UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: |
811-23490 |
| |
|
| Exact name of registrant as specified in charter: |
abrdn Global Infrastructure Income Fund |
| |
|
| Address of principal executive offices: |
1900 Market Street, Suite 200 |
| |
Philadelphia, PA 19103 |
| |
|
| Name and address of agent for service: |
Sharon Ferrari |
| |
abrdn Inc. |
| |
1900 Market Street Suite 200 |
| |
Philadelphia, PA 19103 |
| |
|
| Registrant’s telephone number, including area code: |
1-800-522-5465 |
| |
|
| Date of fiscal year end: |
September 30 |
| |
|
| Date of reporting period: |
March 31, 2023 |
Item 1. Reports to Stockholders.
[NOTE TO FINANCIAL PRINTER: Insert a copy of the report transmitted
to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) HERE.]
abrdn Global Infrastructure Income Fund (ASGI)
Semi-Annual Report
March 31, 2023
Stable Distribution Plan
(unaudited)
In March 2023, the Board of Trustees
approved the continuation of the Stable Distribution Plan pursuant to which the abrdn Global Infrastructure Income Fund (the “Fund”) would pay a fixed monthly distribution of US$0.12, commencing with the
distribution paid on April 28, 2023. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and estimated
composition of the distribution and other information required by
the Fund’s exemptive order. The
Fund’s Board of Trustees may amend or terminate the Stable Distribution Plan at any time without prior notice to shareholders; however, at this time, there are no reasonably foreseeable circumstances that might
cause the termination of the Stable Distribution Plan. You should not draw any conclusions about the Fund’s investment performance from the amount of distributions or from the terms of the Fund’s Stable
Distribution Plan.
Distribution Disclosure
Classification (unaudited)
The Fund’s policy is to provide
investors with a stable distribution rate. Each monthly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
The Fund is subject to U.S.
corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year
between the U.S. Dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.
Therefore, the exact amount
of distributable income for each fiscal year can only be determined as of the end of the Fund’s fiscal year, September 30. Under Section 19 of the Investment Company Act of 1940, as amended (the “1940
Act”), the Fund is required to indicate the sources of certain distributions to shareholders. The estimated
distribution composition may vary from month
to month because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.
Based on generally accepted
accounting principles, the Fund estimates the distributions for the fiscal year commenced October 1, 2022 through the distributions declared on May 9, 2023 consisted of 31% net investment income, 14% net realized
short-term capital gains and 55% long-term capital gains. The amounts and sources of distributions reported in this report are only estimates and are not being provided for tax reporting purposes.
In January 2024, a Form
1099-DIV will be sent to shareholders, which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2023 calendar year.
abrdn Global Infrastructure Income
Fund
Letter to Shareholders (unaudited)
Dear Shareholder,
We present the Semi-Annual
Report, which covers the activities of abrdn Global Infrastructure Income Fund (the “Fund”), for the six-month period ended March 31, 2023. The Fund’s principal investment objective is to seek
to provide a high level of total return with an emphasis on current income. The Fund seeks to achieve its investment objective by investing in a portfolio of income-producing public and private infrastructure equity
investments from around the world.
Fund Reorganization
On March 13, 2023, the Fund
announced that it had successfully completed the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. (“MGU”) into ASGI after the close of regular business on March 10, 2023
("Reorganization"). In the Reorganization, common shareholders of MGU received an amount of ASGI common shares with a net asset value equal to the aggregate net asset value of their holdings of MGU common shares, as
determined at the close of regular business on March 10, 2023. Any applicable fractional shares were paid as cash-in-lieu to the applicable holder. The Reorganization was structured as a tax-free transaction. Please
see the Notes to Financials for further information.
Total Investment Return1
For the six-month period
ended March 31, 2023, 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
| 15.81%
|
| Market Price2
| 18.86%
|
| S&P Global Infrastructure Index (Net Total Return)4
| 14.96%
|
For more information about Fund performance,
please visit the Fund on the web at www.abrdnasgi.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.
NAV, Market Price and
Premium(+)/Discount(-)
The below table represents
comparison from current six-month period end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).
|
|
|
|
| NAV
| Closing
Market
Price
| Premium(+)/
Discount(-)
|
| 3/31/2023
| $21.063
| $17.96
| -14.72%
|
| 9/30/2022
| $18.933
| $15.73
| -16.90%
|
During the six-month period
ended March 31, 2023, the Fund’s NAV was within a range of $18.37 to $21.57 and the Fund’s market price traded within a range of $15.56 to $18.55. During the six-month period ended March 31, 2023, the
Fund’s shares traded within a range of a premium(+)/discount(-) of -11.04% to -17.02%.
Stable Distribution Policy
In March 2023, the Board
approved a Stable Distribution Plan pursuant to which the Fund would pay a fixed monthly distribution of US$0.12, commencing with the distribution paid on April 28, 2023. The distributions will be made from current
income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital.
Distributions to common
shareholders for the six-month period ended March 31, 2023 totaled $0.72 per share. Based on the market price of $17.96 on March 31, 2023, the annualized distribution rate was 8.04%. Based on the NAV of $21.03 on
March 31, 2023, the annualized distribution rate was 6.87%.
{foots1}
| 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. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all
distributions.
|
{foots1}
| 2
| Assuming the reinvestment of dividends and distributions.
|
{foots1}
| 3
| The Fund’s total return is based on the financial statement NAV, which is updated for financial statement rounding and/or financial statement adjustments, and differs from the reported NAV on the
six months period ended March 31, 2023 and the fiscal year ended September 30, 2022. The Fund's total return for the six months period ended March 31, 2023 based on the reported NAV of $21.03 is: 16.63%. The
Fund’s total return for the fiscal year ended September 30, 2022 based on the reported NAV of $18.77 is: -9.47%.
|
{foots1}
| 4
| The S&P Global Infrastructure Index (Net Total Return) is an unmanaged index considered representative of stock markets of developed and emerging markets. Indexes are unmanaged and have been
provided for comparison purposes only. The Index is calculated net of withholding taxes to which the Fund is generally subject. No fees or expenses are reflected. You cannot invest directly in an index.
|
| abrdn Global Infrastructure Income Fund
| 1
|
Letter to Shareholders (unaudited) (concluded)
The Fund is covered under exemptive relief
received by the Fund’s investment adviser from the U.S. Securities and Exchange Commission (SEC) that allows the Fund to distribute long-term capital gains as frequently as monthly in any one taxable year.
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.
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 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.
Risk Considerations
Past performance is not an
indication of future results.
Infrastructure-related
issuers may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated
with environmental and other regulations,
the effects of economic slowdown, surplus
capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
The Fund’s investments in
private companies may be subject to higher risk than investments in securities of public companies.
International investing
entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging market
investments. Equity stocks of small and mid-cap companies carry greater risk, and more volatility than equity stocks of larger, more established companies. Dividends are not guaranteed and a company’s future
ability to pay dividends may be limited.
Investor Relations Information
As part of abrdn’s
commitment to shareholders, we invite you to visit the Fund on the web at www.abrdnasgi.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund
literature.
Enroll in abrdn’s email
services and be among the first to receive the latest closed-end fund news, announcements, videos, and other information. In addition, you can receive electronic versions of important Fund documents, including annual
reports, semi-annual reports, prospectuses and proxy statements. Sign up today at https://www.abrdn.com/en-us/cefinvestorcenter/contact-us/preferences
Contact Us:
| •
| Visit: https://www.abrdn.com/en-us/cefinvestorcenter
|
| •
| Email: Investor.Relations@abrdn.com; or
|
| •
| Call: 1-800-522-5465 (toll free in the U.S.).
|
Yours sincerely,
/s/ Christian Pittard
Christian Pittard
President
{foots1}
All amounts are U.S.
Dollars unless otherwise stated.
| 2
| abrdn Global Infrastructure Income Fund
|
Total Investment Return (unaudited)
The following table summarizes
the average annual Fund performance compared to the Fund’s benchmark for the six-month, 1-year and since inception (July 29, 2020) periods ended March 31, 2023.
|
| 6 Months
| 1 Year
| Since Inception
|
| Net Asset Value (NAV)
| 15.81%
| -1.39%
| 8.88%
|
| Market Price
| 18.86%
| -3.50%
| 2.64%
|
| S&P Global Infrastructure Index (Net Total Return)
| 14.96%
| -4.25%
| 9.41%
|
Performance of a $10,000
Investment (as of March 31, 2023)
This graph shows the change in
value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Returns represent past
performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program
sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment
return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices
pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price
higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received
from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent
month-end is available at www.abrdnasgi.com or by calling 800-522-5465.
The annualized net operating
expense ratio based on the six-month period ended March 31, 2023 was 1.75%.
| abrdn Global Infrastructure Income Fund
| 3
|
Portfolio Summary (as a percentage of net assets) (unaudited)
As of March 31, 2023
The following table summarizes
the sector composition of the Fund’s portfolio in S&P Global Inc.’s Global Industry Classification Standard (“GICS”) Sectors. Industry allocation is shown below for any sector more
than 25% of net assets.
| Sectors
|
|
| Industrials
| 34.6%
|
| Transportation Infrastructure
| 16.7%
|
| Ground Transportation
| 8.2%
|
| Construction & Engineering
| 7.7%
|
| Commercial Services & Supplies
| 2.0%
|
| Utilities
| 30.9%
|
| Electric Utilities
| 11.4%
|
| Multi-Utilities
| 9.8%
|
| Independent Power Producers & Energy Traders
| 8.1%
|
| Water Utilities
| 1.6%
|
| Communication Services
| 13.4%
|
| Energy
| 11.9%
|
| Real Estate
| 4.6%
|
| Materials
| 1.6%
|
| Consumer Staples
| 0.8%
|
| Information Technology
| 0.6%
|
| Short-Term Investment
| 2.5%
|
| Liabilities in Excess of Other Assets
| (0.9%)
|
|
| 100.0%
|
The following chart summarizes
the composition of the Fund’s portfolio by geographic classification.
| Countries
|
|
| United States
| 38.1%
|
| France
| 11.0%
|
| Spain
| 10.1%
|
| United Kingdom
| 6.6%
|
| Italy
| 6.1%
|
| Canada
| 5.4%
|
| Mexico
| 5.1%
|
| Brazil
| 4.2%
|
| Germany
| 2.3%
|
| Other, less than 2% each
| 9.5%
|
| Short-Term Investment
| 2.5%
|
| Liabilities in Excess of Other Assets
| (0.9%)
|
|
| 100.0%
|
| Top Ten Holdings
|
|
| Aena SME SA
| 2.9%
|
| Ferrovial SA
| 2.8%
|
| Cellnex Telecom SA
| 2.7%
|
| Vinci SA
| 2.7%
|
| NextEra Energy, Inc.
| 2.5%
|
| Kinder Morgan, Inc.
| 2.5%
|
| Williams Cos., Inc. (The)
| 2.4%
|
| Engie SA
| 2.4%
|
| Enbridge, Inc.
| 2.4%
|
| American Tower Corp., REIT
| 2.4%
|
| 4
| abrdn Global Infrastructure Income Fund
|
Consolidated Portfolio of Investments (unaudited)
As of March 31, 2023
|
| Shares
| Value
|
| COMMON STOCKS—91.2%
|
|
| ARGENTINA—1.1%
|
| Industrials—0.5%
|
|
|
|
| Corp. America Airports SA(a)
|
| 248,739
| $ 2,532,163
|
| Materials—0.6%
|
|
|
|
| Loma Negra Cia Industrial Argentina SA, ADR
|
| 459,107
| 3,190,793
|
| Total Argentina
|
| 5,722,956
|
| AUSTRALIA—1.0%
|
| Industrials—1.0%
|
|
|
|
| Aurizon Holdings Ltd.
|
| 2,362,500
| 5,321,204
|
| BRAZIL—4.2%
|
| Industrials—3.4%
|
|
|
|
| CCR SA
|
| 4,481,900
| 11,318,711
|
| Rumo SA
|
| 1,751,100
| 6,512,491
|
|
|
|
| 17,831,202
|
| Utilities—0.8%
|
|
|
|
| Omega Energia SA(a)
|
| 2,330,400
| 4,390,952
|
| Total Brazil
|
| 22,222,154
|
| CANADA—5.4%
|
| Energy—2.4%
|
|
|
|
| Enbridge, Inc.
|
| 330,658
| 12,607,330
|
| Industrials—2.0%
|
|
|
|
| Canadian Pacific Railway Ltd.
|
| 138,200
| 10,633,108
|
| Utilities—1.0%
|
|
|
|
| Algonquin Power & Utilities Corp.
|
| 672,700
| 5,644,408
|
| Total Canada
|
| 28,884,846
|
| CHINA—0.6%
|
| Information Technology—0.6%
|
|
|
|
| GDS Holdings Ltd., ADR(a)
|
| 164,000
| 3,060,240
|
| FRANCE—11.0%
|
| Industrials—6.6%
|
|
|
|
| Eiffage SA
|
| 107,200
| 11,600,748
|
| Getlink SE
|
| 548,100
| 9,026,996
|
| Vinci SA
|
| 123,030
| 14,104,445
|
|
|
|
| 34,732,189
|
| Utilities—4.4%
|
|
|
|
| Engie SA
|
| 798,100
| 12,629,684
|
| Veolia Environnement SA
|
| 348,300
| 10,747,555
|
|
|
|
| 23,377,239
|
| Total France
|
| 58,109,428
|
| GERMANY—2.3%
|
| Utilities—2.3%
|
|
|
|
| RWE AG
|
| 282,700
| 12,164,115
|
| HONG KONG—0.8%
|
| Utilities—0.8%
|
|
|
|
| CLP Holdings Ltd.
|
| 594,000
| 4,292,320
|
| INDONESIA—0.7%
|
| Communication Services—0.7%
|
|
|
|
| Sarana Menara Nusantara Tbk PT
|
| 62,856,400
| 3,888,253
|
| ITALY—6.1%
|
| Communication Services—1.8%
|
|
|
|
| Infrastrutture Wireless Italiane SpA(b)
|
| 743,400
| 9,767,023
|
| Industrials—1.2%
|
|
|
|
| Enav SpA(b)
|
| 1,503,600
| 6,293,089
|
|
| Shares
| Value
|
|
|
|
|
|
| Materials—1.0%
|
|
|
|
| Buzzi Unicem SpA
|
| 221,100
| $ 5,366,414
|
| Utilities—2.1%
|
|
|
|
| Enel SpA
|
| 1,807,900
| 11,026,286
|
| Total Italy
|
| 32,452,812
|
| LUXEMBOURG—1.2%
|
| Communication Services—1.2%
|
|
|
|
| Millicom International Cellular SA, SDR(a)
|
| 144,275
| 2,737,654
|
| SES SA
|
| 530,600
| 3,483,371
|
|
|
|
| 6,221,025
|
| MALAYSIA—1.3%
|
| Industrials—1.3%
|
|
|
|
| Malaysia Airports Holdings Bhd(a)
|
| 4,601,400
| 7,090,537
|
| MEXICO—5.1%
|
| Industrials—5.1%
|
|
|
|
| ALEATICA SAB de CV(a)
|
| 5,684,616
| 11,041,152
|
| Grupo Aeroportuario del Centro Norte SAB de CV
|
| 733,800
| 8,194,779
|
| Promotora y Operadora de Infraestructura SAB de CV
|
| 765,200
| 7,633,316
|
|
|
|
| 26,869,247
|
| NORWAY—1.0%
|
| Communication Services—1.0%
|
|
|
|
| Telenor ASA
|
| 447,700
| 5,249,356
|
| PHILIPPINES—1.8%
|
| Industrials—1.8%
|
|
|
|
| International Container Terminal Services, Inc.
|
| 2,424,100
| 9,517,955
|
| SPAIN—10.1%
|
| Communication Services—2.7%
|
|
|
|
| Cellnex Telecom SA(a)(b)
|
| 368,001
| 14,310,686
|
| Industrials—5.7%
|
|
|
|
| Aena SME SA(a)(b)
|
| 96,000
| 15,523,994
|
| Ferrovial SA
|
| 499,553
| 14,710,526
|
|
|
|
| 30,234,520
|
| Utilities—1.7%
|
|
|
|
| EDP Renovaveis SA
|
| 405,500
| 9,288,355
|
| Total Spain
|
| 53,833,561
|
| UNITED KINGDOM—6.6%
|
| Communication Services—2.6%
|
|
|
|
| Helios Towers PLC(a)
|
| 4,945,634
| 6,340,148
|
| IHS Holding Ltd.(a)
|
| 322,183
| 2,822,323
|
| Vodafone Group PLC, ADR
|
| 437,200
| 4,826,688
|
|
|
|
| 13,989,159
|
| Industrials—0.9%
|
|
|
|
| National Express Group PLC(a)
|
| 3,248,300
| 4,876,385
|
| Utilities—3.1%
|
|
|
|
| National Grid PLC
|
| 596,700
| 8,071,559
|
| SSE PLC
|
| 362,998
| 8,099,878
|
|
|
|
| 16,171,437
|
| Total United Kingdom
|
| 35,036,981
|
| UNITED STATES—30.9%
|
| Communication Services—1.5%
|
|
|
|
| DISH Network Corp., Class A(a)
|
| 246,600
| 2,300,778
|
| Verizon Communications, Inc.
|
| 138,700
| 5,394,043
|
|
|
|
| 7,694,821
|
| abrdn Global Infrastructure Income Fund
| 5
|
Consolidated Portfolio of Investments (unaudited) (concluded)
As of March 31, 2023
|
| Shares
| Value
|
| COMMON STOCKS (continued)
|
|
| UNITED STATES (continued)
|
| Energy—6.4%
|
|
|
|
| Cheniere Energy, Inc.
|
| 49,362
| $ 7,779,451
|
| Kinder Morgan, Inc.
|
| 752,365
| 13,173,911
|
| Williams Cos., Inc. (The)
|
| 437,000
| 13,048,820
|
|
|
|
| 34,002,182
|
| Industrials—4.3%
|
|
|
|
| CoreCivic, Inc., REIT(a)
|
| 533,800
| 4,910,960
|
| GEO Group, Inc. (The), REIT(a)
|
| 222,700
| 1,757,103
|
| Norfolk Southern Corp.
|
| 36,600
| 7,759,200
|
| Union Pacific Corp.
|
| 42,800
| 8,613,928
|
|
|
|
| 23,041,191
|
| Real Estate—4.6%
|
|
|
|
| American Tower Corp., REIT
|
| 61,400
| 12,546,476
|
| Crown Castle, Inc., REIT
|
| 89,700
| 12,005,448
|
|
|
|
| 24,551,924
|
| Utilities—14.1%
|
|
|
|
| American Electric Power Co., Inc.
|
| 79,389
| 7,223,605
|
| CenterPoint Energy, Inc.
|
| 249,600
| 7,353,216
|
| Clearway Energy, Inc., Class C
|
| 165,300
| 5,178,849
|
| CMS Energy Corp.
|
| 127,670
| 7,836,385
|
| Essential Utilities, Inc.
|
| 128,703
| 5,617,886
|
| FirstEnergy Corp.
|
| 196,000
| 7,851,760
|
| NextEra Energy Partners LP
|
| 81,600
| 4,957,200
|
| NextEra Energy, Inc.
|
| 172,941
| 13,330,292
|
| PPL Corp.
|
| 284,268
| 7,899,808
|
| Vistra Corp.
|
| 318,700
| 7,648,800
|
|
|
|
| 74,897,801
|
| Total United States
|
| 164,187,919
|
| Total Common Stocks
|
| 484,124,909
|
| PRIVATE CREDIT(c)—1.2%
|
|
| UNITED STATES—1.2%
|
| Energy—1.2%
|
|
|
|
| OYA Solar CDG LLC(d)(e)
|
| –
| 6,125,505
|
| Total Private Credit
|
| 6,125,505
|
| PRIVATE EQUITY(c)(f)—6.0%
|
|
| UNITED STATES—6.0%
|
| Communication Services—1.9%
|
|
|
|
| BT Co-Invest Fund, L.P. (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 4,218,694
|
| NOVA-telMAX HoldCo LLC(h)(i)
|
| –
| 5,790,000
|
|
|
|
| 10,008,694
|
| Consumer Staples—0.8%
|
|
|
|
| Zon Holdings II, LLC (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 920,000
|
| Zon Holdings, LLC (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 3,680,000
|
|
|
|
| 4,600,000
|
| Energy—1.9%
|
|
|
|
| Arroyo Trinity Direct Investment I, L.P. (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 1,766,517
|
|
| Shares
| Value
|
|
|
|
|
|
| CAI Co-Invest LP (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| $ 1,283,729
|
| Cresta Highline Co-Invest Fund I (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 7,007,533
|
|
|
|
| 10,057,779
|
| Industrials—0.8%
|
|
|
|
| WR Holdings LLC (through abrdn Global Infrastructure Fund BL, LLC)(g)(h)
|
| –
| 4,180,906
|
| Utilities—0.6%
|
|
|
|
| Cresta BBR Co-Invest BL LLC(h)(j)
|
| –
| 3,025,086
|
| Total United States
|
| 31,872,465
|
| Total Private Equity
|
| 31,872,465
|
| SHORT-TERM INVESTMENT—2.5%
|
|
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.70%(k)
|
| 13,353,244
| 13,353,244
|
| Total Short-Term Investment
|
| 13,353,244
|
Total Investments
(Cost $498,405,052)(l)—100.9%
| 535,476,123
|
| Liabilities in Excess of Other Assets—(0.9%)
| (4,546,965)
|
| Net Assets—100.0%
| $530,929,158
|
| (a)
| Non-income producing security.
|
| (b)
| Denotes a security issued under Regulation S or Rule 144A.
|
| (c)
| Illiquid security.
|
| (d)
| Indicates a security that may be restricted in certain markets.
|
| (e)
| Fair Valued Security. Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. Unless otherwise noted, securities are valued by applying
valuation factors to the exchange trade price. See Note 2(a) of the accompanying Notes to Consolidated Financial Statements for inputs used.
|
| (f)
| Private Equity Investments. See Note 6 of the accompanying Notes to Consolidated Financial Statements.
|
| (g)
| abrdn Global Infrastructure Income Fund BL, LLC invests 100% of its capital in Arroyo Trinity Direct Investment I, BT Co-Invest Fund, L.P., Climate Adaptive Infrastructure (CAI)
Co-Invest Fund LP, Cresta Highline Co-Invest, L.P., WR Holdings LLC, Zon Holdings, LLC and Zon Holdings II, LLC in which the Fund's percent of ownership is approximately 2%, 9%, 8%, 32%, 5%, 26% and 26%, respectively.
|
| (h)
| Restricted security, not readily marketable. See Note 2(b) of the accompanying Notes to Consolidated Financial Statements.
|
| (i)
| NOVA-telMAX HoldCo LLC invests 100% of its capital in Telmax, Inc., in which the Fund's percentage of ownership is approximately 15%.
|
| (j)
| Cresta Blocker invests 100% of its capital in Cresta Fund LP, in which the Fund's percentage of ownership is approximately 18%.
|
| (k)
| Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2023.
|
| (l)
| See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
|
| ADR
| American Depositary Receipt
|
| PLC
| Public Limited Company
|
| REIT
| Real Estate Investment Trust
|
See Notes to Consolidated Financial
Statements.
| 6
| abrdn Global Infrastructure Income Fund
|
Consolidated Statement of Assets and
Liabilities (unaudited)
As of March 31, 2023
| Assets
|
|
| Investments, at value (cost $485,051,808)
| $522,122,879
|
| Short-term investments, at value (cost $13,353,244)
| 13,353,244
|
| Foreign currency, at value (cost $21,399)
| 22,650
|
| Cash
| 2,047
|
| Receivable for investments sold
| 172,250
|
| Interest and dividends receivable
| 307,864
|
| Tax reclaim receivable
| 621,396
|
| Prepaid expenses
| 3,227
|
| Other assets
| 229,670
|
| Total assets
| 536,835,227
|
| Liabilities
|
|
| Payable for investments purchased
| 4,280,989
|
| Investment management fees payable (Note 3)
| 467,445
|
| Deferred tax liability (Note 9)
| 411,117
|
| Trustee fees
| 33,671
|
| Administration fees payable (Note 3)
| 27,700
|
| Investor relations fees payable (Note 3)
| 16,673
|
| Other accrued expenses
| 668,474
|
| Total liabilities
| 5,906,069
|
|
|
| Net Assets
| $530,929,158
|
| Composition of Net Assets
|
|
| Common stock (par value $0.001 per share) (Note 5)
| $25,207
|
| Paid-in capital in excess of par
| 479,994,329
|
| Distributable earnings
| 50,909,622
|
| Net Assets
| $530,929,158
|
| Net asset value per share based on 25,206,605 shares issued and outstanding
| $21.06
|
See Notes to Consolidated
Financial Statements.
| abrdn Global Infrastructure Income Fund
| 7
|
Consolidated Statement of Operations (unaudited)
For the Six-Months Ended March 31, 2023
| Net Investment Income
|
|
| Investment Income:
|
|
| Dividends and other income (net of foreign withholding taxes of $106,750)
| $2,117,010
|
| Interest income
| 92,049
|
| Non-cash income (Note 2i)
| 234,547
|
| Total investment income
| 2,443,606
|
| Expenses:
|
|
| Investment management fee (Note 3)
| 1,478,577
|
| Trustees' fees and expenses
| 105,818
|
| Administration fee (Note 3)
| 87,619
|
| Independent auditors’ fees and expenses
| 48,476
|
| Legal fees and expenses
| 47,049
|
| Investor relations fees and expenses (Note 3)
| 34,213
|
| Custodian’s fees and expenses
| 30,553
|
| Reports to shareholders and proxy solicitation
| 26,744
|
| Insurance expense
| 13,460
|
| Deferred tax expense (Note 9)
| 8,982
|
| Transfer agent’s fees and expenses
| 8,256
|
| Miscellaneous
| 32,118
|
| Total expenses
| 1,921,865
|
|
|
| Net Investment Income/(Loss)
| 521,741
|
| Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:
|
|
| Net realized gain/(loss) from:
|
|
| Investment transactions (including $(4,153) capital gains tax) (Note 2h)
| 18,636,900
|
| Foreign currency transactions
| (7,592)
|
|
| 18,629,308
|
| Net change in unrealized appreciation/(depreciation) on:
|
|
| Investments (Note 2h)
| 18,970,369
|
| Foreign currency translation
| (13,748)
|
|
| 18,956,621
|
| Net realized and unrealized gain from investments and foreign currencies
| 37,585,929
|
| Change in Net Assets Resulting from Operations
| $38,107,670
|
See Notes to Consolidated
Financial Statements.
| 8
| abrdn Global Infrastructure Income Fund
|
Consolidated Statements of Changes in Net
Assets
|
| For the
Six-Month
Period Ended
March 31, 2023
(unaudited)
| For the
Year Ended
September 30, 2022
|
| Increase/(Decrease) in Net Assets:
|
|
|
| Operations:
|
|
|
| Net investment income
| $521,741
| $388,849
|
| Net realized gain from investments and foreign currency transactions
| 18,629,308
| 12,007,742
|
| Net change in unrealized appreciation/(depreciation) on investments and foreign
currency translation
| 18,956,621
| (29,807,104)
|
| Net increase/(decrease) in net assets resulting from operations
| 38,107,670
| (17,410,513)
|
| Distributions to Shareholders From:
|
|
|
| Distributable earnings
| (8,337,793)
| (12,129,579)
|
| Net decrease in net assets from distributions
| (8,337,793)
| (12,129,579)
|
| Proceeds from shares issued from the reorganization resulting in the addition of
16,351,605 and 0 shares of common stock, respectively (Note 10)
| 333,513,983
| –
|
| Change in net assets
| 363,283,860
| (29,540,092)
|
| Net Assets:
|
|
|
| Beginning of period
| 167,645,298
| 197,185,390
|
| End of period
| $530,929,158
| $167,645,298
|
Amounts listed as
“–” are $0 or round to $0.
See Notes to Consolidated
Financial Statements.
| abrdn Global Infrastructure Income Fund
| 9
|
Consolidated Statement of Cash Flows
For the Six-Months Ended March 31, 2023
| Cash flows from operating activities:
|
|
| Net increase/(decrease) in net assets resulting from operations
| $38,107,670
|
Adjustments to reconcile net increase in net assets resulting
from operations to net cash provided by operating activities:
|
|
| Investments purchased
| (512,857,570)
|
| Investments sold and principal repayments
| 228,142,101
|
| Increase/(decrease) in short-term investments, excluding foreign government
| (13,087,764)
|
| Increase/(decrease) in interest and dividends receivable
| (666,326)
|
| Increase/(decrease) in other assets
| (229,670)
|
| Increase/(decrease) in prepaid expenses
| 13,460
|
| Increase/(decrease) in accrued investment management fees payable
| 265,743
|
| Increase/(decrease) in deferred tax liability
| 8,982
|
| Increase/(decrease) in other accrued expenses
| 497,639
|
| Net change in unrealized appreciation/(depreciation) of investments
| (18,970,369)
|
| Net change in unrealized appreciation/(depreciation) on foreign currency translations
| 13,748
|
| Net realized gain/(loss) on investments transactions
| (18,636,900)
|
| Net increase/(decrease) from Reorganization
| (27,940,388)
|
| Total Cash flows from operating activities
| (325,339,644)
|
| Cash flows from financing activities:
|
|
| Distributions paid to shareholders
| (8,337,793)
|
| Proceeds from shares issued from Reorganization
| 333,513,983
|
| Net cash used in financing activities
| 325,176,190
|
| Effect of exchange rate on cash
| 3,800
|
| Net change in cash
| (159,654)
|
| Unrestricted and restricted cash and foreign currency, beginning of year
| 184,351
|
| Unrestricted and restricted cash and foreign currency, end of year
| $24,697
|
See Notes to Consolidated
Financial Statements.
| 10
| abrdn Global Infrastructure Income Fund
|
Consolidated Financial Highlights
|
| For the
Six-Months Ended
March 31,
| For the Fiscal Years Ended September 30,
| For the
Period Ended
September 30,
|
|
| 2023
| 2022
| 2021
| 2020(a)
|
| PER SHARE OPERATING PERFORMANCE(b):
|
|
|
|
|
| Net asset value per common share, beginning of period
| $18.93
| $22.27
| $19.43
| $20.00
|
| Net investment income
| 0.05
| 0.04
| 0.20
| 0.02
|
Net realized and unrealized gains/(losses) on investments and foreign
currency transactions
| 2.80
| (2.01)
| 3.94
| (0.59)
|
| Total from investment operations applicable to common shareholders
| 2.85
| (1.97)
| 4.14
| (0.57)
|
| Distributions to common shareholders from:
|
|
|
|
|
| Net investment income
| (0.72)
| (0.22)
| (1.20)
| –
|
| Net realized gains
| –
| (1.15)
| (0.10)
| –
|
| Total distributions
| (0.72)
| (1.37)
| (1.30)
| –
|
| Net asset value per common share, end of period
| $21.06
| $18.93
| $22.27
| $19.43
|
| Market price, end of period
| $17.96
| $15.73
| $19.93
| $17.51
|
| Total Investment Return Based on(c):
|
|
|
|
|
| Market price
| 18.86%
| (15.23%)
| 21.54%
| (12.45%)
|
| Net asset value
| 15.81%
| (8.70%)
| 22.39%
| (2.85%)
|
| Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:
|
|
|
|
|
| Net assets applicable to common shareholders, end of period (000 omitted)
| $530,929
| $167,645
| $197,185
| $172,015
|
| Average net assets applicable to common shareholders (000 omitted)
| $219,650
| $195,544
| $196,015
| $177,052
|
| Net operating expenses
| 1.75%(d)
| 1.99%(e)
| 1.78%
| 2.00%(d)(f)
|
| Net operating expenses, excluding deferred tax expense
| 1.75%(d)
| 1.79%
| 1.78%
| 2.00%(d)(f)
|
| Net Investment income
| 0.48%(d)
| 0.20%
| 0.92%
| 0.55%(d)
|
| Portfolio turnover
| 107%(g)(h)
| 25%
| 28%
| –(g)
|
| (a)
| For the period from July 29, 2020 (commencement of operations) through September 30, 2020.
|
| (b)
| Based on average shares outstanding.
|
| (c)
| Total investment return based on market value is calculated assuming that shares of the Fund’s common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gains and other distributions were reinvested as provided for in the Fund’s dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation
does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund’s net
asset value is substituted for the closing market value.
|
| (d)
| Annualized.
|
| (e)
| At September 30, 2022, the Fund recorded a deferred tax liability of $402,135 primarily associated with its subsidiary’s investments in partnerships.
|
| (f)
| The expense ratio is higher than the Fund anticipates for a typical fiscal year due to the short fiscal period covered by the report.
|
| (g)
| Not annualized.
|
| (h)
| The variation in the Fund’s turnover rate from 2022 to 2023 was primarily due to the reorganization of the Fund.
|
Amounts listed as
“–” are $0 or round to $0.
See Notes to Consolidated
Financial Statements.
| abrdn Global Infrastructure Income Fund
| 11
|
Notes to Consolidated Financial
Statements (unaudited)
March 31, 2023
abrdn Global Infrastructure
Income Fund (the “Fund”) is a recently organized, non-diversified (as defined by the Investment Company Act of 1940, as amended (the “1940 Act”)), closed-end management investment company. The
Fund was organized as a Maryland statutory trust on November 13, 2019 and seeded with an initial capital amount of $100,000 on June 19, 2020. It commenced operations on July 29, 2020. The Fund’s investment
objective is to seek to provide a high level of total return with an emphasis on current income. The investment objective is not fundamental and may be changed by the Board of Trustees of the Fund (the "Board")
without shareholder approval. There is no assurance that the Fund will achieve its investment objective.
Basis for Consolidation for the
Fund
abrdn Global Infrastructure
Income Fund BL, LLC (the “Subsidiary”), a Delaware corporation, was incorporated on September 28, 2020 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the
Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. The Consolidated Schedule of Portfolio
Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within
the Notes to the Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.
Fund Reorganization
On March 10, 2023, the Fund
acquired the assets and assumed the liabilities of Macquarie Global Infrastructure Total Return Fund Inc. (“MGU”) pursuant to a plan of Reorganization approved by the Board on August 11, 2022
("Reorganization"). In the Reorganization, common shareholders of MGU received an amount of ASGI common shares with a net asset value equal to the aggregate net asset value of their holdings of MGU common shares, as
determined at the close of regular business on March 10, 2023. Any applicable fractional shares were paid as cash-in-lieu to the applicable holder. The Reorganization was structured as a tax-free transaction. The Fund
is considered the tax survivor and accounting survivor of the Reorganization.
The following is a summary of
the net asset value (“NAV”) per share issued as of March 10, 2023.
| Acquired Fund
| Acquiring Fund NAV per Share ($) 3/10/2023
| Conversion Ratio
| Shares Issued
|
| Macquarie Global Infrastructure Total Return Fund Inc. (“MGU”)
| 20.3964
| 1.329043
| 16,351,605
|
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 Standard 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 ("GAAP") in the United
States of America. 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 current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the
Fund's Valuation and Liquidity Procedures as
the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to
Rule 2a-5 under the 1940 Act, the Board designated abrdn Inc., the Fund's Investment Adviser (the "Investment Adviser"), 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.
Equity securities that are
traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when
appropriate, of the valuation factors described in the paragraph below. 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). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded.
| 12
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
Securities traded on NASDAQ are valued at the
NASDAQ official closing price.
Foreign equity securities
that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an
independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such
foreign securities.These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When
prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that
applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to
provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
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.
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 closed before the Valuation Time), the security is valued
at fair value as determined by the Investment Adviser as 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 NYSE (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Investment Adviser may be classified
as Level 2 or Level 3 depending on the nature of the inputs.
In accordance with the
authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used
to measure the fair value. The hierarchy assigns Level 1, 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 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.
A security using any of these pricing methodologies is determined to be a Level 1 investment.
The three-level hierarchy of
inputs is summarized below:
Level 1 - quoted prices in
active markets for identical investments;
Level 2 - other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 - significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments). Investments that are included in this category are private credit investments.
Level 3 investments are
valued using significant unobservable inputs. The Fund may also use a discounted cash flow based valuation approach in which the anticipated future cash flows of the investment are used to estimate the current
fair value. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The Fund may also invest in
infrastructure investments through private transactions, which represented 6.1% of the net assets of the Fund as of March 31, 2023. For the private equity investments, the Fund follows the guidance issued in ASU
2015-07 Topic 820, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), and values private investment companies using the NAVs provided by the underlying
private investment companies as a practical expedient. The Fund
| abrdn Global Infrastructure Income Fund
| 13
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
determined that the use of the practical
expedient was appropriate as the investments in private investment companies did not have readily determinable fair values. The Fund applies the practical expedient to private investment companies on an
investment-by-investment basis, and consistently with the Fund’s entire position in a particular investment, unless it is probable that the Fund will sell a portion of an investment at an amount different from
the NAV of the investment. In such cases, the Fund may make adjustments to the NAV reported by the private investment company based on market or economic changes, which can include market fluctuations or other
economic
conditions for which it may be necessary to
adjust a reported NAV. In addition, the impact of changes in the market environment and other events on the fair values of the Fund’s investments that have no readily available market values may differ from the
impact of such changes on the readily available market values for the Fund’s other investments. The Fund’s net asset value could be adversely affected if the Fund’s determinations regarding the fair
value of the Fund’s investments were materially higher or lower than the values that the Fund ultimately realizes upon the disposal of such investments.
The following is a
summary of the inputs used as of March 31, 2023 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication
of the risk associated with investing in those securities. Please refer to the Consolidated Portfolio of Investments for a detailed breakout of the security types:
| Investments, at Value
| Level 1 – Quoted
Prices
| Level 2 – Other Significant
Observable Inputs
| Level 3 – Significant
Unobservable Inputs
| Total
|
| Assets
|
|
|
| Investments in Securities
|
|
|
|
| Common Stocks
| $258,596,373
| $225,528,536
| $–
| $484,124,909
|
| Private Credit
| –
| –
| 6,125,505
| 6,125,505
|
| Short-Term Investment
| 13,353,244
| –
| –
| 13,353,244
|
| Total
| $271,949,617
| $225,528,536
| $6,125,505
| $503,603,658
|
| Private Equity(a)
|
|
|
| 31,872,465
|
| Total Investments in Securities
|
|
|
| $535,476,123
|
Amounts listed as
“–” are $0 or round to $0.
| (a)
| Private Equity investments are measured at the net asset valuations provided by the underlying funds as a practical expedient and have not been classified in the
fair value levels. The fair value amounts presented are intended to permit reconciliation to the total investment amount presented in the Consolidated Portfolio of Investments.
|
Rollforward of Level 3 Fair Value Measurement
For the Year Ended March 31, 2023
|
Investments
in Securities
| Balance
as of
September 30,
2022
| Accrued
Discounts
(Premiums)
| Realized
Gain
(Loss)
| Change in
Unrealized
Appreciation
(Depreciation)
| Net
Purchases
| Net
Sales
| Net
Transfers
in to
Level 3
| Net
Transfers
out of
Level 3
| Balance
as of
March 31,
2023
| Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Held at
March 31,
2023
|
| Private Credit
|
|
|
|
|
|
|
|
|
|
| United States
| $5,752,643
| $-
| $-
| $138,315
| $234,547(b)
| $-
| $-
| $-
| $6,125,505
| $138,315
|
| Total
| $5,752,643
| $-
| $-
| $138,315
| $234,547
| $-
| $-
| $-
| $6,125,505
| $138,315
|
Amounts listed as
“–” are $0 or round to $0.
| (b)
| Includes payment in kind interest received of $117,339 that was received during the reporting period as reported on the Statement of Operations as non-cash income.
|
| 14
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
| Description
| Fair Value at
03/31/23
| Valuation Technique (s)
| Unobservable Inputs
| Range
| Weighted
Average
|
| Private Credit
| $6,125,505
| Discounted Cash Flow
| Discount Rate
| 16.83%
| 16.83%
|
Debt holders are subject to
receive success fees as completion of the underlying projects occurs. For each underlying project, the probability of achieving the success fees, ranging from 15-100% as of March 31, 2023, is assigned based on the
development stage and used to project the future cash flows. These probability weightings assigned to the success fees are an unobservable input.
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. Rule 144A securities may be
freely traded among certain qualified institutional buyers, 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.
Foreign currency amounts are
translated into U.S. Dollars on the following basis:
(i) market 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 does not isolate
that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of equity securities. Accordingly, realized and
unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.
Net unrealized currency gains
or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation
of other assets and liabilities denominated in foreign currencies.
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. Security Transactions,
Investment Income and Expenses:
Security transactions are
recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on
the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions. Interest income and
expenses are recorded on an accrual basis.
f. Distributions:
The Fund records dividends
and distributions payable to its shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with
federal income tax regulations, which may differ from GAAP. These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such
amounts
| abrdn Global Infrastructure Income Fund
| 15
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
are reclassified within the capital accounts
based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are
reported as return of capital.
g. Federal Income Taxes:
The Fund intends to
continue to qualify as a “regulated investment company” ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986,
as amended, 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.
For tax purposes, the
Subsidiary is not a RIC and is a separate taxable entity not consolidated for tax purposes. As such, it is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate
an income tax provision or benefit. The taxable income or loss of the Subsidiary may differ from its book income or loss due to temporary book and tax timing differences and permanent differences. This income tax
provision, or benefit, if any, and the related tax assets and liabilities are reflected in the consolidated financial statements.
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.
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 will be subject to such review when available.
Deferred tax assets and
liabilities are recorded for losses or income at the Subsidiary using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of
the deferred tax asset will not be realized.
h. 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 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 is reported on the Statement of Operations as part of the Net Change in
Unrealized Appreciation/Depreciation on investments.
i. Payment-In-Kind:
The Fund may invest in
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. PIK interest income is reflected as non-cash income on the Statement of
Operations.
3. Agreements and Transactions
with Affiliates
a. Investment Adviser and
Sub-Adviser:
abrdn Inc. and abrdn
Investments Limited serve as the Fund’s Investment Adviser and Sub-Adviser, respectively, pursuant to an investment advisory agreement (the “Advisory Agreement”) and sub-advisory agreement (the
“Sub-Advisory Agreement”) with the Fund. abrdn Inc. and abrdn Investments Limited are wholly-owned indirect subsidiaries of abrdn plc. In rendering advisory services, the Investment Adviser and Sub-Adviser
(together, the "Advisers") may use the resources of investment advisor subsidiaries of abrdn 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.
As compensation for its
services to the Fund, abrdn Inc. receives an annual investment advisory fee of 1.35% based on the Fund’s average daily Managed Assets, computed daily and payable monthly. “Managed Assets” is defined
as total assets of the Fund, including assets attributable to any form of leverage, minus liabilities (other than debt representing leverage and the aggregate liquidation preference of any preferred stock that may be
outstanding). Under the Sub-Advisory Agreement, abrdn Inc. is responsible for the payment of fees to abrdn Investments Limited. For the six-month period ended March 31, 2023, the Investment Advisor earned $1,478,577
for advisory services.
Effective upon the close of
the Reorganization, the Investment Adviser entered into a written contract with the Fund to limit the total
| 16
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
ordinary operating expenses of the Fund
(excluding leverage costs, interest, taxes, brokerage commissions, acquired fund fees and expenses and any non-routine expenses) from exceeding 1.65% of the average daily net assets of the Fund on an annualized basis
for twelve months (the "Expense Limitation Agreement"). The Expense Limitation Agreement may not be terminated before March 10, 2024, without the approval of the Fund's trustees who are not “interested
persons” of the Fund (as defined in the 1940 Act).
During the six-month period
ended March 31, 2023, the Investment Adviser did not waive.
The Fund may reimburse the
Investment Adviser for the advisory fees waived or reduced and other payments remitted by the Investment Adviser and other expenses reimbursed as of a date not more than three years after the date when the Investment
Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract
at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Investment Adviser, and the payment of such reimbursement is
approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by the Investment
Adviser is not permitted.
As of March 31, 2023, to the
extent the Reimbursement Requirements are met, the cumulative potential reimbursements to the Investment Adviser from the Fund, based on expenses reimbursed by the Investment Adviser, including adjustments described
above, there are no expenses that could be recaptured.
b. Fund Administration:
abrdn Inc. is the
Fund’s Administrator, pursuant to an agreement under which abrdn Inc. receives a fee paid by the Fund, at an annual fee rate
of 0.08% of the Fund’s average daily
net assets. Upon the close of the reorganization, the annual fee rate of the administration fee remains the same. For the six-month period ended March 31, 2023, abrdn Inc. earned $87,619 from the Fund
for administration services.
c. Investor Relations:
Under the terms of the
Investor Relations Services Agreement, abrdn Inc. will provide and/or engage third parties to provide investor relations services to the Fund and certain other funds advised by the Investment Adviser 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 March 31, 2023, the Fund incurred investor relations fees of approximately $34,213. For the six-month period ended March 31, 2023, abrdn Inc. did not contribute to the investor relations fees for the
Fund because the Fund’s contribution was below 0.05% of the Fund’s average weekly net assets on an annual basis.
4. Investment Transactions
Purchases and sales of
investment securities (excluding short-term securities) for the six-month period ended March 31, 2023, were $208,591,172 and $225,511,556, respectively.
5. Capital
The Fund is authorized to
issue 100,000,000 common shares with par value $0.001. As of March 31, 2023, there were 25,206,605 common shares issued and outstanding.
| abrdn Global Infrastructure Income Fund
| 17
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
6. Private Equity
Investments
Certain of the Fund’s
investments, listed in the chart below, are restricted as to resale and are valued at net asset value as determined by the Valuation Designee, under procedures established by the Board in the absence of readily
ascertainable market values.
| Security
| Acquisition
Date(s)
| Commitment
| Funded
| Unfunded
| Cost
| Fair
Value at
March 31, 2023
| Percent
of Net
Assets
| Cumulative
Distributions
Received
|
| Cresta BBR Co-Invest BL LLC
| 9/8/20
| $3,000,000
| $3,000,000
| $-
| $3,000,000
| $3,025,086
| 0.57
| -
|
| CAI Co-Invest LP*
| 10/27/20
| $3,000,000
| $1,084,540
| $1,915,460
| $1,140,572
| $1,283,729
| 0.24
| -
|
| BT Co-Invest Fund, L.P.*
| 7/1/21
| 3,238,849
| 3,238,849
| -
| 3,250,592
| 4,218,694
| 0.80
| 24,968**
|
| Arroyo Trinity Direct Investment I, L.P.*
| 10/20/21
| 2,000,000
| 2,000,000
| -
| 1,293,234
| 1,766,517
| 0.33
| 749,286***
|
| Cresta Highline Co-Invest Fund I *
| 7/22/21
| 5,000,000
| 5,000,000
| -
| 4,123,473
| 7,007,533
| 1.32
| 932,979***
|
| NOVA-telMAX HoldCo LLC
| 2/10/21
| 5,000,000
| 5,000,000
| -
| 5,055,068
| 5,790,000
| 1.09
| -
|
| WR Holdings LLC *
| 9/2/22
| 5,500,000
| 4,180,907
| 1,319,093
| 4,180,907
| 4,180,906
| 0.79
| -
|
| Zon Holdings II, LLC*
| 2/8/23
| 984,000
| 920,000
| 64,000
| 920,000
| 920,000
| 0.17
| -
|
| Zon Holdings, LLC*
| 2/8/23
| 3,936,000
| 3,680,000
| 256,000
| 3,680,000
| 3,680,000
| 0.69
| -
|
Amounts listed as
“–” are $0 or round to $0.
| *
| Investments through abrdn Global Infrastructure Fund BL, LLC.
|
| **
| Distribution is comprised of net investment income.
|
| ***
| Distribution is comprised of return of capital.
|
The Fund may incur certain costs
in connection with the disposition of the above securities.
7. Portfolio Investment
Risks
a. Infrastructure-Related
Investments Risk:
Infrastructure-related issuers may be
subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with
environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices,
the effects of energy conservation policies and other factors. For more information about the specific risks by which infrastructure-related issuers may be particularly affected, please see the back of this
shareholder report.
b. Market Events Risk:
Markets are affected by
numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other
global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public
health
emergencies and natural/environmental
disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.
One such event is the
COVID-19 pandemic, which has caused major disruptions to economies and markets around the world, including the markets in which the Fund invests, and which has and may continue to negatively impact the value of the
Fund’s investments.
Policy and legislative
changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious
economic disruptions with a variety of significant fiscal and monetary policy changes.
The impact of these changes
on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected.
As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial
| 18
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
difficulties, the value and liquidity of the
Fund’s investments may be negatively affected by such events.
For example, whether or not
the Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events
related to the UK’s departure from the EU (“Brexit”) could negatively affect the value and liquidity of the Fund’s investments, increase taxes and costs of business and cause volatility in
currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market
conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations
as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the
Fund’s business, results of operations and financial condition.
c. Risks 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 more difficult 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
Investment Adviser or Sub-Adviser are unsuccessful.
d. Risks Associated with Emerging
Markets:
The emerging countries'
securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities of many companies in emerging countries may be
held by a limited number of persons, which may limit the number of securities available for investment by the Fund. The limited liquidity of emerging country securities markets may also affect the Fund's ability to
acquire or dispose of securities at the price and time it wishes to do so.
e. Private Company
Securities Risk:
The Fund’s
investments in private companies may be subject to higher risk than investments in securities of public companies. Little public information may exist about many of the issuers of these securities, and the Fund will
be required to rely on the ability of the Investment Adviser and Sub-Adviser to obtain adequate information to evaluate the potential risks and returns involved in investing in these issuers. If the Investment Adviser
or Sub-Adviser are unable to obtain all material information about the issuers of these securities, it may be difficult to make a fully informed investment decision, and the Fund may lose some or all of its investment
in these securities. These factors could subject the Fund to greater risk than investments in securities of public companies and negatively affect the Fund’s investment returns, which could negatively impact the
dividends paid to you and the value of your investment. In addition, the Fund will likely be able to sell its investments in private companies only in private transactions with another investor or group of investors,
and there can be no assurance that the Fund will be able to successfully arrange such transactions if and when it desires to sell any of its investments in private companies or, if successfully arranged, that the Fund
will be able to obtain favorable values upon the sale of its investments in private companies in such transactions.
f. REIT and Real Estate
Risk:
Investment in real estate
investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real
estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in
rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs’ share prices may decline because of adverse
developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail
to qualify for favorable tax treatment. REITs may be leveraged, which increases
| abrdn Global Infrastructure Income Fund
| 19
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2023
risk. Certain REITs charge management fees,
which may result in layering the management fees paid by the Fund shareholders.
g. Sector Risk:
To the extent that the Fund
has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable
developments in that economic sector than funds that invest more broadly.
h. Valuation Risk:
The price that the Fund
could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued
using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price
received upon the sale of an investment may
be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund’s ability to value its investments may
also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
8. 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.
9. Tax
Information
The U.S. federal
income tax basis of the Fund’s investments (including derivatives, if applicable) and the net unrealized appreciation as of March 31, 2023, were as follows:
Tax Cost of
Securities
| Unrealized
Appreciation
| Unrealized
Depreciation
| Net
Unrealized
Appreciation/
(Depreciation)
|
| $498,646,414
| $47,446,971
| $(10,617,262)
| $36,829,709
|
10. Fund
Reorganization
Effective March 10, 2023, the Fund acquired
all of the assets and assumed all of the liabilities of Macquarie Global Infrastructure Total Return Fund (the “Acquired Fund”) pursuant to plan of reorganization approved by the Board on August 11, 2022
("Reorganization").
The acquisition was accomplished
by a tax-free exchange as follows:
12,303,293 shares of the
Acquired Fund, fair valued at $333,513,983 for 16,351,610 shares of the Fund.
The investment portfolio and
cash of the Acquired Fund, with a fair value of $333,356,339 and identified cost of $305,415,950 were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by
the Fund were recorded at value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund realized and unrealized gains and losses with
amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the
value of the investment portfolio and cash of
the Fund was $180,653,002.
Assuming that the
Reorganization had been completed on October 1, 2022, the Fund’s pro forma results of operations for the six months ended March 31, 2023 are as follows:
|
|
|
| Net investment income
| $6,162,756
|
| Net realized and unrealized gain from investments
| 122,084,331
|
| Net increase in net assets from operations
| 128,247,087
|
Because the combined
investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have
been included in the Statement of Operations since March 10, 2023.
| 20
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (concluded)
March 31, 2023
The chart below shows a summary
of net assets and shares outstanding, before and after the Reorganization:
|
| Shares
Outstanding
| Net Assets
| Net Asset
Value
Per Share
| Net Unrealized
Appreciation
(Depreciation)
| Accumulated
Net Realized
Gain/(Loss)
|
| Before Reorganization
|
|
|
|
|
|
| Macquarie Global Infrastructure Total Return Fund Inc.
| 12,303,293
| $333,513,983
| $27.11
| $27,940,388
| $43,602,972
|
| abrdn Global Infrastructure Income Fund
| 8,855,000
| 180,610,057
| 20.40
| 4,452,068
| 14,978,323
|
| Total
|
| $514,124,040
|
| $32,392,456
| $58,581,295
|
|
| Shares
Outstanding
| Net Assets
| Net Asset
Value
Per Share
| Net Unrealized
Appreciation
(Depreciation)
| Accumulated
Net Realized
Gain/(Loss)
|
| After Reorganization
|
|
|
|
|
|
| abrdn Global Infrastructure Income Fund
| 25,206,605
| $514,124,040
| $20.40
| $32,392,456
| $58,581,295
|
11. Subsequent Events
Based on this evaluation,
no disclosures and/or adjustments were required to the financial statements as of March 31, 2023, other than as noted below.
On April 11, 2023 and May 9, 2023, the Fund
announced that it will pay on April 28, 2023 and May 31, 2023, a distribution of US $0.12 per share to all shareholders of record as of April 21, 2023 and May 19, 2023.
| abrdn Global Infrastructure Income Fund
| 21
|
Supplemental Information (Unaudited)
Results of Special Meeting of
Shareholders
A Special Meeting of
Shareholders was held on December 9, 2022. The description of the proposals and number of shares voted at the meeting are as follows:
Proposal 1: To approve the
issuance of additional shares of beneficial interest of the Fund in connection with the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. (“MGU”), another closed-end fund, with
and into the Fund.
| Votes For
| Votes Against
| Votes Abstained
|
| 3,136,748
| 429,816
| 183,879
|
Proposal 2: To ratify the
selection of KPMG LLP as independent registered accounting firm for the Fund for the fiscal year ending September 30, 2023.
| Votes For
| Votes Against
| Votes Abstained
|
| 6,369,207
| 327,294
| 618,857
|
| 22
| abrdn Global Infrastructure Income Fund
|
Dividend Reinvestment and Optional Cash Purchase
Plan (Unaudited)
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 Trustees 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 New
York Stock Exchange, 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 New York Stock Exchange 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 a Fund 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 Infrastructure Income Fund
| 23
|
Dividend Reinvestment and Optional Cash Purchase
Plan (Unaudited) (concluded)
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.
| 24
| abrdn Global Infrastructure Income Fund
|
Trustees
Stephen Bird
Gordon A. Baird
Thomas W. Hunersen
Nancy Yao Maasbach
Chris LaVictorie Mahai
P. Gerald Malone, Chair
Todd Reit
John Sievwright
Investment Adviser
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA19103
Investment Sub-Adviser
abrdn Investments Limited
280 Bishopsgate
London, United Kingdom
EC2M 4AG
Administrator
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Custodian
State Street Bank and Trust Co.
1 Heritage Drive, 3rd Floor
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
1601 Market Street
Philadelphia, PA 19103
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
Investor.Relations@abrdn.com
The Financial Statements
as of March 31, 2023, 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
Infrastructure Income Fund are traded on the NYSE under the symbol “ASGI”. Information about the Fund’s net asset value and market price is available at www.abrdnasgi.com.
This report, including
the financial information herein, is transmitted to the shareholders of abrdn Global Infrastructure Income Fund 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.
Item 2. Code of Ethics.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
(a) Schedule of Investments in securities of unaffiliated
issuers as of close of the reporting period is included as part of the Reports to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual
report on Form N-CSR.
(b) There has been no change, as of the date of this filing, in any
of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual
report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
No such purchases were made by or on behalf of the Registrant during
the period covered by the report.
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended March 31, 2023, there were no material changes
to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by |
| | | Rule
30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17
CFR 240.13a-15(b) or 240.15d15(b)). |
| | | |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by
this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial
reporting. |
Item 12. Exhibits.
| (a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1)
sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| (a)(4) | Change in Registrant’s independent public accountant. Not applicable. |
| (c) | A copy of the Registrant’s notices to stockholders, which accompanied distributions paid, pursuant
to the Registrant’s Managed Distribution Policy since the Registrant’s last filed N-CSR, are filed herewith as Exhibits (c)(1),
(c)(2), (c)(3), (c)(4), (c)(5) and (c)(6) as required by the terms of the Registrant’s SEC exemptive order. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| abrdn Global Infrastructure Income
Fund |
|
| |
|
| By: |
/s/ Christian Pittard |
|
| |
Christian Pittard, |
|
| |
Principal Executive Officer of |
|
| |
abrdn Global Infrastructure Income Fund |
|
Date: June 5, 2023
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: |
/s/ Christian Pittard |
|
| |
Christian Pittard, |
|
| |
Principal Executive Officer of |
|
| |
abrdn Global Infrastructure Income Fund |
|
Date: June 5, 2023
| By: |
/s/ Sharon Ferrari |
|
| |
Sharon Ferrari, |
|
| |
Principal Financial Officer of |
|
| |
abrdn Global Infrastructure Income Fund |
|
Date: June 5, 2023
Exhibit
99.CERT
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302
of the Sarbanes-Oxley Act
I, Sharon Ferrari, certify that:
| 1. | I have reviewed this report on Form N-CSR of abrdn Global Infrastructure Income Fund (the “Registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report; |
| 4. | The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and |
| 5. | The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date June 5, 2023
| /s/ Sharon Ferrari |
|
| Sharon Ferrari |
|
| Principal Financial Officer |
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302
of the Sarbanes-Oxley Act
I, Christian Pittard, certify that:
| 1. | I have reviewed this report on Form N-CSR of abrdn Global Infrastructure Income Fund (the “Registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report; |
| 4. | The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the Registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and |
| 5. | The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date: June 5, 2023
| /s/ Christian Pittard |
|
| Christian Pittard |
|
| Principal Executive Officer |
Exhibit
99.906CERT
Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906
of the Sarbanes-Oxley Act
Christian Pittard, Principal Executive Officer,
and Sharon Ferrari, Principal Financial Officer, of abrdn Global Infrastructure Income Fund (the “Registrant”), each certify
that:
| 1. | The Registrant’s periodic report on Form N-CSR for the period ended March 31, 2023 (the “Form
N-CSR”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended,
as applicable; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant. |
| |
|
| PRINCIPAL EXECUTIVE OFFICER |
|
| abrdn Global Infrastructure Income Fund |
|
| |
|
| /s/ Christian Pittard |
|
| Christian Pittard |
|
| Date: June 5, 2023 |
|
| |
|
| PRINCIPAL FINANCIAL OFFICER |
|
| abrdn Global Infrastructure Income Fund |
|
| |
|
| /s/ Sharon Ferrari |
|
| Sharon Ferrari |
|
| Date: June 5, 2023 |
|
This certification is being furnished solely pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document.
A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant
and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 99.13(c)(1)
FOR IMMEDIATE
RELEASE
For More Information
Contact:
abrdn
U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE
DISTRIBUTION PAYMENT DETAILS
(Philadelphia,
January 11, 2023) – The following abrdn U.S. Closed-End Funds announced today that the
closed end funds in the chart directly below will pay the distributions indicated on a per share basis on January 31, 2023 to all shareholders
of record as of January 24, 2023 (ex-dividend date January 23, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ACP |
NYSE |
abrdn
Income Credit Strategies Fund |
$ 0.1000 |
| AGD |
NYSE |
abrdn
Global Dynamic Dividend Fund |
$ 0.0650 |
| AOD |
NYSE |
abrdn
Total Dynamic Dividend Fund |
$ 0.0575 |
| ASGI |
NYSE |
abrdn
Global Infrastructure Income Fund |
$ 0.1200 |
| AWP |
NYSE |
abrdn
Global Premier Properties Fund |
$ 0.0400 |
| FAX |
NYSE
American |
abrdn
Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
| FCO |
NYSE
American |
abrdn
Global Income Fund, Inc. |
$ 0.0700 |
At the end of
each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of each fund’s distributions
and provide information with respect to their appropriate tax treatment for the prior calendar year. You should not draw any conclusions
about any of these Funds’ investment performance from the amount of the distributions.
MANAGED
DISTRIBUTION POLICY FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn
Global Infrastructure Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
The
above-noted abrdn U.S. Closed-End Funds (the “Funds” or individually the
“Fund”), today announced that the Funds will pay the distributions noted in the chart above on January 31, 2023, on a
per share basis to all shareholders of record as of January 24, 2023 (ex-dividend date January 23, 2023).
Each Fund has
adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital
gains and, to the extent necessary, paid-in capital in reliance on an exemptive order granted by the Securities and Exchange Commission.
Under applicable
U.S. tax rules, the amount and character of distributable income for each Fund’s fiscal year can be finally determined only as
of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940
Act”) and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to
shareholders.
The following
tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted
thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and
percentages for the current
distributions to be paid as well as for the cumulative distributions paid relating to fiscal year to date,
from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return
of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income,
expenses and realized gains and losses on securities and currencies.
Each Fund’s
estimated sources of the current distributions to be paid and for its current fiscal year to date are as follows:
| Estimated
Amounts of Current Distribution per Share |
Fund |
Distribution
Amount |
Net
Investment
Income |
Net
Realized Short-Term
Gains* |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.1200 |
$0.0132 |
11% |
- |
- |
$0.1068 |
89% |
- |
- |
| FAX |
$0.0275 |
$0.0143 |
52% |
- |
- |
- |
- |
$0.0132 |
48% |
| Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share |
| Fund |
Fiscal Year**
to Date
Distribution
Amount |
Net
Investment
Income |
Net Realized Short-Term
Gains* |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.4800 |
$0.0528 |
11% |
- |
- |
$0.4272 |
89% |
- |
- |
| FAX |
$0.0825 |
$0.0429 |
52% |
- |
- |
- |
- |
$0.0396 |
48% |
*includes currency
gains
**ASGI has a 9/30
fiscal year end; FAX has a 10/31 fiscal year end.
Where the
estimated amounts above show a portion of the distribution to be a “Return of Capital,” it means that Fund estimates
that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of
capital. A return of capital may occur for example, when some or all of the money that you invested in a Fund is paid back to you. A
return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with
“yield” or “income.”
The
amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting
purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience
during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year,
a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for
federal income tax purposes.
The following
table provides the Funds’ total return performance based on net asset value (NAV) over various time periods compared to the Funds’
annualized and cumulative distribution rates.
| Fund Performance
and Distribution Rate Information |
| Fund |
Average
Annual
Total Return on
NAV for the 5
Year Period
Ending
12/31/2022¹ |
Current
Fiscal
Period’s
Annualized
Distribution Rate
on NAV² |
Cumulative
Total Return on
NAV¹ |
Cumulative
Distribution Rate
on NAV² |
| ASGI |
7.49%3 |
7.07% |
10.71% |
1.77% |
| FAX |
(2.15%) |
10.58% |
11.59% |
1.76% |
1 Return
data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s
dividend reinvestment plan, with the exception of the most recent distribution.
2 Based
on the Fund’s NAV as of December 31, 2022.
3 The
Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July
29, 2020) through December 31, 2022.
Shareholders
should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions
or from the terms of the distribution policy (the “Distribution Policy”).
While NAV performance
may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the
Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the
supply and demand for the Fund’s shares in the open market.
Pursuant to
an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more
frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by
the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net
income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the
extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to
your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital
gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital
that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the
shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount
is received.
The payment
of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in
the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the
Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share.
The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to
hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not
have sold, for the purpose of paying the distribution. Each Fund’s Board has the right to amend, suspend or terminate the
Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s
market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be
applicable in their particular circumstances.
Circular 230
disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained
in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed
herein.
In the United
States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers
Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative
Funds Limited.
Closed-end
funds are traded on the secondary market through one of the stock exchanges. A Fund’s investment return and principal value will
fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above
(a premium) or below (a discount) the net asset value (NAV)
of the fund’s portfolio. There is no assurance that a
Fund will achieve its investment objective. Past performance does not guarantee future results.
| If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com |
https://www.abrdn.com/en-us/cefinvestorcenter
###
Exhibit 99.13(c)(2)
FOR IMMEDIATE
RELEASE
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn Global Infrastructure
Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
(Philadelphia, January 31, 2023) -The above-noted
abrdn U.S. Closed-End Funds (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on January 31, 2023, on a per share basis to all shareholders
of record as of January 24, 2023 (ex-dividend date January 23, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ASGI |
NYSE |
abrdn Global Infrastructure Income Fund |
$ 0.1200 |
| FAX |
NYSE American |
abrdn Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
Each Fund has adopted a distribution policy to provide
investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in
capital.
Under applicable U.S. tax rules, the amount and character
of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds
may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts
of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been
computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.
Each Fund’s estimated sources of the current distribution
paid this month and for its current fiscal year to date are as follows:
| Estimated
Amounts of Current Distribution per Share |
Fund* |
Distribution
Amount |
Net
Investment
Income |
Net
Realized Short-
Term Gains** |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.1200 |
$0.0132 |
11% |
- |
- |
$0.1068 |
89% |
- |
- |
| FAX |
$0.0275 |
$0.0143 |
52% |
- |
- |
- |
- |
$0.0132 |
48% |
| Estimated
Amounts of Fiscal Year* to Date Cumulative Distributions per Share |
Fund |
Distribution
Amount |
Net
Investment Income |
Net
Realized
Short-Term
Gains ** |
Net
Realized Long-Term
Gains |
Return
of
Capital |
| ASGI |
$0.4800 |
$0.0528 |
11% |
- |
- |
$0.4272 |
89% |
- |
- |
| FAX |
$0.0825 |
$0.0429 |
52% |
- |
- |
- |
- |
$0.0396 |
48% |
* ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal
year end.
**includes currency gains
Where the estimated amounts above show a portion of the
distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all
of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s
investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported
in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all
distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on
tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will
tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total
return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution
rates.
| Fund Performance and Distribution
Rate Information |
Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
12/31/2022¹ |
Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| ASGI |
7.52%3 |
7.07% |
10.78% |
1.77% |
| FAX |
-2.13% |
10.58% |
11.70% |
1.76% |
1 Return data is net of all Fund expenses
and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment
plan.
2 Based on the Fund’s NAV as of December
31, 2022.
3 The Fund launched within the past 5 years;
the performance and distribution rate information presented reflects data from inception (July 29, 2020) through December 31, 2022.
Shareholders should not draw any conclusions about
a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution
policy (the “Distribution Policy”).
While NAV performance may be indicative of the Fund’s
investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s
investment in the Fund is
determined by the Fund’s market price, which is
based on the supply and demand for the Fund’s shares in the open market.
Pursuant to an exemptive order granted by the Securities
and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b)
under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.
The payment of distributions in accordance with
the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause
an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent
the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect
the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution.
Each Fund’s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or
termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor
regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance
with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
In the United States, abrdn is the marketing name for
the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia
Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed-end funds are traded on the
secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an
investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or
below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its
investment objective. Past performance does not guarantee future results.
| If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com |
https://www.abrdn.com/en-us/cefinvestorcenter
###
Exhibit 99.13(c)(3)
FOR IMMEDIATE
RELEASE
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn Global Infrastructure
Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
(Philadelphia, February 28, 2023) -The above-noted
abrdn U.S. Closed-End Funds (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on February 28, 2023, on a per share basis to all shareholders
of record as of February 21, 2023 (ex-dividend date February 17, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ASGI |
NYSE |
abrdn Global Infrastructure Income Fund |
$ 0.1200 |
| FAX |
NYSE American |
abrdn Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
Each Fund has adopted a distribution policy to provide
investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in
capital.
Under applicable U.S. tax rules, the amount and character
of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds
may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts
of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been
computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.
Each Fund’s estimated sources of the current distribution
paid this month and for its current fiscal year to date are as follows:
| Estimated Amounts of Current
Distribution per Share |
Fund* |
Distribution
Amount |
Net
Investment
Income |
Net
Realized Short-
Term Gains** |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.1200 |
$0.0084 |
7% |
- |
- |
$0.1116 |
93% |
- |
- |
| FAX |
$0.0275 |
$0.0143 |
52% |
- |
- |
- |
- |
$0.0132 |
48% |
| Estimated Amounts of Fiscal
Year* to Date Cumulative Distributions per Share |
Fund |
Distribution
Amount |
Net
Investment Income |
Net
Realized Short-
Term Gains ** |
Net
Realized Long-Term
Gains |
Return
of
Capital |
| ASGI |
$0.6000 |
$0.0420 |
7% |
- |
- |
$0.5580 |
93% |
- |
- |
| FAX |
$0.1100 |
$0.0572 |
52% |
- |
- |
- |
- |
$0.0528 |
48% |
* ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal
year end.
**includes currency gains
Where the estimated amounts above show a portion of the
distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all
of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s
investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported
in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all
distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on
tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will
tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total
return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution
rates.
| Fund Performance and Distribution
Rate Information |
Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
01/31/2023¹ |
Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| ASGI |
9.43%3 |
6.76% |
16.49% |
2.25% |
| FAX |
-1.23% |
10.00% |
19.27% |
2.50% |
1 Return data is net of all Fund expenses
and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment
plan.
2 Based on the Fund’s NAV as of January 31,
2023.
3 The Fund launched within the past 5 years;
the performance and distribution rate information presented reflects data from inception (July 29, 2020) through January 31, 2023.
Shareholders should not draw any conclusions about
a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution
policy (the “Distribution Policy”).
While NAV performance may be indicative of the Fund’s
investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s
investment in the Fund is
determined by the Fund’s market price, which is
based on the supply and demand for the Fund’s shares in the open market.
Pursuant to an exemptive order granted by the Securities
and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b)
under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.
The payment of distributions in accordance with
the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause
an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent
the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect
the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution.
Each Fund’s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or
termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor
regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance
with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
In the United States, abrdn is the marketing name for
the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia
Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed-end funds are traded on the secondary
market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an
investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or
below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its
investment objective. Past performance does not guarantee future results.
https://www.abrdn.com/en-us/cefinvestorcenter
###
Exhibit 99.13(c)(4)
FOR IMMEDIATE
RELEASE
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn Global Infrastructure
Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
abrdn Australia Equity Fund, Inc. (“IAF”)
The
India Fund, Inc. (“IFN”)
abrdn Japan Equity Fund, Inc. (“JEQ”)
(Philadelphia, March 31, 2023)
-The above-noted abrdn U.S. Closed-End Funds (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on March 31, 2023, on a per share basis to all shareholders
of record as of March 24, 2023 (ex-dividend date March 23, 2023). These dates apply to the Funds listed below with the exception of the
abrdn Australia Equity Fund, Inc. (IAF), the India Fund, Inc. (IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) which paid the distribution
on March 31, 2023 to all shareholders of record as of February 21, 2023 (ex-dividend date February 17, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ASGI |
NYSE |
abrdn Global Infrastructure Income Fund |
$ 0.1200 |
| FAX |
NYSE American |
abrdn Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
| IAF |
NYSE American |
abrdn Australia Equity Fund, Inc. |
$ 0.1300 |
| IFN |
NYSE |
The India Fund, Inc. |
$ 0.4300 |
| JEQ |
NYSE |
abrdn Japan Equity Fund, Inc. |
$ 0.1000 |
Each Fund has adopted a distribution policy to provide
investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in
capital.
For the abrdn Australia Equity Fund, Inc. (IAF), the
India Fund, Inc. (IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) the stock distributions were automatically paid in newly issued shares
of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the
net asset value (“NAV”) per share or the market price per share with a floor for the NAV of not less than 95% of the market
price on March 17, 2023. The reinvestment prices per share for these distributions were as follows: $4.32 for the abrdn Australia Equity
Fund, Inc. (IAF); $14.76 for the India Fund, Inc. (IFN) and $5.32 for the abrdn Japan Equity Fund, Inc. (JEQ). Fractional shares were
generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole
and fractional shares added to their account.
To have received the abrdn Australia Equity Fund, Inc.
(IAF), the India Fund, Inc. (IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in March 2023 in cash instead
of shares of common stock, for shareholders who hold shares in “street name,” the bank, brokerage or nominee who holds the
shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in
cash by March 16, 2023; and for shares that are held in registered
form, written notification for the election of cash
by registered shareholders must have been received by Computershare Investor Services prior to March 16, 2023.
Under applicable U.S. tax rules, the amount and character
of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds
may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts
of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been
computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.
Each Fund’s estimated sources of the current distribution
paid this month and for its current fiscal year to date are as follows:
| Estimated Amounts of Current
Distribution per Share |
Fund |
Distribution
Amount |
Net
Investment
Income |
Net
Realized Short-
Term Gains** |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.1200 |
$0.0060 |
5% |
$0.0012 |
1% |
$0.0984 |
82% |
$0.0144 |
12% |
| FAX |
$0.0275 |
$0.0151 |
55% |
- |
- |
- |
- |
$0.0124 |
45% |
| IAF |
$0.1300 |
$0.0351 |
27% |
$0.0026 |
2% |
$0.0130 |
10% |
$0.0793 |
61% |
| IFN |
$0.4300 |
- |
- |
- |
- |
$0.4300 |
100% |
- |
- |
| JEQ |
$0.1000 |
$0.0150 |
15% |
$0.0040 |
4% |
- |
- |
$0.0810 |
81% |
| Estimated
Amounts of Fiscal Year* to Date Cumulative Distributions per Share |
Fund |
Distribution
Amount |
Net Investment
Income |
Net
Realized
Short-Term
Gains ** |
Net
Realized Long-Term
Gains |
Return
of
Capital |
| ASGI |
$0.7200 |
$0.0360 |
5% |
$0.0072 |
1% |
$0.5904 |
82% |
$0.0864 |
12% |
| FAX |
$0.1375 |
$0.0756 |
55% |
- |
- |
- |
- |
$0.0619 |
45% |
| IAF |
$0.2500 |
$0.0675 |
27% |
$0.0050 |
2% |
$0.0250 |
10% |
$0.1525 |
61% |
| IFN |
$0.4300 |
- |
- |
- |
- |
$0.4300 |
100% |
- |
- |
| JEQ |
$0.2000 |
$0.0300 |
15% |
$0.0080 |
4% |
- |
- |
$0.1620 |
81% |
* ASGI has a 9/30 fiscal year end; FAX, IAF and JEQ have a
10/31 fiscal year end; IFN has a 12/31 fiscal year end.
**includes currency gains
Where the estimated amounts above show a portion of the
distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all
of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s
investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported
in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all
distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on
tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will
tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total
return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution
rates.
| Fund Performance and Distribution Rate Information |
|
Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
02/28/2023¹ |
Current Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| ASGI³ |
7.77%3 |
7.03% |
12.77% |
2.93% |
| FAX |
-1.29% |
10.48% |
14.99% |
3.49% |
1 Return data is net of all Fund expenses
and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment
plan.
2 Based on the Fund’s NAV as of February
28, 2023.
3 The Fund launched within the past 5 years;
the performance and distribution rate information presented reflects data from inception (July 29, 2020) through February 28, 2023.
| Fund Performance and Distribution Rate Information |
|
Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
01/31/2023¹ |
Current Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| IAF |
6.87% |
8.71% |
21.22% |
2.18% |
| IFN |
2.57% |
N/A* |
0.61% |
N/A* |
| JEQ |
-2.16% |
5.99%3 |
13.01% |
1.50% |
1 Return data is net of all Fund expenses
and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment
plan.
2 Based on the Fund’s NAV as of January 31,
2023.
3 The percentage shown does not include the Fund’s
annual distribution policy in place in 2021.
Shareholders should not draw any conclusions about
a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution
policy (the “Distribution Policy”).
While NAV performance may be indicative of the Fund’s
investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s
investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares
in the open market.
Pursuant to an exemptive order granted by the Securities
and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b)
under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.
The payment of distributions in accordance with the
Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase
in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market
price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s
investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent
that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board
has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution
Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local
tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance
with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
In the United States, abrdn is the marketing name for
the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Australia Limited, abrdn Asia Limited,
Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and abrdn Alternative Funds Limited.
Closed-end funds are traded on the secondary
market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an investor’s
shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount)
the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its investment objective. Past
performance does not guarantee future results.
https://www.abrdn.com/en-us/cefinvestorcenter
###
Exhibit 99.13(c)(5)
FOR IMMEDIATE
RELEASE
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn Global Infrastructure
Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
(Philadelphia, April 28, 2023) -The above-noted
abrdn U.S. Closed-End Funds (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on April 28, 2023, on a per share basis to all shareholders
of record as of April 21, 2023 (ex-dividend date April 20, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ASGI |
NYSE |
abrdn Global Infrastructure Income Fund |
$ 0.1200 |
| FAX |
NYSE American |
abrdn Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
Each Fund has adopted a distribution policy to provide
investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in
capital.
Under applicable U.S. tax rules, the amount and character
of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds
may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts
of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been
computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.
Each Fund’s estimated sources of the current distribution
paid this month and for its current fiscal year to date are as follows:
| Estimated
Amounts of Current Distribution per Share |
Fund |
Distribution
Amount |
Net
Investment
Income |
Net
Realized Short-
Term Gains** |
Net
Realized Long-
Term Gains |
Return
of
Capital |
| ASGI |
$0.1200 |
$0.0240 |
20% |
$0.0216 |
18% |
$0.0744 |
62% |
- |
- |
| FAX |
$0.0275 |
$0.0140 |
51% |
- |
- |
- |
- |
$0.0135 |
49% |
| Estimated
Amounts of Fiscal Year* to Date Cumulative Distributions per Share |
Fund |
Distribution
Amount |
Net
Investment Income |
Net
Realized
Short-Term Gains
** |
Net
Realized Long-
Term Gains |
Return
of Capital |
| ASGI |
$0.8400 |
$0.1680 |
20% |
$0.1512 |
18% |
$0.5208 |
62% |
- |
- |
| FAX |
$0.1650 |
$0.0842 |
51% |
- |
- |
- |
- |
$0.0808 |
49% |
* ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal
year end.
**includes currency gains
Where the estimated amounts above show a portion of the
distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all
of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s
investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported
in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all
distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on
tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will
tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total
return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution
rates.
| Fund
Performance and Distribution Rate Information |
|
Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
03/31/2023¹ |
Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| ASGI³ |
8.88%3 |
6.85% |
16.63% |
3.42% |
| FAX |
-1.10% |
10.44% |
16.52% |
4.35% |
1
Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under
the Fund’s dividend reinvestment plan.
2
Based on the Fund’s NAV as of March 31, 2023.
3
The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July
29, 2020) through March 31, 2023.
Shareholders should not draw any conclusions
about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution
policy (the “Distribution Policy”).
While NAV performance may be indicative of the Fund’s
investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s
investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares
in the open market.
Pursuant to an exemptive order granted by the Securities
and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b)
under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.
The payment of distributions in accordance with the
Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase
in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market
price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s
investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent
that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board
has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution
Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local
tax considerations that may be applicable in their particular circumstances.
Circular
230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice
contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose
of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction
or matter addressed herein.
In the United States, abrdn is the marketing name for
the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Australia Limited, abrdn Asia Limited,
Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and abrdn Alternative Funds Limited.
Closed-end funds are traded on the
secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an
investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or
below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its
investment objective. Past performance does not guarantee future results.
https://www.abrdn.com/en-us/cefinvestorcenter
###
Exhibit 99.13(c)(6)
FOR IMMEDIATE
RELEASE
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
ABRDN
U.S. CLOSED-END FUNDS
ANNOUNCE DISTRIBUTION PAYMENT DETAILS
abrdn Global Infrastructure
Income Fund (“ASGI”)
abrdn Asia-Pacific Income Fund, Inc. (“FAX”)
(Philadelphia, May 31, 2023) -The above-noted
abrdn U.S. Closed-End Funds (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on May 31, 2023, on a per share basis to all shareholders
of record as of May 19, 2023 (ex-dividend date May 18, 2023).
| Ticker |
Exchange |
Fund |
Amount |
| ASGI |
NYSE |
abrdn Global Infrastructure Income Fund |
$ 0.1200 |
| FAX |
NYSE American |
abrdn Asia-Pacific Income Fund, Inc. |
$ 0.0275 |
Each Fund has adopted a distribution policy to provide
investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in
capital.
Under applicable U.S. tax rules, the amount and character
of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year.
However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds
may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following tables set forth the estimated amounts
of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been
computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.
Each Fund’s estimated sources of the current distribution
paid this month and for its current fiscal year to date are as follows:
| Estimated Amounts of Current Distribution per Share |
| Fund |
Distribution
Amount |
Net Investment
Income |
Net Realized Short-
Term Gains** |
Net Realized Long-
Term Gains |
Return of
Capital |
| ASGI |
$0.1200 |
$0.0372 |
31% |
$0.0168 |
14% |
$0.0660 |
55% |
- |
- |
| FAX |
$0.0275 |
$0.0146 |
53% |
- |
- |
- |
- |
$0.0129 |
47% |
| Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share |
| Fund |
Distribution
Amount |
Net Investment Income |
Net Realized
Short-Term Gains ** |
Net Realized Long-
Term Gains |
Return of Capital |
| ASGI |
$0.9600 |
$0.2976 |
31% |
$0.1344 |
14% |
$0.5280 |
55% |
- |
- |
| FAX |
$0.1925 |
$0.1020 |
53% |
- |
- |
- |
- |
$0.0905 |
47% |
* ASGI has a 9/30 fiscal year end; FAX has a 10/31 fiscal
year end.
**includes currency gains
Where the estimated amounts above show a portion of the
distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital
gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all
of the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s
investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported
in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all
distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes
will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on
tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will
tell you how to report these distributions for federal income tax purposes.
The following table provides the Funds’ total
return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution
rates.
| Fund Performance and Distribution Rate Information |
| Fund |
Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
04/30/2023¹ |
Current Fiscal
Period’s
Annualized
Distribution
Rate on NAV |
Cumulative
Total Return
on NAV¹ |
Cumulative
Distribution
Rate on NAV² |
| ASGI³ |
9.63%³ |
6.72% |
19.70% |
3.92% |
| FAX |
-0.48% |
10.44% |
17.69% |
5.22% |
1
Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under
the Fund’s dividend reinvestment plan.
2
Based on the Fund’s NAV as of April 30, 2023.
3
The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July
29, 2020) through April 30, 2023.
Shareholders should not draw any conclusions
about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution
policy (the “Distribution Policy”).
While NAV performance may be indicative of the Fund’s
investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s
investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares
in the open market.
Pursuant to an exemptive order granted by the Securities
and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b)
under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.
The payment of distributions in accordance with the
Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase
in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market
price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s
investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent
that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board
has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution
Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local
tax considerations that may be applicable in their particular circumstances.
Circular
230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice
contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose
of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction
or matter addressed herein.
In the United States, abrdn is the marketing name for
the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Australia Limited, abrdn Asia Limited,
Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and abrdn Alternative Funds Limited.
Closed-end funds are traded on the
secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an
investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or
below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its
investment objective. Past performance does not guarantee future results.
https://www.abrdn.com/en-us/cefinvestorcenter
###
