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: | January 31, 2015 | |
Item 1 – Schedule of Investments – The Schedule of Investments for the three-month period ended January 31, 2015 is filed herewith.
Portfolio of Investments (unaudited)
As of January 31, 2015
| Principal Amount |
Description | Value (US$) |
||||||
| CORPORATE BONDS - 19.2% |
| |||||||
| AUSTRALIA - 0.4% |
| |||||||
| AUD |
500 | National Capital Trust III, 3.72%, 09/30/2016(b) |
$ | 382,539 | ||||
|
|
|
|||||||
| BANGLADESH - 0.2% |
| |||||||
| USD |
200 | Banglalink Digital Communications Ltd., 8.63%, 05/06/2017(c)(d) |
196,000 | |||||
|
|
|
|||||||
| BRAZIL - 0.9% |
| |||||||
| USD |
200 | Banco do Estado do Rio Grande do Sul, 7.38%, 02/02/2022(d) |
201,750 | |||||
| USD |
420 | OAS Financial Ltd., 8.88%, 04/25/2018 (b)(d)(e)(f)(g) |
47,250 | |||||
| USD |
188 | Odebrecht Offshore Drilling Finance Ltd., 6.75%, 12/01/2021(c)(d) |
135,155 | |||||
| USD |
550 | Petrobras Global Finance BV, 6.25%, 03/17/2024 |
496,831 | |||||
|
|
|
|||||||
| 880,986 | ||||||||
|
|
|
|||||||
| CHILE - 0.6% |
| |||||||
| USD |
200 | Empresa Nacional del Petroleo, 4.38%, 10/30/2024(d) |
199,682 | |||||
| USD |
400 | SACI Falabella, 3.75%, 04/30/2023(d) |
392,394 | |||||
|
|
|
|||||||
| 592,076 | ||||||||
|
|
|
|||||||
| COLOMBIA - 0.1% |
| |||||||
| USD |
200 | Pacific Rubiales Energy Corp., 5.38%, 01/26/2017(c)(d) |
131,500 | |||||
|
|
|
|||||||
| DOMINICAN REPUBLIC - 0.3% |
| |||||||
| USD |
250 | AES Andres Dominicana Ltd., 9.50%, 11/12/2015(c)(d) |
262,500 | |||||
|
|
|
|||||||
| EL SALVADOR - 0.2% |
| |||||||
| USD |
179 | Telemovil Finance Co. Ltd., 8.00%, 03/02/2015(c)(d) |
184,370 | |||||
|
|
|
|||||||
| GEORGIA - 0.3% |
| |||||||
| USD |
250 | Georgian Oil and Gas Corp., 6.88%, 05/16/2017(d) |
251,080 | |||||
|
|
|
|||||||
| GUATEMALA - 0.5% |
| |||||||
| USD |
200 | Comunicaciones Celulares SA, 6.88%, 02/06/2019(c)(d) |
207,000 | |||||
| USD |
300 | Industrial Subordinated Trust, 8.25%, 07/27/2021(d) |
324,375 | |||||
|
|
|
|||||||
| 531,375 | ||||||||
|
|
|
|||||||
| INDIA - 0.3% |
| |||||||
| USD |
250 | Bharti Airtel International Netherlands BV, 5.13%, 03/11/2023(d) |
276,150 | |||||
|
|
|
|||||||
| INDONESIA - 0.9% |
| |||||||
| USD |
370 | Pertamina Persero PT, 4.30%, 05/20/2023(d) |
367,225 | |||||
| USD |
560 | Pertamina Persero PT, 5.63%, 05/20/2043(d) |
553,000 | |||||
|
|
|
|||||||
| 920,225 | ||||||||
|
|
|
|||||||
| KAZAKHSTAN - 1.1% |
| |||||||
| USD |
570 | Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/2042(d) |
517,475 | |||||
| USD |
200 | Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/2042(d) |
181,570 | |||||
| USD |
230 | Uranium One Investments, Inc., 6.25%, 12/13/2016(c)(d) |
158,700 | |||||
| USD |
310 | Zhaikmunai LP Via Zhaikmunai International BV, 7.13%, 11/13/2016(c)(d) |
248,620 | |||||
|
|
|
|||||||
| 1,106,365 | ||||||||
|
|
|
|||||||
| MEXICO - 3.0% |
| |||||||
| USD |
250 | Alfa SAB de CV, 6.88%, 09/25/2043(c)(d) |
266,250 | |||||
| USD |
200 | Cemex Finance LLC, 9.38%, 10/12/2017(c)(d) |
220,190 | |||||
| USD |
500 | Offshore Drilling Holding SA, 8.63%, 09/20/2017(c)(d) |
346,000 | |||||
| USD |
280 | Pemex Project Funding Master Trust, 6.63%, 06/15/2035 |
321,244 | |||||
| USD |
460 | Petroleos Mexicanos, 5.63%, 01/23/2046(d) |
470,258 | |||||
| USD |
390 | Petroleos Mexicanos, 6.50%, 06/02/2041 |
436,371 | |||||
| USD |
330 | Petroleos Mexicanos, 6.63%, 06/15/2038 |
369,270 | |||||
| USD |
200 | Sixsigma Networks Mexico SA de CV, 8.25%, 11/07/2017(c)(d) |
203,750 | |||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2015
| Principal Amount |
Description | Value (US$) |
||||||||
| CORPORATE BONDS (continued) |
| |||||||||
| USD |
270 | Tenedora Nemak SA de CV, 5.50%, 02/28/2018(c)(d) | $ | 273,375 | ||||||
|
|
|
|||||||||
| 2,906,708 | ||||||||||
|
|
|
|||||||||
| NIGERIA - 0.5% |
| |||||||||
| USD |
270 | Diamond Bank PLC, 8.75%, 05/21/2019(d) | 221,443 | |||||||
| USD |
250 | GTB Finance BV, 7.50%, 05/19/2016(d) | 243,200 | |||||||
|
|
|
|||||||||
| 464,643 | ||||||||||
|
|
|
|||||||||
| NORWAY - 0.4% |
| |||||||||
| AUD |
500 | DnB NOR Boligkreditt, 6.25%, 06/08/2016 | 406,957 | |||||||
|
|
|
|||||||||
| PARAGUAY - 0.4% |
| |||||||||
| USD |
400 | Banco Regional SAECA, 8.13%, 01/24/2019(d) | 421,484 | |||||||
|
|
|
|||||||||
| PERU - 0.3% |
| |||||||||
| USD |
170 | Cementos Pacasmayo SAA, 4.50%, 02/08/2023(d) | 159,800 | |||||||
| USD |
140 | InRetail Consumer, 5.25%, 10/10/2018(c)(d) | 141,050 | |||||||
|
|
|
|||||||||
| 300,850 | ||||||||||
|
|
|
|||||||||
| RUSSIA - 1.7% |
| |||||||||
| USD |
400 | Alfa Bank OJSC Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(d) | 338,869 | |||||||
| USD |
300 | EDC Finance Ltd., 4.88%, 04/17/2020(d) | 235,500 | |||||||
| USD |
220 | Evraz Group SA, 6.50%, 04/22/2020(d) | 162,250 | |||||||
| USD |
300 | Lukoil International Finance BV, 4.56%, 04/24/2023(d) | 228,450 | |||||||
| USD |
200 | OJSC Novolipetsk Steel via Steel Funding Ltd., 4.95%, 09/26/2019(d) | 169,240 | |||||||
| USD |
300 | Rosneft Oil Co. via Rosneft International Finance Ltd., 4.20%, 03/06/2022(d) | 205,383 | |||||||
| USD |
107 | RZD Capital Ltd., 5.74%, 04/03/2017(d) | 99,242 | |||||||
| USD |
270 | Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(d) | 229,500 | |||||||
|
|
|
|||||||||
| 1,668,434 | ||||||||||
|
|
|
|||||||||
| SUPRANATIONAL - 4.6% |
| |||||||||
| INR |
68,200 | European Bank for Reconstruction & Development, 6.00%, 03/03/2016 | 1,105,889 | |||||||
| INR |
32,200 | European Bank for Reconstruction & Development, 6.20%, 06/27/2015 | 519,604 | |||||||
| NZD |
3,800 | International Finance Corp., 4.63%, 05/25/2016 | 2,796,290 | |||||||
|
|
|
|||||||||
| 4,421,783 | ||||||||||
|
|
|
|||||||||
| TURKEY - 0.7% |
| |||||||||
| USD |
200 | Arcelik, 5.00%, 04/03/2023(d) | 194,000 | |||||||
| USD |
200 | Turkiye Sise ve Cam Fabrikalari, 4.25%, 05/09/2020(d) | 196,000 | |||||||
| USD |
250 | Yasar Holdings AS, 8.88%, 11/06/2017(c)(d) | 256,250 | |||||||
|
|
|
|||||||||
| 646,250 | ||||||||||
|
|
|
|||||||||
| UNITED ARAB EMIRATES - 0.6% |
| |||||||||
| USD |
480 | Jafz Sukuk Ltd., 7.00%, 06/19/2019(d) | 551,529 | |||||||
|
|
|
|||||||||
| UNITED STATES - 0.8% |
| |||||||||
| NZD |
1,000 | General Electric Capital Corp., 6.75%, 09/26/2016 | 760,501 | |||||||
|
|
|
|||||||||
| VENEZUELA - 0.4% |
| |||||||||
| USD |
640 | Petroleos de Venezuela SA, 8.50%, 11/02/2017(d) | 365,760 | |||||||
|
|
|
|||||||||
| Total Corporate Bonds - 19.2% (cost $19,445,815) |
18,630,065 | |||||||||
|
|
|
|||||||||
| GOVERNMENT BONDS - 107.4% |
| |||||||||
| ARGENTINA - 1.1% |
| |||||||||
| USD |
1,110 | Argentina Bonar Bonds, 7.00%, 04/17/2017 | 1,046,449 | |||||||
|
|
|
|||||||||
| ARMENIA - 0.6% |
| |||||||||
| USD |
600 | Republic of Armenia, 144A, 6.00%, 09/30/2020(d) | 580,500 | |||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2015
| Principal Amount |
Description | Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) |
| |||||||||
| AUSTRALIA - 22.9% |
| |||||||||
| AUD |
800 | Australia Government Bond, 3.25%, 04/21/2029(d) | $ | 666,869 | ||||||
| AUD |
1,700 | Australia Government Bond, 3.75%, 04/21/2037(d) | 1,506,734 | |||||||
| AUD |
1,600 | Australia Government Bond, 4.50%, 04/21/2033(d) | 1,552,291 | |||||||
| AUD |
2,300 | Australia Government Bond, 4.75%, 04/21/2027(d) | 2,201,534 | |||||||
| AUD |
4,810 | Australia Government Bond, 5.50%, 04/21/2023 | 4,627,145 | |||||||
| AUD |
2,770 | Australia Government Bond, 5.75%, 07/15/2022 | 2,669,699 | |||||||
| AUD |
3,200 | New South Wales Treasury Corp., 6.00%, 04/01/2016 | 2,598,784 | |||||||
| AUD |
1,500 | New South Wales Treasury Corp., 6.00%, 02/01/2018 | 1,296,013 | |||||||
| AUD |
1,500 | Queensland Treasury Corp., 6.00%, 02/21/2018 | 1,296,947 | |||||||
| AUD |
1,600 | Queensland Treasury Corp., 6.00%, 06/14/2021(d)(h) | 1,515,347 | |||||||
| AUD |
1,300 | Queensland Treasury Corp., 6.00%, 07/21/2022(d) | 1,244,426 | |||||||
| AUD |
1,115 | Treasury Corp. of Victoria, 6.00%, 06/15/2020 | 1,026,815 | |||||||
|
|
|
|||||||||
| 22,202,604 | ||||||||||
|
|
|
|||||||||
| BAHRAIN - 0.2% |
| |||||||||
| USD |
250 | Bahrain Government International Bond, 6.00%, 09/19/2044(d) | 242,500 | |||||||
|
|
|
|||||||||
| BRAZIL - 3.1% |
| |||||||||
| BRL |
150 | Brazil Notas do Tesouro Nacional, 6.00%, 08/15/2020(i) | 142,908 | |||||||
| BRL |
5,130 | Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2025 | 1,712,456 | |||||||
| BRL |
1,461 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 01/01/2017 | 523,077 | |||||||
| BRL |
450 | Brazil Notas do Tesouro Nacional Serie F, 10.00%, 01/01/2023 | 152,096 | |||||||
| USD |
400 | Brazilian Government International Bond, 7.13%, 01/20/2037 | 500,000 | |||||||
|
|
|
|||||||||
| 3,030,537 | ||||||||||
|
|
|
|||||||||
| CANADA - 17.9% |
| |||||||||
| CAD |
3,400 | Canadian Government Bond, 2.50%, 06/01/2024 | 2,991,582 | |||||||
| CAD |
1,500 | Canadian Government Bond, 3.50%, 12/01/2045 | 1,630,440 | |||||||
| CAD |
4,500 | Canadian Government Bond, 4.00%, 06/01/2016 | 3,707,055 | |||||||
| CAD |
2,000 | Canadian Government Bond, 8.00%, 06/01/2023 | 2,450,854 | |||||||
| CAD |
2,000 | Canadian Government Bond, 9.00%, 06/01/2025 | 2,756,559 | |||||||
| CAD |
2,000 | Hydro Quebec, 9.63%, 07/15/2022 | 2,448,257 | |||||||
| CAD |
500 | Ontario Electricity Financial Corp., 8.50%, 05/26/2025 | 626,769 | |||||||
| NZD |
1,000 | Province of Manitoba, 6.38%, 09/01/2015 | 737,167 | |||||||
|
|
|
|||||||||
| 17,348,683 | ||||||||||
|
|
|
|||||||||
| COLOMBIA - 1.5% |
| |||||||||
| USD |
120 | Colombia Government International Bond, 7.38%, 09/18/2037 | 162,000 | |||||||
| COP |
822,000 | Colombia Government International Bond, 7.75%, 04/14/2021 | 375,391 | |||||||
| COP |
1,693,000 | Colombia Government International Bond, 9.85%, 06/28/2027 | 925,183 | |||||||
|
|
|
|||||||||
| 1,462,574 | ||||||||||
|
|
|
|||||||||
| COSTA RICA - 0.2% |
| |||||||||
| USD |
250 | Costa Rica Government International Bond, 4.25%, 01/26/2023(d) | 230,938 | |||||||
|
|
|
|||||||||
| CROATIA - 1.8% |
| |||||||||
| USD |
500 | Croatia Government International Bond, 6.00%, 01/26/2024(d) | 548,375 | |||||||
| USD |
500 | Croatia Government International Bond, 6.25%, 04/27/2017(d) | 529,060 | |||||||
| USD |
600 | Croatia Government International Bond, 6.63%, 07/14/2020(d) | 661,128 | |||||||
|
|
|
|||||||||
| 1,738,563 | ||||||||||
|
|
|
|||||||||
| DOMINICAN REPUBLIC - 0.8% |
| |||||||||
| USD |
240 | Dominican Republic International Bond, 6.85%, 01/27/2045(d) | 242,400 | |||||||
| USD |
350 | Dominican Republic International Bond, 7.45%, 04/30/2044(d) | 385,000 | |||||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2015
| Principal Amount |
Description | Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) |
| |||||||||
| USD |
160 | Dominican Republic International Bond, 7.50%, 05/06/2021(d) | $ | 179,600 | ||||||
|
|
|
|||||||||
| 807,000 | ||||||||||
|
|
|
|||||||||
| EGYPT - 1.0% |
| |||||||||
| EGP |
7,850 | Egypt Treasury Bills, 0.00%, 04/14/2015 | 1,011,820 | |||||||
|
|
|
|||||||||
| ETHIOPIA - 0.3% |
| |||||||||
| USD |
250 | Federal Democratic Republic of Ethiopia, 6.63%, 12/11/2024(d) | 245,000 | |||||||
|
|
|
|||||||||
| GHANA - 0.7% |
| |||||||||
| USD |
750 | Republic of Ghana, 8.13%, 01/18/2026(d) | 648,750 | |||||||
|
|
|
|||||||||
| HONDURAS - 0.6% |
| |||||||||
| USD |
530 | Honduras Government International Bond, 7.50%, 03/15/2024(d) | 556,500 | |||||||
|
|
|
|||||||||
| INDONESIA - 2.7% |
| |||||||||
| USD |
850 | Indonesia Government International Bond, 5.88%, 01/15/2024(d) | 983,875 | |||||||
| USD |
200 | Indonesia Government International Bond, 6.75%, 01/15/2044(d) | 258,000 | |||||||
| IDR |
9,619,000 | Indonesia Treasury Bond, 8.38%, 03/15/2034 | 829,971 | |||||||
| IDR |
6,088,000 | Indonesia Treasury Bond, 9.00%, 03/15/2029 | 555,093 | |||||||
|
|
|
|||||||||
| 2,626,939 | ||||||||||
|
|
|
|||||||||
| IRAQ - 0.5% |
| |||||||||
| USD |
550 | Republic of Iraq, 5.80%, 03/16/2015(c)(d) | 439,237 | |||||||
|
|
|
|||||||||
| IVORY COAST - 0.6% |
| |||||||||
| USD |
600 | Ivory Coast Government International Bond, 5.75%, 12/31/2032(d)(j) | 564,120 | |||||||
|
|
|
|||||||||
| KAZAKHSTAN - 0.5% |
| |||||||||
| USD |
520 | Kazakhstan Government International Bond, 3.88%, 10/14/2024(d) | 471,250 | |||||||
|
|
|
|||||||||
| MEXICO - 1.7% |
| |||||||||
| MXN |
14,430 | Mexican Bonos, 7.75%, 11/13/2042 | 1,202,796 | |||||||
| USD |
350 | Mexico Government International Bond, 6.05%, 01/11/2040 | 447,125 | |||||||
|
|
|
|||||||||
| 1,649,921 | ||||||||||
|
|
|
|||||||||
| MONGOLIA - 0.6% |
| |||||||||
| USD |
220 | Development Bank of Mongolia LLC, 5.75%, 03/21/2017(d)(h) | 208,175 | |||||||
| USD |
400 | Mongolia Government International Bond, 5.13%, 12/05/2022(d) | 332,000 | |||||||
|
|
|
|||||||||
| 540,175 | ||||||||||
|
|
|
|||||||||
| MOZAMBIQUE - 0.5% |
| |||||||||
| USD |
550 | Mozambique EMATUM Finance 2020 BV, 6.31%, 09/11/2020(d)(h) | 510,125 | |||||||
|
|
|
|||||||||
| NEW ZEALAND - 16.3% |
| |||||||||
| NZD |
3,100 | New Zealand Government Bond, 3.00%, 04/15/2020(d) | 2,238,670 | |||||||
| NZD |
7,900 | New Zealand Government Bond, 5.50%, 04/15/2023(d) | 6,697,041 | |||||||
| NZD |
1,700 | New Zealand Government Bond, 6.00%, 12/15/2017(d) | 1,332,912 | |||||||
| NZD |
6,555 | New Zealand Government Bond, 6.00%, 05/15/2021(d) | 5,531,525 | |||||||
|
|
|
|||||||||
| 15,800,148 | ||||||||||
|
|
|
|||||||||
| PERU - 0.6% |
| |||||||||
| PEN |
1,615 | Peruvian Government International Bond, 6.95%, 08/12/2031(d) | 598,423 | |||||||
|
|
|
|||||||||
| PHILIPPINES - 0.1% |
| |||||||||
| USD |
40 | Philippine Government International Bond, 8.38%, 06/17/2019 | 50,598 | |||||||
|
|
|
|||||||||
| ROMANIA - 1.5% |
| |||||||||
| USD |
1,090 | Romanian Government International Bond, 6.13%, 01/22/2044(d) | 1,453,787 | |||||||
|
|
|
|||||||||
| RUSSIA - 0.3% |
| |||||||||
| USD |
200 | Russian Foreign Bond - Eurobond, 4.88%, 09/16/2023(d) | 168,600 | |||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2015
| Principal Amount |
Description | Value (US$) |
||||||||
| GOVERNMENT BONDS (continued) |
| |||||||||
| USD |
150 | Vnesheconombank Via VEB Finance PLC, 6.90%, 07/09/2020(d) | $ | 112,085 | ||||||
|
|
|
|||||||||
| 280,685 | ||||||||||
|
|
|
|||||||||
| RWANDA - 0.6% |
| |||||||||
| USD |
350 | Rwanda International Government Bond, 6.63%, 05/02/2023(d) | 350,000 | |||||||
| USD |
200 | Rwanda International Government Bond, 144A, 6.63%, 05/02/2023(d) | 200,000 | |||||||
|
|
|
|||||||||
| 550,000 | ||||||||||
|
|
|
|||||||||
| SENEGAL - 0.4% |
| |||||||||
| USD |
330 | Senegal Government International Bond, 8.75%, 05/13/2021(d) | 374,550 | |||||||
|
|
|
|||||||||
| SOUTH AFRICA - 2.7% |
| |||||||||
| USD |
710 | Eskom Holdings Ltd., 5.75%, 01/26/2021(d) | 708,225 | |||||||
| USD |
400 | Eskom Holdings Ltd., 6.75%, 08/06/2023(d) | 405,080 | |||||||
| ZAR |
5,500 | South Africa Government Bond, 8.00%, 12/21/2018 | 498,458 | |||||||
| ZAR |
1,640 | South Africa Government Bond, 8.00%, 01/31/2030 | 147,808 | |||||||
| ZAR |
4,760 | South Africa Government Bond, 8.25%, 09/15/2017 | 428,223 | |||||||
| ZAR |
2,700 | South Africa Government Bond, 10.50%, 12/21/2026 | 294,804 | |||||||
| USD |
100 | South Africa Government International Bond, 6.25%, 03/08/2041 | 123,875 | |||||||
|
|
|
|||||||||
| 2,606,473 | ||||||||||
|
|
|
|||||||||
| TANZANIA - 0.6% |
| |||||||||
| USD |
530 | Tanzania Government International Bond, 6.33%, 03/09/2020(a)(d) | 535,300 | |||||||
|
|
|
|||||||||
| TUNISIA - 0.5% |
| |||||||||
| USD |
450 | Banque Centrale de Tunisie SA, 5.75%, 01/30/2025(d) | 456,750 | |||||||
|
|
|
|||||||||
| TURKEY - 1.9% |
| |||||||||
| TRY |
570 | Turkey Government Bond, 6.30%, 02/14/2018 | 229,393 | |||||||
| TRY |
1,440 | Turkey Government Bond, 10.40%, 03/20/2024 | 716,380 | |||||||
| TRY |
700 | Turkey Government Bond, 10.70%, 02/24/2016 | 297,020 | |||||||
| USD |
200 | Turkey Government International Bond, 5.63%, 03/30/2021 | 222,380 | |||||||
| USD |
320 | Turkey Government International Bond, 6.25%, 09/26/2022 | 371,927 | |||||||
|
|
|
|||||||||
| 1,837,100 | ||||||||||
|
|
|
|||||||||
| UNITED KINGDOM - 20.1% |
| |||||||||
| GBP |
2,076 | United Kingdom Gilt, 2.75%, 09/07/2024(d) | 3,517,607 | |||||||
| GBP |
1,300 | United Kingdom Gilt, 4.00%, 03/07/2022(d) | 2,345,274 | |||||||
| GBP |
2,915 | United Kingdom Gilt, 4.25%, 06/07/2032(d) | 6,004,640 | |||||||
| GBP |
315 | United Kingdom Gilt, 8.00%, 12/07/2015(d) | 505,178 | |||||||
| GBP |
3,000 | United Kingdom Treasury Gilt, 4.25%, 12/07/2049(d) | 7,048,004 | |||||||
|
|
|
|||||||||
| 19,420,703 | ||||||||||
|
|
|
|||||||||
| URUGUAY - 1.3% |
| |||||||||
| UYU |
12,081 | Uruguay Government International Bond, 4.25%, 04/05/2027(i) | 500,935 | |||||||
| UYU |
8,302 | Uruguay Government International Bond, 5.00%, 09/14/2018(i) | 348,585 | |||||||
| USD |
146 | Uruguay Government International Bond, 7.63%, 03/21/2036 | 208,780 | |||||||
| USD |
165 | Uruguay Government International Bond, 7.88%, 01/15/2033(k) | 236,775 | |||||||
|
|
|
|||||||||
| 1,295,075 | ||||||||||
|
|
|
|||||||||
| VENEZUELA - 0.5% |
| |||||||||
| USD |
1,270 | Venezuela Government International Bond, 12.75%, 08/23/2022(d) | 476,250 | |||||||
|
|
|
|||||||||
| ZAMBIA - 0.2% |
| |||||||||
| USD |
230 | Zambia Government International Bond, 8.50%, 04/14/2024(d) | 242,696 | |||||||
|
|
|
|||||||||
| Total Government Bonds - 107.4% (cost $104,476,811) |
103,932,723 | |||||||||
|
|
|
|||||||||
See Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2015
| Principal Amount |
Description |
Value (US$) |
||||||
| SHORT-TERM INVESTMENT - 0.9% |
| |||||||
| UNITED STATES - 0.9% |
| |||||||
| 876 | Repurchase Agreement, Fixed Income Clearing Corp., 0.00% dated 01/30/2015, due 02/02/2015 in the amount of $876,000 collateralized by $680,000 U.S. Treasury Bond, maturing 08/15/2041; value $899,300 |
$ | 876,000 | |||||
|
|
|
|||||||
| Total Short-Term Investment - 0.9% (cost $876,000) |
876,000 | |||||||
|
|
|
|||||||
| Total Investments - 127.5% (cost $124,798,626) |
123,438,788 | |||||||
|
|
|
|||||||
| Liabilities in Excess of Other Assets - (27.5)% |
(26,630,207 | ) | ||||||
|
|
|
|||||||
| Net Assets - 100.0% |
$ | 96,808,581 | ||||||
|
|
|
|||||||
AUD - Australian Dollar
BRL - Brazilian Real
CAD - Canadian Dollar
COP - Colombian Peso
EGP - Egyptian pound
GBP - British Pound Sterling
IDR - Indonesian Rupiah
INR - Indian Rupee
MXN - Mexican Peso
NZD - New Zealand Dollar
PEN - Peruvian Nuevo Sol
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 January 31, 2015. |
| (b) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. |
| (c) | The maturity date presented for these instruments represents the next call/put date. |
| (d) | Denotes a restricted security, see Note (c). |
| (e) | Security is in default. |
| (f) | Flat traded rate security. This bond traded without accrued interest. |
| (g) | Illiquid security. |
| (h) | This security is government guaranteed. |
| (i) | Inflation linked security. |
| (j) | Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond. |
| (k) | Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash. |
At January 31, 2015, the Fund’s open forward foreign currency exchange contracts were as follows:
| Sale Contracts |
Counterparty |
Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation |
|||||||||||||
| United States Dollar/Australian Dollar |
|
|||||||||||||||||
| 04/28/2015 |
Credit Suisse | USD 4,100,000 | AUD 5,134,885 | $ | 3,975,949 | $ | 124,051 | |||||||||||
| United States Dollar/Brazilian Real |
|
|||||||||||||||||
| 02/13/2015 |
Citibank | USD 651,015 | BRL 1,722,000 | 639,987 | 11,028 | |||||||||||||
| United States Dollar/Colombian Peso |
|
|||||||||||||||||
| 02/13/2015 |
JPMorgan Chase | USD 286,474 | COP 625,540,000 | 256,107 | 30,367 | |||||||||||||
| United States Dollar/New Zealand Dollar |
|
|||||||||||||||||
| 04/28/2015 |
State Street Bank & Trust Co. | USD 8,300,000 | NZD 11,138,697 | 8,037,625 | 262,375 | |||||||||||||
| United States Dollar/South African Rand |
|
|||||||||||||||||
| 04/16/2015 |
Citibank | USD 79,717 | ZAR 930,000 | 78,968 | 749 | |||||||||||||
| United States Dollar/Turkish Lira |
|
|||||||||||||||||
| 04/16/2015 |
Citibank | USD 433,619 | TRY 1,012,000 | 407,602 | 26,017 | |||||||||||||
|
|
|
|
|
|||||||||||||||
| $ | 13,396,238 | $ | 454,587 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
At January 31, 2015, 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) |
|||||||||||||||||
| Over-the-counter swap agreements: |
|
|||||||||||||||||||||||
| USD |
20,000,000 | 11/01/2017 | Barclays | Receive | 3-month LIBOR Index | 0.84 | % | $ | 16,233 | |||||||||||||||
| Centrally cleared swap agreements: |
|
|||||||||||||||||||||||
| USD |
15,000,000 | 11/04/2024 | Citibank | Receive | 3-month LIBOR Index | 2.44 | % | (955,440 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||||
| $ | (939,207 | ) | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
See Notes to Portfolio of Investments.
Notes to Portfolio of Investments (Unaudited)
January 31, 2015
Summary of Significant Accounting Policies
a. Security Valuation:
The Fund values its securities at current market value or fair value consistent with regulatory requirements. “Fair value” is defined in the Fund’s valuation and liquidity procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to contract at the measurement date.
Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Short-term debt securities (such as commercial paper, and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.
Exchange traded derivatives are generally Level 1 investments and over-the-counter derivatives are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates such as 1,3,6,9,12 month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at last bid if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).
In the event that a security’s market quotations are not readily available or are deemed unreliable, the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Pricing Committee may be classified as Level 2 or 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1 measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for 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-level hierarchy of inputs is summarized below:
Level 1 – quoted prices in active markets for identical investments;
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
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)
January 31, 2015
The following is a summary of the inputs used as of January 31, 2015 in valuing the Fund’s investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:
| Investments, at Value |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Fixed Income Investments |
||||||||||||||||
| Corporate Bonds |
$ | — | $ | 18,630,065 | $ | — | $ | 18,630,065 | ||||||||
| Government Bonds |
— | 103,932,723 | — | 103,932,723 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Investments |
— | 122,562,788 | — | 122,562,788 | ||||||||||||
| Short-Term Investment |
— | 876,000 | — | 876,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | — | $ | 123,438,788 | $ | — | $ | 123,438,788 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other Financial Instruments |
||||||||||||||||
| Assets |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 454,587 | — | 454,587 | ||||||||||||
| Interest Rate Swap Agreements |
— | 16,233 | — | 16,233 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Assets |
$ | — | $ | 470,820 | $ | — | $ | 470,820 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Other Financial Instruments |
||||||||||||||||
| Interest Rate Swap Agreements |
— | (955,440 | ) | — | (955,440 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities - Other Financial Instruments |
$ | — | $ | (955,440 | ) | $ | — | $ | (955,440 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 January 31, 2015, there were no transfers between Levels 1, 2 and 3. For the period ended January 31, 2015, 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. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. For additional information on the Fund’s repurchase agreement, see the Portfolio of Investments. The Fund held a repurchase agreement of $876,000 as of January 31, 2015. The value of the related collateral exceeded the value of the repurchase agreement at January 31, 2015.
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.
Notes to Portfolio of Investments (Unaudited) (concluded)
January 31, 2015
d. Federal Income Taxes:
The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2015 were as follows:
| Cost |
Appreciation |
Depreciation |
Net Unrealized Appreciation | |||
| $117,499,851 | $8,987,634 | $(3,048,697) | $5,938,937 |
Item 2 – Controls and Procedures
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 3. | Exhibits |
| (a) | Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Aberdeen Global Income Fund, Inc. | ||||
| BY: | /s/ Christian Pittard | |||
| Christian Pittard, Principal Executive Officer of Aberdeen Global Income Fund, Inc. | ||||
| Date: March 25, 2015 | ||||
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: March 25, 2015 | ||||
| BY: | /s/ Andrea Melia | |||
| Andrea Melia, Principal Financial Officer of Aberdeen Global Income Fund, Inc. | ||||
| Date: March 25, 2015 | ||||