Aberdeen Asia-Pacific Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number:    811-04611
Exact name of registrant as specified in charter:    Aberdeen Asia-Pacific Income Fund, Inc.
Address of principal executive offices:    1735 Market Street, 32nd Floor
   Philadelphia, PA 19103
Name and address of agent for service:    Ms. Andrea Melia
   Aberdeen Asset Management Inc.
   1735 Market Street 32nd Floor
   Philadelphia, PA 19103
Registrant’s telephone number, including area code:    800-522-5465
Date of fiscal year end:    October 31
Date of reporting period:    July 31, 2017

Item 1. Schedule of Investments – The Schedule of Investments for the three-month period ended July 31, 2017 is filed herewith.

 

Portfolio of Investments (unaudited)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
CORPORATE BONDS - 68.3%  
AUSTRALIA - 2.9%   
USD      4,750      APT Pipelines Ltd., 4.25%, 04/15/2027(a)(b)    $ 4,886,045  
AUD      2,500      APT Pipelines Ltd., 7.75%, 07/22/2020      2,257,180  
AUD      6,867      Brisbane Square Finance Pty Ltd., Zero Coupon, 11/25/2025(c)(d)(e)(f)      5,981,429  
AUD      4,310      NEXTDC Ltd., 6.25%, 06/09/2019(b)(d)      3,486,652  
AUD      7,300      Qantas Airways Ltd., 7.50%, 06/11/2021      6,637,452  
AUD      3,800      RWH Finance Pty Ltd., 2.79%, 03/26/2021(b)(c)(d)(g)      3,029,573  
USD      7,000      SGSP Australia Assets Pty Ltd., 3.25%, 07/29/2026(a)      6,869,919  
AUD      2,000      Telstra Corp. Ltd., 8.75%, 01/15/2020      1,831,251  
USD      5,965      Transurban Finance Co. Pty Ltd., 3.38%, 12/22/2026(a)(b)      5,841,137  
        

 

 

  
           40,820,638  
        

 

 

  
CHINA - 14.6%  
USD      3,759      361 Degrees International Ltd., 7.25%, 06/03/2019(a)(b)      3,998,824  
USD      3,950      Agile Group Holdings Ltd., 9.00%, 05/21/2018(a)(b)      4,246,333  
USD      3,500      Agile Group Holdings Ltd., 8.38%, 08/30/2017(a)(b)      3,643,304  
USD      3,900      Central China Real Estate Ltd., 6.50%, 08/30/2017(a)(b)      3,948,559  
USD      3,000      China Aoyuan Property Group Ltd., 10.88%, 05/26/2018(a)      3,141,558  
CNH      11,250      China Development Bank, 3.60%, 11/13/2018      1,659,830  
USD      1,800      China Hongqiao Group Ltd., 6.88%, 05/03/2018(a)      1,770,764  
USD      7,000      China Overseas Finance Cayman III Ltd., 5.38%, 10/29/2023(a)      7,775,012  
USD      4,955      China Resources Gas Group Ltd., 4.50%, 04/05/2022(a)      5,258,613  
USD      4,000      Chinalco Capital Holdings Ltd., 4.25%, 04/21/2022(a)      4,050,064  
USD      7,500      CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023(a)      8,057,520  
USD      8,000      CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024      8,439,648  
USD      2,000      CNPC General Capital Ltd., 2.75%, 05/14/2019(a)      2,014,699  
USD      6,810      Country Garden Holdings Co. Ltd., 7.25%, 10/04/2017(a)(b)      7,083,987  
USD      3,900      Future Land Development Holdings Ltd., 5.00%, 02/16/2020(a)      4,006,696  
USD      3,500      FUXIANG Investment Management Ltd., 3.63%, 11/30/2019(a)      3,526,982  
USD      5,200      Health and Happiness H&H International Holdings Ltd., 7.25%, 06/21/2018(a)(b)      5,459,724  
CNY      30,000      PetroChina Co. Ltd., 3.45%, 05/12/2021      4,298,370  
USD      18,800      Proven Honour Capital Ltd., 4.13%, 05/19/2025(a)      19,397,276  
USD      14,434      Semiconductor Manufacturing International Corp., 4.13%, 10/07/2019(a)      14,761,493  
USD      4,000      Shanhai Hong Kong International Investments Ltd., 3.88%, 04/20/2020(a)      4,032,372  
USD      8,200      Sinopec Capital 2013 Ltd., 3.13%, 04/24/2023(a)      8,216,400  
USD      1,600      Sinopec Group Overseas Development 2012 Ltd., 3.90%, 05/17/2022(a)      1,678,198  
USD      4,400      Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/2023(a)      4,711,124  
USD      5,900      Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/2024(a)      6,298,250  
USD      6,930      Sinopec Group Overseas Development 2017 Ltd., 2.38%, 04/12/2020(a)      6,948,011  
USD      12,330      Sinopec Group Overseas Development 2017 Ltd., 3.00%, 04/12/2022(a)      12,475,137  
USD      6,632      State Grid Overseas Investment 2016 Ltd., 2.75%, 05/04/2022(a)      6,634,357  
USD      14,738      State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/2027(a)      14,725,140  
USD      7,500      Tencent Holdings Ltd., 3.80%, 02/11/2025(a)      7,848,112  
USD      4,000      Times Property Holdings Ltd., 11.45%, 03/05/2018(a)(b)      4,357,640  
USD      7,000      Wanda Properties Overseas Ltd., 4.88%, 11/21/2018(a)      6,875,491  
USD      4,300      Yestar Healthcare Holdings Co, Ltd., 6.90%, 09/15/2019(a)(b)      4,461,272  
        

 

 

  
           205,800,760  
        

 

 

  
GERMANY - 3.6%  
AUD      7,500      KfW, 3.75%, 07/18/2018(h)      6,107,082  
AUD      5,000      KfW, 6.00%, 08/20/2020(h)      4,437,472  
AUD      10,600      KfW, 6.25%, 02/23/2018(h)      8,688,438  
AUD      10,500      KfW, 6.25%, 12/04/2019(h)      9,190,776  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
CORPORATE BONDS (continued)  
GERMANY (continued)  
AUD      15,000      KfW, 6.25%, 05/19/2021(h)    $ 13,658,520  
AUD      10,000      Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(g)(h)      8,888,200  
        

 

 

  
           50,970,488  
        

 

 

  
HONG KONG - 7.2%  
USD      4,103      Champion MTN Ltd., 3.75%, 01/17/2023(a)      4,169,559  
USD      3,700      China Water Affairs Group Ltd., 5.25%, 02/07/2020(a)(b)      3,740,730  
USD      2,594      CK Hutchison Capital Securities 17 Ltd., 4.00%, 05/12/2022(a)(b)(c)(i)      2,633,226  
USD      4,840      CK Hutchison International 17 Ltd., 2.88%, 04/05/2022(a)      4,887,419  
USD      3,900      Far East Consortium International Ltd., 3.75%, 09/08/2021(a)      3,831,770  
USD      5,326      FPC Treasury Ltd., 4.50%, 04/16/2023(a)      5,403,738  
USD      17,000      HLP Finance Ltd., 4.75%, 06/25/2022(a)      18,195,559  
USD      12,000      Hongkong Electric Finance Ltd., 2.88%, 05/03/2026(a)      11,589,024  
USD      1,600      Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/2022      1,733,976  
USD      5,608      HPHT Finance 15 Ltd., 2.88%, 03/17/2020(a)      5,639,517  
USD      15,500      Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(a)      20,473,717  
USD      2,880      Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033(a)      4,029,270  
USD      3,973      Hutchison Whampoa International 09 Ltd., 7.63%, 04/09/2019(a)      4,326,235  
USD      7,600      Shimao Property Holdings Ltd., 8.38%, 02/10/2019(a)(b)      8,378,514  
USD      2,871      Standard Chartered PLC, 144A, 3.95%, 01/11/2023(a)      2,927,277  
        

 

 

  
           101,959,531  
        

 

 

  
INDIA - 10.8%  
USD      9,480      Adani Ports & Special Economic Zone Ltd., 4.00%, 06/30/2027(a)(b)      9,439,179  
USD      5,460      Adani Transmission Ltd., 4.00%, 08/03/2026(a)      5,478,684  
INR      350,000      Adani Transmission Ltd., 10.25%, 04/15/2021      5,799,188  
INR      500,000      Axis Bank Ltd., 8.85%, 12/05/2024      8,387,795  
USD      3,840      Bharat Petroleum Corp. Ltd., 4.00%, 05/08/2025(a)      3,918,543  
USD      3,300      Bharti Airtel International Netherlands BV, 5.13%, 03/11/2023(a)      3,477,121  
USD      6,487      GCX Ltd., 7.00%, 08/31/2017(a)(b)      5,910,020  
INR      350,000      HDFC Bank Ltd., 7.95%, 09/21/2026      5,621,322  
INR      100,000      Housing Development Finance Corp. Ltd., 8.65%, 09/18/2020      1,612,506  
INR      250,000      Housing Development Finance Corp. Ltd., 8.75%, 01/13/2020(b)      4,013,827  
USD      10,700      ICICI Bank Ltd., 4.00%, 03/18/2026(a)      10,891,819  
INR      400,000      ICICI Bank Ltd., 7.60%, 10/07/2023      6,279,822  
INR      250,000      ICICI Bank Ltd., 9.15%, 08/06/2024      4,280,458  
INR      200,000      Indiabulls Housing Finance Ltd., 8.90%, 09/26/2021      3,191,860  
INR      100,000      Indiabulls Housing Finance Ltd., 9.00%, 04/29/2026      1,574,965  
INR      250,000      Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023      4,152,094  
USD      4,000      JSW Steel Ltd., 5.25%, 04/13/2022(a)      4,043,984  
USD      3,780      Neerg Energy Ltd., 6.00%, 02/13/2020(a)(b)      3,871,506  
USD      3,400      NTPC Ltd., 4.75%, 10/03/2022(a)      3,652,028  
INR      200,000      NTPC Ltd., 8.49%, 03/25/2025(f)      3,304,980  
INR      100,000      NTPC Ltd., 8.73%, 03/07/2023      1,656,426  
INR      100,000      NTPC Ltd., 9.17%, 09/22/2024      1,715,393  
INR      250,000      Power Finance Corp. Ltd., 8.39%, 04/19/2025      4,111,572  
INR      400,000      Power Finance Corp. Ltd., 8.65%, 12/28/2024      6,647,783  
INR      200,000      Power Grid Corp. of India Ltd., 8.93%, 10/20/2022      3,378,799  
INR      300,000      Power Grid Corp. of India Ltd., 9.30%, 09/04/2024      5,196,399  
USD      7,000      Reliance Industries Ltd., 4.13%, 01/28/2025(a)      7,252,702  
INR      250,000      Reliance Jio Infocomm Ltd., 8.95%, 10/04/2020      4,067,968  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
CORPORATE BONDS (continued)  
INDIA (continued)  
INR      200,000      Rural Electrification Corp. Ltd., 8.44%, 12/04/2021    $ 3,250,129  
INR      150,000      Rural Electrification Corp. Ltd., 9.34%, 08/25/2024      2,603,063  
INR      270,000      Rural Electrification Corp. Ltd., 9.35%, 06/15/2022      4,564,603  
INR      100,000      Tata Motors Ltd., 9.73%, 10/01/2020      1,653,867  
USD      7,475      UPL Corp. Ltd., 3.25%, 10/13/2021(a)      7,490,234  
        

 

 

  
           152,490,639  
        

 

 

  
INDONESIA - 1.2%  
USD      3,520      Indika Energy Capital II Pte Ltd., 6.88%, 04/10/2020(a)(b)      3,493,826  
USD      1,200      Jababeka International BV, 6.50%, 10/05/2020(a)(b)      1,241,475  
USD      3,490      MPM Global Pte Ltd., 6.75%, 09/19/2017(a)(b)      3,612,220  
USD      9      Perusahaan Listrik Negara PT, 5.25%, 10/24/2042(a)      9,124  
USD      4,000      Pratama Agung Pte Ltd., 6.25%, 02/24/2018(a)(b)      4,169,836  
USD      4,164      TBG Global Pte Ltd., 5.25%, 02/10/2019(a)(b)      4,293,142  
        

 

 

  
           16,819,623  
        

 

 

  
KUWAIT - 1.1%  
USD      15,000      Equate Petrochemical BV, 4.25%, 11/03/2026(a)      15,565,530  
        

 

 

  
MALAYSIA - 3.4%  
MYR      5,000      Cagamas Bhd, 4.20%, 10/22/2018      1,172,776  
CNH      35,000      Cagamas Global PLC, 3.70%, 09/22/2017      5,200,235  
MYR      5,000      Digi Telecommunications Sdn Bhd, 4.38%, 04/14/2022(b)      1,170,786  
USD      7,000      Gohl Capital Ltd., 4.25%, 01/24/2027(a)      7,230,615  
USD      6,000      Malayan Banking Bhd, 3.91%, 10/29/2021(a)(b)(c)      6,146,772  
USD      3,360      Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/2025(a)      3,363,024  
USD      4,150      Malaysia Sukuk Global Bhd, 3.18%, 04/27/2026(a)(h)      4,190,670  
MYR      5,000      Putrajaya Holdings Sdn Bhd, 5.10%, 04/22/2019      1,185,589  
USD      3,736      RHB Bank Bhd, 2.50%, 10/06/2021(a)      3,691,347  
USD      7,000      TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026(a)      6,838,349  
USD      7,000      Wakala Global Sukuk Bhd, 4.65%, 07/06/2021(a)      7,576,800  
        

 

 

  
           47,766,963  
        

 

 

  
NETHERLANDS - 0.5%  
USD      6,050      Samvardhana Motherson Automotive Systems Group BV, 4.88%, 06/16/2019(a)(b)      6,306,520  
        

 

 

  
NORWAY - 0.6%  
AUD      9,788      Kommunalbanken AS, 6.50%, 04/12/2021      8,923,446  
        

 

 

  
PHILIPPINES - 3.1%  
USD      7,000      ICTSI Treasury BV, 5.88%, 09/17/2025(a)      7,668,108  
USD      3,446      International Container Terminal Services, Inc., 7.38%, 03/17/2020(a)      3,848,179  
USD      13,086      Megaworld Corp., 4.25%, 04/17/2023(a)      13,178,858  
USD      4,534      Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/2024(a)(h)      5,828,915  
USD      7,000      Royal Capital BV, 4.88%, 05/05/2024(a)(b)(c)(i)      7,050,204  
USD      6,500      SM Investments Corp., 4.25%, 10/17/2019(a)      6,711,517  
        

 

 

  
           44,285,781  
        

 

 

  
REPUBLIC OF SOUTH KOREA - 4.5%  
USD      11,400      Busan Bank Co. Ltd., 3.63%, 07/25/2026(a)      11,048,766  
USD      7,218      Doosan Heavy Industries & Construction Co. Ltd., 2.13%, 04/27/2020(a)      7,113,147  
USD      10,552      Hyundai Capital Services, Inc., 2.63%, 09/29/2020(a)      10,544,308  
USD      2,350      Korea Gas Corp., 2.75%, 07/20/2022(a)      2,353,257  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
CORPORATE BONDS (continued)  
REPUBLIC OF SOUTH KOREA (continued)  
USD      10,658      Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022(a)    $ 10,770,762  
USD      13,652      Korea National Oil Corp., 2.63%, 04/14/2026(a)      13,066,841  
USD      7,760      Shinhan Bank Co. Ltd., 2.88%, 03/28/2022(a)      7,794,698  
        

 

 

  
           62,691,779  
        

 

 

  
SINGAPORE - 2.6%  
SGD      2,750      CapitaMalls Asia Treasury Ltd., 3.95%, 08/24/2017(a)      2,032,198  
USD      6,833      DBS Group Holdings Ltd., 3.60%, 09/07/2021(a)(b)(c)(i)      6,829,870  
USD      7,289      Marble II Pte Ltd., 5.30%, 06/20/2019(a)(b)      7,371,271  
USD      8,900      Oversea-Chinese Banking Corp. Ltd., 3.15%, 03/11/2018(a)(b)(c)(g)      8,944,580  
USD      2,800      SingTel Group Treasury Pte Ltd., 2.38%, 10/03/2026(a)      2,636,413  
USD      9,000      United Overseas Bank Ltd., 3.50%, 09/16/2021(a)(b)(c)(g)      9,168,975  
        

 

 

  
           36,983,307  
        

 

 

  
SUPRANATIONAL - 5.6%   
AUD      14,000      Asian Development Bank, 5.00%, 03/09/2022      12,391,792  
AUD      16,800      Asian Development Bank, 6.25%, 03/05/2020      14,817,600  
AUD      15,000      Inter-American Development Bank, 6.00%, 02/26/2021      13,482,588  
AUD      11,200      Inter-American Development Bank, 6.50%, 08/20/2019      9,757,503  
AUD      10,000      International Bank for Reconstruction & Development, 4.25%, 06/24/2025      8,728,856  
AUD      6,900      International Bank for Reconstruction & Development, 5.75%, 10/21/2019      5,959,502  
AUD      15,600      International Finance Corp., 5.75%, 07/28/2020      13,747,843  
        

 

 

  
           78,885,684  
        

 

 

  
THAILAND - 3.5%   
USD      4,800      Bangkok Bank PCL, 9.03%, 03/15/2029(a)      6,757,138  
USD      17,170      Krung Thai Bank PCL, 5.20%, 12/26/2019(a)(b)(c)(g)      17,829,706  
USD      14,000      PTT Global Chemical PCL, 4.25%, 09/19/2022(a)      14,856,856  
USD      4,331      PTTEP Canada International Finance Ltd., 5.69%, 04/05/2021(a)      4,773,023  
USD      5,386      PTTEP Treasury Center Co. Ltd., 4.60%, 07/17/2022(a)(b)(c)(i)      5,494,786  
        

 

 

  
           49,711,509  
        

 

 

  
UNITED ARAB EMIRATES - 1.2%   
USD      7,500      DIB Sukuk Ltd., 3.66%, 02/14/2022(a)      7,605,000  
USD      5,400      First Abu Dhabi Bank PJSC, 3.00%, 03/30/2022(a)      5,418,900  
USD      3,700      MAF Global Securities Ltd., 5.50%, 09/07/2022(a)(b)(c)(i)      3,746,250  
        

 

 

  
           16,770,150  
        

 

 

  
UNITED KINGDOM - 1.9%   
USD      12,962      HSBC Holdings PLC, 6.38%, 03/30/2025(b)(c)(g)(i)      13,917,948  
USD      6,999      Standard Chartered PLC, 3.95%, 01/11/2023(a)      7,136,194  
USD      5,000      Standard Chartered PLC, 4.05%, 04/12/2026(a)      5,116,155  
        

 

 

  
           26,170,297  
        

 

 

  

Total Corporate Bonds - 68.3%

(cost $969,959,200)

      962,922,645  
        

 

 

  
GOVERNMENT BONDS - 70.8%   
AUSTRALIA - 37.6%   
AUD      34,700      Australia Government Bond, 3.25%, 04/21/2025(a)      29,188,224  
AUD      30,300      Australia Government Bond, 3.25%, 04/21/2029(a)      25,380,492  
AUD      91,900      Australia Government Bond, 3.75%, 04/21/2037(a)      79,146,412  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
GOVERNMENT BONDS (continued)  
AUSTRALIA (continued)  
AUD      29,800      Australia Government Bond, 4.50%, 04/21/2033(a)    $ 28,354,819  
AUD      55,300      Australia Government Bond, 5.50%, 01/21/2018(a)      45,046,451  
AUD      7,000      Australia Government Bond, 5.50%, 04/21/2023(a)      6,566,504  
AUD      35,300      Australia Government Bond, 5.75%, 07/15/2022(a)      32,973,306  
AUD      13,500      New South Wales Treasury Corp., 3.00%, 02/20/2030(a)      10,474,240  
AUD      7,500      New South Wales Treasury Corp., 4.00%, 05/20/2026(a)      6,534,084  
AUD      46,000      New South Wales Treasury Corp., 6.00%, 02/01/2018      37,577,731  
AUD      15,000      New South Wales Treasury Corp., 6.00%, 03/01/2022      13,924,344  
AUD      47,850      Queensland Treasury Corp., 6.00%, 02/21/2018(a)      39,176,901  
AUD      31,190      Queensland Treasury Corp., 6.00%, 06/14/2021(a)(h)      28,522,631  
AUD      47,100      Queensland Treasury Corp., 6.25%, 06/14/2019(h)      40,735,471  
AUD      24,330      Queensland Treasury Corp., 6.25%, 02/21/2020(a)      21,488,451  
AUD      14,250      Treasury Corp. of Victoria, 6.00%, 06/15/2020      12,650,352  
AUD      35,350      Treasury Corp. of Victoria, 6.00%, 10/17/2022      33,299,417  
AUD      5,000      Western Australian Treasury Corp., 2.50%, 07/23/2024      3,883,196  
AUD      25,000      Western Australian Treasury Corp., 3.75%, 10/23/2018(a)      20,452,900  
AUD      15,000      Western Australian Treasury Corp., 7.00%, 07/15/2021      14,103,240  
        

 

 

  
           529,479,166  
        

 

 

  
BAHRAIN - 0.3%  

USD

      3,600     

Bahrain Government International Bond, 7.00%, 10/12/2028(a)

      3,699,886  
        

 

 

  
CHINA - 1.7%  
CNY      14,000      China Government Bond, 2.85%, 01/28/2026(j)      1,944,824  
CNY      20,000      China Government Bond, 3.14%, 09/08/2020(j)      2,937,752  
CNY      40,000      China Government Bond, 3.28%, 08/05/2020(j)      5,901,933  
CNY      10,000      China Government Bond, 3.36%, 05/24/2022(j)      1,471,125  
CNY      10,000      China Government Bond, 3.41%, 06/24/2020(j)      1,481,189  
CNY      3,000      China Government Bond, 3.46%, 07/11/2020(j)      444,913  
CNY      2,000      China Government Bond, 3.57%, 11/17/2021(j)      297,208  
CNY      10,000      China Government Bond, 4.08%, 08/22/2023(j)      1,524,688  
CNY      30,000      China Government Bond, 4.10%, 09/27/2032(j)      4,651,259  
CNY      20,000      China Government Bond, 4.15%, 04/28/2031(j)      3,123,646  
        

 

 

  
           23,778,537  
        

 

 

  
INDIA - 7.5%  
INR      150,000      Export-Import Bank of India, 7.62%, 09/01/2026      2,381,481  
INR      750,000      India Government Bond, 7.68%, 12/15/2023      12,286,947  
INR      1,000,000      India Government Bond, 7.72%, 05/25/2025      16,402,315  
INR      1,041,880      India Government Bond, 8.08%, 08/02/2022      17,213,828  
INR      1,932,870      India Government Bond, 8.12%, 12/10/2020      31,606,253  
INR      1,232,130      India Government Bond, 8.27%, 06/09/2020      20,107,432  
INR      360,440      India Government Bond, 8.40%, 07/28/2024      6,088,677  
INR      9,230      India Government Bond, 9.20%, 09/30/2030      169,604  
        

 

 

  
           106,256,537  
        

 

 

  
INDONESIA - 14.4%  
USD      4,402      Indonesia Government International Bond, 3.85%, 07/18/2027(a)      4,445,333  
USD      7,680      Indonesia Government International Bond, 4.35%, 01/08/2027(a)      8,064,937  
USD      5,091      Indonesia Government International Bond, 5.25%, 01/08/2047(a)      5,626,797  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

    Value
(US$)		  
GOVERNMENT BONDS (continued)  
INDONESIA (continued)  
IDR      200,000,000      Indonesia Treasury Bond, 7.00%, 05/15/2022    $ 15,160,612  
IDR      120,000,000      Indonesia Treasury Bond, 7.00%, 05/15/2027      9,037,826  
IDR      104,000,000      Indonesia Treasury Bond, 7.88%, 04/15/2019      7,982,765  
IDR      47,000,000      Indonesia Treasury Bond, 8.25%, 06/15/2032      3,732,186  
IDR      547,000,000      Indonesia Treasury Bond, 8.25%, 05/15/2036      43,537,489  
IDR      288,224,000      Indonesia Treasury Bond, 8.38%, 09/15/2026      23,394,946  
IDR      120,400,000      Indonesia Treasury Bond, 8.38%, 03/15/2034      9,723,086  
IDR      340,600,000      Indonesia Treasury Bond, 8.75%, 05/15/2031      28,477,064  
IDR      100,000,000      Indonesia Treasury Bond, 8.75%, 02/15/2044      8,228,865  
IDR      30,000,000      Indonesia Treasury Bond, 9.00%, 03/15/2029      2,565,286  
IDR      21,000,000      Indonesia Treasury Bond, 9.50%, 07/15/2031      1,847,950  
IDR      30,000,000      Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020      2,320,249  
USD      4,970      Perusahaan Penerbit SBSN Indonesia III, 3.40%, 03/29/2022(a)      5,044,550  
USD      4,970      Perusahaan Penerbit SBSN Indonesia III, 4.15%, 03/29/2027(a)      5,063,436  
USD      10,981      Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024(a)      11,516,873  
USD      7,000      Perusahaan Penerbit SBSN Indonesia III, 4.55%, 03/29/2026(a)      7,359,100  
        

 

 

  
     203,129,350  
        

 

 

  
MALAYSIA - 2.4%  
MYR      24,500      Malaysia Government Bond, 3.66%, 10/15/2020      5,729,160  
MYR      61,900      Malaysia Government Bond, 3.76%, 03/15/2019      14,547,476  
MYR      39,725      Malaysia Government Bond, 4.74%, 03/15/2046      9,214,456  
MYR      19,300      Malaysia Government Bond, 4.76%, 04/07/2037      4,616,087  
        

 

 

  
     34,107,179  
        

 

 

  
MONGOLIA - 0.2%  
USD      2,200      Mongolia Government International Bond, 4.13%, 01/05/2018(a)      2,202,860  
        

 

 

  
PHILIPPINES - 0.9%  
PHP      251,000      Philippine Government Bond, 3.63%, 03/21/2033      4,252,734  
PHP      347,040      Philippine Government Bond, 5.75%, 11/24/2021      7,344,759  
PHP      544      Philippine Government Bond, 6.38%, 01/19/2022      11,771  
PHP      50,000      Philippine Government International Bond, 6.25%, 01/14/2036      1,115,933  
        

 

 

  
     12,725,197  
        

 

 

  
REPUBLIC OF SOUTH KOREA - 2.2%  
USD      6,160      Industrial Bank of Korea, 3.90%, 07/31/2022(a)(b)(c)(i)      6,251,870  
USD      11,111      Korea Development Bank (The), 2.63%, 02/27/2022      11,112,892  
KRW      10,000,000      Korea Monetary Stabilization Bond, 1.48%, 02/09/2018      8,942,871  
KRW      5,300,000      Korea Treasury Bond, 3.38%, 09/10/2023      5,105,576  
        

 

 

  
     31,413,209  
        

 

 

  
SINGAPORE - 1.2%  
SGD      6,300      Singapore Government Bond, 2.13%, 06/01/2026      4,683,799  
SGD      15,250      Singapore Government Bond, 3.00%, 09/01/2024      12,057,982  
        

 

 

  
     16,741,781  
        

 

 

  
SRI LANKA - 1.9%  
LKR      471,000      Sri Lanka Government Bond, 8.00%, 11/15/2018      2,988,005  
LKR      230,000      Sri Lanka Government Bond, 8.50%, 04/01/2018      1,484,706  
LKR      388,000      Sri Lanka Government Bond, 8.50%, 07/15/2018      2,485,979  
LKR      610,000      Sri Lanka Government Bond, 10.60%, 09/15/2019      3,986,981  
LKR      1,440,000      Sri Lanka Government Bond, 10.75%, 01/15/2019      9,472,630  

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

Principal Amount
(000)

     

Description

      Value
(US$)		  
GOVERNMENT BONDS (continued)  
SRI LANKA (continued)  
LKR      80,000      Sri Lanka Government Bond, 11.20%, 07/01/2022       $ 525,869  
USD      5,254      Sri Lanka Government International Bond, 6.13%, 06/03/2025(a)         5,457,099  
           

 

 

  
        26,401,269  
           

 

 

  
THAILAND - 0.5%  
THB      203,400      Thailand Government Bond, 3.65%, 06/20/2031         6,654,502  
           

 

 

  
Total Government Bonds - 70.8%
(cost $1,007,889,695)		         996,589,473  
           

 

 

  
SHORT-TERM INVESTMENT - 0.6%  
UNITED STATES - 0.6%  
State Street Institutional U.S. Government Money Market Fund(k)      8,293,038        8,293,038  
           

 

 

  
Total Short-Term Investment - 0.6%
(cost $8,293,038)		         8,293,038  
           

 

 

  
Total Investments - 139.7%
(cost $1,986,141,933)		         1,967,805,156  
           

 

 

  
Long Term Debt Securities         (550,000,000 ) 
Mandatory Redeemable Preferred Stock at Liquidation Value         (50,000,000 ) 
Other Assets in Excess of Liabilities - 1.1%         40,784,713  
           

 

 

  

Net Assets - 100.0%

       $ 1,408,589,869  
           

 

 

  

 

AUD   -   Australian Dollar
CNH   -   Chinese Yuan Renminbi Offshore
CNY   -   Chinese Yuan Renminbi
IDR   -   Indonesian Rupiah
INR   -   Indian Rupee
JPY   -   Japanese Yen
KRW   -   South Korean Won
LKR   -   Sri Lanka Rupee
MYR   -   Malaysian Ringgit
PHP   -   Philippine Peso
SGD   -   Singapore Dollar
THB   -   Thai Baht
USD   -   U.S. Dollar

 

(a) Denotes a restricted security.

 

(b) The maturity date presented for these instruments represents the next call/put date.

 

(c) Variable or Floating Rate Security. Rate disclosed is as of July 31, 2017.

 

(d) Illiquid security.

 

(e) For this security the annuity payments increase by 3.25% every year, until the asset amortizes to zero.

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (continued)

As of July 31, 2017

 

(f) Sinkable security.

 

(g) The maturity date presented for these instruments is the later of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted.

 

(h) This security is government guaranteed.

 

(i) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.

 

(j) China A securities. These securities are issued in local currency, traded in the local markets and are held through a qualified foreign institutional investor license.

 

(k) Registered investment company advised by State Street Global Advisors.

At July 31, 2017, the Fund held the following futures contracts:

 

Futures Contracts

    Counterparty    Number of
Contracts
Long (Short)		     Expiration
Date		      Unrealized
Appreciation/
(Depreciation)		  
United States Treasury Note 6%-2 year    UBS      703       09/29/2017      $ 41,304  
United States Treasury Note 6%-5 year    UBS      (590 )      09/29/2017        (111,325 ) 
United States Treasury Note 6%-10 year    UBS      (1,347 )      09/20/2017        (419,582 ) 
United States Treasury Note 6%-Ultra Long    UBS      303       09/20/2017        232,080  
          

 

 

  
           $ (257,523 ) 
          

 

 

  

At July 31, 2017, the Fund’s open forward foreign currency exchange contracts were as follows:

 

Purchase Contracts
Settlement Date*

   

Counterparty

    Amount
Purchased		      Amount Sold      Fair Value      Unrealized
Appreciation/
(Depreciation)		  
Chinese Yuan Renminbi Offshore/United States Dollar             

08/04/2017

    Goldman Sachs    CNH     100,907,900        USD       14,600,000      $ 14,999,953      $ 399,953  

08/04/2017

    UBS    CNH     17,043,750        USD       2,500,000        2,533,552        33,552  
Indonesian Rupiah/United States Dollar             

10/06/2017

    UBS    IDR     141,802,500,000        USD       10,500,000        10,569,224        69,224  
Japanese Yen/United States Dollar             

09/29/2017

    Citigroup    JPY     692,600,140        USD       6,200,000        6,299,160        99,160  
Philippine Peso/United States Dollar  

10/27/2017

    UBS    PHP     485,630,500        USD       9,500,000        9,591,222        91,222  
Singapore Dollar/United States Dollar  

09/08/2017

    Goldman Sachs    SGD     29,954,680        USD       21,700,000        22,116,931        416,931  

09/08/2017

    UBS    SGD     8,020,240        USD       5,800,000        5,921,716        121,716  
South Korean Won/United States Dollar  

09/29/2017

    Goldman Sachs    KRW     33,826,815,000        USD       29,700,000        30,265,567        565,567  

09/29/2017

    UBS    KRW     5,865,550,000        USD       5,200,000        5,248,032        48,032  
Thai Baht/United States Dollar  

11/10/2017

    UBS    THB     942,200,000        USD       28,000,000        28,372,087        372,087  
               

 

 

     

 

 

  
                $ 135,917,444      $ 2,217,444  
               

 

 

     

 

 

  

Sale Contracts
Settlement Date*

   

Counterparty

    Amount
Purchased		      Amount Sold      Fair Value      Unrealized
Depreciation		  
United States Dollar/Australian Dollar  

08/25/2017

    Royal Bank of Canada    USD     15,000,000        AUD       20,118,835      $ 16,090,560      $ (1,090,560 ) 

08/25/2017

    Standard Chartered Bank    USD     10,000,000        AUD       13,031,252        10,422,081        (422,081 ) 

09/22/2017

    UBS    USD     69,100,000        AUD       91,341,705        73,027,136        (3,927,136 ) 

10/25/2017

    UBS    USD     33,900,000        AUD       42,809,165        34,209,801        (309,801 ) 

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited) (concluded)

As of July 31, 2017

 

Sale Contracts
Settlement Date*

   

Counterparty

    Amount
Purchased		      Amount Sold      Fair Value      Unrealized
Depreciation		  
United States Dollar/Chinese Yuan Renminbi  

09/13/2017

    BNP Paribas    USD     19,000,000      CNY     131,784,000      $ 19,540,290      $ (540,290 ) 
United States Dollar/Chinese Yuan Renminbi Offshore  

08/04/2017

    Goldman Sachs    USD     5,800,000      CNH     39,532,218        5,876,462        (76,462 ) 

08/04/2017

    Standard Chartered Bank    USD     3,300,000      CNH     22,596,146        3,358,916        (58,916 ) 
United States Dollar/Indian Rupee  

11/03/2017

    Standard Chartered Bank    USD     1,800,000      INR     117,598,500        1,812,013        (12,013 ) 
United States Dollar/Philippine Peso  

10/27/2017

    UBS    USD     18,900,000      PHP     966,149,100        19,081,484        (181,484 ) 
United States Dollar/Singapore Dollar  

09/08/2017

    Goldman Sachs    USD     7,800,000      SGD     10,767,120        7,949,865        (149,865 ) 
United States Dollar/Thai Baht  

11/10/2017

    UBS    USD     31,600,000      THB     1,063,340,000        32,019,927        (419,927 ) 
               

 

 

     

 

 

  
                $ 223,388,535      $ (7,188,535 ) 
               

 

 

     

 

 

  

 

* Certain contracts with different trade dates and like characteristics have been shown net.

At July 31, 2017, the Fund’s interest rate swaps were as follows:

 

Currency

    Notional
Amount		      Expiration
Date		     

Counterparty

    Receive
(Pay)
Floating
Rate		     

Floating Rate Index

    Fixed
Rate		     Unrealized
Appreciation/
(Depreciation)		  
Over-the-counter swap agreements:  
USD      16,000,000        11/01/2017      Barclays Bank      Receive      3-month LIBOR Index      0.84 %    $ 34,585  
Centrally cleared swap agreements:  
USD      25,000,000        07/07/2026      Bank of America      Receive      3-month LIBOR Index      2.27 %      (186,852 ) 
USD      59,000,000        10/28/2026      Citibank      Receive      3-month LIBOR Index      1.57 %      2,932,101  
                   

 

 

  
                    $ 2,779,834  
                   

 

 

  

Notes to Portfolio of Investments (unaudited)

July 31, 2017

 

Summary of Significant Accounting Policies

 

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.

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles 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 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 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.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider approved by the Board. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Fund’s investment adviser generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower or higher prices than institutional round lot trades. If there are no current day bids, the security is valued at the previously applied bid. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

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; a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended, which has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.

Derivatives are valued at fair value. Exchange traded derivatives are generally Level 1 investments and over-the-counter derivatives are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).

In the event that a security’s market quotations are not readily available or are deemed unreliable, 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 Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs. The three-level hierarchy of inputs is summarized below:

Level 1 – quoted prices 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).

 

Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2017

 

A summary of standard inputs is listed below:

 

Security Type

   

Standard Inputs

Debt and other fixed-income securities    Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity.
Forward foreign currency contracts    Forward exchange rate quotations.
Swap agreements    Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures.

The following is a summary of the inputs used as of July 31, 2017 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       Level 2       Level 3        Total  
Fixed Income Investments          

Corporate Bonds

    $ —     $ 962,922,645     $ —      $ 962,922,645  

Government Bonds

      —       996,589,473       —        996,589,473  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Fixed Income Investments      —       1,959,512,118       —        1,959,512,118  
  

 

 

    

 

 

    

 

 

     

 

 

  
Short-Term Investment      8,293,038       —       —        8,293,038  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments    $ 8,293,038     $ 1,959,512,118     $ —      $ 1,967,805,156  
  

 

 

    

 

 

    

 

 

     

 

 

  
Other Financial Instruments  

Futures Contracts

    $ 273,384     $ —     $ —      $ 273,384  

Forward Foreign Currency Exchange Contracts

      —       2,217,444       —        2,217,444  

Interest Rate Swap Agreements

      —       2,966,686       —        2,966,686  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Other Financial Instruments    $ 273,384     $ 5,184,130     $ —      $ 5,457,514  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Assets

    $ 8,566,422     $ 1,964,696,248     $ —      $ 1,973,262,670  
  

 

 

    

 

 

    

 

 

     

 

 

  
Liabilities          
Other Financial Instruments  

Futures Contracts

    $ (530,907 )    $ —     $   —      $ (530,907 ) 

Forward Foreign Currency Exchange Contracts

      —       (7,188,535 )      —        (7,188,535 ) 

Interest Rate Swap Agreements

      —       (186,852 )      —        (186,852 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Liabilities

    $ (530,907 )    $ (7,375,387 )    $ —      $ (7,906,294 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Amounts listed as “—” are $0 or round to $0.          

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. During the period ended July 31, 2017, there were no transfers between Levels 1, 2 or 3. For the period ended July 31, 2017, there were no significant changes to the fair valuation methodologies.

 

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.

 

Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Portfolio of Investments (unaudited) (concluded)

July 31, 2017

 

c. Federal Income Taxes:

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2017 were as follows:

 

Cost   Appreciation   Depreciation     Net Unrealized Appreciation  
$1,940,708,934   $41,737,617   $ (14,641,395 )    $ 27,096,222  

 

Aberdeen Asia-Pacific Income Fund, Inc.

Item 2. 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 (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 Investment Company Act of 1940 (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits

 

  (a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.

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.

 

  Aberdeen Asia-Pacific Income Fund, Inc.
  BY:       /s/ Christian Pittard
    Christian Pittard,
   

Principal Executive Officer of

Aberdeen Asia-Pacific Income Fund, Inc.

  Date: September 28, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

  BY:       /s/ Christian Pittard
    Christian Pittard,
   

Principal Executive Officer of

Aberdeen Asia-Pacific Income Fund, Inc.

  Date: September 28, 2017

 

 

  BY:       /s/ Andrea Melia
    Andrea Melia,
   

Principal Financial Officer of

Aberdeen Asia-Pacific Income Fund, Inc.

  Date: September 28, 2017