UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
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: 7/31/04
Item 1 - Schedule of Investments -
Portfolio of Investments
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--106.0%
AUSTRALIA--23.5%
Government Bonds--4.2%
A$
Commonwealth of Australia,
1,750 10.00%, 10/15/07 .............................................. NR AAA $ 1,382,454
1,750 7.50%, 9/15/09 ................................................ Aaa AAA 1,320,600
750 5.75%, 6/15/11 ................................................ Aaa AAA 523,127
100 6.50%, 5/15/13 ................................................ Aaa AAA 73,014
300 6.00%, 2/15/17 ................................................ Aaa AAA 210,452
Federal National Mortgage Association, Series EMTN,
2,000 6.375%, 8/15/07 (USA) ......................................... Aaa AAA 1,422,799
-----------
Total Australian government bonds
(cost US$4,346,820) ........................................... 4,932,446
-----------
Semi-Government Bonds--13.0%
New South Wales--3.3%
New South Wales Treasury Corporation,
4,700 7.00%, 12/01/10 ............................................... NR AAA 3,467,436
550 6.00%, 5/01/12 ................................................ NR AAA 384,000
-----------
3,851,436
-----------
Queensland--4.1%
Queensland Treasury Corporation,
1,000 8.00%, 9/14/07 (Global) ....................................... Aaa AAA 745,748
2,000 6.00%, 6/14/11 ................................................ Aaa AAA 1,399,997
2,700 6.00%, 8/14/13 ................................................ Aaa AAA 1,889,202
1,250 6.00%, 6/14/21 ................................................ NR AAA 869,797
-----------
4,904,744
-----------
Victoria--1.6%
Treasury Corporation of Victoria,
1,000 9.00%, 6/27/05 ................................................ Aaa AAA 719,848
1,500 10.25%, 11/15/06 .............................................. NR AAA 1,152,328
-----------
1,872,176
-----------
Western Australia--4.0%
Western Australia Treasury Corporation,
3,500 8.00%, 10/15/07 ............................................... Aaa AAA 2,606,840
2,650 8.00%, 6/15/13 ................................................ Aaa AAA 2,094,421
-----------
4,701,261
-----------
Total Australian semi-government bonds
(cost US$13,952,298) .......................................... 15,329,617
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
AUSTRALIA (concluded)
Supranational--2.3%
A$
Eurofima,
3,500 9.875%, 1/17/07 ............................................... Aaa AAA $ 2,679,121
-----------
Total Australian dollar supranational bonds
(cost US$1,966,920) ........................................... 2,679,121
-----------
Banking and Finance--0.4%
Bank of America Corporation,
500 6.50%, 12/05/08 (USA) ......................................... Aa2 A+ 353,200
Merrill Lynch & Co., Inc.,
200 6.75%, 3/12/14 (USA) .......................................... Aa3 A+ 139,092
-----------
Total Australian banking and finance bonds
(cost US$491,523) ............................................. 492,292
-----------
Corporate Non-Banks--3.6%
Brisbane Airport Corporation, Ltd.,
4,000 7.30%, 6/30/10 ................................................ Aaa AAA 2,911,266
GE Capital Australia,
600 6.75%, 9/15/07 ................................................ Aaa AAA 428,152
GPT Management Ltd.,
200 6.50%, 8/22/13 ................................................ NR A+ 135,967
Wesfarmers Ltd.,
1,000 6.25%, 8/27/07 ................................................ NR A- 698,994
-----------
Total Australian corporate non-bank bonds
(cost US$3,300,357) ........................................... 4,174,379
-----------
Total Australian long-term investments
(cost US$24,057,918) .......................................... 27,607,855
-----------
CANADA--17.7%
Government Bonds--8.6%
C$
Canadian Government,
2,500 7.25%, 6/01/07 ................................................ NR AAA 2,064,052
3,000 10.25%, 3/15/14 ............................................... Aaa AAA 3,210,925
2,000 8.00%, 6/01/23 ................................................ Aaa AAA 2,004,936
2,000 9.00%, 6/01/25 ................................................ NR AAA 2,208,473
Canada (Cayman),
750 7.25%, 6/01/08 ................................................ Aaa AAA 615,716
-----------
Total Canadian government bonds
(cost US$8,771,685) ........................................... 10,104,102
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
CANADA (concluded)
Semi-Government Bonds--9.1%
British Columbia--1.7%
C$
Province of British Columbia,
2,000 9.50%, 1/09/12 ................................................ Aa2 AA- $ 1,937,005
-----------
Manitoba--2.4%
Province of Manitoba Series EMTN,
3,500 7.00%, 5/21/07 ................................................ Aa2 AA- 2,830,836
-----------
New Brunswick--1.5%
Province of New Brunswick,
2,000 7.75%, 1/13/14 ................................................ Aa3 AA- 1,773,026
-----------
Newfoundland--0.6%
Province of Newfoundland,
1,000 5.125%, 12/29/10 .............................................. A3 A- 761,082
-----------
Ontario--0.4%
Ontario Hydro,
500 8.50%, 5/26/25 ................................................ Aa2 AA 505,896
-----------
Quebec--2.5%
Quebec Hydro,
1,000 2.187%, 1/28/05 (b) ........................................... A1 A+ 752,747
2,000 9.625%, 7/15/22 ............................................... A1 A+ 2,168,894
-----------
2,921,641
-----------
Total Canadian semi-government bonds
(cost US$9,862,145) ........................................... 10,729,486
-----------
Total Canadian long-term investments
(cost US$18,633,830) .......................................... 20,833,588
-----------
EUROPEAN UNION--3.0%
Germany--0.6%
Corporate Non-Banks--0.6%
EUR
Cognis GmbH,
225 9.50%, 5/15/14 ................................................ B3 B 268,180
Kronos International Inc.,
310 8.875%, 6/30/09 ............................................... B2 BB- 396,551
-----------
664,731
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
EUROPEAN UNION (concluded)
France--0.2%
Corporate Non-Bank--0.2%
EUR
Remy Cointreau SA,
150 6.50%, 7/01/10 ................................................ Ba2 BB $ 185,108
-----------
Ireland--0.3%
Corporate Non-Bank--0.3%
Valentia Telecommunications LTD,
300 7.25%, 8/15/13 ................................................ Ba3 BB- 373,827
-----------
Luxembourg--0.3%
Corporate Non-Bank--0.3%
Rhiag SA,
310 10.75%, 6/05/07 ............................................... B2 B+ 380,689
-----------
Netherlands--0.3%
Corporate Non-Bank--0.3%
Carmeuse Lime BV,
300 10.75%, 7/15/12 ............................................... Ba3 B+ 404,527
-----------
United States--1.3%
Corporate Non-Banks--1.3%
AGCO Corporation,
225 6.875%, 4/15/14 ............................................... B1 BB- 260,053
Dana Corporation,
300 9.00%, 8/15/11 ................................................ Ba3 BB 431,616
Lear Corporation,
310 8.125%, 4/01/08 ............................................... Baa3 BBB- 420,531
TRW Automotive Inc.,
268 10.125%, 2/15/13 .............................................. B1 BB- 374,284
-----------
1,486,484
-----------
Total European Union long-term investments
(cost US$3,237,721) ........................................... 3,495,366
-----------
NEW ZEALAND--20.5%
Government Bonds--4.6%
NZ$
Canadian Government,
1,000 6.625%, 10/03/07 (Canada) ..................................... Aaa AAA 635,214
New Zealand Government,
5,000 6.50%, 4/15/13 ................................................ Aaa AAA 3,199,788
2,500 6.00%, 4/15/15 ................................................ Aaa AAA 1,540,377
-----------
Total New Zealand government bonds
(cost US$4,594,973) ........................................... 5,375,379
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
NEW ZEALAND (concluded)
Semi-Government Bonds--1.1%
NZ$
Province of Ontario,
2,000 5.75%, 3/03/08 (Canada) ....................................... Aa2 AA $ 1,231,609
-----------
Total New Zealand semi-government bonds
(cost US$1,110,350) ........................................... 1,231,609
-----------
Banking and Finance--9.5%
Bank Nederlandse Gemeenten NV,
1,000 5.25%, 6/17/09 (Netherlands) .................................. Aaa AAA 594,562
Bayerische Hypo- und Vereinsbank AG,
2,000 7.00%, 9/14/05 (Germany) ...................................... A3 A- 1,266,787
Commerzbank AG,
3,500 8.00%, 2/07/05 (Germany) ...................................... A2 A- 2,224,125
Dexia Municipal Agency,
3,000 7.00%, 11/26/07 (France) ...................................... Aaa AAA 1,916,363
GMAC INTL Finance BV,
3,500 8.00%, 3/14/07 (Netherlands) .................................. A3 BBB 2,224,463
Landesbank Baden-Wuerttemberg,
4,200 5.25%, 1/06/05 (Germany) ...................................... Aaa AAA 2,646,230
Transpower Finance Ltd.,
500 8.00%, 6/15/05 ................................................ Aa2 AA 320,304
-----------
Total New Zealand banking and finance bonds
(cost US$8,447,261) ........................................... 11,192,834
-----------
Corporate Non-Banks--1.9%
Auckland Healthcare Services Ltd,
1,000 7.75%, 9/15/15 ................................................ Aaa AAA 671,987
Housing New Zealand,
1,500 8.00%, 11/15/06 ............................................... Aaa AA 981,517
Powerco Ltd.,
1,000 6.39%, 3/29/13 ................................................ NR AAA 604,029
-----------
Total New Zealand corporate non-bank bonds
(cost US$2,016,806) ........................................... 2,257,533
-----------
Supranational--3.4%
European Investment Bank,
2,300 7.00%, 12/17/07 ............................................... Aaa AAA 1,480,788
International Finance Corp,
4,000 6.75%, 7/15/09 ................................................ Aaa AAA 2,548,715
-----------
Total New Zealand dollar denominated supranational bonds
(cost US$3,532,702) ........................................... 4,029,503
-----------
Total New Zealand long-term investments
(cost US$19,702,092) .......................................... 24,086,858
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
UNITED KINGDOM--28.1%
Government Bonds--21.3%
(pound)
United Kingdom Treasury,
1,250 8.50%, 12/07/05 ............................................... Aaa AAA $ 2,379,523
1,100 7.50%, 12/07/06 ............................................... Aaa AAA 2,108,110
500 5.75%, 12/07/09 ............................................... Aaa AAA 935,592
1,500 8.00%, 9/27/13 ................................................ Aaa AAA 3,294,210
600 8.00%, 12/07/15 ............................................... Aaa AAA 1,364,708
3,000 8.00%, 6/07/21 ................................................ Aaa AAA 7,315,563
2,350 6.00%, 12/07/28 ............................................... NR AAA 4,969,713
Republic of Finland,
1,250 10.125%, 6/22/08 .............................................. Aaa AAA 2,618,697
-----------
Total United Kingdom government bonds
(cost US$21,486,346) .......................................... 24,986,116
-----------
Utilities--2.4%
British Gas PLC,
1,400 8.875%, 7/08/08 ............................................... A2 A 2,818,814
-----------
Total United Kingdom utility bonds
(cost US$2,166,922) ........................................... 2,818,814
-----------
Banking and Finance--3.1%
Barclays Bank PLC,
1,000 9.875%, 5/29/49 ............................................... Aa2 A+ 2,061,964
Prudential Finance B.V.,
500 9.375%, 6/04/07 ............................................... NR AA- 994,798
RMH Finance Ltd.,
300 8.80%, 8/28/17 (Cayman Islands) ............................... Ba1 BB+ 579,751
-----------
Total United Kingdom banking and finance bonds
(cost US$2,957,018) ........................................... 3,636,513
-----------
Corporate Non-Banks--1.3%
American Standard Inc.,
221 8.25%, 6/01/09 (USA) .......................................... Ba2 BBB- 427,999
Big Food Group PLC,
150 9.75%, 6/30/12 ................................................ B1 B+ 263,562
Constellation Brands Inc.,
200 8.50%, 11/15/09 (USA) ......................................... Ba2 BB 383,693
Debenhams Finance Holdings PLC,
125 10.50%, 8/28/12 ............................................... B2 B 234,125
Warner Music Group,
150 8.125%, 4/15/14 (USA) ......................................... B3 B- 257,765
-----------
Total United Kingdom corporate non-bank bonds
(cost US$1,461,767) ........................................... 1,567,144
-----------
Total United Kingdom long-term investments
(cost US$28,072,053) .......................................... 33,008,587
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
UNITED STATES--13.2%
Yankee Bonds--13.2%
Australia--0.1%
Corporate Non-Banks--0.1%
US$
Cable & Wireless Optus Finance,
100 8.00%, 6/22/10 ................................................ A2 A+ $ 115,034
-----------
Brazil--3.1%
Government--3.1%
Federal Republic of Brazil,
1,200 10.00%, 8/07/11 ............................................... B2 B+ 1,203,000
2,500 11.00%, 8/17/40 ............................................... B2 B+ 2,450,000
-----------
3,653,000
-----------
Colombia--1.4%
Government--1.4%
Republic of Colombia,
1,600 10.375%, 1/28/33 .............................................. Ba2 BB 1,636,000
-----------
Germany--1.3%
Corporate Non-Banks--1.3%
Gazprom OAO,
800 9.625%, 3/01/13 ............................................... NR BB- 839,280
JSC Severstal,
800 9.25%, 4/19/14 ................................................ B2 B+ 716,000
-----------
1,555,280
-----------
Netherlands--0.8%
Banking and Finance--0.8%
Kazkommerts International BV,
1,000 7.875%, 4/07/14 ............................................... Baa2 BB- 947,500
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
UNITED STATES (concluded)
Yankee Bonds (concluded)
Philippines--1.4%
Government--0.0%
US$
Republic of Philippines,
50 9.375%, 1/18/17 ............................................... Ba2 BB $ 52,325
-----------
Utilities--1.4%
Philippine Long Distance Telephone Company,
1,400 11.375%, 5/15/12 .............................................. Ba2 BB 1,591,351
-----------
1,643,676
-----------
Peru--1.2%
Government--1.2%
Republic of Peru,
1,300 9.875%, 2/06/15 ............................................... Ba3 BB 1,394,250
-----------
Russia--1.1%
Utilities--1.1%
Tyumen Oil,
1,250 11.00%, 11/06/07 .............................................. Ba3 BB- 1,362,500
-----------
Turkey--0.8%
Government--0.8%
Republic of Turkey,
800 11.00%, 1/14/13 ............................................... B1 B+ 922,000
-----------
Ukraine--0.9%
Government--0.9%
City of Kiev,
1,000 8.75%, 8/08/08 ................................................ B2 B 1,017,500
-----------
Uruguay--1.1%
Government--1.1%
Republic of Uruguay,
1,600 7.50%, 3/15/15 ................................................ B3 B 1,292,000
-----------
Total United States long-term investments
(cost US$14,399,755) ..................................................... 15,538,740
-----------
Total long-term investments
(cost US$108,103,369) .................................................... 124,570,994
-----------
Portfolio of Investments (continued)
As of July 31, 2004 (unaudited)
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
--------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS--11.0%
Canada--3.1%
C$
State Street Bank and Trust Company Time Deposit,
4,925 1.75%, 8/04/04 (USA)
(cost US$3,683,246) ........................................... NR NR $ 3,705,418
------------
New Zealand--0.3%
NZ$
State Street Bank and Trust Company Fixed Deposit,
4.25%, 8/04/04 (USA)
527 (cost US$332,509) ............................................. NR NR 334,303
------------
United Kingdom--7.6%
(pound)
State Street Bank and Trust Company Fixed Deposit,
4.312%, 8/04/04 (USA)
4,923 (cost US$8,971,920) ........................................... NR NR 8,952,228
------------
Total short-term investments
(cost US$12,987,675) ..................................................... 12,991,949
------------
--------------------------------------------------------------------------------------------------------------------
Total Investments--117.0% (cost US$121,091,044) 137,562,943
Other assets in excess of liabilities--8.5% 9,988,885
Liquidation value of preferred stock--(25.5%) (30,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shareholders--100.0% $117,551,828
====================================================================================================================
Portfolio of Investments (concluded)
As of July 31, 2004 (unaudited)
NR--Not rated by Moody's or Standard & Poors.
(a) Portfolio securities are categorized according to their currency exposure.
Where the country of issuer differs from the currency exposure, the
country of issuer is denoted parenthetically.
A$--Australian dollar
C$--Canadian dollar
EUR--Euro
NZ$--New Zealand dollar
(pound)--British pound
US$--United States dollar
(b) Coupon changes periodically upon a predetermined schedule. Stated interest
rate in effect at July 31, 2004.
-----------------------------------------------------------------------------------------------------------------
Interest Rate Swap Agreements
Termination Notional Fixed Floating Unrealized
Counterparty Date Amount (000) Rate Rate Appreciation
-----------------------------------------------------------------------------------------------------------------
UBS AG October 31, 2005 4,800 2.1025% 1 month LIBOR $ 27,226
UBS AG October 31, 2006 4,800 2.6900% 1 month LIBOR 52,310
UBS AG October 31, 2007 7,200 3.1600% 1 month LIBOR 101,930
UBS AG October 31, 2008 7,200 3.5400% 1 month LIBOR 114,977
--------
$296,443
========
-----------------------------------------------------------------------------------------------------------------
Futures Contracts Purchased Unrealized
Appreciation/
Expiration Contracts Depreciation
-----------------------------------------------------------------------------------------------------------------
Australian Treasury Bond 6%--3 year Sept 2004 9 $ (63)
Australian Treasury Bond 6%--10 year Sept 2004 5 140
------
$ 77
======
Item 2 - 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 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)(2) Certifications pursuant to Rule 30a-2(a) 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: September 22, 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: September 22, 2004
By: /s/ Christian Pittard
----------------------------
Christian Pittard,
Treasurer of
Aberdeen Global Income Fund, Inc.
Date: September 22, 2004