UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-6342
Exact name of registrant as specified
in charter: Aberdeen Global Income Fund, Inc.
Address of principal executive offices: 800 Scudders Mill Road,
Plainsboro, New Jersey 08536
Name and address of agent for service: Mr Beverly Hendry,
300 S.E. 2nd Street, Suite #820,
Fort Lauderdale,
Florida 33301
Registrant's telephone number, including
area code: 609-282-4600
Date of fiscal year end: 10/31/04
Date of reporting period: 4/30/04
Item 1 - Reports to Stockholders
[LOGO]
------------
Aberdeen
Global Income
Fund, Inc.
[GRAPHIC OMITTED]
Invests primarily in global fixed-income securities
Semi-Annual Report
April 30, 2004
Letter to Shareholders
June 10, 2004
Dear Shareholder,
We present this Semi-Annual Report which covers the activities of Aberdeen
Global Income Fund, Inc. (the "Fund") for the six months ended April 30, 2004.
The Fund's principal investment objective is to provide high current income by
investing primarily in fixed-income securities denominated in Commonwealth
Currencies, that is, the currencies of Australia, Canada, New Zealand and the
United Kingdom. As a secondary investment objective, the Fund seeks capital
appreciation, but only when consistent with its principal investment objective.
High Credit Quality: 76.5% of Securities Rated or Deemed Equivalent to AA/Aa or
Better
The Fund's high credit quality has been maintained. Over 76.5% of assets are
rated AA/Aa or better, or are considered to be of equivalent quality by the
Investment Manager. An additional 11.2% is held in A rated securities.
Distributions
Distributions to common shareholders for the 12 months ended April 30, 2004
totaled 72 cents per share. Based on the share price of $11.93 on April 30,
2004, the distribution rate over the 12 months then ended was 6.0%. 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 June 14, 2004 the Board of Directors declared a monthly distribution of 6
cents per share payable on July 16, 2004 to all shareholders of record as of
June 30, 2004.
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. It is the Board's intention that the monthly
distribution of 6 cents per share be maintained for 12 months, beginning with
the July 2004 distribution payment. 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 September 2004.
Aberdeen Global Income Fund, Inc. 1
Letter to Shareholders (continued)
Net Asset Value Performance: 8.0% Per Annum Return Since Inception
The Fund's total return based on Net Asset Value ("NAV") was 4.3% over the six
months ended April 30, 2004 and 8.0% per annum since inception, assuming the
reinvestment of distributions.
Share Price Performance
The Fund's share price fell by 12.4% over the six months, from $13.62 on October
31, 2003 to $11.93 on April 30, 2004. The Fund's share price on April 30, 2004
represented a discount of 5.4% to the NAV per share of $12.61 on that date,
compared with a premium of 9.6% to the NAV per share of $12.43 on October 31,
2003. At the date of this report, the share price was $11.90, representing a
discount of 5.4% to the NAV per share of $12.58.
Global Debt Securities: 11.8% of Total Assets Invested in Global Debt Securities
The Fund may 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. As of April 30, 2004, 11.8% of the
Fund's total assets were held in Global Debt Securities. This included 2.9% in
Asian debt securities. At April 30, 2004, 1.7% of the Fund's total assets were
invested in Eastern Europe, 2.7% in Latin America and 4.5% in Western Europe.
Limitations on Investments in Investment Company Securities
In March 2004, the Board of Directors approved the modification of the Fund's
investment policies to provide that the Fund may invest in securities issued by
investment companies registered as such under the Investment Company Act of 1940
("1940 Act") and unregistered, private funds (each, an "acquired company"),
subject to the following limitations (which are to be applied immediately after
the acquisition of such securities).
2 Aberdeen Global Income Fund, Inc.
Letter to Shareholders (continued)
The Fund may not acquire securities issued by an acquired company:
(i) if the value of such securities exceeds 3% of the total outstanding voting
stock of the acquired company;
(ii) if the aggregate value of such securities would exceed 5% of the value of
the total assets of the Fund; or
(iii) if the aggregate value of such securities, together with all other
acquired company securities in the Fund's portfolio, would exceed 10% of the
value of the total assets of the Fund.
Results of Annual Meeting of Shareholders
At the Annual Meeting of Shareholders held on Tuesday April 20, 2004, Messrs.
Martin J. Gilbert, Neville J. Miles and Warren C. Smith were elected by the
holders of the Fund's common stock to serve as Class III Directors for
three-year terms, expiring at the 2007 Annual Meeting of Shareholders, and Mr.
John T. Sheehy and Dr. Anton E. Schrafl were elected by the holders of the
Fund's preferred stock to serve as Preferred Directors for a one-year term
expiring at the 2005 Annual Meeting of Shareholders, in each case, until their
successors are duly elected and qualify.
Quarterly Reports to Shareholders
In an effort to reduce Fund expenses, quarterly reports to shareholders for the
three-month periods ending July 31 and January 31 will no longer be printed and
mailed to shareholders, but instead will be posted on the Fund's website at
www.aberdeen-asset.us. Semi-annual and annual reports to shareholders will
continue to be printed and mailed to shareholders.
Aberdeen Global Income Fund, Inc. 3
Letter to Shareholders (concluded)
For information about the Fund, including a market review and outlook, weekly
updates of share price, NAV, and details of recent distributions, contact
Aberdeen Asset Management Inc. 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 and President
All amounts are U.S. dollars unless otherwise stated.
4 Aberdeen Global Income Fund, Inc.
--------------------------------------------------------------------------------
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 of 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,
2003, including the distribution paid on June 11, 2004, are comprised of 91% net
investment income and 9% 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.
In January 2005, 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.
--------------------------------------------------------------------------------
Aberdeen Global Income Fund, Inc. 5
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 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. EquiServe Trust Company,
N.A. is currently the Plan Agent. Effective July 26, 2004, The Bank of New York
will become the Plan Agent.
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:
Through July 25, 2004: EquiServe Trust Company N.A., P.O. Box 43011, Providence,
RI 02490-3011 or call toll free on 1-800-426-5523.
Effective July 26, 2004: The Bank of New York, Shareholders Relation Department,
P.O. Box 11258, Church Street Station, New York, NY 10286 or call toll free on
1-800-432-8224.
6 Aberdeen Global Income Fund, Inc.
Report of the Investment Manager
Share Price Performance
On April 30, 2004, the Fund's share price was $11.93, which represented a
discount of 5.4% to the NAV per share of $12.61. At the date of this report, the
share price was $11.90, representing a discount of 5.4% to the NAV per share of
$12.58.
A line graph depicting the Net Asset Value vs Share Price. The values are from
April 1992 through April 2004
Apr-92 Oct-92 Apr-93 Oct-93 Apr-94 Oct-94 Apr-95 Oct-95 Apr-96
Aberdeen Global
Income Fund NAV $13.99 $13.00 $13.55 $13.42 $12.45 $12.08 $12.36 $13.13 $13.01
Oct-96 Apr-97 Oct-97 Apr-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00
Aberdeen Global
Income Fund NAV $14.32 $13.72 $13.94 $13.40 $13.07 $13.30 $12.14 $11.36 $10.20
Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04
Aberdeen Global
Income Fund NAV $ 9.86 $ 9.99 $ 9.68 $10.46 $11.55 $12.42 $12.61
Apr-92 Oct-92 Apr-93 Oct-93 Apr-94 Oct-94 Apr-95 Oct-95 Apr-96
Aberdeen Global
Income Fund
Share Price $14.75 $13.50 $13.25 $12.63 $11.38 $10.38 $10.38 $11.38 $11.00
Oct-96 Apr-97 Oct-97 Apr-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00
Aberdeen Global
Income Fund
Share Price $11.88 $11.63 $12.44 $11.19 $10.81 $10.56 $10.38 $ 9.19 $ 8.88
Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04
Aberdeen Global
Income Fund
Share Price $ 8.84 $ 9.00 $ 8.88 $ 9.35 $10.79 $13.62 $11.93
Aberdeen Global Income Fund, Inc. 7
Report of the Investment Manager (continued)
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 1.313% over the six months ended April 30,
2004, compared with 1.024% for 30-day U.S. commercial paper over the same
period. These rates were slightly lower than for the preceding six-month period.
The rates paid to preferred shareholders have increased since April 30, 2004 to
a level of 1.5% as of the date of this report.
Over the past year, the impact of AMPS on the net asset value attributable to
common shareholders has been positive, as the key currencies of the Fund -- the
Australian dollar, British pound, New Zealand dollar and Canadian dollar -- all
rose strongly against the U.S. dollar, while most Asian currencies followed a
similar trend, although these currencies generally declined from their highs by
the end of the period as the U.S. dollar regained some ground. The fact that
U.S. interest rates have remained close to historic lows, together with the
Fund's ability to lock in fixed rates for 80% of the outstanding AMPS pursuant
to the interest rate swap agreement referred to on the following page, has meant
that the differential between the AMPS funding rates and the yields at which the
Fund invests remains positive.
8 Aberdeen Global Income Fund, Inc.
Report of the Investment Manager (concluded)
As previously reported to shareholders, the Fund entered into an interest rate
swap agreement, based on an aggregate notional amount of $24,000,000, which
represents 80% of the total AMPS outstanding. Under the terms of the agreement,
the Fund receives a floating rate of interest (one month USD-LIBOR BBA rate) and
pays fixed rates of interest for the terms and based upon the notional amounts
set forth below:
================================================================================
Amount Fixed Rate
Term (in $ million) Payable (%)
================================================================================
5 years 7.2 3.54
4 years 7.2 3.16
3 years 4.8 2.69
2 years 4.8 2.1025
--------------------------------------------------------------------------------
A significant type of risk associated with interest rate swaps is the risk that
the counterparty may default or file for bankruptcy, in which case the Fund
would bear the risk of loss of the amount expected to be received under the swap
agreement. There can be no assurance that the Fund will have an interest rate
swap in place at any given time nor can there be any assurance that, if an
interest rate swap is in place, it will be successful in hedging the Fund's
interest rate risk with respect to the AMPS. The implementation of this strategy
is at the discretion of the AMPS Pricing Committee of the Board of Directors.
Aberdeen Global Income Fund, Inc. 9
Portfolio Composition
Geographic Composition
The table below shows the geographic composition of the Fund's total investments
as of April 30, 2004, compared with the previous six months and twelve months:
TABLE 1: ABERDEEN GLOBAL INCOME FUND, INC.--
GEOGRAPHIC ASSET ALLOCATION
================================================================================
April 30, 2004 October 31, 2003 April 30, 2003
% % %
--------------------------------------------------------------------------------
Australia 23.9 24.5 22.7
Canada 16.9 17.1 17.3
New Zealand 13.9 12.1 13.3
United Kingdom 28.6 27.9 32.3
United States* 4.9 4.5 2.3
Asia 2.9 3.3 6.9
Eastern Europe 1.7 1.7 1.0
Latin America 2.7 4.3 3.4
Western Europe 4.5 4.6 0.8
--------------------------------------------------------------------------------
Total Portfolio 100.0 100.0 100.0
================================================================================
* It is the 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.
A bar graph depicts the geographic composition of the Fund's total investments
as of April 30, 2004, compared with the previous quarter and twelve months:
April 30, 2004 October 31, 2003 April 30, 2003
% % %
Australia 23.9 24.5 22.7
Canada 16.9 17.1 17.3
New Zealand 13.9 12.1 13.3
United Kingdom 28.6 27.9 32.3
United States 4.9 4.5 2.3
Asia 2.9 3.3 6.9
Eastern Europe 1.7 1.7 1.0
Latin America 2.7 4.3 3.4
Western Europe 4.5 4.6 0.8
10 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 April 30, 2004, compared with the previous six months and twelve months:
TABLE 2: ABERDEEN GLOBAL INCOME FUND, INC.--
CURRENCY ALLOCATION
=======================================================================================
April 30, 2004 October 31, 2003 April 30, 2003
% % %
---------------------------------------------------------------------------------------
Australian Dollar 23.8 24.4 22.6
Canadian Dollar 15.7 16.8 17.2
New Zealand Dollar 16.5 15.0 14.5
British Pound 28.5 26.8 31.2
United States Dollar* 11.4 12.9 10.6
Asian Currencies 1.7 1.7 3.9
Western European Currencies 2.4 2.4 --
---------------------------------------------------------------------------------------
Total Portfolio 100.0 100.0 100.0
=======================================================================================
* Includes Yankee bond investments.
Maturity Composition
As of April 30, 2004, the average maturity of the Fund's assets was 7.8 years,
compared with 7.2 years on October 31, 2003. The table below shows the maturity
composition of the Fund's investments as of April 30, 2004:
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 -- 46.2 50.9 2.9
Canada 12.1 33.1 27.4 27.4
New Zealand 25.3 39.9 27.5 7.3
United Kingdom 23.4 27.4 10.9 38.3
United States 68.9 6.4 24.7 --
Asia -- 53.0 45.7 1.3
Eastern Europe -- 100 -- --
Latin America -- -- 9.5 90.5
Western Europe -- 58.5 41.5 --
--------------------------------------------------------------------------------------------------
Total Portfolio 16.1 35.7 27.5 20.7
==================================================================================================
Aberdeen Global Income Fund, Inc. 11
Portfolio Composition (continued)
Sectoral Composition
The table below shows the sectoral composition of the Fund's total investments
as of April 30, 2004:
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 4.9 11.2 1.9 2.5 3.4
Canada 7.2 8.9 -- -- 0.8
New Zealand 3.2 -- 2.8 6.5 1.4
United Kingdom 17.6 -- 2.0 2.4 6.6
United States -- -- -- 1.4 3.5
Asia 1.7 -- 1.2 -- --
Eastern Europe 0.7 -- 1.0 -- --
Latin America 2.7 -- -- -- --
Western Europe -- -- -- 4.5 --
-------------------------------------------------------------------------------------------------
Total Portfolio 38.0 20.1 8.9 17.3 15.7
=================================================================================================
A bar graph depicts the sectoral composition of the Fund's total investments as
of April 30, 2004:
Sovereign Provincial/ Utilities/
Gov't. State Supranational Corporate Cash or
Bonds Bonds Bonds Bonds Equivalent
% % % % %
Australia 4.9 11.2 1.9 2.5 3.4
Canada 7.2 8.9 -- -- 0.8
New Zealand 3.2 -- 2.8 6.5 1.4
United Kingdom 17.6 -- 2.0 2.4 6.6
United States -- -- -- 1.4 3.5
Asia 1.7 -- 1.2 -- --
Eastern Europe 0.7 -- 1.0 -- --
Latin America 2.7 -- -- -- --
Western Europe -- -- -- 4.5 --
12 Aberdeen Global Income Fund, Inc.
Portfolio Composition (concluded)
Quality of Investments
As of April 30, 2004, 76.5% 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 April 30, 2004:
TABLE 5: ABERDEEN GLOBAL INCOME FUND, INC.--
ASSET QUALITY
============================================================================================
AAA/Aaa AA/Aa A BBB/Baa BB/Ba* B*
% % % % % %
--------------------------------------------------------------------------------------------
Australia 99.3 -- 0.7 -- -- --
Canada 44.9 32.1 23.0 -- -- --
New Zealand 59.8 14.7 15.7 9.8 -- --
United Kingdom 84.6 2.5 12.2 -- 0.7 --
United States 71.7 -- -- 11.8 16.5 --
Asia 0.2 -- 42.9 14.5 42.4 --
Eastern Europe -- -- -- -- 57.9 42.1
Latin America -- -- -- 26.2 -- 73.8
Western Europe -- -- -- -- 71.4 28.6
--------------------------------------------------------------------------------------------
Total Portfolio 68.1 8.4 11.2 3.2 5.2 3.9
============================================================================================
* Below investment grade.
Aberdeen Global Income Fund, Inc. 13
Summary of Key Rates
The following table summarizes the movements of key interest rates and
currencies over the last six and twelve month periods.
================================================================================================
April 30, 2004 October 31, 2003 April 30, 2003
------------------------------------------------------------------------------------------------
Australia
90 day bank bills 5.58% 5.03% 4.81%
10 year bonds 5.95% 5.76% 5.28%
Australian Dollar $ 0.72 $ 0.71 $ 0.63
Canada
90 day bank bills 1.94% 2.67% 3.25%
10 year bonds 4.63% 4.85% 4.91%
Canadian Dollar $ 0.73 $ 0.76 $ 0.70
New Zealand
90 day bank bills 5.78% 5.23% 5.52%
10 year bonds 6.22% 6.17% 5.90%
New Zealand Dollar $ 0.63 $ 0.61 $ 0.56
United Kingdom
90 day bank bills 4.34% 3.84% 3.53%
10 year bonds 4.99% 5.01% 4.35%
British Pound $ 1.77 $ 1.70 $ 1.60
South Korea
90 day T-Bills 3.82% 3.96% 4.36%
10 year bonds 5.18% 5.10% 4.92%
South Korean Won* W--1173.35 W--1183.50 W--1215.00
Thailand
90 day deposits 1.00% 1.00% 1.50%
10 year bonds 4.90% 4.22% 3.42%
Thai Baht* B--40.01 B--41.98 B--42.87
Philippines
90 day T-Bills 7.18% 6.00% 7.66%
10 year bonds 11.67% 10.99% 12.55%
Philippines Peso* P--56.00 P--55.32 P--52.48
Malaysia
90 day T-Bills 2.58% 2.73% 2.79%
10 year bonds 5.10% 4.43% 3.68%
Malaysian Ringgit* R--3.80 R--3.80 R--3.80
Singapore
90 day T-Bills 0.65% 0.76% 0.55%
10 year bonds 3.26% 3.95% 2.10%
Singapore Dollar* S$1.70 S$1.74 S$1.78
US$ Yankee Bonds**
South Korea 4.13% 3.86% 3.86%
Malaysia 4.52% 4.15% 4.13%
Philippines 6.30% 6.49% 7.06%
================================================================================================
* 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 Management Asia Limited
June 2004
14 Aberdeen Global Income Fund, Inc.
Portfolio of Investments
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--104.5%
AUSTRALIA--25.5%
Government Bonds--6.2%
A$
Commonwealth of Australia,
1,750 10.00%, 10/15/07 ....................................... NR AAA $ 1,433,891
2,000 8.75%, 8/15/08 ......................................... Aaa AAA 1,608,087
1,750 7.50%, 9/15/09 ......................................... Aaa AAA 1,361,426
750 5.75%, 6/15/11 ......................................... Aaa AAA 536,641
1,100 6.50%, 5/15/13 ......................................... Aaa NR 823,449
Federal National Mortgage Association, Series EMTN,
2,000 6.375%, 8/15/07 (USA) .................................. Aaa NR 1,464,078
------------
Total Australian government bonds
(cost US$6,180,100) .................................... 7,227,572
------------
Semi-Government Bonds--13.9%
New South Wales--3.2%
New South Wales Treasury Corporation,
4,700 7.00%, 12/01/10 ........................................ NR AAA 3,527,887
300 6.00%, 05/01/12 ........................................ NR AAA 211,830
------------
3,739,717
------------
Queensland--4.3%
Queensland Treasury Corporation,
1,000 8.00%, 9/14/07 (Global) ................................ Aaa AAA 770,098
2,000 6.00%, 6/14/11 ......................................... Aaa AAA 1,416,946
2,700 6.00%, 8/14/13 ......................................... Aaa AAA 1,949,940
1,250 6.00%, 6/14/21 ......................................... NR AAA 865,346
------------
5,002,330
------------
Victoria--1.7%
Treasury Corporation of Victoria,
1,000 9.00%, 6/27/05 ......................................... Aaa AAA 746,971
1,500 10.25%, 11/15/06 ....................................... NR AAA 1,193,128
------------
1,940,099
------------
Western Australia--4.7%
Western Australia Treasury Corporation,
4,500 8.00%, 10/15/07 ........................................ Aaa AAA 3,445,810
2,650 8.00%, 6/15/13 ......................................... Aaa AAA 2,135,714
------------
5,581,524
------------
Total Australian semi-government bonds
(cost US$14,406,066) ................................... 16,263,670
------------
Aberdeen Global Income Fund, Inc. 15
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
AUSTRALIA (concluded)
Supranational--2.4%
A$
Eurofima,
3,500 9.875%, 1/17/07 ........................................ Aaa AAA $ 2,777,323
------------
Total Australian dollar supranational bonds
(cost US$1,987,947) .................................... 2,777,323
------------
Corporate Non-Banks--3.0%
Brisbane Airport Corporation, Ltd.,
4,000 7.30%, 6/30/10 ......................................... Aaa AAA 2,991,075
GE Capital Australia,
600 6.75%, 9/15/07 ......................................... Aaa AAA 440,685
GPT Management Ltd.,
200 6.50%, 8/22/13 ......................................... NR A+ 138,781
------------
Total Australian corporate non-bank bonds
(cost US$2,615,317) .................................... 3,570,541
------------
Total Australian long-term investments
(cost US$25,189,430) ................................... 29,839,106
------------
CANADA--18.4%
Government Bonds--8.4%
C$
Canadian Government,
2,500 7.25%, 6/01/07 ......................................... NR AAA 2,031,158
3,000 10.25%, 3/15/14 ........................................ Aaa AAA 3,148,838
2,000 8.00%, 6/01/23 ......................................... Aaa AAA 1,951,718
2,000 9.00%, 6/01/25 ......................................... NR AAA 2,150,300
Canada (Cayman),
750 7.25%, 6/01/08 ......................................... Aaa NR 605,145
------------
Total Canadian government bonds
(cost US$8,796,860) .................................... 9,887,159
------------
Semi-Government Bonds--9.3%
British Columbia--1.6%
Province of British Columbia,
2,000 9.50%, 1/09/12 ......................................... Aa2 AA- 1,911,812
------------
Manitoba--2.4%
Province of Manitoba Series EMTN,
3,500 7.00%, 5/21/07 ......................................... Aa2 AA- 2,783,050
------------
New Brunswick--1.5%
Province of New Brunswick,
2,000 7.75%, 1/13/14 ......................................... A1 AA- 1,740,497
------------
Ontario--0.4%
Ontario Hydro,
500 8.50%, 5/26/25 ......................................... Aa2 AA 493,543
------------
16 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
CANADA (concluded)
Semi-Government Bonds (concluded)
Quebec--3.4%
C$
Quebec Hydro,
1,500 7.00%, 6/01/04 ......................................... A1 A+ $ 1,094,605
1,000 2.362%, 1/28/05 (b) .................................... A1 A+ 727,650
2,000 9.625%, 7/15/22 ........................................ A1 A+ 2,137,270
------------
3,959,525
------------
Total Canadian semi-government bonds
(cost US$10,271,297) ................................... 10,888,427
------------
Banking and Finance--0.7%
Credit Local de France,
1,000 6.75%, 3/21/06 (France) ................................ Aa2 AA 775,202
------------
Total Canadian banking and finance bonds
(cost US$718,787) ...................................... 775,202
------------
Total Canadian long-term investments
(cost US$19,786,944) ................................... 21,550,788
------------
EUROPEAN UNION--2.9%
Germany--0.7%
Corporate Non-Banks--0.7%
EUR
Kronos International Inc.,
310 8.875%, 6/30/09 ........................................ B2 BB- 397,626
Messer Griesheim Holdings AG,
310 10.375%, 6/01/11 ....................................... B1 B+ 443,613
------------
841,239
------------
France--0.2%
Corporate Non-Bank--0.2%
Remy Cointreau SA,
150 6.50%, 7/01/10 ......................................... Ba2 BB 184,308
------------
Ireland--0.3%
Corporate Non-Bank--0.3%
Valentia Telecommunications LTD,
300 7.25%, 8/15/13 ......................................... Ba3 BB- 384,799
------------
Luxembourg--0.3%
Corporate Non-Banks--0.3%
Rhiag SA,
310 10.75%, 6/05/07 ........................................ B2 B+ 388,335
------------
Aberdeen Global Income Fund, Inc. 17
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
EUROPEAN UNION (concluded)
Netherlands--0.4%
EUR
Corporate Non-Bank--0.4%
Carmeuse Lime BV,
300 10.75%, 7/15/12 ........................................ Ba3 B+ $ 409,973
------------
United States--1.0%
Corporate Non-Banks--1.0%
Dana Corporation,
300 9.00%, 8/15/11 ......................................... Ba3 BB 424,358
Lear Corporation
310 8.125%, 4/01/08 ........................................ Baa3 BBB- 421,780
TRW Automotive Inc.,
268 10.125%, 2/15/13 ....................................... B1 BB- 366,242
------------
1,212,380
------------
Total European Union long-term investments
(cost US$3,096,100) .................................... 3,421,034
------------
NEW ZEALAND--18.9%
Government Bonds--4.6%
NZ$
Canadian Government,
1,000 6.625%, 10/03/07 (Canada) .............................. Aaa AAA 635,440
New Zealand Government,
5,000 6.50%, 4/15/13 ......................................... Aaa AAA 3,190,069
2,500 6.00%, 4/15/15 ......................................... Aaa AAA 1,534,223
------------
Total New Zealand government bonds
(cost US$4,596,750) .................................... 5,359,732
------------
Semi-Government Bonds--1.1%
NZ$
Province of Ontario,
2,000 5.75%, 3/03/08 (Canada) ................................ Aa2 AA 1,226,850
------------
Total New Zealand semi-government bonds
(cost US$1,110,069) .................................... 1,226,850
------------
18 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
NEW ZEALAND (concluded)
Banking and Finance--9.0%
NZ$
Bayerische Hypo- und Vereinsbank AG,
2,000 7.00%, 9/14/05 (Germany) ............................... A3 A- $ 1,246,335
Commerzbank AG,
3,500 8.00%, 2/07/05 (Germany) ............................... A2 A- 2,215,050
Dexia Municipal Agency
3,000 7.00%, 11/26/07 (France) ............................... Aaa AAA 1,942,853
GMAC INTL Finance BV,
3,500 8.00%, 3/14/07 (Netherlands) ........................... A3 BBB 2,200,984
Landesbank Baden-Wuerttemberg,
4,200 5.25%, 1/06/05 (Germany) ............................... Aaa AAA 2,614,296
Transpower Finance Ltd.,
500 8.00%, 6/15/05 ......................................... Aa2 AA 318,994
------------
Total New Zealand banking and finance bonds
(cost US$7,827,810) .................................... 10,538,512
------------
Corporate Non-Banks--0.8%
Housing New Zealand,
1,500 8.00%, 11/15/06 ........................................ Aaa AA- 980,061
------------
Total New Zealand corporate non-bank bonds
(cost US$744,008) ...................................... 980,061
------------
Supranational--3.4%
European Investment Bank,
2,300 7.00%, 12/17/07 ........................................ Aaa AAA 1,485,193
International Finance Corp,
4,000 6.75%, 7/15/09 ......................................... Aaa AAA 2,543,783
------------
Total New Zealand dollar denominated supranational bonds
(cost US$3,536,845) .................................... 4,028,976
------------
Total New Zealand long-term investments
(cost US$17,815,482) ................................... 22,134,131
------------
PHILIPPINES--0.1%
Government Bonds--0.1%
PHP
Philippine Government,
7,000 16.50%, 2/25/09 ........................................ Ba2 BBB 150,984
------------
Total Philippine long-term investments
(cost US$198,802) ...................................... 150,984
------------
Aberdeen Global Income Fund, Inc. 19
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
SOUTH KOREA--1.6%
Government Bonds--1.6%
US$
EMBARC Ltd. Linked Note Series 1-14,
2,100 4.79%, 10/11/07 (b)(c) ................................. NR NR $ 1,856,148
------------
Total Korean long-term investments
(cost US$1,875,421) .................................... 1,856,148
------------
THAILAND--0.4%
Government Bonds--0.4%
THB
Thailand Government,
9,500 8.00%, 12/08/06 ........................................ Baa1 NR 274,745
4,000 5.375%, 11/30/11 ....................................... Baa1 NR 106,211
3,500 4.125%, 11/01/12 ....................................... Baa1 NR 83,951
------------
Total Thailand long-term investments
(cost US$426,337) ...................................... 464,907
------------
UNITED KINGDOM--27.0%
Government Bonds--21.8%
(pound)
United Kingdom Treasury,
500 5.00%, 6/07/04 ......................................... Aaa AAA 887,119
1,250 8.50%, 12/07/05 ........................................ Aaa AAA 2,350,223
1,100 7.50%, 12/07/06 ........................................ Aaa AAA 2,082,163
500 5.75%, 12/07/09 ........................................ Aaa AAA 923,561
1,500 8.00%, 9/27/13 ......................................... Aaa AAA 3,259,244
600 8.00%, 12/07/15 ........................................ Aaa AAA 1,346,880
3,000 8.00%, 6/07/21 ......................................... Aaa AAA 7,190,516
2,350 6.00%, 12/07/28 ........................................ NR AAA 4,842,008
Republic of Finland,
1,250 10.125%, 6/22/08 ....................................... Aaa AAA 2,600,609
------------
Total United Kingdom government bonds
(cost US$22,398,326) ................................... 25,482,323
------------
Utilities--2.4%
British Gas PLC,
1,400 8.875%, 7/08/08 ........................................ A2 A 2,795,511
------------
Total United Kingdom utility bonds
(cost US$2,171,503) .................................... 2,795,511
------------
20 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
UNITED KINGDOM (concluded)
Banking and Finance--2.6%
(pound)
Barclays Bank PLC,
1,000 9.875%, 5/29/49 ........................................ Aa2 A+ $ 2,042,202
Prudential Finance B.V.,
500 9.375%, 6/04/07 ........................................ NR AA- 984,590
------------
Total United Kingdom banking and finance bonds
(cost US$2,358,104) .................................... 3,026,792
------------
Corporate Non-Banks--0.2%
Big Food Group PLC,
150 9.75%, 6/30/12 ......................................... B1 B+ 277,308
------------
Total United Kingdom corporate non-bank bonds
(cost US$228,319) ...................................... 277,308
------------
Total United Kingdom long-term investments
(cost US$27,156,252) ................................... 31,581,934
------------
UNITED STATES--9.7%
Corporate Non-Banks--0.7%
(pound)
American Standard Inc.,
221 8.25%, 6/01/09 ......................................... Ba2 BBB- 420,324
Constellation Brands Inc.,
200 8.50%, 11/15/09 ........................................ Ba2 BB 381,271
------------
Total United States corporate non-banks
(cost US$731,828) ...................................... 801,595
------------
Yankee Bonds--9.0%
Australia--0.1%
Corporate Non-Banks--0.1%
US$
Cable & Wireless Optus Finance,
100 8.00%, 6/22/10 ......................................... A2 A+ 115,663
------------
Brazil--1.5%
Government--1.5%
Federal Republic of Brazil
400 10.00%, 8/07/11 ........................................ B2 B+ 388,000
1,500 11.00%, 8/17/40 ........................................ B2 B+ 1,395,000
------------
1,783,000
------------
Mexico--0.9%
Government--0.9%
United Mexican States,
1,000 8.30%, 8/15/31 ......................................... Baa2 BBB- 1,073,000
------------
Aberdeen Global Income Fund, Inc. 21
Portfolio of Investments (continued)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
UNITED STATES (concluded)
Yankee Bonds (concluded)
US$
Netherlands--1.8%
Banking and Finance--1.8%
Kazkommerts INTL BV,
1,000 10.125%, 5/08/07 ....................................... Baa2 BB- $ 1,070,000
Turanalem Finance BV,
1,000 10.00%, 5/29/07 ........................................ Baa3 BB- 1,065,000
------------
2,135,000
------------
Philippines--1.5%
Government--0.0%
Republic of Philippines,
50 9.375%, 1/18/17 ........................................ Ba2 BB 52,273
------------
Utilities--1.5%
Philippine Long Distance Telephone Company
1,400 11.375%, 5/15/12 ....................................... Ba2 BB 1,714,229
------------
1,766,502
------------
Russia--1.2%
Utilities--1.2%
Tyumen Oil,
1,250 11.00%, 11/06/07 ....................................... Ba3 BB- 1,403,125
------------
Ukraine--0.9%
Government--0.9%
City of Kiev,
1,000 8.75%, 8/08/08 ......................................... B2 B 1,047,500
------------
Uruguay--1.1%
Government--1.1%
Republic of Uruguay,
1,600 7.50%, 3/15/15 ......................................... B3 B- 1,232,000
------------
Total United States yankee bonds
(cost US$9,463,677) ............................................. 10,555,790
------------
Total United States long-term investments
(cost US$10,195,505) ............................................ 11,357,385
------------
Total long-term investments
(cost US$105,740,273) ........................................... 122,356,417
------------
22 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (concluded)
As of April 30, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
---------------------------------------------------------------------------------------------------
SHORT--TERM INVESTMENTS--12.8%
Canada--1.0%
C$
State Street Bank and Trust Company Time Deposit,
1,634 1.75%, 5/05/04 (USA)
(cost US$1,207,597) .................................... NR NR $ 1,188,147
------------
New Zealand--0.4%
NZ$
State Street Bank and Trust Company Fixed Deposit
4.25%, 5/05/04 (USA)
638 (cost US$400,983) ...................................... NR NR 399,069
------------
United Kingdom--7.5%
(pound)
State Street Bank and Trust Company Fixed Deposit
3.75%, 5/05/04 (USA)
4,970 (cost US$8,820,251) .................................... NR NR 8,813,557
------------
United States--3.9%
US$
Repurchase Agreement, State Street Bank and Trust
4,561 Company, 0.82% dated 4/30/04, due 05/03/04 in the
amount of $4,561,312 (collateralized by $3,750,000 U.S.
Treasury Bonds, 7.25% due 8/15/22; value $4,662,660)
(cost US$4,561,000) .................................... NR NR 4,561,000
------------
Total short-term investments
(cost US$14,989,831) ............................................ 14,961,773
------------
---------------------------------------------------------------------------------------------------
Total Investments--117.3% (cost US$120,730,104) 137,318,190
Other assets in excess of liabilities--8.3% 9,704,262
Liquidation value of preferred stock--(25.6%) (30,000,000)
---------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shareholders--100.0% $117,022,452
---------------------------------------------------------------------------------------------------
NR--Not rated by Moody's or Standard & Poors.
(a) Portfolio securities are categorized according to their currency exposure.
Where the country of issuer differs from the currency exposure, the
country of issuer is denoted parenthetically.
A$--Australian dollar
C$--Canadian dollar
EUR--Euro
NZ$--New Zealand dollar
PHP--Philippine peso
THB--Thailand baht
(pound)--British pound
US$--United States dollar
(b) Coupon changes periodically upon a predetermined schedule. Stated interest
rate in effect at April 30, 2004.
(c) Value of security is linked to the value of Government of Korea 5.77%,
10/09/07 and the movement of the South Korean Won.
See notes to financial statements.
Aberdeen Global Income Fund, Inc. 23
Statement of Assets and Liabilities
April 30, 2004 (unaudited)
Assets
Investments, at value (cost $120,730,104) ....................... $ 137,318,190
Foreign currency, at value (cost $7,523,306) .................... 7,197,417
Cash ............................................................ 50,438
Interest receivable ............................................. 3,105,027
Net unrealized appreciation on interest rate swaps .............. 197,849
Prepaid expenses ................................................ 78,329
-------------
Total assets .................................................. 147,947,250
-------------
Liabilities
Dividends payable to common shareholders ........................ 556,767
Investment management fee payable ............................... 94,371
Administration fee payable ...................................... 29,037
Accrued expenses and other liabilities .......................... 244,623
-------------
Total liabilities ............................................. 924,798
-------------
Preferred stock
$.001 par value per share and $25,000 liquidation value per share 30,000,000
-------------
Net Assets Applicable to Common Shareholders .................... $ 117,022,452
=============
Composition of Net Assets Applicable to Common Shareholders
Common Stock (par value $.001 per share) ........................ $ 9,279
Paid-in capital in excess of par ................................ 113,957,935
Accumulated net investment loss ................................. (3,171,821)
Accumulated net realized losses on investments transactions ..... (2,946,847)
Net unrealized appreciation on investments ...................... 2,854,458
Accumulated net realized foreign exchange losses ................ (7,224,814)
Net unrealized foreign exchange gains ........................... 13,544,262
-------------
Net Assets Applicable to Common Shareholders .................... $ 117,022,452
=============
Net asset value per common share based on (9,279,447 shares
issued and outstanding) ....................................... $ 12.61
=============
See notes to financial statements.
24 Aberdeen Global Income Fund, Inc.
Statement of Operations
For the Six Months Ended April 30, 2004 (unaudited)
Net Investment Income
Income
Interest and discount earned (net of foreign withholding taxes of $56,436) $ 4,361,328
-----------
Expenses
Investment management fee ................................................. 495,899
Administration fee ........................................................ 152,584
Legal fees and expenses ................................................... 105,847
Reports to shareholders and proxy solicitation ............................ 91,757
Directors' fees and expenses .............................................. 84,295
Independent auditors' fees and expenses ................................... 57,387
Insurance expense ......................................................... 47,197
Auction agent's fees and expenses ......................................... 36,280
Investor relations fees and expenses ...................................... 36,107
Custodian's fees and expenses ............................................. 28,823
Registration fees ......................................................... 12,442
Transfer agent's fees and expenses ........................................ 8,550
Miscellaneous ............................................................. 15,834
-----------
Total operating expenses ............................................... 1,173,002
-----------
Net investment income ....................................................... 3,188,326
-----------
Realized and Unrealized Gains (Losses) on Investments, swaps and
Foreign Currencies
Net realized gain on investment transactions .............................. 198,354
Net realized loss on interest rate swaps .................................. (207,219)
Net realized foreign exchange gains ....................................... 2,237,441
-----------
2,228,576
-----------
Net change in unrealized appreciation/depreciation of investments and swaps 54,199
Net change in unrealized foreign exchange gains/losses .................... (256,341)
-----------
(202,142)
-----------
Net gain on investments and foreign currencies .............................. 2,026,434
-----------
Net increase in Net Assets from Operations .................................. 5,214,760
-----------
Dividends to Preferred Shareholders from
Net Investment Income ..................................................... (181,140)
-----------
Net Increase in Net Assets Applicable to Common Shareholders
Resulting from Operations ................................................. $ 5,033,620
===========
See notes to financial statements.
Aberdeen Global Income Fund, Inc. 25
Statement of Cash Flows
For the Six Months Ended April 30, 2004 (unaudited)
Increase (Decrease) in Cash (Including Foreign Currency)
Cash flows provided from (used for) operating activities
Interest received (excluding discount and premium amortization
of ($446,942)) ................................................. $ 4,604,637
Operating expenses paid ........................................ (1,077,547)
Proceeds from the sale of short-term portfolio investments, net 198,055
Purchases of long-term portfolio investments ................... (9,317,970)
Proceeds from sales of long-term portfolio investments ......... 14,785,459
Realized loss on interest rate swap transactions ............... (209,219)
------------
Net cash provided from operating activities ................. 8,983,415
------------
Cash flows used for financing activities
Dividends paid to common shareholders .......................... (3,193,375)
Dividends paid to preferred shareholders ....................... (181,140)
------------
Net cash used for financing activities ...................... (3,374,515)
------------
Effect of exchange rate on cash .................................. 181,845
------------
Net increase in cash ............................................. 5,790,745
Cash at beginning of period .................................... 1,457,110
------------
Cash at end of period .......................................... $ 7,247,855
============
Reconciliation of Net Increase in Net Assets from Operations to
Net Cash (Including Foreign Currency) Provided from
Operating Activities
Net increase in net assets resulting from operations ............. $ 5,214,760
------------
Increase in investments ........................................ 7,780,292
Net realized gains on investments .............................. (198,354)
Net realized losses on swap transactions ....................... 207,219
Net realized foreign exchange gains ............................ (2,237,441)
Net change in unrealized appreciation/depreciation
on investments and swaps .................................... (54,199)
Net change in unrealized foreign exchange gains/losses ......... 256,341
Increase in interest receivable ................................ (203,633)
Decrease in payable for investments purchased .................. (1,877,025)
Increase in accrued expenses and other liabilities ............. 95,455
------------
Total adjustments .............................................. 3,768,655
------------
Net cash provided from (used for) operating activities ........... $ 8,983,415
============
See notes to financial statements.
26 Aberdeen Global Income Fund, Inc.
Statements of Changes in Net Assets
Applicable to Common Shareholders
For the Six
Months Ended For the Year
April 30, 2004 Ended
(unaudited) Oct. 31, 2003
-------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets Applicable to
Common Shareholders
Operations
Net investment income ...................................... $ 3,188,326 $ 5,262,837
Net realized gains (losses) on investment transactions
and swaps ............................................... (8,865) 719,622
Net realized foreign exchange gains (losses) ............... 2,237,441 4,394,188
Net change in unrealized appreciation/depreciation
of investments .......................................... 54,199 (453,680)
Net change in unrealized foreign exchange gains/losses ..... (256,341) 15,386,693
------------- -------------
Net Increase in Net Assets from Operations ................. 5,214,760 25,309,660
------------- -------------
Dividends to preferred shareholders from net
investment income .......................................... (181,140) (435,504)
------------- -------------
Net Increase in Net Assets Applicable to
Common Shareholders Resulting from Operations .............. 5,033,620 24,874,156
------------- -------------
Dividends and distributions to common shareholders from
Net investment income ...................................... (3,339,252) (4,034,277)
Tax return of capital ...................................... -- (2,637,483)
------------- -------------
Net decrease in net assets applicable to common shareholders
resulting from dividends and distributions ................. (3,339,252) (6,671,760)
------------- -------------
Common Stock Transactions
Reinvestment of dividends resulting in the issuance of
2,459 shares of common stock ............................... 145,230 29,950
------------- -------------
Total increase in net assets applicable to common shareholders 1,839,598 18,232,346
Net Assets Applicable to Common Shareholders
Beginning of period .......................................... 115,182,854 96,950,508
------------- -------------
End of period (including accumulated investment loss of
($3,171,821) and ($2,839,755), respectively) ............... $ 117,022,452 $ 115,182,854
============= =============
See notes to financial statements.
Aberdeen Global Income Fund, Inc. 27
Financial Highlights
For the Six For the Year Ended
Months Ended October 31,
April 30, 2004 ----------------------------
(unaudited) 2003 2002(1)
---------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance:
Net asset value per common share, beginning of period .............. $ 12.43 $ 10.46 $ 9.99
----------- ----------- -----------
Net investment income .............................................. 0.34 0.57 0.52
Net realized and unrealized gains (losses) on investments, swaps and
foreign currencies ............................................... 0.22 2.17 0.76
Dividends to preferred shareholders:
From net investment income ....................................... (0.02) (0.05) (0.07)
From net realized gains on investment transactions ............... -- -- --
----------- ----------- -----------
Total from investment operations applicable to
common shareholders ............................................ 0.54 2.69 1.21
----------- ----------- -----------
Dividends and distributions to common shareholders:
From net investment income ....................................... (0.36) (0.44) (0.04)
Tax return of capital ............................................ -- (0.28) (0.70)
From net realized gains on investment transactions ............... -- -- --
----------- ----------- -----------
Total dividends and distributions .................................. (0.36) (0.72) (0.74)
----------- ----------- -----------
Net asset value per common share, end of period .................... $ 12.61 $ 12.43 $ 10.46
=========== =========== ===========
Market value, end of period ........................................ $ 11.93 $ 13.62 $ 9.35
=========== =========== ===========
Number of shares of common stock outstanding (000 omitted) ......... 9,279 9,268 9,266
Total investment return based on:(2)
Market value ..................................................... (9.97%) 55.30% 12.45%
Net asset value .................................................. 4.27% 26.70% 13.30%
Ratio to Average Net Assets Applicable to
Common Shareholders(3)/Supplementary Data:
Net assets applicable to common shareholders, end of period
(000 omitted) .................................................... $ 117,022 $ 115,183 $ 96,951
Average net assets applicable to common shareholders
(000 omitted) .................................................... 122,584 107,415 92,148
Operating expenses ................................................. 1.91% 2.30% 2.17%
Net investment income(3) ........................................... 4.91% 4.49% 4.57%
Portfolio turnover ................................................. 6% 31% 39%
Senior securities (preferred stock) outstanding (000 omitted) ...... $ 30,000 $ 30,000 $ 30,000
Asset coverage on preferred stock at period end .................... 490% 484% 423%
---------------------------------------------------------------------------------------------------------------------
(1) As required, effective November 1, 2001, the Fund has adopted the
provisions of the AICPA Audit and Accounting Guide, Audits of Investment
Companies, and began amortizing premium on debt securities for financial
statement reporting purposes only. The effect of this change for the year
ended October 31, 2002 was to decrease net investment income per share by
$0.10, decrease net realized and unrealized loss on investments and
foreign exchange losses by $0.10 and decrease the ratio of net investment
income to average net asset from 5.54% to 4.57% based on common
shareholders. Per share, ratios and supplemental data for periods prior to
November 1, 2001 have not been restated to reflect this change in
presentation.
(2) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day
of each period reported. Dividends and distributions, if any, are assumed
for the purposes of this calculation to be reinvested at prices obtained
under the Fund's dividend reinvestment plan. Total investment return does
not reflect brokerage commissions.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders. Ratio of net investment income before preferred stock
dividends to average net assets of common shareholders is 5.20%, 4.90%,
5.22%, 6.98%, 7.12%, and 6.76%, respectively.
See notes to financial statements.
28 Aberdeen Global Income Fund, Inc.
Financial Highlights (concluded)
For the Year Ended
October 31,
----------------------------------------------
2001 2000 1999
----------------------------------------------------------------------------------------------------------------------
Per Share Operating Performance:
Net asset value per common share, beginning of period .............. $ 10.20 $ 12.14 $ 13.07
------------ ------------ ------------
Net investment income .............................................. 0.71 0.81 0.87
Net realized and unrealized gains (losses) on investments, swaps and
foreign currencies ............................................... 0.07 (1.68) (0.70)
Dividends to preferred shareholders:
From net investment income ....................................... (0.15) (0.16) (0.11)
From net realized gains on investment transactions ............... -- (0.04) (0.04)
------------ ------------ ------------
Total from investment operations applicable to
common shareholders .............................................. 0.63 (1.07) 0.02
------------ ------------ ------------
Dividends and distributions to common shareholders:
From net investment income ....................................... (0.34) (0.71) (0.62)
Tax return of capital ............................................ (0.50) -- --
From net realized gains on investment transactions ............... -- (0.16) (0.33)
------------ ------------ ------------
Total dividends and distributions .................................. (0.84) (0.87) (0.95)
------------ ------------ ------------
Net asset value per common share, end of period .................... $ 9.99 $ 10.20 $ 12.14
============ ============ ============
Market value, end of period ........................................ $ 9.00 $ 8.875 $ 10.375
============ ============ ============
Number of shares of common stock outstanding (000 omitted) ......... 9,266 9,266 9,266
Total investment return based on:(2)
Market value ..................................................... 11.20% (6.11)% 4.89%
Net asset value .................................................. 7.40% (7.78)% 1.53%
Ratio to Average Net Assets Applicable to
Common Shareholders(3)/Supplementary Data:
Net assets applicable to common shareholders, end of period
(000 omitted) .................................................... $ 92,539 $ 94,494 $ 112,504
Average net assets applicable to common shareholders
(000 omitted) .................................................... 93,987 105,657 119,257
Operating expenses ................................................. 2.11% 2.02% 1.95%
Net investment income(3) ........................................... 5.46% 5.39% 5.53%
Portfolio turnover ................................................. 17% 29% 40%
Senior securities (preferred stock) outstanding (000 omitted) ...... $ 30,000 $ 30,000 $ 30,000
Asset coverage on preferred stock at period end .................... 408% 15% 475%
----------------------------------------------------------------------------------------------------------------------
(1) As required, effective November 1, 2001, the Fund has adopted the
provisions of the AICPA Audit and Accounting Guide, Audits of Investment
Companies, and began amortizing premium on debt securities for financial
statement reporting purposes only. The effect of this change for the year
ended October 31, 2002 was to decrease net investment income per share by
$0.10, decrease net realized and unrealized loss on investments and
foreign exchange losses by $0.10 and decrease the ratio of net investment
income to average net asset from 5.54% to 4.57% based on common
shareholders. Per share, ratios and supplemental data for periods prior to
November 1, 2001 have not been restated to reflect this change in
presentation.
(2) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day
of each period reported. Dividends and distributions, if any, are assumed
for the purposes of this calculation to be reinvested at prices obtained
under the Fund's dividend reinvestment plan. Total investment return does
not reflect brokerage commissions.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders. Ratio of net investment income before preferred stock
dividends to average net assets of common shareholders is 5.20%, 4.90%,
5.22%, 6.98%, 7.12%, and 6.76%, respectively.
Aberdeen Global Income Fund, Inc. 29
Notes to Financial Statements (unaudited)
Note 1. Investment Objectives
Aberdeen Global Income Fund, Inc. (the "Fund") was incorporated in Maryland on
June 28, 1991, as a closed-end, non-diversified investment company.
The Fund's principal investment objective is to provide high current income by
investing primarily in fixed-income securities denominated in the Commonwealth
Currencies. As a secondary investment objective, the Fund seeks capital
appreciation, but only when consistent with its principal investment objective.
The Fund will seek to achieve its investment objective through investment in
fixed-income securities denominated in the Commonwealth Currencies and in Global
Debt Securities. In order to comply with a rule adopted by the Securities and
Exchange Commission under the Investment Company Act of 1940 regarding fund
names, the Board of Directors has adopted an investment policy that, for as long
as the name of the Fund remains Aberdeen Global Income Fund, Inc., it shall be
the policy of the Fund normally to invest at least 80% of its net assets plus
the amount of any borrowings for investment purposes, in debt securities. This
80% investment policy is a non-fundamental policy of the Fund and may be changed
by the Board of Directors upon 60 days prior written notice to shareholders. The
ability of issuers of debt securities held by the Fund to meet their obligations
may be affected by economic developments in a specific industry, country or
region.
Note 2. Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Basis of Presentation: The financial statements of the Fund are prepared in
accordance with accounting principles generally accepted in the United States of
America using the United States dollar as both the functional and reporting
currency. However, the Commonwealth Currencies (excluding New Zealand) are the
functional currencies for Federal tax purposes (see Taxes below).
30 Aberdeen Global Income Fund, Inc.
Notes to Financial Statements (unaudited) (continued)
Foreign Currency Translation: Foreign currency amounts are translated into
United States dollars on the following basis:
(i) market value of investment securities, other assets and liabilities -- at
the closing rates of exchange as reported by a major bank;
(ii) purchases and sales of investment securities, income and expenses -- at
the rates of exchange prevailing on the respective dates of such
transactions.
The Fund isolates that portion of the results of operations arising as a result
of changes in the foreign exchange rates from the fluctuations arising from
changes in the market prices of the securities held at fiscal year end.
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 fiscal year.
Net realized foreign exchange losses includes realized foreign exchange gains
and losses from sales and maturities of portfolio securities, sales of foreign
currencies, currency gains or losses realized between the trade and settlement
dates on securities transactions and the difference between the amounts of
interest, discount and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent amounts actually received or paid. Net unrealized
foreign exchange gains include changes in the value of portfolio securities and
other assets and liabilities arising as a result of changes in the exchange
rate. Accumulated realized and unrealized foreign exchange gains (losses) shown
in the composition of net assets represent foreign exchange gains (losses) 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.
The exchange rates of the Commonwealth Currencies utilized by the Fund at April
30,
Aberdeen Global Income Fund, Inc. 31
Notes to Financial Statements (unaudited) (continued)
2004 were US$0.72 to A$1.00, US$0.73 to C$1.00, US$0.63 to NZ$1.00, US$1.77 to
(pound)1.00.
Security Valuation: The Fund's Board of Directors has adopted Pricing and
Valuation Procedures (the "Procedures") to be used in determining the value of
the assets held by the Fund. In accordance with the Procedures, investments are
stated at value. Investments for which market quotations are readily available
are valued at the last trade price on the date of determination as obtained from
a pricing source. If no such trade price is available, such investments are
valued at the quoted bid price or the mean between the quoted bid and asked
price on the date of determination as obtained from a pricing source.
Securities purchased with a maturity of less than 60 days are valued at
amortized cost. Securities purchased with a maturity of greater than 60 days are
valued at current market quotations until the 60th day prior to maturity. At
that time, the value of the security on the 61st day prior to maturity is
amortized on a straight-line basis to value the security for the remaining 60
days. Securities for which market quotations are not readily available are
valued at fair value in good faith using methods set forth in the Procedures.
Repurchase Agreements: In connection with transactions in repurchase agreements
with U.S. financial institutions, it is the Fund's policy that its
custodian/counterparty segregates the underlying collateral securities, the
value of which exceeds the principal amount of the repurchase transaction,
including accrued interest. To the extent that any repurchase transaction
exceeds one business day, the collateral is valued on a daily basis to determine
its adequacy. If the seller defaults and the value of the collateral declines or
if bankruptcy proceedings are commenced with respect to the seller of the
security, realization of the collateral by the Fund may be delayed or limited.
Securities Transactions and Investment Income: Securities transactions are
recorded on the trade date. Realized and unrealized gains and 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
32 Aberdeen Global Income Fund, Inc.
Notes to Financial Statements (unaudited) (continued)
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.
Derivative Financial Instruments: The Fund is authorized to use derivatives to
manage both currency and interest rate risk for global debt securities. With
respect to investments denominated in Commonwealth currencies, derivatives can
only be used to manage interest rate risk. Losses may arise due to changes in
the value of the contract if the counterparty does not perform under the
contract.
Interest Rate Swap: The Fund may engage in certain swap transactions, in order
to obtain a desired return at a lower cost than if the Fund invested directly in
the asset that yielded the desired return or to hedge the Fund's AMPS. An
interest rate swap is an agreement between two parties, which involves
exchanging a floating rate and fixed rate interest payments for a specified
period of time. Interest rate swaps involve the accrual and exchange of interest
payments between the parties. These payments are recorded as realized
gain/(loss).
During the term of the swap, changes in the value of the swap are recognized as
unrealized gains and losses by "marking-to-market" to reflect the market value
of the swap. When the swap is terminated, the Fund will record a realized gain
or loss equal to the difference, if any, between the proceeds from (or cost of)
the closing transaction and the Fund's basis in the contract. The Fund is
exposed to credit risk in the event of non-performance by the other party to the
interest rate swap. However, the Fund does not anticipate non-performance by any
counterparty.
Periodic payments made or accrued under interest rate swap agreements were
previously included within interest income but, as a result of a recent FASB
Emerging Issues Task Force consensus and subsequent related SEC staff guidance,
are now shown as a component of either realized gain/(loss) or unrealized
appreciation/(depreciation) in the Statement of Operations. Prior years' net
investment income and realized and unrealized gain/loss in Statement of Changes
and net investment income and realized gain/loss per share numbers in the
Financial
Aberdeen Global Income Fund, Inc. 33
Notes to Financial Statements (unaudited) (continued)
Highlights have not been impacted by the change as the amounts were not
material.
Forward Currency Contracts: A forward currency contract involves an obligation
to purchase and sell a specific currency at a future date, which may be any
fixed number of days from the date of the contract agreed upon by the parties,
at a price set at the time of the contract. The foreign currency contract is
marked-to-market daily and the change in market value is recorded by the Fund as
an unrealized gain or loss. When the forward currency 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. As of April
30, 2004, there were no open contracts.
Financial futures contracts: A futures contract is an agreement between two
parties to buy and sell a security for a set price on a future date. Upon
entering into a contract, the Fund deposits and maintains as collateral such
initial margin as required by the exchange on which the transaction is effected.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as variation margin and are recorded by the
Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed. As
of April 30, 2004, there were no open futures contracts.
Options: When the fund writes an option, an amount equal to the premium received
by the Fund is reflected as an asset and an equivalent liability. The amount of
the liability is subsequently marked to market to reflect the current market
value of the option written. When a security is purchased or sold through an
exercise of an option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired or deducted from (or added to)
the proceeds of the security sold. When an option expires (or the Fund enters
into a closing transaction), the Fund realizes a gain or loss on the option to
the extent of the premiums received or paid (or gain or loss to the extent the
cost of the closing transaction exceeds the premium
34 Aberdeen Global Income Fund, Inc.
Notes to Financial Statements (unaudited) (continued)
paid or received). As of April 30, 2004, there were no open option contracts.
Dividends and distributions: Dividends and distributions to common shareholders
are recorded on the ex-dividend date. These are based upon net investment income
and capital and currency gains determined in accordance with income tax
regulations which may differ from accounting principles generally accepted in
the United States of America. These differences are primarily due to
amortization of premium and discount and differing treatments for foreign
currencies and loss deferrals. Dividends and distributions to preferred
shareholders are accrued on record date and are determined as described in Note
7.
Taxes: For Federal income and excise tax purposes, substantially all of the
Fund's transactions are accounted for using the functional currencies.
Accordingly, only realized currency gains and losses resulting from the
repatriation of any of the Commonwealth Currencies into U.S. dollars or another
Commonwealth Currency and realized currency gains and losses on non-Commonwealth
currencies are recognized for U.S. tax purposes.
No provision has been made for United States of America Federal income taxes
because it is the Fund's policy to meet the requirements of the United States of
America Internal Revenue Code applicable to regulated investment companies and
to distribute substantially all of its taxable income to shareholders. Under the
applicable foreign tax law, a withholding tax may be imposed on interest and
discounts earned at various rates.
Cash Flow Information: The Fund invests in securities and distributes dividends
from net investment income and net realized gains on investment and currency
transactions which are paid in cash or are reinvested at the discretion of
shareholders. These activities are reported in the Statements of Changes in Net
Assets Applicable to Common Shareholders and additional information on cash
receipts and cash payments is presented in the Statement of Cash Flows. Cash
includes domestic and foreign currency.
Use of Estimates: The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and
Aberdeen Global Income Fund, Inc. 35
Notes to Financial Statements (unaudited) (continued)
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Note 3. Agreements
The Fund has agreements with Aberdeen Asset Management Asia Limited (the
"Investment Manager"), Aberdeen Asset Management Limited (the "Investment
Adviser"), and Princeton Administrators, L.P. (the "Administrator"). The
Investment Manager and the Investment Adviser are direct or indirect
wholly-owned subsidiaries of Aberdeen Asset Management Plc. The Investment
Manager has entered into an agreement with CIBC World Markets, Inc. (the
"Consultant").
The Investment Manager makes investment decisions on behalf of the Fund on the
basis of recommendations and information furnished to it by the Investment
Adviser and the Consultant, including the selection of and the placement of
orders with brokers and dealers to execute portfolio transactions on behalf of
the Fund.
The management agreement provides the Investment Manager with a fee, computed
weekly and payable monthly, at the following annual rates: 0.65% of the Fund's
average weekly total net assets of both common and preferred shareholders up to
$200 million, 0.60% of such assets between $200 million and $500 million and
0.55% of such assets in excess of $500 million. The administration agreement
provides the Administrator with a fee computed and payable monthly at the annual
rate of 0.20% of the Fund's average weekly total net assets of both common and
preferred shareholders, subject to a minimum annual payment of $150,000 ($12,500
per month). The
36 Aberdeen Global Income Fund, Inc.
Notes to Financial Statements (unaudited) (continued)
Investment Manager pays fees to the Investment Adviser and the Consultant for
their services rendered.
The Investment Manager informed the Fund that it paid $190,731 to the Investment
Adviser and approximately $2,180 to the Consultant during the six months ended
April 30, 2004.
Under terms of an Investor Relations Services Agreement, Aberdeen Asset
Management Inc. ("Aberdeen"), an affiliate of the Fund's Investment Manager and
Investment Adviser, serves as the Fund's investor relations services provider.
This agreement provides Aberdeen with a monthly retainer of $4,000 plus
out-of-pocket expenses. During the six months ended April 30, 2004, the Fund
incurred fees of $33,427 for the services of Aberdeen. Investor relations fees
and expenses in the Statement of Operations include certain out-of-pocket
expenses.
Note 4. Portfolio Securities
Purchases and sales of investment securities, other than short-term investments,
for the six months ended April 30, 2004 aggregated $7,440,945 and $14,785,459,
respectively.
As previously reported to shareholders, the Fund entered into an interest rate
swap agreement, based on an aggregate notional amount of $24,000,000, which
represents 80% of the total AMPS outstanding. Under the terms of the agreement,
the Fund receives a floating rate of interest (one month USD-LIBOR BBA rate) and
pays fixed rates of interest for the terms and based upon the notional amounts
set forth below:
Termination Notional Fixed Unrealized
Counterparty Date Amount (000) Rate Appreciation
--------------------------------------------------------------------------------
UBS AG October 31, 2005 4,800 2.1025% $ 8,050
UBS AG October 31, 2006 4,800 2.6900% 28,872
UBS AG October 31, 2007 7,200 3.1600% 70,553
UBS AG October 31, 2008 7,200 3.5400% 90,374
--------
$197,849
========
Aberdeen Global Income Fund, Inc. 37
Notes to Financial Statements (unaudited) (continued)
Note 5. Tax Information
The United States of America federal income tax basis of the Fund's investments
at April 30, 2004 was $123,468,204 and accordingly, net unrealized appreciation
for United States federal income tax purposes was $13,849,986 (gross unrealized
appreciation -- $14,495,737, gross unrealized depreciation -- $645,751).
Note 6. Common Stock
There were 300 million shares of $.001 par value common stock authorized and
9,279,447 shares outstanding at April 30, 2004.
On March 1, 2001, the Board of Directors approved a stock repurchase program.
The stock repurchase program allows the Fund to repurchase up to 10% of its
common stock in the open market during any 12-month period, if and when the
discount to net asset value is at least 10%. Through April 30, 2004, there have
been no share repurchases through this program.
Note 7. Preferred Stock
There are 100 million shares of $.001 par value of Auction Market Preferred
Stock ("Preferred Stock") authorized. The preferred shares have rights as
determined by the Board of Directors. The 1,200 shares of Preferred Stock
outstanding consist of one series, W-7. The Preferred Stock has a liquidation
value of $25,000 per share plus any accumulated but unpaid dividends whether or
not declared.
Dividends on the Preferred Stock are cumulative at a rate typically reset every
twenty-eight days based on the results of an auction. Dividend rates ranged from
1.15% to 2.00% during the six months ended April 30, 2004. Under the Investment
Company Act of 1940, the Fund may not declare dividends or make other
38 Aberdeen Global Income Fund, Inc.
Notes to Financial Statements (unaudited) (concluded)
distributions on shares of common stock or purchase any such shares if, at the
time of the declaration, distribution or purchase, asset coverage with respect
to the outstanding Preferred Stock would be less than 200%.
The Preferred Stock is redeemable at the option of the Fund, in whole or in
part, on any dividend payment date at $25,000 per share plus any accumulated but
unpaid dividends. The Preferred Stock is also subject to mandatory redemption at
$25,000 per share plus any accumulated but unpaid dividends, whether or not
declared, if certain requirements relating to the composition of the assets and
liabilities of the Fund as set forth in the Charter are not satisfied.
The holders of Preferred Stock have voting rights equal to the holders of common
stock (one vote per share) and will vote together with holders of shares of
common stock as a single class. However, holders of Preferred Stock are also
entitled to elect two of the Fund's directors.
Note 8. Subsequent Distributions
Subsequent to April 30, 2004, the Board of Directors of the Fund declared
distributions of $ 0.06 per common share payable on June 11, 2004 and July 16,
2004 to common shareholders of record on May 28, 2004 and June 30, 2004,
respectively.
Subsequent to April 30, 2004, dividends and distributions declared and paid on
preferred shares totaled approximately $57,540 for the outstanding preferred
share series through June 10, 2004.
Aberdeen Global Income Fund, Inc. 39
Supplemental Proxy Information (unaudited)
The Annual Meeting of Shareholders of Aberdeen Global Income Fund, Inc. was held
on April 20, 2004 at the Hilton Newark Gateway, Raymond Boulevard, Newark, New
Jersey. The description of each proposal and number of shares voted at the
meeting are as follows:
-------------------------------------------------------------------------------------------
Votes
Votes For Withheld
-------------------------------------------------------------------------------------------
1. Election of three directors to serve as Class III
directors for a three-year term expiring in 2007:
Martin J. Gilbert 8,419,286 114,721
Neville J. Miles 8,423,706 110,301
Warren C. Smith 8,425,483 108,524
-------------------------------------------------------------------------------------------
Votes
Votes For Withheld
-------------------------------------------------------------------------------------------
2. Election of two directors to represent the interests
of the holders of the preferred stock for the ensuing year:
Dr. Anton E. Schrafl 640 0
John T. Sheehy 640 0
Directors whose term of office continued beyond this meeting are as follows:
David L. Elsum, William J. Potter, Peter D. Sacks, and E. Duff Scott.
40 Aberdeen Global Income Fund, Inc.
Directors
Martin J. Gilbert, Chairman
David L. Elsum
Neville J. Miles
William J. Potter
Peter D. Sacks
Anton E. Schrafl
E. Duff Scott
John T. Sheehy
Warren C. Smith
Officers
Martin J. Gilbert, President
Alison Briggs, Vice President
Christian Pittard, Treasurer and
Assistant Secretary
Roy M. Randall, Secretary
Beverley Hendry, Assistant Treasurer
Timothy Sullivan, Assistant Treasurer
Andy Williams, Assistant Treasurer
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.
The accompanying Financial Statements as of April 30, 2004 were not audited and
accordingly, no opinion is expressed thereon.
Aberdeen Global Income Fund, Inc. 41
Corporate Information
Investment Manager Aberdeen Asset Management Asia Limited
21 Church Street, #01-01 Capital Square Two
Singapore 049480
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 Through July 25, 2004:
EquiServe Trust Company N.A., P.O. Box 43011
Providence, RI 02940-3011
1-800-451-6788
Effective July 26, 2004:
The Bank of New York
Shareholder Relation Department, P.O. Box 11258
Church Street Station
New York, New York 10286
1-800-432-8224
Auction Agent Deutsche Bank Trust Company Americas
280 Park Avenue, 9th Floor
New York, New York 10018
Independent Registered PricewaterhouseCoopers LLP
Public Accounting Firm 1177 Avenue of the Americas
New York, New York 10036
Legal Counsel Dechert LLP
1775 I Street, N.W.
Washington, DC 20006
The Seidler Law Firm
Level 12, The Chifley Tower
2 Chifley Square
Sydney, NSW 2000, Australia
Investor Relations Aberdeen Asset Management Inc.
45 Broadway, 21st Floor
New York, New York 10006
1-800-522-5465
InvestorRelations@aberdeen-asset.com
[LOGO]
Aberdeen
ASSET MANAGERS
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.
Item 2 - Code of Ethics
Not required in this filing
Item 3 - Audit Committee Financial Expert
Not required in this filing
Item 4 - Principal Accountant Fees and Services
Not required in this filing
Item 5 - Audit Committee of Listed Registrants
Not required in this filing
Item 6 - Schedule of Investments
Included as part of the report to shareholders filed under item 1 of
this Form N-CSR
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies
Not required in this filing
Item 8 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers
REGISTRANT PURCHASES OF EQUITY SECURITIES
-----------------------------------------------------------------------
Period (a) (b) (c) (d)
Total Average Total Number of Maximum Number
Number of Price Paid Shares Purchased as of Shares That
Shares per Share Part of Publicly May Yet Be
Purchased Announced Plans Purchased
or Programs (1) Under the
Plans or
Programs (1)
-----------------------------------------------------------------------
November 1, 0 0 0 926,868
through,
November 30,
2003
-----------------------------------------------------------------------
December 1 0 0 0 926,868
through
December 31,
2003
-----------------------------------------------------------------------
January 1 0 0 0 926,868
through
January 31,
2004
-----------------------------------------------------------------------
February 1 0 0 0 926,868
through
February 29,
2004
-----------------------------------------------------------------------
March 1 0 0 0 926,868
through
March 31,
2004
-----------------------------------------------------------------------
April 1 0 0 0 926,868
through
April 30,
2004
-----------------------------------------------------------------------
Total 0 0 0 926,868
-----------------------------------------------------------------------
(1) The Fund's stock repurchase program was announced on March 19, 2001
and allows the Fund to repurchase up to 10% of its outstanding common
stock in the open market during any 12 month period if and when the
discount to net asset value is at least 10%.
Item 9 - Submission of Matters to a Vote of Security Holders
Not applicable
Item 10 - Controls and Procedures
(a) It is the conclusion of the Registrant's principal executive officer
and principal financial officer that the effectiveness of the
Registrant's current disclosure controls and procedures (such
disclosure controls and procedures having been evaluated within 90
days of the date of this filing) provide reasonable assurance that
the information required to be disclosed by the Registrant has been
recorded, processed, summarized and reported within the time period
specified in the Commission's rules and forms and that the
information required to be disclosed by the Registrant has been
accumulated and communicated to the Registrant's principal executive
officer and principal financial officer in order to allow timely
decisions regarding required disclosure.
(b) There have been no changes in the Registrant's internal control over
financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting.
Item 11 - Exhibits
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 - Attached hereto
(b) Certifications pursuant to Rule 30a-2(b) under the Investment
Company Act of 1940 - Attached hereto
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/ Martin Gilbert
---------------------
Martin Gilbert,
President of
Aberdeen Global Income Fund, Inc.
Date: July 1, 2004
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/ Martin Gilbert
---------------------
Martin Gilbert,
President of
Aberdeen Global Income Fund, Inc.
Date: July 1, 2004
By: /s/ Christian Pittard
---------------------
Christian Pittard,
Treasurer of
Aberdeen Global Income Fund, Inc.
Date: July 1, 2004