abrdn Global Income Fund, Inc. (NYSE American: FCO) ceased to exist as a standalone entity on May 15, 2026, when the fund completed its previously approved reorganization into abrdn Asia-Pacific Income Fund, Inc. (NYSE American: FAX). Each FCO common share was converted into 0.176821 of a newly issued FAX common share, with fractional interests paid in cash, in a transaction structured to qualify as tax-free for U.S. federal income tax purposes. Because FCO was delisted following the reorganization, this report is necessarily retrospective: it covers the fund's final six-month reporting period ended April 30, 2026, the proxy vote that approved the deal, and the operating record that led the Board to recommend a combination with the Asia-Pacific sibling.
Over the six months ended April 30, 2026, FCO delivered a total return of 4.56% on a net asset value basis and 2.97% on a market price basis, compared with 1.92% for the fund's blended benchmark. Net assets stood at $37.1M across 13,508,920 shares, implying a $2.75 NAV per share against a $2.61 closing market price, or a 5.09% discount at the period end. The fund maintained $15.8M of borrowing on a $25M revolving credit facility with The Bank of Nova Scotia, fully hedged through interest rate swaps, and paid a $0.07 monthly distribution that translated to a 32.2% annualized market-price yield.
The defining fact for any reader considering this report is that FCO no longer trades; the investment case is now the surviving vehicle, FAX, and the question is whether the combination of the two funds produces a more durable distribution and a narrower discount. The final semi-annual report does not tell shareholders how the combined fund will look, but it does tell the reader that FCO's portfolio had shifted heavily into cash (43.3% of net assets) ahead of the deal close, that the leverage and swap book were intact, and that net investment income for the six months covered operating expenses plus interest expense by roughly $1.13M on $2.04M of gross income.