[LOGO]
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Aberdeen
Global Income
Fund, Inc.
[GRAPHIC OMITTED]
Invests primarily in global fixed-income securities
Quarterly Report
January 31, 2004
Letter to Shareholders
March 12, 2004
Dear Shareholder,
We present this Quarterly Report which covers the activities of Aberdeen Global
Income Fund, Inc. (the "Fund") for the quarter ended January 31, 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.
Transfer of Investment Management Functions to Aberdeen Asset Management Asia
Limited
In December 2003, the Fund's Board of Directors approved the transfer by
Aberdeen Asset Managers (C.I.) Limited ("AAMCIL") to Aberdeen Asset Management
Asia Limited ("AAMAL"), of the rights and obligations of AAMCIL under the
Management Agreement and the Advisory Agreement with the Fund. Effective March
8, 2004, AAMAL became the investment manager of the Fund (the "Investment
Manager"). Prior to becoming the Fund's Investment Manager, AAMAL and its
personnel had, since 2001, been providing portfolio management, research and
trading services to the Fund pursuant to a memorandum of understanding to which
AAMAL, AAMCIL and Aberdeen Asset Management Limited (the Fund's Investment
Adviser) were parties. Thus, the persons who provided day-to-day portfolio
management of the Fund prior to the transfer will continue to provide such
services after the transfer. The nature and quality of the investment management
services to be provided to the Fund by AAMAL will not be materially different
from those provided to the Fund by AAMCIL. The transfer is not intended to, and
will not result in, any change in the fundamental investment processes,
investment strategies or investment techniques employed by portfolio managers
and investment professionals in providing investment advisory services to the
Fund. Nor will the transfer result in any change in the terms of the Management
Agreement and the Advisory Agreement, other than in the name of the investment
manager.
High Credit Quality: 75.4% of Securities Rated or Deemed Equivalent to AA/Aa or
Better
The Fund's high credit quality has been maintained. Over 75.4% 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.
Aberdeen Global Income Fund, Inc. 1
Letter to Shareholders (continued)
Distributions
Cash distributions to common shareholders for the 12 months ended January 31,
2004 totaled 72 cents per share. Based on the share price of $13.44 on January
31, 2004, the cash distribution rate over the 12 months then ended was 5.4%.
Since all distributions are paid after deducting applicable withholding taxes,
the effective distribution rate may be higher for those U.S. investors who are
able to claim a tax credit.
On March 11, 2004 the Board of Directors declared a monthly distribution of 6
cents per share payable on April 16, 2004, to all shareholders of record as of
March 31, 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 2003 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 June 2004.
Net Asset Value Performance: 8.6% Per Annum Return Since Inception
The Fund's total return based on Net Asset Value ("NAV") was 9.1% over the
quarter ended January 31, 2004 and 8.6% per annum since inception, assuming the
reinvestment of distributions.
Share Price Performance
The Fund's share price fell by 1.3% over the quarter, from $13.62 on October 31,
2003 to $13.44 on January 31, 2004. The Fund's share price on January 31, 2004
represented a premium of 0.5% to the NAV per share of $13.37 on that date,
compared with a premium of 9.6% to the NAV per share of $12.43 on October 31,
2003.
2 Aberdeen Global Income Fund, Inc.
Letter to Shareholders (concluded)
Global Debt Securities: 12.7% 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 January 31, 2004, 12.7% of the
Fund's total assets were held in Global Debt Securities. This included 2.8% in
Asian debt securities. At January 31, 2004, 1.6% of the Fund's total assets were
invested in Eastern Europe, 3.9% in Latin America and 4.4% in Western Europe.
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 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 otheSrwise stated.
Aberdeen Global Income Fund, Inc. 3
--------------------------------------------------------------------------------
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 March 12, 2004, are comprised of 95% of
net investment income and 5% 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.
--------------------------------------------------------------------------------
4 Aberdeen Global Income Fund, Inc.
Dividend Reinvestment and Cash Purchase Plan
We invite you to participate in the Fund's Dividend Reinvestment and Cash
Purchase Plan ("the Plan"), which allows you to automatically reinvest your
distributions in shares of the Fund's common stock at favorable commission
rates. Distributions made under the Plan are taxable to the same extent as are
cash distributions. The Plan also enables you to make additional cash
investments in shares of at least $100 per month. Under this arrangement
EquiServe Trust Company N.A. (the "Plan Agent") will purchase shares for you on
the stock exchange or otherwise on the open market on or about the 15th of each
month. As a participant in the Plan you will have the convenience of:
Automatic reinvestment -- the Plan Agent will automatically reinvest your
distributions, allowing you to gradually grow your holdings in the Fund;
Lower costs -- shares purchased on your behalf under the Plan will be at reduced
brokerage rates. Brokerage on share purchases is currently 2 cents per share;
Convenience -- the Plan Agent will hold your shares in non-certificated form and
will provide a detailed record of your holdings at the end of each distribution
period.
To request a brochure containing information on the Plan, together with an
authorization form, please contact the Plan Agent, EquiServe Trust Company N.A.,
P.O. Box 43011, Providence, RI 02490-3011 or call toll free on 1-800-426-5523.
Aberdeen Global Income Fund, Inc. 5
Report of the Investment Manager
Share Price Performance
On January 31, 2004, the Fund's share price was $13.44, which represented a
premium of 0.5% to the NAV per share of $13.37. At the date of this report, the
share price was $13.70 representing a premium of 4.1% to the NAV per share of
$13.16.
NAV vs Share Price February 1992 through January 2004
A line graph depicting the Net Asset Value vs Share Price. The values are from
February 1992 through January 2004
Jul-92 Jan-93 Jul-93 Jan-94 Jul-94 Jan-95 Jul-95 Jan-96
Aberdeen Global
Income Fund NAV $14.87 $12.62 $13.55 $14.22 $12.03 $11.91 $12.49 $13.12
Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00
Aberdeen Global
Income Fund NAV $13.20 $13.86 $14.08 $13.41 $12.57 $13.37 $12.42 $11.78 $10.99
Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04
Aberdeen Global
Income Fund NAV $10.71 $ 9.77 $ 9.47 $10.18 $11.28 $11.73 $13.38
Jul-92 Jan-93 Jul-93 Jan-94 Jul-94 Jan-95 Jul-95 Jan-96
Aberdeen Global
Income Fund
Share Price $15.13 $12.38 $13.25 $13.00 $11.75 $10.25 $11.13 $11.88
Jul-96 Jan-97 Jul-97 Jan-98 Jul-98 Jan-99 Jul-99 Jan-00 Jul-00
Aberdeen Global
Income Fund
Share Price $11.50 $11.88 $12.31 $12.38 $10.94 $10.88 $10.75 $ 9.44 $ 9.25
Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04
Aberdeen Global
Income Fund
Share Price $ 9.46 $ 8.81 $ 8.74 $ 9.75 $10.81 $11.50 $13.44
6 Aberdeen Global Income Fund, Inc.
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 1.467% over the quarter ended January 31,
2004, compared with 1.030% for 30-day U.S. commercial paper over the same
period. These rates were relatively steady over the period as the U.S. Federal
Reserve kept monetary policy on hold at historically low levels. The rates paid
to preferred shareholders have decreased since January 31, 2004 to a level of
1.15% as of the date of this report.
Over the past year, the impact of AMPS on the Fund has been positive, as the key
currencies of the Fund -- the Australian dollar, British pound, New Zealand
dollar and Canadian dollar -- all rose strongly against the U.S. dollar. Most
Asian currencies followed a similar trend. In addition, the fact that U.S.
interest rates have remained at historic lows has meant that the differential
between AMPS funding rates and the yields at which the Fund invests remains
positive.
Effective October 30, 2003, the Fund terminated its interest rate swap agreement
then in effect, and entered into a new interest rate swap agreement. The new
agreement is based on an aggregate notional amount of $24,000,000, representing
80% of the total AMPS outstanding. Under the terms of the new 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
--------------------------------------------------------------------
Aberdeen Global Income Fund, Inc. 7
Report of the Investment Manager (concluded)
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.
8 Aberdeen Global Income Fund, Inc.
Portfolio Composition
Geographic Composition
The table below shows the geographic composition of the Fund's total investments
as of January 31, 2004, compared with the previous quarter and twelve months:
TABLE 1: ABERDEEN GLOBAL INCOME FUND, INC.--
GEOGRAPHIC ASSET ALLOCATION
================================================================================
January 31, 2004 October 31, 2003 January 31, 2003
% % %
--------------------------------------------------------------------------------
Australia 24.8 24.5 22.4
Canada 16.9 17.1 15.7
New Zealand 13.1 12.1 13.4
United Kingdom 29.3 27.9 34.3
United States* 3.2 4.5 1.4
Asia 2.8 3.3 8.0
Eastern Europe 1.6 1.7 0.8
Latin America 3.9 4.3 1.7
Western Europe 4.4 4.6 2.3
--------------------------------------------------------------------------------
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 January 31, 2004, compared with the previous quarter and twelve months:
Geographic Composition
January 31, 2004 October 31, 2003 January 31, 2003
% % %
Australia 24.8 24.5 22.4
Canada 16.9 17.1 15.7
New Zealand 13.1 12.1 13.4
United Kingdom 29.3 27.9 34.3
United States 3.2 4.5 1.4
Asia 2.8 3.3 8.0
Eastern Europe 1.6 1.7 0.8
Latin America 3.9 4.3 1.7
Western Europe 4.4 4.6 2.3
Aberdeen Global Income Fund, Inc. 9
Portfolio Composition (continued)
Currency Composition
The table below shows the currency composition of the Fund's total investments
as of January 31, 2004, compared with the previous quarter and twelve months:
TABLE 2: ABERDEEN GLOBAL INCOME FUND, INC.--
CURRENCY ALLOCATION
================================================================================
January 31, 2004 October 31, 2003 January 31, 2003
% % %
--------------------------------------------------------------------------------
Australian Dollar 24.7 24.4 22.3
Canadian Dollar 16.5 16.8 15.3
New Zealand Dollar 16.0 15.0 14.9
British Pound 28.2 26.8 33.2
United States Dollar* 9.8 12.9 9.9
Asian Currencies 1.6 1.7 4.4
Eastern European Currencies -- -- --
Latin American Currencies 0.8 -- --
Western European Currencies 2.4 2.4 --
--------------------------------------------------------------------------------
Total Portfolio 100.0 100.0 100.0
================================================================================
* Includes Yankee bond investments.
Maturity Composition
As of January 31, 2004, the average maturity of the Fund's assets was 7.5 years,
compared with 7.2 years on October 31, 2003. The table below shows the maturity
composition of the Fund's investments as of January 31, 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 15.5 39.5 42.5 2.5
Canada 23.3 21.8 14.7 40.2
New Zealand 19.8 52.0 28.2 --
United Kingdom 27.7 25.7 10.5 36.1
United States 48.5 10.5 41.0 --
Asia -- 48.6 50.2 1.2
Eastern Europe -- 100 -- --
Latin America -- -- 28.8 71.2
Western Europe -- 58.0 42.0 --
--------------------------------------------------------------------------------
Total Portfolio 20.2 33.7 25.2 20.9
================================================================================
10 Aberdeen Global Income Fund, Inc.
Portfolio Composition (continued)
Sectoral Composition
The table below shows the sectoral composition of the Fund's total investments
as of January 31, 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 12.0 1.9 2.6 3.4
Canada 7.3 6.9 -- -- 2.7
New Zealand 2.3 -- 2.8 6.9 1.1
United Kingdom 17.4 -- 2.0 4.1 5.8
United States -- -- -- 1.4 1.8
Asia 1.7 -- 1.1 -- --
Eastern Europe 0.7 -- 0.9 -- --
Latin America 3.9 -- -- -- --
Western Europe -- -- -- 4.4 --
--------------------------------------------------------------------------------
Total Portfolio 38.2 18.9 8.7 19.4 14.8
================================================================================
Sectoral Composition as of January 31, 2004
A bar graph depicts the sectoral composition of the Fund's total investments as
of January 31, 2004:
Sovereign Provincial/ Utilities/
Gov't. State Supranational Corporate Cash or
Bonds Bonds Bonds Bonds Equivalent
% % % % %
Australia 4.9 12.0 1.9 2.6 3.4
Canada 7.3 6.9 -- -- 2.7
New Zealand 2.3 -- 2.8 6.9 1.1
United Kingdom 17.4 -- 2.0 4.1 5.8
United States -- -- -- 1.4 1.8
Asia 1.7 -- 1.1 -- --
Eastern Europe 0.7 -- 0.9 -- --
Latin America 3.9 -- -- -- --
Western Europe -- -- -- 4.4 --
Aberdeen Global Income Fund, Inc. 11
Portfolio Composition (concluded)
Quality of Investments
As at January 31, 2004, 75.4% of the Fund's assets were invested in securities
where either the issue or the issuer was rated at least "AA" by Standard &
Poor's Corporation or "Aa" by Moody's Investors Service, Inc. or, if unrated,
were judged to be of equivalent quality by the Investment Manager. The table
below shows the asset quality of the Fund's portfolio as of January 31, 2004:
TABLE 5: ABERDEEN GLOBAL INCOME FUND, INC.--
ASSET QUALITY
================================================================================
AAA/Aaa AA/Aa A BBB/Baa BB/Ba* B*
% % % % % %
--------------------------------------------------------------------------------
Australia 85.9 13.4 0.7 -- -- --
Canada 56.5 20.6 22.9 -- -- --
New Zealand 55.2 15.9 17.6 11.3 -- --
United Kingdom 79.3 8.4 11.6 -- 0.7 --
United States 55.8 -- -- 9.0 26.2 9.0
Asia 0.3 -- 41.9 14.8 43.0 --
Eastern Europe -- -- -- 57.3 42.7
Latin America -- -- -- 19.6 -- 80.4
Western Europe -- -- -- -- 71.6 28.4
--------------------------------------------------------------------------------
Total Portfolio 63.8 11.6 11.2 3.0 5.2 5.2
================================================================================
* Below investment grade.
12 Aberdeen Global Income Fund, Inc.
Summary of Key Rates
The following table summarizes the movements of key interest rates and
currencies over the last three and twelve month periods.
================================================================================
January 31, 2004 October 31, 2003 January 31, 2003
--------------------------------------------------------------------------------
Australia
90 day bank bills 5.65% 5.03% 4.81%
10 year bonds 5.82% 5.76% 5.17%
Australian Dollar $0.76 $0.71 $0.59
Canada
90 day bank bills 2.26% 2.67% 2.84%
10 year bonds 4.53% 4.85% 5.02%
Canadian Dollar $0.75 $0.76 $0.65
New Zealand
90 day bank bills 5.56% 5.23% 5.84%
10 year bonds 6.06% 6.17% 5.99%
New Zealand Dollar $0.67 $0.61 $0.54
United Kingdom
90 day bank bills 4.00% 3.84% 3.87%
10 year bonds 4.90% 5.01% 4.28%
British Pound $1.82 $1.70 $1.64
South Korea
90 day T-Bills 4.02% 3.96% 4.43%
10 year bonds 5.50% 5.10% 5.19%
South Korean Won* (W)1173.50 (W)1183.50 (W)1164.00
Thailand
90 day deposits 1.00% 1.00% 1.75%
10 year bonds 4.69% 4.22% 3.05%
Thai Baht* (B)39.24 (B)41.98 (B)42.77
Philippines
90 day T-Bills 6.16% 6.00% 5.41%
10 year bonds 11.34% 10.99% 11.95%
Philippines Peso* (P)55.90 (P)55.32 (P)53.83
Malaysia
90 day T-Bills 2.61% 2.73% 2.80%
10 year bonds 4.66% 4.43% 3.53%
Malaysian Ringgit* (R)3.80 (R)3.80 (R)3.80
Singapore
90 DayT-Bills 0.77% 0.76% 0.66%
10 year bonds 3.39% 3.95% 2.44%
Singapore Dollar* S$1.69 S$1.74 S$1.74
US$ Yankee Bonds**
South Korea 3.65% 3.86% 4.08%
Malaysia 3.99% 4.15% 4.50%
Philippines 6.63% 6.49% 7.78%
--------------------------------------------------------------------------------
* 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
March 2004
Aberdeen Global Income Fund, Inc. 13
Portfolio of Investments
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
LONG-TERM INVESTMENTS--103.6%
AUSTRALIA--25.9%
Government Bonds--5.9%
A$
Commonwealth of Australia,
1,750 10.00%, 10/15/07 ............................................. NR AAA 1,520,442
2,000 8.75%, 8/15/08 ............................................... Aaa AAA 1,701,397
2,000 7.50%, 9/15/09 ............................................... Aaa AAA 1,644,279
500 5.75%, 6/15/11 ............................................... Aaa AAA 378,581
700 6.50%, 5/15/13 ............................................... Aaa NR 557,186
Federal National Mortgage Association, Series EMTN,
2,000 6.375%, 8/15/07 (USA) ........................................ Aaa NR 1,532,808
----------
Total Australian government bonds
(cost US$5,829,220) .......................................... 7,334,693
----------
Semi-Government Bonds--14.6%
New South Wales--3.8%
New South Wales Treasury Corporation,
1,000 7.00%, 4/01/04 ............................................... NR AAA 762,371
4,700 7.00%, 12/01/10 .............................................. NR AAA 3,775,448
300 6.00%, 05/01/12 .............................................. NR AAA 228,547
----------
4,766,366
----------
Queensland--4.3%
Queensland Treasury Corporation,
1,000 8.00%, 9/14/07 (Global) ...................................... Aaa AAA 815,614
2,000 6.00%, 6/14/11 ............................................... Aaa AAA 1,521,963
2,700 6.00%, 8/14/13 ............................................... Aaa AAA 2,048,330
1,250 6.00%, 6/14/21 ............................................... NR AAA 942,502
----------
5,328,409
----------
Victoria--1.7%
Treasury Corporation of Victoria,
1,000 9.00%, 6/27/05 ............................................... Aaa AAA 794,232
1,500 10.25%, 11/15/06 ............................................. NR AAA 1,272,844
----------
2,067,076
----------
Western Australia--4.8%
Western Australia Treasury Corporation,
4,500 8.00%, 10/15/07 .............................................. Aaa AAA 3,668,182
2,600 8.00%, 6/15/13 ............................................... Aaa AAA 2,255,198
----------
5,923,380
----------
Total Australian semi-government bonds
(cost US$14,943,520) ......................................... 18,085,231
----------
14 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
AUSTRALIA (concluded)
Supranational--2.4%
A$
Eurofima,
3,500 9.875%, 1/17/07 .............................................. Aaa AAA 2,943,968
----------
Total Australian dollar supranational bonds
(cost US$2,009,728) .......................................... 2,943,968
----------
Corporate Non-Banks--3.0%
Brisbane Airport Corporation, Ltd.,
4,000 7.30%, 6/30/10 ............................................... Aaa AAA 3,159,822
GE Capital Australia,
600 6.75%, 9/15/07 ............................................... Aaa AAA 459,791
GPT Management Ltd.,
200 6.50%, 8/22/13 ............................................... NR A+ 147,553
----------
Total Australian corporate non-bank bonds
(cost US$2,617,793) .......................................... 3,767,166
----------
Total Australian long-term investments
(cost US$25,400,261) ......................................... 32,131,058
----------
CANADA--15.8%
Government Bonds--8.3%
C$
Canadian Government,
2,500 7.25%, 6/01/07 ............................................... NR AAA 2,116,957
3,000 10.25%, 3/15/14 .............................................. Aaa AAA 3,287,688
2,000 8.00%, 6/01/23 ............................................... Aaa AAA 2,037,462
2,000 9.00%, 6/01/25 ............................................... NR AAA 2,243,596
Canada (Cayman),
750 7.25%, 6/01/08 ............................................... Aaa NR 629,948
----------
Total Canadian government bonds
(cost US$8,821,565) .......................................... 10,315,651
----------
Aberdeen Global Income Fund, Inc. 15
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
CANADA (concluded)
Semi-Government Bonds--6.8%
British Columbia--1.6%
C$
Province of British Columbia,
2,000 9.50%, 1/09/12 ............................................... Aa2 AA- 1,995,370
----------
New Brunswick--1.5%
Province of New Brunswick,
2,000 7.75%, 1/13/14 ............................................... A1 AA- 1,818,904
----------
Ontario--0.4%
Ontario Hydro,
500 8.50%, 5/26/25 ............................................... Aa2 AA 518,224
----------
Quebec--3.3%
Quebec Hydro,
1,500 7.00%, 6/01/04 ............................................... A1 A+ 1,144,322
1,000 2.706%, 1/28/05 (b) .......................................... A1 A+ 752,105
2,000 9.625%, 7/15/22 .............................................. A1 A+ 2,236,619
----------
4,133,046
----------
Total Canadian semi-government bonds
(cost US$7,357,733) .......................................... 8,465,544
----------
Banking and Finance--0.7%
Credit Local de France,
1,000 6.75%, 3/21/06 ............................................... Aa2 AA 806,173
----------
Total Canadian banking and finance bonds
(cost US$717,658) ............................................ 806,173
----------
Total Canadian long-term investments
(cost US$16,896,956) ......................................... 19,587,368
----------
EUROPEAN UNION--2.9%
EUR
Germany--0.7%
Corporate Non-Banks--0.7%
Kronos International Inc.,
310 8.875%, 6/30/09 .............................................. B2 BB- 419,773
Messer Griesheim Holdings AG,
310 10.375%, 6/01/11 ............................................. B1 B+ 460,210
----------
879,983
----------
16 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
EUROPEAN UNION (concluded)
EUR
France--0.2%
Corporate Non-Bank--0.2%
Remy Cointreau SA,
150 6.50%, 7/01/10 ............................................... Ba2 BB 193,799
----------
Ireland--0.3%
Corporate Non-Bank--0.3%
Valentia Telecommunications LTD,
300 7.25%, 8/15/13 ............................................... Ba3 BB+ 409,959
----------
Luxembourg--0.3%
Corporate Non-Banks--0.3%
Rhiag SA,
310 10.75%, 6/05/07 .............................................. B2 B+ 404,368
----------
Netherlands--0.3%
Corporate Non-Bank--0.3%
Carmeuse Lime BV,
300 10.75%, 7/15/12 .............................................. Ba3 B+ 430,457
----------
United States--1.1%
Corporate Non-Banks--1.1%
Dana Corporation,
300 9.00%, 8/15/11 ............................................... Ba3 BB 439,774
Lear Corporation
310 8.125%, 4/01/08 .............................................. Ba1 BBB- 435,177
TRW Automotive Inc.,
300 10.125%, 2/15/13 ............................................. B1 B+ 428,593
----------
1,303,544
----------
Total European Union long-term investments
(cost US$3,138,705) .......................................... 3,622,110
----------
NEW ZEALAND--19.2%
Government Bonds--3.3%
NZ$
Canadian Government,
1,000 6.625%, 10/03/07 (Canada) .................................... Aaa AAA 681,873
New Zealand Government,
5,000 6.50%, 4/15/13 ............................................... Aaa AAA 3,449,524
----------
Total New Zealand government bonds
(cost US$2,997,224) .......................................... 4,131,397
----------
Aberdeen Global Income Fund, Inc. 17
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
NEW ZEALAND (concluded)
Semi-Government Bonds--1.1%
NZ$
Province of Ontario,
2,000 5.75%, 3/03/08 (Canada) ...................................... Aa2 AA 1,313,304
----------
Total New Zealand semi-government bonds
(cost US$1,109,783) .......................................... 1,313,304
----------
Banking and Finance--10.5%
Bayerische Hypo- und Vereinsbank AG,
2,000 7.00%, 9/14/05 (Germany) ..................................... A3 A- 1,335,373
Commerzbank AG,
3,500 8.00%, 2/07/05 (Germany) ..................................... A2 A- 2,389,954
Dexia Municipal Agency
3,000 7.00%, 11/26/07 (France) ..................................... Aaa AAA 2,083,124
GMAC INTL Finance BV,
3,500 8.00%, 3/14/07 (Netherlands) ................................. A3 BBB 2,353,207
Landesbank Baden-Wuerttemberg,
4,200 5.25%, 1/06/05 (Germany) ..................................... Aaa AAA 2,798,741
Transpower Finance Ltd.,
500 8.00%, 6/15/05 ............................................... Aa2 AA 343,083
WestPac Trust Securities
2,500 6.00%, 4/28/04 (United Kingdom) Aa3 AA- 1,674,841
----------
Total New Zealand banking and finance bonds
(cost US$8,920,228) .......................................... 12,978,323
----------
Corporate Non-Banks--0.8%
Housing New Zealand,
1,500 8.00%, 11/15/06 .............................................. Aaa AA- 1,053,562
----------
Total New Zealand corporate non-bank bonds
(cost US$747,450) 1,053,562
----------
Supranational--3.5%
European Investment Bank,
2,300 7.00%, 12/17/07 .............................................. Aaa AAA 1,592,137
International Finance Corp,
4,000 6.75%, 7/15/09 ............................................... Aaa AAA 2,738,197
----------
Total New Zealand dollar denominated supranational bonds
(cost US$3,541,053) .......................................... 4,330,334
----------
Total New Zealand long-term investments
(cost US$17,315,738) ......................................... 23,806,920
----------
18 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
PHILIPPINES--0.1%
Government Bonds--0.1%
PHP
Philippine Government,
7,000 16.50%, 2/25/09 .............................................. Ba2 BBB 152,589
----------
Total Philippine long-term investments
(cost US$199,102) ............................................ 152,589
----------
SOUTH KOREA--1.5%
Government Bonds--1.5%
US$
EMBARC Ltd. Linked Note Series 1-14,
2,100 4.6164%, 10/11/07 (b)(c) ..................................... NR NR 1,830,150
----------
Total Korean long-term investments
(cost US$1,861,668) .......................................... 1,830,150
----------
THAILAND--0.4%
Government Bonds--0.4%
THB
Thailand Government,
9,500 8.00%, 12/08/06 .............................................. Baa1 NR 283,813
4,000 5.375%, 11/30/11 ............................................. Baa1 NR 110,687
3,500 4.125%, 11/01/12 ............................................. Baa1 NR 89,193
----------
Total Thailand long-term investments
(cost US$427,568) ............................................ 483,693
----------
Aberdeen Global Income Fund, Inc. 19
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
UNITED KINGDOM--27.1%
Government Bonds--21.3%
(pound)
United Kingdom Treasury,
500 5.00%, 6/07/04 ............................................... Aaa AAA 913,402
1,250 8.50%, 12/07/05 .............................................. Aaa AAA 2,438,856
1,100 7.50%, 12/07/06 .............................................. Aaa AAA 2,154,648
500 5.75%, 12/07/09 .............................................. Aaa AAA 953,356
1,500 8.00%, 9/27/13 ............................................... Aaa AAA 3,381,021
600 8.00%, 12/07/15 .............................................. Aaa AAA 1,395,368
3,000 8.00%, 6/07/21 ............................................... Aaa AAA 7,462,132
2,350 6.00%, 12/07/28 .............................................. NR AAA 5,043,884
Republic of Finland,
1,250 10.125%, 6/22/08 ............................................. Aaa AAA 2,710,453
----------
Total United Kingdom government bonds
(cost US$22,470,476) ......................................... 26,453,120
----------
Utilities--2.3%
British Gas PLC,
1,400 8.875%, 7/08/08 .............................................. A2 A 2,885,964
----------
Total United Kingdom utility bonds
(cost US$2,175,930) .......................................... 2,885,964
----------
Banking and Finance--3.3%
Barclays Bank PLC,
1,000 9.875%, 5/29/49 .............................................. Aa2 A+ 2,123,519
Lloyds Bank PLC,
500 7.375%, 3/11/04 .............................................. Aa1 AA- 912,466
Prudential Finance B.V.,
500 9.375%, 6/04/07 .............................................. NA AA- 1,019,691
----------
Total United Kingdom banking and finance bonds
(cost US$3,131,528) .......................................... 4,055,676
----------
Corporate Non-Banks--0.2%
Big Food Group PLC,
150 9.75%, 6/30/12 ............................................... B1 B+ 296,246
----------
Total United Kingdom corporate non-bank bonds
(cost US$227,926) ............................................ 296,246
----------
Total United Kingdom long-term investments
(cost US$28,005,860) ......................................... 33,691,006
----------
20 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
UNITED STATES--10.7%
Corporate Non-Banks--0.7%
(pound)
American Standard Inc.,
221 8.25%, 6/01/09 ............................................... Ba2 BB+ 432,446
Constellation Brands Inc.,
200 8.50%, 11/15/09 .............................................. Ba2 BB 393,174
----------
Total United States corporate non-banks
(cost US$733,550) ............................................ 825,620
----------
Yankee Bonds--10.0%
Australia--0.1%
Corporate Non-Banks--0.1%
US$
Cable & Wireless Optus Finance,
100 8.00%, 6/22/10 ............................................... A2 A+ 118,796
----------
Brazil--1.7%
Government--1.7%
Federal Republic of Brazil
400 10.00%, 8/07/11 .............................................. B2 B+ 435,000
1,500 11.00%, 8/17/40 .............................................. B2 B+ 1,635,000
----------
2,070,000
----------
Mexico--0.9%
Government--0.9%
United Mexican States,
1,000 8.30%, 8/15/31 ............................................... Baa2 BBB- 1,129,000
----------
Aberdeen Global Income Fund, Inc. 21
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
UNITED STATES (continued)
Yankee Bonds (continued)
Netherlands--1.7%
Banking and Finance--1.7%
US$
Kazkommerts INTL BV,
1,000 10.125%, 5/08/07 ............................................. Baa3 BB- 1,125,000
Turanalem Finance BV,
1,000 10.00%, 5/29/07 .............................................. Baa3 BB- 1,105,000
----------
2,230,000
----------
Philippines--1.5%
Government--0.1%
Republic of Philippines,
50 8.375%, 3/12/09 .............................................. Ba2 BB 51,866
50 9.375%, 1/18/17 .............................................. Ba2 BB 52,655
----------
104,521
----------
Utilities--1.4%
Philippine Long Distance Telephone Company
1,400 11.375%, 5/15/12 ............................................. Ba2 BB 1,745,216
----------
1,849,737
----------
Russia--1.2%
Utilities--1.2%
Tyumen Oil,
1,250 11.00%, 11/06/07 ............................................. Ba3 BB- 1,431,250
----------
Ukraine--0.8%
Government--0.8%
City of Kiev,
1,000 8.75%, 8/08/08 ............................................... B2 B 1,050,000
----------
Uruguay--1.1%
Government--1.1%
Republic of Uruguay,
1,600 7.50%, 3/15/15 ............................................... B3 B- 1,328,000
----------
22 Aberdeen Global Income Fund, Inc.
Portfolio of Investments (continued)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
UNITED STATES (concluded)
Yankee Bonds (concluded)
Venezuela--1.0%
Government--1.0%
US$
Republic of Venezuela,
1,200 10.75%, 9/19/13 .............................................. Caa1 B- 1,215,000
-----------
Total United States yankee bonds
(cost US$10,653,713) ......................................... 12,421,783
-----------
Total United States long-term investments
(cost US$11,387,263) .................................................. 13,247,403
-----------
Total long-term investments
(cost US$104,633,121) ................................................. 128,552,297
-----------
SHORT-TERM INVESTMENTS--17.6%
Australia--4.1%
A$
Banque Nationale de Paris Fixed Deposit,
6,703 4.50%, 2/02/04 (France)
(cost US$5,101,547) .......................................... NR NR 5,101,547
-----------
Canada--3.4%
C$
State Street Bank and Trust Company Time Deposit,
5,545 2.00%, 2/04/04 (USA)
(cost US$4,246,927) .......................................... NR NR 4,167,919
-----------
New Zealand--1.3%
NZ$
State Street Bank and Trust Company Fixed Deposit
2,388 4.25%, 2/04/04 (USA)
(cost US$1,616,795) .......................................... NR NR 1,600,796
-----------
Aberdeen Global Income Fund, Inc. 23
Portfolio of Investments (concluded)
As of January 31, 2004
Principal
Amount
Local
Currency (a) Moody's S&P Value
(000) Description Rating Rating (US$)
=========================================================================================================
SHORT-TERM INVESTMENTS (concluded)
United Kingdom--7.1%
(pound)
State Street Bank and Trust Company Fixed Deposit
4,865 3.625%, 2/04/04 (USA)
(cost US$8,906,113) .......................................... NR NR 8,855,518
----------
United States--1.7%
US$
2,057 Repurchase Agreement, State Street Bank and Trust Company,
0.92% dated 1/30/04, due 02/02/04 in the amount of
$2,057,158, U.S. Treasury Notes, 6.625% due 2/15/27;
value $2,102,744) (cost US$2,057,000) ........................ NR NR 2,057,000
----------
Total short-term investments
(cost US$21,928,382) ......................................... 21,782,780
----------
---------------------------------------------------------------------------------------------------------
Total Investments--121.2% (cost US$126,561,503) 150,335,077
Other assets in excess of liabilities--3.0% 3,721,908
Liquidation value of preferred stock--(24.2%) (30,000,000)
---------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shareholders--100.0% $124,056,985
=========================================================================================================
NR--Not rated by Moody's or Standard & Poors.
(a) Portfolio securities are categorized according to their currency exposure.
Where the country of issuer differs from the currency exposure, the
country of issuer is denoted parenthetically.
A$--Australian dollar
NZ$--New Zealand dollar
(pound)--British pound
C$--Canadian dollar
PHP--Philippine peso
US$--United States dollar
EUR--Euro
THB--Thailand baht
(b) Coupon changes periodically upon a predetermined schedule. Stated interest
rate in effect at January 31, 2004.
(c) Value of security is linked to the value of Government of Korea 5.77%,
10/9/07 and the movement of the South Korean Won.
See notes to financial statements.
24 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
James Blair, Vice President
Christian Pittard, Treasurer and
Assistant Secretary
Roy M. Randall, Secretary
Alison Briggs, Assistant Vice President
Beverley Hendry, Assistant Treasurer
Timothy Sullivan, Assistant Treasurer
Simon Bignell, 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.
[RECYCLED LOGO] Printed on post-consumer recycled paper
Aberdeen Global Income Fund, Inc. 25
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 EquiServe Trust Company N.A.
P.O. Box 43011
Providence, RI 02940-3011
1-800-451-6788
Auction Agent Deutsche Bank Trust Company Americas
280 Park Avenue, 9th Floor
New York, New York 10018
Independent Auditors PricewaterhouseCoopers LLP
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 40, The Chifley Tower
2 Chifley Square
Sydney, NSW 2000, Australia
Investor Relations Aberdeen Asset Management
45 Broadway, 31st Floor
New York, New York 10006
1-800-522-5465 or 1-212-968-8800
InvestorRelations@aberdeen-asset.com
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Aberdeen
ASSET MANAGERS
Aberdeen Asset Management Asia Limited
The common shares of Aberdeen Global Income Fund, Inc. are traded on the New
York Stock Exchange under the symbol "FCO." Information about the Fund's net
asset value and market price is published weekly in Barron's and in the Monday
edition of The Wall Street Journal.
This report, including the financial information herein, is transmitted to the
shareholders of Aberdeen Global Income Fund, Inc. for their general information
only. It does not have regard to the specific investment objectives, financial
situation and the particular needs of any specific person. Past performance is
no guarantee of future returns.