018 | Goldman Sachs & Co. |
EUR127,000 | USD143,860 | 143,978 | 118 | |||||||||||||
11/14/2018 | HSBC Bank USA |
EUR21,000 | USD23,917 | 23,807 | (110 | ) | ||||||||||||
11/14/2018 | JPMorgan Chase Bank N.A. |
EUR19,000 | USD22,299 | 21,540 | (759 | ) | ||||||||||||
11/14/2018 | Royal Bank of Canada |
EUR10,000 | USD11,583 | 11,337 | (246 | ) | ||||||||||||
Indonesian Rupiah/United States Dollar |
||||||||||||||||||
01/24/2019 | HSBC Bank USA |
IDR7,714,500,000 | USD499,999 | 499,978 | (21 | ) | ||||||||||||
New Russian Ruble/United States Dollar |
||||||||||||||||||
11/27/2018 | Deutsche Bank AG |
RUB48,900,000 | USD734,676 | 739,963 | 5,287 | |||||||||||||
Philippine Peso/United States Dollar |
||||||||||||||||||
01/31/2019 | HSBC Bank USA |
PHP33,702,500 | USD625,000 | 628,103 | 3,103 | |||||||||||||
Singapore Dollar/United States Dollar |
||||||||||||||||||
11/02/2018 | UBS AG |
SGD2,050,000 | USD1,504,636 | 1,479,984 | (24,652 | ) | ||||||||||||
12/03/2018 | UBS AG |
SGD2,200,000 | USD1,588,648 | 1,589,308 | 660 | |||||||||||||
South Korean Won/United States Dollar |
||||||||||||||||||
12/07/2018 | HSBC Bank USA |
KRW2,807,774,000 | USD2,500,000 | 2,463,320 | (36,680 | ) |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
22
Portfolio of Investments (concluded)
As of October 31, 2018
Purchase Contracts Settlement Date* |
Counterparty | Amount Purchased |
Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) |
|||||||||||||
Thai Baht/United States Dollar |
||||||||||||||||||
12/21/2018 | UBS AG |
THB60,400,000 | USD1,868,344 | $ | 1,826,048 | $ | (42,296 | ) | ||||||||||
$ | 11,687,947 | $ | (109,853 | ) | ||||||||||||||
Sale Contracts Settlement Date* |
Counterparty | Amount Purchased |
Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) |
|||||||||||||
United States Dollar/Australian Dollar |
||||||||||||||||||
11/29/2018 | Royal Bank of Canada |
USD4,259,929 | AUD5,798,543 | $ | 4,107,351 | $ | 152,578 | |||||||||||
United States Dollar/Brazilian Real |
||||||||||||||||||
11/27/2018 | Citibank N.A. |
USD923,843 | BRL3,615,000 | 969,301 | (45,458 | ) | ||||||||||||
United States Dollar/British Pound |
||||||||||||||||||
11/30/2018 | Citibank N.A. |
USD3,650,261 | GBP2,800,000 | 3,583,202 | 67,059 | |||||||||||||
United States Dollar/Euro |
||||||||||||||||||
11/14/2018 | HSBC Bank USA |
USD5,390,630 | EUR4,626,000 | 5,244,436 | 146,194 | |||||||||||||
United States Dollar/Indian Rupee |
||||||||||||||||||
11/30/2018 | Goldman Sachs & Co. |
USD1,700,000 | INR126,097,500 | 1,697,597 | 2,403 | |||||||||||||
United States Dollar/Malaysian Ringgit |
||||||||||||||||||
12/14/2018 | BNP Paribas S.A. |
USD500,000 | MYR 2,072,350 | 494,905 | 5,095 | |||||||||||||
United States Dollar/New Russian Ruble |
||||||||||||||||||
11/27/2018 | Deutsche Bank AG |
USD728,221 | RUB48,900,000 | 739,963 | (11,742 | ) | ||||||||||||
United States Dollar/New Taiwan Dollar |
||||||||||||||||||
01/04/2019 | UBS AG |
USD300,000 | TWD9,130,500 | 296,408 | 3,592 | |||||||||||||
United States Dollar/New Zealand Dollar |
||||||||||||||||||
12/21/2018 | UBS AG |
USD1,835,375 | NZD2,800,000 | 1,828,050 | 7,325 | |||||||||||||
United States Dollar/Singapore Dollar |
||||||||||||||||||
11/02/2018 | UBS AG |
USD1,479,397 | SGD2,050,000 | 1,479,984 | (587 | ) | ||||||||||||
United States Dollar/South African Rand |
||||||||||||||||||
01/10/2019 | UBS AG |
USD388,817 | ZAR5,810,000 | 390,462 | (1,645 | ) | ||||||||||||
United States Dollar/South Korean Won |
||||||||||||||||||
12/07/2018 | Royal Bank of Canada |
USD100,000 | KRW111,538,750 | 97,855 | 2,145 | |||||||||||||
$ | 20,929,514 | $ | 326,959 | |||||||||||||||
Total unrealized appreciation on open forward foreign currency exchange contracts |
$ | 395,609 | ||||||||||||||||
Total unrealized depreciation on open forward foreign currency exchange contracts |
(178,503 | ) |
* | Certain contracts with different trade dates and like characteristics have been shown net. |
At October 31, 2018, the Fund held the following centrally cleared interest rate swaps:
Currency | Notional Amount |
Expiration Date |
Counterparty | Receive (Pay) Floating Rate |
Floating Rate Index | Fixed Rate |
Premiums Paid (Received) |
Unrealized Appreciation |
||||||||||||||||||
USD |
16,500,000 | 10/25/2027 | Citibank |
Receive | 3-month LIBOR Index |
2.36% | $ | | $ | 1,102,414 | ||||||||||||||||
USD |
12,100,000 | 11/04/2024 | Citibank |
Receive | 3-month LIBOR Index |
2.44% | | 396,502 | ||||||||||||||||||
$ | | $ | 1,498,916 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
23
Statement of Assets and Liabilities
As of October 31, 2018
Assets |
||||
Investments, at value (cost $95,697,989) |
$ | 89,560,095 | ||
Short-term investments, at value (cost $4,175,747) |
4,175,747 | |||
Foreign currency, at value (cost $2,330,010) |
2,291,648 | |||
Cash at broker for interest rate swaps |
431,774 | |||
Cash at broker for forward foreign currency contracts |
70,000 | |||
Interest and dividends receivable |
1,376,172 | |||
Receivable for investments sold |
610,007 | |||
Unrealized appreciation on forward foreign currency exchange contracts |
395,609 | |||
Due from broker |
461,796 | |||
Variation margin receivable for centrally cleared interest rate swap contracts |
89,258 | |||
Prepaid expenses |
32,640 | |||
Total assets |
99,494,746 | |||
Liabilities |
||||
Bank loan payable (Note 7) |
28,600,000 | |||
Payable for investments purchased |
474,730 | |||
Due to custodian |
321,735 | |||
Unrealized depreciation on forward foreign currency exchange contracts |
178,503 | |||
Investment management fees payable (Note 3) |
58,395 | |||
Administration fees payable (Note 3) |
11,230 | |||
Interest payable on bank loan |
4,815 | |||
Investor relations fees payable (Note 3) |
2,883 | |||
Other accrued expenses |
148,967 | |||
Total liabilities |
29,801,258 | |||
Net Assets |
$ | 69,693,488 | ||
Composition of Net Assets: |
||||
Common stock (par value $.001 per share) (Note 5) |
$ | 8,725 | ||
Paid-in capital in excess of par |
76,602,010 | |||
Distributable accumulated loss |
(6,917,247 | ) | ||
Net Assets |
$ | 69,693,488 | ||
Net asset value per share based on 8,724,789 shares issued and outstanding |
$ | 7.99 |
Amounts listed as are $0 or round to $0.
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
24
Statement of Operations
For the Year Ended October 31, 2018
Net Investment Income |
||||
Income |
||||
Interest and amortization of discount and premium (net of foreign withholding taxes of $56,498) |
$ | 6,132,435 | ||
Other income |
34,066 | |||
Total Investment Income |
6,166,501 | |||
Expenses |
||||
Investment management fee (Note 3) |
695,934 | |||
Director fees and expenses |
207,022 | |||
Administration fee (Note 3) |
133,833 | |||
Independent auditors fees and expenses |
77,765 | |||
Reports to shareholders and proxy solicitation |
66,805 | |||
Insurance expense |
60,256 | |||
Investor relations fees and expenses (Note 3) |
54,500 | |||
Custodian fees and expenses |
49,428 | |||
Legal fees and expenses |
34,849 | |||
Transfer agents fees and expenses |
31,825 | |||
Bank loan fees and expenses |
13,941 | |||
Miscellaneous |
37,224 | |||
Total operating expenses, excluding interest expense |
1,463,382 | |||
Interest expense (Note 7) |
869,886 | |||
Total operating expenses before reimbursed/waived expenses |
2,333,268 | |||
Less: Investor relations fee waiver (Note 3) |
(16,302 | ) | ||
Net operating expenses |
2,316,966 | |||
Net Investment Income |
3,849,535 | |||
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: |
||||
Net realized gain/(loss) from: |
||||
Investment transactions (including $19,566 capital gains tax) |
(918,587 | ) | ||
Interest rate swaps |
(90,909 | ) | ||
Forward foreign currency exchange contracts |
992,826 | |||
Foreign currency transactions |
(1,314,973 | ) | ||
(1,331,643 | ) | |||
Net change in unrealized appreciation/(depreciation) on: |
||||
Investments (including change in deferred capital gains tax of $7,156) |
(5,248,994 | ) | ||
Interest rate swaps |
1,885,833 | |||
Forward foreign currency exchange rate contracts |
(136,373 | ) | ||
Foreign currency translation |
(1,990,875 | ) | ||
(5,490,409 | ) | |||
Net (loss) from investments, interest rate swaps and foreign currencies |
(6,822,052 | ) | ||
Net Decrease in Net Assets Resulting from Operations |
$ | (2,972,517 | ) |
Amounts listed as are $0 or round to $0.
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
25
Statements of Changes in Net Assets
For the Year Ended October 31, 2018 |
For the Year Ended October 31, 2017 |
|||||||
Increase/(Decrease) in Net Assets |
||||||||
Operations: |
||||||||
Net investment income |
$ | 3,849,535 | $ | 4,124,812 | ||||
Net realized gain/(loss) from investments and interest rate swaps |
(1,009,496 | ) | 4,088,073 | |||||
Net realized loss from foreign currency transactions |
(322,147 | ) | (2,772,506 | ) | ||||
Net change in unrealized appreciation/(depreciation) on investments and interest rate swaps |
(3,363,161 | ) | (1,431,380 | ) | ||||
Net change in unrealized appreciation/(depreciation) on foreign currency translation |
(2,127,248 | ) | 2,866,563 | |||||
Net increase/(decrease) in net assets resulting from operations |
(2,972,517 | ) | 6,875,562 | |||||
Distributions to Shareholders from: |
||||||||
Distributable earnings(a) |
(1,414,651 | ) | (1,221,998 | ) | ||||
Tax return of capital |
(5,914,171 | ) | (6,107,352 | ) | ||||
Net decrease in net assets from distributions |
(7,328,822 | ) | (7,329,350 | ) | ||||
Repurchase of common stock resulting in the reduction of 0 and 19,539 shares of common stock, respectively (Note 6) |
| (157,833 | ) | |||||
Change in net assets from capital transactions |
| (157,833 | ) | |||||
Change in net assets resulting from operations |
(10,301,339 | ) | (611,621 | ) | ||||
Net Assets: |
||||||||
Beginning of year |
79,994,827 | 80,606,448 | ||||||
End of year |
$ | 69,693,488 | $ | 79,994,827 |
(a) | Per the Securities and Exchange Commission release #33-10532 Disclosure Update and Simplification; the Fund is no longer required to differentiate distributions from earnings as either from net investment income or net realized capital gains. For the year ended October 31, 2017, all distributions from distributable earnings were from net investment income. |
Amounts listed as are $0 or round to $0.
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
26
Statement of Cash Flows
For the year ended October 31, 2018
Cash Flows from Operating Activities |
||||
Net increase in net assets resulting from operations |
$ | (2,972,517 | ) | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
||||
Investments purchased |
(48,968,083 | ) | ||
Investments sold and principal repayments |
55,602,766 | |||
Increase in short-term investments, excluding foreign government securities |
(2,024,998 | ) | ||
Net amortization/accretion of premium (discount) |
203,435 | |||
Decrease in cash at broker |
1,133,949 | |||
Decrease in interest receivable |
116,486 | |||
Net unrealized (appreciation) depreciation on forward foreign exchange contracts |
136,373 | |||
Decrease in bank loan payable |
(2,900,000 | ) | ||
Decrease in prepaid expenses |
500 | |||
Decrease in interest payable on bank loan |
(53,423 | ) | ||
Decrease in accrued investment management fee |
(5,360 | ) | ||
Increase in accrued expenses |
55,213 | |||
Decrease in deferred foreign capital gains tax |
(423 | ) | ||
Net change in unrealized appreciation from investments |
5,248,994 | |||
Net change in unrealized appreciation from foreign currency translations |
1,990,875 | |||
Net realized loss on investments in securities |
918,587 | |||
Net cash provided by operating activities |
8,482,374 | |||
Cash Flows from Financing Activities |
||||
Decrease in payable due to custodian |
(2,219,950 | ) | ||
Distributions paid to shareholders |
(7,328,822 | ) | ||
Net cash paid (received) for swap contracts |
(95,032 | ) | ||
Net cash used in financing activities |
$ | (9,643,804 | ) | |
Effect of exchange rate on cash |
(17,121 | ) | ||
Net change in cash |
(1,178,551 | ) | ||
Cash at beginning of year |
3,470,199 | |||
Cash at end of year |
$ | 2,291,648 | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid for interest and fees on borrowings: |
$ | 923,309 |
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
27
Financial Highlights
For the Fiscal Years Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance(a): |
||||||||||||||||||||
Net asset value per common share, beginning of year | $9.17 | $9.22 | $9.38 | $11.49 | $12.25 | |||||||||||||||
Net investment income | 0.44 | 0.47 | 0.33 | (b) | 0.39 | 0.47 | ||||||||||||||
Net realized and unrealized gains/(losses) on investments, interest rate swaps, futures contracts and foreign currency transactions | (0.78 | ) | 0.32 | 0.33 | (1.71 | ) | (0.32 | ) | ||||||||||||
Total from investment operations applicable to common shareholders | (0.34 | ) | 0.79 | 0.66 | (1.32 | ) | 0.15 | |||||||||||||
Distributions to common shareholders from: |
| |||||||||||||||||||
Net investment income | (0.16 | ) | (0.14 | ) | | (0.76 | ) | (0.93 | ) | |||||||||||
Tax return of capital | (0.68 | ) | (0.70 | ) | (0.84 | ) | (0.08 | ) | | |||||||||||
Total distributions | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.93 | ) | ||||||||||
Capital Share Transactions: |
| |||||||||||||||||||
Impact of open market repurchase program (Note 6) | | | 0.02 | 0.05 | 0.02 | |||||||||||||||
Total from capital transactions | | | 0.02 | 0.05 | 0.02 | |||||||||||||||
Net asset value per common share, end of year | $7.99 | $9.17 | $9.22 | $9.38 | $11.49 | |||||||||||||||
Market value, end of year | $8.22 | $8.96 | $8.46 | $8.11 | $10.55 | |||||||||||||||
Total Investment Return Based on(c): | ||||||||||||||||||||
Market value | 1.27% | 16.74% | 15.48% | (15.54% | ) | 2.99% | ||||||||||||||
Net asset value | (3.81% | ) | 9.63% | 8.81% | (b) | (10.30% | ) | 2.09% | ||||||||||||
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data: | ||||||||||||||||||||
Net assets applicable to common shareholders, end of year (000 omitted) | $69,693 | $79,995 | $80,606 | $82,947 | $105,653 | |||||||||||||||
Average net assets applicable to common shareholders (000 omitted) | $76,372 | $79,658 | $81,601 | $93,299 | $110,812 | |||||||||||||||
Net operating expenses, net of fee waivers | 3.03% | 2.77% | 2.47% | 2.55% | (d) | 2.18% | ||||||||||||||
Net operating expenses, excluding fee waivers | 3.06% | 2.78% | 2.49% | 2.56% | (d) | | ||||||||||||||
Net operating expenses, excluding interest expense, net of fee waivers | 1.89% | 1.98% | 1.90% | 2.09% | (d) | 1.76% | ||||||||||||||
Net investment income | 5.04% | 5.18% | 3.59% | (b) | 3.77% | 3.94% | ||||||||||||||
Portfolio turnover | 45% | 95% | 80% | 41% | 59% | |||||||||||||||
Senior securities (loan facility) outstanding (000 omitted) | $28,600 | $31,500 | $31,500 | $31,500 | $40,000 | |||||||||||||||
Asset coverage ratio on revolving credit facility at year end | 344% | 354% | 356% | 363% | 364% | |||||||||||||||
Asset coverage per $1,000 on revolving credit facility at year end(e) | $3,437 | $3,540 | $3,559 | $3,633 | $3,641 |
Aberdeen Global Income Fund, Inc.
28
Financial Highlights (concluded)
(a) Based on average shares outstanding.
(b) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of a one-time reimbursement for overbilling of prior years custodian out-of-pocket fees. If such amounts were excluded, the Net Investment Income per share, Total Investment Return on Net Asset Value, and Ratio of Net Investment Income to Average Net Assets would have been $0.31, 8.58%, and 3.36%. |
(c) | Total investment return based on market value is calculated assuming that shares of the Funds common stock were purchased at the closing market price as of the beginning of the period, dividends, capital gains and other distributions were reinvested as provided for in the Funds dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Funds net asset value is substituted for the closing market value. |
(d) | The expense ratio includes a one-time expense associated with the January 2011 shelf offering costs attributable to the registered but unsold shares that expired in January 2015. |
(e) | Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings, including Series A Mandatory Redeemable Preferred Shares, for investment purposes by the amount of any borrowings. |
Amounts listed as are $0 or round to $0.
See Notes to Financial Statements.
Aberdeen Global Income Fund, Inc.
29
Notes to Financial Statements
October 31, 2018
Aberdeen Global Income Fund, Inc.
30
Notes to Financial Statements (continued)
October 31, 2018
A summary of standard inputs is listed below:
Security Type | Standard Inputs | |
Debt and other fixed-income securities |
Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. | |
Forward foreign currency contracts |
Forward exchange rate quotations. | |
Swap agreements |
Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures. |
Aberdeen Global Income Fund, Inc.
31
Notes to Financial Statements (continued)
October 31, 2018
The following is a summary of the inputs used as of October 31, 2018 in valuing the Funds investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:
Investments, at Value | Level 1-Quoted Prices ($) |
Level 2-Other Significant Observable Inputs ($) |
Level 3-Significant Unobservable Inputs ($) |
Total ($) | ||||||||||||
Investments in Securities |
| |||||||||||||||
Fixed Income Investments |
||||||||||||||||
Corporate Bonds |
$ | | $ | 46,546,245 | $ | | $ | 46,546,245 | ||||||||
Government Bonds |
| 42,995,428 | | 42,995,428 | ||||||||||||
Common Stocks |
| | 18,422 | 18,422 | ||||||||||||
Total Investments |
| 89,541,673 | 18,422 | 89,560,095 | ||||||||||||
Short-Term Investment |
4,175,747 | | | 4,175,747 | ||||||||||||
Total Investments |
$ | 4,175,747 | $ | 89,541,673 | $ | 18,422 | $ | 93,735,842 | ||||||||
Other Financial Instruments |
||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements |
$ | | $ | 1,498,916 | $ | | $ | 1,498,916 | ||||||||
Forward Foreign Currency Exchange Contracts |
| 395,609 | | 395,609 | ||||||||||||
Total Other Financial Instruments |
$ | | $ | 1,894,525 | $ | | $ | 1,894,525 | ||||||||
Total Assets |
$ | 4,175,747 | $ | 91,436,198 | $ | 18,422 | $ | 95,630,367 | ||||||||
Liabilities |
||||||||||||||||
Other Financial Instruments |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | | $ | (178,503 | ) | $ | | $ | (178,503 | ) | ||||||
Total Liabilities |
$ | | $ | (178,503 | ) | $ | | $ | (178,503 | ) |
Amounts listed as are $0 or round to $0.
Aberdeen Global Income Fund, Inc.
32
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
33
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
34
Notes to Financial Statements (continued)
October 31, 2018
Summary of Derivative Instruments:
The Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of October 31, 2018:
Asset Derivatives | Liability Derivatives | |||||||||||
Derivatives not accounted for as hedging instruments and risk exposure |
Statement of Assets and Liabilities Location |
Fair Value | Statement of Assets and Liabilities Location |
Fair Value | ||||||||
Interest rate swaps* |
Unrealized appreciation on receivable for centrally cleared interest rate swaps | $ | 1,498,916 | Unrealized depreciation on payable for centrally cleared interest rate swaps | $ | | ||||||
Forward foreign exchange contracts (foreign exchange risk) |
Unrealized appreciation on forward currency exchange contracts | $ | 395,609 | Unrealized depreciation on forward currency exchange contracts | $ | 178,503 | ||||||
Total |
$ | 1,894,525 | $ | 178,503 |
* | The values shown reflect unrealized appreciation/(depreciation) and the values shown in the Statement of Assets and Liabilities reflects variation margin. |
Amounts listed as are $0 or round to $0.
The Fund has transactions that may be subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities as of October 31, 2018 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:
Gross Amounts Not Offset in Statement of Assets & Liabilities |
Gross Amounts Not Offset in Statement of Assets and Liabilities |
|||||||||||||||||||||||||||||||||||
Description | Gross Amounts of Assets Presented in Statement of Financial Position |
Financial Instruments |
Collateral Received(1) |
Net Amount(3) |
Gross Amounts of Liabilities Presented in Statement of Financial Position |
Financial Instruments |
Collateral Pledged(1) |
Net Amount(3) |
||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||||||
Forward foreign currency(2) |
||||||||||||||||||||||||||||||||||||
BNP Paribas S.A. |
$ | 5,095 | $ | | $ | | $ | 5,095 | $ | | $ | | $ | | $ | | ||||||||||||||||||||
Citibank N.A. |
67,059 | (52,083 | ) | | 14,976 | 52,083 | (52,083 | ) | | | ||||||||||||||||||||||||||
Deutsche Bank AG |
5,287 | (5,287 | ) | | | 11,742 | (5,287 | ) | | 6,455 | ||||||||||||||||||||||||||
Goldman Sachs & Co. |
2,521 | | | 2,521 | | | | | ||||||||||||||||||||||||||||
HSBC Bank USA |
149,297 | (37,401 | ) | | 111,896 | 37,401 | (37,401 | ) | | | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. |
| | | | 759 | | | 759 | ||||||||||||||||||||||||||||
Royal Bank of Canada |
154,773 | (374 | ) | | 154,399 | 374 | (374 | ) | | | ||||||||||||||||||||||||||
UBS AG |
11,577 | (11,577 | ) | | | 76,144 | (11,577 | ) | | 64,567 |
1. | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
2. | Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement. |
Aberdeen Global Income Fund, Inc.
35
Notes to Financial Statements (continued)
October 31, 2018
3. | Net amounts represent the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
The | effect of derivative instruments on the Statement of Operations for the fiscal year ended October 31, 2018: |
Derivatives not accounted for as hedging instruments |
Location of Gain or (Loss) on Derivatives |
Realized Gain or (Loss) on Derivatives |
Change in Unrealized Appreciation/ (Depreciation) on Derivatives |
|||||||
Interest rate swaps (interest rate risk) |
Realized/Unrealized Gain/(Loss) from Investments, Interest Rate Swaps and Foreign Currencies | $ | (90,909 | ) | $ | 1,885,833 | ||||
Forward foreign exchange contracts (foreign exchange risk) |
$ | 992,826 | $ | (136,373 | ) | |||||
Total |
$ | 901,917 | $ | 1,749,460 |
Aberdeen Global Income Fund, Inc.
36
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
37
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
38
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
39
Notes to Financial Statements (continued)
October 31, 2018
Aberdeen Global Income Fund, Inc.
40
Notes to Financial Statements (continued)
October 31, 2018
The tax character of distributions paid during the fiscal years ended October 31, 2018 and October 31, 2017 was as follows:
October 31, 2018 | October 31, 2017 | |||||||
Distributions paid from: |
||||||||
Ordinary Income |
$ | 1,414,651 | $ | 1,221,998 | ||||
Tax return of capital |
5,914,171 | 6,107,352 | ||||||
Total tax character of distributions |
$ | 7,328,822 | $ | 7,329,350 |
As of October 31, 2018, the components of accumulated earnings on a tax basis were as follows:
Undistributed ordinary income net |
$ | | ||
Undistributed long-term capital gains net |
| |||
Total undistributed earnings |
$ | | ||
Capital loss carryforward |
(1,312,596 | )* | ||
Other currency gains |
(318,028 | ) | ||
Other temporary differences |
1,812,776 | |||
Unrealized appreciation/(depreciation) securities |
(4,904,673 | )** | ||
Unrealized appreciation/(depreciation) currency |
(2,194,726 | )** | ||
Total accumulated earnings/(losses) net |
$ | (6,917,247 | ) |
* | On October 31, 2018, the Fund had a net capital loss carryforward of $(1,312,596) which will be available to offset like amounts of any future taxable gains. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short term as under previous law. Pre-enactment capital loss carryforwards expire as follows: |
Amounts | Expires | |||
$899,690 |
Unlimited (Short-Term) | |||
412,906 |
Unlimited (Long-Term) |
** | The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the difference between book and tax amortization methods for premiums and discounts on fixed income securities, defaulted bonds, foreign taxes payables, differing treatments for foreign currencies, the tax deferral of wash sales and straddles, the realization for tax purposes of unrealized gains/(losses) on certain foreign currency contracts, and other timing differences. |
GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to cumulative QBU adjustments. These reclassifications have no effect on net assets or NAV per share.
Paid-in Capital |
Distributable Earnings/ (Accumulated Losses) | |
$(20,831) | $20,831 |
Aberdeen Global Income Fund, Inc.
41
Notes to Financial Statements (concluded)
October 31, 2018
Aberdeen Global Income Fund, Inc.
42
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of
Aberdeen Global Income Fund, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Aberdeen Global Income Fund, Inc. (the Fund), including the portfolio of investments, as of October 31, 2018, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian, brokers, or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Aberdeen investment companies since 2009.
Philadelphia, Pennsylvania
December 27, 2018
Aberdeen Global Income Fund, Inc.
43
Federal Tax Information: Dividends and Distributions (unaudited)
The following information is provided with respect to the distributions paid by the Aberdeen Global Income Fund, Inc. during the fiscal year ended October 31, 2018:
Common Shareholders
Payable Date | Foreign Taxes Paid* | Foreign Source Income** | ||||||
11/29/17-1/8/18 |
0.879% | 44.36% | ||||||
1/30/18-10/29/18 |
1.058% | 10.27% |
| Expressed as a percentage of the distributions paid. |
* | The foreign taxes paid represent taxes incurred by the Fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid. |
** | Expressed as a percentage of ordinary distributions paid grossed-up for foreign taxes paid. |
Supplemental Information (unaudited)
Aberdeen Global Income Fund, Inc.
44
Supplemental Information (unaudited) (continued)
Aberdeen Global Income Fund, Inc.
45
Supplemental Information (unaudited) (concluded)
Aberdeen Global Income Fund, Inc.
46
Management of the Fund (unaudited)
The names of the Directors and Officers of the Fund, their addresses, years of birth, and principal occupations during the past five years are provided in the tables below. Directors that are deemed interested persons (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund, the Investment Manager or Investment Adviser are included in the table below under the heading Interested Directors. Directors who are not interested persons, as described above, are referred to in the table below under the heading Independent Directors.
Name, Address and Year of Birth | Position(s) Held With the Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Funds in Fund Complex* Overseen by Director |
Other Directorships Held by Director | |||||
Interested Director |
||||||||||
Martin J. Gilbert** Aberdeen Asset Management PLC 10 Queens Terrace Aberdeen, Scotland AB10 1YG
Year of Birth: 1955 |
Class III Director; Vice President |
Term as Director expires 2019; Director since 2001 | Mr. Gilbert is a founding director and shareholder, and Chief Executive of Aberdeen Asset Management PLC, the holding company of the fund management group that was established in 1983. He was President of the Fund, of Aberdeen Asia-Pacific Income Fund, Inc. and Aberdeen Australia Equity Fund, Inc. from February 2004 to March 2008. He was Chairman of the Board of the Fund and of Aberdeen Global Income Fund, Inc. from 2001 to September 2005. He was a Director of Aberdeen Standard Investments (Asia) Limited (formerly known as Aberdeen Asset Management Asia Limited), the Funds Investment Manager, from 1991 to 2014 and a Director of Aberdeen Standard Investments Australia Limited (formerly known as Aberdeen Asset Management Limited), the Funds Investment Adviser, from 2000 to 2014. He was a Director from 1995 to 2014, and was President from September 2006 to 2014 of Aberdeen Asset Management Inc., the Funds Administrator. Mr. Gilbert also serves as officer and/or director of various Aberdeen group subsidiary companies, Aberdeen-managed investment trusts and funds boards. | 26 | None | |||||
Independent Directors |
||||||||||
P. Gerald Malone c/o Aberdeen Asset Management Inc., 1735 Market St, 32nd Floor Philadelphia, PA 19103
Year of Birth: 1950 |
Chairman of the Board; Class I Director | Term expires 2020; Director since 2005 | Mr. Malone is, by profession, a solicitor of over 40 years standing. As a member of the UK House of Commons, he served as a Minister of State in the United Kingdom Government. Mr. Malone currently serves as an independent director of Bionik Laboratories Corp., a US healthcare company, specializing in stroke rehabilitation using robotic devices. He is Chairman of the Board of Trustees of Aberdeen Funds, Chairman of the Board of Directors of Aberdeen Global Income Fund, Inc., Chairman of the Board of Directors of Aberdeen Asia-Pacific Income Fund, Inc. Chairman of the Board of Directors of Aberdeen Global Dynamic Dividend Fund, Chairman of the Board of Directors of Aberdeen Total Dynamic Dividend Fund, Chairman of the Board of Directors of Aberdeen Global Premier Properties Fund, Chairman of the Board of Directors of Aberdeen Income Credit Strategies Fund and a Director of Aberdeen Australia Equity Fund, Inc. He previously served as Independent Chairman of UK companies, Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September 2017 and as chairman of UK company, Ultrasis plc (healthcare software services company) until October 2014. | 32 | None |
Aberdeen Global Income Fund, Inc.
47
Management of the Fund (unaudited) (continued)
Name, Address and Year of Birth | Position(s) Held With the Fund |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Funds in Fund Complex* Overseen by Director |
Other Directorships Held by Director | |||||
Neville J. Miles 142 Martins Lane Knockrow NSW 2479 Australia
Year of Birth: 1946 |
Class III Director | Term expires 2019; Director since 1999 | Mr. Miles is, and has been for over ten years, Chairman of Ballyshaw Pty. Ltd. (share trading, real estate development and investment). He is Chairman of the Board of Aberdeen Australia Equity Fund, Inc. | 28 | None | |||||
William J. Potter c/o Aberdeen Asset Management Inc., 1735 Market St, 32nd Floor Philadelphia, PA 19103
Year of Birth: 1948 |
Class II Director | Term expires 2021; Director since 1992 | Mr. Potter has been Chairman of Meredith Financial Group (investment management) since 2004, a Director of Alexandria Bancorp (international banking and trustee services) since 1989, and a Director of National Foreign Trade Council (international trade) since 1983. | 3 | None | |||||
Moritz Sell*** c/o Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor Philadelphia, PA 19103
Year of Birth: 1967 |
Class I Director | Term expires 2020; Director since 2018 | Mr. Sell currently serves as a Principal at Edison Holdings GMBH (commercial real estate and venture capital) (since October 2015). In addition Mr. Sell serves as a Senior Advisor for Markston International LLC, an independent investment manager (since January 2014). Mr. Sell was a director and market strategist of Landesbank Berlin AG (banking) and its predecessor, now holding company, Landesbank Berlin Holding AG (formerly named Bankgesellschaft Berlin AG) from 1996 to July 2013. | 3 | Swiss Helvetia Fund (since June 2017) and Putnam High Income Securities Fund since June 2018 | |||||
Peter D. Sacks c/o Aberdeen Asset Management Inc., 1735 Market St, 32nd Floor Philadelphia, PA 19103
Year of Birth: 1945 |
Class II Director | Term expires 2021; Director since 1992 | Mr. Sacks was a Director and Founding Partner of Toron AMI International Asset Management (investment management) from 1988 to 2015. He is currently a Director of Aberdeen Asia-Pacific Income Fund Inc., Aberdeen Global Income Fund Inc., Aberdeen Australia Equity Fund Inc. and Tricon Capital Group Inc. | 28 | None |
* | Aberdeen Australia Equity Fund, Inc., Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc. , the Aberdeen Funds, Aberdeen Investment Funds, Aberdeen Standard Investments ETFs, Aberdeen Japan Equity Fund, Inc., The India Fund, Inc.,. Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund and Aberdeen Income Credit Strategies Fund have the same Investment Manager and Investment Adviser as the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser and may thus be deemed to be part of the same Fund Complex as the Fund. |
** | Mr. Gilbert is deemed to be an interested person because of his affiliation with the funds Investment Manager. Mr. Gilbert serves as a Director of several Funds in the Fund Complex. |
*** | Mr. Sell was appointed to the Board of Directors on December 12, 2018. |
Aberdeen Global Income Fund, Inc.
48
Management of the Fund (unaudited) (continued)
Information Regarding Officers who are not Directors
Name, Address and Year of Birth | Position(s) Held With the Fund |
Term of Office* and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Kenneth Akintewe** Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480
Year of Birth: 1980 |
Vice President | Since 2014 | Currently, Head of Asian Sovereign Debt for Aberdeen Standard Investments (Asia) Limited. Mr. Akintewe joined Aberdeen in 2002.. | |||
Joseph Andolina** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1978 |
Vice President Compliance | Since 2017 | Currently, Vice President, Head of Conduct and Compliance Americas and Deputy Chief Risk Officer for Aberdeen Asset Management Inc. Mr. Andolina joined Aberdeen in 2012. | |||
Nicholas Bishop** Aberdeen Standard Investments Australia Limited Level 6, 201 Kent St Sydney, NSW 2000 Australia
Year of Birth: 1975 |
Vice President | Since 2014 | Currently, Head of Fixed Income in Australia for Aberdeen Standard Investments Australia Limited. Mr. Bishop joined Aberdeen in 2007 following Aberdeens acquisition of Deutsche Asset Management (Australia) Limited.. | |||
Jeffrey Cotton** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1977 |
Chief Compliance Officer; Vice President, Compliance |
Since 2011 | Currently, Director and Vice President and Head of Compliance Americas for Aberdeen Asset Management Inc. and Interim Global Head of Conduct & Compliance for Aberdeen. Mr. Cotton joined Aberdeen in 2010. | |||
Siddharth Dahiya** Aberdeen Asset Managers Limited Bow Bells House, 1 Bread Street London United Kingdom EC4M 9HH
Year of Birth: 1981 |
Vice President | Since 2017 | Currently, Head of Emerging Market Corporate Debt for Aberdeen Asset Managers Limited. Mr. Dahiya joined Aberdeen in 2010. | |||
Sharon Ferrari** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1977 |
Assistant Treasurer | Since 2009 | Currently, Senior Fund Administration Manager US for Aberdeen Asset Management Inc. Ms. Ferrari joined Aberdeen Asset Management Inc. as a Senior Fund Administrator in 2008. | |||
Alan Goodson** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1974 |
Vice President | Since 2009 | Currently, Director, Vice President and Head of Product-Americas, overseeing Product Management, Product Development and Investor Services for Aberdeens registered and unregistered investment companies in the US and Canada. Mr. Goodson is Vice President of Aberdeen Asset Management Inc. and joined Aberdeen in 2000. | |||
Bev Hendry** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1953 |
Vice President | Since 2015 | Currently, Chairman Americas. Mr. Hendry first joined Aberdeen in 1987 and helped establish Aberdeens business in the Americas in Fort Lauderdale. Bev left Aberdeen in 2008 when the company moved to consolidate its headquarters in Philadelphia. Bev re-joined Aberdeen from Hansberger Global Investors in Fort Lauderdale where he worked for six years as Chief operating Officer. | |||
Matthew Keener** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1976 |
Assistant Secretary | Since 2008 | Currently, Senior Product Manager for Aberdeen Asset Management Inc. Mr. Keener joined Aberdeen Asset Management Inc. in 2006 as a Fund Administrator. |
Aberdeen Global Income Fund, Inc.
49
Management of the Fund (unaudited) (continued)
Name, Address and Year of Birth | Position(s) Held With the Fund |
Term of Office* and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Megan Kennedy** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1974 |
Vice President and Secretary | Since 2008 | Currently, Head of Product Management for Aberdeen Asset Management Inc. Ms. Kennedy joined Aberdeen Asset Management Inc. in 2005 as a Senior Fund Administrator. Ms. Kennedy was promoted to Assistant Treasurer Collective Funds/North American Mutual Funds in February 2008 and promoted to Treasurer Collective Funds/North American Mutual Funds in July 2008. | |||
Lin-Jing Leong** Aberdeen Asset Management Asia Limited 21 Church Street #01-01 Capital Square Two Singapore 049480
Year of Birth: 1987 |
Vice President | Since 2017 | Currently, Investment Manager for Aberdeen Asset Management Asia Limited. Ms. Leong joined Aberdeen in 2013 from the Reserve Management Section of the Central Bank of Malaysia. | |||
Steve Logan Aberdeen Asset Managers Limited Bow Bells House, 1 Bread Street London United Kingdom EC4M 9HH
Year of Birth: 1968 |
Vice President | Since 2017 | Currently, Head of Euro High Yield and Global Leverage Loans. Mr. Logan joined Aberdeen in 2014 following the Scottish Widows Investment Partnership (SWIP) Acquisition. Mr. Logan joined SWIP in 2001 as an Investment Director. | |||
Paul Lukaszewski Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480
Year of Birth 1975 |
Vice President | Since March 2018 | Currently, Head of Asian Corporate Debt on the Asian Fixed Income team at Aberdeen Standard Investments and Head of Emerging Market Credit Research. Mr. Lukaszewski joined Aberdeen Asset Management via the acquisition of SWIP in 2014 where he was a Credit Analyst on the US High Yield team in New York. | |||
Adam McCabe** Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480
Year of Birth: 1979 |
Vice President | Since 2011 | Currently, Head of Asian Fixed Income for Aberdeen Standard Investments (Asia) Limited. Mr. McCabe joined Aberdeen in 2009 following the acquisition of certain asset management businesses from Credit Suisse. Mr. McCabe worked for Credit Suisse since 2001, where he was an investment manager responsible for the development and implementation of its Asian currency and interest rate strategies. | |||
Andrea Melia** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1969 |
Treasurer and Principal Accounting Officer | Since 2009 | Currently, Vice President and Head of Fund Operations, Traditional Assets Americas and Vice President for Aberdeen Asset Management Inc. Ms. Melia joined Aberdeen Asset Management Inc. in September 2009.. | |||
Jennifer Nichols** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1978 |
Vice President | Since 2008 | Currently, Head of Legal Americas for Aberdeen Asset Management Inc. Director and Vice President for Aberdeen Asset Management Inc. (since October 2006). | |||
Christian Pittard** Aberdeen Asset Managers Limited Bow Bells House, 1 Bread Street London United Kingdom
Year of Birth: 1973 |
President | Since 2009 | Currently, Global Head of Product Opportunities for Aberdeen Asset Management PLC. Previously, Director and Vice President (2006-2008), Chief Executive Officer (from October 2005 to September 2006) of Aberdeen Asset Management Inc. |
Aberdeen Global Income Fund, Inc.
50
Management of the Fund (unaudited) (concluded)
Name, Address and Year of Birth | Position(s) Held With the Fund |
Term of Office* and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Lucia Sitar** Aberdeen Asset Management Inc. 1735 Market St. 32nd Floor Philadelphia, PA 19103
Year of Birth: 1971 |
Vice President | Since 2008 | Currently, Vice President and Managing U.S. Counsel for Aberdeen Asset Management Inc. Ms. Sitar joined Aberdeen Asset Management Inc. in July 2007 as U.S. Counsel. |
* | Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are generally elected annually at the meeting of the Board of Directors next following the annual meeting of shareholders. The officers were last elected on March 7, 2018. |
** | Messrs. Akintewe, Andolina, Bishop, Cotton, Dahiya, Goodson, Hendry, Keener, Lukaszewski, McCabe and Pittard and Mses. Ferrari, Kennedy, Leong, Melia, Nichols and Sitar hold one or more officer positions with one or more of the following funds: Aberdeen Australia Equity Fund, Inc., Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc. , the Aberdeen Funds, Aberdeen Investment Funds, Aberdeen Japan Equity Fund, Inc., The India Fund, Inc.,. Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Standard Investments ETFs, and Aberdeen Income Credit Strategies Fund have the same Investment Manager and Investment Adviser as the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser and may thus be deemed to be part of the same Fund Complex as the Fund. |
Aberdeen Global Income Fund, Inc.
51
Corporate Information
Aberdeen Standard Investments (Asia) Limited (formerly Aberdeen Asset Management Asia Limited)
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.
Shares of Aberdeen Global Income Fund, Inc. are traded on the NYSE American (formerly, NYSE Market) equities exchange under the symbol FCO. Information about the Funds net asset value and market price is available at www.aberdeenfco.com.
This report, including the financial information herein, is transmitted to the shareholders of Aberdeen Global Income Fund, Inc. for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future returns.
* | As of December 12, 2018 |
FCO-ANNUAL
Item 2 Code of Ethics.
(a) | As of October 31, 2018, the Registrant had adopted a Code of Ethics that applies to the Registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the Code of Ethics). |
(b) | Definitional. |
(c) | There have been no amendments during the period covered by this report, to a provision of the Code of Ethics. |
(d) | During the period covered by this report, there were no waivers to the provisions of the Code of Ethics |
(e) | Not Applicable |
(f) | A copy of the Code of Ethics has been filed as an exhibit to this Form N-CSR |
Item 3 Audit Committee Financial Expert.
The Registrants Board of Directors has determined that Peter D. Sacks, a member of the Board of Directors Audit and Valuation Committee, possesses the attributes, and has acquired such attributes through means, identified in instruction 2 of Item 3 to Form N-CSR to qualify as an audit committee financial expert, and has designated Mr. Sacks as the Audit and Valuation Committees financial expert. Mr. Sacks is considered to be an independent director, as such term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.
Item 4 Principal Accountant Fees and Services.
(a) (d) Below is a table reflecting the fee information requested in Items 4(a) through (d):
Fiscal Year Ended |
(a) Audit Fees |
(b) Audit-Related Fees |
(c)1 Tax Fees |
(d) All Other Fees | ||||
October 31, 2018 | $73,080 | $0 | $7,610 | $0 | ||||
October 31, 2017 | $72,000 | $0 | $7,500 | $0 |
1 | The Tax Fees are for the completion of the Registrants federal and state tax returns. |
(e)(1) | The Registrants Audit and Valuation Committee (the Committee) has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Directors for their ratification, the selection, retention or termination, Registrants independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrants investment adviser or any sub-adviser, and to receive the independent auditors specific representations as to their independence, delineating all relationships between the independent auditor and the Registrant, consistent with the PCAOB Rule 3526 or any other applicable auditing standard. |
PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Registrant and its related entities that in the auditors professional judgment may reasonably be thought to bear on independence; (2) confirm in the letter that, in its professional judgment, it is independent of the Registrant within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditors independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Registrants investment adviser that the Registrant, the investment adviser or their affiliated persons, employ the independent auditor to render permissible non-audit services to the Registrant and to consider whether such services are consistent with the independent auditors independence. The Committee may delegate to one or more of its members (Delegates) authority to pre-approve permissible non-audit services to be provided to the Registrant. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Registrants periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws. |
(e)(2) | None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit and Valuation Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X. |
(f) | Not applicable. |
(g) | Non-Audit Fees |
For the fiscal year ended October 31, 2018 and October 31, 2017, respectively KPMG billed $745,960 and $796,703 for aggregate non-audit fees for services to the Registrant and to the Registrants Investment Manager and Investment Adviser.
(h) | Not applicable |
Item 5 Audit Committee of Listed Registrants.
(a) | The Registrant has a separately-designated standing Audit and Valuation Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). |
For the fiscal year ended October 31, 2018, the Audit and Valuation Committee members were:
P. Gerald Malone
Neville J. Miles
Peter D. Sacks
(b) | Not applicable. |
Item 6 Investments.
(a) | Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7 Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Pursuant to the Registrants Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Investment Manager and Investment Adviser, provided that the Registrants Board of Directors has the opportunity to periodically review the Investment Managers and Investment Advisers proxy voting policies and material amendments thereto.
The proxy voting policies of the Registrant are included herewith as Exhibit (d) and policies of the Investment Manager and Investment Adviser are included as Exhibit (e).
Item 8 Portfolio Managers of Closed-End Management Investment Companies.
(a)(1) | The information in the table below is as of January 4, 2019. |
Individual & Position |
Services Rendered |
Past Business Experience | ||
Kenneth Akintewe Head of Asian Sovereign Debt |
Responsible for Asian fixed income (interest rates and currencies) research and portfolio management | Currently, Head of Asian Sovereign Debt for Aberdeen Asset Management Asia Limited. Mr. Akintewe joined Aberdeen in 2002. | ||
Lin-Jing Leong Investment Manager |
Responsible for Asian fixed income | Currently, Investment Manager on the Asian local rates and currency team. She joined Aberdeen in 2013 from the Reserve Management Section of the Central Bank of Malaysia where she specialized in the Asian local currency bond market. | ||
Steven Logan Head of Euro High Yield & Global Leverage Loans |
Responsible for Euro High Yield and Global Leverage Loans | Currently, Head of Euro High Yield and Global Leverage Loans. Mr. Logan joined Aberdeen Asset Management in April 2014. From 2001-2014 Mr. Logan was an Investment Director (2001-2006) and Head of European High Yield (2006-2014) with Scottish Widows Investment Partnership |
Nick Bishop Head of Australia Fixed Income |
Oversees management of the Australian Fixed Income team | Currently, Head of Fixed Income in Australia for Aberdeen Asset Management Limited. Mr. Bishop joined Aberdeen in 2007 following Aberdeens acquisition of Deutsche Asset Management (Australia) Limited. | ||
Adam McCabe Head of Asian Fixed Income |
Responsible for Asian fixed income | Currently Head of Asian Fixed Income, responsible for currency and interest rate strategies in Aberdeens Asian fixed income portfolios. He joined Aberdeen in 2009 following the acquisition of the CSAM business. He worked for CSAM since 2001, where he was an investment manager responsible for the development and implementation of its Asian currency and interest rate strategies. |
(a)(2) | The information in the table below is as of October 31, 2018. |
Name of Portfolio Manager |
Type of Accounts |
Total Number of Accounts Managed |
Total Assets ($M) | Number
of Accounts Managed for Which Advisory Fee is Based on Performance |
Total Assets
for Which Advisory Fee is Based on Performance ($M) |
|||||||||||||
Kenneth Akintewe |
Registered Investment Companies | 4 | $ | 1,287.24 | 0 | $ | 0 | |||||||||||
Pooled Investment Vehicles | 9 | $ | 827.74 | 0 | $ | 0 | ||||||||||||
Other Accounts | 2 | $ | 71.29 | 0 | $ | 0 | ||||||||||||
Lin-Jing Leong |
Registered Investment Companies | 4 | $ | 1,287.24 | 0 | $ | 0 | |||||||||||
Pooled Investment Vehicles | 9 | $ | 827.74 | 0 | $ | 0 | ||||||||||||
Other Accounts | 2 | $ | 71.29 | 0 | $ | 0 | ||||||||||||
Steven Logan |
Registered Investment Companies | 2 | $ | 491.32 | 0 | $ | 0 | |||||||||||
Pooled Investment Vehicles | 5 | $ | 2,035.54 | 0 | $ | 0 | ||||||||||||
Other Accounts | 4 | $ | 414.85 | 0 | $ | 0 | ||||||||||||
Nick Bishop |
Registered Investment Companies | 4 | $ | 1,287.24 | 0 | $ | 0 | |||||||||||
Pooled Investment Vehicles | 16 | $ | 1,259.13 | 0 | $ | 0 | ||||||||||||
Other Accounts | 19 | $ | 2,619.90 | 0 | $ | 0 |
Adam McCabe |
Registered Investment Companies | 4 | $ | 1,287.24 | 0 | $ | 0 | |||||||||||
Pooled Investment Vehicles | 9 | $ | 827.74 | 0 | $ | 0 | ||||||||||||
Other Accounts | 2 | $ | 71.29 | 0 | $ | 0 |
Total assets are as of October 31, 2018 and have been translated .to U.S. dollars at a rate of £1.00 = $1.28.
In accordance with legal requirements in the various jurisdictions in which they operate, and their own Conflicts of Interest policies, all subsidiaries of Aberdeen Asset Management PLC, (together Aberdeen), have in place arrangements to identify and manage Conflicts of Interest that may arise between them and their clients or between their different clients. Where Aberdeen does not consider that these arrangements are sufficient to manage a particular conflict, it will inform the relevant client(s) of the nature of the conflict so that the client(s) may decide how to proceed.
The portfolio managers management of other accounts, may give rise to potential conflicts of interest in connection with their management of a Funds investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, Aberdeen believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, Aberdeen has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.
In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance of the portfolio held by that account. The existence of a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.
Another potential conflict could include instances in which securities considered as investments for the Fund also may be appropriate for other investment accounts managed by Aberdeen or its affiliates. Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously, Aberdeen may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to a fund from time to time, it is the opinion of Aberdeen that the benefits from the Aberdeen organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. Aberdeen has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.
With respect to non-discretionary model delivery accounts, the Adviser will deliver model changes subsequent to commencing trading on behalf of discretionary accounts. Model changes are typically delivered on a security by security basis. The timing of such delivery is determined by the Adviser
and will depend on the anticipated market impact of trading. Market impact includes, but is not limited to, factors such as liquidity and price impact. When minimal market impact is anticipated, the Adviser typically delivers security level model changes after such time when approximately two-thirds of the full discretionary order has been executed. Although the Adviser anticipates delivering model changes of such securities after approximately two-thirds of the discretionary order has been executed, the Adviser may deliver model changes prior to or substantially after two-thirds have been executed depending on prevailing market conditions and trader discretion. With respect to securities for which the Adviser anticipates a more significant market impact, the Adviser intends to withhold model deliver changes until such time when the entire discretionary order has been fully executed. Anticipated market impact on any given security is determined at the sole discretion of the Adviser based on prior market experience and current market conditions. Actual market impact may vary significantly from anticipated market impact. Notwithstanding the aforementioned, the Adviser may provide order instructions simultaneously or prior to completion of trading for other accounts if the trade represents a relatively small proportion of the average daily trading volume of the particular security or other instrument.
The Adviser does not trade for non-discretionary model delivery clients. Because model changes may be delivered to non-discretionary model clients prior to the completion of the Advisers discretionary account trading, The Adviser may compete against these clients in the market when attempting to execute its orders for its discretionary accounts. As a result, discretionary clients may experience negative price and liquidity impact due to multiple market participants attempting to trade in a similar direction on the same security.
Timing delays or other operational factors associated with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative to other client accounts. This may create performance dispersions within accounts with the same or similar investment mandate.
Investment decisions for strategies that have model delivery clients may cause a fund to compete against such model delivery clients that hold and trade in a same security as a fund.
(a)(3) |
|
Aberdeens remuneration policies are designed to support its business strategy as a leading international asset manager. The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeens clients and shareholders. Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.
Aberdeens policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme. The aggregate value of awards in any year is dependent on the Aberdeen groups overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards, which are payable to all members of staff, are determined by a rigorous assessment of achievement against defined objectives.
A long-term incentive plan for key staff and senior employees comprises of a mixture of cash and deferred shares in Aberdeen PLC, or after August 2017, Standard Life Aberdeen plc, or select Aberdeen funds (where applicable). Overall compensation packages are designed to be competitive relative to the investment management industry.
Base Salary
Aberdeens policy is to pay a fair salary commensurate with the individuals role, responsibilities and experience, and having regard to the market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.
Annual Bonus
The Remuneration Committee of Aberdeen determines the key performance indicators that will be applied in considering the overall size of the bonus pool. In line with practice amongst other asset management companies, individual bonuses are not subject to an absolute cap. However, the aggregate size of the bonus pool is dependent on the Aberdeen groups overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.
Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives interests with Aberdeens sustained performance and, in respect of the deferral into funds, managed by Aberdeen, to align the interest of asset managers with our clients.
Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.
In the calculation of a portfolio management teams bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations. To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year January to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio managers discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.
Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process. A combination of the teams and individuals performance is considered and evaluated.
Although performance is not a substantial portion of a portfolio managers compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside ones control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and hot themes. Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment. Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeens dynamic compliance monitoring system.
(a)(4) |
|
Individual |
Dollar Range of Equity Securities in the Registrant Beneficially Owned by the Portfolio Manager as of October 31, 2018 |
|||
Kenneth Akintewe | $ | 0 | ||
Lin-Jing Leong | $ | 0 | ||
Steven Logan | $ | 0 | ||
Nick Bishop | $ | 0 | ||
Adam McCabe | $ | 0 |
(b) | Not applicable. |
Item 9 Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
REGISTRANT PURCHASES OF EQUITY SECURITIES
Period |
(a) Total Number of Shares Purchased |
(b) Average Price Paid per Share |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1 |
(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs 1 |
||||||||||||
November 1, 2017 through November 30, 2017 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
December 1, 2017 through December 31, 2017 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
January 1, 2018 through January 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
February 1, 2018 through February 28, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
March 1, 2018 through March 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
April 1, 2018 through April 30, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
May 1, 2018 through May 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
June 1, 2018 through June 30, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
July 1, 2018 through July 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 |
August 1, 2018 through August 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
September 1, 2018 through September 30, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
October 1, 2018 through October 31, 2018 | 0 | $ | 0.00 | 0 | 872,479 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
0 | $ | 0.00 | 0 | |
1 | The Registrants stock repurchase program was announced on March 19, 2001 and further amended by the Registrants Board of Directors on December 12, 2007. Under the terms of the current program, the Registrant is permitted to repurchase up to 10% of its outstanding shares of common stock, par value $.001 per share, on the open market during any 12 month period. |
Item 10 Submission of Matters to a Vote of Security Holders.
During the period ended October 31, 2018, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Directors.
Item 11 Controls and Procedures.
(a) | The Registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
(b) | There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrants last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Item 12 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13 - Exhibits.
(a)(1) | Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable |
(b) | Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended. |
(c) | A copy of the Registrants notices to stockholders, which accompanied distributions paid, pursuant to the Registrants Managed Distribution Policy since the Registrants last filed N-CSR, are filed herewith as Exhibits (c)(1), (c)(2), (c)(3), (c)(4), and (c)(5) as required by the terms of the Registrants SEC exemptive order. |
(d) | Proxy Voting Policy of Registrant. |
(e) | Investment Managers and Investment Advisers Proxy Voting Policies |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Aberdeen Global Income Fund, Inc. | ||||
By: | /s/ Christian Pittard | |||
Christian Pittard, Principal Executive Officer of Aberdeen Global Income Fund, Inc. | ||||
Date: January 7, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Christian Pittard | |||
Christian Pittard, Principal Executive Officer of Aberdeen Global Income Fund, Inc. | ||||
Date: January 7, 2019 |
By: | /s/Andrea Melia | |||
Andrea Melia, Principal Financial Officer of Aberdeen Global Income Fund, Inc. | ||||
Date: January 7, 2019 |
EXHIBIT LIST
13(a)(1) Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR.
13(a)(2) Rule 30a-2(a) Certifications
13(b) Rule 30a-2(b) Certifications
13(c)(1), 13(c)(2), 13(c)(3), 13(c)(4), and 13(c)(5) Distribution notice to stockholders
13(d) Registrants Proxy Voting Policies
13(e) Investment Managers and Investment Advisers Proxy Voting Policies