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, 2024 |
Item 1. Reports to Stockholders.
abrdn Global Infrastructure Income Fund (ASGI)
Semi-Annual Report
March 31, 2024
Distribution Policies (unaudited)
On May 9, 2024, the Fund's annualized
distribution rate on NAV increased from 9% to 12%. In December 2023, the Board of Trustees (the "Board") of abrdn Global Infrastructure Income Fund (the "Fund") approved a managed distribution policy which
will pay monthly distributions at an annual rate, set once a year, that is a percentage of the average daily net asset value ("NAV") for the previous month-end prior to declaration (the "Distribution Policy"). The
Distribution Policy is subject to regular review by the Board. The Distribution Policy seeks to provide investors with a distribution out of current income, supplemented by realized capital gains and, to the extent
necessary, paid-in capital. The Fund previously paid a fixed monthly distribution of $0.12, which was approved by the Board in March 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 Board may amend or terminate the Managed Distribution Policy 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 Managed Distribution Policy. 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 Distribution
Policy.
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, 2023 through the distributions declared on May 9, 2024 consisted of 20% net investment income, 62% long-term capital
gains and 18% return of capital. The amounts and sources of distributions reported in this report are only estimates and are not being provided for tax reporting purposes.
In January 2025, a Form
1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2024 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, 2024. 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.
Total Investment Return1
For the six-month period
ended March 31, 2024, 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
| 13.98%
|
| Market Price2
| 15.59%
|
| S&P Global Infrastructure Index (Net Total Return)4
| 11.95%
|
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
a 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(-)
|
| 3/31/2024
| $20.83
| $17.75
| -14.79%
|
| 9/30/2023
| $19.16
| $16.10
| -15.97%
|
During the six-month period ended March 31,
2024, the Fund’s NAV was within a range of $18.19 to $21.20 and the Fund’s market price traded within a range of $15.02 to $18.27. During the six-month period ended March 31, 2024, the Fund’s shares
traded within a range of a premium(+)/discount(-) of -11.06% to -17.74%.
Distribution Policies
In March 2023, the Board
approved the continuation of a Stable Distribution Plan pursuant to which the Fund would pay a fixed monthly distribution of $0.12, commencing with the distribution paid on April 28, 2023. On December 14, 2023, the
Board approved a managed distribution policy which will pay monthly distributions at an annual rate, set once a year, that is a percentage of the average daily net asset value ("NAV") for the previous month-end
prior to declaration (the "Distribution Policy"). On December 12, 2023, the Board determined the rolling distribution rate to be 9% for the 12-month period commencing with the distribution payable in January 2024. On
May 9, 2024, the Distribution Policy underwent a review by the Board which resulted in an increase in the Fund's annualized distribution rate on NAV from 9% to 12%. This rate increase will commence with the
distribution payable on May 31, 2024, to all shareholders of record as of May 23, 2024 (ex-dividend date May 22, 2024). The Fund intends to maintain the increased Managed Distribution Policy rate for at least
the next 12 months unless there is a significant and unforeseen change in market conditions. The Distribution Policy is subject to regular review by the Board. The Distribution Policy seeks to provide investors with a
distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
Distributions to common
shareholders for the six-month period ended March 31, 2024 totaled $0.82 per share. Based on the market price of $17.75 on March 31, 2024, the annualized distribution rate was 9.24%. Based on the NAV of $20.59 on
March 31, 2024, the annualized distribution rate was 7.97%.
{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 NAVs on the
six-month period ended March 31, 2024 and the fiscal year ended September 30, 2023. The Fund’s total return for the six-month period ended March 31,2024 based on the reported NAV of $20.58 was: 12.85%.The
Fund’s total return for the fiscal year ended September 30, 2023 based on the reported NAV of $19.12 was: 10.51%.
|
{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. Indexes are unmanaged and provided for comparison purposes only. 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.
Private Investments
The portion of the Fund's
portfolio invested in private placements represented 15.5% of the Fund's assets on March 31, 2024. During the reporting period, some milestones were achieved in the Funds' private placement portfolio that resulted in
an net increase in net asset value of approximately $6 million in the aggregate or $0.25 per share as of March 31, 2024.
Open Market
Repurchase Program
On December 12, 2023, the
Fund's Board approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount
and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management
based on historical discount levels and current market conditions. The Fund reports repurchase activity on the Fund's website on a monthly basis. For the period ended March 31, 2024, the Fund did not repurchase any
shares through the Program.
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.
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 (not annualized), 1-year, 3-year and since inception (July 29, 2020) periods ended March 31, 2024.
|
| 6 Months
| 1 Year
| 3 Years
| Since Inception
|
| Net Asset Value (NAV)
| 13.98%
| 6.92%
| 5.73%
| 8.33%
|
| Market Price
| 15.59%
| 7.98%
| 3.80%
| 4.06%
|
| S&P Global Infrastructure Index (Net Total Return)
| 11.95%
| 3.12%
| 4.59%
| 7.68%
|
Performance of a $10,000
Investment (as of March 31, 2024)
This graph shows the change in
value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.
The performance above
reflects fee waivers and/or expense reimbursements made by the Fund’s current investment adviser. Absent such waivers and/or reimbursements, the Fund’s returns would be lower. Additionally, abrdn Inc.
entered into an agreement with the Fund to limit investor relations services fees. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current term of
the advisory agreement. See Note 3 in the Notes to Financial Statements.
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. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of March
31, 2024. 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, excluding fee waivers based on the six-month period ended March 31, 2024 was 2.10%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended March 31, 2024 was
2.05%. The annualized net operating expense ratio, excluding deferred tax expenses based on the fiscal year ended March 31,
2024 was 1.65%.
| abrdn Global Infrastructure Income Fund
| 3
|
Portfolio Summary (as a percentage of net assets) (unaudited)
As of March 31, 2024
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 representing
more than 25% of net assets.
| Sectors
|
|
| Industrials
| 35.6%
|
| Transportation Infrastructure
| 15.4%
|
| Ground Transportation
| 8.8%
|
| Construction & Engineering
| 7.7%
|
| Commercial Services & Supplies
| 3.7%
|
| Utilities
| 33.4%
|
| Electric Utilities
| 11.9%
|
| Multi-Utilities
| 9.9%
|
| Independent Power Producers & Energy Traders
| 9.1%
|
| Unknown G3
| 2.0%
|
| Water Utilities
| 0.5%
|
| Energy
| 15.9%
|
| Communication Services
| 10.0%
|
| Real Estate
| 4.8%
|
| Materials
| 0.8%
|
| Information Technology
| 0.2%
|
| Liabilities in Excess of Other Assets
| (0.7%)
|
|
| 100.0%
|
The
following table summarizes the composition of the Fund’s portfolio by geographic classification.
| Countries
|
|
| United States
| 47.8%
|
| France
| 11.5%
|
| Canada
| 6.7%
|
| Spain
| 6.4%
|
| United Kingdom
| 4.5%
|
| Brazil
| 4.1%
|
| Italy
| 3.1%
|
| Mexico
| 2.9%
|
| Philippines
| 2.1%
|
| Malaysia
| 2.0%
|
| Other, less than 2% each
| 9.6%
|
| Liabilities in Excess of Other Assets
| (0.7%)
|
|
| 100.0%
|
| Top Ten Holdings
|
|
| NextEra Energy, Inc.
| 2.9%
|
| Aena SME SA
| 2.7%
|
| Vinci SA
| 2.7%
|
| Ferrovial SE
| 2.7%
|
| Trinity Gas Holdings, LLC (through abrdn Global Infrastructure Income Fund BL, LLC)
| 2.7%
|
| American Tower Corp., REIT
| 2.6%
|
| Sentinel Midstream Highline JV Holdings LLC (through abrdn Global Infrastructure Income Fund BL, LLC)
| 2.5%
|
| Cellnex Telecom SA
| 2.4%
|
| Engie SA
| 2.4%
|
| Canadian Pacific Kansas City Ltd.
| 2.3%
|
| 4
| abrdn Global Infrastructure Income Fund
|
Consolidated Portfolio of Investments (unaudited)
As of March 31, 2024
|
| Shares
| Value
|
| COMMON STOCKS—85.2%
|
|
| ARGENTINA—1.4%
|
| Industrials—0.6%
|
|
|
|
| Corp. America Airports SA(a)
|
| 190,739
| $ 3,204,415
|
| Materials—0.8%
|
|
|
|
| Loma Negra Cia Industrial Argentina SA, ADR
|
| 600,000
| 4,008,000
|
| Total Argentina
|
| 7,212,415
|
| AUSTRALIA—1.2%
|
| Industrials—1.2%
|
|
|
|
| Aurizon Holdings Ltd.
|
| 2,362,500
| 6,160,107
|
| BRAZIL—4.1%
|
| Industrials—3.0%
|
|
|
|
| CCR SA
|
| 4,115,900
| 11,341,416
|
| Rumo SA
|
| 1,082,800
| 4,805,824
|
|
|
|
| 16,147,240
|
| Utilities—1.1%
|
|
|
|
| Serena Energia SA(a)
|
| 3,031,800
| 5,688,327
|
| Total Brazil
|
| 21,835,567
|
| CANADA—5.5%
|
| Energy—2.1%
|
|
|
|
| Enbridge, Inc.
|
| 299,000
| 10,805,101
|
| Industrials—2.3%
|
|
|
|
| Canadian Pacific Kansas City Ltd.
|
| 138,200
| 12,185,094
|
| Utilities—1.1%
|
|
|
|
| Algonquin Power & Utilities Corp.
|
| 928,700
| 5,868,866
|
| Total Canada
|
| 28,859,061
|
| CHINA—0.2%
|
| Information Technology—0.2%
|
|
|
|
| GDS Holdings Ltd., ADR(a)
|
| 164,000
| 1,090,600
|
| FRANCE—11.5%
|
| Industrials—7.0%
|
|
|
|
| Eiffage SA
|
| 107,200
| 12,166,355
|
| Getlink SE
|
| 602,800
| 10,263,512
|
| Vinci SA
|
| 110,400
| 14,167,474
|
|
|
|
| 36,597,341
|
| Utilities—4.5%
|
|
|
|
| Engie SA
|
| 742,600
| 12,444,002
|
| Veolia Environnement SA
|
| 348,300
| 11,330,832
|
|
|
|
| 23,774,834
|
| Total France
|
| 60,372,175
|
| GERMANY—1.8%
|
| Utilities—1.8%
|
|
|
|
| RWE AG
|
| 282,700
| 9,608,177
|
| HONG KONG—1.1%
|
| Utilities—1.1%
|
|
|
|
| CLP Holdings Ltd.
|
| 699,000
| 5,575,393
|
| INDONESIA—0.6%
|
| Communication Services—0.6%
|
|
|
|
| Sarana Menara Nusantara Tbk. PT
|
| 62,856,400
| 3,409,429
|
| ITALY—3.1%
|
| Communication Services—1.1%
|
|
|
|
| Infrastrutture Wireless Italiane SpA(b)
|
| 522,600
| 5,930,445
|
| Utilities—2.0%
|
|
|
|
| Enel SpA
|
| 1,564,391
| 10,327,320
|
| Total Italy
|
| 16,257,765
|
|
| Shares
| Value
|
|
|
|
| JAPAN—1.0%
|
| Industrials—1.0%
|
|
|
|
| Japan Airport Terminal Co. Ltd.
|
| 131,800
| $ 5,208,222
|
| MALAYSIA—2.0%
|
| Industrials—2.0%
|
|
|
|
| Malaysia Airports Holdings Bhd.
|
| 4,984,200
| 10,433,618
|
| MEXICO—2.9%
|
| Industrials—2.9%
|
|
|
|
| Grupo Aeroportuario del Centro Norte SAB de CV
|
| 875,000
| 8,660,217
|
| Promotora y Operadora de Infraestructura SAB de CV
|
| 605,500
| 6,437,118
|
|
|
|
| 15,097,335
|
| NIGERIA—0.5%
|
| Communication Services—0.5%
|
|
|
|
| IHS Holding Ltd.(a)
|
| 684,400
| 2,415,932
|
| PHILIPPINES—2.1%
|
| Industrials—2.1%
|
|
|
|
| International Container Terminal Services, Inc.
|
| 1,954,200
| 11,054,622
|
| SPAIN—6.4%
|
| Communication Services—2.4%
|
|
|
|
| Cellnex Telecom SA(a)(b)
|
| 359,001
| 12,699,552
|
| Industrials—2.7%
|
|
|
|
| Aena SME SA(b)
|
| 72,300
| 14,239,736
|
| Utilities—1.3%
|
|
|
|
| EDP Renovaveis SA
|
| 476,600
| 6,454,199
|
| Total Spain
|
| 33,393,487
|
| TANZANIA—1.8%
|
| Communication Services—1.8%
|
|
|
|
| Helios Towers PLC(a)
|
| 8,111,990
| 9,663,560
|
| UNITED KINGDOM—4.5%
|
| Communication Services—0.9%
|
|
|
|
| Vodafone Group PLC, ADR
|
| 544,900
| 4,849,610
|
| Industrials—0.8%
|
|
|
|
| Mobico Group PLC
|
| 4,629,600
| 4,066,901
|
| Utilities—2.8%
|
|
|
|
| National Grid PLC
|
| 420,800
| 5,669,858
|
| SSE PLC
|
| 430,636
| 8,977,892
|
|
|
|
| 14,647,750
|
| Total United Kingdom
|
| 23,564,261
|
| UNITED STATES—33.5%
|
| Energy—5.3%
|
|
|
|
| Cheniere Energy, Inc.
|
| 59,900
| 9,660,672
|
| Kinder Morgan, Inc.
|
| 458,799
| 8,414,374
|
| Williams Cos., Inc.
|
| 249,400
| 9,719,118
|
|
|
|
| 27,794,164
|
| Industrials—8.2%
|
|
|
|
| CoreCivic, Inc.(a)
|
| 452,600
| 7,065,086
|
| Ferrovial SE
|
| 356,200
| 14,102,614
|
| GEO Group, Inc.(a)
|
| 222,700
| 3,144,524
|
| Norfolk Southern Corp.
|
| 46,900
| 11,953,403
|
| Union Pacific Corp.
|
| 28,700
| 7,058,191
|
|
|
|
| 43,323,818
|
| abrdn Global Infrastructure Income Fund
| 5
|
Consolidated Portfolio of Investments (unaudited) (concluded)
As of March 31, 2024
|
| Shares
| Value
|
| COMMON STOCKS (continued)
|
|
| UNITED STATES (continued)
|
| Real Estate—4.8%
|
|
|
|
| American Tower Corp., REIT
|
| 69,800
| $ 13,791,782
|
| Crown Castle, Inc., REIT
|
| 108,100
| 11,440,223
|
|
|
|
| 25,232,005
|
| Utilities—15.2%
|
|
|
|
| Altus Power, Inc.(a)
|
| 546,300
| 2,611,314
|
| American Electric Power Co., Inc.
|
| 100,300
| 8,635,830
|
| CenterPoint Energy, Inc.
|
| 249,600
| 7,111,104
|
| Clearway Energy, Inc., Class C
|
| 251,100
| 5,787,855
|
| CMS Energy Corp.
|
| 154,770
| 9,338,822
|
| FirstEnergy Corp.
|
| 130,700
| 5,047,634
|
| NextEra Energy Partners LP
|
| 296,200
| 8,909,696
|
| NextEra Energy, Inc.
|
| 236,211
| 15,096,245
|
| PPL Corp.
|
| 310,168
| 8,538,925
|
| Vistra Corp.
|
| 123,400
| 8,594,810
|
|
|
|
| 79,672,235
|
| Total United States
|
| 176,022,222
|
| Total Common Stocks
|
| 447,233,948
|
| PRIVATE CREDIT(c)—1.2%
|
|
| UNITED STATES—1.2%
|
| Energy—1.2%
|
|
|
|
| OYA Solar CDG LLC(d)(e)
|
| –
| 6,350,215
|
| Total Private Credit
|
| 6,350,215
|
| PRIVATE EQUITY(c)(f)—14.3%
|
|
| CANADA—1.2%
|
| Communication Services—1.2%
|
|
|
|
| NOVA-telMAX HoldCo LLC(a)(g)(h)
|
| –
| 6,143,793
|
| UNITED STATES—13.1%
|
| Communication Services—1.5%
|
|
|
|
| BT Co-Invest Fund, L.P. (through abrdn Global Infrastructure Income Fund BL, LLC)(h)(i)
|
| –
| 7,697,199
|
| Energy—7.3%
|
|
|
|
| Arroyo Trinity Direct Investment I, L.P. (through abrdn Global Infrastructure Income Fund BL, LLC)(h)(i)
|
| –
| 1,858,103
|
| CAI Co-Invest LP (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(h)(i)
|
| –
| 651,538
|
| Cresta Highline Co-Invest Fund I (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(h)(i)
|
| –
| 8,940,727
|
| Sentinel Midstream Highline JV Holdings LLC (through abrdn Global Infrastructure Income Fund BL, LLC)(d)(e)(h)
|
| –
| 12,926,000
|
| Trinity Gas Holdings, LLC (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(h)
|
| –
| 14,033,016
|
|
|
|
| 38,409,384
|
|
| Shares
| Value
|
|
|
|
|
|
| Industrials—1.8%
|
|
|
|
| WR Holdings LLC (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(e)(i)
|
| –
| $ 9,392,407
|
| Utilities—2.5%
|
|
|
|
| Cresta BBR Co-Invest BL LLC(a)(h)(j)
|
| –
| 2,875,495
|
| Zon Holdings II, LLC (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(h)(i)
|
| –
| 2,114,542
|
| Zon Holdings, LLC (through abrdn Global Infrastructure Income Fund BL, LLC)(a)(h)(i)
|
| –
| 8,462,566
|
|
|
|
| 13,452,603
|
| Total United States
|
| 68,951,593
|
| Total Private Equity
|
| 75,095,386
|
Total Investments
(Cost $477,162,629)—100.7%
| 528,679,549
|
| Liabilities in Excess of Other Assets—(0.7%)
| (3,728,268)
|
| Net Assets—100.0%
| $524,951,281
|
| (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 Directors. 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)
| NOVA-telMAX HoldCo LLC invests 100% of its capital in Telmax, Inc., in which the Fund's percentage of ownership is approximately 15%.
|
| (h)
| Restricted security, not readily marketable. See Notes to Consolidated Financial Statements.
|
| (i)
| 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., Sentinel Midstream Highline JV Holdings LLC, Trinity Gas Holdings, LLC, 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%, 19%, 18%, 5%, 50% and 50%, respectively.
|
| (j)
| Cresta Blocker invests 100% of its capital in Cresta Fund LP, in which the Fund's percentage of ownership is approximately 18%.
|
| 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, 2024
| Assets
|
|
| Investments, at value (cost $477,162,629)
| $ 528,679,549
|
| Interest and dividends receivable
| 465,185
|
| Tax reclaim receivable
| 500,559
|
| Prepaid expenses
| 5,555
|
| Total assets
| 529,650,848
|
| Liabilities
|
|
| Deferred tax liability (Note 9)
| 2,056,457
|
| Due to custodian
| 1,596,993
|
| Investment management fees payable (Note 3)
| 521,163
|
| Trustee fees payable
| 85,258
|
| Administration fees payable (Note 3)
| 34,754
|
| Investor relations fees payable (Note 3)
| 1,255
|
| Other accrued expenses
| 403,687
|
| Total liabilities
| 4,699,567
|
|
|
| Net Assets
| $524,951,281
|
| Composition of Net Assets
|
|
| Common stock (par value $0.001 per share) (Note 5)
| $ 25,207
|
| Paid-in capital in excess of par
| 478,048,577
|
| Distributable earnings
| 46,877,497
|
| Net Assets
| $524,951,281
|
| Net asset value per share based on 25,206,605 shares issued and outstanding
| $20.83
|
See Notes to Consolidated
Financial Statements.
| abrdn Global Infrastructure Income Fund
| 7
|
Consolidated Statement of Operations (unaudited)
For the Six-Months Ended March 31, 2024
| Net Investment Income
|
|
| Investment Income:
|
|
| Dividends and other income (net of foreign withholding taxes of $327,574)
| $ 6,112,647
|
| Non-cash income (Note 2i)
| 472,735
|
| Total investment income
| 6,585,382
|
| Expenses:
|
|
| Investment management fee (Note 3)
| 3,393,337
|
| Deferred tax expense (Note 9)
| 999,512
|
| Administration fee (Note 3)
| 201,087
|
| Legal fees and expenses
| 188,041
|
| Trustees' fees and expenses
| 185,730
|
| Independent auditors’ fees and tax expenses
| 67,474
|
| Custodian’s fees and expenses
| 66,713
|
| Reports to shareholders and proxy solicitation
| 45,702
|
| Investor relations fees and expenses (Note 3)
| 37,208
|
| Insurance expense
| 23,437
|
| Transfer agent’s fees and expenses
| 8,202
|
| Miscellaneous
| 54,171
|
| Total operating expenses before reimbursed/waived expenses
| 5,270,614
|
| Expenses waived (Note 3)
| (123,691)
|
| Total expenses
| 5,146,923
|
|
|
| Net Investment Income
| 1,438,459
|
| Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:
|
|
| Net realized gain/(loss) from:
|
|
| Investments (Note 2h)
| 6,379,273
|
| Foreign currency transactions
| (458,754)
|
|
| 5,920,519
|
| Net change in unrealized appreciation/(depreciation) on:
|
|
| Investments (Note 2h)
| 55,330,918
|
| Foreign currency translation
| 7,016
|
|
| 55,337,934
|
| Net realized and unrealized gain from investments and foreign currencies
| 61,258,453
|
| Change in Net Assets Resulting from Operations
| $62,696,912
|
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, 2024
(unaudited)
| For the
Year Ended
September 30, 2023
|
| Increase/(Decrease) in Net Assets:
|
|
|
| Operations:
|
|
|
| Net investment income
| $1,438,459
| $5,072,024
|
| Net realized gain from investments and foreign currency transactions
| 5,920,519
| 25,098,416
|
| Net change in unrealized appreciation/(depreciation) on investments and foreign
currency translation
| 55,337,934
| (21,919,388)
|
| Net increase in net assets resulting from operations
| 62,696,912
| 8,251,052
|
| Distributions to Shareholders From:
|
|
|
| Distributable earnings
| (20,669,416)
| (26,486,548)
|
| Net decrease in net assets from distributions
| (20,669,416)
| (26,486,548)
|
| Proceeds from shares issued from the reorganization resulting in the issuance of 0 and
16,351,605 shares of common stock, respectively (Note 10)
| –
| 333,513,983
|
| Change in net assets
| 42,027,496
| 315,278,487
|
| Net Assets:
|
|
|
| Beginning of period
| 482,923,785
| 167,645,298
|
| End of period
| $524,951,281
| $482,923,785
|
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 (unaudited)
For the Six-Months Ended March 31, 2024
| Cash flows from operating activities:
|
|
| Net increase/(decrease) in net assets resulting from operations
| $ 62,696,912
|
Adjustments to reconcile net increase in net assets resulting
from operations to net cash provided by operating activities:
|
|
| Investments purchased
| (32,315,435)
|
| Investments sold and principal repayments
| 50,075,770
|
| Decrease in short-term investments, excluding foreign government
| 1,755,228
|
| Net payment-in-kind interest income
| (472,735)
|
| Decrease in cash due to adviser
| (231,113)
|
| Increase in interest, dividends and other receivables
| (196,959)
|
| Decrease in prepaid expenses
| 23,438
|
| Increase in accrued investment advisory fees payable
| 44,096
|
| Increase in deferred tax liability
| 999,512
|
| Decrease in other accrued expenses
| (142,785)
|
| Net change in unrealized appreciation of investments
| (55,330,918)
|
| Net change in unrealized appreciation on foreign currency translations
| (7,016)
|
| Net realized gain on investments transactions
| (6,379,273)
|
| Net cash provided by operating activities
| 20,991,457
|
| Cash flows from financing activities:
|
|
| Decrease in payable to custodian
| (322,041)
|
| Distributions paid to shareholders
| (20,669,416)
|
| Net cash used in financing activities
| (20,991,457)
|
| Unrestricted and restricted cash and foreign currency, beginning of period
| –
|
| Unrestricted and restricted cash and foreign currency, end of period
| $–
|
| Supplemental disclosure of cash flow information:
|
|
Amounts listed as
“–” are $0 or round to $0.
See Notes to Consolidated
Financial Statements.
| 10
| abrdn Global Infrastructure Income Fund
|
Consolidated Financial Highlights
|
| For the
Six-Month
Period Ended
March 31,
| For the Fiscal Years Ended September 30,
| For the
Period Ended
September 30,
|
|
| 2024
(unaudited)
| 2023
| 2022
| 2021
| 2020
(a)
|
| PER SHARE OPERATING PERFORMANCE(b):
|
|
|
|
|
|
| Net asset value per common share, beginning of period
| $19.16
| $18.93
| $22.27
| $19.43
| $20.00
|
| Net investment income
| 0.06
| 0.28
| 0.04
| 0.20
| 0.02
|
Net realized and unrealized gains/(losses) on investments and foreign
currency transactions
| 2.43
| 1.39
| (2.01)
| 3.94
| (0.59)
|
| Total from investment operations applicable to common shareholders
| 2.49
| 1.67
| (1.97)
| 4.14
| (0.57)
|
| Distributions to common shareholders from:
|
|
|
|
|
|
| Net investment income
| (0.82)
| (0.68)
| (0.22)
| (1.20)
| –
|
| Net realized gains
| –
| (0.76)
| (1.15)
| (0.10)
| –
|
| Total distributions
| (0.82)
| (1.44)
| (1.37)
| (1.30)
| –
|
| Net asset value per common share, end of period
| $20.83
| $19.16
| $18.93
| $22.27
| $19.43
|
| Market price, end of period
| $17.75
| $16.10
| $15.73
| $19.93
| $17.51
|
| Total Investment Return Based on(c):
|
|
|
|
|
|
| Market price
| 15.59%
| 11.04%
| (15.23%)
| 21.54%
| (12.45%)
|
| Net asset value
| 13.98%(d)
| 9.80%(d)
| (8.70%)(d)
| 22.39%(d)
| (2.85%)
|
| Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:
|
|
|
|
|
|
| Net assets applicable to common shareholders, end of period (000 omitted)
| $524,951
| $482,924
| $167,645
| $197,185
| $172,015
|
| Average net assets applicable to common shareholders (000 omitted)
| $502,717
| $372,392
| $195,544
| $196,015
| $177,052
|
| Net operating expenses, net of fee waivers
| 2.05%(e)
| 1.83%(f)
| 1.99%(f)
| 1.78%
| 2.00%(e)(g)
|
| Net operating expenses, excluding deferred tax expense
| 1.65%(e)
| 1.65%
| 1.79%
| 1.78%
| 2.00%(e)(g)
|
| Net operating expenses, excluding fee waivers
| 2.10%(e)
| 1.85%
| 1.99%
| 1.78%
| 2.00%(e)(g)
|
| Net Investment income
| 0.57%(e)
| 1.36%
| 0.20%
| 0.92%
| 0.55%(e)
|
| Portfolio turnover
| 8%(h)
| 28%(i)
| 25%
| 28%
| –(h)
|
| (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)
| The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
|
| (e)
| Annualized.
|
| (f)
| The Fund recorded a deferred tax liability primarily associated with its subsidiary’s investments in partnerships of $654,810 and $402,135 for the years ended September 30, 2023 and September
30, 2022, respectively.
|
| (g)
| The expense ratio is higher than the Fund anticipates for a typical fiscal year due to the short fiscal period covered by the report.
|
| (h)
| Not annualized.See Notes to Consolidated Financial Statements.
|
| abrdn Global Infrastructure Income Fund
| 11
|
Consolidated Financial Highlights (concluded)
| (i)
| The portfolio turnover calculation excludes $194,946,484 and $181,919,462 of proceeds received and cost of investments related to rebalancing the portfolio
after the fund reorganization which occurred on March 10, 2023.
|
Amounts listed as
“–” are $0 or round to $0.
See Notes to Consolidated
Financial Statements.
| 12
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited)
March 31, 2024
1. Organization
abrdn Global Infrastructure
Income Fund (the “Fund”) is a 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 is diversified for purposes of 1940 Act. Pursuant to guidance from the Securities and Exchange Commission (the "SEC"), the Fund's classification
changed from a non-diversified fund to a diversified fund. As a result of this classification change, the Fund is limited in the proportion of its assets that may be invested in the securities of a single
issuer. The Fund’s 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
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 limited liability company, 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 or deemed unreliable.
In accordance with the
authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that 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,
| abrdn Global Infrastructure Income Fund
| 13
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
including assumptions about risk, for
example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the
reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the
best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
Open-end mutual funds are
valued at the respective net asset value (“NAV”) as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the
circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of
the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.
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. 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 the 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 generally 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. Generally, these
investment types are categorized as Level 1 investments.
In the event that a
security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued
at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been
fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.
The three-level hierarchy of
inputs is summarized below:
Level 1 - quoted prices
(unadjusted) in active markets for identical investments;
Level 2 - other significant observable
inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
Level 3 - significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments). Investments that are included in this category are private credit investments and private transaction investments that are not
able to use NAV as practical expedient as detailed below.
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.
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 15.0% of the net assets of the Fund as of March 31, 2024. For certain of the private equity investments, the Fund values private investment
companies using the
| 14
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
NAVs provided by the underlying private
investment companies as a practical expedient. The Fund 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. These holdings are not considered part of the three-level hierarchy and
therefore are only represented in the total below.
The following is a
summary of the inputs used as of March 31, 2024 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
| $246,713,745
| $200,520,203
| $–
| $447,233,948
|
| Private Credit
| –
| –
| 6,350,215
| 6,350,215
|
| Private Equity
| –
| –
| 9,392,407
| 9,392,407
|
| Private Equity
|
|
|
| 65,702,979
|
| Total Investments in Securities
|
|
|
| $528,679,549
|
Amounts listed as
“–” are $0 or round to $0.
Rollforward of Level 3 Fair Value Measurements
For the Six Months Ended March 31, 2024
|
Investments
in Securities
| Balance
as of
September 30,
2023
| Net Realized
Gain (Loss)
and Change
in Unrealized
Appreciation
(Depreciation)
| Net
Purchases
| Net
Sales
| Net
Transfers
in to
(out of)
Level 3
| Balance
as of
March 31,
2024
| Change in
Unrealized
Appreciation
(Depreciation)
from
Investments
Held at
March 31,
2024
|
| Private Credit
|
|
|
|
|
|
|
|
| United States
| $12,896,644
| $(326,104)
| $468,961
| $(975,000)
| $(5,714,286)
| $6,350,215
| $(326,104)
|
| Private Equity
|
|
|
|
|
|
|
|
| United States
| 6,271,360
| 1,934,864
| 1,186,183
| -
| -
| 9,392,407
| 1,934,864
|
| Total
| $19,168,004
| $1,608,760
| $1,655,144
| $(975,000)
| $(5,714,286)
| $15,742,622
| $1,608,760
|
Amounts listed as
“–” are $0 or round to $0.
| abrdn Global Infrastructure Income Fund
| 15
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
| Description
| Fair Value at
03/31/24
| Valuation Technique (s)
| Unobservable Inputs
| Range
| Weighted
Average
| Relationship
Between
FairValue
and Input;
if input value
increases then
Fair Value:
|
| Private Credit
| $6,350,215
| Market Approach
| Bid Activity
| N/A
| N/A
| Increase
|
| Private Equity
| $9,392,407
| Market Approach
| EBITDA Multiple
| 6.7x - 9.6x
| 8.2x
| Increase
|
|
| $15,742,622
|
|
|
|
|
|
Amounts listed as
“–” are $0 or round to $0.
The value of Oya Solar CDG
LLC credit investment is not expected to be repaid in full at maturity, but rather repaid from available proceeds following the completion of the sale of the overall Oya business. The valuation is based on an estimate
of the fair value of the collateral pool of assets and equipment backed by active bids for the acquisition of the whole company as part of the current sale process.
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 investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.
c. Foreign Currency
Translation:
Foreign securities,
currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by
an independent pricing service approved by the Board.
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. Public 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.
| 16
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
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 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. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of
the most recent four fiscal
years up to the most recent fiscal year ended
September 30, 2023 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 and are recorded on the Statement of Operations. The Fund files for tax reclaims for the refund of such
withholding taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. 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
| abrdn Global Infrastructure Income Fund
| 17
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
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, 2024, the Investment Advisor earned $3,393,337
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 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). The Adviser
continued to waive expenses voluntarily through the end of the March 31, 2024 reporting period.
During the six-month period
ended March 31, 2024, the Investment Adviser waived $123,691 pursuant to the Expense Limitation Agreement.
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").
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, 2024, abrdn Inc. earned $201,087 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, 2024, the Fund incurred investor relations fees of approximately $37,208. For the six-month period ended March 31, 2024, 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, 2024, were $28,549,359 and $48,125,791, respectively.
5. Capital
The Fund is authorized to
issue 100,000,000 common shares with par value $0.001. As of March 31, 2024, there were 25,206,605 common shares issued and outstanding.
The Board approved an open
market repurchase program (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the
discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current
market conditions. On a quarterly basis, the Fund's Board will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on
the Fund's website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of
September 30 of the prior year. For the period ended March 31, 2024, the Fund did not repurchase any shares through this program.
| 18
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
6. Private Equity
Investments
Certain of the Fund’s
investments, listed in the chart below, are restricted as to resale and are valued at NAV as a practical expedient.
| Security
| Acquisition
Date(s)
| Commitment
| Funded
| Unfunded
| Cost
| Fair
Value at
March 31, 2024
| 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
| $2,875,495
| 0.55
| $-
|
| CAI Co-Invest LP*
| 10/27/20
| 3,000,000
| 1,139,934
| 1,860,066
| 679,616
| 651,538
| 0.13
| 595,556
|
| BT Co-Invest Fund, L.P.*
| 7/1/21
| 3,238,849
| 3,238,849
| -
| 3,258,921
| 7,697,199
| 1.47
| 24,968**
|
| Arroyo Trinity Direct Investment I, L.P. *
| 10/20/21
| 2,000,000
| 2,000,000
| -
| 1,083,979
| 1,858,103
| 0.36
| 939,264***
|
| Cresta Highline Co-Invest Fund I*
| 7/22/21
| 5,000,000
| 5,000,000
| -
| 3,870,585
| 8,940,727
| 1.70
| 1,185,867***
|
| NOVA-telMAX HoldCo LLC
| 2/10/21
| 5,000,000
| 5,000,000
| -
| 5,055,068
| 6,143,793
| 1.17
| -
|
| Zon Holdings II, LLC*
| 2/8/23
| 2,749,865
| 2,704,326
| 45,539
| 2,704,326
| 2,114,542
| 0.40
| 24,696
|
| Zon Holdings, LLC*
| 2/8/23
| 10,999,459
| 10,817,305
| 182,154
| 10,817,305
| 8,462,566
| 1.61
| 98,784
|
| Sentinel Midstream Highline JV Holdings LLC *
| 9/21/23
| 8,071,429
| 8,071,429
| -
| 8,071,429
| 12,926,000
| 2.46
| -
|
| Trinity Gas Holdings, LLC*
| 9/1/23
| 14,000,000
| 14,000,000
| -
| 14,000,000
| 14,033,016
| 2.67
| -
|
Amounts listed as
“–” are $0 or round to $0.
| *
| Investment through abrdn Global Infrastructure Income 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.
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
| abrdn Global Infrastructure Income Fund
| 19
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
or not the Fund invests in securities of
issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such
events.
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; reduced demand for commercial and office space; increased
maintenance or tenant improvement costs to convert properties for other uses; default risk of tenants and borrowers; the financial condition of tenants, buyers and sellers; and the inability to re-lease space on
attractive terms or to obtain mortgage financing on a timely basis or at all. 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
risk. Certain REITs charge management fees, which may result in layering the management fee paid by the Fund.
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.
The Fund investments
primarily in infrastructure-related issuers. Infrastructure-related issuers fall into multiple market sectors. The Fund currently anticipates that it will be heavily exposed to the industrials and utilities
sectors.
| 20
| abrdn Global Infrastructure Income Fund
|
Notes to Consolidated Financial
Statements (unaudited) (continued)
March 31, 2024
Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector
products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic
conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and
product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector,
particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their
products and services.
Utilities Sector Risk. To the extent that the utilities sector represents a significant portion of the Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent
on, factors impacting this sector. Performance of companies in the utilities sector may be adversely impacted by many factors, including, among others, general economic conditions, supply and demand, financing and
operating costs, rate caps, interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, resource conservation and depletion, man-made or natural disasters,
geopolitical events, and environmental, and other government regulations.
For more information about the risks of
other infrastructure-related sectors, see also “Infrastructure-Related Investments Risk” and “Industry Specific Risks” in the “Additional Information Regarding the Fund - RISK
FACTORS” section of this report.
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, 2024, were as follows:
Tax Cost of
Securities
| Unrealized
Appreciation
| Unrealized
Depreciation
| Net
Unrealized
Appreciation/
(Depreciation)
|
| $476,592,894
| $71,367,732
| $(26,342,477)
| $45,025,255
|
The Fund may hold
certain portfolio company investments through the Subsidiary. Such Subsidiary may be subject to U.S. federal and state corporate-level income taxes. The Fund recognizes deferred tax assets and liabilities for the
estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the
applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse.
At March 31, 2024 the
Fund recorded a net deferred tax liability ("DTL") of $2,056,457 primarily associated with the Subsidiary’s investments in partnerships. The Fund utilized an effective tax rate of 20.97%to record its DTL.
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").
| abrdn Global Infrastructure Income Fund
| 21
|
Notes to Consolidated Financial
Statements (unaudited) (concluded)
March 31, 2024
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 16,351,605 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. The Acquiring Fund acquired capital loss carryovers of $224,864 which is subject to loss limitations from the Acquired Fund. 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 fiscal year ended September 30, 2023 are as follows:
|
|
|
| Net investment income
| $10,821,265
|
| Net realized and unrealized loss from investments
| 87,632,735
|
| Net decrease in net assets from operations
| 98,454,000
|
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.
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, 2024, other than as noted below.
On April 9, 2024, the Fund
announced that it will pay on April 30, 2024, a distribution of $0.15 per share to all shareholders of record as of April 23, 2024. On May 9, 2024, the Fund announced its Board of
Trustees ("Board") had approved an increase
in the Funds annualized distribution rate on NAV from 9% to 12%. In connection, with the increase in rate the Fund declared a distribution of $0.20 with the distribution payable on May 31, 2024, to all shareholders of
record as of May 23, 2024.
On May 24, 2024, the Board of
abrdn plc announced Stephen Bird would be leaving abrdn effective June 30, 2024.
| 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 NYSE,
the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent
will, as agent for the participants, buy Fund shares in the open market, on the NYSE or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed
its purchases, the market price exceeds the NAV of the Fund 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 SEC 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
P. Gerald Malone, Chair
Gordon A. Baird
Stephen Bird
Thomas W. Hunersen
Chris LaVictorie Mahai
Todd Reit
John Sievwright
Nancy Yao
Investment Adviser
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Investment Sub-Adviser
abrdn Investments Limited
10 Queen's Terrace
Aberdeen, AB10 1XL
Scotland, United Kingdom
Administrator
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
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, 2024, 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.
| Period | |
(a) Total No.
of Shares
Purchased | | |
(b) Average
Price Paid per
Share | | |
(c) Total No.
of Shares
Purchased as
Part of
Publicly
Announced Plans
or Programs(1) | | |
(d) Maximum No.
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs(1) | |
| Month #1 (Oct. 1, 2023 — Oct. 31, 2023) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Month #2 (Nov. 1, 2023 — Nov. 30, 2023) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Month #3 (Dec. 1, 2023 — Dec. 31, 2023) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Month #4 (Jan. 1, 2024 — Jan. 31, 2024) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Month #5 (Feb. 1, 2024 — Feb. 29, 2024) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Month #6 (Mar. 1, 2024 — Mar. 31, 2024) | |
| — | | |
| — | | |
| — | | |
| 2,520,661 | |
| Total | |
| — | | |
| — | | |
| — | | |
| | |
| |
(1) |
On December 14, 2023, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund’s investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund’s Board will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on the Fund's website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. For the period ended March 31, 2024, the Fund did not repurchase any shares through this program. |
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended March 31, 2024, 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 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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies
Not applicable
Item 13. Recovery of Erroneously Awarded Compensation
Not appliable
Item 14. 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 10, 2024
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 10, 2024
| By: |
/s/ Sharon Ferrari |
|
| |
Sharon Ferrari, |
|
| |
Principal Financial Officer of
abrdn Global
Infrastructure Income Fund |
|
Date: June 10, 2024
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 10, 2024
| /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 10, 2024
| /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, 2024 (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 10, 2024 |
|
PRINCIPAL FINANCIAL OFFICER
abrdn Global Infrastructure Income Fund
| /s/ Sharon Ferrari |
|
| Sharon Ferrari |
|
| Date: June 10, 2024 |
|
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.(c)(1)
Press Release
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 10, 2024) - The abrdn U.S. Closed-End
Funds (NYSE: ASGI, IFN, JEQ) (NYSE American: HQH, HQL, IAF, THQ, THW), (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on January 10, 2024, on a per share basis to all shareholders
of record as of December 29, 2023 (ex-dividend date December 28, 2023). These dates apply to the Funds listed below with the exception
of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), the abrdn Australia Equity Fund, Inc. (IAF), the India Fund,
Inc. (IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) which will pay on January 10, 2024, to all shareholders of record as of November
22, 2023 (ex-dividend date November 21, 2023).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.1200 | |
| HQH | |
NYSE American | |
abrdn Healthcare Investors | |
$ | 0.3800 | |
| HQL | |
NYSE American | |
abrdn Life Sciences Investors | |
$ | 0.3000 | |
| IAF | |
NYSE American | |
abrdn Australia Equity Fund, Inc. | |
$ | 0.1100 | |
| IFN | |
NYSE | |
The India Fund, Inc. | |
$ | 0.4100 | |
| JEQ | |
NYSE | |
abrdn Japan Equity Fund, Inc. | |
$ | 0.1000 | |
| THQ | |
NYSE American | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1125 | |
| THW | |
NYSE American | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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 Healthcare
Investors (HQH), abrdn Life Sciences Investors (HQL), 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
December 19, 2023. The reinvestment prices per share for these distributions were as follows: $16.33 for the abrdn Healthcare
Investors (HQH); $13.26 for the abrdn Life Sciences Investors (HQL); $4.35 for the abrdn Australia Equity Fund, Inc. (IAF); $17.66
for the India Fund, Inc. (IFN) and $5.58 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 Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund, Inc.
(IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in January 2024 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 December 18, 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 December 18, 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.
The Funds’ 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 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1200 | |
100 | % | |
| - | |
- | |
| HQH |
| |
$ | 0.3800 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0836 | |
22 | % | |
$ | 0.2964 | |
78 | % |
| HQL |
| |
$ | 0.3000 | | |
| - | |
- | | |
$ | 0.1380 | |
46 | % | |
| - | |
- | | |
$ | 0.1620 | |
54 | % |
| IAF |
| |
$ | 0.1100 | | |
$ | 0.0055 | |
5 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1045 | |
95 | % |
| IFN |
| |
$ | 0.4100 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.4100 | |
100 | % | |
| - | |
- | |
| JEQ |
| |
$ | 0.1000 | | |
| - | |
- | | |
$ | 0.0020 | |
2 | % | |
| - | |
- | | |
$ | 0.0980 | |
98 | % |
| THQ |
| |
$ | 0.1125 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0023 | |
2 | % | |
$ | 0.1102 | |
98 | % |
| THW |
| |
$ | 0.1167 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1167 | |
100 | % |
| 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 |
| |
$ | 0.3600 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.3600 | |
100 | % | |
| - | |
- | |
| HQH |
| |
$ | 0.3800 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0836 | |
22 | % | |
$ | 0.2964 | |
78 | % |
| HQL |
| |
$ | 0.3000 | | |
| - | |
- | | |
$ | 0.1380 | |
46 | % | |
| - | |
- | | |
$ | 0.1620 | |
54 | % |
| IAF |
| |
$ | 0.1100 | | |
$ | 0.0055 | |
5 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1045 | |
95 | % |
| IFN |
| |
$ | 1.6400 | | |
| - | |
- | | |
| - | |
- | | |
$ | 1.6400 | |
100 | % | |
| - | |
- | |
| JEQ |
| |
$ | 0.1000 | | |
| - | |
- | | |
$ | 0.0020 | |
2 | % | |
| - | |
- | | |
$ | 0.0980 | |
98 | % |
| THQ |
| |
$ | 0.3375 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0068 | |
2 | % | |
$ | 0.3307 | |
98 | % |
| THW |
| |
$ | 0.3501 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.3501 | |
100 | % |
* ASGI, HQH, HQL, THQ and THW have a 9/30 fiscal year end. 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 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
11/30/2023¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 7.49 | %3 | |
| 7.14 | % | |
| 7.04 | % | |
| 1.19 | % |
| THQ | |
| 7.00 | % | |
| 6.64 | % | |
| 2.42 | % | |
| 1.11 | % |
| THW | |
| 5.71 | % | |
| 12.14 | % | |
| 0.49 | % | |
| 2.02 | % |
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 November 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 November 30, 2023.
| Fund Performance and Distribution Rate Information |
| Fund | |
| Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
10/31/2023¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| HQH | |
| 4.52 | % | |
| N/A | * | |
| -4.99 | % | |
| N/A | * |
| HQL | |
| 4.03 | % | |
| N/A | * | |
| -5.00 | % | |
| N/A | * |
| IAF | |
| 5.86 | % | |
| 11.85 | % | |
| 1.45 | % | |
| 11.85 | % |
| IFN | |
| 7.68 | % | |
| 10.20 | % | |
| 6.67 | % | |
| 7.65 | % |
| JEQ | |
| 1.15 | % | |
| 6.78 | % | |
| 8.10 | % | |
| 6.78 | % |
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 October 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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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.(c)(2)
Press Release
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 31,
2024) - The abrdn U.S. Closed-End Funds (NYSE: ASGI) (NYSE American THQ, THW), (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on January 31, 2024, on a per share basis to all shareholders
of record as of January 24, 2024 (ex-dividend date January 23, 2024).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.1600 | |
| THQ | |
NYSE American | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1125 | |
| THW | |
NYSE American | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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.
The Funds’ 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 |
| |
$ | 0.1600 | | |
$ | 0.0112 | |
7 | % | |
| - | |
- | | |
$ | 0.1152 | |
72 | % | |
$ | 0.0336 | |
21 | % |
| THQ |
| |
$ | 0.1125 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0023 | |
2 | % | |
$ | 0.1102 | |
98 | % |
| THW |
| |
$ | 0.1167 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1167 | |
100 | % |
| 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 | |
|
$ | 0.5200 | | |
$ | 0.0364 | |
7 | % | |
| - | |
- | | |
$ | 0.3744 | |
72 | % | |
$ | 0.1092 | |
21 | % |
| THQ | |
|
$ | 0.4500 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0090 | |
2 | % | |
$ | 0.4410 | |
98 | % |
| THW | |
|
$ | 0.4668 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.4668 | |
100 | % |
* ASGI, THQ and THW have a 9/30 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 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
12/31/2023¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 8.81 | %3 | |
| 6.84 | % | |
| 12.29 | % | |
| 1.71 | % |
| THQ | |
| 10.34 | % | |
| 6.37 | % | |
| 7.41 | % | |
| 1.59 | % |
| THW | |
| 9.00 | % | |
| 11.68 | % | |
| 5.44 | % | |
| 2.92 | % |
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, 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 December 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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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.(c)(3)
Press Release
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, February 29,
2024) - The abrdn U.S. Closed-End Funds (NYSE: ASGI) (NYSE American THQ, THW), (the “Funds” or individually the “Fund”),
today announced that the Funds paid the distributions noted in the table below on February 29, 2024, on a per share basis to all shareholders
of record as of February 22, 2024 (ex-dividend date February 21, 2024).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.1500 | |
| THQ | |
NYSE American | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1800 | |
| THW | |
NYSE American | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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.
The Funds’ 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 |
| |
$ | 0.1500 | | |
$ | 0.0120 | |
8 | % | |
| - | |
- | | |
$ | 0.0840 | |
56 | % | |
$ | 0.0540 | |
36 | % |
| THQ |
| |
$ | 0.1800 | | |
| - | |
- | | |
$ | 0.0018 | |
1 | % | |
$ | 0.0018 | |
1 | % | |
$ | 0.1764 | |
98 | % |
| THW |
| |
$ | 0.1167 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1167 | |
100 | % |
| 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 |
| |
$ | 0.6700 | | |
$ | 0.0536 | |
8 | % | |
| - | |
- | | |
$ | 0.3752 | |
56 | % | |
$ | 0.2412 | |
36 | % |
| THQ |
| |
$ | 0.6300 | | |
| - | |
- | | |
$ | 0.0063 | |
1 | % | |
$ | 0.0063 | |
1 | % | |
$ | 0.6174 | |
98 | % |
| THW |
| |
$ | 0.5835 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.5835 | |
100 | % |
* ASGI, THQ and THW have a 9/30 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 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
01/31/2024¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 7.42 | %3 | |
| 9.58 | % | |
| 8.08 | % | |
| 2.59 | % |
| THQ | |
| 9.26 | % | |
| 6.26 | % | |
| 9.98 | % | |
| 2.09 | % |
| THW | |
| 8.00 | % | |
| 11.53 | % | |
| 7.82 | % | |
| 3.84 | % |
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, 2024.
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, 2024.
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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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.(c)(4)
Press Release
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,
March 28, 2024) - The abrdn U.S. Closed-End Funds (NYSE: ASGI, HQH, HQL, IFN, JEQ, THQ, THW) (NYSE American IAF), (the
“Funds” or individually the “Fund”), today announced that the Funds paid the distributions noted in the table
below on March 28, 2024, on a per share basis to all shareholders of record as of March 21, 2024 (ex-dividend date March 20, 2024). These
dates apply to the Funds listed below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), the
abrdn Australia Equity Fund, Inc. (IAF), the India Fund, Inc. (IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) which will pay on March
28, 2024, to all shareholders of record as of February 22, 2024 (ex-dividend date February 21, 2024).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.1500 | |
| HQH | |
NYSE | |
abrdn Healthcare Investors | |
$ | 0.4800 | |
| HQL | |
NYSE | |
abrdn Life Sciences Investors | |
$ | 0.3900 | |
| IAF | |
NYSE American | |
Abrdn Australia Equity Fund, Inc. | |
$ | 0.1200 | |
| IFN | |
NYSE | |
The India Fund, Inc. | |
$ | 0.4300 | |
| JEQ | |
NYSE | |
Abrdn Japan Equity Fund, Inc. | |
$ | 0.1100 | |
| THQ | |
NYSE | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1800 | |
| THW | |
NYSE | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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 Healthcare Investors (HQH), abrdn Life Sciences
Investors (HQL), 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 19, 2024. The reinvestment prices per share for these
distributions were as follows: $16.49 for the abrdn Healthcare Investors (HQH); $13.40 for the abrdn Life Sciences Investors (HQL); $4.16
for the abrdn Australia Equity Fund, Inc. (IAF); $18.4775 for the India Fund, Inc. (IFN) and $6.20 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 Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), Abrdn Australia Equity Fund, Inc. (IAF), the India Fund, Inc.
(IFN) and the abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in March 2024 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
18, 2024; 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 18, 2024
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.
The Funds’ 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 |
| |
$ | 0.1500 | | |
$ | 0.0120 | |
8 | % | |
$ | 0.0015 | |
1 | % | |
$ | 0.1080 | |
72 | % | |
$ | 0.0285 | |
19 | % |
| HQH |
| |
$ | 0.4800 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0480 | |
10 | % | |
$ | 0.4320 | |
90 | % |
| HQL |
| |
$ | 0.3900 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.3900 | |
100 | % |
| IAF |
| |
$ | 0.1200 | | |
$ | 0.0228 | |
19 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0972 | |
81 | % |
| IFN |
| |
$ | 0.4300 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.4300 | |
100 | % | |
| - | |
- | |
| JEQ |
| |
$ | 0.1100 | | |
$ | 0.0143 | |
13 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0957 | |
87 | % |
| THQ |
| |
$ | 0.1800 | | |
| - | |
- | | |
$ | 0.0108 | |
6 | % | |
$ | 0.0018 | |
1 | % | |
$ | 0.1674 | |
93 | % |
| THW |
| |
$ | 0.1167 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1167 | |
100 | % |
| 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 |
| |
$ | 0.8200 | | |
$ | 0.0656 | |
8 | % | |
$ | 0.0082 | |
1 | % | |
$ | 0.5904 | |
72 | % | |
$ | 0.1558 | |
19 | % |
| HQH |
| |
$ | 0.8600 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0860 | |
10 | % | |
$ | 0.7740 | |
90 | % |
| HQL |
| |
$ | 0.6900 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.6900 | |
100 | % |
| IAF |
| |
$ | 0.2300 | | |
$ | 0.0437 | |
19 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1863 | |
81 | % |
| IFN |
| |
$ | 0.4300 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.4300 | |
100 | % | |
| - | |
- | |
| JEQ |
| |
$ | 0.2100 | | |
$ | 0.0273 | |
13 | % | |
| - | |
- | | |
| - | |
- | | |
$ | 0.1827 | |
87 | % |
| THQ |
| |
$ | 0.8100 | | |
| - | |
- | | |
$ | 0.0486 | |
6 | % | |
$ | 0.0081 | |
1 | % | |
$ | 0.7533 | |
93 | % |
| THW |
| |
$ | 0.7002 | | |
| - | |
- | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.7002 | |
100 | % |
* ASGI, HQH, HQL, THQ and
THW have a 9/30 fiscal year end. 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 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 tables provide 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
02/29/2024¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 7.45 | %3 | |
| 8.60 | % | |
| 8.80 | % | |
| 3.35 | % |
| THQ | |
| 9.84 | % | |
| 8.61 | % | |
| 12.88 | % | |
| 2.87 | % |
| THW | |
| 8.02 | % | |
| 11.48 | % | |
| 9.30 | % | |
| 4.78 | % |
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 29, 2024.
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 29, 2024.
| Fund Performance and Distribution Rate Information |
| Fund | |
| Average
Annual Total
Return on NAV
for the 5 Year
Period Ending
01/31/2024¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| HQH | |
| 6.50 | % | |
| 7.57 | % | |
| 9.06 | % | |
| 1.89 | % |
| HQL | |
| 6.29 | % | |
| 7.33 | % | |
| 11.53 | % | |
| 1.83 | % |
| IAF | |
| 8.54 | % | |
| 9.07 | % | |
| 17.84 | % | |
| 2.27 | % |
| IFN | |
| 8.96 | % | |
| N/A | * | |
| 0.95 | % | |
| N/A | * |
| JEQ | |
| 4.70 | % | |
| 5.89 | % | |
| 18.11 | % | |
| 1.47 | % |
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, 2024.
* The Fund’s fiscal period
to date is January 1, 2024 to January 31, 2024 and there was no distribution during this period.
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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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.(c)(5)
Press Release
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, April 30, 2024)
- The abrdn U.S. Closed-End Funds (NYSE: ASGI, THQ, THW), (the “Funds” or individually the “Fund”), today
announced that the Funds paid the distributions noted in the table below on April 30, 2024, on a per share basis to all shareholders
of record as of April 23, 2024 (ex-dividend date April 22, 2024).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.1500 | |
| THQ | |
NYSE | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1800 | |
| THW | |
NYSE | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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.
The Funds’ 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 | |
|
$ | 0.1500 | | |
$ | 0.0135 | |
9 | % | |
$ | 0.0015 | |
1 | % | |
$ | 0.0960 | |
64 | % | |
$ | 0.0390 | |
26 | % |
| THQ | |
|
$ | 0.1800 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0018 | |
1 | % | |
$ | 0.1782 | |
99 | % |
| THW | |
|
$ | 0.1167 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0023 | |
2 | % | |
$ | 0.1144 | |
98 | % |
| 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 |
| |
$ | 0.9700 | | |
$ | 0.0873 | |
9 | % | |
$ | 0.0097 | |
1 | % | |
$ | 0.6208 | |
64 | % | |
$ | 0.2522 | |
26 | % |
| THQ |
| |
$ | 0.9900 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0099 | |
1 | % | |
$ | 0.9801 | |
99 | % |
| THW |
| |
$ | 0.8169 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0163 | |
2 | % | |
$ | 0.8006 | |
98 | % |
* ASGI, THQ and THW have a 9/30 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 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 tables provide
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
03/31/2024¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 8.34 | %3 | |
| 8.75 | % | |
| 12.85 | % | |
| 3.98 | % |
| THQ | |
| 15.78 | % | |
| 8.47 | % | |
| 10.18 | % | |
| 3.63 | % |
| THW | |
| 13.30 | % | |
| 11.18 | % | |
| 8.53 | % | |
| 5.59 | % |
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, 2024.
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, 2024.
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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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.(c)(6)
Press Release
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, May 31, 2024)
- The abrdn U.S. Closed-End Funds (NYSE: ASGI, THQ, THW), (the “Funds” or individually the “Fund”), today
announced that the Funds paid the distributions noted in the table below on May 31, 2024, on a per share basis to all shareholders of
record as of May 23, 2024 (ex-dividend date May 22, 2024).
| Ticker | |
Exchange | |
Fund | |
Amount | |
| ASGI | |
NYSE | |
abrdn Global Infrastructure Income Fund | |
$ | 0.2000 | |
| THQ | |
NYSE | |
abrdn Healthcare Opportunities Fund | |
$ | 0.1800 | |
| THW | |
NYSE | |
abrdn World Healthcare Fund | |
$ | 0.1167 | |
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.
The Funds’ 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 | | |
$ | 0.2000 | | |
$ | 0.0400 | |
20 | % | |
| - | |
- | | |
$ | 0.1240 | |
62 | % | |
$ | 0.0360 | |
18 | % |
| THQ | | |
$ | 0.1800 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0018 | |
1 | % | |
$ | 0.1782 | |
99 | % |
| THW | | |
$ | 0.1167 | | |
| - | |
- | | |
$ | 0.0070 | |
6 | % | |
$ | 0.0128 | |
11 | % | |
$ | 0.0969 | |
83 | % |
| 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 | | |
$ | 1.1700 | | |
$ | 0.2340 | |
20 | % | |
| - | |
- | | |
$ | 0.7254 | |
62 | % | |
$ | 0.2106 | |
18 | % |
| THQ | | |
$ | 1.1700 | | |
| - | |
- | | |
| - | |
- | | |
$ | 0.0117 | |
1 | % | |
$ | 1.1583 | |
99 | % |
| THW | | |
$ | 0.9336 | | |
| - | |
- | | |
$ | 0.0560 | |
6 | % | |
$ | 0.1027 | |
11 | % | |
$ | 0.7749 | |
83 | % |
* ASGI, THQ and THW have a 9/30 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 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 tables provide
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
03/31/2024¹ | | |
| Current
Fiscal
Period’s
Annualized
Distribution
Rate on NAV | | |
| Cumulative
Total Return
on NAV¹ | | |
| Cumulative
Distribution
Rate on NAV² | |
| ASGI³ | |
| 7.42 | %3 | |
| 8.65 | % | |
| 10.02 | % | |
| 4.88 | % |
| THQ | |
| 9.87 | % | |
| 9.96 | % | |
| 10.45 | % | |
| 4.69 | % |
| THW | |
| 8.37 | % | |
| 11.69 | % | |
| 9.37 | % | |
| 6.82 | % |
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, 2024.
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, 2024.
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 Asia Limited, abrdn Private
Equity (Europe) Limited, and abrdn ETFs Advisors LLC.
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#
###
abrdn Global Infrastruct... (NYSE:ASGI)
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