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Aberdeen
Global Income
Fund, Inc.
[GRAPHIC OMITTED]
Invests primarily in global fixed-income securities
Quarterly Report
January 31, 2003
Letter to Shareholders
March 14, 2003
Dear Shareholder,
We present this Quarterly Report which covers the activities of Aberdeen Global
Income Fund, Inc. (the "Fund") for the quarter ended January 31, 2003. Included
in this report is a review of the global economy and investment markets,
together with an overview of the Fund's investments prepared by Aberdeen Asset
Managers (C.I.) Limited (the "Investment Manager").
High Credit Quality: 79.7% of Securities Rated or Deemed Equivalent to AA/Aa or
Better
The Fund's high credit quality has been maintained. Over 79.7% of assets are
rated AA/Aa or better, or are considered of equivalent quality by the Investment
Manager. An additional 11.3% is held in A rated securities.
Distributions
Cash distributions to common shareholders for the 12 months ended January 31,
2003 totaled 72 cents per share. Based on the share price of $10.81 on January
31, 2003, the cash distribution rate over the 12 months then ended was 6.7%.
Since all distributions are paid after deducting applicable withholding taxes,
the effective distribution rate may be higher for those U.S. investors who are
able to claim a tax credit.
On March 13, 2003 the Board of Directors declared a monthly distribution of 6
cents per share payable on April 11, 2003 to all shareholders of record as of
March 31, 2003.
The Board's policy is to provide investors with a stable monthly distribution
out of current income, supplemented by realized capital gains and, to the extent
necessary, paid-in capital. This policy is subject to regular review at the
Board's quarterly meetings, unless market conditions require an earlier
evaluation. The next review is scheduled to take place in June 2003.
Net Asset Value Performance: 7.1% Per Annum Return Since Inception
The Fund's total return based on Net Asset Value ("NAV") was 9.7% over the
quarter ended January 31, 2003 and 7.1% per annum since inception, assuming
reinvestment of distributions.
Aberdeen Global Income Fund, Inc. 1
Letter to Shareholders (continued)
Share Price Performance
The Fund's share price rose 15.6% over the quarter, from $9.35 on October 31,
2002 to $10.81 on January 31, 2003. The Fund's share price on January 31, 2003
represented a discount of 4.2% to the NAV per share of $11.28 on that date. This
represents a narrowing of the discount to NAV of 10.6% on October 31, 2002.
Implementation of Global Investment Strategy
In March 1999 the Fund's shareholders approved amendments to the Fund's
principal investment objective, investment policies and investment restrictions
to enable the Fund to invest up to 35% of its total assets in Global Debt
Securities. The term "Global Debt Securities" includes securities of issuers
located in, or securities denominated in the currency of, countries other than
Australia, Canada, New Zealand or the United Kingdom. This strategy was proposed
to be implemented in two phases. The first phase involved the immediate
investment of up to 20% of the Fund's assets in Asian debt markets. On September
3, 2001 the Board of Directors authorized the Investment Manager, in its
discretion, to implement the second phase of the global investment strategy.
This allows the Fund to invest up to 35% of its total assets in Global Debt
Securities, with a view to enhancing yield.
Global Debt Securities: 12.8% of Total Assets Invested in Global Debt Securities
As of January 31, 2003, 12.8% of the Fund's total assets were held in Global
Debt Securities. This included 8% in Asian debt securities. During the quarter
ended January 31, 2003, 1.7% of the Fund's total assets were invested in Eastern
Europe, 2.3% in Latin America and 0.8% in Western Europe. Although these Global
Debt Securities present attractive opportunities, the Fund's ability to increase
its investments in Global Debt Securities remains constrained by the potential
realization of foreign exchange losses.
2 Aberdeen Global Income Fund, Inc.
Letter to Shareholders (concluded)
Determination Not to Proceed with Proposed Rights Offering
On October 8, 2002 the Fund filed a registration statement with the Securities
and Exchange Commission in connection with a proposed transferable rights
offering to common shareholders. On November 19, 2002 the Fund issued a press
release indicating that the Rights Offering Committee of the Board of Directors
had made a determination that market conditions were not then favorable for the
commencement of the offering and that the commencement of the offering should be
delayed until such time as market conditions might provide the Fund with an
opportunity to enhance returns to shareholders. On January 10, 2003 the Fund
announced that it would not proceed with the proposed rights offering, based
upon the determination of the Rights Offering Committee that market conditions
remained unfavorable for the commencement of the rights offering and that
favorable market conditions were not anticipated to develop in the near term.
For information about the Fund, including weekly updates of share price, NAV,
and details of recent distributions, contact Aberdeen Asset Management, Investor
Relations, by:
o calling toll free on 1-800-522-5465 or 1-212-968-8800 in the United
States,
o emailing to InvestorRelations@aberdeen-asset.com, or
o visiting the website at www.aberdeen-asset.us
For information about the Aberdeen group, visit the Aberdeen website at
www.aberdeen-asset.com
Yours sincerely,
/s/ Martin J. Gilbert
Martin J. Gilbert
Chairman
All amounts are U.S. dollars unless otherwise stated.
Aberdeen Global Income Fund, Inc. 3
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Your Board's policy is to provide investors with a stable monthly distribution
out of current income, supplemented by realized capital gains and, to the extent
necessary, paid-in capital.
The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax
accounting rules, the amount 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 at the end of the Fund's fiscal year, October 31. However,
under the U.S. Investment Company Act of 1940, the Fund is required to indicate
the source of each distribution to shareholders.
The Fund estimates that distributions for the fiscal year commencing November 1,
2002, including the distribution paid on March 14, 2003, are comprised of 69%
net investment income and 31% return of paid in capital.
This estimated distribution composition may vary from month to month because it
may be materially impacted by future realized gains and losses on securities and
fluctuations in the value of the currencies in which Fund assets are
denominated.
The amount attributed as a return of capital reflects, in part, the realization
of currency losses in the Fund's Australian bond portfolio as a result of
positioning the Fund's investments more towards global debt securities. Fund
assets are marked to market, therefore the realization of such currency losses
does not impact the Fund's net asset value. However, these losses do offset
distributable income, therefore increasing the return of capital component of
the distribution.
The Investment Manager anticipates further increases in the level of investment
in global fixed income securities, which may result in the realization of
additional currency losses. The Investment Manager believes that the Fund will
benefit from the increased global exposure. Likewise, the Investment Manager
anticipates that the higher yields currently available in certain global
markets, as compared with yields currently available in Commonwealth countries,
may better position the Fund to reduce and potentially eliminate the return of
capital component of the Fund's monthly distributions. There can be no
assurance, however, that the Investment Manager's expectations will be met.
In January 2004, a Form 1099 DIV will be sent to shareholders, which will state
the amount and composition of distributions and provide information with respect
to their appropriate tax treatment.
--------------------------------------------------------------------------------
4 Aberdeen Global Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan
We invite you to participate in the Fund's Dividend Reinvestment and Cash
Purchase Plan ("the Plan") which allows you to automatically reinvest your
distributions in shares of the Fund's common stock at favorable commission
rates. Distributions made under the Plan are taxable to the same extent as are
cash distributions. The Plan also enables you to make additional cash
investments in shares of at least $100 per month. Under this arrangement
EquiServe Trust Company N.A. (the "Plan Agent") will purchase shares for you on
the stock exchange or otherwise on the open market on or about the 15th of each
month, unless shares of the Fund are trading at a premium, in which case the
Fund will issue additional shares. As a participant in the Plan you will have
the convenience of:
Automatic reinvestment -- the Plan Agent will automatically reinvest your
distributions, allowing you to gradually grow your holdings in the Fund;
Lower costs -- shares purchased on your behalf under the Plan will be at reduced
brokerage rates. Brokerage on share purchases is currently 2 cents per share;
Convenience -- the Plan Agent will hold your shares in non-certificated form and
will provide a detailed record of your holdings at the end of each distribution
period.
To request a brochure containing information on the Plan, together with an
authorization form, please contact the Plan Agent, EquiServe Trust Company N.A.,
P.O. Box 43011, Providence, RI 02490-3011 or call toll free on 1-800-426-5523.
Aberdeen Global Income Fund, Inc. 5
Report of the Investment Manager
Share Price Performance
On January 31, 2003 the Fund's share price was $10.81, which represented a
discount of 4.2% to the NAV of $11.28. At the date of this report, the share
price was $10.80 representing a discount of 4.0% to the NAV of $11.25.
A line graph depicting the Net Asset Value vs Share Price. The values are from
February 1992 through January 2003
Jul-92 Jan-93 Jul-93 Jan-94 Jul-94 Jan-95 Jul-95 Jan-96
Aberdeen Global
Income Fund NAV $14.87 $12.62 $13.55 $14.22 $12.03 $11.91 $12.49 $13.12
Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00
Aberdeen Global
Income Fund NAV $13.20 $13.86 $14.08 $13.41 $12.57 $13.37 $12.42 $11.78 $10.99
Jan-01 Jul-01 Jan-02 Jul-02 Jan-03
Aberdeen Global
Income Fund NAV $10.71 $9.77 $9.47 $10.18 $11.28
Jul-92 Jan-93 Jul-93 Jan-94 Jul-94 Jan-95 Jul-95 Jan-96
Aberdeen Global
Income Fund
Share Price $15.13 $12.38 $13.25 $13.00 $11.75 $10.25 $11.13 $11.88
Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00
Aberdeen Global
Income Fund
Share Price $11.50 $11.88 $12.31 $12.38 $10.94 $10.88 $10.75 $9.44 $9.25
Jan-01 Jul-01 Jan-02 Jul-02 Jan-03
Aberdeen Global
Income Fund
Share Price $9.46 $8.81 $8.74 $9.75 $10.81
6 Aberdeen Global Income Fund, Inc.
Report of the Investment Manager (continued)
Distributions
The Investment Manager continues its efforts to reallocate the portfolio toward
higher yielding Global Debt Securities, in addition to fixed income securities
denominated in the Commonwealth Currencies. This may enhance the Fund's net
investment income and ability to realize capital gains. There can, however, be
no assurance that the Investment Manager's expectations will be met.
Auction Market Preferred Stock (AMPS)
The Fund's $30 million of AMPS continued to be well bid at the weekly auctions.
The average interest rate paid was 1.74% over the quarter ended January 31,
2003, compared with 1.28% for 30-day U.S. commercial paper over the same period.
These rates declined over the period as the U.S. Federal Reserve eased interest
rates by 0.5% in early November. The rates paid to preferred shareholders have
decreased further since January 31, 2003 to a level of 1.45% as of the date of
this report.
Over the past year, the impact of AMPS on the Fund has been positive, as the key
currencies of the Fund -- the Australian dollar, British pound, New Zealand
dollar and Canadian dollar -- were all stronger against the U.S. dollar, with
key Asian currencies following a similar trend. With the U.S. Federal Reserve
lowering interest rates by a further 0.5% during the period, the differential
between AMPS funding rates and the yields at which the Fund invests has remained
positive. Overall, the outlook over the medium-term for investment markets and
the portfolio in respect of these factors is considered by the Investment
Manager to be favorable and AMPS are therefore seen as having the potential to
enhance total shareholder returns in the medium term.
On September 16, 2002 the Fund entered into a 2-year interest rate swap
agreement in order to hedge one-third of the Fund's outstanding issue of AMPS.
Under the original terms of the agreement the Fund received a floating rate of
interest (one month USD-LIBOR BBA rate) based on a notional amount of
US$10,000,000 and paid interest at a fixed rate of 2.46%. The fixed rate
interest payment was re-priced to 2.10% on October 1, 2002 and then to 1.7175%
on December 24, 2002.
Aberdeen Global Income Fund, Inc. 7
Portfolio Composition
Geographic Composition
The table below shows the geographic composition of the Fund's total investments
as of January 31, 2003, compared with the previous quarter and twelve months:
TABLE 1: ABERDEEN GLOBAL INCOME FUND, INC.--
GEOGRAPHIC ASSET ALLOCATION
=============================================================================
January 31, 2003 October 31, 2002 January 31, 2002
% % %
-----------------------------------------------------------------------------
Australia 22.4 21.7 23.9
Canada 15.7 17.4 31.8
New Zealand 13.4 12.1 5.0
United Kingdom 34.3 33.1 29.9
United States* 1.4 3.9 3.1
Asia 8.0 7.7 6.3
Western Europe 0.8 1.7 --
Eastern Europe 1.7 1.5 --
Latin America 2.3 0.9 --
-----------------------------------------------------------------------------
Total Portfolio 100.0 100.0 100.0
=============================================================================
* It is a policy of the Investment Manager to maintain a portion of the Fund's
investments in U.S. short-term securities to cover distributions and
expenses.
Geographic Composition
[GRAPH OMITTED]
8 Aberdeen Global Income Fund, Inc.
Portfolio Composition (continued)
Currency Composition
The table below shows the currency composition of the Fund's total investments
as of January 31, 2003, compared with the previous quarter and twelve months:
TABLE 2:ABERDEEN GLOBAL INCOME FUND, INC.--
CURRENCY ALLOCATION
=============================================================================
January 31, 2003 October 31, 2002 January 31, 2002
% % %
-----------------------------------------------------------------------------
Australian Dollar 22.3 21.6 23.9
Canadian Dollar 15.3 17.1 31.5
New Zealand Dollar 14.9 13.4 5.3
British Pound 33.2 32.1 29.9
United States Dollar* 9.9 9.5 3.6
Asian Currencies 4.4 6.3 5.8
Eastern European -- -- --
Latin American -- -- --
Western European -- -- --
-----------------------------------------------------------------------------
Total Portfolio 100.0 100.0 100.0
=============================================================================
* Includes Yankee bond investments.
Maturity Composition
As at January 31, 2003, the average maturity of the Fund's assets was 8.5 years,
compared with 8.7 years on October 31, 2002. The Fund's modified duration was
4.2 years for the quarter ended January 31, 2003, unchanged from October 31,
2002. The table below shows the maturity composition of the Fund's investments
as of January 31, 2003:
TABLE 3:ABERDEEN GLOBAL INCOME FUND, INC.--
MATURITY ANALYSIS
======================================================================================
Less than 1 year 1 to 5 years 5 to 10 years Over 10 years
% % % %
--------------------------------------------------------------------------------------
Australia 20.4 32.3 34.4 12.9
Canada 17.4 22.7 10.6 49.3
New Zealand 7.4 76.9 -- 15.7
United Kingdom 16.2 18.4 18.4 47.0
United States 100.0 -- -- --
Asia 53.4 10.0 33.9 2.7
Eastern Europe -- -- -- 100.0
Latin America -- -- 31.0 69.0
Western Europe -- 100.0 -- --
--------------------------------------------------------------------------------------
Total Portfolio 18.4 29.5 19.2 32.9
======================================================================================
Aberdeen Global Income Fund, Inc. 9
Portfolio Composition (continued)
Sectoral Composition
The table below shows the sectoral composition of the Fund's total investments
as of January 31, 2003:
TABLE 4:ABERDEEN GLOBAL INCOME FUND, INC.--
SECTORAL COMPOSITION
=================================================================================================
Sovereign Provincial/ Utilities/
Gov't. State Supranational Corporate Cash or
Bonds Bonds Bonds Bonds Equivalent
% % % % %
-------------------------------------------------------------------------------------------------
Australia 6.7 9.9 0.9 2.2 2.7
Canada 8.3 4.7 -- 0.5 2.2
New Zealand 2.1 -- 0.4 10.3 0.6
United Kingdom 23.9 -- 2.1 5.6 2.7
United States -- -- -- -- 1.4
Asia 3.4 0.4 0.2 1.2 2.9
Eastern Europe 1.7 -- -- -- --
Latin America 2.2 -- -- -- --
Western Europe -- -- -- 0.8 --
-------------------------------------------------------------------------------------------------
Total Portfolio 48.3 15.0 3.6 20.6 12.5
=================================================================================================
Sectoral Composition as at January 31, 2003
[GRAPH OMITTED]
10 Aberdeen Global Income Fund, Inc.
Portfolio Composition (concluded)
Quality of Investments
As at January 31, 2003, 79.7% of the Fund's assets were invested in securities
where either the issue or the issuer was rated at least "AA" by Standard &
Poor's Corporation or "Aa" by Moody's Investors Service, Inc. or, if unrated,
were judged to be of equivalent quality by the Investment Manager. The table
below shows the asset quality of the Fund's portfolio as of January 31, 2003:
TABLE 5:ABERDEEN GLOBAL INCOME FUND, INC.--
ASSET QUALITY
=============================================================================
AAA/Aaa AA/Aa A BBB/Baa BB/Ba* B*
% % % % % %
-----------------------------------------------------------------------------
Australia 81.7 17.9 0.4 -- -- --
Canada 64.1 19.3 16.6 -- -- --
New Zealand 61.6 4.6 22.6 11.2 -- --
United Kingdom 67.9 21.5 10.6 -- -- --
United States 100.0 -- -- -- -- --
Asia 37.8 -- 26.0 23.4 12.8 --
Eastern Europe -- -- -- 100.0 --
Latin America -- -- -- 65.9 -- 34.1
Western Europe -- -- -- -- -- 100.0
-----------------------------------------------------------------------------
Total Portfolio 64.6 15.1 11.3 4.7 2.7 1.6
=============================================================================
* Below investment grade.
Aberdeen Global Income Fund, Inc. 11
Market Review and Outlook
AUSTRALIA
The Australian economy is currently in its eleventh year of expansion. Recent
economic data indicated that the economy's annual growth rate was 3.7% in the
third quarter of 2002. This result was underpinned by a strong consumer demand,
with retail sales currently around 8% above the level in the third quarter of
2001, and a strong housing sector, with building approvals recently pulling back
from eight year highs.
The Reserve Bank of Australia ("RBA") opted to leave official cash rates
unchanged since June 2002, with its decisions likely to have been influenced by
uncertainty about the strength of the global recovery, the threat of military
action in Iraq and concerns about the outlook for the rural sector domestically.
The RBA indicated in its February 2003 Statement of Monetary Policy that it
retains a 'neutral' bias for monetary policy. The Investment Manager expects
Australian monetary policy to remain on hold in the near future, with the
tightening cycle likely to resume towards the middle of 2003, lowering official
cash rates towards a more 'neutral' 5.25-5.5%. With current official cash rates
remaining quite accommodative, however, the Investment Manager does not foresee
the need for the RBA to ease official cash rates at this stage.
The Australian dollar rose over the quarter, up 5.4% to close at $0.59 on
January 31, 2003.
CANADA
Economic activity slowed in the fourth quarter of 2002, as the gross domestic
product advanced 0.4%. The slower rate of growth in the fourth quarter resulted
from decreased output in manufacturing and agriculture and lower activity levels
in the finance sector. The economy appears to be pulling back to a more
sustainable pace of growth. Ongoing strength in the labor market continues to
underpin growth in the near-term. The Canadian economy created 58,000 jobs in
December, surpassing even the most optimistic forecasts. The December increase
puts total job gains for 2002 at 560,000 -- the fastest pace of job growth since
1987. The Bank of Canada ("BoC") has kept interest rates on hold in recent
months, after announcing 75 basis points of tightening last year. The BoC
recently reported that Canada's economic growth in the second half of 2002 was
lower than previously expected and that the most appropriate course of action
was therefore to maintain a steady policy. However, looking forward the BoC does
expect a strengthening of domestic and foreign
12 Aberdeen Global Income Fund, Inc.
Market Review and Outlook (continued)
demand, with a resumption of above-potential growth to continue in the second
half of 2003. Accordingly, the BoC still maintains that the timely removal of
monetary stimulus will be required to achieve the inflation target over the
medium-term. The Investment Manager continues to factor in rate rises in Canada
in the latter part of this year.
The Canadian dollar rose slightly over the quarter, up 1.6% to close at $0.65.
NEW ZEALAND
After posting growth of 1.7% quarter on quarter in the second quarter of 2002,
the New Zealand economy expanded by a further 1.0% quarter on quarter in the
third quarter. Strong domestic demand was the key factor in the third quarter,
with solid growth in private consumption being reinforced by very strong growth
in residential building activity, the latter largely a function of rapid
migrant-driven population growth. In contrast, net exports were sharply
negative, although this followed a sizeable positive contribution in the second
quarter of 2002. Despite global uncertainty, the confidence of New Zealand's
consumers has remained relatively robust, providing a solid base for retail
spending in the near-term. Consumer confidence remained unchanged in the
December 2002 quarter but the index remains at historically high levels, boosted
by strong employment growth, a decade-low unemployment rate, higher wages and
rising house prices. With the economy still on track to post above-potential
growth this year, and already stretched for resources, the risk remains that the
Reserve Bank of New Zealand may edge rates higher over coming months to slow the
domestic economy. The Investment Manager forecasts that official cash rates will
remain unchanged during 2003 but believes there is a risk of a tightening
towards the middle of the year.
The New Zealand dollar performed strongly over the quarter, rising 10.2% to
close at $0.54.
UNITED KINGDOM
The U.K. economy showed signs of slowing over the three months to January 31,
2003. Consumer demand, which had been a mainstay of the economy through 2002,
started to slow into the end of 2002. Manufacturing, whilst showing some
tentative signs of improvement earlier in 2002, has weakened again through late
2002. Industrial production has fallen for the past five months. Leading indices
for the business sector are also showing renewed weakness. The housing market
remains supported by low interest rates but there are now clear signs that
momentum has slowed dramatically in housing price increases.
Aberdeen Global Income Fund, Inc. 13
Market Review and Outlook (continued)
The widespread expectations of firmer monetary policy have not materialized and
there has been an easing in monetary policy in early 2003. This has been partly
justified by the slowing in domestic activity and the global macro uncertainty.
The Investment Manager does not expect a major decline in activity throughout
the year, but growth closer to 2%, below current consensus and government
expectations. This could produce a further interest rate cut later in the year.
The pound has strengthened over recent months against a weaker US$ but weakened
against the Euro. The pound remains an over-valued currency and the Investment
Manager expects a net depreciation in 2003 on a trade weighted basis.
The pound rose over the quarter, closing at $1.64.
EASTERN EUROPE AND LATIN AMERICA
Emerging Market debt continued its "New Year" rally in January, although at a
slowing pace, with the spread on the Emerging Markets Bond Index tightening from
765 basis points (bps) over U.S. Treasuries to 730 bps over. In terms of global
risk markets, while equity markets are at or near historic lows, fixed income
markets, whether emerging markets, high yield or investment grade, have yet to
react to the depressed global environment. The Investment Manager believes that
part of this is due to the sectors involved, such as Brazilian telecommunication
companies, as they are now recovering following last year's difficulties. For
emerging markets there have been major oil beneficiaries resulting from the
concerns over Iraq. Venezuela came through a two month general strike,
maintaining civil order and increasing oil production and Ecuador is on the
point of signing a new International Monetary Fund ("IMF") agreement. The
purchase in Russia by BP of TNK/Sidanco underlines the new importance of Russian
oil for Western companies keen to increase their reserves, and has led to a
substantial rally across all Russian assets. Argentina continues to recover well
and the cheapness of both the Argentine Peso and Brazilian Real augur well for
export-led recoveries that have turned around the external accounts
dramatically. In Brazil, the risk premiums are slowly relaxing and the 2002
fiscal performance was better than the IMF target, producing a primary surplus
of 4.06%.
14 Aberdeen Global Income Fund, Inc.
Market Review and Outlook (continued)
ASIA
Economies
The period under review proved to be an uncertain period for global economies
against the backdrop of rising geopolitical risks and risk aversion. High levels
of corporate bankruptcy and debt default negatively affected growth in the U.S.,
while the prospect of a U.S.-Iraq war reduced investor confidence.
However, news flow in the Asia-Pacific region was broadly supportive over the
quarter. Economic data showed steady improvement, with the region's fundamentals
looking solid. This, in part, reflected the growing importance of domestic
demand in many countries.
Domestic consumption has helped to offset a slowdown in exports, notably in
South Korea and Thailand where demand for autos and housing was fueled by easier
credit and falling interest rates. Malaysia also witnessed a domestic demand
revival, albeit one buttressed by government spending.
Hong Kong and Singapore experienced worsening business conditions, to varying
degrees. Although Hong Kong managed to pull out of recession in the second
quarter of 2002, investors remain unconvinced over the sustainability of the
turnaround. Despite robust exports, the domestic economy is stuck in a
deflationary cycle and retail sales are weak. Meanwhile, a slowing U.S. economy
hurt Singapore, and its trade-dependent manufacturing base.
Domestic Bond and Currency Markets
In keeping with an uncertain global economic outlook, central banks kept
monetary policy accommodative. The Federal Reserve in the U.S. continued to lead
by example when it cut rates by 0.5% in early November. The aggressive move took
the Federal Funds rate down to 1.25%, a 41-year low.
Continued high levels of liquidity and geopolitical concerns triggered
flight-to-quality moves in the domestic bond market. Consequently, government
bonds rallied, leading to a flattening of the yield curve.
Aberdeen Global Income Fund, Inc. 15
Market Review and Outlook (concluded)
The U.S. dollar remained weak against the backdrop of increased tensions in the
Persian Gulf and concerns regarding the rising U.S. current account and budget
deficits. Asian currencies were generally stronger, save for the Philippine
peso, which underperformed on concerns over its fiscal deficit and the impact of
a U.S.-Iraq war on its economy.
Asian Yankee (US$) Bond Market
Over the quarter ended January 31, 2003 sentiment was generally positive in the
Asian Yankee bond market, supported by upgrades of credit ratings or outlooks on
various sovereigns and corporates. New issues in both investment-grade and
high-yield bonds, dominated by South Korean banks, were well received by the
markets.
The beginning of 2003 saw strong demand, particularly for South Korean and
Malaysian paper, as well as in selective high-yield issues (namely Thai bank
subordinated debt and Indonesian corporates). However, some of the gains were
pared at the end of the three-month period, amid increased security concerns
stemming from North Korea's nuclear weapons program.
16 Aberdeen Global Income Fund, Inc.
Summary of Key Rates
The following table summarizes the movements of key interest rates and
currencies over the last three and twelve month periods.
=============================================================================
January 31, 2003 October 31, 2002 January 31, 2002
-----------------------------------------------------------------------------
Australia
90 day bank bills 4.81% 4.88% 4.31%
10 year bonds 5.17% 5.57% 6.01%
Australian Dollar $ 0.59 $ 0.56 $ 0.51
Canada
90 day bank bills 2.84% 2.72% 1.97%
10 year bonds 5.02% 5.04% 5.44%
Canadian Dollar $ 0.65 $ 0.64 $ 0.63
New Zealand
90 day bank bills 5.84% 5.91% 4.90%
10 year bonds 5.99% 6.32% 6.65%
NZ Dollar $ 0.54 $ 0.49 $ 0.42
United Kingdom
90 day bank bills 3.87% 3.80% 3.92%
10 year bonds 4.28% 4.56% 4.89%
British Pound $ 1.64 $ 1.56 $ 1.41
South Korea
90 day T-bills 4.43% 4.78% 4.37%
10 year bonds 5.19% 5.99% 7.11%
South Korean Won* (W) 1164.00 (W) 1218.50 (W) 1311.50
Thailand
90 day deposits 1.75% 1.75% 2.25%
10 year bonds 3.05% 3.79% 4.76%
Thai Baht* (B) 42.77 (B) 43.28 (B) 44.10
Philippines
90 day T-Bills 5.41% 5.80% 7.90%
10 year bonds 11.95% 12.65% 14.73%
Philippines Peso* (P) 53.83 (P) 53.13 (P) 51.20
Malaysia
90 day T-Bills 2.80% 2.71% 2.77%
10 year bonds 3.53% 3.79% 4.35%
Malaysian Ringgit* (R) 3.80 (R) 3.80 (R) 3.80
Singapore
90 day T-Bills 0.66% 0.95% 0.83%
10 year bonds 2.44% 3.04% 3.91%
Singapore Dollar* (S$) 1.74 (S$) 1.77 (S$) 1.84
US$ Yankee Bonds**
South Korea 4.08% 4.10% 5.86%
Malaysia 4.50% 4.97% 6.54%
Philippines 7.78% 7.71% 8.76%
=============================================================================
* These currencies are quoted Asian currency per U.S. dollar. The Australian,
Canadian and New Zealand dollars and the British pound are quoted U.S.
dollars per currency.
** Sovereign issues.
Aberdeen Asset Managers (C.I.) Limited
March 2003
Aberdeen Global Income Fund, Inc. 17
Portfolio of Investments (unaudited)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
LONG-TERM INVESTMENTS--111.6%
AUSTRALIA--25.2%
Government Bonds--7.4%
A$
Commonwealth of Australia,
2,000 9.50%, 8/15/03 ......................... 1,201,321
500 6.75%, 11/15/06 ........................ 313,914
1,000 10.00%, 10/15/07 ....................... 713,051
2,000 8.75%, 8/15/08 ......................... 1,388,132
2,500 7.50%, 9/15/09 ......................... 1,667,431
1,000 5.75%, 6/15/11 ......................... 610,594
1,000 6.50%, 5/15/13 ......................... 646,179
Federal National Mortgage
Association, Series EMTN,
2,000 6.375%, 8/15/07. ....................... 1,236,747
-----------
Total Australian
government bonds
(cost US$7,678,276) .................... 7,777,369
-----------
Semi-Government Bonds--12.7%
New South Wales--3.5%
New South Wales
Treasury Corporation,
1,500 7.00%, 4/01/04 ......................... 902,415
4,200 7.00%, 12/01/10 ........................ 2,725,478
-----------
3,627,893
-----------
Queensland--3.7%
Queensland Treasury
Corporation,
2,000 8.00%, 5/14/03 (Global) ................ 1,182,834
1,000 8.00%, 9/14/07 (Global) ................ 658,982
2,000 6.00%, 6/14/11 ......................... 1,227,745
1,250 6.00%, 6/14/21 ......................... 771,388
-----------
3,840,949
-----------
Victoria--1.9%
State Electricity
Commission of Victoria,
535 10.50%, 5/27/03 ........................ 318,958
Treasury Corporation
of Victoria,
1,000 9.00%, 6/27/05 ......................... 640,939
1,500 10.25%, 11/15/06 ....................... 1,041,880
-----------
2,001,777
-----------
Western Australia--3.6%
A$
Western Australia
Treasury Corporation,
2,000 8.00%, 10/15/07 ........................ 1,320,139
3,500 8.00%, 6/15/13 ......................... 2,465,856
-----------
3,785,995
-----------
Total Australian
semi-government bonds
(cost US$12,564,874) ................... 13,256,614
-----------
Supranational--2.3%
Eurofima,
3,500 9.875%, 1/17/07 ........................ 2,407,077
-----------
Total Australian dollar
supranational bonds
(cost US$2,084,854) .................... 2,407,077
-----------
Corporate Non-Banks--2.8%
Brisbane Airport
Corporation, Ltd.,
4,000 7.30%, 6/30/10 ......................... 2,545,928
GE Capital Australia,
600 6.75%, 9/15/07 ......................... 366,272
-----------
Total Australian
corporate non-bank bonds
(cost US$2,496,700) .................... 2,912,200
-----------
Total Australian
long-term investments
(cost US$24,824,704) ................... 26,353,260
-----------
18 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
CANADA--16.8%
Government Bonds--10.0%
C$
Canadian Government,
2,500 7.25%, 6/01/07 ......................... 1,824,693
3,000 10.25%, 3/15/14 ........................ 2,801,012
4,000 8.00%, 6/01/23 ......................... 3,413,215
2,000 9.00%, 6/01/25 ......................... 1,888,052
Canada (Cayman),
750 7.25%, 6/01/08 ......................... 544,739
-----------
Total Canadian
government bonds
(cost US$10,665,926) ................... 10,471,711
-----------
Semi-Government Bonds--6.1%
British Columbia--1.6%
Province of British Columbia,
2,000 9.50%, 1/09/12 ......................... 1,702,520
-----------
Ontario--1.1%
Ontario Hydro,
500 8.50%, 5/26/25 ......................... 432,345
Province of Ontario,
1,000 8.75%, 4/22/03 ......................... 660,695
-----------
1,093,040
-----------
Quebec--3.4%
Quebec Hydro,
1,500 7.00%, 6/01/04 ......................... 1,024,184
1,000 2.95%, 1/28/05 (b) ..................... 652,781
2,000 9.625%, 7/15/22 ........................ 1,852,324
-----------
3,529,289
-----------
Total Canadian
semi-government bonds
(cost US$6,387,031) .................... 6,324,849
-----------
Banking and Finance--0.7%
C$
Credit Local de France,
1,000 6.75%, 3/21/06 ......................... 697,814
-----------
Total Canadian banking
and finance bonds
(cost US$713,418) ...................... 697,814
-----------
Total Canadian
long-term investments
(cost US$17,766,375) ................... 17,494,374
-----------
MALAYSIA--0.8%
Government Bonds--0.3%
MYR
Malaysian Government
1,200 3.833%, 9/28/11 ........................ 322,516
-----------
Total Malaysian government
bonds (cost US$313,888) ................ 322,516
-----------
Semi-Government Bonds--0.5%
Danamodal Nasional Berhad,
1,800 0.00%, 10/21/03 ........................ 463,855
-----------
Total Malaysian
semi-government bonds
(cost US$457,201) ...................... 463,855
-----------
Total Malaysia
long-term investments
(cost US$771,089) ...................... 786,371
-----------
Aberdeen Global Income Fund, Inc. 19
Portfolio of Investments (unaudited) (continued)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
NEW ZEALAND--18.2%
Government Bonds--3.2%
NZ$
Canadian Government,
1,000 6.625%, 10/03/07 ....................... 564,107
New Zealand Government,
5,000 6.50%, 4/15/13 ......................... 2,820,753
-----------
Total New Zealand
government bonds
(cost US$3,003,963) .................... 3,384,860
-----------
Utilities--0.5%
Electricity Corporation of
New Zealand Ltd.,
1,000 8.00%, 2/15/03 ......................... 544,621
-----------
Total New Zealand
utility bonds
(cost US$582,724) ...................... 544,621
-----------
Banking and Finance--12.4%
Bayerische Hypo- und
Vereinsbank AG,
2,000 7.00%, 9/14/05 ......................... 1,102,986
Commerzbank AG,
3,500 8.00%, 2/07/05 ......................... 1,978,615
Dexia Municipal Agency
3,000 7.00%, 11/26/07 ........................ 1,697,470
GMAC INTL Finance BV,
3,500 8.00%, 3/14/07 ......................... 1,924,910
Landesbank
Baden-Wuerttemberg,
4,200 5.25%, 1/06/05 ......................... 2,267,657
Landesbank
Hessen-Thueringen
Girozentrale,
4,000 7.00%, 12/17/07 ........................ 2,263,850
Transpower Finance Ltd.,
500 8.00%, 6/15/05 ......................... 284,623
WestPac Trust Securities
2,500 6.00%, 4/28/04 ......................... 1,362,534
-----------
Total New Zealand
banking and finance bonds
(cost US$10,869,386) ................... 12,882,645
-----------
Corporate Non-Banks--0.8%
NZ$
Housing New Zealand,
1,500 8.00%, 11/15/06 ........................ 870,612
-----------
Total New Zealand
corporate non-bank bonds
(cost US$759,418) ...................... 870,612
-----------
Supranational--1.3%
European Investment Bank,
2,300 7.00%, 12/17/07 ........................ 1,307,008
-----------
Total New Zealand
supranational bonds
(cost US$1,140,510) .................... 1,307,008
-----------
Total New Zealand
long-term investments
(cost US$16,356,001) ................... 18,989,746
-----------
PHILIPPINES--0.3%
Government Bonds--0.3%
PHP
Philippine Government,
7,000 16.50%, 2/25/09 . ...................... 159,252
10,000 13.00%, 4/25/12 ........................ 198,154
-----------
Total Philippine
long-term investments
(cost US$408,319) ...................... 357,406
-----------
SINGAPORE--0.6%
Government Bonds--0.5%
SG$
Singapore Government,
50 4.00%, 3/01/07 ......................... 31,627
700 4.625%, 7/01/10 ........................ 470,331
-----------
Total Singapore
government bonds
(cost US$442,384) ...................... 501,958
-----------
20 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
SINGAPORE (concluded)
Utilities--0.1%
SG$
Singapore Power,
250 4.60%, 9/21/07 ......................... 160,385
-----------
Total Singapore
utility bonds
(cost US$143,692) ...................... 160,385
-----------
Total Singapore
long-term investments
(cost US$586,076) ...................... 662,343
-----------
SOUTH KOREA--1.7%
Government Bonds--1.7%
US$
EMBARC Ltd. Linked
Note Series 1-9,
2,000 6.077%, 8/18/03 (b)(c) ................. 1,773,360
-----------
Total Korean
long-term investments
(cost US$1,926,684) .................... 1,773,360
-----------
THAILAND--1.2%
Government Bonds--1.1%
THB
Thailand Government,
550 8.25%, 10/14/03 (d) .................... 13,445
12,000 8.00%, 12/08/06 (d) .................... 341,588
15,000 5.375%, 11/30/11 ....................... 413,389
11,000 4.125%, 11/01/12 ....................... 275,376
4,000 5.50%, 1/18/17 ......................... 112,483
-----------
Total Thailand
government bonds
(cost US$1,051,401) .................... 1,156,281
-----------
Utilities--0.1%
THB
Eastern Water Resources
Development and Management
Company Limited,
5,000 9.00%, 7/22/04 (d) ..................... 127,469
-----------
Total Thailand utility bonds
(cost US$125,639) ...................... 127,469
-----------
Corporate Non-Banks--0.0%
Advanced Info Service
Public Company Limited,
1,300 6.50%, 3/20/03 (d) ..................... 30,589
-----------
Total Thailand corporate
non-bank bonds
(cost US$34,455) ....................... 30,589
-----------
Total Thailand
long-term investments
(cost US$1,211,495) .................... 1,314,339
-----------
UNITED KINGDOM--38.8%
Government Bonds--30.6%
(pound)
United Kingdom Treasury,
500 5.00%, 6/07/04 ......................... 836,011
1,250 8.50%, 12/07/05 ........................ 2,310,911
1,100 7.50%, 12/07/06 ........................ 2,034,260
500 5.75%, 12/07/09 ........................ 898,200
1,500 8.00%, 9/27/13 ......................... 3,237,173
600 8.00%, 12/07/15 ........................ 1,338,907
3,000 8.00%, 6/07/21 ......................... 7,163,468
4,850 6.00%, 12/07/28 ........................ 9,942,147
Republic of Finland,
1,000 8.00%, 4/07/03 ......................... 1,655,178
1,250 10.125%, 6/22/08 ....................... 2,604,576
-----------
Total United Kingdom
government bonds
(cost US$29,014,803) ................... 32,020,831
-----------
Aberdeen Global Income Fund, Inc. 21
Portfolio of Investments (unaudited) (continued)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
UNITED KINGDOM (concluded)
Utilities--2.6%
(pound)
British Gas PLC,
1,400 8.875%, 7/08/08 ........................ 2,721,900
-----------
Total United Kingdom
utility bonds
(cost US$2,191,469) .................... 2,721,900
-----------
Banking And Finance--5.6%
Abbey National Treasury
Services PLC,
1,250 8.00%, 4/02/03 ......................... 2,067,078
Barclays Bank PLC,
1,000 9.875%, 5/29/49 ........................ 2,004,047
Lloyds Bank PLC,
500 7.375%, 3/11/04 ........................ 847,576
Prudential Finance B.V.,
500 9.375%, 6/04/07 ........................ 960,122
-----------
Total United Kingdom
banking and finance bonds
(cost US$5,062,874) .................... 5,878,823
-----------
Total United Kingdom
long-term investments
(cost US$36,269,146) ................... 40,621,554
-----------
UNITED STATES--8.0%
Yankee Bonds--8.0%
US$
Australia--0.1%
Corporate Non-Banks--0.1%
Cable & Wireless
Optus Finance,
100 8.00%, 6/22/10 ......................... 114,569
-----------
Brazil--0.9%
Government--0.9%
Federal Republic of Brazil
1,500 11.00%, 8/17/40 ........................ 957,000
-----------
Bulgaria--1.1%
Government--1.1%
US$
Republic of Bulgaria,
1,000 8.25%, 1/15/15 ......................... 1,125,000
-----------
China--0.4%
Banking and Finance--0.1%
CITIC Ka Wah Bank,
50 9.125%, 5/31/12 ........................ 54,085
-----------
Corporate Non-Bank--0.2%
PCCW-HKTC Capital Ltd.,
200 7.75%, 11/15/11 ........................ 216,640
-----------
Utilities--0.1%
AES China
Generating Company,
100 10.125%, 12/15/06 ...................... 97,250
CNOOC Finance Ltd.,
50 6.375%, 3/08/12 ........................ 55,089
-----------
152,339
-----------
423,064
-----------
Colombia--0.9%
Government--0.9%
Republic of Colombia,
904 9.75%, 4/09/11 ......................... 912,548
-----------
Malaysia--0.1%
Utilities--0.1%
Petronas Capital Ltd.,
100 7.00%, 5/22/12 ......................... 108,440
-----------
Mexico--1.0%
Government--1.0%
United Mexican States,
1,000 8.30%, 8/15/31 ......................... 1,020,000
-----------
22 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
------------------------------------------------------------------
UNITED STATES (concluded)
Yankee Bonds (concluded)
US$
Netherlands--1.0%
Banking And Finance--1.0%
Kazkommerts INTL BV,
1,000 10.125%, 5/08/07 ....................... 1,081,630
Philippines--1.1%
Government--0.2%
Republic of Philippines,
50 8.375%, 3/12/09 ........................ 50,125
50 9.375%, 1/18/17 ........................ 50,840
100 9.875%, 1/15/19 ........................ 98,550
-----------
199,515
-----------
Utilities--0.9%
Philippine Long Distance
Telephone Company
1,000 11.375%, 5/15/12 ....................... 949,266
-----------
1,148,781
-----------
Russia--1.2%
Government--1.2%
Russian Federation,
1,000 11.00%, 7/24/18 ........................ 1,234,000
South Korea--0.2%
Banking And Finance--0.2%
US$
Korea Development Bank
200 5.25%, 11/16/06 ........................ 210,191
-----------
Total United States
long-term bonds
(cost US$7,703,564) .................... 8,335,223
-----------
Total long-term investments
(cost US$107,823,453) .................. 116,687,976
-----------
SHORT-TERM INVESTMENTS--13.7%
Australia--3.2%
A$
Banque Nationale de Paris
Fixed Deposit,
5,749 4.50%, 2/03/03
(cost US$3,370,230) .................... 3,370,231
-----------
Canada--2.9%
C$
State Street Bank and
Trust Company Time Deposit,
4,655 2.00%, 2/05/03
(cost US$3,035,144) .................... 3,039,305
-----------
New Zealand--0.8%
NZ$
State Street Bank and
Trust Company Fixed Deposit
1,441 4.25%, 2/05/03
(cost US$787,218) ...................... 784,336
-----------
Aberdeen Global Income Fund, Inc. 23
Portfolio of Investments (unaudited) (concluded)
As of January 31, 2003
Principal
Amount
Local
Currency (a) Value
(000) Description (US$)
--------------------------------------------------------------------
SHORT-TERM INVESTMENTS
(concluded)
South Korea--2.8%
US$
HSBC KRW
3,000 0.00%, 7/24/03
(cost US$2,940,670) .................... 2,940,348
-----------
United Kingdom--3.5%
(pound)
State Street Bank and
Trust Company Fixed Deposit
2,200 3.5625%, 2/05/03
(cost US$3,623,840) .................... 3,616,140
-----------
United States--0.5%
US$
525 Repurchase Agreement, State
Street Bank and Trust Company,
1.17% dated 1/31/03, due 2/03/03
in the amount of $525,051
(collateralized by $385,000
U.S. Treasury Notes, 8.125% due
5/15/21; value $542,345)
(cost US$525,000) ...................... 525,000
-----------
Total short-term investments
(cost US$14,282,102) ................... 14,275,360
-----------
--------------------------------------------------------------------
Total Investments--125.3% (cost US$122,105,555) 130,963,336
Net unrealized appreciation on forward foreign
currency exchange contracts--0.0% (e) 5,101
Other assets in excess of liabilities--3.4% 3,595,493
Liquidation value of preferred stock--(28.7%) (30,000,000)
--------------------------------------------------------------------
Net Assets Applicable to Common Shareholders--100.0% $104,563,930
====================================================================
(a) Portfolio securities are listed based on currency in which they are
traded;
A$--Australian dollar
C$--Canadian dollar
CNY--Chinese yuan
INR--Indian rupee
KRW--South Korean won
MYR--Malaysian ringgit
NZ$--New Zealand dollar
PHP--Philippine peso
SG$--Singapore dollar
THB--Thailand baht
(pound)--British pound
US$--United States dollar
(b) Coupon changes periodically upon a predetermined schedule. Stated interest
rate in effect at January 31, 2003.
(c) Value of security is linked to the value of Government of Korea 7.70%,
8/16/03 and the movement of the South Korean Won.
(d) Securities, or a portion thereof, pledged as collateral for forward
currency exchange contracts.
(e) Forward foreign currency exchange contracts entered into as of January 31,
2003 were as follows:
-------------------------------------------------------------------------------------------------
Purchases Unrealized
Appreciation/
Contracts to Receive In exchange for Settlement Date Value Depreciation
-------------------------------------------------------------------------------------------------
CNY 2,149,420 US$260,000 04/24/2003 US$259,789 $ (211)
INR 9,831,312 US$201,000 02/06/2003 US$205,661 4,661
PHP 20,858,880 US$388,000 02/07/2003 US$387,531 (469)
-------
$ 3,981
=======
-------------------------------------------------------------------------------------------------
Sales Unrealized
Appreciation/
Contracts to Receive In exchange for Settlement Date Value Depreciation
-------------------------------------------------------------------------------------------------
CAD 1,000,000 US$654,450 02/04/2003 US$652,912 $ 1,538
PHP 16,170,000 US$300,000 02/07/2003 US$300,418 (418)
-------
$ 1,120
-------
$ 5,101
=======
24 Aberdeen Global Income Fund, Inc.
Directors
Martin J. Gilbert, Chairman
David L. Elsum
Laurence S. Freedman
Neville J. Miles
William J. Potter
Peter D. Sacks
Anton E. Schrafl
E. Duff Scott
John T. Sheehy
Warren C. Smith
Officers
Hugh Young, President
Michael Karagianis, Vice President
Christian Pittard, Treasurer and Assistant Secretary
Roy M. Randall, Secretary
James Blair, Assistant Vice President
Beverley Hendry, Assistant Treasurer
Timothy Sullivan, Assistant Treasurer
Simon Bignell, Assistant Treasurer
Allan S. Mostoff, Assistant Secretary
Margaret A. Bancroft, Assistant Secretary
Sander M. Bieber, Assistant Secretary
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase, from time to time, shares of its
common stock in the open market.
[RECYCLED LOGO] Printed on post-consumer recycled paper
Aberdeen Global Income Fund, Inc. 25
Corporate Information
Investment Manager Aberdeen Asset Managers (C.I.) Limited
P.O. Box 578, 17 Bond Street
St. Helier, Jersey JE45XB
Channel Islands
Investment Adviser Aberdeen Asset Management Limited
Level 6, 201 Kent Street
Sydney, NSW 2000, Australia
Consultant CIBC World Markets, Inc.
BCE Place, Canada Trust Tower
P.O. Box 500
Toronto, Ontario, M5J 2S8
Canada
Administrator Princeton Administrators, L.P.
P.O. Box 9095
Princeton, New Jersey 08543-9095
Custodian State Street Bank and Trust Company
1 Heritage Drive
North Quincy, Massachusetts 02171
Transfer Agent EquiServe Trust Company N.A.
P.O. Box 43011
Providence, RI 02940-3011
Auction Agent Deutsche Bank Trust Company Americas
280 Park Avenue, 9th Floor
New York, New York 10018
Independent Accountants PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
Legal Counsel Dechert LLP
1775 Eye Street, N.W.
Washington, DC 20006
Stikeman Elliott LLP
Level 40 Chifley Tower
2 Chifley Square
Sydney, NSW 2000, Australia
Investor Relations Aberdeen Asset Management
45 Broadway, 31st Floor
New York, New York 10006
1-800-522-5465 or 1-212-968-8800
InvestorRelations@aberdeen-asset.com
[LOGO]
Aberdeen
ASSET MANAGERS
Aberdeen Asset Managers (C.I.) Limited
The common shares of Aberdeen Global Income Fund, Inc. are traded on the New
York Stock Exchange under the symbol "FCO." Information about the Fund's net
asset value and market price is published weekly in Barron's and in the Monday
edition of The Wall Street Journal.
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.