Item 1. Reports to Stockholders.
Stable Distribution Plan (unaudited)
Effective for
the 2022 fiscal year, the Board of Trustees approved a Stable Distribution Plan that the Aberdeen Standard Global Infrastructure Income
Fund (the "Fund") would pay a fixed monthly distribution of US$0.1083, commencing with the distribution paid on October 29,
2021. On April 11, 2022, the Fund announced that it has increased its monthly distribution by 10.8% from US $0.1083 per share to $0.12
per share, commencing with the distribution payable on April 29, 2022 to shareholders of record as of April 22, 2022 (ex-dividend date
April 21, 2022). The Fund intends to maintain the monthly distribution level of $0.12 per share for at least the 12 months following
April 11, 2022, unless there is significant and unforeseen change in
market conditions.
With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information
regarding the amount and estimated composition of the distribution and other information required by the Fund's exemptive order. The
Fund's Board of Trustees may amend or terminate the Stable Distribution Plan at any time without prior notice to shareholders; however,
at this time, there are no reasonably foreseeable circumstances that might cause the termination of the Stable Distribution Plan. You
should not draw any conclusions about the Fund's investment performance from the amount of distributions or from the terms of the Fund's
Stable Distribution Plan.
Distribution Disclosure Classification
(unaudited)
The Fund's policy
is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the
extent necessary, paid-in capital.
The Fund is subject
to U.S. corporate, tax and securities laws. Under U.S. tax 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
the Fund's assets are denominated.
Based on generally
accepted accounting principles, the Fund estimates the distributions for the fiscal year commenced October 1, 2021 through the distributions
declared on May 10, 2022 consisted of 12% net investment income, 5% net realized short-term capital gains and 83% long-term capital gains.
The amounts and sources of distributions reported in this report are only estimates and are not being provided for tax reporting purposes.
In January 2023,
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 2022 calendar year.
Aberdeen
Standard Global Infrastructure Income Fund
Letter to Shareholders (unaudited)
Dear Shareholder,
We present this
Semi-Annual Report which covers the activities of Aberdeen Standard Global Infrastructure Income Fund (the "Fund") for the
six-month period ended March 31, 2022. 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, 2022,
the total return to shareholders of the Fund based on the net asset value and market price, respectively, compared to the Fund's primary
benchmark are as follows:
NAV2,3 | |
7.1% |
Market
Price2 | |
4.4% |
S&P
Global Infrastructure Index (Net Total Return)4 | |
12.0% |
For more information
about Fund performance, please visit the Fund on the web at www.aberdeenasgi.com. Here, you can view quarterly commentary on the Fund's
performance, monthly fact sheets, distribution and performance information, and other Fund literature.
NAV, Market Price and Premium(+)/Discount(-)
The below table
represents comparison from current six month-period end to prior fiscal year end of market price to NAV and associated premium(+)/discount(-).
| |
NAV | |
Closing
Market
Price | |
Premium(+)/
Discount(-) |
3/31/2022 | |
$23.09 | |
$20.15 | |
-12.7% |
9/30/2021 | |
$22.27 | |
$19.93 | |
-10.5% |
Throughout the
period ended March 31, 2022, the Fund's NAV was within a range of $21.45 to $23.24 and the Fund's market price traded within a range
of $18.76 to $21.19 for the same time period. Throughout the period ended March 31, 2022, the Fund's shares traded within a range of
a premium(+)/discount(-) of -8.3% to -14.4%.
Stable Distribution Policy
Effective for
the 2022 fiscal year, the Board approved a Stable Distribution Plan that the Fund would pay a fixed monthly distribution of US$0.1083,
commencing with the distribution paid on October 29, 2021. The distributions will be made from current income, supplemented by realized
capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital.
Distributions
to common shareholders for the six-month period ended March 31, 2022 totaled $0.65 per share. Based on the market price of $20.15 on
March 31, 2022, the annualized distribution rate was 6.5%. Based on the NAV of $23.09 on March 31, 2022, the annualized distribution
rate was 5.6%.
On April 11, 2022,
the Fund announced that it has increased its monthly distribution by 10.8% from US $0.1083 per share to $0.12 per share, commencing with
the distribution payable on April 29, 2022 to shareholders of record as of April 22, 2022 (ex-dividend date April 21, 2022). The Fund
intends to maintain the monthly distribution level of $0.12 per share for at least the 12 months following April 11, 2022, unless there
is significant and unforeseen change in market conditions.
In approving the
increase in distribution rate, the Board of Trustees considered, among other things, the Fund's strong positive performance since inception.
As of March 31, 2022 the cumulative total return since inception of the NAV of the Fund was 27.31% and the market price total return
was 11.10%. The Board also considered the Fund's ability to sustain the distribution policy and that the increased distribution may assist
in narrowing the discount to NAV at which the Fund's shares tend to trade. This increase will bring the distribution yield more in line
with the initial distribution yield that was announced in August 2020.
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.
| 1 | Past performance is no
guarantee of future results. Investment returns and principal value will fluctuate and shares,
when sold, may be worth more or less than original cost. Current performance may be lower
or higher than the performance quoted. Net asset value return data include investment management
fees, custodial charges and administrative fees (such as Director and legal fees) and assumes
the reinvestment of all distributions. |
| 2 | Assuming the reinvestment
of dividends and distributions. |
| 3 | The Fund's total return
is based on the reported net asset value ("NAV") for each financial reporting period
end and may differ from what is reported on the Financial Highlights due to financial statement
rounding or adjustments. |
| 4 | The S&P Global Infrastructure
Index (Net Total Return) is an unmanaged index considered representative of stock markets
of developed and emerging markets. Indexes are unmanaged and have been provided for comparison
purposes only. The Index is calculated net of withholding taxes to which the Fund is generally
subject. No fees or expenses are reflected. You cannot invest directly in an index. |
|
Aberdeen
Standard Global Infrastructure Income Fund |
1 |
Letter to Shareholders (unaudited)
(continued)
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 Securities and Exchange Commission (the
"SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are
available on the SEC's website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without
charge by calling Investor relations toll-free at 1-800-522-5465.
Proxy Voting
A description
of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information
regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 will be available
by August 31 of the relevant year: (1) without charge, upon request, by calling Investor Relations toll-free at 1-800-522-5465; and (2)
on the SEC's website at http://www.sec.gov.
COVID-19
The COVID-19 pandemic
has caused major disruption to economies and markets around the world, including the United States. Financial markets have experienced
extreme volatility and severe losses. Some sectors of the economy and individual issuers have experienced particularly large losses.
These circumstances may continue for an
extended period
of time, and as a result may affect adversely the value and liquidity of the Fund's investments. The rapid development and fluidity of
this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions, and, as a result,
present uncertainty and risk with respect to the Fund and the performance of its investments and ability to pay distributions. The full
extent of the impact and effects of COVID-19 will depend on future developments, including, among other factors, the duration and spread
of the outbreak, along with related travel advisories, quarantines and restrictions, the recovery time of the disrupted supply chains
and industries, the impact of labor market interruptions, the impact of government interventions, and uncertainty with respect to the
duration of the global economic slowdown.
Risk Considerations
Past performance
is not an indication of future results. International investing entails special risk considerations, including currency fluctuations,
lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging
market investments. Equity stocks of small and mid-cap companies carry greater risk, and more volatility than equity stocks of larger,
more established companies. Dividends are not guaranteed and a company's future ability to pay dividends may be limited. The use of leverage
will also increase market exposure and magnify risk.
Infrastructure-related
issuers may be subject to a variety of factors that may adversely affect their business or operations, including military conflicts,
sanctions, high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and
other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties
concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
The Fund's investments
in private companies may be subject to higher risk than investments in securities of public companies.
Investor Relations Information
As part of abrdn's
commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenasgi.com. Here, you can view monthly fact sheets,
quarterly commentary, distribution and performance information, and other Fund literature.
2 |
Aberdeen
Standard Global Infrastructure Income Fund |
Letter
to Shareholders (unaudited) (concluded)
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/fund-centre/closed-end-funds
Contact Us:
| • | Visit: https://www.abrdn.com/en-us/cefinvestorcenter/contact-us/preferences; |
| • | 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
All amounts are
U.S. Dollars unless otherwise stated.
Aberdeen Standard Global Infrastructure
Income Fund |
3 |
Total
Investment Returns (unaudited)
The following table summarizes the average annual
Fund performance compared to the Fund's benchmark for the six-month, 1-year and since inception periods as of March 31, 2022.
|
6
Months |
|
1
Year |
|
Since
Inception
7/29/20 |
|
Net
Asset Value (NAV) |
7.1% |
|
12.1% |
|
15.5% |
|
Market
Price |
4.4% |
|
7.3% |
|
6.5% |
|
S&P
Global Infrastructure Index (Net Total Return) |
12.0% |
|
15.9% |
|
18.6% |
|
Performance of a $10,000 Investment (as of March 31, 2022)
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.
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 on the financial reporting period ended March 31, 2022. 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.aberdeenasgi.com or by calling 800-522-5465.
The annualized net operating expense ratio based on the six-month
period ended March 31, 2022, was 1.73%.
4 |
Aberdeen Standard Global
Infrastructure Income Fund |
Portfolio
Summary (as a percentage of net assets) (unaudited)
March 31, 2022
The following table summarizes the sector composition of the Fund's
portfolio, in S&P Global Inc.'s Global Industry Classification Standard ("GICS") Sectors.
Sectors |
|
|
Industrials |
|
33.4% |
Utilities |
|
27.6% |
Communication
Services |
|
13.1% |
Private
Equity |
|
9.2% |
Energy |
|
7.6% |
Real
Estate |
|
3.9% |
Private
Credit |
|
2.6% |
Materials |
|
1.7% |
Information
Technology |
|
0.5% |
Consumer
Discretionary |
|
0.4% |
Short-Term
Investment |
|
–% |
Liabilities
in Excess of Other Assets |
|
–% |
|
|
100.0% |
| (1) | The sectors,
as classified by GICS, are comprised of several industries. As of March 31, 2022, the Fund
did not have more than 25% of its assets invested in any industry. As of March 31, 2022,
the Fund's holdings in the Industrials sector were allocated to four industries: Transportation
Infrastructure (15.5%), Road & Rail (9.5%), Construction & Engineering (7.7%), Commercial
Services & Supplies (0.7%). As of March 31, 2022, the Fund's holdings in the Utilities
sector were allocated to three industries: Multi-Utilities (11.6%), Electric Utilities (8.5%),
Independent Power & Renewable Electricity Producers (7.5%). |
The following chart summarizes the composition of the Fund's portfolio
by geographic classification:
Countries |
|
|
United
States |
|
29.7% |
France |
|
9.5% |
Spain |
|
9.3% |
Italy |
|
5.7% |
Brazil |
|
5.6% |
United
Kingdom |
|
5.5% |
Canada |
|
4.9% |
Germany |
|
4.0% |
China |
|
2.1% |
Philippines |
|
2.1% |
Other,
less than 2% each |
|
21.6% |
Short-Term
Investment |
|
–% |
Liabilities
in Excess of Other Assets |
|
–% |
|
|
100.0% |
Amounts listed as "–" are 0% or round to 0%.
Aberdeen
Standard Global Infrastructure Income Fund |
5 |
Portfolio Summary (as
a percentage of net assets) (unaudited) (concluded)
March 31, 2022
Top
Ten Holdings |
|
|
CCR
SA |
|
2.9% |
Cellnex
Telecom SA |
|
2.8% |
RWE
AG |
|
2.8% |
OYA
Solar CDG LLC (through Aberdeen Standard Global Infrastructure Fund BL, LLC) |
|
2.6% |
Kinder
Morgan, Inc. |
|
2.6% |
Enbridge,
Inc. |
|
2.6% |
Ferrovial
SA |
|
2.5% |
Williams
Cos., Inc. (The) |
|
2.5% |
Cresta
Highline Co-Invest Fund I (through Aberdeen Standard Global Infrastructure Fund BL, LLC) |
|
2.4% |
Canadian
Pacific Railway Ltd. |
|
2.4% |
6 |
Aberdeen Standard Global
Infrastructure Income Fund |
Consolidated
Portfolio of Investments (unaudited)
March 31, 2022
| |
Shares
or Principal Amount | |
Value | |
LONG-TERM
INVESTMENTS—(100.0%) |
COMMON
STOCKS—(88.2%) |
ARGENTINA—(1.7%) |
Industrials—(1.0%) | |
| |
| |
Corp.
America Airports SA(a) | |
339,800 | |
$ 2,038,800 | |
Materials—(0.7%) | |
| |
| |
Loma
Negra Cia Industrial Argentina SA, ADR(a) | |
251,200 | |
1,436,864 | |
BRAZIL—(5.6%) | |
| |
| |
Industrials—(4.7%) | |
| |
| |
CCR
SA | |
2,046,989 | |
5,890,245 | |
Rumo
SA(a) | |
969,000 | |
3,775,417 | |
| |
| |
9,665,662 | |
Utilities—(0.9%) | |
| |
| |
Omega
Energia SA(a) | |
750,905 | |
1,886,311 | |
CANADA—(4.9%) | |
| |
| |
Energy—(2.5%) | |
| |
| |
Enbridge,
Inc. | |
114,400 | |
5,266,344 | |
Industrials—(2.4%) | |
| |
| |
Canadian
Pacific Railway Ltd. | |
59,425 | |
4,904,940 | |
CHINA—(2.1%) | |
| |
| |
Industrials—(1.6%) | |
| |
| |
COSCO
SHIPPING Ports Ltd. | |
2,314,100 | |
1,793,301 | |
Zhejiang
Expressway Co. Ltd., Class H | |
1,810,000 | |
1,520,406 | |
| |
| |
3,313,707 | |
Information
Technology—(0.5%) | |
| |
| |
GDS
Holdings Ltd., ADR(a) | |
27,400 | |
1,075,450 | |
FRANCE—(9.5%) | |
| |
| |
Industrials—(5.3%) | |
| |
| |
Eiffage
SA | |
37,900 | |
3,889,758 | |
Getlink
SE | |
133,500 | |
2,404,288 | |
Vinci
SA | |
45,300 | |
4,628,419 | |
| |
| |
10,922,465 | |
Utilities—(4.2%) | |
| |
| |
Engie
SA | |
316,100 | |
4,155,766 | |
Veolia
Environnement SA | |
136,100 | |
4,363,838 | |
| |
| |
8,519,604 | |
GERMANY—(4.0%) | |
| |
| |
Communication
Services—(1.3%) | |
| |
| |
Vantage
Towers AG | |
74,565 | |
2,633,659 | |
Utilities—(2.7%) | |
| |
| |
RWE
AG | |
130,600 | |
5,686,650 | |
Aberdeen
Standard Global Infrastructure Income Fund |
7 |
Consolidated
Portfolio of Investments (unaudited) (continued)
March 31, 2022
|
|
Shares
or
Principal Amount | |
Value | |
LONG-TERM
INVESTMENTS (continued) |
COMMON
STOCKS (continued) |
INDIA—(0.5%) |
Utilities—(0.5%) |
| | |
| |
Azure
Power Global Ltd.(a) |
| 59,100 | |
$ 983,424 | |
INDONESIA—(1.0%) |
| | |
| |
Communication
Services—(1.0%) |
| | |
| |
Sarana
Menara Nusantara Tbk PT |
| 26,811,000 | |
1,997,408 | |
ITALY—(5.7%) |
| | |
| |
Communication
Services—(1.2%) |
| | |
| |
Infrastrutture
Wireless Italiane SpA(b) |
| 222,500 | |
2,490,717 | |
Industrials—(1.7%) |
| | |
| |
Atlantia
SpA(a) |
| 162,600 | |
3,380,867 | |
Materials—(1.0%) |
| | |
| |
Buzzi
Unicem SpA |
| 106,700 | |
1,974,500 | |
Utilities—(1.8%) |
| | |
| |
Enel
SpA |
| 564,000 | |
3,765,687 | |
JAPAN—(0.7%) |
| | |
| |
Industrials—(0.7%) |
| | |
| |
East
Japan Railway Co. |
| 24,400 | |
1,412,212 | |
LUXEMBOURG—(1.8%) |
| | |
| |
Communication
Services—(1.8%) |
| | |
| |
Millicom
International Cellular SA(a) |
| 59,000 | |
1,497,829 | |
SES
SA, ADR |
| 245,000 | |
2,237,394 | |
MALAYSIA—(1.4%) |
| | |
| |
Industrials—(1.4%) |
| | |
| |
Malaysia
Airports Holdings Bhd(a) |
| 1,801,200 | |
2,977,190 | |
MEXICO—(1.7%) |
| | |
| |
Industrials—(1.7%) |
| | |
| |
Promotora
y Operadora de Infraestructura SAB de CV |
| 437,600 | |
3,474,619 | |
NORWAY—(1.0%) |
| | |
| |
Communication
Services—(1.0%) |
| | |
| |
Telenor
ASA |
| 142,400 | |
2,043,373 | |
PHILIPPINES—(2.1%) |
| | |
| |
Industrials—(2.1%) |
| | |
| |
International
Container Terminal Services, Inc. |
| 975,500 | |
4,225,938 | |
SPAIN—(9.3%) |
| | |
| |
Communication
Services—(2.8%) |
| | |
| |
Cellnex
Telecom SA(b) |
| 120,700 | |
5,808,615 | |
Industrials—(4.5%) |
| | |
| |
Aena
SME SA(a)(b) |
| 23,500 | |
3,917,453 | |
Ferrovial
SA |
| 195,561 | |
5,200,916 | |
|
| | |
9,118,369 | |
8 |
Aberdeen
Standard Global Infrastructure Income Fund |
Consolidated
Portfolio of Investments (unaudited) (continued)
March 31, 2022
|
|
Shares
or
Principal
Amount |
|
Value |
|
LONG-TERM
INVESTMENTS (continued) |
COMMON
STOCKS (continued) |
SPAIN
(continued) |
Utilities—(2.0%) |
| | |
| |
EDP
Renovaveis SA |
| 160,500 | |
$ 4,126,572 | |
UNITED
KINGDOM—(5.5%) |
| | |
| |
Communication
Services—(2.2%) |
| | |
| |
Helios
Towers PLC(a) |
| 1,281,600 | |
1,942,844 | |
Vodafone
Group PLC, ADR |
| 151,000 | |
2,509,620 | |
|
| | |
4,452,464 | |
Industrials—(1.1%) |
| | |
| |
National
Express Group PLC(a) |
| 724,878 | |
2,213,860 | |
Utilities—(2.2%) |
| | |
| |
National
Grid PLC, ADR |
| 32,400 | |
2,490,588 | |
SSE
PLC |
| 92,200 | |
2,106,681 | |
|
| | |
4,597,269 | |
UNITED
STATES—(29.7%) |
| | |
| |
Communication
Services—(1.8%) |
| | |
| |
DISH
Network Corp., Class A(a) |
| 55,000 | |
1,740,750 | |
Verizon
Communications, Inc. |
| 38,200 | |
1,945,908 | |
|
| | |
3,686,658 | |
Consumer
Discretionary—(0.4%) |
| | |
| |
TravelCenters
of America, Inc.(a) |
| 18,500 | |
794,760 | |
Energy—(5.1%) |
| | |
| |
Kinder
Morgan, Inc. |
| 280,000 | |
5,294,800 | |
Williams
Cos., Inc. (The) |
| 153,200 | |
5,118,412 | |
|
| | |
10,413,212 | |
Industrials—(5.2%) |
| | |
| |
CoreCivic,
Inc., REIT(a) |
| 97,000 | |
1,083,490 | |
Dycom
Industries, Inc.(a) |
| 21,200 | |
2,019,512 | |
GEO
Group, Inc. (The), REIT(a) |
| 58,400 | |
386,024 | |
Norfolk
Southern Corp. |
| 11,500 | |
3,280,030 | |
Union
Pacific Corp. |
| 14,100 | |
3,852,261 | |
|
| | |
10,621,317 | |
Real
Estate—(3.9%) |
| | |
| |
American
Tower Corp., REIT |
| 15,600 | |
3,919,032 | |
Crown
Castle International Corp., REIT |
| 21,800 | |
4,024,280 | |
|
| | |
7,943,312 | |
Utilities—(13.3%) |
| | |
| |
American
Electric Power Co., Inc. |
| 35,600 | |
3,551,812 | |
Atlantica
Sustainable Infrastructure PLC |
| 90,500 | |
3,173,835 | |
CenterPoint
Energy, Inc. |
| 119,100 | |
3,649,224 | |
Clearway
Energy, Inc., Class C |
| 62,800 | |
2,292,828 | |
CMS
Energy Corp. |
| 49,400 | |
3,455,036 | |
FirstEnergy
Corp. |
| 88,100 | |
4,040,266 | |
Aberdeen
Standard Global Infrastructure Income Fund |
9 |
Consolidated
Portfolio of Investments (unaudited) (concluded)
March 31, 2022
|
|
Shares
or
Principal
Amount |
|
Value |
|
LONG-TERM
INVESTMENTS (continued) |
COMMON
STOCKS (continued) |
Utilities
(continued) |
| | |
| |
NextEra
Energy, Inc. |
| 49,200 | |
$ 4,167,732 | |
Vistra
Corp. |
| 131,800 | |
3,064,350 | |
|
| | |
27,395,083 | |
Total
Common Stocks |
| | |
180,983,105 | |
PRIVATE
EQUITY—(9.2%)(a)(c)(d)(e) |
| | |
| |
Arroyo
Trinity Direct Investment I, L.P. (through Aberdeen Standard Global Infrastructure Fund BL, LLC)(f)(g) |
| – | |
2,042,521 | |
BT
Co-Invest Fund, L.P. (through Aberdeen Standard Global Infrastructure Fund BL, LLC)(f)(g) |
| – | |
3,321,602 | |
CAI
Co-Invest LP (through Aberdeen Standard Global Infrastructure Fund BL, LLC)(f)(g) |
| – | |
1,053,881 | |
Cresta
BBR Co-Invest BL LLC(g)(h) |
| – | |
3,621,094 | |
Cresta
Highline Co-Invest Fund I (through Aberdeen Standard Global Infrastructure Fund BL, LLC)(f)(g) |
| – | |
5,005,986 | |
NOVA-telMAX
HoldCo LLC(g) |
| – | |
3,739,759 | |
Total
Private Equity |
| | |
18,784,843 | |
PRIVATE
CREDIT—(2.6%)(a)(c)(d)(e) |
| | |
| |
OYA
Solar CDG LLC (through Aberdeen Standard Global Infrastructure Fund BL, LLC)(f)(g) |
| – | |
5,388,640 | |
SHORT-TERM
INVESTMENT—0.0% |
| | |
| |
UNITED
STATES—(0.0%) |
| | |
| |
State
Street Institutional U.S. Government Money Market Fund, Premier Class, 0.25%(i) |
| 79,611 | |
79,611 | |
Total
Short-Term Investment |
| | |
79,611 | |
Total
Investments (Cost $178,852,435) (j)—100.0% |
| | |
205,236,199 | |
Liabilities
in Excess of Other Assets—0.0% |
| | |
(75,272 | ) |
Net
Assets—100.0% |
| | |
$ 205,160,927 | |
(a) |
Non-income
producing security. |
(b) |
Denotes
a security issued under Regulation S or Rule 144A. |
(c) |
Restricted
security, not readily marketable. See Note 2(b) of the accompanying Notes to Consolidated Financial Statements. |
(d) |
Illiquid
security. |
(e) |
Private
Equity Investments. See Note 6 of the accompanying Notes to Consolidated Financial Statements. |
(f) |
Aberdeen
Standard 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. and OYA Solar CDG LLC Fund in
which the Fund's percent of ownership is approximately 2%, 9%, 8%, 32% and 14%, respectively. |
(g) |
Fair
Valued Security. Fair Values are determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted,
securities are valued by applying valuation factors to the exchange trade price. See Note 2(a) of the accompanying Notes to Consolidated
Financial Statements. |
(h) |
Cresta
Blocker invests 100% of its capital in Cresta Fund LP, in which the Fund's percent of ownership is approximately 18%. |
(i) |
Registered
investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of March 31, 2022. |
(j) |
See
accompanying Notes to Consolidated Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR |
American
Depositary Receipt |
PLC |
Public
Limited Company |
REIT |
Real
Estate Investment Trust |
See accompanying
Notes to Financial Statements.
10 |
Aberdeen
Standard Global Infrastructure Income Fund |
Consolidated
Statement of Assets and Liabilities (unaudited)
As
of March 31, 2022
Assets |
Investments,
at value (cost $178,772,824) |
|
$ | 205,156,588 | |
Short-term
investments, at value (cost $79,611) |
|
| 79,611 | |
Foreign
currency, at value (cost $159,943) |
|
| 159,367 | |
Interest
and dividends receivable |
|
| 80,848 | |
Tax
reclaim receivable |
|
| 130,645 | |
Prepaid
expenses |
|
| 1,642 | |
Total
assets |
|
| 205,608,701 | |
|
|
| | |
Liabilities |
|
| | |
Investment
management fees payable (Note 3) |
|
| 226,784 | |
Director
fees payable |
|
| 53,115 | |
Investor
relations fees payable (Note 3) |
|
| 16,278 | |
Administration
fees payable (Note 3) |
|
| 13,439 | |
Other
accrued expenses |
|
| 138,158 | |
Total
liabilities |
|
| 447,774 | |
|
|
| | |
Net
Assets |
|
$ | 205,160,927 | |
|
|
| | |
Composition
of Net Assets: |
|
| | |
Common
stock (par value $.001 per share) (Note 5) |
|
$ | 8,855 | |
Paid-in
capital in excess of par |
|
| 176,949,440 | |
Distributable
earnings |
|
| 28,202,632 | |
Net
Assets |
|
$ | 205,160,927 | |
Net
asset value per share based on 8,855,000 shares issued and outstanding |
|
$ | 23.17 | (a) |
| (a) | The
NAV shown above differs from the traded NAV on March 31, 2022 due to financial statement
rounding and/or financial statement adjustments. |
See Notes to
Consolidated Financial Statements.
Aberdeen
Standard Global Infrastructure Income Fund |
11 |
Consolidated
Statement of Operations (unaudited)
For
the Six-Month Period Ended March 31, 2022
Net
Investment Income: |
Income |
|
Dividends
and other income (net of foreign withholding taxes of $108,058) |
|
| $ 1,683,414 | |
Interest
income |
|
| 189 | |
Total
Investment Income |
|
| 1,683,603 | |
Expenses: |
|
| | |
Investment
management fee (Note 3) |
|
| 1,346,673 | |
Directors'
fees and expenses |
|
| 86,623 | |
Administration
fee (Note 3) |
|
| 79,803 | |
Independent
auditors' fees and expenses |
|
| 43,207 | |
Investor
relations fees and expenses (Note 3) |
|
| 32,953 | |
Legal
fees and expenses |
|
| 29,299 | |
Custodian's
fees and expenses |
|
| 29,200 | |
Reports
to shareholders and proxy solicitation |
|
| 23,198 | |
Transfer
agent's fees and expenses |
|
| 8,883 | |
Insurance
expense |
|
| 6,889 | |
Miscellaneous |
|
| 37,928 | |
Net
expenses |
|
| 1,724,656 | |
|
|
| | |
Net
Investment Loss |
|
| (41,053 | ) |
Net
Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: |
|
| | |
Net
realized gain/(loss) from: |
|
| | |
Investment
transactions |
|
| 7,355,434 | |
Foreign
currency transactions |
|
| (21,829 | ) |
|
|
| 7,333,605 | |
Net
change in unrealized appreciation/(depreciation) on: |
|
| | |
Investment
transactions |
|
| 6,442,373 | |
Foreign
currency translation |
|
| (5,409 | ) |
|
|
| 6,436,964 | |
Net
realized and unrealized gain from investments and foreign currency translations |
|
| 13,770,569 | |
Net
Increase in Net Assets Resulting from Operations |
|
| $13,729,516 | |
See Notes to
Consolidated Financial Statements.
12 |
Aberdeen
Standard Global Infrastructure Income Fund |
Consolidated
Statements of Changes in Net Assets
|
For
the Six-Month Period Ended March 31, 2022 (unaudited) | |
For
the Year Ended September 30, 2021 | |
Increase/(Decrease)
in Net Assets: |
|
|
|
|
Operations: |
|
|
|
|
Net
investment income/(loss) |
| $ (41,053 | ) |
$ 1,809,039 | |
Net
realized gain from investment and foreign currency related transactions |
| 7,333,605 | |
9,668,142 | |
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translations |
| 6,436,964 | |
25,200,680 | |
Net
increase in net assets resulting from operations |
| 13,729,516 | |
36,677,861 | |
Distributions
to Shareholders From: |
| | |
| |
Distributable
earnings |
| (5,753,979 | ) |
(11,507,958 | ) |
Net
decrease in net assets from distributions |
| (5,753,979 | ) |
(11,507,958 | ) |
Change
in net assets resulting from operations |
| 7,975,537 | |
25,169,903 | |
|
| | |
| |
Net
Assets: |
| | |
| |
Beginning
of period |
| 197,185,390 | |
172,015,487 | |
End
of period |
| $205,160,927 | |
$197,185,390 | |
See Notes to
Consolidated Financial Statements.
Aberdeen
Standard Global Infrastructure Income Fund |
13 |
Consolidated
Financial Highlights
|
For
the
Six-Month
Period Ended
March 31, 2022
(unaudited) |
|
|
For
the
Fiscal Year
Ended
September 30,
2021 |
|
|
For
the
Period Ended
September 30,
2020(a) |
|
PER
SHARE OPERATING PERFORMANCE(b): |
Net
asset value per common share, beginning of period |
$22.27 |
|
|
$19.43 |
|
|
$20.00 |
|
Net
investment income/(loss) |
– |
(c) |
|
0.20 |
|
|
0.02 |
|
Net
realized and unrealized gains/(losses) on investments and foreign currency transactions |
1.55 |
|
|
3.94 |
|
|
(0.59 |
) |
Total
from investment operations applicable to common shareholders |
1.55 |
|
|
4.14 |
|
|
(0.57 |
) |
Distributions
to common shareholders from: |
Net
investment income |
(0.65 |
) |
|
(1.20 |
) |
|
– |
|
Net
realized gains |
– |
|
|
(0.10 |
) |
|
– |
|
Total
distributions |
(0.65 |
) |
|
(1.30 |
) |
|
– |
|
Capital
Share Transactions: |
Net
asset value per common share, end of period |
$23.17 |
|
|
$22.27 |
|
|
$19.43 |
|
Market
value, end of period |
$20.15 |
|
|
$19.93 |
|
|
$17.51 |
|
Total
Investment Return Based on(d): |
Market
value |
4.40% |
|
|
21.54% |
|
|
(12.45% |
) |
Net
asset value |
7.40% |
(e) |
|
22.39% |
|
|
(2.85% |
) |
Ratio
to Average Net Assets Applicable to Common Shareholders/Supplementary Data |
: |
Net
assets applicable to common shareholders, end of period (000 omitted) |
$205,161 |
|
|
$197,044 |
|
|
$172,015 |
|
Average
net assets applicable to common shareholders (000 omitted) |
$200,055 |
|
|
$196,015 |
|
|
$177,052 |
|
Net
operating expenses |
1.73% |
(f) |
|
1.78% |
|
|
2.00% |
(f)(g) |
Net
investment income/(loss) |
(0.04% |
)(f) |
|
0.92% |
|
|
0.55% |
(f) |
Portfolio
turnover |
15% |
(h) |
|
28% |
|
|
– |
(h) |
(a) |
For the period from July 29, 2020 (commencement
of operations) through September 30, 2020. |
(b) |
Based on average shares outstanding. |
(c) |
Less than $0.005 per share. |
(d) |
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. |
(e) |
The total return shown above includes
the impact of financial statement adjustments to the NAV per share. |
(f) |
Annualized. |
(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. |
Amounts listed
as "–" are $0 or round to $0.
See Notes to
Consolidated Financial Statements.
14 |
Aberdeen
Standard Global Infrastructure Income Fund |
Notes to Consolidated Financial Statements
(unaudited)
March 31, 2022
1. Organization
Aberdeen Standard Global Infrastructure Income
Fund (the "Fund") is a non-diversified (as defined by the Investment Company Act of 1940, as amended (the "1940 Act")),
closed-end management investment company. The Fund was organized as a Maryland statutory trust on November 13, 2019 and seeded with an
initial capital amount of $100,000 on June 19, 2020. It commenced operations on July 29, 2020. The Fund's investment objective is to
seek to provide a high level of total return with an emphasis on current income. The investment objective is not fundamental and may
be changed by the Board of Trustees without shareholder approval. There is no assurance that the Fund will achieve its investment objective.
Basis for Consolidation for the Fund
Aberdeen Standard Global Infrastructure Income
Fund BL, LLC (the "Subsidiary"), a Delaware corporation, was incorporated on September 28, 2020 and is a wholly-owned subsidiary
of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent
with the Fund's investment objective and policies as described in the Fund's prospectus. The Consolidated Schedule of Portfolio Investments
("CSOI") includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the
Fund and the Subsidiary. Subsequent references to the Fund within the Notes to the Consolidated Financial Statements collectively refer
to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.
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.
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.
Equity securities that are traded on an exchange
are valued at the last quoted sale price on the principal exchange on which the security is traded at the "Valuation Time"
subject to application. 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 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 approved by the Board. These valuation factors are used
when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund
values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs,
exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors
are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their
primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price
has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor
or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
Short-term investments are comprised of cash and
cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street
Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant
to Rule 2a-7 under the Investment Company Act of 1940, as amended, 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 Fund's Pricing Committee, 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 Fund's Pricing
Aberdeen
Standard Global Infrastructure Income Fund |
15 |
Notes to Consolidated Financial Statements
(unaudited) (continued)
March 31, 2022
Committee may be classified as Level 2 or Level
3 depending on the nature of the inputs.
In accordance with the authoritative guidance on
fair value measurements and disclosures under GAAP in the United States of America, 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.
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.
Level 1 – quoted prices in active markets
for identical investments;
Level 2 – other significant observable inputs
(including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level 3 – significant unobservable inputs
(including the Fund's own assumptions in determining the fair value of investments). Investments that are included in this category are
private credit investments.
The Fund invests in infrastructure investments
through private investment funds, which represented 11.8% of the net assets of the Fund as of March 31, 2022. With the exception of the
private credit investment, the Fund follows the guidance issued in ASU 2015-07 Topic 820, Disclosures for Investments in Certain Entities
That Calculate Net Asset Value per Share (or Its Equivalent), and values private investment companies using the NAVs provided by the
underlying private investment companies as a practical expedient. The Fund determined that the use of the practical expedient was appropriate
as the investments in private investment companies did not have readily determinable fair values. The Fund applies the practical expedient
to private investment companies on an investment-by-investment basis, and consistently with the Fund's entire position in a particular
investment, unless it is probable that the fund will sell a portion of an investment at an amount different from the NAV of the investment.
In such cases the Fund may make adjustments to the NAV reported by the private investment company based on market or economic changes,
which can include market fluctuations or other economic conditions for which it may be necessary to adjust a reported NAV. In addition,
the impact of changes in the market environment and other events on the fair values of the Fund's investments that have no readily available
market values may differ from the impact of such changes on the readily available market values for the Fund's other investments. The
Fund's net asset value could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were
materially higher or lower than the values that the Fund ultimately realizes upon the disposal of such investments.
The following is a summary of the inputs used as
of March 31, 2022 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 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
($) |
|
Investments
in Securities |
|
Common
Stocks |
$105,024,812 |
|
|
$75,958,293 |
|
|
$– |
|
|
$180,983,105 |
|
Private
Credit |
– |
|
|
– |
|
|
5,388,640 |
|
|
5,388,640 |
|
Money
Market Funds |
79,611 |
|
|
– |
|
|
– |
|
|
79,611 |
|
Total |
$105,104,423 |
|
|
$75,958,293 |
|
|
$5,388,640 |
|
|
$186,451,356 |
|
Private
Equity(a) |
|
|
|
|
|
|
18,784,843 |
|
Total
Investments |
|
|
|
|
|
|
$205,236,199 |
|
| (a) | Private Equity investments
are measured at the net asset valuations provided by the underlying funds as a practical
expedient and have not been classified in the fair value levels. The fair value amounts presented
are intended to permit reconciliation to the total investment amount presented in the Portfolio
of Investments. |
Amounts listed as "–" are $0 or round to $0.
16 |
Aberdeen
Standard Global Infrastructure Income Fund |
Notes to Consolidated Financial Statements
(unaudited) (continued)
March 31, 2022
Rollforward
of Level 3 Fair Value Measurement
For the Six Month Period Ended March 31, 2022 |
Investments
in Securities |
Balance
as of
September 30,
2021 |
Accrued
Discounts
(Premiums) |
Realized
Gain
(Loss) |
Change
in
Unrealized
Appreciation
(Depreciation) |
Net
Purchases |
Net
Sales |
Net
Transfers
In to
Level 3 |
Net
Transfers
Out of
Level 3 |
Balance
as of
March 31,
2022 |
Change
in
Unrealized
Appreciation
(Depreciation)
from
Investments
Held at
March 31,
2022 |
Private
Credit |
United
States |
$– |
$– |
$– |
$244,292 |
$5,144,348 |
$– |
$– |
$– |
$5,388,640 |
$244,292 |
Total |
$– |
$– |
$– |
$244,292 |
$5,144,348 |
$– |
$– |
$– |
$5,388,640 |
$244,292 |
The following is quantitative information about level 3 fair value measurements:
Description |
|
Fair
Value at
March 31, 2022 |
|
Valuation
Technique (s) |
|
Unobservable
Inputs |
|
Range |
|
Weighted
Average |
Private
Credit |
|
$5,388,640 |
|
Market
Yield Approach |
|
Interest
Rate |
|
|
11% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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;
and |
| (ii) | purchases and sales
of investment securities, income and expenses – at the rate 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.
The Fund reports certain foreign currency related
transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas
such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.
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.
Aberdeen
Standard Global Infrastructure Income Fund |
17 |
Notes to Consolidated Financial Statements
(unaudited) (continued)
March 31, 2022
d. Rights Issues and Warrants:
Rights issues give the right, normally to existing
shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period
(generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to
buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if
they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which
they are traded.
e. Security Transactions, Investment Income and Expenses:
Security transactions are recorded on the trade
date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend
income is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as the Fund
is informed after the ex-dividend date. 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 ("the Code"), 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 federal income tax purposes, taxable income
of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a corporation for tax purposes and will be
required to pay corporate income tax on its earnings. Net losses of the Subsidiary are not deductible by the Fund.
The Fund recognizes the tax benefits of uncertain
tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management
of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.
The Fund
recognizes the tax benefits of uncertain tax positions
only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the
Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.
Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent
four fiscal years will be subject to such review when available.
h. Foreign Withholding Tax:
Dividend and interest income from non-U.S. sources
received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in
certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties
with some of these countries. The Fund accrues such taxes when the related income is earned.
In addition, when the Fund sells securities within
certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required
under GAAP, the Fund accrues deferred capital gains tax on securities currently held that have unrealized appreciation within these countries.
The amount of deferred capital gains tax accrued is reported on the Consolidated Statement of Operations as part of the Net Change in
Unrealized Appreciation/Depreciation on investments.
3. Agreements and Transactions with Affiliates
a. Investment Adviser and Sub-Adviser:
abrdn Inc. (formerly known as Aberdeen Standard
Investments Inc.) and Aberdeen Asset Managers Limited ("AAML") 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 AAML (collectively, the "Advisers") are wholly-owned indirect subsidiaries of
abrdn plc (formerly known as "Standard Life Aberdeen plc"). In rendering advisory services, the Advisers may use the resources
of investment advisor subsidiaries of abrdn plc. These affiliates have entered into procedures pursuant to which investment professionals
from affiliates may render portfolio management and research services as associated persons of the Advisers.
As compensation for its services to the Fund, abrdn
Inc. receives an annual investment advisory fee of 1.35% based on the Fund's average daily Managed Assets, computed daily and payable
monthly. "Managed Assets" is defined as total assets of the Fund, including assets attributable to any form of leverage, minus
liabilities (other than debt representing leverage and the aggregate liquidation preference of any preferred stock that may be outstanding).
Under the Sub-Advisory Agreement, abrdn Inc. is responsible for the payment of fees to AAML. For the six-month period ended March 31,
2022, abrdn Inc. earned $1,346,673 for advisory services.
18 |
Aberdeen
Standard Global Infrastructure Income Fund |
Notes
to Consolidated Financial Statements (unaudited) (continued)
March
31, 2022
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. For the six-month period ended March 31, 2022, abrdn Inc. earned $79,803 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 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, 2022, the Fund incurred investor relations fees of approximately $32,953. For the year ended March
31, 2022, 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, 2022, were $28,895,327
and $34,540,315, respectively.
5. Capital
The
Fund is authorized to issue 100,000,000 common shares with par value $0.001. As of March 31, 2022, there were 8,855,000 common shares
issued and outstanding.
6. Private
Equity and Credit Investments
Certain
of the Fund's investments, listed in the chart below, are restricted as to resale and are valued at net asset value as determined in
good faith by, or under the direction of, the Board under procedures established by the Board in the absence of readily ascertainable
market values.
Security |
|
Acquisition
Date(s) |
|
Total
Commitments |
|
Funded |
|
Unfunded |
|
Cost |
|
Fair
Value at
3/31/22* |
|
Percent
of Net
Assets |
|
Cumulative
Distributions
Received |
|
Arroyo
Trinity Direct
Investment I, L.P. (through
Aberdeen Standard Global
Infrastructure Fund BL, LLC) |
|
10/20/21 |
|
$2,000,000 |
|
$2,000,000 |
|
$– |
|
$2,042,521 |
|
$2,042,521 |
|
1.00 |
|
$– |
|
BT
Co-Invest Fund, L.P. (through
Aberdeen Standard Global
Infrastructure Fund BL, LLC) |
|
7/1/21 |
|
3,000,000 |
|
3,000,000 |
|
– |
|
3,006,300 |
|
3,321,602 |
|
1.62 |
|
– |
|
CAI
Co-Invest LP (through
Aberdeen Standard Global
Infrastructure Fund BL, LLC) |
|
10/27/20 |
|
3,000,000 |
|
1,033,476 |
|
1,966,524 |
|
1,089,508 |
|
1,053,881 |
|
0.51 |
|
– |
|
Cresta
BBR Co-Invest BL LLC |
|
9/28/20 |
|
3,000,000 |
|
3,000,000 |
|
– |
|
3,000,000 |
|
3,621,094 |
|
1.76 |
|
– |
|
Cresta
Highline Co-Invest Fund I
(through Aberdeen Standard
Global Infrastructure
Fund BL, LLC) |
|
7/22/21 |
|
5,000,000 |
|
5,000,000 |
|
– |
|
5,056,452 |
|
5,005,986 |
|
2.44 |
|
– |
|
NOVA-telMAX
HoldCo LLC |
|
2/10/22 |
|
5,000,000 |
|
3,651,496 |
|
1,348,504 |
|
3,739,759 |
|
3,739,759 |
|
1.82 |
|
– |
|
OYA
Solar CDG LLC (through
Aberdeen Standard Global
Infrastructure Fund BL, LLC) |
|
12/7/21 |
|
5,000,000 |
|
5,000,000 |
|
– |
|
5,144,348 |
|
5,388,640 |
|
2.63 |
|
25,831 |
|
Total |
|
|
|
$26,000,000 |
|
$22,684,972 |
|
$3,315,028 |
|
$23,078,888 |
|
$24,173,483 |
|
11.78 |
|
$25,831 |
|
| * | The
fair value of the private equities are generally based on the valuations provided by the
general partners of private equity investments as of the date investments are valued. If
a valuation is not provided by general partners of the private equity investments as of the
date investments are valued, the Fund will value the private equity investment using the
prior valuation provided by the general partners adjusted for capital calls and distributions,
if applicable. |
Aberdeen
Standard Global Infrastructure Income Fund |
19 |
Notes
to Consolidated Financial Statements (unaudited) (continued)
March
31, 2022
The
Fund may incur certain costs in connection with the disposition of the above securities. The Fund invests in other closed end investment
vehicles with lock up provisions for the life of those vehicles, which can be up to 10 years or more.
7.
Portfolio Investment Risks
The
following describes certain risks of investing in the Fund. This is not a complete list of risk factors. Please see the back of this
shareholder report for more information about these and other 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 military conflict, sanctions
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.
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.
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.
Foreign securities may also be harder to price than U.S. securities.
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 Adviser are unsuccessful.
c.
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.
d.
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 Adviser
and Subadviser to obtain adequate information to evaluate the potential risks and returns involved in investing in these issuers. If
the Adviser or Subadviser 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.
See
additional information about the risks posed by private investments in the back of this shareholder report.
e.
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.
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
20 |
Aberdeen
Standard Global Infrastructure Income Fund |
|
Notes
to Consolidated Financial Statements (unaudited) (continued)
March
31, 2022
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.
Utility
Sector Risk. When interest rates go up, the value of securities issued by utilities companies historically has gone down. In most
countries and localities, the utilities sector is regulated by governmental entities, which can increase costs and delays for new projects
and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased
competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or
fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock
buybacks), could result in reduced dividend payout rates for utilities companies. In addition, utilities companies face the risk of increases
in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for
borrowing to finance new projects.
f.
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.
g.
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, social unrest, market manipulation, government interventions, defaults and shutdowns, political
changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact
the securities markets and cause the Fund to lose value.
One
such event is the COVID-19 pandemic, which has caused major disruptions to economies and markets around the world, including the markets
in which the Fund invests, and which has and may continue to negatively impact the value of certain of the Fund's investments. Although
vaccines for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue
for an extended period of time and may vary from market to market. To the extent the impacts of COVID-19 continue, the Fund may experience
negative impacts to its business that could exacerbate other risks to which the Fund is subject.
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
rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and
market conditions, and, as a result, present uncertainty and risk with respect to the Fund and' the performance of its investments and
ability to pay distributions. The full extent of the impact and effects of COVID-19 will depend on future developments, including, among
other factors, the duration and spread of the outbreak, along with related travel advisories, quarantines and restrictions, the recovery
time of the disrupted supply chains and industries, the impact of labor market interruptions, the impact of government interventions,
and uncertainty with respect to the duration of the global economic slowdown.
Whether
or not the Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European,
EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to the UK's departure from the EU ("Brexit")
could negatively affect the value and liquidity of the Fund's investments, increase taxes and costs of business and cause volatility
in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of
Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political
institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national
laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate.
Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund's business, results of operations
and financial condition.
In
addition, governments have recently imposed, and may in the future impose, economic sanctions or other similar measures against certain
countries, entities or individuals. The Fund's investments may be subject to these measures, which could prevent or prohibit the Fund
from
Aberdeen
Standard Global Infrastructure Income Fund |
21 |
Notes
to Consolidated Financial Statements (unaudited) (concluded)
March
31, 2022
making
certain investments or transacting with certain counterparties. These measures could also result in countermeasures or retaliatory actions,
which may adversely impact the Fund's investments, including those that are not economically tied to sanctioned countries, entities or
individuals. The imposition of sanctions and retaliatory measures could, among other things, disrupt markets in which the Fund invests,
devalue currencies, and increase market volatility throughout the world. Economic sanctions or other similar measures could, among other
things, effectively restrict or eliminate the Fund's ability to purchase or sell certain investments, negatively impact the value or
liquidity of the Fund's investments, significantly delay or prevent the settlement of the Fund's transactions, force the Fund to sell
or otherwise dispose of investments at inopportune times or prices, increase the Fund's transaction costs, make the Fund's investments
more difficult to value, or impair the Fund's ability to meet its investment objective or invest in accordance with its investment strategies.
These conditions may be in place for a substantial period of time and enacted with limited advance notice.
Recent
Rulemaking
In
October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will
impose
limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply
with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and
maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19,
2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any,
the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4
on the Fund.
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,
2022, were as follows:
Tax
Basis of Investments |
|
Appreciation |
|
Depreciation |
|
Net
Unrealized
Appreciation |
|
$179,131,220 |
|
|
$31,231,362 |
|
|
$(5,126,383) |
|
$26,104,979 |
|
|
10. Subsequent
Events
Management
has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements
were issued. Based on this evaluation, no disclosures or adjustments were required to the financial statements as of March 31, 2022,
other than as noted.
On
April 11, 2022, the Fund announced that it has increased its monthly distribution from US $0.1083 per share to $0.12 per share, commencing
with the distribution payable on April 29, 2022 to shareholders of record as of April 22, 2022 (ex-dividend date April 21, 2022). The
Fund intends to maintain the monthly distribution level of $0.12 per share for at least the 12 months following April 11, 2022, unless
there is significant and unforeseen change in market conditions. In approving the increase in distribution rate, the Board of Trustees
considered, among other things, the Fund's strong positive performance since
inception.
As of March 31, 2022 the cumulative total return since inception of the NAV of the Fund was 27.31% and the market price total return
was 11.10%. The Board also considered the Fund's ability to sustain the distribution policy and that the increased distribution may assist
in narrowing the discount to NAV at which the Fund's shares tend to trade. This increase will bring the distribution yield more in line
with the initial distribution yield that was announced in August 2020.
On
May 10, 2022, the Fund announced that it will pay on May 31, 2022, a distribution of US $0.12 per share to all shareholders of record
as of May 20, 2022.
The
Fund's Board has approved a change in the name of the Fund from "Aberdeen Standard Global Infrastructure Income Fund" to "abrdn
Global Infrastructure Income Fund" effective on or about June 30, 2022.
22 |
Aberdeen
Standard Global Infrastructure Income Fund |
|
Dividend Reinvestment and Optional Cash
Purchase Plan (unaudited)
The
Fund intends to distribute to stockholders 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"), stockholders 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 stockholders elect
to receive distributions in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check
in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders 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 stockholders as representing the total amount registered in such stockholders' 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 stockholders
in administering the Plan. If the Trustees of the Fund declare an income dividend or a capital gains distribution payable either in the
Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock,
to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected
per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at
NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at
95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading
day on the New York Stock Exchange, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time,
or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for
the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants' accounts on,
or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund
share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares, resulting in the acquisition
of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date.
Because
of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full
dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase
period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly
issued shares at the close of business on the last purchase date.
Participants
have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring
automatic monthly ACH debit) to the Plan Agent for investment in the Fund's common stock, with an annual maximum contribution of $250,000.
The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds.
Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares
in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.
If
the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th
of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent
maintains all stockholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information
needed by stockholders 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 stockholder'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 be requested
Aberdeen
Standard Global Infrastructure Income Fund |
23 |
Dividend Reinvestment and Optional Cash
Purchase Plan (unaudited) (concluded)
by
phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).
The
receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends
or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or
distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such
dividend or distribution. The Plan also may be amended by the Fund or
the
Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange
Commission or any other regulatory authority) only by mailing a written notice at least 30 days' prior to the effective date to the participants
in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center
through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 505000, Louisville, KY 40233-5000.
24 |
Aberdeen
Standard Global Infrastructure Income Fund |
Corporate Information
Trustees
Stephen Bird
Nancy Yao Maasbach
P. Gerald Malone, Chairman
Todd Reit
John Sievwright
Investment Adviser
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Investment Sub-Adviser
Aberdeen Asset Managers Limited
Bow Bells House
1 Bread Street
London, United Kingdom
EC4M 9HH
Custodian
State Street Bank and Trust Co.
1 Heritage Drive, 3rd Floor
North Quincy, MA 02171
Administrator
abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
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
Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, KY 40233
The accompanying Financial Statements as of March 31, 2022 were not
audited and accordingly, no opinion is expressed therein.
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 Aberdeen Standard 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.aberdeenasgi.com.
This report, including the financial information herein, is transmitted
to the shareholders of Aberdeen Standard 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 returns.
ASGI-SEMI-ANNUAL
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)
The Fund is managed by abrdn’s Global Equity Team, which is responsible for the Fund’s public infrastructure investments,
and abrdn’s Real Assets Team, which is responsible for the Fund’s private/direct infrastructure investments. The portfolio
managers are responsible for the day-to-day management of their respective sleeves of the Fund’s overall investment portfolio.
As of the date of filing this report, described below are changes to 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.
Effective December 31, 2021, Martin Connaghan
and Ryan Sullivan ceased serving as portfolio managers having primary responsibility for the day-to-day management of the Fund’s
portfolio. Effective April 19, 2022, Eric Purington was added as a portfolio manager of the Fund, joining the current team of Dominic
Byrne, Joshua Duitz and Donal Reynolds. The following information is presented with respect to any newly identified portfolio manager
as of the most recent practicable date:
(1)
PORTFOLIO MANAGER BIOGRAPHY
Individual &
Position |
|
|
Past Business Experience |
Eric Purington — Investment Director |
|
|
Eric Purington is an Investment
Director on the Real Assets Team and is a Portfolio Manager for the Aberdeen Standard Global Infrastructure Income Fund (ASGI), responsible
for managing the Fund’s private/direct infrastructure investments. Eric joined abrdn in April 2022. Previous to
abrdn, Eric worked at Tribay (2019 to 2022) and EverStream Capital (2014 to 2019) as an Investment Director focused on renewable
energy investment in the US and Asia. He started his career in infrastructure investment in 2010 at Highstar Capital, now part of
Oaktree. Eric is a graduate of Yale College. |
(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO
MANAGER.
The following chart summarizes information regarding
other accounts for which the portfolio manager has day-to-day management responsibilities. Accounts are grouped into the following three
categories: (1) registered investment companies; (2) other pooled investment vehicles; and (3) other accounts. To the
extent that any of these accounts pay advisory fees that are based on account performance (“performance-based fees”), information
on those accounts is provided separately. The figures in the chart below for the category of “registered investment companies”
do not include the Fund. The “Other Accounts Managed” represents the accounts managed by the team(s) of which the portfolio
manager is a member. The information in the table below is as of April 30, 2022.
Name of Portfolio Manager | |
Type of Accounts | |
Other
Accounts Managed | | |
Total
Assets ($M) | | |
Number
of Accounts Managed for Which Advisory Fee is Based on Performance | | |
Total Assets for
Which Advisory Fee is Based on Performance ($M) | |
Eric
Purington1 | |
Registered Investment Companies | |
| 0 | | |
$ | 0 | | |
| 0 | | |
$ | 0 | |
| |
Pooled Investment Vehicles | |
| 7 | | |
$ | 482.4 | | |
| 7 | | |
$ | 482.4 | |
| |
Other Accounts | |
| 0 | | |
$ | 0 | | |
| 0 | | |
$ | 0 | |
1Includes
accounts managed by the Real Assets Team, of which the portfolio manager is a member.
POTENTIAL CONFLICTS OF INTEREST
The Adviser and its affiliates (collectively
referred to herein as “abrdn”) serve as investment advisers for multiple clients, including the Registrant and other investment
companies registered under the 1940 Act and private funds (such clients are also referred to below as “accounts”). The portfolio
managers’ management of “other accounts” may give rise to potential conflicts of interest in connection with their
management of the Registrant’s investments, on the one hand, and the investments of the other accounts, on the other. The other
accounts may have the same investment objective as the Registrant. Therefore, a potential conflict of interest may arise as a result
of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Adviser believes
that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio
manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies
applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager
personal trading is monitored to avoid potential conflicts. In addition, the Adviser has adopted trade allocation procedures that require
equitable allocation of trade orders for a particular security among participating accounts.
In some cases, another account managed by the
same portfolio manager may compensate Aberdeen based on the performance-based fees with qualified clients. The existence of such a performance-based
fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment
opportunities.
Another potential conflict could include instances
in which securities considered as investments for the Registrant also may be appropriate for other investment accounts managed by the
Adviser or its affiliates. Whenever decisions are made to buy or sell securities for the Registrant and one or more of the other accounts
simultaneously, the Adviser may aggregate the purchases and sales of the securities and will allocate the securities transactions in
a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Registrant
will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have
a detrimental effect on the price or amount of the securities available to the Registrant from time to time, it is the opinion of the
Adviser that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The
Registrant has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that
procedures adopted under such policies will detect each and every situation in which a conflict arises.
With respect to non-discretionary
model delivery accounts, abrdn will deliver model changes subsequent to commencing trading on behalf of discretionary accounts. Model
changes are typically delivered on a security by security basis. The timing of such delivery is determined by abrdn and will depend on
the anticipated market impact of trading. Market impact includes, but is not limited to, factors such as liquidity and price impact.
When minimal market impact is anticipated, abrdn typically delivers security level model changes after such time when approximately two-thirds
of the full discretionary order has been executed. Although abrdn anticipates delivering model changes of such securities after approximately
two-thirds of the discretionary order has been executed, abrdn may deliver model changes prior to or substantially after two-thirds have
been executed depending on prevailing market conditions and trader discretion. With respect to securities for which abrdn anticipates
a more significant market impact, abrdn intends to withhold model deliver changes until such time when the entire discretionary order
has been fully executed. Anticipated market impact on any given security is determined at the sole discretion of abrdn based on prior
market experience and current market conditions. Actual market impact may vary significantly from anticipated market impact. Notwithstanding
the aforementioned, abrdn may provide order instructions simultaneously or prior to completion of trading for other accounts if the trade
represents a relatively small proportion of the average daily trading volume of the particular security or other instrument.
abrdn does not trade for non-discretionary
model delivery clients. Because model changes may be delivered to non-discretionary model clients prior to the completion of abrdn’s
discretionary account trading, abrdn may compete against these clients in the market when attempting to execute its orders for its discretionary
accounts. As a result, discretionary clients may experience negative price and liquidity impact due to multiple market participants attempting
to trade in a similar direction on the same security.
Timing delays or other operational factors associated
with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative
to other client accounts. This may create performance dispersions within accounts with the same or similar investment mandate.
(3)
DESCRIPTION OF COMPENSATION STRUCTURE
abrdn’s remuneration
policies are designed to support its business strategy as a leading international asset manager. The objective is to attract, retain
and reward talented individuals for the delivery of sustained, superior returns for abrdn’s clients and shareholders. abrdn
operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing
and retaining talent.
abrdn’s policy is to
recognize corporate and individual achievements each year through an appropriate annual bonus scheme. The bonus is a single, fully discretionary
variable pay award. The aggregate value of awards in any year is dependent on the group’s overall performance and profitability.
Consideration is also given to the levels of bonuses paid in the market. Individual awards, which are payable to all members of
staff, are determined by a rigorous assessment of achievement against defined objectives.
The variable pay award is
composed of a mixture of cash and a deferred award, the portion of which varies based on the size of the award. Deferred awards
are by default abrdn plc shares, with an option to put up to 50% of the deferred award into funds managed by abrdn. Overall compensation
packages are designed to be competitive relative to the investment management industry.
Base Salary
abrdn’s policy is to
pay a fair salary commensurate with the individual’s role, responsibilities and experience, and having regard to the market rates
being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation
and is applied in a manner consistent with other abrdn employees; any other increases must be justified by reference to promotion or
changes in responsibilities.
Annual Bonus
The Remuneration Committee
determines the key performance indicators that will be applied in considering the overall size of the bonus pool. In line with
practices amongst other asset management companies, individual bonuses are not subject to an absolute cap. However, the aggregate
size of the bonus pool is dependent on the group’s overall performance and profitability. Consideration is also given to
the levels of bonuses paid in the market. Individual awards are determined by a rigorous assessment of achievement against defined
objectives, and are reviewed and approved by the Remuneration Committee.
abrdn has a deferral policy
which is intended to assist in the retention of talent and to create additional alignment of executives’ interests with abrdn’s
sustained performance and, in respect of the deferral into funds managed by abrdn, to align the interest of portfolio managers with our
clients.
Staff performance is reviewed
formally at least once a year. The review process evaluates the various aspects that the individual has contributed to abrdn, and specifically,
in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and
the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and
contribution to presenting the team externally are also evaluated.
In the calculation of a portfolio
management team’s bonus, abrdn takes into consideration investment matters (which include the performance of funds, adherence to
the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness
at client presentations through key performance indicator scorecards. To the extent performance is factored in, such performance
is not judged against any specific benchmark and is evaluated over the period of a year - January to December. The pre- or after-tax
performance of an individual account is not considered in the determination of a portfolio manager’s discretionary bonus; rather
the review process evaluates the overall performance of the team for all of the accounts the team manages.
Portfolio manager performance
on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process.
A combination of the team’s and individual’s performance is considered and evaluated.
Although performance is not
a substantial portion of a portfolio manager’s compensation, abrdn also recognizes that fund performance can often be driven by
factors outside one’s control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to
ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and ‘hot’ themes.
Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the abrdn environment.
Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via abrdn’s
dynamic compliance monitoring system.
In rendering investment
management services, the Adviser may use the resources of additional investment adviser subsidiaries of abrdn plc. These affiliates have
entered into a memorandum of understanding (“MOU”) pursuant to which investment professionals from each affiliate may render
portfolio management, research or trading services to abrdn clients. Each investment professional who renders portfolio management, research
or trading services under a MOU or personnel sharing arrangement (“Participating Affiliate”) must comply with the provisions
of the Advisers Act, the 1940 Act, the Securities Act of 1933, the Exchange Act, and the Employee Retirement Income Security Act of 1974,
and the laws of states or countries in which the Adviser does business or has clients. No remuneration is paid by the Fund with respect
to the MOU/personnel sharing arrangements.
(4)
Dollar
Range of Equity Securities in the Registrant Beneficially Owned by the Portfolio Manager as of April 30, 2022 | |
|
Eric Purington | |
None |
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
No such purchases were made by or on behalf of the Registrant during
the period covered by the report.
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended March 31, 2022, there
were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.