SEC Form N-CSRS filed by abrdn Global Income Fund Inc.

 

Dear Shareholder,

We present the Semi-Annual Report, which covers the activities of abrdn Global Income Fund, Inc. (the “Fund”), for the six-month period ended April 30, 2025. The Fund’s principal investment objective is to provide high current income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but only when consistent with its principal investment objective.

Please visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

Total Investment Return¹

For the six-month period ended April 30, 2025, the total return to shareholders of the Fund based on the net asset value (“NAV”) and market price of the Fund, respectively, compared to the Fund’s benchmark,  is as follows:

NAV2,3	-5.95%
Market Price2	8.77%
Blended Benchmark4	2.45%

NAV, Market Price and Premium(+)/Discount(-)

The below table represents a comparison between the current six-month period end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).

	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2025	$3.11	$5.90	89.71%
10/31/2024	$3.55	$5.84	64.51%

During the six-month period ended April 30, 2025, the Fund’s NAV was within a range of $3.06 to $3.61 and the Fund’s market price traded within a range of $5.70 to $6.33. During the six-month period ended April 30, 2025, the Fund’s shares traded within a range of a premium(+)/discount(-) of 64.87% to 91.50%.

Aberdeen Name Change

On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

Managed Distribution Policy

The Fund's distributions to common shareholders and the annualized distribution rates based on market price and NAV, respectively, for the six-month period ended April 30, 2025 and the fiscal years ended October 31, 2024 and October 31, 2023 are shown in the table below:

	Distribution per share to common shareholders	Market Price	Annualized distribution rate based on market value	NAV	Annualized distribution rate based on NAV
4/30/2025	$0.42	$5.90	14.2%	$3.11	27.0%
10/31/2024	$0.84	$5.84	14.4%	$3.55	23.7%
10/31/2023	$0.84	$6.09	13.8%	$3.74	22.5%

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 May 9, 2025 and June 10, 2025, the Fund announced that it will pay on May 30, 2025 and June 30, 2025, respectively, a distribution of U.S. $0.07 per share to all shareholders of record as of May 22, 2025 and June 23, 2025, respectively.

The Fund’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, which is a non-taxable return of capital. This policy is subject to an annual review as well as regular review at the quarterly meetings of the Fund’s Board of Directors (the "Board"), unless market conditions require an earlier evaluation.

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1

Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data include investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions.

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2	Assuming the reinvestment of dividends and distributions.

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3	The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

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4	Blended Benchmark as defined in Total Investment Return section on Page 4.

Revolving Credit Facility

The Fund’s $25,000,000 revolving credit facility with The Bank of Nova Scotia was renewed for a 1-year term on February 26, 2025 (“Revolving Credit Facility”) to extend the scheduled commitment termination date to February 24, 2026. The Fund’s outstanding balance as of April 30, 2025 was $18,300,000. Under the terms of the loan facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding borrowings. The Board regularly reviews the use of leverage by the Fund. The Fund is also authorized to use reverse repurchase agreements as another form of leverage. A more detailed description of the Fund’s Revolving Credit Facility can be found in the Notes to Financial Statements.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder  is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

Open Market Repurchase Program

The Board approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, up to 10% of its outstanding shares of common stock, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the six months ended April 30, 2025, the Fund did not repurchase any shares through the Program.

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter. Under the terms of the Program, the Fund is permitted to repurchase during each 12-month period ended October 31 up to 10% of its

outstanding shares of common stock outstanding as of October 31 of the prior year.

Portfolio Holdings Disclosure

The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at http://www.sec.gov.

Investor Relations Information

As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

Contact Us:

•	Visit: https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds

•	Email: [email protected]; or

•	Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson
Alan Goodson
President 

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All amounts are U.S. Dollars unless otherwise stated.

The Fund utilizes leverage to seek to increase the yield for its shareholders. The amounts borrowed from the Fund’s loan facility may be invested to seek to return higher rates than the rates in the Fund’s portfolio. However, the cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Non-recurring expenses in connection with the implementation of the loan facility will reduce the Fund’s performance.

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the loan facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default under the loan facility. In the event of default under the loan facility, the lender has the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lender may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event of default, or a voluntary paydown of the loan facility in order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve selling off of portions of the Fund’s assets at inopportune times which can result in losses when markets are unfavorable. The loan facility has a term of three years and is not a perpetual form of leverage; there can be no assurance that the loan facility will be available for renewal on acceptable terms, if at all.

The credit agreement governing the loan facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the Investment Company Act of 1940, as amended (the “1940 Act”). The covenants or guidelines could impede management of the Fund from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies.

Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan facility. The

covenants also include a requirement that the Fund maintain net assets of no less than $25,000,000.

Prices and availability of leverage are extremely volatile in the current market environment. The Board regularly reviews the use of leverage by the Fund and may explore other forms of leverage. The Fund is authorized to use reverse repurchase agreements as another form of leverage. A reverse repurchase agreement involves the sale of a security, with an agreement to repurchase the same or substantially similar securities at an agreed upon price and date. Whether such a transaction produces a gain for the Fund depends upon the costs of the agreements and the income and gains of the securities purchased with the proceeds received from the sale of the security. If the income and gains on the securities purchased fail to exceed the costs, the Fund’s NAV will decline faster than otherwise would be the case. Reverse repurchase agreements, as with any leveraging techniques, may increase the Fund’s return; however, such transactions also increase the Fund’s risks in down markets. Under the Fund's loan facilities, the Fund is charged interest on amounts borrowed at a variable rate, which may be based on a reference rate such as the Secured Overnight Financing Rate ("SOFR”), plus a spread. Additionally, the Fund may invest in certain debt securities, derivatives or other financial instruments that utilize SOFR as a “benchmark” or “reference rate” for various interest rate calculations.

Interest Rate Swaps

The Fund enters into interest rate swaps to hedge interest rate risk on the credit facility. As of April 30, 2025, the Fund held interest rate swap agreements with an aggregate notional amount of $225,800,000 which represented 100% of the Fund’s total borrowings. Under the terms of the agreements currently in effect, the Fund receives a floating rate of interest and pays fixed rates of interest for the terms and based upon the notional amounts set forth below:

Remaining Term as of April 30, 2025	Receive/(Pay) Floating Rate	Amount (in $ thousands)	Fixed Rate Payable (%)
51 months	Receive	$4,700.0	3.40%
58 months	Receive	$5,000.0	3.46%
82 months	Receive	$5,000.0	3.40%
94 months	Receive	$7,350.0	3.38%
58 months	Pay	$1,750.0	3.46%
58 months	Pay	$2,000.0	3.46%

 

abrdn Global Income Fund, Inc.

3

	Shares or Principal Amount		Value
CORPORATE BONDS—85.3%
AUSTRALIA—7.7%
Australia & New Zealand Banking Group Ltd., (fixed rate to 02/10/2033, variable rate thereafter), 6.74%, 02/10/2033(a)(b)	AUD	1,000,000	$ 684,184
Commonwealth Bank of Australia, (fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2033(b)		1,000,000	685,639
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(b)	$	1,200,000	1,139,667
Westpac Banking Corp.
(fixed rate to 06/23/2033, variable rate thereafter), 6.93%, 06/23/2033(a)(b)	AUD	700,000	485,354
(fixed rate to 11/15/2033, variable rate thereafter), 7.20%, 11/15/2033(b)		300,000	210,838
Total Australia			3,205,682
BARBADOS—0.5%
Sagicor Financial Co. Ltd., 5.30%, 05/13/2028(a)(b)	$	210,000	204,918
BRAZIL—4.2%
Banco do Brasil SA, VRN, (fixed rate to 10/15/2025, variable rate thereafter), 8.75%, 10/15/2025(a)(c)		620,000	626,973
BRF SA, 5.75%, 09/21/2050(a)(b)		200,000	161,756
Guara Norte SARL, 5.20%, 06/15/2034(a)(d)		159,730	147,992
Minerva Luxembourg SA, 8.88%, 09/13/2033(a)(b)		200,000	213,336
Samarco Mineracao SA, 0.00% Cash or 9.00% PIK, 06/30/2031(a)(b)(e)		443,040	416,978
Yinson Boronia Production BV, 8.95%, 07/31/2042(a)(b)(d)		198,236	203,192
Total Brazil			1,770,227
CANADA—1.9%
1011778 BC ULC/New Red Finance, Inc., 5.63%, 09/15/2029(a)(b)		119,000	118,606
Enerflex Ltd., 9.00%, 10/15/2027(a)(b)		138,000	141,143
Rogers Communications, Inc.
VRN, (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2027(a)(b)		275,000	267,772
VRN, (fixed rate to 02/14/2030, variable rate thereafter), 7.00%, 02/14/2030(b)		82,000	82,612
Saturn Oil & Gas, Inc., 9.63%, 06/15/2029(a)(b)(d)		89,000	80,649
TransAlta Corp., 7.75%, 11/15/2029(b)		98,000	102,068
Total Canada			792,850
CHINA—1.0%
CFAMC II Co. Ltd., 5.00%, 11/19/2025(a)		200,000	199,468

	Shares or Principal Amount		Value
China Huadian Overseas Development 2018 Ltd., VRN, (fixed rate to 06/23/2025, variable rate thereafter), 3.38%, 06/23/2025(a)(c)	$	200,000	$ 198,688
Kaisa Group Holdings Ltd., 11.95%, 11/12/2023(a)(b)(f)(g)		200,000	8,500
Total China			406,656
COLOMBIA—1.1%
Ecopetrol SA, 8.88%, 01/13/2033(b)		105,000	105,100
Empresas Publicas de Medellin ESP, 4.38%, 02/15/2031(a)(b)		437,000	376,359
Total Colombia			481,459
DOMINICAN REPUBLIC—0.5%
AES Espana BV, 5.70%, 05/04/2028(a)(b)		202,000	191,395
ECUADOR—0.5%
International Airport Finance SA, 12.00%, 03/15/2033(a)(b)(d)		181,821	194,093
FRANCE—2.4%
Altice France SA, 4.25%, 10/15/2029(a)(b)	EUR	100,000	91,449
Banijay Entertainment SAS, 8.13%, 05/01/2029(a)(b)	$	200,000	204,961
BNP Paribas SA, VRN, (fixed rate to 02/25/2030, variable rate thereafter), 4.50%, 02/25/2030(a)(c)		200,000	171,005
Iliad Holding SASU, 8.50%, 04/15/2031(a)(b)		200,000	210,966
Nova Alexandre III SAS, FRN, 7.53%, 07/15/2029(a)(b)(h)	EUR	100,000	114,352
Societe Generale SA, VRN, (fixed rate to 05/26/2026, variable rate thereafter), 4.75%, 05/26/2026(a)(c)	$	200,000	192,601
Total France			985,334
GEORGIA—1.2%
Georgian Railway JSC, 4.00%, 06/17/2028(a)(b)		359,000	317,643
TBC Bank JSC, VRN, (fixed rate to 07/30/2029, variable rate thereafter), 10.25%, 07/30/2029(a)(c)		200,000	195,502
Total Georgia			513,145
GERMANY—2.3%
CT Investment GmbH, 6.38%, 04/15/2030(a)(b)	EUR	100,000	116,542
Deutsche Bank AG, VRN, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(c)	GBP	100,000	130,271
Gruenenthal GmbH, 4.63%, 11/15/2031(a)(b)	EUR	100,000	111,024
HT Troplast GmbH, 9.38%, 07/15/2028(a)(b)		110,000	125,723
IHO Verwaltungs GmbH, 8.750% Cash or 9.500% PIK, 05/15/2028(a)(b)(e)		103,347	122,266
PrestigeBidCo GmbH, FRN, 6.03%, 07/01/2029(a)(b)(h)		100,000	113,760

abrdn Global Income Fund, Inc.

9

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
GERMANY (continued)
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a)(b)	EUR	100,000	$ 112,979
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031(a)(b)		100,000	117,220
Total Germany			949,785
GHANA—0.7%
Tullow Oil PLC, 10.25%, 05/15/2026(a)(b)(d)	$	400,000	314,700
INDIA—2.2%
Greenko Wind Projects Mauritius Ltd., 7.25%, 09/27/2028(a)(b)(d)		200,000	193,633
India Green Power Holdings, 4.00%, 02/22/2027(a)(b)(d)		173,320	164,979
Sammaan Capital Ltd., Series 6B, 9.00%, 09/26/2026	INR	50,000,000	575,868
Total India			934,480
INDONESIA—1.4%
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/2028(a)(b)	$	221,000	216,579
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.25%, 10/24/2042(a)		400,000	350,500
Total Indonesia			567,079
IRELAND—0.8%
Cimpress PLC, 7.38%, 09/15/2032(a)(b)		150,000	136,864
GGAM Finance Ltd., 6.88%, 04/15/2029(a)(b)		87,000	88,845
TrueNoord Capital DAC, 8.75%, 03/01/2030(a)(b)		112,000	114,406
Total Ireland			340,115
ISRAEL—1.4%
Bank Leumi Le-Israel BM, VRN, (fixed rate to 04/18/2028, variable rate thereafter), 7.13%, 04/18/2028(a)(b)		200,000	204,576
Energean Israel Finance Ltd., 8.50%, 09/30/2033(a)(b)		230,000	230,322
Leviathan Bond Ltd., 6.50%, 06/30/2027(a)(b)		161,323	158,598
Total Israel			593,496
ITALY—0.5%
Telecom Italia Capital SA, 7.20%, 07/18/2036		200,000	204,759
KAZAKHSTAN—2.1%
KazMunayGas National Co. JSC
3.50%, 04/14/2033(a)(b)		200,000	165,689
5.75%, 04/19/2047(a)		870,000	728,482
Total Kazakhstan			894,171
KUWAIT—0.5%
MEGlobal Canada ULC, 5.00%, 05/18/2025(a)		200,000	199,990
LUXEMBOURG—1.1%
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a)(b)	EUR	100,000	113,612

	Shares or Principal Amount		Value
Ephios Subco 3 SARL, 7.88%, 01/31/2031(a)(b)	EUR	100,000	$ 119,421
LHMC Finco 2 SARL, 7.250% Cash or 8.000% PIK, 10/02/2025(a)(b)(e)		2,943	3,334
Matterhorn Telecom SA, 3.13%, 09/15/2026(a)(b)		100,000	112,871
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a)(b)		110,000	123,034
Total Luxembourg			472,272
MEXICO—4.3%
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, (fixed rate to 01/17/2028, variable rate thereafter), 5.13%, 01/17/2028(a)(b)	$	470,000	444,763
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(b)		200,000	143,995
Petroleos Mexicanos
Series 14-2, 7.47%, 11/12/2026	MXN	1,472,800	71,597
Series 14-2, 7.47%, 11/12/2026		1,472,700	71,593
6.75%, 09/21/2047	$	1,063,000	713,937
Saavi Energia SARL, 8.88%, 02/10/2035(a)(b)		341,000	342,705
Total Mexico			1,788,590
MOROCCO—0.6%
Vivo Energy Investments BV, 5.13%, 09/24/2027(a)(b)		255,000	247,694
NETHERLANDS—1.1%
BE Semiconductor Industries NV, 4.50%, 07/15/2031(a)(b)	EUR	100,000	114,790
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031(a)(b)	GBP	100,000	143,229
Flora Food Management BV, 6.88%, 07/02/2029(a)(b)	EUR	100,000	116,855
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a)(b)		100,000	103,033
Total Netherlands			477,907
NIGERIA—2.4%
Access Bank PLC, 6.13%, 09/21/2026(a)	$	216,000	207,394
BOI Finance BV, 7.50%, 02/16/2027(a)(i)	EUR	196,000	217,711
IHS Holding Ltd., 8.25%, 11/29/2031(a)(b)	$	200,000	192,680
United Bank for Africa PLC, 6.75%, 11/19/2026(a)		380,000	374,300
Total Nigeria			992,085
PERU—0.6%
Petroleos del Peru SA, 5.63%, 06/19/2047(a)		400,000	245,244
PHILIPPINES—0.6%
International Container Terminal Services, Inc., 4.75%, 06/17/2030(a)		260,000	256,540
RUSSIA —0.0%
Sovcombank Via SovCom Capital DAC, 7.75%, 05/06/2030(a)(c)(f)(g)(j)		250,000	–

10	abrdn Global Income Fund, Inc.

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
SERBIA—0.5%
Telecommunications Co. Telekom Srbija AD Belgrade, 7.00%, 10/28/2029(a)(b)	$	200,000	$ 198,267
SINGAPORE—0.8%
Puma International Financing SA, 7.75%, 04/25/2029(a)(b)		331,000	328,518
SLOVENIA—0.3%
Summer BidCo BV, 10.000% Cash or 10.750% PIK, 02/15/2029(a)(b)(e)	EUR	108,521	126,728
SOUTH AFRICA—2.8%
Eskom Holdings SOC Ltd., 0.00%, 12/31/2032(k)	ZAR	28,700,000	480,748
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a)(b)	$	246,000	201,843
Sasol Financing USA LLC, 5.50%, 03/18/2031(b)		400,000	309,639
Transnet SOC Ltd., 8.25%, 02/06/2028(a)		200,000	201,275
Total South Africa			1,193,505
SPAIN—0.5%
Grifols SA, 3.88%, 10/15/2028(a)(b)	EUR	100,000	106,205
Telefonica Europe BV, VRN, (fixed rate to 02/24/2028, variable rate thereafter), 2.88%, 02/24/2028(a)(c)		100,000	110,594
Total Spain			216,799
SWEDEN—0.3%
Assemblin Caverion Group AB, FRN, 5.85%, 07/01/2031(a)(b)(h)		100,000	112,162
SWITZERLAND—0.3%
Consolidated Energy Finance SA, 12.00%, 02/15/2031(a)(b)	$	150,000	135,222
TOGO—0.5%
Ecobank Transnational, Inc., 10.13%, 10/15/2029(a)		200,000	206,800
TRINIDAD—1.1%
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029(a)(b)		291,000	294,253
Port of Spain Waterfront Development, 7.88%, 02/19/2040(a)(b)(d)		200,000	188,000
Total Trinidad			482,253
TURKEY—1.9%
Turkiye Sinai Kalkinma Bankasi AS, VRN, (fixed rate to 03/21/2029, variable rate thereafter), 9.75%, 03/21/2029(a)(c)		200,000	200,200
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(b)		275,000	281,257
Yapi ve Kredi Bankasi AS, 7.13%, 10/10/2029(a)		339,000	334,049
Total Turkey			815,506
UKRAINE—1.4%
Kernel Holding SA, 6.75%, 10/27/2027(a)(b)(g)		206,000	184,568

	Shares or Principal Amount		Value
MHP Lux SA, 6.95%, 04/03/2026(a)(g)	$	218,000	$ 201,650
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026(a)(f)(g)		236,403	205,581
Total Ukraine			591,799
UNITED KINGDOM—4.5%
888 Acquisitions Ltd., 7.56%, 07/15/2027(a)(b)	EUR	100,000	113,160
BCP V Modular Services Finance II PLC, 4.75%, 11/30/2028(a)(b)		125,000	136,650
Bellis Acquisition Co. PLC, 4.50%, 02/16/2026(a)(b)	GBP	124,000	160,611
CD&R Firefly Bidco PLC, 8.63%, 04/30/2029(a)(b)		100,000	135,937
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029(a)(b)	$	213,000	199,255
Iceland Bondco PLC, 10.88%, 12/15/2027(a)(b)	GBP	100,000	141,031
Motion Finco SARL, 7.38%, 06/15/2030(a)(b)	EUR	100,000	109,974
Pinewood Finco PLC, 6.00%, 03/27/2030(a)(b)	GBP	116,000	153,793
Project Grand U.K. PLC, 9.00%, 06/01/2029(a)(b)	EUR	100,000	119,279
RAY Financing LLC, 6.50%, 07/15/2031(a)(b)		100,000	117,335
Sherwood Financing PLC, 9.63%, 12/15/2029(a)(b)	GBP	100,000	132,628
Synthomer PLC, 7.38%, 05/02/2029(a)(b)	EUR	100,000	107,045
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a)(b)	GBP	100,000	125,207
Vmed O2 U.K. Financing I PLC, 4.00%, 01/31/2029(a)(b)		100,000	122,486
Total United Kingdom			1,874,391
UNITED STATES—25.8%
Academy Ltd., 6.00%, 11/15/2027(a)(b)	$	144,000	143,740
Acushnet Co., 7.38%, 10/15/2028(a)(b)		88,000	91,061
Adient Global Holdings Ltd., 7.50%, 02/15/2033(a)(b)		154,000	145,927
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/2029(a)(b)		140,000	140,566
Affinity Interactive, 6.88%, 12/15/2027(a)(b)		273,000	195,733
Builders FirstSource, Inc., 4.25%, 02/01/2032(a)(b)		105,000	94,564
Caesars Entertainment, Inc.
7.00%, 02/15/2030(a)(b)		4,000	4,095
6.50%, 02/15/2032(a)(b)		29,000	29,152
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(a)(b)		98,000	84,987
CCM Merger, Inc., 6.38%, 05/01/2026(a)(b)		197,000	197,230

abrdn Global Income Fund, Inc.

11

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
UNITED STATES (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
4.75%, 03/01/2030(a)(b)	$	100,000	$ 94,404
4.75%, 02/01/2032(a)(b)		183,000	165,608
4.25%, 01/15/2034(a)(b)		264,000	222,391
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029(a)(b)		97,000	83,243
Celanese U.S. Holdings LLC, 6.80%, 11/15/2030(b)		128,000	127,955
Chart Industries, Inc., 7.50%, 01/01/2030(a)(b)		90,000	93,374
CHS/Community Health Systems, Inc.
8.00%, 12/15/2027(a)(b)		79,000	79,039
5.25%, 05/15/2030(a)(b)		177,000	151,008
10.88%, 01/15/2032(a)(b)		26,000	26,845
Clarios Global LP/Clarios U.S. Finance Co.
6.75%, 05/15/2028(a)(b)		36,000	36,562
6.75%, 02/15/2030(a)(b)		19,000	19,329
Cleveland-Cliffs, Inc.
6.75%, 04/15/2030(a)(b)		83,000	79,924
7.00%, 03/15/2032(a)(b)		42,000	39,458
7.38%, 05/01/2033(a)(b)		29,000	27,262
Cloud Software Group, Inc.
9.00%, 09/30/2029(a)(b)		59,000	59,438
8.25%, 06/30/2032(a)(b)		106,000	110,571
Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027(a)(b)		150,000	150,474
Cornerstone Building Brands, Inc.
6.13%, 01/15/2029(a)(b)		151,000	101,286
9.50%, 08/15/2029(a)(b)		14,000	12,180
CSC Holdings LLC, 6.50%, 02/01/2029(a)(b)		200,000	163,568
Darling Ingredients, Inc., 6.00%, 06/15/2030(a)(b)		238,000	237,329
Dcli Bidco LLC, 7.75%, 11/15/2029(a)(b)		139,000	129,481
Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029(a)(b)		93,000	95,470
EnerSys, 6.63%, 01/15/2032(a)(b)		117,000	119,454
Fiesta Purchaser, Inc.
7.88%, 03/01/2031(a)(b)		72,000	75,424
9.63%, 09/15/2032(a)(b)		127,000	132,795
Ford Motor Credit Co. LLC, 6.53%, 03/19/2032(b)		200,000	197,601
Frontier Communications Holdings LLC, 5.00%, 05/01/2028(a)(b)		48,000	47,505
Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/2029(a)(b)		200,000	199,866
Goodyear Tire & Rubber Co., 5.00%, 07/15/2029(b)		59,000	56,118
Graphic Packaging International LLC, 6.38%, 07/15/2032(a)(b)		149,000	149,733

	Shares or Principal Amount		Value
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/2029(a)(b)	EUR	200,000	$ 225,958
Hess Midstream Operations LP
6.50%, 06/01/2029(a)(b)	$	36,000	36,561
4.25%, 02/15/2030(a)(b)		182,000	170,843
Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, 05/15/2034(a)(b)		102,000	86,680
Hyundai Capital America, 6.38%, 04/08/2030(a)(b)		200,000	209,106
Iron Mountain, Inc.
5.00%, 07/15/2028(a)(b)		23,000	22,490
4.88%, 09/15/2029(a)(b)		60,000	57,785
6.25%, 01/15/2033(a)(b)		30,000	29,945
ITT Holdings LLC, 6.50%, 08/01/2029(a)(b)		104,000	94,958
Macy's Retail Holdings LLC
5.88%, 04/01/2029(a)(b)		35,000	33,191
5.88%, 03/15/2030(a)(b)		60,000	55,877
Magnera Corp., 7.25%, 11/15/2031(a)(b)		229,000	216,549
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(b)		225,000	165,520
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(a)(b)		100,000	100,072
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(a)(b)		41,000	36,948
Nabors Industries, Inc., 8.88%, 08/15/2031(a)(b)		125,000	84,780
NCL Corp. Ltd., 5.88%, 02/15/2027(a)(b)		108,000	107,496
Neptune Bidco U.S., Inc., 9.29%, 04/15/2029(a)(b)		169,000	150,410
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a)(b)		154,000	149,492
Novelis Sheet Ingot GmbH, 3.38%, 04/15/2029(a)(b)	EUR	100,000	107,474
NRG Energy, Inc.
7.00%, 03/15/2033(a)(b)	$	117,000	126,059
6.25%, 11/01/2034(a)(b)		89,000	88,863
OI European Group BV, 6.25%, 05/15/2028(a)(b)	EUR	100,000	116,153
Olin Corp., 6.63%, 04/01/2033(a)(b)	$	110,000	104,374
Organon & Co./Organon Foreign Debt Co-Issuer BV, 6.75%, 05/15/2034(a)(b)		400,000	377,177
Owens & Minor, Inc., 10.00%, 04/15/2030(a)(b)		43,000	44,381
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)(b)		38,000	37,736
Panther Escrow Issuer LLC, 7.13%, 06/01/2031(a)(b)		135,000	138,307
Permian Resources Operating LLC
5.88%, 07/01/2029(a)(b)		88,000	85,937
6.25%, 02/01/2033(a)(b)		111,000	108,547
Perrigo Finance Unlimited Co., 4.90%, 06/15/2030(b)		200,000	190,336
PG&E Corp., VRN, (fixed rate to 12/15/2029, variable rate thereafter), 7.38%, 12/15/2029(b)		57,000	55,335

12	abrdn Global Income Fund, Inc.

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
UNITED STATES (continued)
Royal Caribbean Cruises Ltd.
5.63%, 09/30/2031(a)(b)	$	22,000	$ 21,831
6.00%, 02/01/2033(a)(b)		92,000	92,253
Six Flags Entertainment Corp., 7.00%, 07/01/2025(a)(b)		58,000	58,043
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, 05/01/2032(a)(b)		60,000	60,538
Somnigroup International, Inc., 3.88%, 10/15/2031(a)(b)		190,000	166,783
Staples, Inc., 10.75%, 09/01/2029(a)(b)		137,000	118,699
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)(b)		120,000	110,240
Sunoco LP
7.00%, 05/01/2029(a)(b)		36,000	37,014
7.25%, 05/01/2032(a)(b)		56,000	58,073
Talen Energy Supply LLC, 8.63%, 06/01/2030(a)(b)		124,000	132,428
Travel & Leisure Co., 6.00%, 04/01/2027(b)		80,000	80,450
U.S. Cellular Corp., 6.70%, 12/15/2033		90,000	97,426
U.S. Foods, Inc., 5.75%, 04/15/2033(a)(b)		245,000	239,979
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/2028(a)(b)		66,000	70,078
Univision Communications, Inc.
8.00%, 08/15/2028(a)(b)		43,000	41,768
8.50%, 07/31/2031(a)(b)		203,000	191,688
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030(a)(b)		114,000	114,031
Venture Global LNG, Inc.
8.13%, 06/01/2028(a)(b)		90,000	89,377
VRN, (fixed rate to 09/30/2029, variable rate thereafter), 9.00%, 09/30/2029(a)(c)		93,000	79,937
8.38%, 06/01/2031(a)(b)		63,000	60,752
9.88%, 02/01/2032(a)(b)		208,000	211,196
Venture Global Plaquemines LNG LLC
7.50%, 05/01/2033(a)(b)		55,000	56,425
7.75%, 05/01/2035(a)(b)		55,000	56,479
Vistra Operations Co. LLC
4.38%, 05/01/2029(a)(b)		126,000	121,161
7.75%, 10/15/2031(a)(b)		71,000	75,074
Vital Energy, Inc., 9.75%, 10/15/2030(b)		105,000	88,953
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026(b)		83,000	81,115
8.13%, 08/15/2029(b)		171,000	177,917
Total United States			10,816,798
UZBEKISTAN—0.5%
Navoi Mining & Metallurgical Combinat, 6.95%, 10/17/2031(a)		200,000	201,468
ZAMBIA—0.5%
First Quantum Minerals Ltd., 8.63%, 06/01/2031(a)(b)		200,000	202,711
Total Corporate Bonds			35,727,593

	Shares or Principal Amount		Value
GOVERNMENT BONDS—48.4%
ANGOLA—1.2%
Angola Government International Bonds, 9.13%, 11/26/2049(a)	$	701,000	$ 487,195
ARGENTINA—3.3%
Argentina Republic Government International Bonds
5.00%, 01/09/2038(b)(d)		832,800	579,826
4.13%, 07/09/2046(b)(d)(l)		1,263,624	821,861
Total Argentina			1,401,687
BAHRAIN—0.9%
Bahrain Government International Bonds
5.45%, 09/16/2032(a)		229,000	211,276
6.25%, 01/25/2051(a)		210,000	172,206
Total Bahrain			383,482
BENIN—0.4%
Benin Government International Bonds, 8.38%, 01/23/2041(a)(d)		200,000	182,800
BRAZIL—2.9%
Brazil Government International Bonds, 7.13%, 01/20/2037		370,000	384,265
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2029	BRL	5,227,000	831,469
Total Brazil			1,215,734
CHILE—1.5%
Chile Government International Bonds, 4.34%, 03/07/2042(b)	$	719,000	615,248
COLOMBIA—1.5%
Colombia Government International Bonds, 5.20%, 05/15/2049(b)		200,000	129,103
Colombia TES, 9.25%, 05/28/2042	COP	2,757,800,000	496,990
Total Colombia			626,093
DOMINICAN REPUBLIC—3.2%
Dominican Republic International Bonds
11.25%, 09/15/2035(a)(b)	DOP	19,200,000	338,522
5.88%, 01/30/2060(a)	$	1,230,000	1,011,121
Total Dominican Republic			1,349,643
ECUADOR—0.5%
Ecuador Government International Bonds, 5.50%, 07/31/2035(a)(d)(l)		323,500	194,007
EGYPT—3.4%
Egypt Government International Bonds
7.63%, 05/29/2032(a)		400,000	340,472
7.90%, 02/21/2048(a)		760,000	523,260
Egypt Treasury Bills, 23.59%, 09/09/2025(m)	EGP	30,625,000	548,801
Total Egypt			1,412,533
EL SALVADOR—0.8%
El Salvador Government International Bonds, 9.65%, 11/21/2054(a)(b)(d)	$	343,000	339,944
GEORGIA—0.7%
Georgia Government International Bonds, 2.75%, 04/22/2026(a)		306,000	293,454

abrdn Global Income Fund, Inc.

13

	Shares or Principal Amount		Value
GOVERNMENT BONDS (continued)
GHANA—0.2%
Ghana Government International Bonds
0.00%, 07/03/2026(a)(d)(k)	$	9,240	$ 8,723
5.00%, 07/03/2029(a)(d)(l)		93,170	79,525
0.00%, 01/03/2030(a)(d)(k)		17,339	13,179
Total Ghana			101,427
HONDURAS—0.5%
Honduras Government International Bonds, 8.63%, 11/27/2034(a)(b)		200,000	198,300
HUNGARY—0.8%
Hungary Government Bonds, 6.75%, 10/22/2028	HUF	123,150,000	349,615
INDONESIA—3.1%
Indonesia Government International Bonds
7.75%, 01/17/2038(a)	$	100,000	120,290
3.70%, 10/30/2049		935,000	688,951
Indonesia Treasury Bonds
6.50%, 06/15/2025	IDR	780,000,000	46,979
7.00%, 09/15/2030		341,000,000	20,824
7.50%, 04/15/2040		6,535,000,000	406,871
Total Indonesia			1,283,915
IRAQ—0.9%
Iraq International Bonds, 5.80%, 01/15/2028(a)(b)(d)	$	390,750	378,727
IVORY COAST—0.9%
Ivory Coast Government International Bonds, 6.63%, 03/22/2048(a)(d)	EUR	444,000	377,642
KENYA—0.7%
Republic of Kenya Government International Bonds, 8.25%, 02/28/2048(a)	$	422,000	315,041
LEBANON—0.4%
Lebanon Government International Bonds
7.00%, 03/20/2028(a)(f)		284,000	48,649
8.20%, 05/17/2033(a)(f)		377,000	64,791
8.25%, 05/17/2034(a)(f)		349,000	59,785
Total Lebanon			173,225
MALAYSIA—2.2%
Malaysia Government Bonds
4.23%, 06/30/2031	MYR	1,100,000	264,687
3.83%, 07/05/2034		800,000	187,658
3.76%, 05/22/2040		1,000,000	230,359
4.07%, 06/15/2050		1,100,000	255,689
Total Malaysia			938,393
MEXICO—0.9%
Mexico Bonos, 7.75%, 11/13/2042	MXN	8,966,600	375,380
NIGERIA—0.7%
Nigeria Government International Bonds, 7.63%, 11/28/2047(a)	$	435,000	308,228
OMAN—3.5%
Oman Government International Bonds, 7.00%, 01/25/2051(a)		1,400,000	1,456,370

	Shares or Principal Amount		Value
PERU—2.7%
Peru Government International Bonds, 6.90%, 08/12/2037(a)	PEN	4,138,000	$ 1,114,953
POLAND—1.0%
Republic of Poland Government Bonds, 1.75%, 04/25/2032	PLN	1,894,000	408,878
QATAR—1.2%
Qatar Government International Bonds, 4.40%, 04/16/2050(a)	$	576,000	488,195
SOUTH AFRICA—2.6%
Republic of South Africa Government Bonds, 8.75%, 01/31/2044	ZAR	8,279,700	344,652
Republic of South Africa Government International Bonds
7.10%, 11/19/2036(a)	$	400,000	381,266
5.00%, 10/12/2046		516,000	343,795
Total South Africa			1,069,713
TURKEY—2.5%
Istanbul Metropolitan Municipality, 10.50%, 12/06/2028(a)(b)		200,000	212,548
Turkiye Government Bonds, 10.28%, 09/15/2027	TRY	21,935,400	330,249
Turkiye Government International Bonds, 9.38%, 01/19/2033	$	471,000	516,772
Total Turkey			1,059,569
URUGUAY—1.2%
Uruguay Government International Bonds
4.38%, 12/15/2028(d)(n)	UYU	12,619,536	310,660
7.63%, 03/21/2036(d)	$	146,000	171,959
Total Uruguay			482,619
UZBEKISTAN—1.7%
National Bank of Uzbekistan, 8.50%, 07/05/2029(a)(b)		200,000	204,056
Republic of Uzbekistan International Bonds, 3.70%, 11/25/2030(a)		252,000	216,418
Uzbekneftegaz JSC, 8.75%, 05/07/2030(a)		249,000	278,125
Total Uzbekistan			698,599
ZAMBIA—0.4%
Zambia Government International Bonds, 5.75%, 06/30/2033(a)(d)(l)		206,807	179,653
Total Government Bonds			20,260,262
U.S. TREASURIES—1.8%
U.S. Treasury Notes, 4.25%, 12/31/2025(m)		739,800	740,684
Total U.S. Treasuries			740,684
WARRANTS—0.0%
BRAZIL—0.0%
OAS SA(b)(g)(j)(o)		61,465	–
UNITED STATES—0.0%
OAS Restructuring BVI Ltd.(b)(f)(j)(o)		73,666	–
Total Warrants			–

14	abrdn Global Income Fund, Inc.

	Shares or Principal Amount		Value
SHORT-TERM INVESTMENT—4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29(p)		1,926,715	$  1,926,715
Total Short-Term Investment			1,926,715
Total Investments (Cost $61,323,070)(q)—140.1%			58,655,254
Liabilities in Excess of Other Assets—(40.1%)			(16,789,721)
Net Assets—100.0%			$41,865,533

    

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	The maturity date presented for these instruments represents the next call/put date.
(c)	Perpetual maturity. Maturity date presented represents the next call date.
(d)	Sinkable security.
(e)	Payment-in-kind security for which part of the income earned may be paid as additional principal.

(f)	Security is in default.
(g)	The Fund’s investment manager has deemed this security to be illiquid based upon procedures approved by the Board of Directors. Illiquid securities held by the Fund represent 1.4% of net assets as of April 30, 2025.
(h)	Variable or Floating Rate security. Rate disclosed is as of April 30, 2025.
(i)	Denotes the security is government guaranteed.
(j)	Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(k)	Zero coupon bond. Rate represents yield to maturity.
(l)	Step bond. Rate disclosed is as of April 30, 2025.
(m)	The rate shown is the discount yield at the time of purchase.
(n)	Inflation linked security.
(o)	Non-income producing security.
(p)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.
(q)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
	Amounts listed as “–” are $0 or round to $0.

AUD	Australian Dollar
BRL	Brazilian Real
COP	Colombian Peso
DOP	Dominican Republic Peso
EGP	Egyptian Pound
EUR	Euro Currency
FRN	Floating Rate Note
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Sol
PIK	Payment-In-Kind
PLC	Public Limited Company
PLN	Polish Zloty
SGD	Singapore Dollar
TRY	Turkish Lira
USD	U.S. Dollar
UYU	Uruguayan Peso
VRN	Variable Rate Note
ZAR	South African Rand

1.  Organization

abrdn Global Income Fund, Inc. (the “Fund”) was incorporated in Maryland on June 28, 1991, as a closed-end, management investment company. The Fund is diversified for purposes of 1940 Act. Pursuant to guidance from the Securities and Exchange Commission (the "SEC"), the Fund's classification changed from a non-diversified fund to a diversified fund. As a result of this classification change, the Fund is limited in the proportion of its assets that may be invested in the securities of a single issuer. The Fund’s principal investment objective is to provide high current income by investing primarily in fixed income securities. As a secondary investment objective, the Fund seeks capital appreciation, but only when consistent with its principal investment objective. Under normal market conditions, the Fund invests 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 Fund's Board of Directors (the "Board") upon 60 days prior written notice to shareholders. The Fund’s investments are divided into three categories: Developed Markets, Investment Grade Developing Markets and Sub-Investment Grade Developing Markets. “Developed Markets” are those countries and/or regions contained in the FTSE World Government Bond Index, New Zealand, Luxembourg and the Hong Kong Special Administrative Region. As of April 30, 2025, securities of the following countries comprised the FTSE World Government Bond Index: Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway, Poland, Singapore, Spain, Sweden, United Kingdom and the United States. New Zealand was added to the FTSE World Government Bond Index in November 2022. "Investment Grade Developing Markets" are those countries and /or regions that are not Developed Markets, and whose sovereign debt is rated not less than Baa3 by Moody's Investor Services ("Moody's") or BBB- by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"), or comparably rated by another appropriate nationally or internationally recognized rating agency. As of April 30, 2025, "Investment Grade Developing Markets" are comprised of the following countries and/or regions: Andorra, Aruba,  Bermuda, Botswana, Bulgaria, Cayman Islands, Chile, Colombia, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Hungary, Iceland, India, Indonesia, Isle of Man, Jersey, Kazakhstan, Republic of Korea (South Korea), Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malta, Mauritius, Montserrat, Panama, Peru, Philippines, Portugal, Qatar, Romania, Saudi Arabia, Slovakia, Slovenia, Switzerland, Taiwan, Thailand, Trinidad & Tobago, United Arab Emirates (U.A.E.), and Uruguay. “Sub-Investment Grade Developing Markets” are those countries that are not Developed Markets or Investment Grade Developing Markets. Under normal circumstances, at least 60% of the Fund’s total assets are invested in fixed income securities of issuers in Developed Markets or Investment Grade

Developing Markets, whether or not denominated in the currency of such country; provided, however, that the Fund invests at least 40% of its total assets in fixed income securities of issuers in Developed Markets. The Fund may invest up to 40% of its total assets in fixed income securities of issuers in Sub-Investment Grade Developing Markets, whether or not denominated in the currency of such country. Fixed income securities of issuers in Sub-Investment Grade Developing Markets may be rated below investment grade, as described below, at the time of investment (sometimes referred to as “junk bonds”). Below investment grade securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due. There can be no assurance that the Fund will achieve its investment objectives. 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.

2.  Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

a.  Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board designated abrdn Asia Limited (“abrdn Asia” or the “Investment Manager”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that

24	abrdn Global Income Fund, Inc.

classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of

amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

Derivatives are valued at fair value. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Manager may be classified as Level 2 or Level 3 depending on the nature of the inputs.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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During the six-month period ended April 30, 2025, there have been no transfers between levels and no significant changes to the fair valuation methodologies. Level 3 investments held during and at the end of the fiscal year in relation to net assets were not significant (0.0% of total net assets) and accordingly, a reconciliation of Level 3 assets for the six-month period ended April 30, 2025 is not presented. The valuation technique used at April 30, 2025 was fair valuation at zero pursuant to procedures approved by the Board.

b.  Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of

U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

c.  Foreign Currency Translation:

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

26	abrdn Global Income Fund, Inc.

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

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

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

The Fund isolates that portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period. Similarly, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reporting period. The effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reported period is reported in the accompanying Statement of Cash Flows within the investments sold and principal repayments caption.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund’s books and the U.S. Dollar equivalent of the amounts actually received.

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

d.  Rights Issues and Warrants:

Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company’s discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

e.  Derivative Financial Instruments:

The Fund is authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute

for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, 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. Forward contracts are used to manage the Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.

The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. During the six-month period ended April 30, 2025, the Fund used forward contracts to hedge its currency exposure.

While the Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while the Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between the Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge

abrdn Global Income Fund, Inc.

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or force the Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

Swaps:

A swap is an agreement that obligates two parties to exchange a series of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of an underlying asset or notional principal amount. The Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the amount of the difference between the two payments. Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination of the transaction.

Traditionally, swaps were customized, privately negotiated agreements executed between two parties (“OTC Swaps”) but since 2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd – Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”) (“Cleared Swaps”). Like OTC Swaps, Cleared Swaps are negotiated bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty (“CCP”), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering into a Cleared Swap, the Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as “initial margin”.

Subsequent payments, known as “variation margin,” are calculated each day, depending on the daily fluctuations in the fair value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is presented in the Statements of Operations as a net realized gain or loss on swap contracts. The margin requirements associated with OTC Swaps and Cleared Swaps may not be the same.

Entering into swap agreements involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement. The Fund's maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by the posting of collateral by the counterparties to the Fund to cover the Fund's exposure to the counterparty.

Interest Rate Swaps:

The Fund may use interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange between the Fund and a counterparty of respective commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a term that is greater than one year, but typically require periodic interim settlement in cash, at which time the specified value of the variable interest rate is reset for the next settlement period. Net payments of interest are recorded as realized gains or losses. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from the Fund and changes in the value of swap contracts are recorded as unrealized gains or losses.

Summary of Derivative Instruments:

The Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2025:

	Risk Exposure Category
	Interest Rate Contracts	Foreign Currency Contracts	Credit Contracts	Equity Contracts	Commodity Contracts	Other	Total
Assets:
Unrealized appreciation on:
Forward Foreign Currency Exchange Contracts	$–	$18,913	$–	$–	$–	$–	$18,913
Swap Contracts	204,119	–	–	–	–	–	204,119
Total	$204,119	$18,913	$–	$–	$–	$–	$223,032

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2025. The table below summarizes the weighted average values of derivatives holdings for the Fund during the six-month period ended April 30, 2025.

Derivative	Average Notional Value
Swap Contracts at Notional Amount	$24,466,667
Foreign Currency Contracts Purchased	$7,359,915
Foreign Currency Contracts Sold	$10,887,542

f.  Bank Loans:

The Fund may invest in bank loans. Bank loans include floating and fixed-rate debt obligations. Floating rate loans are debt obligations issued by companies or other entities with floating interest rates that reset periodically. Bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities. Loan interest will primarily take the form of assignments purchased in the primary or secondary market but may include participations. Floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender’s portion of the floating rate loan.

The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrowing issuer repays the loan, an amount equal to the repayment is again made available to the

borrowing issuer under the facility. The borrowing issuer may at any time borrow and repay amounts so long as, in the aggregate, at any given time the amount borrowed does not exceed the maximum amount established by the loan agreement. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest.

See “Bank Loan Risk” under “Portfolio Investment Risks” for information regarding the risks associated with an investment in bank loans.

g.  Security Transactions, Investment Income and Expenses:

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

h.  Distributions:

The Fund has a managed distribution policy to pay distributions from net investment income supplemented by net realized foreign exchange gains, net realized short-term capital gains, net realized long-term capital gains and return of capital distributions, if necessary, on a monthly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

i.  Federal Income Taxes:

The Fund intends to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal

30	abrdn Global Income Fund, Inc.

Revenue Code of 1986, as amended, (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review.

j.  Foreign Withholding Tax:

Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.

In addition, when the Fund sells securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under U.S. GAAP, the Fund accrues deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued, if any,  is reported on the Statement of Assets and Liabilities.

k.  Payment-In-Kind:

The Fund may invest in the open market or receive pursuant to debt restructuring, securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

3.  Agreements and Transactions with Affiliates

Investment Manager, Investment Sub-Adviser and Fund Administrator:

abrdn Asia serves as the Investment Manager to the Fund, pursuant to a management agreement (the “Management Agreement”). abrdn Investments Limited (the "Sub-Adviser") serves as the sub-adviser, pursuant to a sub-advisory agreement. The Investment Manager and the Sub-Adviser (collectively, the “Advisers”) are wholly-owned indirect subsidiaries of Aberdeen Group plc. In rendering advisory

services, the Advisers may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Advisers.

The Investment Manager manages the Fund’s investments and makes investment decisions on behalf of the Fund, including the selection of and the placement of orders with, brokers and dealers to execute portfolio transactions on behalf of the Fund. The Sub-Adviser manages the portion of the Fund’s assets that the Investment Manager allocates to it. The Sub-Adviser is paid by the Investment Manager, not the Fund.

The Management Agreement provides the Investment Manager with a fee, payable monthly by the Fund, at the following annual rates: 0.65% of the Fund’s average weekly Managed Assets up to $200 million, 0.60% of Managed Assets between $200 million and $500 million, and 0.55% of Managed Assets in excess of $500 million. Managed Assets is defined in the Management Agreement as net assets plus the amount of any borrowings for investment purposes.

For the six-month period ended April 30, 2025, the Fund paid the Investment Manager $212,220.

abrdn Inc., an affiliate of the Advisers, is the Fund’s administrator, pursuant to an agreement under which abrdn Inc. receives a fee, payable monthly by the Fund, at an annual fee rate of 0.125% of the Fund’s average weekly Managed Assets up to $1 billion, 0.10% of the Fund’s average weekly Managed Assets between $1 billion and $2 billion, and 0.075% of the Fund’s average weekly Managed Assets in excess of $2 billion. For the six-month period ended April 30, 2025, abrdn Inc. earned $40,812 from the Fund for administration services.

Investor Relations:

Under the terms of the Investor Relations Services Agreement, abrdn Inc. provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by abrdn Asia or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s Portion”). However, Investor Relations Services fees are limited by abrdn Inc. so that the Fund will only pay up to an annual rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund’s average weekly net assets and the Fund’s Portion is paid for by abrdn Inc.

During the six-month period ended April 30, 2025, the Fund incurred investor relations fees of approximately $23,678. For the six-month period ended April 30, 2025, abrdn Inc. bore $12,387 of the investor relations cost allocated to the Fund because the investor relations fees were above 0.05% of the Fund’s average weekly net assets on an annual basis.

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4.  Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2025, were $8,160,933 and $17,040,228, respectively.

5.  Capital

The authorized capital of the Fund is 300 million shares of $0.001 par value per share of common stock. During the six-month period ended April 30, 2025, the Fund reinvested 24,682 shares pursuant to its Dividend Reinvestment and Cash Purchase Plan. As of April 30, 2025, there were 13,459,132 shares of common stock issued and outstanding.

6.  Open Market Repurchase Policy

The Board approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding shares of common stock, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the six months ended April 30, 2025, the Fund did not repurchase any shares through the Program. 

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter. Under the terms of the Program, the Fund is permitted to repurchase during each 12-month period ended October 31 up to 10% of its outstanding shares of common stock outstanding as of October 31 of the prior year.

7.  Credit Facility

The Fund may use leverage to the maximum extent permitted by the 1940 Act, which permits leverage to exceed 33 1/3% of the Fund’s total assets (including the amount obtained through leverage) in certain market conditions.

The Fund’s $25,000,000 revolving credit facility with The Bank of Nova Scotia was renewed for a 1-year term on February 26, 2025 (“Revolving Credit Facility”) to extend the scheduled commitment termination date to February 24, 2026. As of April 30, 2025, the balance of the loan outstanding was $18,300,000. For the six-month period ended April 30, 2025 the average interest rate on the loan facility was 5.62% and the average balance was $20,261,326. The interest expense is accrued on a daily basis and is payable to The Bank of Nova Scotia on a monthly basis.

The amounts borrowed from the loan facility may be invested to return higher rates than the rates in the Fund’s portfolio. However, the

cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Non-recurring expenses in connection with the implementation of the loan facility will reduce the Fund's performance.

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the loan facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default under the loan facility. In the event of a default under the loan facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event of default, or a voluntary paydown of the loan facility in order to avoid an event of default, would typically involve administrative expenses and could involve penalties. Additionally, such liquidations often involve selling off portions of the Fund’s assets at inopportune times which can result in losses when markets are unfavorable. The loan facility has a term of three years and is not a perpetual form of leverage; there can be no assurance that the loan facility will be available for renewal on acceptable terms, if at all. Bank loan fees and expenses included in the Statement of Operations include fees for the renewal of the loan facility as well as commitment fees for any portion of the loan facility not drawn upon at any time during the period. During the six-month period ended April 30, 2025, the Fund incurred fees of approximately $19,753.

The credit agreement governing the loan facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Investment Manager or Sub-Adviser from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. The covenants also include a requirement that the Fund maintain net assets of no less than $25,000,000. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan facility.

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8.  Portfolio Investment Risks

a.  Bank Loan Risk:

There are some risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. In addition, bank loans may settle on a delayed basis, resulting in the proceeds from the sale of such loans not being readily available to make additional investments or distributions. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks or other lenders. Additionally, in certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders and purchasers of interests in loans, such as the Fund, will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself and common law fraud protections under applicable state law.

b.  Credit and Market Risk:

A debt instrument’s price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the actual or perceived financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. Economic, financial or political events, trading and tariff arrangements, war, terrorism, natural disasters, public health issues like pandemics or epidemics, and other circumstances in one country or region could have profound impacts on global economies or markets. 

c.  Emerging Markets Risk:

The Fund is subject to emerging markets risk. This is a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less established markets (see “Risks Associated with Foreign

Securities and Currencies” below). Additional risks associated with investing in emerging markets include, among other things, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, loss resulting from problems in share registration and custody, and the nationalization of foreign deposits or assets.

d.  Focus Risk:

The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

e.  High-Yield Bonds and Other Lower-Rated Securities Risk:

The Fund’s investments in high-yield bonds (commonly referred to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

f.  Interest Rate Risk:

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.

The Fund may be subject to a greater interest rate risk due to a changing interest rate environment and the effect of potential government monetary and fiscal policy initiatives and resulting market reaction to those initiatives.

Changes in interest rates or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its holdings.

abrdn Global Income Fund, Inc.

33

g.  Risk Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries. Foreign securities may also be harder to price than U.S. securities.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Advisers are unsuccessful.

9.  Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

10.  Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized depreciation as of April 30, 2025, were as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$61,401,339	$1,951,249	$(4,771,388)	$(2,820,139)

11.  Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund’s asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource

allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

12.  Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2025, other than as noted below.

On May 9, 2025 and June 10, 2025, the Fund announced that it will pay on May 30, 2025 and June 30, 2025, respectively, a distribution of U.S. $0.07 per share to all shareholders of record as of May 22, 2025 and June 23, 2025, respectively. 

34	abrdn Global Income Fund, Inc.

The Fund intends to distribute to shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders’ names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund’s common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE American, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE American or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund’s shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund’s common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder’s proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

abrdn Global Income Fund, Inc.

35

be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078. 

36	abrdn Global Income Fund, Inc.

Directors

P. Gerald Malone, Chair
Radhika Ajmera
Christian Pittard
Rahn Porter
Moritz Sell

Investment Manager

abrdn Asia Limited
7 Straits View
#23-04 Marina One East Tower
Singapore 018936

Investment Sub-Adviser

abrdn Investments Limited
1 George Street
Edinburgh, EH2 2LL
United Kingdom

Administrator

abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103

Custodian

State Street Bank and Trust Company
John Adams Building
1776 Heritage Drive
North Quincy, MA 02171

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078

Independent Registered Public Accounting Firm

KPMG LLP
191 West Nationwide Blvd., Suite 500
Columbus, OH 43215

Legal Counsel

Dechert LLP
1900 K Street N.W.
Washington, D.C. 20006

Investor Relations

abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
[email protected]

The Financial Statements as of April 30, 2025, included in this report, were not audited and accordingly, no opinion is expressed thereon.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn Global Income Fund, Inc. are traded on the NYSE American under the symbol “FCO.” Information about the Fund’s net asset value and market price is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

This report, including the financial information herein, is transmitted to the shareholders of abrdn 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 results.