UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: | 811-23490 | |
| Exact name of registrant as specified in charter: | abrdn Global Infrastructure Income Fund | |
| Address of principal executive offices: | 1900 Market Street, Suite 200 | |
| Philadelphia, PA 19103 | ||
| Name and address of agent for service: | Sharon Ferrari | |
| abrdn Inc. | ||
| 1900 Market Street Suite 200 | ||
| Philadelphia, PA 19103 | ||
| Registrant’s telephone number, including area code: | 1-800-522-5465 | |
| Date of fiscal year end: | September 30 | |
| Date of reporting period: | September 30, 2025 |
Item 1. Reports to Stockholders.
| (a) |
| 1 | Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions. |
| 2 | Assuming the reinvestment of dividends and distributions. |
| 3 | The Fund’s total return is based on the financial statement NAV, which is updated for financial statement rounding and/or financial statement adjustments, and differs from the reported NAVs on the fiscal year ended September 30, 2025 and the fiscal year ended September 30, 2024. The Fund’s total return for the fiscal year ended September 30, 2025 based on the reported NAV of $21.07 was: 12.96%.The Fund’s total return for the fiscal year ended September 30, 2024 based on the reported NAV of $21.15 was: 23.33%. |
| 4 | The S&P Global Infrastructure Index (Net Total Return) is an unmanaged index considered representative of stock markets of developed and emerging markets. Indexes are unmanaged and have been provided for comparison purposes only. Indexes are unmanaged and provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |
| abrdn Global Infrastructure Income Fund | 1 |
| 2 | abrdn Global Infrastructure Income Fund |
| 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 | Net asset value (“NAV”) – A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares. |
| 4 | Soft landing – A milder economic slowdown compared to a recession. |
| 5 | Throughput – The amount of product or material such as gas, oil or electricity that moves through a system or facility over a certain period of time. |
| 6 | Offtake agreement – A contract in which a buyer agrees to purchase part or all of a company’s future production, such as gas or electricity, at an agreed price. It helps the producer secure steady income and reduce financial risk. |
| 7 | Inflation Reduction Act – A major US law passed in 2022 that aims to lower inflation by reducing government deficits, investing in clean energy and making healthcare more affordable. |
| 8 | Contracted power prices – The agreed prices at which electricity is sold by producers, such as renewable energy companies or power plant operators, under long-term contracts to buyers such as utilities that distribute electricity or large companies that use significant amounts of power. These agreements, often called power purchase agreements, give both sides greater certainty about future costs and revenues. |
| abrdn Global Infrastructure Income Fund | 3 |
| 9 | Deleverage – Reducing debt to improve financial stability. A company might do this by using existing cash flows or by raising cash through asset sales to repay loans, helping to lower risk and future interest costs. |
| 10 | Distribution – The payment of any income, capital gains or return of capital by a fund. |
| 4 | abrdn Global Infrastructure Income Fund |
| abrdn Global Infrastructure Income Fund | 5 |
| 1 Year | 3 Years | 5 Years | Since Inception | |
| Net Asset Value (NAV) | 15.21% | 15.47% | 11.27% | 10.25% |
| Market Price | 18.55% | 22.59% | 13.68% | 10.31% |
| S&P Global Infrastructure Index (Net Total Return) | 15.80% | 16.72% | 12.62% | 11.54% |
| 6 | abrdn Global Infrastructure Income Fund |
| Sectors | |
| Industrials | 34.4% |
| Transportation Infrastructure | 14.3% |
| Ground Transportation | 10.5% |
| Construction & Engineering | 6.7% |
| Commercial Services & Supplies | 2.9% |
| Utilities | 29.3% |
| Electric Utilities | 13.6% |
| Multi-Utilities | 8.0% |
| Independent Power Producers & Energy Traders | 6.4% |
| Water Utilities | 0.7% |
| Gas Utilities | 0.6% |
| Energy | 23.5% |
| Communication Services | 9.6% |
| Real Estate | 3.4% |
| Information Technology | 1.1% |
| Materials | 0.7% |
| Liabilities in Excess of Other Assets | (2.0%) |
| 100.0% |
| Countries | |
| United States | 50.5% |
| France | 8.8% |
| Canada | 7.8% |
| Spain | 6.4% |
| Italy | 4.0% |
| Brazil | 3.6% |
| Mexico | 2.8% |
| Tanzania | 2.8% |
| Germany | 2.6% |
| United Kingdom | 2.5% |
| Philippines | 2.0% |
| Other, less than 2% each | 8.2% |
| Liabilities in Excess of Other Assets | (2.0%) |
| 100.0% |
| Top Ten Holdings | |
| Trinity Gas Holdings, LLC | 4.9% |
| Sentinel Midstream Highline JV Holdings LLC | 3.6% |
| Ferrovial SE | 3.0% |
| Enfinity Global Inc., Preferred Shares | 2.8% |
| Helios Towers PLC | 2.8% |
| Aena SME SA | 2.7% |
| Norfolk Southern Corp. | 2.7% |
| NextEra Energy, Inc. | 2.6% |
| RWE AG | 2.6% |
| Enbridge, Inc. | 2.4% |
| abrdn Global Infrastructure Income Fund | 7 |
| 8 | abrdn Global Infrastructure Income Fund |
| abrdn Global Infrastructure Income Fund | 9 |
| Assets | |
| Investments, at value (cost $505,586,725) | $ 634,991,077 |
| Foreign currency, at value (cost $78,582) | 78,582 |
| Interest and dividends receivable | 643,630 |
| Receivable for Article 63 EU Tax Reclaims (Note 2j) | 309,295 |
| Receivable for common shares issued | 25,326 |
| Tax reclaim receivable | 327,984 |
| Prepaid expenses | 16,399 |
| Total assets | 636,392,293 |
| Liabilities | |
| Deferred tax liability (Note 9) | 5,838,508 |
| Due to custodian | 5,799,667 |
| Payable for investments purchased | 1,088,979 |
| Investment management fees payable (Note 3) | 669,981 |
| Trustee fees payable | 101,512 |
| Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (Note 2j) | 74,423 |
| Administration fees payable (Note 3) | 39,702 |
| Investor relations fees payable (Note 3) | 30,117 |
| Other accrued expenses | 187,207 |
| Total liabilities | 13,830,096 |
| Net Assets | $622,562,197 |
| Composition of Net Assets | |
| Common stock (par value $0.001 per share) (Note 5) | $ 28,947 |
| Paid-in capital in excess of par | 548,877,173 |
| Distributable earnings | 73,656,077 |
| Net Assets | $622,562,197 |
| Net asset value per share based on 28,946,596 shares issued and outstanding | $21.51 |
| 10 | abrdn Global Infrastructure Income Fund |
| Net Investment Income | |
| Investment Income: | |
| Dividends and other income (includes net refund of foreign withholding taxes of $802,524)(a) | $ 16,839,792 |
| Interest income | 146,603 |
| Non-cash income (Note 2i) | 1,034,072 |
| Total investment income | 18,020,467 |
| Expenses: | |
| Investment management fee (Note 3) | 7,953,371 |
| Administration fee (Note 3) | 471,311 |
| Trustees' fees and expenses | 386,699 |
| Legal fees and expenses | 271,325 |
| Independent auditors’ fees and tax expenses | 149,155 |
| Reports to shareholders and proxy solicitation | 125,305 |
| Custodian’s fees and expenses | 117,722 |
| Investor relations fees and expenses (Note 3) | 114,383 |
| Insurance expense | 25,363 |
| Transfer agent’s fees and expenses | 16,090 |
| Miscellaneous | 99,053 |
| Total expenses | 9,729,777 |
| Net Investment Income | 8,290,690 |
| Net Realized/Unrealized Gain/(Loss): | |
| Net realized gain/(loss) from: | |
| Investments (Note 2h) | 21,831,555 |
| Foreign currency transactions | (65,962) |
| 21,765,593 | |
| Net change in unrealized appreciation/depreciation on: | |
| Investments (Note 2h) | 53,440,817 |
| Foreign currency translation | 30,185 |
| Deferred tax expense | (3,007,019) |
| 50,463,983 | |
| Net realized and unrealized gain from investments and foreign currencies | 72,229,576 |
| Change in Net Assets Resulting from Operations | $80,520,266 |
| (a) | Foreign tax withholding includes $2,056,309 of refunds and interest received or recognized during the period, net of $74,423 related to the amounts due to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims. See Note 2(j) of the Notes to Financial Statements. |
| abrdn Global Infrastructure Income Fund | 11 |
| For the Year Ended September 30, 2025 | For the Year Ended September 30, 2024 | |
| Increase/(Decrease) in Net Assets: | ||
| Operations: | ||
| Net investment income | $8,290,690 | $5,531,101 |
| Net realized gain from investments and foreign currency transactions | 21,765,593 | 20,229,286 |
| Net change in unrealized appreciation on investments and foreign currency translations | 50,463,983 | 75,226,270 |
| Net increase in net assets resulting from operations | 80,520,266 | 100,986,657 |
| Distributions to Shareholders From: | ||
| Distributable earnings | (35,766,889) | (37,136,525) |
| Return of capital | (34,857,430) | (13,024,619) |
| Net decrease in net assets from distributions | (70,624,319) | (50,161,144) |
| Proceeds from shares issued from the reorganization resulting in the issuance of 0 and 3,737,622 shares of common stock, respectively (Note 10) | – | 78,867,189 |
| Reinvestment of dividends resulting in the issuance of 2,369 and 0 shares of common stock, respectively | 49,763 | – |
| Change in net assets from capital transactions | 49,763 | 78,867,189 |
| Change in net assets | 9,945,710 | 129,692,702 |
| Net Assets: | ||
| Beginning of year | 612,616,487 | 482,923,785 |
| End of year | $622,562,197 | $612,616,487 |
| 12 | abrdn Global Infrastructure Income Fund |
| Cash flows from operating activities: | |
| Net increase/(decrease) in net assets resulting from operations | $ 80,520,266 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |
| Investments purchased | (136,640,028) |
| Investments sold and principal repayments | 178,018,430 |
| Net change in short-term investments | 14,371,773 |
| Net payment-in-kind interest income | (1,034,072) |
| Capital gains and return of capital distributions from investments | 1,905,254 |
| Decrease in interest, dividends and other receivables | 12,563 |
| Increase in prepaid expenses | (1,193) |
| Increase in accrued investment management fees payable | 90,021 |
| Increase in deferred tax liability | 3,007,019 |
| Decrease in other accrued expenses | (46,134) |
| Net change in unrealized appreciation of investments | (53,440,817) |
| Net change in unrealized appreciation on foreign currency translation | (30,185) |
| Net realized gain on investments transactions | (21,831,555) |
| Net cash provided by operating activities | 64,901,342 |
| Cash flows from financing activities: | |
| Increase in payable to custodian | $ 5,718,785 |
| Distributions paid to shareholders | (70,599,882) |
| Net cash used in financing activities | (64,881,097) |
| Effect of exchange rate on cash | 280 |
| Net change in cash | 20,525 |
| Unrestricted and restricted cash and foreign currency, beginning of year | 58,057 |
| Unrestricted and restricted cash and foreign currency, end of year | $78,582 |
| abrdn Global Infrastructure Income Fund | 13 |
| For the Fiscal Years Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE: | |||||
| Net asset value per common share, beginning of year | $21.17 | $19.16 | $18.93 | $22.27 | $19.43 |
| Net investment income(a) | 0.18 | 0.15 | 0.28 | 0.04 | 0.20 |
| Net realized and unrealized gains/(losses) on investments and foreign currency transactions | 2.60 | 3.85 | 1.39 | (2.01) | 3.94 |
| Total from investment operations applicable to common shareholders | 2.78 | 4.00 | 1.67 | (1.97) | 4.14 |
| Distributions to common shareholders from: | |||||
| Net investment income | (0.48) | (0.39) | (0.68) | (0.22) | (1.20) |
| Net realized gains | (0.76) | (1.08) | (0.76) | (1.15) | (0.10) |
| Return of capital | (1.20) | (0.52) | – | – | – |
| Total distributions | (2.44) | (1.99) | (1.44) | (1.37) | (1.30) |
| Net asset value per common share, end of year | $21.51 | $21.17 | $19.16 | $18.93 | $22.27 |
| Market price, end of year | $21.13 | $20.21 | $16.10 | $15.73 | $19.93 |
| Total Investment Return Based on(b): | |||||
| Market price | 18.55% | 39.95% | 11.04% | (15.23%) | 21.54% |
| Net asset value | 15.21%(c) | 23.19%(c) | 9.80%(c) | (8.70%)(c) | 22.39%(c) |
| Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data: | |||||
| Net assets applicable to common shareholders, end of year (000 omitted) | $622,562 | $612,616 | $482,924 | $167,645 | $197,185 |
| Average net assets applicable to common shareholders (000 omitted) | $589,139 | $513,100 | $372,392 | $195,544 | $196,015 |
| Gross operating expenses | 2.16% | 2.04% | 1.85% | 1.99% | 1.78% |
| Net operating expenses, net of fee waivers | 2.16%(d) | 2.00%(d) | 1.83%(d) | 1.99%(d) | 1.78% |
| Net operating expenses, net of fee waivers, excluding deferred tax expense | 1.65% | 1.65% | 1.65% | 1.79% | 1.78% |
| Net Investment income | 0.90% | 0.73% | 1.36% | 0.20% | 0.92% |
| Portfolio turnover | 23% | 15%(e) | 28%(f) | 25% | 28% |
| (a) | Based on average shares outstanding. |
| (b) | 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. |
| (c) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
| (d) | The Fund recorded deferred tax expense associated with its subsidiary’s investments in partnerships of $3,007,019, $1,797,274, $654,810 and $402,135 for the years ended, September 30, 2025, September 30, 2024, September 30, 2023 and September 30, 2022, respectively. |
| (e) | The portfolio turnover calculation excludes $61,946,459 and $58,008,972 of proceeds received and cost of investments related to rebalancing the portfolio after the fund reorganization which occurred on September 20, 2024. |
| (f) | The portfolio turnover calculation excludes $194,946,484 and $181,919,462 of proceeds received and cost of investments related to rebalancing the portfolio after the fund reorganization which occurred on March 10, 2023. |
| 14 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| abrdn Global Infrastructure Income Fund | 15 |
September 30, 2025
| 16 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| Investments, at Value | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total |
| Assets | ||||
| Investments in Securities | ||||
| Common Stocks | $297,703,794 | $203,483,889 | $– | $501,187,683 |
| Private Equity | – | – | 82,415,604 | 82,415,604 |
| Total | $297,703,794 | $203,483,889 | $82,415,604 | $583,603,287 |
| Private Equity(a) | 51,387,790 | |||
| Total Investments in Securities | $634,991,077 | |||
| (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. |
| Rollforward of Level 3 Fair Value Measurements For the Year Ended September 30, 2025 | |||||||
| Investments in Securities | Balance as of September 30, 2024 | Net Realized Gain (Loss) and Change in Unrealized Appreciation/ Depreciation | Net Purchases | Net Sales | Net Transfers in to (out of) Level 3 | Balance as of September 30, 2025 | Change in Unrealized Appreciation/ Depreciation from Investments Held at September 30, 2025 |
| Private Equity | |||||||
| Italy | $- | $1,264,668 | $16,315,131(b) | $- | $- | $17,579,799 | $1,264,668 |
| United States | 44,103,133 | 21,295,510 | 8,752,691 | - | (9,315,529) | 64,835,805 | 21,295,510 |
| Total | $44,103,133 | $22,560,178 | $25,067,822 | $- | $(9,315,529) | $82,415,604 | $22,560,178 |
| (b) | Includes the Fund's initial commitment plus payment in kind interest received of $1,034,072 that was received during the reporting period as reported on the Statement of Operations as non-cash income. |
| Description | Fair Value at September 30, 2025 | Valuation Technique (s) | Unobservable Inputs | Range | Weighted Average | Relationship Between Fair Value and Input; if Input value increases then Fair Value: |
| Private Equity | $1,751,344 | Income Approach | Discount Rate | 19% | 19% | Decreases |
| $10,376,572 | Market Approach | EBITDA Multiple | 15.7x | 15.7x | Increases | |
| $17,579,799 | Market Approach | Transaction Price | N/A | N/A | N/A |
| abrdn Global Infrastructure Income Fund | 17 |
September 30, 2025
| Description | Fair Value at September 30, 2025 | Valuation Technique (s) | Unobservable Inputs | Range | Weighted Average | Relationship Between Fair Value and Input; if Input value increases then Fair Value: |
| $22,106,000 | Market Approach Income Approach | EBITDA Multiple Discount Rate Weighting of Methodologies | 8.0x 13% 50% | 8.0x 13% 50% | Increases Decreases N/A | |
| $30,601,889 | Income Approach | Discount Rate | 20% | 20% | Decreases | |
| Total | $82,415,604 |
| 18 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| abrdn Global Infrastructure Income Fund | 19 |
September 30, 2025
| 20 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| Security | Acquisition Date(s) | Commitment | Funded | Unfunded | Cost | Fair Value at September 30, 2025 | Percent of Net Assets | Cumulative Distributions Received |
| Arroyo Trinity Direct Investment I, L.P.* | 10/20/21 | $2,000,000 | $2,000,000 | $- | $1,083,978 | $2,179,968 | 0.35 | $1,152,869 |
| Bridge Solar Energy Multifamily Projects Holdco LLC* | 9/30/25 | 10,000,000 | 1,061,609 | 8,938,391 | 1,061,609 | 1,061,609 | 0.17 | - |
| BSED Holdings I, LLC* | 7/17/24 | 10,000,000 | 9,315,529 | 684,471 | 9,315,530 | 9,472,774 | 1.52 | - |
| BT Co-Invest Fund, L.P.* | 7/1/21 | 3,238,849 | 3,238,849 | - | 20,072 | 127,224 | 0.02 | 9,433,460 |
| CAI Co-Invest LP * | 10/27/20 | 13,500,000 | 9,851,438 | 3,648,562 | 8,584,385 | 10,252,165 | 1.65 | 673,931 |
| Cresta BBR Co-Invest BL LLC | 9/8/20 | 3,000,000 | 3,000,000 | - | 3,000,000 | 270,573 | 0.04 | - |
| NOVA-telMAX HoldCo LLC | 2/10/21 | 5,000,000 | 5,000,000 | - | 5,055,068 | 9,162,560 | 1.47 | - |
| PCIP I CI Co-Invest, LP* | 6/27/24 | 10,000,000 | 4,362,347 | 5,637,653 | 4,495,261 | 4,392,701 | 0.71 | - |
| Thunder R&A Investco LLC, Preferred Shares* | 1/9/25 | 14,000,000 | 14,000,000 | - | 14,207,429 | 14,468,216 | 2.32 | - |
| * | Investment through abrdn Global Infrastructure Fund BL, LLC. |
| abrdn Global Infrastructure Income Fund | 21 |
September 30, 2025
| 22 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) |
| $507,307,457 | $147,993,061 | $(20,309,441) | $127,683,620 |
| abrdn Global Infrastructure Income Fund | 23 |
September 30, 2025
| September 30, 2025 | September 30, 2024 | |
| Distributions paid from: | ||
| Ordinary Income | $13,888,764 | $9,859,026 |
| Net Long-Term Capital Gains | 21,878,125 | 27,277,499 |
| Return of Capital | 34,857,430 | 13,024,619 |
| Total tax character of distributions | $70,624,319 | $50,161,144 |
| Undistributed Ordinary Income | $- |
| Undistributed Long-Term Capital Gains | - |
| Total undistributed earnings | $- |
| Accumulated Capital and Other Losses | $- |
| Capital loss carryforward | $(49,252,124)* |
| Other currency gains | - |
| Other Temporary Differences | - |
| Unrealized Appreciation/(Depreciation) | 122,908,201** |
| Total accumulated earnings/(losses) – net | $73,656,077 |
| * | On September 30, 2025, the Fund had a net capital loss carryforward of $(49,252,124) which will be available to offset like amounts of any future taxable gains. This capital loss carryforward is subject to yearly loss limitations and cannot be used in its entirety at one time. The Fund is permitted to carry forward capital losses for an unlimited period, and capital losses that are carried forward will retain their character as either short-term or long-term capital losses. The breakdown of capital loss carryforwards are as follows: |
| Amounts | Expires |
| $48,222,751 | Unlimited (Short—Term) |
| 1,029,373 | Unlimited (Long—Term) |
| 24 | abrdn Global Infrastructure Income Fund |
September 30, 2025
| Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
| Before MFD Reorganization | |||||
| Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund | 8,547,442 | $78,867,189 | $9.23 | $2,788,314 | $54,237,910 |
| abrdn Global Infrastructure Income Fund | 25,206,605 | 531,881,810 | 21.10 | 66,857,224 | 26,867,903 |
| Total | $610,748,999 | $69,645,538 | $81,105,813 |
| Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss)* | |
| After MFD Reorganization | |||||
| abrdn Global Infrastructure Income Fund | 28,944,227 | $610,748,999 | $21.10 | $69,645,538 | $81,105,813 |
| abrdn Global Infrastructure Income Fund | 25 |
September 30, 2025
| Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
| Before Reorganization | |||||
| abrdn Japan Equity Fund, Inc. | 7,071,140 | $56,080,293 | $7.93 | $23,382,371 | $7,368,314 |
| abrdn Global Infrastructure Income Fund | 28,946,561 | 606,692,422 | 20.96 | 97,946,771 | (26,485,005) |
| Total | $662,772,715 | $121,329,142 | $(19,116,691) |
| Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
| After Reorganization | |||||
| abrdn Global Infrastructure Income Fund | 31,622,275 | $662,772,715 | 20.96 | $121,329,142 | $(19,116,691) |
| 26 | abrdn Global Infrastructure Income Fund |
abrdn Global Infrastructure Income Fund:
November 28, 2025
| abrdn Global Infrastructure Income Fund | 27 |
| 28 | abrdn Global Infrastructure Income Fund |
| Votes For | Votes Against/ Withheld | |
| Chris LaVictoire Mahai | 21,536,005 | 1,414,552 |
| P. Gerald Malone | 21,428,318 | 1,522,239 |
| Todd Reit | 21,478,848 | 1,471,709 |
| abrdn Global Infrastructure Income Fund | 29 |
| 30 | abrdn Global Infrastructure Income Fund |
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| 54 | abrdn Global Infrastructure Income Fund |
| abrdn Global Infrastructure Income Fund | 55 |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years | Number of Registered Investment Companies ("Registrants") consisting of Investment Portfolios ("Portfolios") in Fund Complex* Overseen by Board Members | Other Directorships Held by Board Member** |
| Interested Board Member | |||||
| Alan Goodson*** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1974 | Class III Trustee; Chief Executive Officer and President | Term expires 2026; Trustee since 2024 | Currently, Executive Director and Head of Product & Client Solutions – Americas for abrdn Inc., overseeing Product Management & Governance, Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000. | 2 Registrants consisting of 2 Portfolios | None. |
| Independent Board Members | |||||
| Gordon A. Baird c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1968 | Class I Trustee | Term expires 2027; Trustee since 2023 | Mr. Baird is the president and Chief Executive Officer of Nexos Technologies Inc. from 2019 to present. Mr. Baird is also a Partner for Orbit Financial Holding LP from July 2017 to present. Mr. Baird is also the founder and Managing Partner of G.A. Baird Partners & Co from 2015 to present. Mr. Baird was the Chief Executive Officer of Independence Bancshares, Inc. from 2013 to 2015 and an Operating Advisor to Thomas H. Lee Partners L.P. in 2011 and 2012. From 2003 to 2011, Mr. Baird was Chief Executive Officer of Paramax Capital Partners LLC. Prior to 2003, Mr. Baird was a Director at Citigroup Global Markets, Inc., an investment analyst at State Street Bank and Trust Company and real estate analyst at John Hancock Real Estate Finance Inc. | 1 Registrant consisting of 1 Portfolio | None. |
| 56 | abrdn Global Infrastructure Income Fund |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years | Number of Registered Investment Companies ("Registrants") consisting of Investment Portfolios ("Portfolios") in Fund Complex* Overseen by Board Members | Other Directorships Held by Board Member** |
| Thomas W. Hunersen c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1958 | Class III Trustee | Term expires 2026; Trustee since 2023 | Mr. Hunersen, Principal at CKW Associates, has 40 years leading and advising global finance organizations in infrastructure, structured finance and capital markets. Headed ‘Global Infrastructure’ for National Australia Bank, Ltd focused on corporate and asset-based financing and investing in energy, utilities and transportation. Led as Group Executive - Strategy / Recovery at IBRC resolving this nationalized bank for the Irish government. Held executive and advisory roles at National Bank of Greece, Bank of Ireland, Mellon Bank, and Slingshot GT. Also has held board roles as ‘Independent Director' and/or 'Chairman’ at finance, insurance, technology and nonprofit organizations. | 1 Registrant consisting of 1 Portfolio | None. |
| abrdn Global Infrastructure Income Fund | 57 |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years | Number of Registered Investment Companies ("Registrants") consisting of Investment Portfolios ("Portfolios") in Fund Complex* Overseen by Board Members | Other Directorships Held by Board Member** |
| Chris LaVictoire Mahai c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1955 | Class II Trustee | Term expires 2028; Trustee since 2023 | Ms. Mahai today serves as an independent consultant to executives and boards across industries and around the world; also serving as a public, private and non-profit board member, private investor, and author. Following an 20 year executive leadership career in financial services and media, Mahai founded and served as Managing Partner of Aveus, LLC, a global strategic and management consultancy from 1999 to 2018. Medecision, Inc., a healthcare technology company, acquired Aveus in 2018 where Mahai continued to lead the practice, serving as Aveus Division President while also assuming the role of Medecision Executive Vice President from May 2018 to December 2021. | 1 Registrant consisting of 1 Portfolio | None. |
| P. Gerald Malone c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1950 | Chair of the Board, Class II Trustee | Term expires 2028; Trustee since 2020 | Mr. Malone is a lawyer of over 40 years standing. Currently, he is an adviser to KeifeRX, a US healthcare company developing a novel neurotherapy treatment. He is also Chairman of a number of the open and closed end funds in the abrdn Fund Complex. He previously served as a non-executive director of U.S. healthcare companies, Medality LLC until 2023 and Bionik Laboratories Corp. (2018 – July 2022). Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997. | 9 Registrants consisting of 25 Portfolios | None. |
| 58 | abrdn Global Infrastructure Income Fund |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years | Number of Registered Investment Companies ("Registrants") consisting of Investment Portfolios ("Portfolios") in Fund Complex* Overseen by Board Members | Other Directorships Held by Board Member** |
| Todd Reit c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1968 | Class II Trustee | Term expires 2028; Trustee since 2020 | Mr. Reit is a Managing Member of Cross Brook Partners LLC, a real estate investment and management company since 2017. Mr. Reit is also Director and Financial Officer of Shelter Our Soldiers, a charity to support military veterans, since 2016. Mr. Reit was formerly a Managing Director and Global Head of Asset Management Investment Banking for UBS AG, where he was responsible for overseeing all the bank’s asset management client relationships globally, including all corporate security transactions, mergers and acquisitions. Mr. Reit retired from UBS in 2017 after an over 25-year career at the company and its predecessor company, PaineWebber Incorporated (merged with UBS AG in 2000). | 10 Registrants consisting of 10 Portfolios | None. |
| John Sievwright c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1955 | Class I Trustee | Term expires 2027; Trustee since 2020 | Mr. Sievwright is the Chairman of Burford Capital Ltd since May 2024 and a Director since 2020 (provider of legal finance, complex strategies, post- settlement finance and asset management services and products, Revolut Limited, a UK-based digital banking firm since August 2021, and Chairman of Buyside Trading Solutions Limited, an unlisted company, since its formation in July 2022. Previously he was a Non-Executive Director for the following UK companies: FirstGroup plc, ICAP plc and NEX Group plc (2017-2018) (financial). | 6 Registrants consisting of 9 Portfolios | Non-Executive Director of Burford Capital Ltd (provider of legal finance, complex strategies, post-settlement finance and asset management services and products) since May 2020. |
| abrdn Global Infrastructure Income Fund | 59 |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years | Number of Registered Investment Companies ("Registrants") consisting of Investment Portfolios ("Portfolios") in Fund Complex* Overseen by Board Members | Other Directorships Held by Board Member** |
| Nancy Yao c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1972 | Class III Trustee | Term expires 2026; Trustee since 2020 | Ms. Yao has over 25 years of Asia, finance, and governance experience in for profit and non-profit organizations, including Goldman Sachs, CFRA, and the Yale-China Association. She is an assistant professor adjunct at Yale University where she teaches financial accounting and governance. Ms. Yao is a board member of the National Committee on U.S.-China Relations and a member of the Council on Foreign Relations. She also serves as an assistant dean at the David Geffen School of Drama at Yale. She received her MBA from the Yale School of Management and her AB in Diplomacy and World Affairs at Occidental College. | 8 Registrants consisting of 8 Portfolios | None. |
| * | As of October 31, 2025, the Fund Complex has a total of 17 Registrants with each Board member serving on the Boards of the number of Registrants listed. Each Registrant in the Fund Complex has one Portfolio except for two Registrants that are open-end funds, abrdn Funds and abrdn ETFs, which each have multiple Portfolios. The Registrants in the Fund Complex are as follows: abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets ex-China Fund, Inc., The India Fund, Inc., abrdn Income Credit Strategies Fund, abrdn Global Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Infrastructure Income Fund, abrdn National Municipal Income Fund, abrdn Healthcare Investors, abrdn Life Sciences Investors, abrdn Healthcare Opportunities Fund, abrdn World Healthcare Fund, abrdn Funds (17 Portfolios), and abrdn ETFs (3 Portfolios). |
| ** | Current directorships (excluding Fund Complex) as of the date of this report held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “1934 Act”) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
| *** | Mr. Goodson is deemed to be an interested person because of his affiliation with the Fund’s investment adviser. |
| 60 | abrdn Global Infrastructure Income Fund |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office* and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years |
| Joshua Duitz** c/o abrdn Inc. 875 Third Ave 4th Floor, Suite 403 New York, NY 10022 Year of Birth: 1970 | Vice President | Since 2020 | Currently, Head of Global Income at abrdn Inc. Mr. Duitz joined abrdn Inc. in 2018 from Alpine Woods Capital Investors LLC where he was a Portfolio Manager. |
| Sharon Ferrari** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1977 | Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer Since 2023; Fund Officer Since 2020 | Currently, Director, Product Management for abrdn Inc. Ms. Ferrari joined abrdn Inc. as a Senior Fund Administrator in 2008. |
| Katie Gebauer** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1986 | Chief Compliance Officer; Vice President, Compliance | Since 2023 | Currently, Ms. Gebauer is Head of US Registered Fund Compliance. She serves as the Chief Compliance Officer for Aberdeen's US closed end funds, open end funds and ETFs. Ms. Gebauer joined abrdn Inc. in 2014. |
| Heather Hasson** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1982 | Vice President | Since 2021 | Currently, Senior Product Development Manager. Previously, Senior Product Solutions and Implementation Manager, Product Governance US for abrdn Inc. Ms. Hasson joined the company in November 2006. |
| Robert Hepp** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1986 | Vice President | Since 2021 | Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Hepp joined abrdn Inc. as a Senior Paralegal in 2016. |
| Megan Kennedy** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1974 | Vice President and Secretary | Since 2020 | Currently, Senior Director, Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005. |
| Andrew Kim** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1983 | Vice President | Since 2021 | Currently, Senior Product Governance Manager – Attorney for abrdn Inc. Mr. Kim joined abrdn Inc. as a Product Manager in 2013. |
| Michael Marsico** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1980 | Vice President | Since 2021 | Currently, Senior Product Manager – US for abrdn Inc. Mr. Marsico joined abrdn Inc. as a Fund Administrator in 2014. |
| Christian Pittard** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1973 | Vice President | Vice President Since 2024; Fund Officer Since 2020 | Mr. Pittard is Head of Closed End Funds for abrdn and is responsible for the US and UK businesses. Aberdeen is currently the 5th largest listed Closed-End Fund manager in the world. He is also Managing Director of Corporate Finance, having done a significant number of closed end fund transactions in the US and UK since joining abrdn in 1999. Previously, he was Head of the Americas and the North American Funds business for Aberdeen based in the US. |
| abrdn Global Infrastructure Income Fund | 61 |
| Name, Address and Year of Birth | Position(s) Held with the Fund | Term of Office* and Length of Time Served | Principal Occupation(s) During at Least the Past Five Years |
| Lucia Sitar** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1971 | Vice President | Since 2020 | Currently, Vice President and U.S. Counsel - Head of Product Governance for abrdn Inc. Previously, Ms. Sitar was Head of Product Governance and Management and Managing U.S. Counsel for abrdn Inc. She joined abrdn Inc. as U.S. Counsel in 2007. |
| Michael Taggart** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1970 | Vice President | Since 2023 | Currently, Head of Closed-End Fund Investor Relations at abrdn Inc since 2023. Prior to that, he was Vice President of Investment Research and Operations at Relative Value Partners, LLC from June 2022. Prior to that, he was self-employed after having left Nuveen in November 2020, where he had served as Vice President of Closed-End Fund Product Strategy since November 2013. |
| * | Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually at a meeting of the Fund Board. |
| ** | Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex. |
| 62 | abrdn Global Infrastructure Income Fund |
| (b) | Not applicable. |
Item 2. Code of Ethics.
| (a) | As of September 30, 2025, abrdn Global Infrastructure Income Fund (the “Fund” or the “Registrant”) had adopted a Code of Ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”). |
| (b) | Definitional. |
| (c) | There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics. |
| (d) | During the period covered by this report, there were no waivers to the provisions of the Code of Ethics. |
| (e) | Not applicable |
| (f) | A copy of the Code of Ethics has been filed as an exhibit to this Form N-CSR. |
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that John Sievwright, a member of the Board of Trustees’ Audit Committee, possesses the attributes, and has acquired such attributes through means, identified in instruction 2 of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Sievwright as the Audit Committee’s financial expert. Mr. Sievwright is considered to be an “independent” trustee, as such term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Below is a table reflecting the fee information requested in Items 4(a) through (d):
| Fiscal Year Ended | (a) Audit Fees1 | (b) Audit-Related Fees2 | (c) Tax Fees3 | (d) All Other Fees4 | ||||||||||||
| September 30, 2025 | $ | 151,800 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Percentage approved pursuant to pre-approval exception5 | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
| September 30, 2024 | $ | 136,800 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Percentage approved pursuant to pre-approval exception5 | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares.
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax returns, review of excise tax distribution calculations and federal excise tax return.
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.
5 Pre-approval exception under Rule 2-01 of Regulation S-X. The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
| (e)(1) | The Registrant’s Audit Committee (the “Committee”) has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Trustees for their ratification, the selection, retention or termination, the Registrant’s independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrant’s investment adviser (the “Adviser”) or any sub-adviser, and to receive the independent auditor’s specific representations as to their independence, delineating all relationships that may affect the independent auditor’s independence, including the disclosures required by PCAOB Rule 3526 or any other applicable auditing standard. PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Registrant and its related entities that in the auditor’s professional judgment may reasonably be thought to bear on independence; (2) confirm in the letter that, in its professional judgment, it is independent of the Registrant within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditor’s independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Adviser that the Registrant, the Adviser or their affiliated persons, employ the independent auditor to render “permissible non-audit services” to the Registrant and to consider whether such services are consistent with the independent auditor’s independence. “Permissible non-audit services” include any professional services, including tax services, provided to the Registrant by the independent auditor, other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Registrant; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the PCAOB determines, by regulation, is impermissible. Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Registrant constitutes not more than 5% of the total amount of revenues paid by the Registrant to its auditor during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee or its Delegate(s) prior to the completion of the audit. The Committee may delegate to one or more of its members (“Delegates”) authority to pre-approve permissible non-audit services to be provided to the Registrant. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Pursuant to this authority, the Registrant’s Committee delegates to the Committee Chair, subject to subsequent ratification by the full Committee, up to a maximum amount of $25,000, which includes any professional services, including tax services, provided to the Registrant by its independent registered public accounting firm other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Registrant’s periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws.Audit Committee |
| (e)(2) | None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X. |
| (f) | Not applicable. |
| (g) | Non-Audit Fees |
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two fiscal years for non-audit services to the Registrant, and to the Adviser, and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”):
| Fiscal Year Ended | Total Non-Audit Fees Billed to Fund | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
| September 30, 2025 | $ | 0 | $ | 0 | $ | 1,253,744 | $ | 1,253,744 | ||||||||
| September 30, 2024 | $ | 0 | $ | 0 | $ | 629,124 | $ | 629,124 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal years represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
| (a) | The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). |
As of the fiscal year ended September 30, 2025, the Audit Committee members were:
Gordon A. Baird
Thomas E. Hunersen
Chris LaVictoire Mahai
P. Gerald Malone
Todd Reit
John Sievwright
Nancy Yao
(b) Not applicable.
Item 6. Schedule of Investments.
(a) Included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding the basis for approval of the investment advisory contract is included in the response to Item 1, above.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Pursuant to the Registrant's Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Adviser, provided that the Registrant's Board of Trustees has the opportunity to periodically review the Adviser's proxy voting policies and material amendments thereto.
The proxy voting policies of the Registrant are included herewith as Exhibit (d) and policies of the Adviser are included as Exhibit (e).
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a)(1) PORTFOLIO MANAGER BIOGRAPHIES
As of the date of filing this report, the individuals listed below have primary responsibility for the day-to-day management of their respective sleeves of the Fund’s portfolio. Messrs. Duitz and Reynolds are jointly and primarily responsible for the Fund’s public infrastructure investments, and Mr. Purington is primarily responsible for the Fund’s private/direct infrastructure investments.
| Individual & Position | Past Business Experience | Served on the Fund Since |
|
Joshua Duitz, Head of Global Income |
Currently, Head of Global Income at Aberdeen, He is a Portfolio Manager of our global dynamic dividend and global infrastructure funds. Josh joined the company in 2018 from Alpine Woods Capital Management where he was a Portfolio Manager. Previously, Josh worked for Bear Stearns where he was a Managing Director, Principal and traded international equities. Prior to that, Josh worked for Arthur Andersen where he was a senior auditor. Josh graduated from The Wharton School of the University of Pennsylvania and received his MBA with Honours. He received his BBA from Emory University. | Since inception |
| Donal Reynolds, Investment Director, Global Equities |
Donal is an Investment Director responsible for managing the Global Infrastructure funds. Donal joined the company in 2006 as an Investment Process Analyst. In 2010, he transferred to US equities in Boston as Vice President. In 2014, he was promoted to Senior Vice President, Global Equities. Prior to this Donal worked for a number of firms, including BIL-Dexia, ING, JP Morgan and Aegon. Donal graduated with an MA in Chinese Studies and a BSC in Management. Additionally, he holds the Investment Management Certificate and is a CFA Charterholder. | 2021 |
| Amelia Slade, Associate Investment Director, Real Assets | Amelia Slade is an Associate Investment Director at Aberdeen. She supports the investment and management of the private allocation of abrdn Global Infrastructure Income Fund (NYSE: ASGI), Aberdeen's Energy and Natural Resources funds, and a legacy Real Estate fund. She joined the Real Assets team in August 2022 following a ten-month tenure in Aberdeen's graduate rotational program. Through this opportunity, she rotated with Aberdeen Fixed Income, Equities, and Real Assets. Amelia graduated from Haverford College with a BA in Economics. | 2022 |
(a)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS.
The following chart summarizes information regarding other accounts for which each 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” include the Fund. The “Other Accounts Managed” represents the accounts managed by the teams of which the portfolio manager is a member. The information in the table below is as of September 30, 2025.
| 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) | |||||||||||||
| Joshua Duitz1 | Registered Investment Companies | 5 | $ | 2,092.88 | 0 | $ | 0 | |||||||||||
| Pooled Investment Vehicles | 20 | $ | 7,243.80 | 0 | $ | 0 | ||||||||||||
| Other Accounts | 3 | $ | 278.54 | 0 | $ | 0 | ||||||||||||
| Donal Reynolds1 | Registered Investment Companies | 5 | $ | 2,092.88 | 0 | $ | 0 | |||||||||||
| Pooled Investment Vehicles | 20 | $ | 7,243.80 | 0 | $ | 0 | ||||||||||||
| Other Accounts | 3 | $ | 278.54 | 0 | $ | 0 | ||||||||||||
| Amelia Slade2 | Registered Investment Companies | 1 | $ | 613.94 | 0 | $ | 0 | |||||||||||
| Pooled Investment Vehicles | 5 | $ | 331.06 | 0 | $ | 0 | ||||||||||||
| Other Accounts | 0 | $ | 0 | 0 | $ | 0 | ||||||||||||
1 Includes accounts managed by the Developed Markets Income and Real Assets Equity Team, of which the portfolio manager is a member.
2 Includes accounts managed by the Real Assets (Infrastructure Equity) Team, of which the portfolio manager is a member.
POTENTIAL CONFLICTS OF INTEREST
The Adviser and its affiliates (collectively referred to herein as “Aberdeen”) 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 (including UMA accounts) and discretionary SMA accounts, abrdn Inc. will utilize a third party service provider to deliver model portfolio recommendations and model changes to the Sponsors. abrdn Inc. seeks to treat clients fairly and equitably over time, by delivering model changes to our service provider and investment instructions for our other discretionary accounts to our trading desk, simultaneously or approximately at the same time. The service provider will then deliver the model changes to each Sponsor on a when-traded, randomized full rotation schedule. All Sponsors will be included in the rotation schedule, including SMA and UMA.
UMA Sponsors will be responsible for determining how and whether to implement the model portfolio or model changes and implementation of any client specific investment restrictions. The Sponsors are solely responsible for determining the suitability of the model portfolio for each model delivery client, executing trades and seeking best execution for such clients.
As it relates to SMA accounts, abrdn Inc. will be responsible for managing the account on the basis of each client’s financial situation and objectives, the day to day investment decisions, best execution, accepting or rejecting client specific investment restrictions and performance. The SMA Sponsors will collect suitability information and will provide a summary questionnaire for our review and approval or rejection. For dual contract SMAs, abrdn Inc. will collect a suitability assessment from the client, along with the Sponsor suitability assessment. Our third party service provider will monitor client specific investment restrictions on a day to day basis. For SMA accounts, model trades will be traded by the Sponsor or may be executed through a “step-out transaction,”- or traded away- from the client’s Sponsor if doing so is consistent with abrdn’s obligation to obtain best execution. When placing trades through Sponsor Firms (instead of stepping them out), we will generally aggregate orders where it is possible and in the client’s best interests. In the event we are not comfortable that a Sponsor can obtain best execution for a specific security and trading away is infeasible, we may exclude the security from the model.
Trading costs are not covered by the Wrap Program fee and may result in additional costs to the client. In some instances, step-out trades are executed without any additional commission, mark-up, or mark-down, but in many instances, the executing broker-dealer may impose a commission or a mark-up or mark-down on the trade. Typically, the executing broker will embed the added costs into the price of the trade execution, making it difficult to determine and disclose the exact added cost to clients. In this instance, these additional trading costs will be reflected in the price received for the security, not as a separate commission, on trade confirmations or on account statements. In determining best execution for SMA accounts, abrdn Inc. takes into consideration that the client will not pay additional trading costs or commission if executing with the Sponsor.
While UMA accounts are invested in the same strategies as and may perform similarly to SMA accounts, there are expected to be performance differences between them. There will be performance dispersions between UMAs and other types of accounts because Aberdeen does not have discretion over trading and there may be client specific restrictions for SMA accounts.
Aberdeen may have already commenced trading for its discretionary client accounts before the model delivery accounts have executed Aberdeen’s recommendations. In this event, trades placed by the model delivery clients may be subject to price movements, particularly with large orders or where securities are thinly traded, that may result in model delivery clients receiving less favorable prices than our discretionary clients. Aberdeen has no discretion over transactions executed by model delivery clients and is unable to control the market impact of those transactions.
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. In addition, the constitution and weights of stocks within model portfolios may not always be exactly aligned with similar discretionary accounts. This may create performance dispersions within accounts with the same or similar investment mandate.
(a)(3)
DESCRIPTION OF COMPENSATION STRUCTURE
Aberdeen’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 Aberdeen’s clients and shareholders. Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.
Aberdeen’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 Aberdeen Group plc shares, with an option to put up to 50% of the deferred award into funds managed by Aberdeen. Overall compensation packages are designed to be competitive relative to the investment management industry.
Base Salary
Aberdeen’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 Aberdeen 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.
Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives’ interests with Aberdeen’s sustained performance and, in respect of the deferral into funds managed by Aberdeen, 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 Aberdeen, 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, Aberdeen 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, Aberdeen 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 Aberdeen environment. Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen’s dynamic compliance monitoring system.
In rendering investment management services, the Adviser may use the resources of additional investment adviser subsidiaries of Aberdeen Group 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 Aberdeen 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.
(a)(4)
| Dollar Range of Equity Securities in the Registrant Beneficially Owned by the Portfolio Manager as of September 30, 2025 |
||
| Joshua Duitz | Over $100,000 | |
| Donal Reynolds | $50,001-$100,000 | |
| Amelia Slade | None | |
(b) Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Period | (a) Total No. of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum No. of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
| Month #1 (Oct. 1, 2024-Oct. 31, 2024) | – | – | – | 2,894,422 | ||||||||||||
| Month #2 (Nov. 1, 2024 – Nov. 30, 2024) | – | – | – | 2,894,422 | ||||||||||||
| Month #3 (Dec. 1, 2024– Dec. 31, 2024) | – | – | – | 2,894,422 | ||||||||||||
| Month #4 (Jan. 1, 2025 – Jan. 31, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #5 (Feb. 1, 2025 – Feb. 28, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #6 (Mar. 1, 2025 – Mar. 31, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #7 (Apr. 1, 2025 – Apr. 30, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #8 (May 1, 2025 – May 31, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #9 (June 1, 2025 – June 30, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #10 (Jul. 1, 2025 – Jul. 31, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #11 (Aug. 1, 2025 – Aug. 31, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Month #12 (Sep. 1, 2025– Sep. 30, 2025) | – | – | – | 2,894,422 | ||||||||||||
| Total | – | – | – | |||||||||||||
| (1) | On December 14, 2023, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the “Program”). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. |
Item 15. Submission of Matters to a Vote of Security Holders.
During the period ended September 30, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR. |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable. |
| (a)(3) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR. |
| (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| (a)(5) | Change in Registrant’s independent public accountant. Not applicable. |
| (b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR. |
| (c) | A copy of the Registrant’s notices to stockholders, which accompanied distributions paid, pursuant to the Registrant’s Managed Distribution Policy since the Registrant’s last filed N-CSR, are filed herewith as Exhibits (c)(1), (c)(2), (c)(3), (c)(4), (c)(5) and (c)(6) as required by the terms of the Registrant’s SEC exemptive order. |
| (d) | Proxy Voting Policy of Registrant |
| (e) | Proxy Voting Policies and Procedures of Adviser. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
abrdn Global Infrastructure Income Fund
| By: | /s/ Alan Goodson | ||
| Alan Goodson, | |||
| Principal Executive Officer of | |||
| abrdn Global Infrastructure Income Fund | |||
| Date: December 8, 2025 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Alan Goodson | ||
| Alan Goodson, | |||
| Principal Executive Officer of | |||
| abrdn Global Infrastructure Income Fund | |||
| Date: December 8, 2025 | |||
| By: | /s/ Sharon Ferrari | ||
| Sharon Ferrari, | |||
| Principal Financial Officer of | |||
| abrdn Global Infrastructure Income Fund | |||
| Date: December 8, 2025 | |||