Aberdeen Global Income Fund, Inc.

 

 

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:    866-839-5233
Date of fiscal year end:    October 31
Date of reporting period:    July 31, 2013

 

 

 


Item 1 - Schedule of Investments - The Schedule of Investments for the three-month period ended July 31, 2013 is filed herewith.


Portfolio of Investments (unaudited)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

CORPORATE BONDS—24.7%

  

AUSTRALIA—4.2%

  
AUD     500      

CFS Retail Property Trust, 6.25%, 12/22/2014

   $ 467,209   
AUD     500      

DnB NOR Boligkreditt, 6.25%, 06/08/2016

     479,464   
AUD     600      

Kommunalbanken AS, 6.00%, 10/21/2014

     560,516   
AUD     500      

National Capital Trust III, 3.76%, 09/30/2016 (a)(b)(c)

     420,594   
AUD     3,000      

Wesfarmers Ltd., 8.25%, 09/11/2014

     2,844,455   
       

 

 

 
          4,772,238   
       

 

 

 

BRAZIL—1.1%

  
USD     200      

Banco do Estado do Rio Grande do Sul, 7.38%, 02/02/2022 (d)

     202,250   
USD     420      

OAS Financial Ltd., 8.88%, 04/25/2018 (a)(b)(c)(d)

     383,250   
USD     200      

Odebrecht Offshore Drilling Finance Ltd., 6.75%, 12/01/2021 (b)(d)

     199,600   
USD     200      

USJ Acucar e Alcool SA, 9.88%, 11/09/2016 (b)(d)

     194,000   
USD     400      

Virgolino de Oliveira Finance Ltd., 11.75%, 02/09/2017 (b)(d)

     322,000   
       

 

 

 
          1,301,100   
       

 

 

 

CHILE—0.2%

  
USD     200      

SACI Falabella, 3.75%, 04/30/2023 (d)

     182,155   
       

 

 

 

CHINA—0.5%

  
USD     300      

China Overseas Finance Cayman Island II Ltd., 5.50%, 11/10/2020 (d)

     311,554   
USD     200      

Country Garden Holdings Co. Ltd., 11.13%, 02/23/2015 (b)(d)

     223,000   
       

 

 

 
          534,554   
       

 

 

 

DOMINICAN REPUBLIC—0.2%

  
USD     250      

AES Andres Dominicana Ltd., 9.50%, 11/12/2015 (b)(d)

     262,500   
       

 

 

 

EGYPT—0.5%

  
USD     500      

African Export-Import Bank, 5.75%, 07/27/2016

     527,500   
       

 

 

 

EL SALVADOR—0.3%

  
USD     300      

Telemovil Finance Co. Ltd., 8.00%, 10/01/2014 (b)(d)

     321,000   
       

 

 

 

GEORGIA—0.2%

  
USD     250      

Georgian Oil and Gas Corp., 6.88%, 05/16/2017 (d)

     256,875   
       

 

 

 

GUATEMALA—0.3%

  
USD     300      

Industrial Subordinated Trust, 8.25%, 07/27/2021 (d)

     322,500   
       

 

 

 

INDIA—0.2%

  
USD     250      

Bharti Airtel International Netherlands BV, 5.13%, 03/11/2023 (d)

     232,500   
       

 

 

 

INDONESIA—1.0%

  
USD     100      

Adaro Indonesia PT, 7.63%, 10/22/2014 (b)(d)

     103,625   
USD     200      

Indosat Palapa Co. BV, 7.38%, 07/29/2015 (b)(d)

     217,500   
USD     370      

Pertamina Persero PT, 4.30%, 05/20/2023 (d)

     332,075   
USD     560      

Pertamina Persero PT, 5.63%, 05/20/2043 (d)

     459,200   
       

 

 

 
          1,112,400   
       

 

 

 

KAZAKHSTAN—0.5%

  
USD     200      

Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/2042 (d)

     204,000   
USD     310      

Zhaikmunai LP Via Zhaikmunai International BV, 7.13%, 11/13/2016 (b)(d)

     324,725   
       

 

 

 
          528,725   
       

 

 

 

MALAYSIA—0.1%

  
USD     110      

PETRONAS Capital Ltd., 7.88%, 05/22/2022 (d)

     141,403   
       

 

 

 

MEXICO—1.7%

  
USD     250      

BBVA Bancomer SA, 6.75%, 09/30/2022 (d)

     265,625   
USD     200      

Cemex Finance LLC, 9.38%, 10/12/2017 (b)(d)

     224,000   

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

CORPORATE BONDS (continued)

  
USD     230      

Pemex Project Funding Master Trust, 5.75%, 03/01/2018

   $ 255,300   
USD     40      

Pemex Project Funding Master Trust, 6.63%, 06/15/2035

     42,800   
USD     240      

Pemex Project Funding Master Trust, 6.63%, 06/15/2038

     256,200   
USD     640      

Petroleos Mexicanos, 6.50%, 06/02/2041 (b)

     673,280   
USD     270      

Tenedora Nemak SA de CV, 5.50%, 02/28/2018 (b)(d)

     266,625   
       

 

 

 
          1,983,830   
       

 

 

 

NEW ZEALAND—2.1%

  
NZD     2,000      

Deutsche Bank AG, 3.54%, 12/16/2013 (a)(b)

     1,579,157   
NZD     1,000      

General Electric Capital Corp., 6.75%, 09/26/2016

     844,857   
       

 

 

 
          2,424,014   
       

 

 

 

PERU—0.4%

  
USD     330      

Banco de Credito del Peru, 4.75%, 03/16/2016 (b)(d)

     344,025   
USD     150      

Corp. Azucarera del Peru SA, 6.38%, 08/02/2017 (b)(d)

     148,125   
       

 

 

 
          492,150   
       

 

 

 

REPUBLIC OF SOUTH KOREA—0.5%

  
INR     33,000      

Export-Import Bank of Korea, 6.00%, 02/27/2014 (d)

     531,484   
       

 

 

 

RUSSIA—3.5%

  
USD     200      

Alfa Bank OJSC Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021 (d)

     214,750   
USD     350      

Alfa Bank OJSC Via Alfa Bond Issuance PLC, 7.88%, 09/25/2017 (d)

     384,387   
USD     300      

EuroChem Mineral & Chemical Co. OJSC via EuroChem GI Ltd., 5.13%, 12/12/2017 (d)

     297,000   
USD     220      

Evraz Group SA, 6.50%, 04/22/2020 (d)

     199,100   
USD     200      

Gazprom Neft OAO Via GPN Capital SA, 4.38%, 09/19/2022 (d)

     185,040   
USD     200      

Gazprom OAO Via Gaz Capital SA, 4.95%, 07/19/2022 (d)

     195,000   
USD     200      

Metalloinvest Finance Ltd., 5.63%, 04/17/2020 (d)

     187,000   
USD     200      

OJSC Novolipetsk Steel via Steel Funding Ltd., 4.95%, 09/26/2019 (d)

     191,000   
USD     150      

Russian Agricultural Bank OJSC Via RSHB Capital SA, 7.75%, 05/29/2018 (d)

     168,750   
USD     107      

RZD Capital Ltd., 5.74%, 04/03/2017 (d)

     114,624   
RUB     38,300      

RZD Capital Ltd., 8.30%, 04/02/2019 (d)

     1,188,106   
USD     300      

VimpelCom Holdings BV, 5.95%, 02/13/2023 (d)

     279,000   
USD     180      

VTB Bank OJSC Via VTB Capital SA, 6.55%, 10/13/2020 (d)

     187,200   
USD     200      

VTB Bank OJSC Via VTB Capital SA, 6.88%, 05/29/2018 (b)(d)

     214,500   
       

 

 

 
          4,005,457   
       

 

 

 

SOUTH AFRICA—0.2%

  
USD     180      

Myriad International Holdings BV, 6.00%, 07/18/2020 (d)

     185,850   
       

 

 

 

SUPRANATIONAL—4.7%

  
INR     58,500      

European Bank for Reconstruction & Development, 5.25%, 02/07/2014

     941,311   
NZD     1,500      

International Bank for Reconstruction & Development, 7.50%, 07/30/2014

     1,249,589   
NZD     3,800      

International Finance Corp., 4.63%, 05/25/2016

     3,096,246   
       

 

 

 
          5,287,146   
       

 

 

 

TURKEY—0.6%

  
USD     200      

Arcelik, 5.00%, 04/03/2023 (d)

     177,000   
USD     200      

Turkiye Sise ve Cam Fabrikalari, 4.25%, 05/09/2020 (d)

     177,300   
USD     300      

Yasar Holdings SA Via Willow No. 2, 9.63%, 10/07/2013 (b)(d)

     301,500   
       

 

 

 
          655,800   
       

 

 

 

UKRAINE—1.0%

  
USD     270      

Metinvest BV, 10.25%, 05/20/2015 (d)

     278,154   
USD     280      

MHP SA, 8.25%, 04/02/2020 (d)

     256,900   
USD     370      

MHP SA, 10.25%, 04/29/2015 (b)(d)

     390,354   

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

CORPORATE BONDS (continued)

  
USD     280      

Mriya Agro Holding PLC, 9.45%, 04/19/2018 (d)

   $ 260,400   
       

 

 

 
          1,185,808   
       

 

 

 

UNITED ARAB EMIRATES—0.7%

  
USD     270      

Ferrexpo Finance PLC, 7.88%, 04/07/2016 (d)

     252,896   
USD     480      

Jafz Sukuk Ltd., 7.00%, 06/19/2019 (d)

     531,600   
       

 

 

 
          784,496   
       

 

 

 
     Total Corporate Bonds — 24.7% (cost $28,332,914)      28,031,485   
       

 

 

 

GOVERNMENT BONDS—102.5%

  

AUSTRALIA—23.7%

  
AUD     700      

Australia Government Bond, 4.75%, 04/21/2027 (d)

     673,717   
AUD     900      

Australia Government Bond, 5.50%, 01/21/2018

     896,317   
AUD     2,910      

Australia Government Bond, 5.50%, 04/21/2023

     2,990,188   
AUD     4,600      

Australia Government Bond, 5.75%, 05/15/2021

     4,757,975   
AUD     7,970      

Australia Government Bond, 5.75%, 07/15/2022

     8,293,855   
AUD     2,000      

New South Wales Treasury Corp., 6.00%, 04/01/2015

     1,896,242   
AUD     1,600      

Queensland Treasury Corp., 6.00%, 06/14/2021 (e)

     1,625,753   
AUD     1,300      

Queensland Treasury Corp., 6.00%, 07/21/2022

     1,295,124   
AUD     3,400      

Treasury Corp. of Victoria, 5.75%, 11/15/2016

     3,315,429   
AUD     1,115      

Treasury Corp. of Victoria, 6.00%, 06/15/2020

     1,126,883   
       

 

 

 
          26,871,483   
       

 

 

 

BAHRAIN—0.2%

  
USD     200      

Bahrain Government International Bond, 6.13%, 08/01/2023 (d)

     200,000   
       

 

 

 

BRAZIL—4.4%

  
BRL     7,451      

Brazil Notas do Tesouro Nacional Serie F, 10.00%, 01/01/2017

     3,206,319   
USD     150      

Brazilian Government International Bond, 5.63%, 01/07/2041

     148,125   
USD     1,300      

Brazilian Government International Bond, 7.13%, 01/20/2037

     1,525,550   
BRL     350      

Brazilian Government International Bond, 8.50%, 01/05/2024

     143,062   
       

 

 

 
          5,023,056   
       

 

 

 

CANADA—14.9%

  
CAD     2,000      

Canadian Government Bond, 8.00%, 06/01/2023

     2,882,115   
CAD     2,000      

Canadian Government Bond, 9.00%, 06/01/2025

     3,208,120   
CAD     3,000      

Canadian Government Bond, 10.25%, 03/15/2014

     3,085,639   
CAD     2,000      

Hydro Quebec, 9.63%, 07/15/2022

     2,889,808   
CAD     500      

Ontario Electricity Financial Corp., 8.50%, 05/26/2025

     713,816   
CAD     2,200      

Province of British Columbia Canada, 8.50%, 08/23/2013

     2,150,050   
CAD     2,000      

Province of New Brunswick, 7.75%, 01/13/2014

     2,000,584   
       

 

 

 
          16,930,132   
       

 

 

 

COLOMBIA—0.3%

  
USD     240      

Colombia Government International Bond, 7.38%, 03/18/2019

     290,400   
COP     125,000      

Colombia Government International Bond, 7.75%, 04/14/2021

     76,936   
       

 

 

 
          367,336   
       

 

 

 

COSTA RICA—0.2%

  
USD     250      

Costa Rica Government International Bond, 4.25%, 01/26/2023 (d)

     236,250   
       

 

 

 

CROATIA—0.8%

  
USD     500      

Croatia Government International Bond, 6.25%, 04/27/2017 (d)

     533,225   
USD     320      

Croatia Government International Bond, 6.63%, 07/14/2020 (d)

     344,000   
       

 

 

 
          877,225   
       

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

GOVERNMENT BONDS (continued)

  

DOMINICAN REPUBLIC—0.2%

  
USD     160      

Dominican Republic International Bond, 7.50%, 05/06/2021 (d)

   $ 172,800   
       

 

 

 

GHANA—0.2%

  
USD     250      

Republic of Ghana, 7.88%, 08/07/2023 (d)

     246,400   
       

 

 

 

HONDURAS—0.5%

  
USD     730      

Honduras Government International Bond, 7.50%, 03/15/2024 (d)

     591,300   
       

 

 

 

HUNGARY—1.4%

  
HUF     132,000      

Hungary Government Bond, 7.00%, 06/24/2022

     611,253   
HUF     83,000      

Hungary Government Bond, 8.00%, 02/12/2015

     388,491   
USD     580      

Hungary Government International Bond, 4.13%, 02/19/2018

     566,950   
       

 

 

 
          1,566,694   
       

 

 

 

IRAQ—0.2%

  
USD     250      

Republic of Iraq, 5.80%, 09/15/2013 (b)(d)

     210,000   
       

 

 

 

LATVIA—0.5%

  
USD     600      

Republic of Latvia, 2.75%, 01/12/2020 (d)

     564,000   
       

 

 

 

MALAYSIA—0.9%

  
MYR     3,140      

Malaysia Government Bond, 4.01%, 09/15/2017

     975,806   
       

 

 

 

MEXICO—1.9%

  
MXN     3,000      

Mexico Fixed Rate Bonds, 7.25%, 12/15/2016

     253,519   
MXN     2,700      

Mexico Fixed Rate Bonds, 7.50%, 06/03/2027

     232,285   
MXN     2,910      

Mexico Fixed Rate Bonds, 7.75%, 11/13/2042

     243,583   
MXN     6,600      

Mexico Fixed Rate Bonds, 8.00%, 12/17/2015

     559,683   
MXN     3,350      

Mexico Fixed Rate Bonds, 8.00%, 12/07/2023

     301,576   
USD     550      

Mexico Government International Bond, 6.05%, 01/11/2040

     610,500   
       

 

 

 
          2,201,146   
       

 

 

 

MONGOLIA—0.4%

  
USD     300      

Mongolia Government International Bond, 4.13%, 01/05/2018 (d)

     273,000   
USD     200      

Mongolia Government International Bond, 5.13%, 12/05/2022 (d)

     172,000   
       

 

 

 
          445,000   
       

 

 

 

NEW ZEALAND—19.9%

  
NZD     3,100      

New Zealand Government Bond, 3.00%, 04/15/2020

     2,336,349   
NZD     900      

New Zealand Government Bond, 5.00%, 03/15/2019

     762,865   
NZD     8,460      

New Zealand Government Bond, 5.50%, 04/15/2023

     7,422,632   
NZD     4,550      

New Zealand Government Bond, 6.00%, 04/15/2015

     3,822,148   
NZD     1,700      

New Zealand Government Bond, 6.00%, 12/15/2017

     1,491,124   
NZD     6,555      

New Zealand Government Bond, 6.00%, 05/15/2021

     5,913,314   
NZD     1,000      

Province of Manitoba, 6.38%, 09/01/2015

     837,738   
       

 

 

 
          22,586,170   
       

 

 

 

NIGERIA—1.5%

  
NGN     229,000      

Nigeria Government Bond, 15.10%, 04/27/2017

     1,479,517   
USD     260      

Nigeria Government International Bond, 5.13%, 07/12/2018 (d)

     263,575   
       

 

 

 
          1,743,092   
       

 

 

 

PERU—1.1%

  
PEN     1,370      

Peru Government Bond, 7.84%, 08/12/2020

     568,481   
PEN     455      

Peruvian Government International Bond, 5.20%, 09/12/2023 (d)

     162,472   
PEN     1,370      

Peruvian Government International Bond, 6.95%, 08/12/2031 (d)

     527,323   
       

 

 

 
          1,258,276   
       

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

GOVERNMENT BONDS (continued)

  

PHILIPPINES—0.0%

  
USD     40      

Philippine Government International Bond, 8.38%, 06/17/2019

   $ 51,250   
       

 

 

 

ROMANIA—0.9%

  
USD     850      

Romanian Government International Bond, 6.75%, 02/07/2022 (d)

     958,545   
       

 

 

 

RUSSIA—1.6%

  
RUB     35,500      

Russian Federal Bond - OFZ, 7.50%, 02/27/2019

     1,118,479   
USD     500      

Russian Foreign Bond - Eurobond, 5.00%, 04/29/2020 (d)

     541,250   
USD     100      

Vnesheconombank Via VEB Finance PLC, 6.80%, 11/22/2025 (d)

     108,000   
       

 

 

 
          1,767,729   
       

 

 

 

RWANDA—0.2%

  
USD     200      

Rwanda International Government Bond, 6.63%, 05/02/2023 (d)

     178,500   
       

 

 

 

SERBIA—1.1%

  
USD     400      

Republic of Serbia, 5.25%, 11/21/2017 (d)

     393,080   
USD     880      

Republic of Serbia, 7.25%, 09/28/2021 (d)

     899,976   
       

 

 

 
          1,293,056   
       

 

 

 

SOUTH AFRICA—3.6%

  
USD     920      

Eskom Holdings Ltd., 5.75%, 01/26/2021 (d)

     897,000   
USD     200      

Eskom Holdings Ltd., 6.75%, 08/06/2023 (d)

     199,022   
ZAR     1,100      

South Africa Government Bond, 7.00%, 02/28/2031

     94,246   
ZAR     2,700      

South Africa Government Bond, 10.50%, 12/21/2026

     324,805   
ZAR     19,800      

South Africa Government Bond, 13.50%, 09/15/2015

     2,293,512   
USD     160      

South Africa Government International Bond, 5.50%, 03/09/2020

     171,400   
USD     100      

South Africa Government International Bond, 6.25%, 03/08/2041

     105,000   
       

 

 

 
          4,084,985   
       

 

 

 

TANZANIA—0.5%

  
USD     530      

Tanzania Government International Bond, 6.45%, 03/08/2020 (a)(d)

     540,600   
       

 

 

 

TURKEY—3.7%

  
TRY     570      

Turkey Government Bond, 6.30%, 02/14/2018

     265,869   
TRY     5,200      

Turkey Government Bond, 9.00%, 01/27/2016

     2,702,136   
USD     200      

Turkey Government International Bond, 5.63%, 03/30/2021

     211,000   
USD     560      

Turkey Government International Bond, 6.25%, 09/26/2022

     610,400   
USD     300      

Turkey Government International Bond, 7.50%, 11/07/2019

     351,000   
       

 

 

 
          4,140,405   
       

 

 

 

UNITED KINGDOM—15.8%

  
GBP     1,700      

United Kingdom Gilt, 4.25%, 06/07/2032

     2,958,683   
GBP     1,180      

United Kingdom Gilt, 8.00%, 09/27/2013

     1,816,167   
GBP     1,300      

United Kingdom Treasury Gilt, 4.00%, 03/07/2022

     2,257,697   
GBP     6,205      

United Kingdom Treasury Gilt, 4.25%, 12/07/2049

     10,853,941   
       

 

 

 
          17,886,488   
       

 

 

 

URUGUAY—0.6%

  
UYU     2,150      

Uruguay Government International Bond, 4.25%, 04/05/2027 (f)

     176,511   
UYU     6,080      

Uruguay Government International Bond, 5.00%, 09/14/2018 (f)

     525,643   
       

 

 

 
          702,154   
       

 

 

 

VENEZUELA—1.1%

  
USD     1,080      

Venezuela Government International Bond, 5.75%, 02/26/2016 (d)

     977,400   
USD     200      

Venezuela Government International Bond, 7.75%, 10/13/2019 (d)

     168,000   
USD     40      

Venezuela Government International Bond, 12.75%, 08/23/2022 (d)

     40,800   
       

 

 

 
          1,186,200   
       

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Principal

Amount

(000)

    

Description

   Value
(US$)
 

GOVERNMENT BONDS (continued)

  

VIETNAM—0.2%

  
USD     220      

Vietnam Government International Bond, 6.88%, 01/15/2016 (d)

   $ 236,500   
       

 

 

 
    

Total Government Bonds — 102.5% (cost $112,515,737)

     116,092,578   
       

 

 

 

SHORT-TERM INVESTMENT—3.4%

  

UNITED STATES—3.4%

  
    3,802      

Repurchase Agreement, State Street Bank and Trust Co., 0.01% dated 07/31/2013, due 08/01/2013 in the amount of $3,802,001 collateralized by $3,910,000 U.S. Treasury Notes, 2.00% maturing 07/31/2020; value $3,880,675

     3,802,000   
       

 

 

 
    

Total Short-Term Investment — 3.4% (cost $3,802,000)

     3,802,000   
       

 

 

 
    

Total Investments — 130.6% (cost $144,650,651)

     147,926,063   
       

 

 

 
    

Liabilities in Excess of Other Assets — (30.6)%

     (34,638,074
       

 

 

 
    

Net Assets—100.0%

   $ 113,287,989   
       

 

 

 

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

COP—Colombian Peso

GBP—British Pound Sterling

HUF—Hungarian Forint

INR—Indian Rupee

MXN—Mexican Peso

MYR—Malaysian Ringgit

NGN—Nigerian Naira

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

RUB—New Russian Ruble

TRY—Turkish Lira

USD—U.S. Dollar

UYU—Uruguayan Peso

ZAR—South African Rand

 

(a) 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, 2013.
(b) The maturity date presented for these instruments represents the next call/put date.
(c) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely.
(d) Denotes a restricted security, see Note (c).
(e) This security is government guaranteed.
(f) Inflation linked security.

At July 31, 2013, the Fund’s open forward foreign currency exchange contracts were as follows:

 

Purchase Contracts Settlement Date*

   Counterparty    Amount
Purchased
   Amount Sold      Fair Value      Unrealized
Appreciation/
(Depreciation)
 

Indian Rupee/United States Dollar

              

09/05/2013

   JPMorgan Chase    INR  32,514,000    USD 541,431       $ 530,028       $   (11,403)   

New Russian Ruble/United States Dollar

              

09/05/2013

   JPMorgan Chase    RUB  50,377,000    USD   1,537,490         1,519,576         (17,914)   

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of July 31, 2013

 

 

Purchase Contracts Settlement Date*

   Counterparty   Amount
Purchased
     Amount Sold     Fair Value     Unrealized
Appreciation/
(Depreciation)
 

New Zealand Dollar/United States Dollar

        

10/21/2013

   JPMorgan Chase   NZD   10,435,000       USD   8,183,711      $ 8,287,373      $   103,662   
         

 

 

   

 

 

 
          $   10,336,977      $ 74,345   
         

 

 

   

 

 

 

Sale Contracts Settlement Date*

   Counterparty   Amount Purchased      Amount Sold     Fair Value     Unrealized
Appreciation/
(Depreciation)
 

United States Dollar/Brazilian Real

        

09/05/2013

   Citibank   USD 1,287,666       BRL 2,940,000      $ 1,279,639      $ 8,027   

United States Dollar/Colombian Peso

        

09/05/2013

   JPMorgan Chase   USD 70,724       COP 137,558,000        72,411        (1,687

United States Dollar/Hungarian Forint

        

10/21/2013

   JPMorgan Chase   USD 504,222       HUF 114,161,000        503,926        296   

United States Dollar/Indian Rupee

        

09/05/2013

   JPMorgan Chase   USD 535,518       INR 32,514,000        530,027        5,491   

United States Dollar/Mexican Peso

        

10/21/2013

   JPMorgan Chase   USD 269,732       MXN 3,465,000        269,329        403   

United States Dollar/New Russian Ruble

        

09/05/2013

   JPMorgan Chase   USD 1,914,378       RUB 61,665,000        1,860,068        54,310   

United States Dollar/New Zealand Dollar

        

10/21/2013

   Royal Bank of Scotland   USD 8,088,314       NZD 10,435,000        8,287,373        (199,059

United States Dollar/Peruvian Nouveau Sol

  

      

09/05/2013

   JPMorgan Chase   USD 944,236       PEN 2,650,000        944,132        104   

United States Dollar/South African Rand

  

      

10/21/2013

   Citibank   USD 786,073       ZAR 7,784,000        780,196        5,877   

United States Dollar/Turkish Lira

  

      

10/21/2013

   Citibank   USD 643,544       TRY 1,271,000        646,842        (3,298

10/21/2013

   JPMorgan Chase   USD 856,063       TRY 1,696,000        863,135        (7,072
         

 

 

   

 

 

 
          $ 16,037,078      $   (136,608
         

 

 

   

 

 

 

 

* Certain contracts with different trade dates and like characteristics have been shown net.

At July 31, 2013, 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
Appreciation/
(Depreciation)
 

USD

     20,000,000       11/01/2013    Barclays Bank      Receive       3-month LIBOR Index      0.34   $ (6,288

USD

     20,000,000       11/01/2017    Barclays Bank      Receive       3-month LIBOR Index      0.84     331,167   
                   

 

 

 
                    $   324,879   
                   

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Global Income Fund, Inc.


Portfolio Composition (unaudited)

Quality of Investments

As of July 31, 2013, 68.7% of the Fund’s total investments were invested in securities where either the issue or the issuer was rated “A” or better by Standard & Poor’s or Moody’s Investors Service, Inc., or, if unrated, judged to be of equivalent quality by the Investment Manager. The table below shows the asset quality of the Fund’s portfolio as of July 31, 2013, compared with the previous nine and twelve months:

 

     AAA/Aaa      AA/Aa      A      BBB/Baa      BB/Ba*      B*      CCC*  

Date

   %      %      %      %      %      %      %  

July 31 2013**

     33.2         28.4         7.1         15.8         9.6         5.7         0.2   

October 31, 2012

     43.3         18.8         6.6         16.2         8.2         6.6         0.3   

July 31 2012**

     45.9         17.3         7.3         17.0         6.4         5.8         0.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

* Below investment grade
** Unaudited

Geographic Composition

The Fund’s investments are divided into three categories: Developed Markets, Investment Grade Developing Markets and Sub-Investment Grade Developing Markets. The table below shows the geographical composition (with U.S. Dollar-denominated bonds issued by foreign issuers allocated into country of issuance) of the Fund’s total investments as of July 31, 2013, compared with the previous nine and twelve months:

 

     Developed Markets     

Investment Grade

Developing Markets

    

Sub-Investment Grade

Developing Markets

 

Date

   %      %      %  

July 31 2013*

     72.3         16.0         11.7   

October 31, 2012

     73.6         13.0         13.4   

July 31 2012*

     75.1         12.9         12.0   
  

 

 

    

 

 

    

 

 

 

 

* Unaudited

Currency Composition

The table below shows the currency composition of the Fund’s total investments as of July 31, 2013, compared with the previous nine and twelve months:

 

     Developed Markets      Investment Grade
Developing Markets
    

Sub-Investment Grade

Developing Markets

 

Date

   %      %      %  

July 31 2013*

     91.8         5.5         2.7   

October 31, 2012

     92.5         4.4         3.1   

July 31 2012*

     94.5         3.7         1.8   
  

 

 

    

 

 

    

 

 

 

 

* Unaudited

Maturity Composition

As of July 31, 2013, the average maturity of the Fund’s total investments was 9.0 years, compared with 9.9 years at October 31, 2012 and 10.5 years at July 31, 2012. The table below shows the maturity composition of the Fund’s investments as of July 31, 2013, compared with the previous nine and twelve months:

 

     Under 3 Years      3 to 5 Years      5 to 10 Years      10 Years & Over  

Date

   %      %      %      %  

July 31 2013*

     27.5         11.7         42.7         18.1   

October 31, 2012

     18.9         17.2         36.2         27.7   

July 31 2012*

     18.7         14.0         37.9         29.4   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Unaudited

Aberdeen Global Income Fund, Inc.


Notes to Portfolio of Investments (unaudited)

July 31, 2013

 

Summary of Significant Accounting Policies

(a) Security Valuation:

The Fund is required to value its securities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants 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. 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 amortized cost, which approximates fair value. Debt and other fixed-income securities are determined as Level 2 investments.

Exchange traded derivatives are generally Level 1 investments and over-the-counter derivatives are generally Level 2 investments.

In the event that a security’s market quotations are not readily available or are deemed unreliable, the fair value of a security is determined by the Fund’s Pricing Committee (which is appointed by the Board of Directors (the “Board”)), taking into account the relevant factors and surrounding circumstances. A security that has been fair valued by the 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 adjusted quoted prices in active markets for identical 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-tier 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).

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   


Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2013

 

 

The following is a summary of the inputs used as of July 31, 2013 in valuing the Fund’s investments 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:

 

Assets

   Level 1      Level 2     Level 3  

Fixed Income Investments

       

Corporate Bonds

   $ —         $ 28,031,485      $ —     

Government Bonds

     —           116,092,578        —     
  

 

 

    

 

 

   

 

 

 

Total Fixed Income Investments

     —           144,124,063        —     

Short-Term Investment

     —           3,802,000        —     
  

 

 

    

 

 

   

 

 

 

Total Investments

   $ —         $ 147,926,063      $ —     
  

 

 

    

 

 

   

 

 

 

Other Financial Instruments

       

Forward Foreign Currency Exchange Contracts

   $ —         $ 178,170      $ —     

Interest Rate Swap Agreements

     —           331,167        —     
  

 

 

    

 

 

   

 

 

 

Total Other Financial Instruments

   $ —         $ 509,337      $ —     
  

 

 

    

 

 

   

 

 

 

Total Assets

   $ —         $ 148,435,400      $ —     
  

 

 

    

 

 

   

 

 

 

Liabilities

       

Other Financial Instruments

       

Forward Foreign Currency Exchange Contracts

   $ —         $ (240,433   $ —     

Interest Rate Swap Agreements

     —           (6,288     —     
  

 

 

    

 

 

   

 

 

 

Total Liabilities - Other Financial Instruments

   $ —         $ (246,721   $ —     
  

 

 

    

 

 

   

 

 

 

Amounts listed as “–” are $0 or round to $0.

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, 2013, there were no transfers between Levels 1, 2 or 3. For the period ended July 31, 2013, there have been no significant changes to the fair valuation methodologies.

(b) Repurchase Agreements:

The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited. The Fund held a repurchase agreement of $3,802,000 as of July 31, 2013. The value of the related collateral exceeded the value of the repurchase agreement at period end.

(c) 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.

(d) Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the “Valuation Time,” as provided by an

 


Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2013

 

 

independent pricing service approved by the Board. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time).

Foreign currency amounts are translated into U.S. Dollars on the following basis:

 

(i) market value of investment securities, other assets and liabilities – at the exchange rates at the current daily rates of exchange; and

 

(ii) purchases and sales of investment securities, income and expenses – at the rate of exchange prevailing on the respective dates of such transactions.

The Fund isolates that portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period. Similarly, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reporting period.

Net exchange gain/(loss) is realized from sales and maturities of portfolio securities, sales of foreign currencies, settlement of securities transactions, dividends, interest and foreign withholding taxes recorded on the Fund’s books. Net unrealized foreign exchange appreciation/(depreciation) includes changes in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate. The net realized and unrealized foreign exchange gain/(loss) shown in the composition of net assets represents foreign exchange gain/(loss) for book purposes that may not have been recognized for tax purposes.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

(e) Derivative Financial Instruments:

The Fund is authorized to use derivatives to manage currency risk, credit risk and interest rate risk and to replicate or as a substitute for physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract (“forward contract”) involves an obligation to purchase and sell a specific currency at a future date at a price set at the time of the contract. Forward contracts are used to manage the Fund’s currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts’ prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates.

Futures Contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those

 


Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2013

 

 

instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s net asset value after taking into account unrealized profits and unrealized losses on any such contract it has entered.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin,” are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value/market value of the underlying hedged assets. During the period ended July 31, 2013, the Fund did not hold any futures contracts.

Swaps:

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the difference between the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. The Fund records unrealized gains/(losses) on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains/(losses). Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains/(losses) from terminated swaps are included in net realized gains/(losses) on swap contracts transactions.

The Fund is a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter derivative and foreign exchange contracts, entered into by the Fund and the counterparty. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

(f) Security Transactions, Investment Income and Expenses:

Securities transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities. Expenses are accrued on a daily basis.

(g) Distributions:

 


Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2013

 

 

The Fund has a managed distribution policy to pay distributions from net investment income supplemented by net realized foreign exchange gains, net realized short-term capital gains and return of capital distributions, if necessary, on a monthly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies, loss deferrals and recognition of market discount and premium.

(h) Federal Income Taxes:

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2013 were as follows:

 

Cost

 

Appreciation

   

Depreciation

   

Net

Unrealized

Appreciation

 
$147,295,366   $ 5,293,788      $ (4,663,091   $ 630,697   

 

 

 

 

   

 

 

   

 

 

 

 


Item 2 – Controls and Procedures

 

  a) The Registrant’s Principal Executive Officer and Principal Financial Officer 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))) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(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)), as of the Evaluation Date.

 

  b) There were no changes 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 26, 2013

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 26, 2013
By:  

/s/ Andrea Melia

  Andrea Melia,
  Principal Financial Officer of
  Aberdeen Global Income Fund, Inc.
Date:   September 26, 2013