UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
| 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 | |
| Registrant’s telephone number, including area code: | 1-800-522-5465 | |
| Date of fiscal year end: | October 31 | |
| Date of reporting period: | July 31, 2016 | |
Item 1 – Schedule of Investments – The Schedule of Investments for the three-month period ended July 31, 2016 is filed herewith.
Portfolio of Investments (unaudited)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||||
| CORPORATE BONDS - 22.0% | ||||||||||
| ARGENTINA - 0.2% | ||||||||||
| USD | 150 | Cablevision SA, 6.50%, 06/15/2019(a)(b) | $ | 154,500 | ||||||
|
|
|
|||||||||
| AUSTRALIA - 3.3% | ||||||||||
| AUD | 3,000 | Landwirtschaftliche Rentenbank, 6.25%, 04/13/2018(c) | 2,443,149 | |||||||
| AUD | 500 | National Capital Trust III, 2.91%, 09/30/2016(a)(d)(e) | 379,238 | |||||||
|
|
|
|||||||||
| 2,822,387 | ||||||||||
|
|
|
|||||||||
| BANGLADESH - 0.2% | ||||||||||
| USD | 200 | Banglalink Digital Communications Ltd., 8.63%, 05/06/2017(a)(b) | 213,080 | |||||||
|
|
|
|||||||||
| BARBADOS - 0.3% | ||||||||||
| USD | 210 | Sagicor Finance 2015 Ltd., 8.88%, 08/11/2019(a)(b) | 234,675 | |||||||
|
|
|
|||||||||
| BERMUDA - 0.3% | ||||||||||
| USD | 216 | Tengizchevroil Finance Co. International Ltd., 4.00%, 08/15/2026(b) | 215,239 | |||||||
|
|
|
|||||||||
| BRAZIL - 2.3% | ||||||||||
| USD | 206 | Caixa Economica Federal, 4.25%, 05/13/2019(b) | 206,000 | |||||||
| USD | 320 | Marfrig Overseas Ltd., 9.50%, 08/29/2016(a)(b) | 329,600 | |||||||
| USD | 420 | OAS Financial Ltd., 8.88%, 04/25/2018(a)(b)(d)(f)(g) | 4,200 | |||||||
| USD | 640 | Petrobras Global Finance BV, 8.38%, 05/23/2021 | 676,640 | |||||||
| USD | 490 | Petrobras International Finance Co., 5.38%, 01/27/2021 | 464,887 | |||||||
| USD | 152 | QGOG Atlantic, 5.25%, 11/30/2016(a)(b) | 122,790 | |||||||
| USD | 111 | Vale Overseas Ltd., 4.38%, 01/11/2022 | 107,809 | |||||||
|
|
|
|||||||||
| 1,911,926 | ||||||||||
|
|
|
|||||||||
| CHINA - 0.6% | ||||||||||
| USD | 210 | Future Land Development Holdings Ltd., 10.25%, 07/21/2017(a)(b) | 232,581 | |||||||
| USD | 210 | Shimao Property Holdings Ltd., 8.38%, 02/10/2019(a)(b) | 240,005 | |||||||
|
|
|
|||||||||
| 472,586 | ||||||||||
|
|
|
|||||||||
| GEORGIA - 1.1% | ||||||||||
| USD | 200 | BGEO Group JSC, 6.00%, 07/26/2023(b) | 201,300 | |||||||
| USD | 250 | Georgian Oil and Gas Corp., 6.75%, 04/26/2021(b) | 260,050 | |||||||
| USD | 400 | Georgian Railway JSC, 7.75%, 07/11/2022(b) | 444,000 | |||||||
|
|
|
|||||||||
| 905,350 | ||||||||||
|
|
|
|||||||||
| GUATEMALA - 0.6% | ||||||||||
| USD | 200 | Comunicaciones Celulares SA, 6.88%, 02/06/2019(a)(b) | 208,000 | |||||||
| USD | 300 | Industrial Subordinated Trust, 8.25%, 07/27/2021(b) | 314,625 | |||||||
|
|
|
|||||||||
| 522,625 | ||||||||||
|
|
|
|||||||||
| INDIA - 0.2% | ||||||||||
| USD | 210 | ICICI Bank Ltd., 6.38%, 04/30/2017(a)(b)(e) | 213,579 | |||||||
|
|
|
|||||||||
| INDONESIA - 1.1% | ||||||||||
| USD | 370 | Pertamina Persero PT, 4.30%, 05/20/2023(b) | 380,407 | |||||||
| USD | 560 | Pertamina Persero PT, 5.63%, 05/20/2043(b) | 579,016 | |||||||
|
|
|
|||||||||
| 959,423 | ||||||||||
|
|
|
|||||||||
| KAZAKHSTAN - 0.8% | ||||||||||
| USD | 200 | KazMunayGas National Co. JSC, 7.00%, 05/05/2020(b) | 218,000 | |||||||
| USD | 510 | Zhaikmunai LP Via Zhaikmunai International BV, 7.13%, 11/13/2016(a)(b) | 447,525 | |||||||
|
|
|
|||||||||
| 665,525 | ||||||||||
|
|
|
|||||||||
| MEXICO - 2.9% | ||||||||||
| USD | 250 | Alfa SAB de CV, 6.88%, 09/25/2043(a)(b) | 274,650 | |||||||
| USD | 200 | Cemex SAB de CV, 7.75%, 04/16/2021(a)(b) | 222,000 | |||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||||
| CORPORATE BONDS (continued) | ||||||||||
| MEXICO (continued) | ||||||||||
| USD | 210 | Credito Real SAB de CV SOFOM ER, 7.25%, 07/20/2020(a)(b) | $ | 206,283 | ||||||
| USD | 280 | Pemex Project Funding Master Trust, 6.63%, 06/15/2035 | 289,506 | |||||||
| USD | 390 | Petroleos Mexicanos, 6.50%, 06/02/2041 | 390,585 | |||||||
| USD | 130 | Petroleos Mexicanos, 6.63%, 06/15/2038 | 133,575 | |||||||
| USD | 159 | Petroleos Mexicanos, 6.88%, 08/04/2026(b) | 178,477 | |||||||
| USD | 200 | Sixsigma Networks Mexico SA de CV, 8.25%, 11/07/2017(a)(b) | 200,000 | |||||||
| USD | 270 | Tenedora Nemak SA de CV, 5.50%, 02/28/2018(a)(b) | 280,125 | |||||||
| USD | 240 | Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 07/22/2017(a)(b) | 241,200 | |||||||
|
|
|
|||||||||
| 2,416,401 | ||||||||||
|
|
|
|||||||||
| NETHERLANDS - 0.5% | ||||||||||
| USD | 400 | AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It, 7.95%, 05/11/2021(a)(b) | 420,000 | |||||||
|
|
|
|||||||||
| NEW ZEALAND - 0.9% | ||||||||||
| NZD | 1,000 | General Electric Co., 6.75%, 09/26/2016 | 725,992 | |||||||
|
|
|
|||||||||
| NIGERIA - 0.3% | ||||||||||
| USD | 270 | GTB Finance BV, 6.00%, 11/08/2018(b) | 264,627 | |||||||
|
|
|
|||||||||
| PARAGUAY - 0.3% | ||||||||||
| USD | 250 | Banco Regional SAECA, 8.13%, 01/24/2019(b) | 265,625 | |||||||
|
|
|
|||||||||
| PERU - 0.2% | ||||||||||
| USD | 160 | Union Andina de Cementos SAA, 5.88%, 10/30/2018(a)(b) | 166,800 | |||||||
|
|
|
|||||||||
| RUSSIA - 1.8% | ||||||||||
| USD | 100 | EDC Finance Ltd., 4.88%, 04/17/2020(b) | 101,000 | |||||||
| USD | 220 | Evraz Group SA, 6.50%, 04/22/2020(b) | 223,432 | |||||||
| USD | 310 | Gazprom Neft OAO Via GPN Capital SA, 4.38%, 09/19/2022(b) | 299,212 | |||||||
| USD | 300 | Lukoil International Finance BV, 4.56%, 04/24/2023(b) | 303,750 | |||||||
| USD | 260 | Sberbank of Russia Via SB Capital SA, 6.13%, 02/07/2022(b) | 283,374 | |||||||
| USD | 270 | Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(b) | 298,010 | |||||||
|
|
|
|||||||||
| 1,508,778 | ||||||||||
|
|
|
|||||||||
| SOUTH AFRICA - 0.5% | ||||||||||
| USD | 400 | Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(b) | 408,064 | |||||||
|
|
|
|||||||||
| SUPRANATIONAL - 2.4% | ||||||||||
| AUD | 2,000 | International Bank for Reconstruction & Development, 5.75%, 10/21/2019 | 1,698,405 | |||||||
| INR | 23,400 | International Bank for Reconstruction & Development, 6.38%, 08/07/2018 | 348,982 | |||||||
|
|
|
|||||||||
| 2,047,387 | ||||||||||
|
|
|
|||||||||
| TURKEY - 0.5% | ||||||||||
| USD | 200 | Arcelik, 5.00%, 04/03/2023(b) | 194,500 | |||||||
| USD | 250 | Yasar Holdings AS, 8.88%, 11/06/2017(a)(b) | 254,572 | |||||||
|
|
|
|||||||||
| 449,072 | ||||||||||
|
|
|
|||||||||
| UNITED ARAB EMIRATES - 0.6% | ||||||||||
| USD | 480 | Jafz Sukuk Ltd., 7.00%, 06/19/2019(b) | 534,557 | |||||||
|
|
|
|||||||||
| VENEZUELA - 0.1% | ||||||||||
| USD | 160 | Petroleos de Venezuela SA, 8.50%, 11/02/2017(b) | 124,560 | |||||||
|
|
|
|||||||||
| Total Corporate Bonds - 22.0% (cost $18,416,008) |
18,622,758 | |||||||||
|
|
|
|||||||||
| GOVERNMENT BONDS - 108.0% | ||||||||||
| ARGENTINA - 2.6% | ||||||||||
| USD | 1,110 | Argentina Bonar Bonds, 7.00%, 04/17/2017 | 1,132,970 | |||||||
| USD | 323 | Argentine Republic Government International Bond, 7.13%, 07/06/2036(b) | 328,168 | |||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) | ||||||||||
| ARGENTINA (continued) | ||||||||||
| USD | 645 | Argentine Republic Government International Bond, 7.50%, 04/22/2026(b) | $ | 700,470 | ||||||
|
|
|
|||||||||
| 2,161,608 | ||||||||||
|
|
|
|||||||||
| ARMENIA - 0.5% | ||||||||||
| USD | 400 | Republic of Armenia, 144A, 6.00%, 09/30/2020(b) | 409,000 | |||||||
|
|
|
|||||||||
| AUSTRALIA - 22.2% | ||||||||||
| AUD | 800 | Australia Government Bond, 3.25%, 04/21/2029(b) | 687,901 | |||||||
| AUD | 8,800 | Australia Government Bond, 3.75%, 04/21/2037(b) | 8,139,838 | |||||||
| AUD | 1,600 | Australia Government Bond, 4.50%, 04/21/2033(b) | 1,601,026 | |||||||
| AUD | 2,300 | Australia Government Bond, 4.75%, 04/21/2027(b) | 2,224,334 | |||||||
| AUD | 1,500 | New South Wales Treasury Corp., 6.00%, 02/01/2018 | 1,213,460 | |||||||
| AUD | 1,500 | Queensland Treasury Corp., 6.00%, 02/21/2018(b) | 1,215,363 | |||||||
| AUD | 1,600 | Queensland Treasury Corp., 6.00%, 06/14/2021(b)(c) | 1,456,830 | |||||||
| AUD | 1,300 | Queensland Treasury Corp., 6.00%, 07/21/2022(b) | 1,208,106 | |||||||
| AUD | 1,115 | Treasury Corp. of Victoria, 6.00%, 06/15/2020 | 984,233 | |||||||
|
|
|
|||||||||
| 18,731,091 | ||||||||||
|
|
|
|||||||||
| AZERBAIJAN - 0.4% | ||||||||||
| USD | 348 | Southern Gas Corridor CJSC, 6.88%, 03/24/2026(b)(c) | 381,408 | |||||||
|
|
|
|||||||||
| BRAZIL - 2.2% | ||||||||||
| BRL | 4,870 | Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2023 | 1,377,196 | |||||||
| USD | 400 | Brazilian Government International Bond, 7.13%, 01/20/2037 | 462,400 | |||||||
|
|
|
|||||||||
| 1,839,596 | ||||||||||
|
|
|
|||||||||
| CANADA - 16.9% | ||||||||||
| CAD | 2,596 | Canadian Government Bond, 1.25%, 09/01/2018 | 2,018,364 | |||||||
| CAD | 2,183 | Canadian Government Bond, 3.50%, 12/01/2045 | 2,393,417 | |||||||
| CAD | 2,571 | Canadian Government Bond, 3.75%, 06/01/2019 | 2,147,833 | |||||||
| CAD | 2,000 | Canadian Government Bond, 8.00%, 06/01/2023 | 2,269,184 | |||||||
| CAD | 2,000 | Canadian Government Bond, 9.00%, 06/01/2025 | 2,579,451 | |||||||
| CAD | 2,000 | Hydro Quebec, 9.63%, 07/15/2022 | 2,244,599 | |||||||
| CAD | 500 | Ontario Electricity Financial Corp., 8.50%, 05/26/2025 | 589,779 | |||||||
|
|
|
|||||||||
| 14,242,627 | ||||||||||
|
|
|
|||||||||
| COLOMBIA - 0.4% | ||||||||||
| USD | 200 | Colombia Government International Bond, 4.50%, 10/28/2025(a) | 213,700 | |||||||
| USD | 120 | Colombia Government International Bond, 7.38%, 09/18/2037 | 154,500 | |||||||
|
|
|
|||||||||
| 368,200 | ||||||||||
|
|
|
|||||||||
| COSTA RICA - 0.3% | ||||||||||
| USD | 250 | Costa Rica Government International Bond, 4.25%, 01/26/2023(b) | 243,125 | |||||||
|
|
|
|||||||||
| CYPRUS - 0.4% | ||||||||||
| USD | 284 | Global Ports Finance PLC, 6.87%, 10/25/2021(a)(b) | 297,845 | |||||||
|
|
|
|||||||||
| DOMINICAN REPUBLIC - 1.1% | ||||||||||
| USD | 210 | Dominican Republic International Bond, 5.88%, 04/18/2024(b) | 222,075 | |||||||
| USD | 100 | Dominican Republic International Bond, 6.88%, 01/29/2026(b) | 112,250 | |||||||
| USD | 530 | Dominican Republic International Bond, 8.63%, 04/20/2027(b) | 637,325 | |||||||
|
|
|
|||||||||
| 971,650 | ||||||||||
|
|
|
|||||||||
| ECUADOR - 0.2% | ||||||||||
| USD | 200 | Ecuador Government International Bond, 10.75%, 03/28/2022(b) | 199,300 | |||||||
|
|
|
|||||||||
| EGYPT - 0.5% | ||||||||||
| USD | 430 | Egypt Government International Bond, 5.88%, 06/11/2025(b) | 399,986 | |||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) | ||||||||||
| ETHIOPIA - 0.6% | ||||||||||
| USD | 500 | Federal Democratic Republic of Ethiopia, 6.63%, 12/11/2024(b) | $ | 474,910 | ||||||
|
|
|
|||||||||
| GHANA - 1.0% | ||||||||||
| USD | 300 | Ghana Government International Bond, 8.13%, 01/18/2026(b) | 259,686 | |||||||
| USD | 250 | Ghana Government International Bond, 8.13%, 01/18/2026(b)(h) | 216,405 | |||||||
| GHS | 1,500 | Ghana Government International Bond, 23.00%, 08/21/2017 | 374,709 | |||||||
|
|
|
|||||||||
| 850,800 | ||||||||||
|
|
|
|||||||||
| HONDURAS - 0.4% | ||||||||||
| USD | 330 | Honduras Government International Bond, 7.50%, 03/15/2024(b)(h) | 372,075 | |||||||
|
|
|
|||||||||
| INDONESIA - 2.5% | ||||||||||
| USD | 850 | Indonesia Government International Bond, 5.88%, 01/15/2024(b) | 994,060 | |||||||
| USD | 200 | Indonesia Government International Bond, 6.75%, 01/15/2044(b) | 270,692 | |||||||
| IDR | 5,600,000 | Indonesia Treasury Bond, 5.25%, 05/15/2018 | 417,831 | |||||||
| IDR | 4,850,000 | Indonesia Treasury Bond, 8.38%, 03/15/2034 | 405,077 | |||||||
|
|
|
|||||||||
| 2,087,660 | ||||||||||
|
|
|
|||||||||
| IRAQ - 0.5% | ||||||||||
| USD | 550 | Iraq International Bond, 5.80%, 09/18/2016(a)(b) | 412,500 | |||||||
|
|
|
|||||||||
| IVORY COAST - 0.6% | ||||||||||
| USD | 495 | Ivory Coast Government International Bond, 5.75%, 12/31/2016(b)(i) | 472,824 | |||||||
|
|
|
|||||||||
| JAMAICA - 0.5% | ||||||||||
| USD | 400 | Jamaica Government International Bond, 7.88%, 07/28/2045 | 453,000 | |||||||
|
|
|
|||||||||
| KAZAKHSTAN - 1.6% | ||||||||||
| USD | 520 | Kazakhstan Government International Bond, 3.88%, 10/14/2024(b) | 526,500 | |||||||
| USD | 820 | Kazakhstan Government International Bond, 4.88%, 10/14/2044(b) | 814,358 | |||||||
|
|
|
|||||||||
| 1,340,858 | ||||||||||
|
|
|
|||||||||
| MEXICO - 1.4% | ||||||||||
| MXN | 3,000 | Mexican Bonos, 7.50%, 06/03/2027 | 178,275 | |||||||
| MXN | 6,150 | Mexican Bonos, 7.75%, 11/13/2042 | 383,540 | |||||||
| USD | 350 | Mexico Government International Bond, 6.05%, 01/11/2040 | 441,875 | |||||||
| MXN | 4,000 | Petroleos Mexicanos, 7.19%, 09/12/2024(b) | 194,180 | |||||||
|
|
|
|||||||||
| 1,197,870 | ||||||||||
|
|
|
|||||||||
| MONGOLIA - 0.7% | ||||||||||
| USD | 680 | Mongolia Government International Bond, 5.13%, 12/05/2022(b) | 613,994 | |||||||
|
|
|
|||||||||
| NETHERLANDS - 0.2% | ||||||||||
| USD | 200 | GTH Finance BV, 7.25%, 01/26/2023(a)(b) | 210,000 | |||||||
|
|
|
|||||||||
| NEW ZEALAND - 19.4% | ||||||||||
| NZD | 3,100 | New Zealand Government Bond, 3.00%, 04/15/2020(b) | 2,329,112 | |||||||
| NZD | 1,700 | New Zealand Government Bond, 4.50%, 04/15/2027(b) | 1,494,359 | |||||||
| NZD | 7,900 | New Zealand Government Bond, 5.50%, 04/15/2023(b) | 6,967,809 | |||||||
| NZD | 6,555 | New Zealand Government Bond, 6.00%, 05/15/2021(b) | 5,621,981 | |||||||
|
|
|
|||||||||
| 16,413,261 | ||||||||||
|
|
|
|||||||||
| PARAGUAY - 0.3% | ||||||||||
| USD | 200 | Paraguay Government International Bond, 5.00%, 04/15/2026(b) | 214,000 | |||||||
|
|
|
|||||||||
| PERU - 0.6% | ||||||||||
| PEN | 1,450 | Peruvian Government International Bond, 6.90%, 08/12/2037(b) | 467,093 | |||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) | ||||||||||
| PHILIPPINES - 0.1% | ||||||||||
| USD | 40 | Philippine Government International Bond, 8.38%, 06/17/2019 | $ | 47,851 | ||||||
|
|
|
|||||||||
| ROMANIA - 1.7% | ||||||||||
| USD | 1,090 | Romanian Government International Bond, 6.13%, 01/22/2044(b) | 1,402,067 | |||||||
|
|
|
|||||||||
| RUSSIA - 3.0% | ||||||||||
| RUB | 137,560 | Russian Federal Bond - OFZ, 7.05%, 01/19/2028 | 1,895,697 | |||||||
| USD | 200 | Russian Foreign Bond - Eurobond, 4.88%, 09/16/2023(b) | 216,588 | |||||||
| USD | 370 | Vnesheconombank Via VEB Finance PLC, 6.90%, 07/09/2020(b) | 396,122 | |||||||
|
|
|
|||||||||
| 2,508,407 | ||||||||||
|
|
|
|||||||||
| RWANDA - 0.6% | ||||||||||
| USD | 350 | Rwanda International Government Bond, 6.63%, 05/02/2023(b) | 345,142 | |||||||
| USD | 200 | Rwanda International Government Bond, 144A, 6.63%, 05/02/2023(b) | 197,224 | |||||||
|
|
|
|||||||||
| 542,366 | ||||||||||
|
|
|
|||||||||
| SENEGAL - 0.4% | ||||||||||
| USD | 330 | Senegal Government International Bond, 8.75%, 05/13/2021(b) | 363,891 | |||||||
|
|
|
|||||||||
| SOUTH AFRICA - 1.4% | ||||||||||
| USD | 280 | Eskom Holdings Ltd., 5.75%, 01/26/2021(b) | 277,956 | |||||||
| USD | 400 | South Africa Government International Bond, 4.88%, 04/14/2026 | 422,400 | |||||||
| USD | 100 | South Africa Government International Bond, 6.25%, 03/08/2041 | 119,558 | |||||||
| ZAR | 4,730 | South Africa Government International Bond, 10.50%, 12/21/2026 | 383,511 | |||||||
|
|
|
|||||||||
| 1,203,425 | ||||||||||
|
|
|
|||||||||
| TANZANIA - 0.2% | ||||||||||
| USD | 178 | Tanzania Government International Bond, 6.89%, 03/09/2020(b)(e)(h)(j) | 182,223 | |||||||
|
|
|
|||||||||
| TURKEY - 1.1% | ||||||||||
| USD | 200 | Turkey Government International Bond, 5.63%, 03/30/2021 | 212,650 | |||||||
| USD | 520 | Turkey Government International Bond, 6.25%, 09/26/2022 | 570,600 | |||||||
| TRY | 620 | Turkey Government International Bond, 8.00%, 03/12/2025 | 188,753 | |||||||
|
|
|
|||||||||
| 972,003 | ||||||||||
|
|
|
|||||||||
| UKRAINE - 1.4% | ||||||||||
| USD | 810 | Ukraine Government International Bond, 7.75%, 09/01/2023(b) | 788,900 | |||||||
| USD | 430 | Ukraine Government International Bond, 7.75%, 09/01/2024(b) | 417,186 | |||||||
|
|
|
|||||||||
| 1,206,086 | ||||||||||
|
|
|
|||||||||
| UNITED KINGDOM - 19.3% | ||||||||||
| GBP | 2,394 | United Kingdom Gilt, 1.50%, 07/22/2026(b) | 3,377,443 | |||||||
| GBP | 2,670 | United Kingdom Gilt, 4.00%, 03/07/2022(b) | 4,258,450 | |||||||
| GBP | 890 | United Kingdom Gilt, 4.25%, 03/07/2036(b) | 1,751,708 | |||||||
| GBP | 789 | United Kingdom Gilt, 4.75%, 12/07/2030(b) | 1,554,067 | |||||||
| GBP | 737 | United Kingdom Treasury Gilt, 4.25%, 09/07/2039(b) | 1,493,490 | |||||||
| GBP | 1,674 | United Kingdom Treasury Gilt, 4.25%, 12/07/2049(b) | 3,822,382 | |||||||
|
|
|
|||||||||
| 16,257,540 | ||||||||||
|
|
|
|||||||||
| URUGUAY - 0.6% | ||||||||||
| USD | 50 | Uruguay Government International Bond, 4.38%, 10/27/2027(h) | 53,063 | |||||||
| USD | 146 | Uruguay Government International Bond, 7.63%, 03/21/2036 | 202,283 | |||||||
| USD | 165 | Uruguay Government International Bond, 7.88%, 01/15/2033 | 230,587 | |||||||
|
|
|
|||||||||
| 485,933 | ||||||||||
|
|
|
|||||||||
| ZAMBIA - 0.2% | ||||||||||
| USD | 200 | Zambia Government International Bond, 8.97%, 07/30/2027(b) | 175,500 | |||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of July 31, 2016
| Principal Amount |
Description |
Value (US$) |
||||||
| GOVERNMENT BONDS (continued) | ||||||||
| Total Government Bonds - 108.0% (cost $85,194,474) |
$ | 91,173,573 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT (1.0%) | ||||||||
| UNITED STATES (1.0%) | ||||||||
| State Street Institutional U.S. Government Money Market Fund(k) | 794,623 | 794,623 | ||||||
|
|
|
|||||||
| Total Short-Term Investment - 1.0% (cost $794,623) |
794,623 | |||||||
|
|
|
|||||||
| Total Investments - 131.0% (cost $104,405,105) |
110,590,954 | |||||||
|
|
|
|||||||
| Liabilities in Excess of Other Assets - (31.0)% |
(26,143,901 | ) | ||||||
|
|
|
|||||||
| Net Assets - 100.0% | $ | 84,447,053 | ||||||
|
|
|
| (a) | The maturity date presented for these instruments represents the next call/put date. |
| (b) | Denotes a restricted security. |
| (c) | This security is government guaranteed. |
| (d) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. |
| (e) | Indicates a variable rate security. 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. The interest rate shown reflects the rate in effect at July 31, 2016. |
| (f) | Security is in default. |
| (g) | Illiquid security. |
| (h) | Inflation linked security. |
| (i) | Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond. |
| (j) | Variable or Floating Rate Security. Rate disclosed is as of July 31, 2016. |
| (k) | Registered investment company advised by State Street Global Advisors. |
| AUD | - | Australian Dollar | ||
| BRL | - | Brazilian Real | ||
| CAD | - | Canadian Dollar | ||
| GBP | - | British Pound Sterling | ||
| GHS | - | Ghanaian Cedi | ||
| IDR | - | Indonesian Rupiah | ||
| INR | - | Indian Rupee | ||
| MXN | - | Mexican Peso | ||
| NZD | - | New Zealand Dollar | ||
| PEN | - | Peruvian Sol | ||
| RUB | - | New Russian Ruble | ||
| TRY | - | Turkish Lira | ||
| USD | - | U.S. Dollar | ||
| ZAR | - | South African Rand | ||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (concluded)
As of July 31, 2016
At July 31, 2016, the Fund’s open forward foreign currency exchange contracts were as follows:
| Sale Contracts Settlement Date |
Counterparty |
Amount Purchased |
Amount Sold | Fair Value | Unrealized Depreciation |
|||||||||||||||||
| United States Dollar/Australian Dollar | ||||||||||||||||||||||
| 09/16/2016 |
Citigroup | USD | 3,700,000 | AUD | 5,039,705 | $ | 3,824,516 | $ | (124,516 | ) | ||||||||||||
| United States Dollar/Mexican Peso | ||||||||||||||||||||||
| 10/17/2016 |
JPMorgan Chase | USD | 737,745 | MXN | 14,022,000 | 742,044 | (4,299 | ) | ||||||||||||||
| United States Dollar/New Zealand Dollar | ||||||||||||||||||||||
| 09/09/2016 |
Goldman Sachs | USD | 7,700,000 | NZD | 11,480,799 | 8,276,861 | (576,861 | ) | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| $ | 12,843,421 | $ | (705,676 | ) | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
At July 31, 2016, the Fund’s interest rate swaps were as follows:
| Currency |
Notional Amount |
Expiration Date |
Counterparty |
Receive (Pay) Floating Rate |
Floating Rate Index |
Fixed Rate |
Unrealized Depreciation |
|||||||||||||||||
| Over-the-counter swap agreements: | ||||||||||||||||||||||||
| USD | 16,500,000 | 11/01/2017 | Barclays | Receive | 3-month LIBOR Index | 0.84 | % | $ | (5,423 | ) | ||||||||||||||
| Centrally cleared swap agreements: | ||||||||||||||||||||||||
| USD | 15,000,000 | 11/04/2024 | Citibank | Receive | 3-month LIBOR Index | 2.44 | % | (1,477,508 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||||
| $ | (1,482,931 | ) | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
See Notes to Portfolio of Investments.
Aberdeen Global Income Fund, Inc.
Notes to Portfolio of Investments (unaudited)
July 31, 2016
Summary of Significant Accounting Policies
| a. | Security Valuation: |
The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Fund’s valuation and liquidity procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to contract at the measurement date.
Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider approved by the Fund’s Board of Directors (the “Board”). Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades occur in smaller “odd lot” sizes at lower prices than institutional round lot trades. If there are no current day bids, the security is valued at the previously applied bid. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The State Street Institutional U.S. Government Money Market Fund has an objective to maintain a $1.00 NAV, which is not guaranteed. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.
Derivatives are valued at fair value. Exchange traded derivatives are generally Level 1 investments and over-the-counter derivatives are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9-, and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Interest rate swaps are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).
In the event that a security’s market quotations are not readily available or are deemed unreliable, the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1 measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3 measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
The three-level hierarchy of inputs is summarized below:
Level 1 – quoted prices in active markets for identical investments;
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
Aberdeen Global Income Fund, Inc.
Notes to Portfolio of Investments (unaudited) (concluded)
July 31, 2016
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. |
The following is a summary of the inputs used as of July 31, 2016 in valuing the Fund’s 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:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments, at Value | ||||||||||||||||
| Fixed Income Investments | ||||||||||||||||
| Corporate Bonds |
— | 18,622,758 | — | 18,622,758 | ||||||||||||
| Government Bonds |
— | 91,173,573 | — | 91,173,573 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Investments | — | 109,796,331 | — | 109,796,331 | ||||||||||||
| Short-Term Investment | 794,623 | — | — | 794,623 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments | $ | 794,623 | $ | 109,796,331 | $ | — | $ | 110,590,954 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other Financial Instruments | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | (705,676 | ) | — | (705,676 | ) | ||||||||||
| Interest Rate Swap Agreements |
— | (1,482,931 | ) | — | (1,482,931 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities | $ | — | $ | (2,188,607 | ) | $ | — | $ | (2,188,607 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
For movements between the Levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. During the period ended July 31, 2016, there were no transfers between Levels 1, 2 or 3. For the period ended July 31, 2016, there were no significant changes to the fair valuation methodologies.
| b. | Restricted Securities: |
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the “1933 Act”). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.
| c. | Federal Income Taxes: |
The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2016 were as follows:
| Cost | Appreciation | Depreciation | Net Unrealized Appreciation | |||
| $102,501,627 | $9,125,721 | $(1,036,394) | $8,089,327 |
Aberdeen Global Income Fund, Inc.
Item 2. Controls and Procedures
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (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 Investment Company Act of 1940 (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3. Exhibits
| (a) | Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a - 2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT. |
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: September 28, 2016 | ||||
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: September 28, 2016 | ||||
| BY: | /s/ Andrea Melia | |||
| Andrea Melia, Principal Financial Officer of Aberdeen Global Income Fund, Inc. | ||||
| Date: September 28, 2016 | ||||