N-CSR

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:	811-04611
Exact name of registrant as specified in charter:	Aberdeen Asia-Pacific Income Fund, Inc.
Address of principal executive offices:	1900 Market Street, Suite 200
	Philadelphia, PA 19103
Name and address of agent for service:	Ms. Andrea Melia
	Aberdeen Standard Investments Inc.
	1900 Market Street Suite 200
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	800-522-5465
Date of fiscal year end:	October 31
Date of reporting period:	October 31, 2019

Item 1 —Reports to Stockholders —

The Report to Shareholders is attached herewith.

Managed Distribution Policy(unaudited)

The Board of Directors (the “Board”) of the Aberdeen Asia-Pacific Income Fund, Inc. (the “Fund”) has authorized a managed distribution policy (“MDP”) of paying monthly distributions at an annual rate set once a year. The Fund’s current monthly distribution is set at a rate of $0.0275 per share. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and estimated composition of the distribution and other information required by the Fund’s MDP exemptive order. The Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of distributions or from the terms of the Fund’s MDP.

Distribution Disclosure Classification(unaudited)

The Fund’s policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.

Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund’s fiscal year, October 31. Under Section 19 of the Investment Company Act of 1940, as amended, (the “1940 Act”) the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from month to month because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which the Fund’s assets are denominated.

The distributions for the fiscal year ended October 31, 2019 consisted of 33% net investment income and 67% return of capital.

In January 2020, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2019 calendar year.

Dividend Reinvestment and Direct Stock Purchase Plan(unaudited)

Computershare Trust Company, N.A. (“Computershare”), the Fund’s transfer agent, sponsors and administers a Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”), which is available to shareholders.

The Plan allows registered shareholders and first-time investors to buy and sell shares and automatically reinvest dividends and capital gains through the transfer agent. This is a cost-effective way to invest in the Fund.

Please note that for both purchase and reinvestment purposes, shares will be purchased in the open market at the current share price and cannot be issued directly by the Fund.

For more information about the Plan and a brochure that includes the terms and conditions of the Plan, please call Computershare at 1-800-647-0584 or visit www.computershare.com/buyaberdeen.

On September 5, 2019, the Board approved the termination of the Dividend Reinvestment and Direct Stock Purchase Plan sponsored and administered by Computershare Trust Company, N.A., the Fund’s transfer agent, effective April 30, 2020. See Dividend Reinvestment and Optional Cash Purchase Plan on Page 47 for further information.

Aberdeen Asia-Pacific Income Fund, Inc.

Letter to Shareholders(unaudited)

Dear Shareholder,

We present this Annual Report which covers the activities of Aberdeen Asia-Pacific Income Fund, Inc. (the “Fund”) for the fiscal year ended October 31, 2019. The Fund’s principal investment objective is to seek current income. The Fund may also achieve incidental capital appreciation.

Total Investment Return

For the fiscal year ended October 31, 2019, the total return to shareholders of the Fund based on the net asset value (“NAV”) and market price of the Fund are as follows:

NAV*	16.1	%
Market Price*	18.1	%

*    assuming the reinvestment of dividends and distributions

The Fund’s total return is based on the reported NAV on each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments. For more information on Fund performance, please see page 4 of Report of the Investment Manager.

NAV, Market Price and Discount

The below table represents comparison from current fiscal year end to prior fiscal year end of Market Price to NAV and associated Discount.

	NAV	Closing Market Price	Discount
10/31/2019	$4.88	$4.25	12.9%
10/31/2018	$4.59	$3.93	14.4%

Throughout the fiscal year ended October 31, 2019, the Fund’s NAV was within a range of $4.63 to $4.96 and the Fund’s market price traded within a range $3.86 to $4.31. Throughout the fiscal year ended October 31, 2019, the Fund’s shares traded within a range of a discount of 9.8% to 18.0%.

Portfolio Allocation

As of October 31, 2019, the Fund held 61.1% of its total investments in Asian debt securities, 30.8% in Australian debt securities, 5.8% in European debt securities and 2.3% in U.S. debt securities.

Of the Fund’s total investments, excluding hedges, 42.3% were held in U.S. Dollar denominated bonds issued by foreign issuers as of October 31, 2019. The rest of the Fund’s currency exposure, excluding hedges, as of October 31, 2019 was 31.4% in the Australian Dollar and 26.3% in various Asian currencies.

Of the Fund’s total investments, including hedges, 50.8% were held in U.S. Dollar denominated bonds issued by foreign issuers as of October 31, 2019. The rest of the Fund’s currency exposure, including hedges, as of October 31, 2019 was 23.2% in the Australian Dollar and 26.0% in various Asian currencies.

Credit Quality

As of October 31, 2019, 40.8% of the Fund’s total investments were invested in securities where either the issue or the issuer was rated A or better by S&P Global Ratings (“S&P”)*, Moody’s Investors Services, Inc. (“Moody’s”)** or Fitch Ratings, Inc.***

Portfolio Management

The Fund is managed by Aberdeen’s Asia-Pacific fixed income team. The Asia-Pacific fixed income team works in a truly collaborative fashion; all team members have both portfolio management and research responsibilities. The team is responsible for the day-to-day management of the Fund.

Effective February 28, 2019, Paul Lukaszewski replaced Nicholas Bishop as part of the team having the most significant responsibility for the day-to-day management of the Fund’s portfolio. The team also includes Kenneth Akintewe, David Choi, Lin-Jing Leong and Adam McCabe. Mr. Lukaszewski is Head of Corporate Debt on the Asian Fixed Income team. He joined Aberdeen Standard Investments (Asia) Limited in 2014.

Managed Distribution Policy

Distributions to common shareholders for the twelve-month period ended October 31, 2019 totaled $0.3675 per share. Based on the market price of $4.25 on October 31, 2019, the distribution rate over the twelve-month period ended October 31, 2019 was 8.6%. Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.

On April 9, 2019, the Board announced a reduction in the monthly distribution to common shareholders from $0.035 per share to

*S&P Global Ratings’ credit ratings are expressed as letter grades that range from ‘AAA’ to ‘D’ to communicate the agency’s opinion of relative level of credit risk. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. The investment grade category is a rating from ‘AAA’ to ‘BBB-’.

**Moody’s Investors Service, Inc. is an independent, unaffiliated research company that rates fixed income securities. Moody’s assigns ratings on the basis of risk and the borrower’s ability to make interest payments. Typically, securities are assigned a rating from ‘Aaa’ to ‘C’, with ‘Aaa’ being the highest quality and ‘C’ the lowest quality.

***Fitch Ratings (“Fitch”) is an international credit rating agency. Fitch ratings range from AAA (reliable and stable) to D (high risk).

Aberdeen Asia-Pacific Income Fund, Inc. 1

Letter to Shareholders(unaudited) (continued)

$0.0275 per share commencing with the distribution payable on April 30, 2019. Prior to this reduction, the Fund’s monthly distribution had remained unchanged since February 2002. The reduction in distribution takes into account many factors, including, but not limited to, current and expected earnings and economic and market outlook. In approving the reduced distribution, the Board took into account Management’s assertion that the reduced monthly distribution is more consistent with the sustainable earnings of the Fund.

On November 11, 2019 and December 10, 2019, the Fund announced that it will pay on November 29, 2019 and January 10, 2020, respectively, a distribution of U.S. $0.0275 per share to all shareholders of record as of November 21, 2019 and December 31, 2019, respectively.

The Fund’s policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a non-taxable return of capital. This policy is subject to an annual review as well as regular review at the Board’s quarterly meetings, unless market conditions require an earlier evaluation.

Fund’s Leverage

The table below summarizes certain key terms of the Fund’s current leverage:

Amount ($ in millions)		Maturity
Revolving Credit Facility	$81	April 7, 2020
7-Year Series A Senior Secured Notes	$100	June 12, 2020
10-Year Series B Senior Secured Notes	$100	June 12, 2023
10-Year Series A Mandatory Redeemable Preferred shares	$50	June 27, 2023
15-Year Series C Senior Secured Notes	$50	February 8, 2032
15-Year Series D Senior Secured Notes	$100	August 10, 2032
15-Year Series E Senior Secured Notes	$100	June 19, 2034

The Series A Mandatory Redeemable Preferred Shares, with a liquidation value of $50 million, are rated AA by Fitch Ratings and the combined $350 million 7-year, 10-year and 15-Year Series A, B, C, D, and E Senior Secured Notes are rated AAA by Fitch Ratings.

We believe the Fund has been able to lock in an attractive cost of borrowing rate and extend the maturity of the leverage facility while

diversifying its borrowing structure during what we believe to be a favorable current interest rate environment. A more detailed description of the Fund’s leverage can be found in the Report of the Investment Manager and the Notes to Financial Statements.

Open Market Repurchase Program

The Fund’s policy is generally to buy back Fund shares on the open market when the Fund trades at certain discounts to NAV and when management believes such repurchases may enhance shareholder value. During the fiscal year ended October 31, 2019 and fiscal year ended October 31, 2018, the Fund repurchased 1,284,843 and 3,150,212 shares, respectively, pursuant to its repurchase program.

Portfolio Holdings Disclosure

The Fund’s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund’s semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) quarterly. The Fund’s full portfolio holdings as of its first and third fiscal quarters (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter on www.sec.gov. This information is also available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available by August 31 of the relevant year: (i) upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465; and (ii) on the SEC’s website at http://www.sec.gov.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund’s transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund’s transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how

2 Aberdeen Asia-Pacific Income Fund, Inc.

Letter to Shareholders (unaudited) (concluded)

to maintain an active account, please contact your financial adviser or the Fund’s transfer agent.

Brexit

The ongoing negotiations surrounding the UK’s exit from the European Union (“EU”) (“Brexit”) have yet to provide clarity on what the outcome will be for the UK or Europe. The UK remains a member of the EU until the legally established departure date which is now expected to be January 31, 2020 (the “Exit Day”). Until Exit Day, all existing EU-derived laws and regulations will continue to apply in the UK. Those laws may continue to apply for an additional transitional period following Exit Day, depending on whether a deal is struck between the UK and the EU and, if so, what that deal is. In any event, the UK has undertaken a process of “on-shoring” all EU legislation, pursuant to which there appears, at this stage, to be no policy changes to EU law. However, there remain various open questions as to how cross-border financial services will work post-Exit Day, and the EU has not yet provided any material cushion from the effects of Brexit for financial services as a matter of EU law.

Whether or not the Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of the Fund’s investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the UK and EU is defined and the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund’s business, results of operations and financial condition. In addition, the risk that Standard Life Aberdeen plc, the parent of the company that provides investment advisory services to the Fund and which is headquartered

in the UK, fails to adequately prepare for Brexit could have significant customer, reputation and capital impacts for Standard Life Aberdeen plc and its subsidiaries, including those providing services to the Fund; however, Standard Life Aberdeen plc and its subsidiaries have detailed contingency planning in place to seek to manage the consequences of Brexit on the Fund and to avoid any disruption on the Fund and to the services they provide. Given the fluidity and complexity of the situation, however, we cannot assure that the Fund will not be adversely impacted despite these preparations.

Investor Relations Information

As part of Aberdeen Standard’s commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenfax.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund literature.

Enroll in our email services today and be among the first to receive the latest closed-end fund news, announcements, videos, information and important Fund documents. Sign up today at https://www.aberdeenstandard.com/en-us/cefinvestorcenter/contact-us/preferences.

Contact Us:

·Visit: aberdeenstandard.com/en-us/cefinvestorcenter

·Email: Investor.Relations@aberdeenstandard.com; or

·Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Christian Pittard
Christian Pittard
President

All amounts are U.S. Dollars unless otherwise stated.

Aberdeen Asia-Pacific Income Fund, Inc. 3

Report of the Investment Manager (unaudited)

Market/economic review

Asia-Pacific region bond prices posted gains during the 12-month period ended October 31, 2019. The most significant drivers of market sentiment were the shifts in the monetary-policy stance of major global central banks and the U.S.-China trade dispute. At the beginning of the reporting period, global financial markets declined as a hawkish U.S. Federal Reserve (Fed), higher U.S. Treasury yields and a firm U.S. dollar triggered a broad-based retreat in emerging-market debt and currencies. Growing trade tensions subsequently dampened consumer spending and investment, which led to a global slowdown and weighed on investor sentiment. Additionally, most developed-market yield curves inverted,1 while the global stock of negative-yielding debt ballooned to over US$17 trillion. Consequently, the Fed relented with its first interest-rate cut in over a decade. Ten-year U.S.-Treasury yields fell from 3.15% to 1.69% over the 12-month period. The European Central Bank (ECB) also slashed interest rates on deposits, pushing them deeper into negative territory, and restarted its quantitative easing program. Asia was not far behind, as China lowered its capital reserve ratio requirement for banks to facilitate liquidity and loosened restrictions on local governments, while all other Asian countries eased monetary policy. By the end of the reporting period, investors’ risk appetite increased, driven by optimism over perceived progress in U.S.-China trade negotiations.

Amid the generally cautious tone in the global markets, Asian local-currency government bonds were the preferred asset class. Notably, on a total-return basis, the more domestic-oriented Southeast Asian and Indian economies outperformed the remainder of the Asia-Pacific region. In advanced Asian economies, the performance of local-currency government bonds mirrored that of comparable-duration2 U.S. Treasuries amid benign inflation data and interest-rate cuts. Bond yields in Australia and South Korea fell on the back of weak economic data and trade tensions. Additionally, the Bank of Korea reduced its economic growth and inflation forecasts, while the government suggested a 6.7 trillion won (about US$5.7 billion) supplementary budget in an effort to boost the South Korean economy. Similarly, Singapore bond yields declined after the government reduced its inflation forecasts and data showed continued moderation in economic activity.

Asian currencies also reacted to the ongoing U.S.-China trade negotiations. As expected, the more export-dependent North Asian

currencies and the Australian dollar fell against the U.S. dollar over the reporting period, with the Korean won retreating by 2%. Conversely, the Indian rupee and Southeast Asian currencies strengthened versus the U.S. dollar given their relatively more domestic demand-driven economies.

Total returns for Asian U.S.-dollar credit were robust during the 12-month period. With Asian credit yields at five-year highs, investors returned to the market, sparking a tightening in credit spreads. Chinese high-yield bonds, particularly those of Chinese property developers, were the primary beneficiaries of investors’ search for yield. This conducive environment boosted the primary pipeline, with new issues significantly oversubscribed, and with issuers rushing to lock in lower borrowing costs. The U.S. Treasury yield curve also inverted during the period. The decline in U.S. Treasury yields (and concurrent rise in prices) helped drive positive returns for much of the latter half of 2019. Long-duration bonds, such as those issued by sovereign and quasi-sovereign entities, were strong performers over the reporting period.

Performance review

Aberdeen Asia-Pacific Income Fund returned 16.1% on a net asset value basis for the 12-month period ended October 31, 2019, and outperformed the 12.0% return of its blended benchmark.3 This was largely attributable to security selection and our strategies across Asian local-currency markets and Asian U.S.-dollar credit. Conversely, the Fund’s overweight allocation to Australian bonds detracted from performance.

Within the Fund’s holdings in Asian local-currency bonds, notable contributors to performance for the reporting period were the overweight positions in India, Indonesia and the Philippines. Our decision to hold longer-dated bonds given the slowdown in global economic growth had a positive impact on performance. The Fund’s strategy in Asian U.S.-dollar credit also enhanced performance due to the exposure to China’s real estate sector and Asian financial companies.

Conversely, the underweight exposure to Singapore and Korean bonds weighed on the Fund’s relative performance as these markets rose sharply over the reporting period.

The overall impact on performance from the Fund’s use of derivatives over the reporting period was generally positive, attributable to the hedging of Asian currency and Australian dollar risks.

1An inverted yield curve occurs in an interest-rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the same credit quality.

2Duration is an estimate of bond price sensitivity to changes in interest rates. The higher the duration, the greater the change (i.e., higher risk) in relation to interest-rate movements.

3The Fund’s blended benchmark is composed of 35% Bloomberg AusBond Composite Index; 40% J.P. Morgan Asian Credit Diversified Index; 15% Markit iBoxx Asia Government Index; 5% Markit iBoxx Asia Government India Index; and 5% Markit iBoxx Asia Government Indonesia Index. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

4 Aberdeen Asia-Pacific Income Fund, Inc.

Report of the Investment Manager (unaudited) (continued)

The Fund’s investment objective is to seek current income. The Fund may also achieve incidental capital appreciation. The Fund will seek to achieve its investment objective through investment in debt securities of companies domiciled in the Asia-Pacific region (including Australia). Over the 12-month period, the Fund issued total distributions of $0.37 per share.

Outlook

In our view, the outlook for Asia-Pacific bonds remains positive over the medium term amid monetary policy easing from major global central banks and the prospect of a trade truce between the U.S. and China. While efforts to resolve the trade dispute have increased, we believe that any delay or reversal could dampen investor sentiment again. Global economic growth continues to soften. In Asia, the prolonged trade war has already eroded consumer and corporate confidence and weakened private investments. In line with their developed-market counterparts, most Asian central banks already have reduced their respective benchmark interest rates. Given low inflation levels and global governments maintaining fiscal prudence, we think that there is still room for further monetary policy easing. Consequently, investors appear to have greater conviction in allocating assets to Asia-Pacific bond markets. Additionally, most countries are already on a fiscal consolidation path and have accumulated healthy foreign exchange reserves. In our opinion, the case for Asia-Pacific region credit remains compelling compared to developed markets, and we believe that spreads will tighten further given increasing demand for fixed-income assets in Asia.

Loan Facilities and the Use of Leverage

The amounts borrowed under the Revolving Credit Facility, the Term Loan Facility, the Notes and the Series A MRPS (each as defined below) may be invested to seek to return higher rates than the rates pursuant to which interests or dividends are paid under such forms of leverage. However, the cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage.

The Fund employed leverage obtained via bank borrowing and other forms of leverage during the year ended October 31, 2019. On June 19, 2019, the Fund entered into a note purchase agreement with institutional investors relating to the private placement of $100 million of Series E senior secured notes rated `AAA’ by Fitch Ratings. Net proceeds of the Series E notes were used to refinance $100 million of

the Fund’s existing 4-year Term Loan B originally maturing on December 12, 2019 (the “Term B Facility”). On August 10, 2017, the Fund entered into a note purchase agreement with institutional investors relating to the private placement of $100 million of Series D senior secured notes rated ‘AAA’ by Fitch Ratings. Net proceeds of the Series D notes were used to pay down $100 million of the Fund’s existing 5-year Term Loan A originally maturing on June 12, 2018 (the “Term A Facility”). On February 8, 2017, the Fund entered into a note purchase agreement with institutional investors relating to the private placement of $50 million of Series C senior secured notes rated ‘AAA’ by Fitch Ratings. Net proceeds of the Series C notes were used to refinance $50 million of the Fund’s existing syndicated revolving credit facility (the “Revolving Credit Facility”). On April 7, 2017, the Fund renewed its $100 million Revolving Credit Facility for a 3-year period with a syndicate of banks. On June 12, 2013, the Fund entered into a note purchase agreement with institutional investors relating to the private placement of $200 million of Series A and Series B senior secured notes rated `AAA’ by Fitch Ratings, $100 million due June 12, 2020 and $100 million due June 12, 2023 (the “Notes”). On the same day, the Fund also entered into a term loan agreement providing for $200 million in secured term loans from Bank of America, N.A., $100 million due June 12, 2016 (on December 14, 2015, the maturity of this loan was extended to December 14, 2019) and $100 million due June 12, 2018 (the “Term Loan Facility”), which was refinanced as outlined above. On June 27, 2013, the Fund issued a private offering of 2 million shares of Series A Mandatory Redeemable Preferred Shares due June 25, 2023 (the “Series A MRPS”). The Series A MRPS have a liquidation value of $50 million and are rated ‘AA’ by Fitch Ratings. The Fund’s revolving credit facility outstanding balance as of October 31, 2019 was $81 million and the total amount of outstanding leverage was $581 million.

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the Revolving Credit Facility and the Notes may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is limited in its ability to declare dividends or other distributions under the terms of the various forms of leverage. In the event of an event of default under either the Revolving Credit Facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. In the event of an event of default under the Note Purchase Agreement, the holders of the Notes have the right to cause a liquidation of the collateral (i.e., cause the sale of portfolio securities and other assets of the Fund).

Each of the Revolving Credit Facility Agreement, the Note Purchase Agreements, and the Securities Purchase Agreement relating to the

Aberdeen Asia-Pacific Income Fund, Inc. 5

Report of the Investment Manager (unaudited) (concluded)

Series A MRPS includes usual and customary covenants for the applicable type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Fund’s investment manager, investment adviser, or sub-adviser from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of any and/or all of the forms of leverage. As of October 31, 2019, the Fund was in compliance with all covenants under the agreements relating to the various forms of leverage.

Interest Rate Swaps

The Fund may enter into interest rate swaps to efficiently gain interest rate exposure and hedge interest rate risk. On July 19, 2019, the Fund initiated a swap agreement with a notional of $26 million maturing on July 23, 2029. As of October 31, 2019, the Fund held interest rate swap agreements with an aggregate notional amount of $81 million, which represented 100% of the Fund’s Revolving Credit Facility. Under the terms of the agreements currently in effect, the Fund receives a floating rate of interest (three-month USD-LIBOR BBA rate) and pays fixed rates of interest for the terms and based upon the notional amounts set forth below:

Remaining Terms as of October 31, 2019	Amount (in millions)	Fixed Rate Payable (%)
117 months	$26.0	1.99%
84 months	$55.0	1.57%

A significant risk associated with interest rate swaps is the risk that the counterparty may default or file for bankruptcy, in which case the Fund would bear the risk of loss of the amount expected to be received under the swap agreements. There can be no assurance that the Fund will have an interest rate swap in place at any given time nor can there be any assurance that, if an interest rate swap is in place, it will be successful in hedging the Fund’s interest rate risk with respect to the loan facility. The implementation of this strategy is at the discretion of the Leverage Committee of the Board.

Aberdeen Standard Investments (Asia) Limited (formerly known as Aberdeen Asset Management Asia Limited)

Risk Considerations

Past performance is not an indication of future results.

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging market investments. Concentrating investments in the Asia-Pacific region subjects the Fund to more volatility and greater risk of loss than geographically diverse funds.

Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase).

6 Aberdeen Asia-Pacific Income Fund, Inc.

Total Investment Returns (unaudited)

The following table summarizes the average annual Fund performance for the 1-year, 3-year, 5-year and 10-year periods as of October 31, 2019.

	1 Year	3 Years	5 Years	10 Years
Net Asset Value (NAV)	16.1%	3.8%	2.7%	4.6%
Market Value	18.1%	4.0%	2.2%	4.0%

Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE American during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program. The Fund’s total investment return is based on the reported NAV on the financial reporting period ended October 31, 2019. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenfax.com or by calling 800-522-5465.

The total operating expense ratio based on the fiscal year ended October 31, 2019 was 2.84%. The total operating expense ratio, excluding interest expense and distributions to Series A Mandatory Redeemable Preferred Shares, based on the fiscal year ended October 31, 2019 was 1.22%.

Aberdeen Asia-Pacific Income Fund, Inc. 7

Portfolio Composition(unaudited)

Quality of Investments(1)

As of October 31, 2019, 40.8% of the Fund’s total investments were invested in securities where either the issue or the issuer was rated “A” or better by S&P Global Ratings’, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. or, if unrated, was judged to be of equivalent quality by the Investment Manager. Fitch Ratings, Inc. was approved by the Board effective January 31, 2019 as a ratings service. Prior to that, Fitch Ratings, Inc. was not used. The table below shows the asset quality of the Fund’s portfolio as of October 31, 2019, compared to April 30, 2019 and October 31, 2018:

Date	AAA/Aaa %	AA/Aa %	A %	BBB/Baa %	BB/Ba* %	B* %	CCC* %	NR** %
October 31, 2019	24.9	6.8	9.1	24.4	7.0	4.9	0.2	22.7
April 30, 2019	28.1	9.0	10.1	24.9	4.9	2.8	0.2	20.0
October 31, 2018	27.9	9.4	7.2	22.7	5.8	3.4	0.0	23.6

*Below investment grade

**Not Rated

(1)For financial reporting purposes, credit quality ratings shown above reflect the lowest rating assigned by Standard & Poor’s, Moody’s and, effective January 31, 2019, Fitch Ratings, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated NR are not rated by these rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Aberdeen Standard Investments (Asia) Limited, (formerly Aberdeen Asset Management Asia Limited) (“ASIAL”) or the “Investment Manager”) evaluated the credit quality of unrated investments based upon, but not limited to, credit ratings for similar investments.

Geographic Composition

The table below shows the geographical composition (with U.S. Dollar-denominated bonds issued by foreign issuers allocated into country of issuance) of the Fund’s total investments as of October 31, 2019, compared to April 30, 2019 and October 31, 2018:

Date	Asia (including NZ) %	Australia %	Europe %	United States %	Developed Middle East %
October 31, 2019	61.1	30.8	5.8	2.3	0.0
April 30, 2019	59.6	34.4	5.3	0.7	0.0
October 31, 2018	57.5	35.0	4.8	2.3	0.4

Currency Composition

The table below shows the currency composition, including hedges, of the Fund’s total investments as of October 31, 2019, compared to April 30, 2019 and October31, 2018:

Date	US Dollar* %	Asian Currencies (including NZ Dollar) %	Australian Dollar %
October 31, 2019	50.8	26.0	23.2
April 30, 2019	51.2	21.6	27.2
October 31, 2018	45.8	25.1	29.1

*Includes U.S. Dollar-denominated bonds issued by foreign issuers: 42.3% of the Fund’s total investments on October 31, 2019, 39.7% of the Fund’s total investments on April 30, 2019, and 39.0% of the Fund’s total investments on October 31, 2018.

8 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio Composition (unaudited) (concluded)

Maturity Composition

As of October 31, 2019, the average maturity of the Fund’s total investments was 8.1 years, compared with 8.1 years at April 30, 2019 and compared with 8.3 years at October 31, 2018. The following table shows the maturity composition of the Fund’s investments as of October 31, 2019, compared to April 30, 2019 and October 31, 2018:

Date	Under 3 Years %	3 to 5 Years %	5 to 10 Years %	10 Years & Over %
October 31, 2019	29.0	24.0	30.2	16.8
April 30, 2019	28.1	22.6	31.8	17.5
October 31, 2018	27.7	24.2	26.6	21.5

Modified Duration

As of October 31, 2019, the modified duration* of the Fund was 5.09 years. This calculation excludes the interest rate swaps that are used to manage the leverage of the Fund.

*Modified duration is a measure of the sensitivity of the price of a bond to the fluctuations in interest rates.

Aberdeen Asia-Pacific Income Fund, Inc. 9

Summary of Key Rates (unaudited)

The following table summarizes the movements of key interest rates and currencies from October 31, 2019 compared to April 30, 2019 and October 31, 2018:

		October 31, 2019	April 30, 2019	October 31, 2018
Australia	90 day Bank Bills	0.94%	1.56%	1.91%
	10 yr bond	0.82%	1.29%	2.17%
	currency USD per 1 AUD	0.69	0.70	0.71
South Korea	90 day commercial paper	1.44%	1.84%	1.70%
	10 yr bond	1.73%	1.85%	2.25%
	currency local per 1USD	1,163.45	1,168.15	1,139.55
Thailand	3 months deposit rate	1.00%	1.00%	1.00%
	10 yr bond	1.53%	2.44%	2.84%
	currency local per 1USD	30.20	31.93	33.15
Philippines	90 day T-Bills	4.64%	4.64%	4.64%
	10 yr bond	7.67%	7.67%	7.67%
	currency local per 1USD	₱50.75	₱52.11	₱53.51
Malaysia	3-month T-Bills	3.05%	3.28%	3.28%
	10 yr bond	3.41%	3.79%	4.08%
	currency local per 1USD	RM4.18	RM4.13	RM4.18
Singapore	3-month T-Bills	1.72%	2.00%	1.92%
	10 yr bond	1.78%	2.17%	2.51%
	currency local per 1USD	S$1.36	S$1.36	S$1.38
India	3-month T-Bills	6.11%	6.11%	6.11%
	10 yr bond	6.68%	7.59%	7.85%
	currency local per 1USD	₹70.93	₹69.55	₹73.95
Indonesia	3 months deposit rate	5.95%	6.28%	6.25%
	10 yr bond	6.98%	7.80%	8.50%
	currency local per 1USD	Rp14,037.00	Rp14,250.00	Rp15,202.50
China Onshore	3-month Bill Yield	2.63%	2.63%	2.63%
	10 yr bond	3.28%	3.40%	3.52%
	currency local per 1USD	¥7.04	¥6.74	¥6.97
Sri Lanka	3-month Generic Govt Yield	7.65%	9.28%	9.54%
	10 yr bond	10.39%	11.13%	11.65%
	currency local per 1USD	Rs181.60	Rs176.20	Rs175.60
Yankee Bonds	Indonesia	2.87%	3.65%	4.88%
	Sri Lanka	7.07%	7.24%	8.65%

10 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS—74.2%
AUSTRALIA—3.5%
AUD	2,500	APT Pipelines Ltd., 7.75%, 07/22/2020(a)	$       1,797,687
USD	6,000	Australia and New Zealand Banking Group Ltd., (fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026(a)(b)	6,757,500
AUD	5,571	Brisbane Square Finance Pty Ltd., Zero Coupon, 11/25/2025(c)(d)(e)	4,397,931
AUD	6,690	CF Asia Pacific Group Pty Ltd., 8.35%, 02/29/2020(a)(c)	4,518,237
AUD	7,300	Qantas Airways Ltd., 7.50%, 06/11/2021	5,485,875
USD	9,100	Santos Finance Ltd., 4.13%, 06/14/2027(a)(f)	9,263,927
USD	10,620	Virgin Australia Holdings Ltd., 8.13%, 05/15/2024(a)(f)	10,513,800
			42,734,957
CHINA—19.0%
USD	1,000	Agile Group Holdings Ltd., 8.50%, 07/18/2020(a)(f)	1,056,447
CNY	20,000	Agricultural Development Bank of China, 4.37%, 05/25/2023	2,938,706
CNH	10,000	Bank of China Ltd., 4.88%, 04/20/2020	1,430,517
CNY	10,000	Central Huijin Investment, 3.67%, 01/16/2024	1,411,485
SGD	1,250	China Aoyuan Group Ltd., 7.15%, 09/07/2020(a)	935,933
USD	6,400	China Aoyuan Group Ltd., 7.95%, 09/07/2020(a)	6,657,291
USD	4,000	China Construction Bank Corp., (fixed rate to 02/27/2024, variable rate thereafter), 4.25%, 02/27/2024(a)(f)	4,187,011
CNY	30,000	China Development, 3.03%, 01/18/2022	4,248,543
CNH	8,000	China Development Bank Hong Kong, 3.20%, 09/21/2023	1,134,932
USD	6,800	China Evergrande Group, 8.25%, 03/23/2020(a)(f)	6,298,708
CNY	10,000	China National Petroleum Corp., 3.72%, 09/20/2021	1,424,340
USD	3,500	China Oil & Gas Group Ltd., 5.50%, 07/25/2021(a)(f)	3,582,169
USD	7,000	China Overseas Finance Cayman III Ltd., 5.38%, 10/29/2023(a)	7,658,370
USD	4,000	Chinalco Capital Holdings Ltd., 4.25%, 04/21/2022(a)	4,048,608
USD	7,000	CIFI Holdings Group Co. Ltd., 6.55%, 03/28/2022(a)(f)	7,062,372
USD	8,300	CNAC HK Finbridge Co. Ltd., 4.88%, 03/14/2025(a)	9,007,544
USD	7,500	CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023(a)	8,028,880
USD	3,200	CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024	3,415,767
USD	5,000	Country Garden Holdings Co. Ltd., 7.25%, 04/08/2023(a)(f)	5,426,404
USD	3,110	Country Garden Holdings Co. Ltd., 8.00%, 09/27/2021(a)(f)	3,400,845
MYR	10,000	Country Garden Real Estate Sdn Bhd, 6.40%, 05/06/2022	2,470,719
SGD	2,500	Eastern Air Overseas Hong Kong Co. Ltd., 2.80%, 11/16/2020(a)	1,835,200
USD	6,800	ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a)	7,065,200
CNY	20,000	Export-Import Bank of China, 4.37%, 06/19/2023	2,936,214
CNH	40,000	Franshion Brilliant Ltd., 5.20%, 03/08/2021	5,792,854
USD	3,200	Fufeng Group Ltd., 5.88%, 08/28/2021(a)	3,322,785
USD	3,000	Geely Automobile Holdings Ltd., 3.63%, 01/25/2023(a)	3,034,536
USD	3,470	Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/2021(a)(f)	3,533,436
USD	3,715	Health and Happiness H&H International Holdings Ltd., 7.25%, 12/02/2019(a)(f)	3,780,384
USD	3,500	Huarong Finance II Co. Ltd., 3.25%, 06/03/2021(a)	3,516,730
USD	4,300	Industrial & Commercial Bank of China Ltd., (fixed rate to 12/10/2019, variable rate thereafter), 6.00%, 12/10/2019(a)(b)	4,312,050
USD	6,500	Logan Property Holdings Co. Ltd., 6.88%, 04/24/2020(a)(f)	6,672,900
USD	5,500	Poly Real Estate Finance Ltd., 3.95%, 02/05/2023(a)	5,620,240
USD	3,500	Postal Savings Bank of China Co. Ltd., (fixed rate to 09/27/2022, variable rate thereafter), 4.50%, 09/27/2022(a)(b)	3,508,750

Aberdeen Asia-Pacific Income Fund, Inc. 11

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS (continued)
CHINA (continued)
USD	5,000	Powerchina Real Estate Group Ltd., 4.50%, 12/06/2021(a)	$       5,139,050
USD	1,000	Scenery Journey Ltd., 11.00%, 11/06/2020(a)	1,019,927
USD	4,700	Shanghai Port Group BVI Development Co. Ltd., 2.88%, 06/18/2024(a)	4,754,996
USD	6,800	Shimao Property Holdings Ltd., 5.60%, 07/15/2023(a)(f)	7,098,887
USD	3,000	Sinochem International Development Pte Ltd., 3.13%, 07/25/2022(a)	3,008,081
USD	5,200	Sinopec Capital 2013 Ltd., 3.13%, 04/24/2023(a)	5,312,621
USD	5,900	Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/2024(a)	6,339,150
USD	14,738	State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/2027(a)	15,511,248
USD	6,700	Sunac China Holdings Ltd., 7.95%, 08/08/2020(a)(f)	6,842,848
USD	3,400	Sunny Optical Technology Group Co. Ltd., 3.75%, 01/23/2023(a)	3,458,216
USD	3,330	Tencent Holdings Ltd., 3.98%, 01/11/2029(a)(f)	3,583,811
USD	5,400	Tianqi Finco Co. Ltd., 3.75%, 11/28/2022(a)	3,894,446
USD	6,650	Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 11/09/2027(a)	6,892,965
USD	5,400	Voyage Bonds Ltd., 3.38%, 09/28/2022(a)	5,422,269
USD	2,882	Yingde Gases Investment Ltd., 6.25%, 01/19/2021(a)(f)	2,972,486
USD	7,400	Zhenro Properties Group Ltd., 9.15%, 03/08/2021(a)(f)	7,522,024
			229,529,895
ECUADOR—0.2%
USD	2,427	International Airport Finance SA, 12.00%, 03/15/2024(a)	2,617,519
GERMANY—3.2%
SGD	3,200	Deutsche Bank AG, 4.10%, 02/14/2021	2,378,131
AUD	5,000	Kreditanstalt fuer Wiederaufbau, 6.00%, 08/20/2020(g)	3,580,895
AUD	20,500	Kreditanstalt fuer Wiederaufbau, 6.25%, 12/04/2019(g)	14,199,485
AUD	15,000	Kreditanstalt fuer Wiederaufbau, 6.25%, 05/19/2021(g)	11,141,722
AUD	10,000	Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(g)	7,903,698
			39,203,931
HONG KONG—1.8%
USD	3,900	Far East Consortium International Ltd., 3.75%, 09/08/2021(a)	3,821,229
USD	8,000	Hongkong Electric Finance Ltd., 2.88%, 05/03/2026(a)	8,006,034
USD	6,800	Johnson Electric Holdings Ltd., 4.13%, 07/30/2024(a)	7,053,994
USD	2,871	Standard Chartered PLC, 3.95%, 01/11/2023(a)	2,968,535
			21,849,792
INDIA—17.2%
USD	6,910	Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd., 6.25%, 12/10/2024(a)	7,324,876
USD	9,480	Adani Ports & Special Economic Zone Ltd., 4.00%, 06/30/2027(a)(f)	9,692,635
INR	350,000	Adani Transmission Ltd., 10.25%, 04/15/2021	5,106,128
INR	200,000	Axis Bank Ltd., 7.60%, 10/20/2023	2,852,974
INR	500,000	Axis Bank Ltd., 8.85%, 12/05/2024	7,493,295
USD	7,030	Azure Power Solar Energy Pvt Ltd., 5.65%, 09/24/2022(a)(f)	7,058,120
USD	3,500	Export-Import Bank of India, 3.88%, 02/01/2028(a)	3,693,918
INR	150,000	Export-Import Bank of India, 7.62%, 09/01/2026	2,105,147
USD	7,000	GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)	7,230,387

12 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS (continued)
INDIA (continued)
INR	750,000	HDFC Bank Ltd., 7.95%, 09/21/2026	$     10,807,560
INR	100,000	Housing Development Finance Corp. Ltd., 7.90%, 08/24/2026	1,426,676
INR	100,000	Housing Development Finance Corp. Ltd., 8.05%, 06/20/2022	1,451,108
INR	250,000	Housing Development Finance Corp. Ltd., 8.58%, 03/18/2022	3,621,528
INR	100,000	Housing Development Finance Corp. Ltd., 8.65%, 09/18/2020	1,434,131
INR	550,000	Housing Development Finance Corp. Ltd., 9.05%, 11/20/2023	8,267,811
USD	10,700	ICICI Bank Ltd., 4.00%, 03/18/2026(a)	11,141,223
INR	400,000	ICICI Bank Ltd., 7.60%, 10/07/2023	5,724,275
INR	250,000	ICICI Bank Ltd., 9.15%, 08/06/2024	3,825,670
USD	2,000	Indiabulls Housing Finance Ltd., 6.38%, 05/28/2022(a)	1,270,979
INR	200,000	Indiabulls Housing Finance Ltd., 8.90%, 09/26/2021	2,506,986
INR	100,000	Indiabulls Housing Finance Ltd., 9.00%, 04/29/2026	1,365,738
INR	300,000	Indiabulls Housing Finance Ltd., 9.08%, 12/31/2021	4,192,567
INR	50,000	Indian Railway Finance Corp. Ltd., 8.45%, 12/04/2028	738,753
INR	250,000	Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023	3,673,679
INR	150,000	National Highways Authority of India, 7.70%, 09/13/2029	2,106,100
USD	6,800	Neerg Energy Ltd., 6.00%, 02/13/2020(a)(f)	6,708,145
USD	3,400	NTPC Ltd., 4.75%, 10/03/2022(a)	3,578,843
INR	50,000	NTPC Ltd., 8.05%, 05/05/2026	732,565
INR	250,000	NTPC Ltd., 8.10%, 05/27/2026	3,591,238
INR	200,000	NTPC Ltd., 8.49%, 03/25/2025(e)	2,914,037
INR	100,000	NTPC Ltd., 8.73%, 03/07/2023	1,496,227
INR	100,000	NTPC Ltd., 9.17%, 09/22/2024	1,532,249
INR	250,000	Power Finance Corp. Ltd., 7.50%, 09/17/2020	3,534,642
INR	250,000	Power Finance Corp. Ltd., 8.36%, 02/26/2020	3,539,915
INR	250,000	Power Finance Corp. Ltd., 8.39%, 04/19/2025	3,577,510
INR	400,000	Power Finance Corp. Ltd., 8.65%, 12/28/2024	5,792,343
INR	150,000	Power Grid Corp. of India Ltd., 8.13%, 04/25/2027	2,185,803
INR	500,000	Power Grid Corp. of India Ltd., 8.13%, 04/25/2028	7,309,229
INR	200,000	Power Grid Corp. of India Ltd., 8.93%, 10/20/2022	2,964,548
INR	150,000	REC Ltd., 8.10%, 06/25/2024	2,138,484
USD	7,000	Reliance Industries Ltd., 4.13%, 01/28/2025(a)	7,465,483
INR	800,000	Reliance Industries Ltd., 8.30%, 03/08/2022	11,579,406
INR	250,000	Reliance Jio Infocomm Ltd., 8.95%, 10/04/2020	3,601,167
INR	200,000	Rural Electrification Corp. Ltd., 8.44%, 12/04/2021	2,880,590
INR	150,000	Rural Electrification Corp. Ltd., 9.34%, 08/25/2024	2,236,795
INR	70,000	Rural Electrification Corp. Ltd., 9.35%, 06/15/2022	1,031,045
INR	50,000	State of Karnataka India, 7.38%, 09/27/2027	713,195
INR	300,000	State of Maharashtra India, 7.20%, 08/09/2027	4,252,598
INR	100,000	Tata Motors Ltd., 9.73%, 10/01/2020	1,420,839
USD	5,000	Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023(a)	4,527,812
			207,416,972
INDONESIA—4.5%
IDR	20,000,000	Adira Dinamika Multi Finance Tbk PT, 7.80%, 10/04/2022	1,445,751
IDR	10,000,000	Astra Sedaya Finance PT, 8.80%, 02/13/2022	733,134
USD	3,250	Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/2024(a)	3,396,856
IDR	10,000,000	Bank Rakyat Indonesia Persero Tbk PT, 8.25%, 08/24/2024	728,788

Aberdeen Asia-Pacific Income Fund, Inc. 13

Portfolio of Investments(continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS (continued)
INDONESIA (continued)
USD	6,250	Chandra Asri Petrochemical Tbk PT, 4.95%, 11/08/2021(a)(f)	$      6,108,719
IDR	10,000,000	Federal International Finance PT, 8.80%, 03/12/2022	732,778
USD	5,326	FPC Treasury Ltd., 4.50%, 04/16/2023(a)	5,490,982
IDR	20,000,000	Lembaga Pembiayaan Ekspor Indonesia, 8.45%, 07/09/2022	1,463,703
IDR	30,000,000	Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020	2,161,787
USD	2,594	LLPL Capital Pte Ltd., 6.88%, 02/04/2039(a)(e)	3,031,896
USD	3,565	Medco Oak Tree Pte Ltd., 7.38%, 05/14/2023(a)(f)	3,629,336
USD	3,400	Perusahaan Listrik Negara PT, 3.88%, 07/17/2029(a)	3,525,800
USD	6,129	Perusahaan Listrik Negara PT, 6.15%, 05/21/2048(a)	7,702,314
IDR	12,000,000	Perusahaan Listrik Negara PT, 8.25%, 07/05/2023	888,371
USD	6,800	Sri Rejeki Isman Tbk PT, 7.25%, 10/16/2022(a)(f)	6,918,933
USD	6,739	TBG Global Pte Ltd., 5.25%, 02/10/2020(a)(f)	6,835,015
			54,794,163
MACAU—0.6%
USD	6,600	Sands China Ltd., 5.40%, 05/08/2028(f)	7,467,174
MALAYSIA—2.0%
MYR	1,500	Cagamas Bhd, 4.45%, 11/25/2020	363,149
MYR	5,000	CIMB Group Holdings Bhd, 4.95%, 03/29/2023(f)	1,238,741
MYR	5,000	Cypark Ref Sdn Bhd, 4.87%, 06/30/2025	1,204,368
MYR	10,000	GENM Capital Bhd, 4.98%, 07/11/2023	2,491,344
MYR	5,000	Malayan Banking Bhd, (fixed rate to 09/25/2024, variable rate thereafter), 4.08%, 09/25/2024(b)	1,190,798
MYR	5,000	Pengurusan Air SPV Bhd, 4.22%, 02/07/2023	1,223,145
USD	3,850	Press Metal Labuan Ltd., 4.80%, 10/30/2020(a)(f)	3,738,222
USD	3,736	RHB Bank Bhd, 2.50%, 10/06/2021(a)	3,738,839
USD	7,000	TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026(a)	7,081,074
MYR	5,000	United Overseas Bank Malaysia Bhd, 4.80%, 07/25/2023(f)	1,234,593
			23,504,273
MONGOLIA—0.5%
USD	3,400	Mongolian Mining Corp/Energy Resources LLC, 9.25%, 04/15/2021(a)(f)	3,182,340
USD	3,230	Trade & Development Bank of Mongolia LLC, 9.38%, 05/19/2020(a)(g)	3,310,750
			6,493,090
NETHERLANDS—0.5%
USD	6,050	Samvardhana MothersonAutomotive Systems Group BV,4.88%,11/11/2019(a)(f)	6,104,450
NORWAY—0.8%
AUD	7,000	Kommunalbanken AS, 4.50%, 04/17/2023(a)	5,345,903
AUD	4,988	Kommunalbanken AS, 6.50%, 04/12/2021	3,698,254
			9,044,157
PHILIPPINES—2.8%
USD	7,000	ICTSI Treasury BV, 5.88%, 09/17/2025(a)	7,699,233
USD	13,086	Megaworld Corp., 4.25%, 04/17/2023(a)	13,593,619
USD	5,500	Philippine National Bank, 3.28%, 09/27/2024(a)	5,557,779
USD	7,000	Royal Capital BV, (fixed rate to 05/05/2024, variable rate thereafter), 4.88%, 05/05/2024(a)(b)	7,070,000
			33,920,631

14 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS (continued)
QATAR—0.1%
CNH	10,000	QNB Finance Ltd., 5.10%, 03/08/2021	$     1,444,113
SAUDI ARABIA—0.6%
USD	7,000	Saudi Arabian Oil Co., 3.50%, 04/16/2029(a)	7,271,165
SINGAPORE—2.2%
USD	4,000	DBS Group Holdings Ltd., (fixed rate to 09/07/2021, variable rate thereafter), 3.60%, 09/07/2021(a)(b)	4,020,000
USD	2,400	DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2023(a)(f)	2,546,906
USD	7,289	Marble II Pte Ltd., 5.30%, 06/20/2020(a)(f)	7,391,016
USD	3,800	Parkway Pantai Ltd., (fixed rate to 07/27/2022, variable rate thereafter), 4.25%, 07/27/2022(a)(b)	3,787,650
USD	9,000	United Overseas Bank Ltd., (fixed rate to 09/16/2021, variable rate thereafter), 3.50%, 09/16/2021(a)(f)	9,102,960
			26,848,532
SOUTH KOREA—4.0%
USD	11,400	Busan Bank Co. Ltd., 3.63%, 07/25/2026(a)	11,496,823
USD	7,000	Doosan Power Systems SA, (fixed rate to 10/25/2021, variable thereafter), 3.75%, 10/25/2021(a)(g)	7,181,902
USD	3,300	Hanwha Total Petrochemical Co. Ltd., 3.88%, 01/23/2024(a)	3,437,252
USD	10,658	Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022(a)	10,862,411
USD	1,350	Korea Western Power Co. Ltd., 3.75%, 06/07/2023(a)	1,414,628
USD	7,760	Shinhan Bank Co. Ltd., 2.88%, 03/28/2022(a)	7,878,572
USD	4,733	Woori Bank, 5.13%, 08/06/2028(a)	5,389,505
			47,661,093
THAILAND—3.1%
USD	1,200	Bangkok Bank PCL, 9.03%, 03/15/2029(a)	1,718,671
USD	10,000	GC Treasury Center Co. Ltd., 4.25%, 09/19/2022(a)	10,415,290
USD	17,170	Krung Thai Bank PCL, (fixed rate to 12/26/2019, variable rate thereafter), 5.20%, 12/26/2019(a)(f)	17,212,238
USD	5,386	PTTEP Treasury Center Co. Ltd., (fixed rate to 07/17/2022, variable thereafter), 4.60%, 07/17/2022(a)(b)	5,526,531
USD	2,197	Thaioil Treasury Center Co. Ltd., 4.63%, 11/20/2028(a)	2,488,929
			37,361,659
TURKEY—0.3%
USD	3,300	Yapi ve Kredi Bankasi AS, (fixed rate to 01/15/2024, variable rate thereafter), 13.88%, 01/15/2024(a)(b)	3,557,004
UNITED ARAB EMIRATES—3.2%
USD	2,390	Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(a)	2,499,056
MYR	10,000	Abu Dhabi National Energy Co. PJSC, 4.65%, 03/03/2022	2,406,964
USD	5,238	Emirates Airline, 4.50%, 02/06/2025(a)(e)	5,337,260
SGD	6,500	Emirates NBD PJSC, 3.05%, 03/06/2023(a)	4,876,108
USD	6,388	Emirates NBD PJSC (fixed rate to 03/20/2025, variable rate thereafter), 6.13%, 03/20/2025(a)(b)	6,642,703
USD	7,100	Esic Sukuk Ltd., 3.94%, 07/30/2024(a)	7,089,350
USD	3,300	MAF Global Securities Ltd., (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026(a)(b)	3,282,612
USD	3,700	MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter), 5.50%, 09/07/2022(a)(b)	3,709,250
USD	3,018	Medjool Ltd., 3.88%, 03/19/2023(a)(e)	3,021,271
			38,864,574

Aberdeen Asia-Pacific Income Fund, Inc. 15

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
CORPORATE BONDS (continued)
UNITED KINGDOM—3.7%
USD	2,594	CK Hutchison Capital Securities 17 Ltd., (fixed rate to 05/12/2022, variable rate thereafter), 4.00%, 05/12/2022(a)(b)	$      2,604,331
USD	4,840	CK Hutchison International 17 Ltd., 2.88%, 04/05/2022(a)	4,892,385
USD	15,500	Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(a)	20,261,720
USD	980	Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033(a)	1,445,736
USD	6,999	Standard Chartered PLC, 3.95%, 01/11/2023(a)	7,236,774
USD	5,000	Standard Chartered PLC, 4.05%, 04/12/2026(a)	5,312,670
USD	2,759	Standard Chartered PLC, (fixed rate to 04/02/2023, variable rate thereafter), 7.75%, 04/02/2023(a)(b)	3,003,861
			44,757,477
VIETNAM—0.4%
USD	4,310	Mong Duong Finance Holdings BV, 5.13%, 05/07/2023(a)	4,383,249
		Total Corporate Bonds—74.2% (cost $912,421,834)	896,829,870
GOVERNMENT BONDS—69.3%
AUSTRALIA—37.3%
AUD	91,229	Australia Government Bond, 2.75%, 11/21/2028(a)	71,621,856
AUD	12,400	Australia Government Bond, 3.25%, 04/21/2025(a)	9,607,729
AUD	81,500	Australia Government Bond, 3.25%, 06/21/2039(a)	72,493,446
AUD	51,000	Australia Government Bond, 3.75%, 04/21/2037(a)	47,621,496
AUD	17,700	Australia Government Bond, 4.50%, 04/21/2033(a)	17,100,150
AUD	81,700	Australia Government Bond, 5.50%, 04/21/2023(a)	65,327,132
AUD	6,000	New South Wales Treasury Corp., 3.00%, 04/20/2029(a)	4,654,551
AUD	13,500	New South Wales Treasury Corp., 3.00%, 02/20/2030(a)	10,524,781
AUD	7,500	New South Wales Treasury Corp., 4.00%, 05/20/2026(a)	6,053,640
AUD	25,000	New South Wales Treasury Corp., 6.00%, 05/01/2020(a)	17,684,694
AUD	15,000	New South Wales Treasury Corp., 6.00%, 03/01/2022	11,530,078
AUD	22,000	Queensland Treasury Corp., 4.25%, 07/21/2023(a)	16,900,631
AUD	51,400	Queensland Treasury Corp., 5.50%, 06/21/2021(a)	37,998,766
AUD	4,690	Queensland Treasury Corp., 6.00%, 06/14/2021(a)(g)	3,497,903
AUD	16,200	Queensland Treasury Corp., 6.25%, 02/21/2020(a)	11,347,154
AUD	20,000	Treasury Corp. of Victoria, 6.00%, 10/17/2022	15,788,044
AUD	5,000	Western Australian Treasury Corp., 2.50%, 07/23/2024(a)	3,655,437
AUD	22,000	Western Australian Treasury Corp., 2.75%, 10/20/2022(a)	15,910,243
AUD	15,000	Western Australian Treasury Corp., 7.00%, 07/15/2021	11,380,168
			450,697,899
CHINA—1.6%
CNY	30,000	China Development Bank, 3.45%, 09/20/2029	4,168,377
CNY	4,000	China Government Bond, 2.85%, 01/28/2026(h)	554,143
CNY	90,000	China Government Bond, 3.29%, 05/23/2029	12,800,125
CNY	3,000	China Government Bond, 3.46%, 07/11/2020(h)	429,089
CNY	10,000	China Government Bond, 3.54%, 08/16/2028	1,445,277
CNY	2,000	China Government Bond, 3.57%, 11/17/2021(h)	288,871
			19,685,882

16 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
GOVERNMENT BONDS (continued)
INDIA—3.9%
INR	200,000	Export-Import Bank of India, 8.18%, 12/07/2025	$      2,983,225
INR	750,000	India Government Bond, 7.68%, 12/15/2023	11,108,891
INR	1,000,000	India Government Bond, 7.72%, 05/25/2025	14,895,229
INR	1,041,880	India Government Bond, 8.08%, 08/02/2022	15,488,887
INR	140,440	India Government Bond, 8.40%, 07/28/2024	2,142,491
INR	9,590	India Government Bond, 9.20%, 09/30/2030	156,326
			46,775,049
INDONESIA—17.1%
USD	591	Indonesia Government International Bond, 5.25%, 01/08/2047(a)	721,201
USD	5,314	Indonesia Government International Bond, 5.35%, 02/11/2049	6,763,458
USD	9,880	Indonesia Government International Bond, 8.50%, 10/12/2035(a)	15,438,304
IDR	269,000,000	Indonesia Treasury Bond, 5.63%, 05/15/2023	18,763,749
IDR	271,570,000	Indonesia Treasury Bond, 6.13%, 05/15/2028	18,449,838
IDR	15,000,000	Indonesia Treasury Bond, 6.63%, 05/15/2033	1,004,862
IDR	13,800,000	Indonesia Treasury Bond, 7.00%, 05/15/2027	996,388
IDR	848,000,000	Indonesia Treasury Bond, 8.13%, 05/15/2024	64,444,255
IDR	288,224,000	Indonesia Treasury Bond, 8.38%, 09/15/2026	22,432,862
IDR	51,500,000	Indonesia Treasury Bond, 8.38%, 04/15/2039	3,933,474
IDR	300,000,000	Indonesia Treasury Bond, 8.75%, 05/15/2031	23,801,344
IDR	30,000,000	Indonesia Treasury Bond, 9.00%, 03/15/2029	2,415,241
IDR	16,000,000	Indonesia Treasury Bond, 9.50%, 07/15/2031	1,332,518
USD	6,970	Perusahaan Penerbit SBSN Indonesia III, 3.40%, 03/29/2022(a)	7,118,113
USD	4,970	Perusahaan Penerbit SBSN Indonesia III, 4.15%, 03/29/2027(a)	5,317,900
USD	10,981	Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024(a)	11,771,632
USD	1,500	Perusahaan Penerbit SBSN Indonesia III, 4.55%, 03/29/2026(a)	1,635,000
			206,340,139
MALAYSIA—1.8%
MYR	36,600	Malaysia Government Bond, 3.88%, 03/10/2022	8,903,387
MYR	12,500	Malaysia Government Bond, 3.96%, 09/15/2025	3,078,983
MYR	42,000	Malaysia Government Bond, 4.18%, 07/15/2024	10,411,184
			22,393,554
PHILIPPINES—0.8%
PHP	200,000	Philippine Government Bond, 4.63%, 09/09/2040	3,595,975
PHP	271,230	Philippine Government Bond, 6.88%, 01/10/2029	6,279,924
			9,875,899
SRI LANKA—2.4%
USD	9,200	Republic Of Sri Lanka, 7.55%, 03/28/2030(a)	9,304,617
LKR	550,000	Sri Lanka Government Bonds, 9.00%, 05/01/2021	3,042,590
LKR	50,000	Sri Lanka Government Bonds, 9.45%, 10/15/2021	278,699
LKR	150,000	Sri Lanka Government Bonds, 11.00%, 08/01/2021	856,092
LKR	80,000	Sri Lanka Government Bonds, 11.20%, 07/01/2022	461,123
USD	4,160	Sri Lanka Government International Bond, 7.55%, 03/28/2030(a)	4,207,305
USD	10,600	Sri Lanka Government International Bond, 7.85%, 03/14/2029(a)	10,969,644
			29,120,070

Aberdeen Asia-Pacific Income Fund, Inc. 17

Portfolio of Investments (continued)

As of October 31, 2019

Principal Amount (000) or Shares		Description	Value (US$)
GOVERNMENT BONDS (continued)
SUPRANATIONAL—4.0%
AUD	14,000	Asian Development Bank, 5.00%, 03/09/2022	$     10,503,267
AUD	6,800	Asian Development Bank, 6.25%, 03/05/2020	4,770,784
AUD	4,000	Eurofima, 5.50%, 06/30/2020	2,834,732
AUD	15,000	Inter-American Development Bank, 6.00%, 02/26/2021	10,988,485
AUD	10,000	International Bank for Reconstruction & Development, 4.25%, 06/24/2025	7,967,492
AUD	15,600	International Finance Corp., 5.75%, 07/28/2020	11,120,028
			48,184,788
THAILAND—0.4%
THB	129,000	Thailand Government Bond, 2.00%, 12/17/2022	4,346,298
		Total Government Bonds—69.3% (cost $855,576,587)	837,419,578
SHORT-TERM INVESTMENT—3.3%
UNITED STATES—3.3%
USD	39,591,039	State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.75%(i)	39,591,039
			39,591,039
		Total Short-Term Investment—3.3% (cost $39,591,039)	39,591,039
		Total Investments—146.8% (cost $1,807,589,460)(j)	1,773,840,487
		Long Term Debt Securities	(531,000,000)
		Mandatory Redeemable Preferred Stock at Liquidation Value	(50,000,000)
		Other Assets in Excess of Liabilities—1.3%	15,313,134
		Net Assets—100.0%	$  1,208,153,621

AUD—Australian Dollar

CNH—Chinese Yuan Renminbi Offshore

CNY—Chinese Yuan Renminbi

IDR—Indonesian Rupiah

INR—Indian Rupee

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)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.

(c)Illiquid security.

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

(e)Sinkable security.

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

(g)This security is government guaranteed.

(h)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.

(i)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2019.

(j)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

18 Aberdeen Asia-Pacific Income Fund, Inc.

Portfolio of Investments(continued)

As of October 31, 2019

At October 31, 2019, the Company held the following futures contracts:

	Number of							Unrealized
	Contracts		Expiration	Notional		Market		Appreciation/
Futures Contracts	Long/(Short)		Date	Amount		Value		(Depreciation)
Long Contract Positions
United States Treasury Note 6%—Ultra Bond	207		12/19/2019	$ 39,410,144		$ 39,278,250		$(131,894)
United States Treasury Note 6%—2 year	157		12/31/2019	33,859,617		33,849,445		(10,172)
United States Treasury Note 6%—5 year	103		12/31/2019	12,231,492		12,277,922		46,430
								$  (95,636)
Short Contract Positions
United States Treasury Note 6%—10 year	(248	)	12/19/2019	$(32,221,377	)	$(32,313,625	)	$  (92,248)
								$  (92,248)
								$(187,884)

At October 31, 2019, the Fund’s open forward foreign currency exchange contracts were as follows:

							Unrealized
Purchase Contracts		Amount		Amount			Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value	(Depreciation)
Malaysian Ringgit/United States Dollar
11/14/2019	Standard Chartered Bank	MYR	16,283,670	USD	3,900,001	$  3,896,251	$      (3,750)
Philippine Peso/United States Dollar
01/15/2020	Citibank N.A.	PHP	138,647,700	USD	2,700,000	2,726,393	26,393
Singapore Dollar/United States Dollar
12/06/2019	Citibank N.A.	SGD	35,800,000	USD	25,960,747	26,324,298	363,551
South Korean Won/United States Dollar
11/22/2019	HSBC Bank USA	KRW	43,090,240,000	USD	35,600,000	36,841,946	1,241,946
Thai Baht/United States Dollar
11/21/2019	BNP Paribas S.A.	THB	164,952,612	USD	5,400,000	5,471,255	71,255
11/21/2019	Citibank N.A.	THB	365,000,000	USD	11,828,567	12,106,558	277,991
						$87,366,701	$1,977,386

Aberdeen Asia-Pacific Income Fund, Inc. 19

Portfolio of Investments(concluded)

As of October 31, 2019

							Unrealized
Sale Contracts		Amount		Amount			Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value	(Depreciation)
United States Dollar/Australian Dollar
11/15/2019	Citibank N.A.	USD	147,224,713	AUD	214,500,000	$147,909,435	$       (684,722)
United States Dollar/Chinese Yuan Renminbi Offshore
01/10/2020	Citibank N.A.	USD	5,900,000	CNH	41,787,706	5,918,729	(18,729)
01/10/2020	Royal Bank of Canada	USD	13,025,172	CNH	93,273,669	13,211,100	(185,928)
United States Dollar/Indian Rupee
02/03/2020	UBS	USD	16,500,000	INR	1,160,775,000	16,165,851	334,149
United States Dollar/Indonesian Rupiah
11/15/2019	HSBC Bank USA	USD	5,000,000	IDR	72,260,000,000	5,127,879	(127,879)
United States Dollar/Malaysian Ringgit
11/14/2019	HSBC Bank USA	USD	17,753,241	MYR	74,362,300	17,792,926	(39,685)
United States Dollar/Philippine Peso
01/15/2020	Royal Bank of Canada	USD	12,800,000	PHP	661,433,600	13,006,546	(206,546)
United States Dollar/Singapore Dollar
12/06/2019	Citibank N.A.	USD	4,918,061	SGD	6,749,720	4,963,174	(45,113)
12/06/2019	Royal Bank of Canada	USD	5,700,000	SGD	7,869,568	5,786,616	(86,616)
United States Dollar/South Korean Won
11/22/2019	Citibank N.A.	USD	7,600,000	KRW	8,923,958,000	7,629,941	(29,941)
11/22/2019	Royal Bank of Canada	USD	1,300,000	KRW	1,575,100,150	1,346,703	(46,703)
United States Dollar/Thai Baht
11/21/2019	BNP Paribas S.A.	USD	1,200,000	THB	36,730,080	1,218,287	(18,287)
						$240,077,187	$  (1,156,000)
						$327,443,888	$      821,386
Total unrealized appreciation on open forward foreign currency exchange contracts							$   2,315,285
Total unrealized depreciation on open forward foreign currency exchange contracts							$  (1,493,899)

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

At October 31, 2019, the Fund held the following centrally cleared interest rate swaps:

Currency	Notional Amount	Expiration Date	Counterparty	Receive (Pay) Floating Rate	Floating Rate Index	Fixed Rate	Premiums Paid (Received)	Unrealized Depreciation
USD	55,000,000	10/28/2026	Citibank	Receive	3-month LIBOR Index	1.57%	$–	$   (220,411)
USD	26,000,000	07/23/2029	Citibank	Receive	3-month LIBOR Index	1.99%	–	(1,062,491)
							$–	$(1,282,902)

See Notes to Financial Statements.

20 Aberdeen Asia-Pacific Income Fund, Inc.

Statement of Assets and Liabilities

As of October 31, 2019

Assets
Investments, at value (cost $1,767,998,421)	$  1,734,249,448
Short-term investments, at value (cost $39,591,039)	39,591,039
Foreign currency, at value (cost $5,446,880)	5,483,663
Cash at broker for interest rate swaps	3,375,768
Cash at broker for futures contracts	2,958,402
Cash	1,161,810
Cash at broker for China A shares	13,461
Cash at broker for forward foreign currency contracts	230,000
Interest receivable	24,437,575
Receivable for investments sold	7,251,258
Unrealized appreciation on forward foreign currency exchange contracts	2,315,285
Variation margin receivable for futures contracts	46,430
Prepaid expenses in connection with revolving credit facility, senior secured notes and Series A Mandatory Redeemable Preferred Shares	2,553,835
Prepaid expenses and other assets	179,022
Total assets	1,823,846,996
Liabilities
Senior secured notes payable (Note 8)	450,000,000
Revolving credit facility payable (Note 9)	81,000,000
Series A Mandatory Redeemable Preferred Shares ($25.00 liquidation value per share; 2,000,000 shares outstanding) (Note 7)	50,000,000
Payable for investments purchased	23,504,842
Interest payable on revolving credit facility, senior secured notes and term loans	5,370,197
Unrealized depreciation on forward foreign currency exchange contracts	1,493,899
Cash due to broker for forward foreign currency contracts	1,440,000
Investment management fees payable (Note 3)	904,447
Variation margin payable for centrally cleared swaps	563,778
Deferred foreign capital gains tax	381,561
Dividend payable on Series A Mandatory Redeemable Preferred Shares	242,276
Administration fees payable (Note 3)	189,603
Variation margin payable for futures contracts	234,314
Investor relations fees payable (Note 3)	37,774
Other expenses	330,684
Total liabilities	615,693,375
Net Assets Applicable to Common Shareholders	$  1,208,153,621
Composition of Net Assets
Common stock (par value $0.01 per share) (Note 5)	$        2,476,958
Paid-in capital in excess of par	1,247,494,705
Distributable accumulated loss	(41,818,042	)
Net Assets Applicable to Common Shareholders	$ 1,208,153,621
Net asset value per share based on 247,695,769 shares issued and outstanding	$                  4.88

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

See Notes to Financial Statements.

Aberdeen Asia-Pacific Income Fund, Inc. 21

Statement of Operations

For the Year Ended October 31, 2019

Net Investment Income:
Income
Interest income (net of foreign withholding taxes of $2,021,155)	$   77,811,375
Total Investment Income	77,811,375
Expenses:
Investment management fee (Note 3)	9,578,546
Administration fee (Note 3)	2,007,142
Revolving credit facility, senior secured notes, term loans and Series A Mandatory Redeemable Preferred Shares fees and expenses	992,762
Custodian’s fees and expenses	445,899
Insurance expense	334,781
Directors’ fees and expenses	264,048
Reports to shareholders and proxy solicitation	226,269
Investor relations fees and expenses (Note 3)	187,038
Legal fees and expenses	149,604
Transfer agent’s fees and expenses	135,648
Independent auditors’ fees and expenses	91,483
Miscellaneous	151,939
Total operating expenses, excluding interest expense	14,565,159
Interest expense (Notes 8 & 9)	17,215,786
Distributions to Series A Mandatory Redeemable Preferred Shares (Note 7)	2,091,147
Net operating expenses	33,872,092
Net investment income applicable to common shareholders	43,939,283
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:
Net realized gain/(loss) from:
Investment transactions (including $60,393 capital gains tax)	234,355
Futures contracts	2,223,639
Interest rate swaps	732,849
Forward foreign currency exchange contracts	1,166,502
Foreign currency transactions	(42,266,769	)
	(37,909,424	)
Net change in unrealized appreciation/(depreciation) on:
Investments (including $378,357 change in deferred capital gains tax)	118,702,260
Interest rate swaps	(7,582,938	)
Futures contracts	2,142,122
Forward foreign currency exchange rate contracts	(2,920,908	)
Foreign currency translation	45,890,986
	156,231,522
Net gain from investments, interest rate swaps, futures contracts and foreign currencies	118,322,098
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$ 162,261,381

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

See Notes to Financial Statements.

22 Aberdeen Asia-Pacific Income Fund, Inc.

Statements of Changes in Net Assets

	For the Year Ended October 31, 2019		For the Year Ended October 31, 2018
Increase/(Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$     43,939,283		$     53,436,832
Net realized gain from investments, interest rate swaps and futures contracts	3,190,843		9,584,920
Net realized loss from forward foreign currency exchange contracts and foreign currency transactions	(41,100,267	)	(8,236,586	)
Net change in unrealized appreciation/(depreciation) on investments, interest rate swaps and futures contracts	113,261,444		(74,028,082	)
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts and foreign currency translation	42,970,078		(87,935,263	)
Net increase/(decrease) in net assets applicable to common shareholders resulting from operations	162,261,381		(107,178,179	)
Distributions to Common Shareholders From:
Distributable earnings	(30,504,159	)	(61,878,247	)
Tax return of capital	(60,840,809	)	(43,546,107	)
Net decrease in net assets applicable to common shareholders from distributions	(91,344,968	)	(105,424,354	)
Repurchase of common stock resulting in the reduction of 1,284,843 and 3,150,212 shares of common stock, respectively (Note 6)	(5,366,673	)	(13,897,161	)
Change in net assets from common stock transactions	(5,366,673	)	(13,897,161	)
Change in net assets applicable to common shareholders resulting from operations	65,549,740		(226,499,694	)
Net Assets Applicable to Common Shareholders:
Beginning of year	1,142,603,881		1,369,103,575
End of year	$1,208,153,621		$1,142,603,881

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

See Notes to Financial Statements.

Aberdeen Asia-Pacific Income Fund, Inc. 23

Statement of Cash Flows

For the year ended October 31, 2019

Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$  162,261,381
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Investments purchased	(868,686,927	)
Investments sold and principal repayments	902,478,732
Increase in short-term investments, excluding foreign government securities	(3,924,319	)
Net amortization/accretion of premium (discount)	9,012,641
Increase in cash due to broker for forward foreign currency exchange contracts	1,440,000
Increase in interest and dividends receivable	(2,110,899	)
Net change unrealized (appreciation) depreciation on forward foreign currency exchange contracts	2,920,908
Increase in bank loan payable	26,000,000
Decrease in prepaid expenses	(178,131	)
Increase in interest payable on bank loan	1,217,560
Increase in accrued investment management fees payable	58,360
Decrease in other accrued expenses	(35,766	)
Decrease in variation margin payable for futures contracts	(2,142,122	)
Net change in unrealized depreciation from investments	(118,702,260	)
Net change in unrealized depreciation from foreign currency translations	(45,890,986	)
Net realized gain/(loss) on investment transactions	(234,355	)
Net cash provided by operating activities	63,483,817
Cash Flows from Financing Activities
Distributions paid to shareholders	(91,344,968	)
Net cash paid (received) for swap contracts	738,290
Repurchase of common stock	(5,366,673	)
Net cash used in financing activities	$  (95,973,351	)
Effect of exchange rate on cash	101,901
Net change in cash	(32,387,633	)
Unrestricted and restricted cash and foreign currency, beginning of year	45,610,737
Unrestricted and restricted cash and foreign currency, end of year	$   13,223,104
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings:	$     7,106,837

24 Aberdeen Asia-Pacific Income Fund, Inc.

Statement of Cash Flows(concluded)

For the year ended October 31, 2019

Reconciliation of unrestricted and restricted cash to the statements of assets and liabilities

	Year Ended October 31, 2019	Year Ended October 31, 2018
Cash	$  1,161,810	$  4,351,889
Foreign currency, at value	5,483,663	35,563,605
Cash at broker for interest rate swaps	3,375,768	1,745,977
Cash at broker for futures contracts	2,958,402	3,038,854
Cash at broker for forward foreign currency contracts	230,000	670,000
Cash at broker for China A shares	13,461	13,461
Due from broker	–	226,951
	$13,223,104	$45,610,737

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

See Notes to Financial Statements.

Aberdeen Asia-Pacific Income Fund, Inc. 25

Financial Highlights

	For the Fiscal Years Ended October 31,
	2019		2018		2017		2016		2015
PER SHARE OPERATING PERFORMANCE(a):
Net asset value per common share, beginning of year	$4.59		$5.43		$5.69		$5.57		$6.58
Net investment income	0.18		0.21		0.23		0.24		0.28
Net realized and unrealized gains/(losses) on investments, interest rate swaps, futures contracts and foreign currency transactions	0.48		(0.64	)	(0.07	)	0.29		(0.88	)
Total from investment operations applicable to common shareholders	0.66		(0.43	)	0.16		0.53		(0.60	)
Distributions to Series A Mandatory Redeemable Preferred Shares:
Net investment income	–		–		–		–		–
Distributions to common shareholders from:
Net investment income	(0.12	)	(0.25	)	(0.26	)	(0.24	)	(0.40	)
Tax return of capital	(0.25	)	(0.17	)	(0.16	)	(0.18	)	(0.02	)
Total distributions to shareholders	(0.37	)	(0.42	)	(0.42	)	(0.42	)	(0.42	)
Capital Share Transactions:
Impact due to open market repurchase policy (Note 6)	–		0.01		–		0.01		0.01
Total capital share transactions	–		0.01		–		0.01		0.01
Net asset value per common share, end of year	$4.88		$4.59		$5.43		$5.69		$5.57
Market value, end of year	$4.25		$3.93		$5.03		$4.92		$4.75
Total Investment Return Based on(b):
Market value	18.12%		(14.29%	)	11.19%		12.90%		(12.38%	)
Net asset value	16.13%		(7.27%	)	3.79%		11.35%		(8.19%	)
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data(c):
Net assets applicable to common shareholders, end of year (000 omitted)	$1,208,154		$1,142,604		$1,369,104		$1,440,351		$1,427,649
Average net assets applicable to common shareholders (000 omitted)	$1,194,235		$1,290,606		$1,382,050		$1,433,905		$1,549,308
Net operating expenses	2.84%		2.67%		2.42%		2.23%		2.15%
Net operating expenses without reimbursement	2.84%		2.67%		2.42%		2.23%		2.15%
Net operating expenses, excluding interest expense and distributions to Series A Mandatory Redeemable Preferred Shares	1.22%		1.17%		1.15%		1.14%		1.14%
Net investment income	3.68%		4.14%		4.17%		4.30%		4.65%
Portfolio turnover	46%		44%		57%		52%		45%
Leverage (senior securities) outstanding (000 omitted)	$531,000		$505,000		$550,000		$525,000		$525,000
Leverage (preferred stock) outstanding (000 omitted)	$50,000		$50,000		$50,000		$50,000		$50,000
Asset coverage ratio on long-term debt obligations at year end(d)	337%		336%		358%		384%		381%
Asset coverage per$1,000 on long-term debt obligations at year end	$3,369		$3,362		$3,580		$3,839		$3,815
Asset coverage ratio on total leverage at year end(e)	308%		306%		328%		350%		348%
Asset coverage per share on total leverage at year end	$3,079		$3,059		$3,282		$3,505		$3,483

26 Aberdeen Asia-Pacific Income Fund, Inc.

Financial Highlights(concluded)

(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)Ratios calculated on the basis of income, expenses and preferred share dividends applicable to both the common and preferred shares relative to the average net assets of common shareholders. For the fiscal years ended October 31, 2019, 2018, 2017, 2016 and 2015, the ratios of net investment income before preferred stock dividends to average net assets of common shareholders were 3.85%, 4.30%, 4.32%, 4.16% and 4.79% respectively

(d)Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings, including Series A Mandatory Redeemable Preferred Shares, for investment purposes by the amount of any long-term debt obligations, which includes the senior secured notes, revolving credit facility and term loans.

(e)Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings, including Series A Mandatory Redeemable Preferred Shares, for investment purposes by the amount of any borrowings.

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

See Notes to Financial Statements.

Aberdeen Asia-Pacific Income Fund, Inc. 27

Notes to Financial Statements

October 31, 2019

1. Organization

Aberdeen Asia-Pacific Income Fund, Inc. (the “Fund”) was incorporated in Maryland on March 14, 1986 as a closed-end, non-diversified management investment company. The Fund’s principal investment objective is to seek current income. The Fund may also achieve incidental capital appreciation. To achieve its investment objectives, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Asian debt securities, Australian debt securities and New Zealand debt securities. This 80% investment policy is a non-fundamental policy of the Fund and may be changed by the Fund’s Board of Directors (the “Board”) upon 60 days’ prior written notice to shareholders. There can be no assurance that the Fund will achieve its investment objectives. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, country or region.

The Fund may invest up to 80% of its total assets, plus the amount of any borrowings for investment purposes, in “Asian debt securities,” which include: (1) debt securities of Asian Country (as defined below) issuers, including securities issued by Asian Country governmental entities, as well as by banks, companies and other entities which are located in Asian Countries, whether or not denominated in an Asian Country currency; (2) debt securities of other issuers denominated in, or linked to, the currency of an Asian Country, including securities issued by supranational issuers, such as The World Bank and derivative debt securities that replicate, or substitute for, the currency of an Asian Country; (3) debt securities issued by entities which, although not located in an Asian Country, derive at least 50% of their revenues from Asian Countries or have at least 50% of their assets located in Asian Countries; and (4) debt securities issued by a wholly-owned subsidiary of an entity located in an Asian Country, provided that the debt securities are guaranteed by the parent entity located in the Asian Country. With reference to items (3) and (4) above, Asian debt securities may be denominated in an Asian Country currency or in Australian, New Zealand or U.S. Dollars. The maximum country exposure to any one Asian Country (other than Korea) is limited to 20% of the Fund’s total assets and the maximum currency exposure to any one Asian Country currency (other than Korea) is limited to 10% of the Fund’s total assets. The maximum country exposure for Korea is limited to 40% of the Fund’s total assets, and the maximum currency exposure for Korea is limited to 25% of the Fund’s total assets.

“Asian Countries” (each, an “Asian Country”) include Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, Sri Lanka, Kazakhstan and Mongolia, and such other countries on the Asian continent approved for investment by the Board upon the

recommendation of Aberdeen Standard Investments (Asia) Limited (formerly known as Aberdeen Asset Management Asia Limited), the Fund’s investment manager (“ASIAL” or the “Investment Manager”).

2. Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services-Investment Companies.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency. However, the Australian Dollar is the functional currency for U.S. federal tax purposes.

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 GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained

28 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

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. If there are no current day bids, the security is valued at the previously applied bid. 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. 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 (the “1940 Act”), which has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value (“NAV”). Registered investment companies are valued at their NAV 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 and centrally cleared 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 (for reasons other than because the foreign exchange on which they trade closed before the valuation time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances, the valuation time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). 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).

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.

Aberdeen Asia-Pacific Income Fund, Inc. 29

Notes to Financial Statements (continued)

October 31, 2019

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

Investments, at Value	Level 1 – Quoted Prices ($)	Level 2 – Other Significant Observable Inputs ($)	Level 3 – Significant Unobservable Inputs ($)	Total ($)
Investments in Securities
Fixed Income Investments
Corporate Bonds	$–	$896,829,870	$–	$896,829,870
Government Bonds	–	837,419,578	–	837,419,578
Total Fixed Income Investments	–	1,734,249,448	–	1,734,249,448
Short-Term Investment	39,591,039	–	–	39,591,039
Total Investments	$39,591,039	$1,734,249,448	$–	$1,773,840,487
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$–	$2,315,285	$–	$2,315,285
Futures Contracts	46,430	–	–	46,430
Total Other Financial Instruments	$46,430	$2,315,285	$–	$2,361,715
Total Assets	$39,637,469	$1,736,564,733	$–	$1,776,202,202
Liabilities
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$–	$(1,282,902)	$–	$(1,282,902)
Forward Foreign Currency Exchange Contracts	–	(1,493,899)	–	(1,493,899)
Futures Contracts	(234,314)	–	–	(234,314)
Total Liabilities – Other Financial Instruments	$(234,314)	$(2,776,801)	$–	$(3,011,115)
Other Financial Instruments

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

For the fiscal year ended October 31, 2019, 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.

c. Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time).

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i)market value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

(ii)purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.

30 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

The Fund isolates that portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period. Similarly, the Fund isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reporting period.

Net exchange gain/(loss) is realized from sales and maturities of portfolio securities, sales of foreign currencies, settlement of securities transactions, dividends, interest and foreign withholding taxes recorded on the Fund’s books. Net unrealized foreign exchange appreciation/(depreciation) includes changes in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate. The net realized and unrealized foreign exchange gain/(loss) shown in the composition of net assets represents foreign exchange gain/(loss) for book purposes that may not have been recognized for tax purposes.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund’s investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

d. Derivative Financial Instruments:

The Fund is authorized to use derivatives to manage currency, interest rate and credit risk and as a substitute for physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract (“forward contract”) involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage the Fund’s currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.

The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts’ prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. During the fiscal year ended October 31, 2019, the Fund used forward contracts to hedge and efficiently manage Australian and certain Asian currency exposure.

While the Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while the Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Moreover, there may be imperfect correlation between the Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

Forward contracts are subject to the risk that a counterparty to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

Futures Contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes, however, in those instances, (a) either the aggregate initial margin and premiums required to establish the Fund’s position may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract into which it has entered into, or (b) the aggregate net notional value of the Fund’s position may not exceed 100% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract which it has entered into.

Aberdeen Asia-Pacific Income Fund, Inc. 31

Notes to Financial Statements (continued)

October 31, 2019

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as initial margin. Subsequent payments, known as “variation margin,” are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract expires or is closed, the gain/(loss) is realized and is presented in the Statement of Operations as a net realized gain/(loss) on futures contracts. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. During the fiscal year ended October 31, 2019, the Fund used U.S. Treasury futures to efficiently manage U.S. interest rate exposure and hedge the U.S. interest rate risk.

There are significant risks associated with the Fund’s use of futures contracts, including the following: (1) the success of a hedging strategy may depend on the ability of the Fund’s investment adviser and/or sub-adviser to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the movement in the price of futures contracts, interest rates and the value/market value of the securities held by the Fund; (3) there may not be a liquid secondary market for a futures contract; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts. In addition, should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.

Swaps:

A swap is an agreement that obligates two parties to exchange a series of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of an underlying asset or notional principal amount. The Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the amount of the difference between the two payments. Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged.

With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination of the transaction.

Traditionally, swaps were customized, privately negotiated agreements executed between two parties (“OTC Swaps”) but since 2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd – Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”) (“Cleared Swaps”). Like OTC Swaps, Cleared Swaps are negotiated bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty (“CCP”), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering into a Cleared Swap, the Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as “initial margin”. Subsequent payments, known as “variation margin,” are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain or loss equal to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is presented in the Statements of Operations as a net realized gain or loss on swap contracts. As of March 2017, the Fund is required to provide variation and/or initial margin for OTC Swaps pursuant to further rules and regulations related to Dodd Frank and EMIR. The margin requirements associated with OTC Swaps and Cleared Swaps may not be the same.

The rights and obligations of the parties to a swap are memorialized in either an International Swap Dealers Association, Inc. Master Agreement (“ISDA”) for OTC Swaps or a futures agreement with an OTC addendum for Cleared Swaps (“Clearing Agreement”). These agreements are with certain counterparties whose creditworthiness is monitored on an ongoing basis by risk professionals. Both the ISDA and Clearing Agreement maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of default or termination by one party may give the other party the right to terminate and settle all of its contracts.

Entering into swap agreements involves, to varying degrees, elements of credit, market and interest risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement. The Fund’s maximum risk of loss from counterparty risk related to swaps is the fair value of

32 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

the contract. This risk is mitigated by the posting of collateral by the counterparties to the Fund to cover the Fund’s exposure to the counterparty.

Interest Rate Swaps

The Fund uses interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange between the Fund and a counterparty of respective commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a term that is greater than one year, but typically require

periodic interim settlement in cash, at which time the specified value of the variable interest rate is reset for the next settlement period. Net payments of interest are recorded as realized gains or losses. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from the Fund and changes in the value of swap contracts are recorded as unrealized gains or losses. During the fiscal year ended October 31, 2019, the Fund used interest rate swaps to hedge the interest rate risk on the Fund’s Revolving Credit Facility (as defined in Note 9 below).

Summary of Derivative Instruments:

The Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of October 31, 2019:

	Asset Derivatives		Liability Derivatives
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Interest rate swaps (interest rate risk)*	Unrealized appreciation on receivable for centrally cleared interest rate swaps	$–	Unrealized depreciation on payable for centrally cleared interest rate swaps	$1,282,902
Forward foreign currency exchange contracts (foreign exchange risk)	Unrealized appreciation on forward foreign currency exchange contracts	$2,315,285	Unrealized depreciation on forward foreign currency exchange contracts	$1,493,899
Futures contracts (interest rate risk)	Variation margin receivable for futures contracts	$46,430	Variation margin payable for futures contracts	$234,314
Total		$2,361,715		$3,011,115

*     The values shown reflect unrealized appreciation/(depreciation) and the values shown in the Statement of Assets and Liabilities reflects variation margin.

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

Aberdeen Asia-Pacific Income Fund, Inc. 33

Notes to Financial Statements (continued)

October 31, 2019

The Fund has transactions that may be subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities as of October 31, 2019 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

	Gross Amounts Not Offset in Statement of Assets & Liabilities						Gross Amounts Not Offset in Statement of Assets and Liabilities
Description	Gross Amounts of Assets Presented in Statement of Financial Position	Financial Instruments		Collateral Received(1)		Net Amount(3)	Gross Amounts of Liabilities Presented in Statement of Financial Position	Financial Instruments		Collateral Pledged(1)		Net Amount(3)
	Assets						Liabilities
Forward foreign currency(2)
BNP Paribas S.A.	$71,255	$(18,287	)	$–		$52,968	$18,287	$(18,287	)	$–		$–
Citibank N.A.	667,935	(667,935	)	–		–	778,505	(667,935	)	(30,000	)	80,570
HSBC Bank USA	1,241,946	(167,564	)	(1,074,382	)	–	167,564	(167,564	)	–		–
Royal Bank of Canada	–	–		–		–	525,793	–		(200,000	)	325,793
Standard Chartered Bank	–	–		–		–	3,750	–		–		3,750
UBS	334,149	–		(270,000	)	64,149	–	–		–		–

(1)In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2)Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

(3)Net amounts represent the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

The effect of derivative instruments on the Statement of Operations for the fiscal year ended October 31, 2019:

Derivatives not accounted for as hedging instruments	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives	Change in Unrealized Appreciation/ (Depreciation) on Derivatives
Interest rate swaps (interest rate risk)	Realized/Unrealized Gain/(Loss) from Investments, Interest Rate Swaps, Futures Contracts and Foreign Currencies	$732,849	$(7,582,938)
Forward foreign currency exchange contracts (foreign exchange risk)		$1,166,502	$(2,920,908)
Futures contracts (interest rate risk)		$2,223,639	$2,142,122
Total		$4,122,990	$(8,361,724)

34 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity during the fiscal year ended October 31, 2019. The table below summarizes the weighted average values of derivatives holdings for the Fund during the fiscal year ended October 31, 2019.

Derivative	Average Notional Value
Purchase Forward Foreign Currency Contracts	$122,738,564
Sale Forward Foreign Currency Contracts	280,996,077
Long Futures Contracts	94,444,201
Short Futures Contracts	80,096,501
Interest Rate Swaps	63,000,000

e. Bank Loans:

The Fund may invest in bank loans. Bank loans include floating and fixed-rate debt obligations. Floating rate loans are debt obligations issued by companies or other entities with floating interest rates that reset periodically. Bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities. Loan interest will primarily take the form of assignments purchased in the primary or secondary market but may include participations. Floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender’s portion of the floating rate loan.

The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrowing issuer repays the loan, an amount equal to the repayment is again made available to the borrowing issuer under the facility. The borrowing issuer may at any time borrow and repay amounts so long as, in the aggregate, at any given time the amount borrowed does not exceed the maximum amount established by the loan agreement. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest.

See “Bank Loan Risk” under “Portfolio Investment Risks” for information regarding the risks associated with an investment in bank loans.

f. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis. Interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities.

g. Distributions:

The Fund has a managed distribution policy to pay distributions from net investment income supplemented by net realized foreign exchange gains, net realized short-term capital gains, net realized long-term capital gains and return of capital distributions, if necessary, on a monthly basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals.

Distributions to Series A Mandatory Redeemable Preferred Shares (the “Series A MRPS”) shareholders are accrued daily and paid quarterly based on an annual rate of 4.125%. The Fund may not pay distributions to its preferred shareholders unless (i) the pro forma asset coverage ratios for the Series A MRPS, as calculated in accordance with the Fitch Ratings total and net overcollateralization tests per the ‘AA’ rating guidelines outlined in Fitch Rating’s closed-end fund criteria, is in excess of 100%, and (ii) the Fund’s asset coverage ratios for the Series A MRPS, as calculated in accordance with the 1940 Act, is in excess of 225%. The character of distributions to Series A MRPS shareholders made during the fiscal year may differ from their ultimate characterization for federal income tax purposes. For tax purposes, the Fund’s distributions to Series A MRPS shareholders for the fiscal year ended October 31, 2019 were 100% net investment income.

h. Federal Income Taxes:

For U.S. federal income purposes, the Fund includes a separately identifiable unit called a Qualified Business Unit (“QBU”) (see Internal Revenue Code of 1986, as amended (“IRC”) section 987). The Fund has operated with a QBU for U.S. federal income purposes since 1990. The home office of the Fund is designated as the United States and of the

Aberdeen Asia-Pacific Income Fund, Inc. 35

Notes to Financial Statements (continued)

October 31, 2019

QBU is Australia with a functional currency of Australian dollar. The securities held within the Fund reside within either the QBU or the home office. Australian dollar denominated securities within the Australian QBU generate capital gain/loss (which are translated for U.S. federal income tax purposes into U.S. Dollars based on the weighted average exchange rate for the period) but not currency gain/loss. If a non AUD denominated security were to sit in the AUD QBU and was sold, the sale would generate capital gain/loss as well as currency gain/loss based on the currency exchange between the currency the security is denominated in and the Australian dollar.

Currency gain/loss related to currency exchange between the U.S. Dollar and the QBU functional currency is generated when money is transferred from a QBU to the home office. The currency gain/loss would result from the difference between the current exchange rate and the fiscal year to date average exchange rate until which profits are repatriated to U.S. Dollar basis in the QBU (which is generally computed based on the currency exchange rates from when money was transferred into such QBU and from gain/losses generated within such QBU based on the weighted average exchange rates for the periods such gain/loss was recognized). Based on the QBU structure, there may be sizable differences in the currency gain/loss recognized for U.S. federal income tax purposes and what is reported within the financial statements under GAAP. As of the Fund’s fiscal year-end, the calculation of the composition of distributions to shareholders is finalized and reported in the Fund’s annual report to shareholders.

The Fund intends to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the IRC, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

i. Foreign Withholding Tax:

Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these

countries. The Fund accrues such taxes when the related income is earned.

In addition, when the Fund sells securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Fund accrues deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments.

j. Cash Flow Information:

The Fund invests in securities and distributes dividends from net investment income and net realized gains on investment and currency transactions which are paid in cash or are reinvested at the discretion of shareholders. These activities are reported in the Statements of Changes in Net Assets and additional information on cash receipts and cash payments is presented in the Statement of Cash Flows. Cash includes domestic and foreign currency as well as cash in segregated accounts for financial futures, swaps, and forward contracts which has been designated as collateral.

3. Agreements and Transactions with Affiliates

a. Investment Manager, Investment Adviser, Investment Sub-Adviser, and Fund Administrator:

ASIAL serves as investment manager to the Fund, pursuant to a management agreement. Aberdeen Standard Investments Australia Limited, formerly known as Aberdeen Asset Management Limited (the “Investment Adviser”), serves as the investment adviser and Aberdeen Asset Managers Limited (“AAML” or the “Sub-Adviser”) serves as the sub-adviser, pursuant to an advisory agreement and a sub-advisory agreement, respectively, with the Investment Manager.

The Investment Manager manages the Fund’s investments and makes investment decisions on behalf of the Fund including the selection of and the placement of orders with brokers and dealers to execute portfolio transactions on behalf of the Fund. The Investment Adviser makes recommendations of securities to be purchased or sold within the Fund’s portfolio to the Investment Manager and may provide research or statistical data. The Sub-Adviser manages the portion of the Fund’s assets that the Investment Manager allocates to it. The Investment Adviser and Sub-Adviser are paid by the Investment Manager, not the Fund.

The management agreement provides the Investment Manager with a fee, payable monthly by the Fund, at the following annual rates: 0.65% of the Fund’s average weekly Managed Assets up to $200 million, 0.60% of Managed Assets between $200 million and $500 million,

36 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

0.55% of Managed Assets between $500 million and $900 million, 0.50% of Managed Assets between $900 million and $1.75 billion and 0.45% of Managed Assets in excess of $1.75 billion. Managed Assets is defined in the management agreement to mean total assets of the Fund, including any form of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objectives and policies, and/or (iv) any other means.

For the fiscal year ended October 31, 2019, ASIAL earned $9,578,546 from the Fund for investment management fees.

Aberdeen Standard Investments, Inc. (formerly, Aberdeen Asset Management Inc.) (“ASII”), an affiliate of the Investment Manager, Investment Adviser and Sub-Adviser, is the Fund’s Administrator pursuant to an agreement under which ASII receives a fee, payable monthly by the Fund, at an annual fee rate of 0.125% of the Fund’s average weekly Managed Assets up to $1 billion, 0.10% of the Fund’s average weekly Managed Assets between $1 billion and $2 billion, and 0.075% of the Fund’s average weekly Managed Assets in excess of $2 billion. For the fiscal year ended October 31, 2019, ASII earned $2,007,142 from the Fund for administration services.

b. Investor Relations:

Under the terms of the Investor Relations Services Agreement, ASII provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by ASIAL or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s Portion”). However, investor relations services fees are limited by ASII so that the Fund will only pay up to an annual rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund’s average weekly net assets and the Fund’s Portion is paid for by ASII.

Pursuant to the terms of the Investor Relations Services Agreement, ASII (or third parties hired by ASII), among other things, provides objective and timely information to stockholders based on publicly available information; provides information efficiently through the use of technology while offering stockholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and

webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund’s investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.

During the fiscal year ended October 31, 2019, the Fund incurred investor relations fees of approximately $187,038. For the fiscal year ended October 31, 2019, ASII did not bear any portion of the investor relations fees for the Fund because the Fund’s contribution was below 0.05% of the Fund’s average weekly net assets on an annual basis.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the fiscal year ended October 31, 2019, were $820,863,679 and $752,636,545, respectively.

5. Capital

The authorized capital of the Fund is 400 million shares of $0.01 par value per share of common stock. During the fiscal year ended October 31, 2019, the Fund repurchased 1,284,843 shares pursuant to its Open Market Repurchase Program (see Note 6 for further information). As of October 31, 2019, there were 247,695,769 shares of common stock issued and outstanding.

6. Open Market Repurchase Program

On March 1, 2001, the Board approved a stock repurchase program. The Board amended the program on December 12, 2007. The stock repurchase program allows the Fund to repurchase up to 10% of its outstanding common stock in the open market during any 12-month period when management believes such repurchases may enhance shareholder value. The Fund reports repurchase activity on the Fund’s website on a monthly basis.

For the fiscal year ended October 31, 2019 and fiscal year ended October 31, 2018, the Fund repurchased 1,284,843 and 3,150,212 shares, respectively, through this program.

7. Preferred Shares

At October 31, 2019, the Fund had 2,000,000 shares of Series A MRPS outstanding with an aggregate liquidation preference of $50,000,000 ($25 per share). The following table shows the mandatory redemption date, annual fixed rate, aggregate liquidation preference and estimated fair value of the Series A MRPS at October 31, 2019.

Mandatory Redemption Date	Annual Fixed Rate	Aggregate Liquidation Preference	Estimated Fair Value
June 27, 2023	4.125%	$50,000,000	$51,321,469

Aberdeen Asia-Pacific Income Fund, Inc. 37

Notes to Financial Statements (continued)

October 31, 2019

Holders of the Series A MRPS are entitled to receive quarterly cumulative cash dividend payments on the first business day following each calendar quarter at an annual fixed rate of 4.125% until maturity. The Series A MRPS were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. Distributions are accrued daily and paid quarterly and are presented in the Statement of Assets and Liabilities as a dividend payable to preferred shareholders. For the fiscal year ended October 31, 2019, the Fund paid $2,091,147 in distributions to preferred shareholders.

The Series A MRPS rank senior to all of the Fund’s outstanding shares of common stock and on a parity with shares of any other series of preferred stock as to the payment of dividends to which the shares are entitled and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund.

The estimated fair value of Series A MRPS was calculated, for disclosure purposes, by discounting future cash flows by a rate equal to the current U.S. Treasury rate with an equivalent maturity date, plus the spread between the U.S. insurance and financial debt rate and the U.S. Treasury rate plus a market spread for the issuance of preferred shares.

The Series A MRPS are redeemable in certain circumstances at the option of the Fund. The Series A MRPS are also subject to mandatory redemption, unless otherwise prohibited by the 1940 Act, if the Fund fails to maintain (1) asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 225%, with respect to all outstanding preferred stock, as of the last day of any month or (2) eligible assets with an aggregate agency discounted value at least equal to the basic maintenance amount as provided in the Fund’s rating agency guidelines. As of October 31, 2019, the Fund was in compliance with the asset coverage and basic maintenance requirements of the Series A MRPS.

Except for matters which do not require the vote of the holders of the Series A MRPS under the 1940 Act and except as otherwise provided in the Fund’s Charter or Bylaws, or as otherwise required by applicable law, holders of the Series A MRPS have one vote per share and generally vote together with holders of common stock as a single class on all matters submitted to the Fund’s stockholders. The holders of the Series A MRPS, voting separately as a single class, have the right to elect at least two directors of the Fund.

8. Senior Secured Notes

At October 31, 2019, the Fund had $450,000,000 in aggregate principal amount of senior secured notes rated ‘AAA’ by Fitch Ratings outstanding ($100,000,000 in 3.05% Series A Senior Secured Notes due June 12, 2020, $100,000,000 in 3.69% Series B Senior Secured Notes due June 12, 2023, $50,000,000 in 3.87% Series C Senior Secured Notes due February 8, 2032, $100,000,000 in 3.70% Series D Senior Secured Notes due August 10, 2032 and $100,000,000 in 3.73% Series E Senior Secured Notes due June 19, 2034) (collectively, the “Notes”). The Notes are secured obligations of the Fund and, upon liquidation, dissolution or winding up of the Fund, will rank senior to all unsecured and unsubordinated indebtedness and senior to any common or preferred stock pari passu in priority and security with all other secured indebtedness. Holders of the Notes are entitled to receive cash interest payments semi-annually until maturity. The Series A Notes, the Series B Notes, the Series C Notes, the Series D Notes and the Series E Notes accrue interest at annual fixed rates of 3.05%, 3.69%, 3.87%, 3.70% and 3.73%, respectively.

The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system.

The Notes may be prepaid in certain limited circumstances at the option of the Fund. The Notes are also subject to optional prepayment to the extent needed to satisfy certain requirements if the Fund fails to meet an asset coverage ratio required by the terms of the Notes and is not able to cure the coverage deficiency by the applicable deadline.

The estimated fair value of each series of fixed-rate Notes was calculated, for disclosure purposes, by discounting future cash flows by a rate equal to the current U.S. Treasury rate with an equivalent maturity date, plus either 1) the spread between the interest rate on recently issued debt and the U.S. Treasury rate with a similar maturity date or 2) if there has not been a recent debt issuance, the spread between the AAA corporate finance debt rate and the U.S. Treasury rate with an equivalent maturity date. The following table shows the maturity date, interest rate, notional/carrying amount and estimated fair value for each series of Notes outstanding at October 31, 2019.

Series	Maturity Date	Interest Rate	Notional/ Carrying Amount	Estimated Fair Value
Series A	June 12, 2020	3.05%	$100,000,000	$100,145,843
Series B	June 12, 2023	3.69%	$100,000,000	$103,336,121
Series C	February 8, 2032	3.87%	$50,000,000	$54,898,584
Series D	August 10, 2032	3.70%	$100,000,000	$108,328,604
Series E	June 19, 2034	3.73%	$100,000,000	$109,658,770

38 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

9. Credit Facility

On April 7, 2017, the Fund renewed its credit agreement providing for a $100,000,000 senior secured 3-year revolving credit loan facility (the “Revolving Credit Facility”) with a syndicate of banks with Bank of America Merrill Lynch, N.A., acting as administrative agent. On June 12, 2013 the Fund entered into a term loan agreement (the “Term Loan Agreement”) providing for $200,000,000 of senior secured term loans (the “Term Loan Facility”) from Bank of America, N.A. On August 10, 2017, proceeds from the Series D Notes were used to refinance $100,000,000 of the Term Loan Facility. On June 19, 2019, proceeds from the Series E Notes were used to pay down $100,000,000 of the Term Loan Facility. At October 31, 2019, the Fund had $81,000,000 outstanding under the Revolving Credit Facility. Under the terms of the Revolving Credit Facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding borrowings.

For the fiscal year ended October 31, 2019, the average interest rate on the Revolving Credit Facility was 3.38% and the average balance of the Revolving Credit Facility was $63,120,548.

For the period ended June 19, 2019 (the refinancing date), the average interest rate on the Term Loan Facility was 2.38% and the average balance through June 18, 2019, of the Term Loan Facility was $100,000,000. The interest expense is accrued on a daily basis and is payable on a monthly basis or on the last date of the respective LIBOR period, as applicable, for the Revolving Credit Facility.

The Revolving Credit Facility has a term of 3-years and is not a perpetual form of leverage; there can be no assurance that the Revolving Credit Facility will be available for renewal on acceptable terms, if at all. Bank loan fees and expenses included in the Statement of Operations include fees for the renewal of the Revolving Credit Facility as well as commitment fees for any portion of the loan facility not drawn upon at any time during the period.

The estimated fair value of the Revolving Credit Facility was calculated, for disclosure purposes, by discounting future cash flows by a rate equal to the current U.S. Treasury rate with an equivalent maturity date, the spread between the U.S. insurance and financial debt rate and the U.S. Treasury rate. The following table shows the maturity date, interest rate, notional/carrying amount and estimated fair value outstanding as of October 31, 2019.

Maturity Date	Interest Rate	Notional/ Carrying Amount	Estimated Fair Value
April 7, 2020	2.81%	$55,000,000	$55,013,361
April 7, 2020	2.95%	$26,000,000	$26,014,455

10. Risks of Leveraged Capital Structure

The Fund may use leverage to the maximum extent permitted by the 1940 Act, which permits leverage to exceed 33 1/3% of the Fund’s total assets (including the amount obtained through leverage) in certain market conditions.

The amounts borrowed under the Revolving Credit Facility and the Notes and other funds obtained through various forms of leverage, including the Series A MRPS, may be invested to return higher rates than the rates pursuant to which interests or dividends are paid under such forms of leverage. However, the cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage.

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the Revolving Credit Facility and the Notes may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is limited in its ability to declare dividends or other distributions under the terms of the various forms of leverage. In the event of an event of default under the Revolving Credit Facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. In the event of an event of default under the Note Purchase Agreement, the holders of the Notes have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund). If there exists an event of default under the Securities Purchase Agreement that has not been cured, the holders of the Series A MRPS have the right to cause the Fund’s outstanding borrowings to be immediately due and payable and proceed to protect and enforce their rights by an action at law, suit in equity or other appropriate proceeding.

Each of the Revolving Credit Facility Agreement, the Note Purchase Agreement or the Securities Purchase Agreement relating to the Series A MRPS includes usual and customary covenants for the applicable type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Investment Manager,

Aberdeen Asia-Pacific Income Fund, Inc. 39

Notes to Financial Statements (continued)

October 31, 2019

Investment Adviser, or Sub-Adviser from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of any and/or all of the forms of leverage. As of October 31, 2019, the Fund was in compliance with all covenants under the agreements relating to the various forms of leverage.

During the fiscal year ended October 31, 2019, the Fund incurred fees of approximately $730,468 for the Revolving Credit Facility, Term Loan Facility and Notes.

11. Portfolio Investment Risks

a. Credit and Market Risk:

A debt instrument’s price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading.

b. Interest Rate Risk:

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.

The Fund may be subject to a greater risk of rising interest rates due to current interest rate environment and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

c. Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the

possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Investment Manager are unsuccessful.

d. Focus Risk:

The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

e. Risks Associated with Mortgage-backed Securities:

The value of mortgage-backed securities can fall if the owners of the underlying mortgages default or pay off their mortgages sooner than expected, which could happen when interest rates fall.

f. High-Yield Bonds and Other Lower-Rated Securities Risk:

The Fund’s investments in high-yield bonds (commonly referred to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

40 Aberdeen Asia-Pacific Income Fund, Inc.

Notes to Financial Statements (continued)

October 31, 2019

g. Bank Loan Risk:

There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. In addition, bank loans may settle on a delayed basis, resulting in the proceeds from the sale of such loans not being readily available to make additional investments or distributions. To the extent the extended settlement process gives rise to short-term

liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks or other lenders.

12. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

13. Tax Information

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2019, were as follows:

Tax Basis of Investments	Appreciation	Depreciation		Net Unrealized Appreciation/ (Depreciation)
$1,726,413,847	$66,083,260	$(18,656,620	)	$47,426,640

The tax character of distributions paid during the fiscal years ended October 31, 2019 and October 31, 2018 was as follows:

	October 31, 2019	October 31, 2018
Distributions paid from:
Ordinary Income	$30,504,159	$61,878,247
Net long-term capital gains	–	–
Tax return of capital	60,840,809	43,546,107
Total tax character of distributions	$91,344,968	$105,424,354

As of October 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income – net	$–
Undistributed long-term capital gains – net	–
Total undistributed earnings	$–
Capital loss carryforward	(4,439,483	)*
Other currency gains	23,959,752
Other temporary differences	417,866
Unrealized appreciation/(depreciation) – securities	47,615,237	**
Unrealized appreciation/(depreciation) – currency	(109,371,416	)**
Total accumulated earnings/(losses) – net	$(41,818,044	)

*On October 31, 2019, the Fund had a net capital loss carryforward of $(4,439,483)* which will be available to offset like amounts of any future taxable gains. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short term as under previous law. The breakdown of capital loss carryforwards are as follows:

Aberdeen Asia-Pacific Income Fund, Inc. 41

Notes to Financial Statements (concluded)

October 31, 2019

Amounts	Expires
$4,439,483	Unlimited (Long-Term)

**The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the difference between book and tax amortization methods for premiums and discounts on fixed income securities, differing treatments for foreign currencies, the tax deferral of wash sales and straddles, the realization of unrealized gains on certain futures and forward contracts, and other timing differences.

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to the expiration of capital loss carryforwards. These reclassifications have no effect on net assets or NAVs per share.

Paid-in-Capital	Distributable Earnings/(Accumulated Losses)
$(21,193,794)	$21,193,794

14. Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.

15. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures or adjustments were required to the financial statements as of October 31, 2019, other than those listed below.

On November 11, 2019 and December 10, 2019, the Fund announced that it will pay on November 29, 2019 and January 10, 2020, a distribution of US $0.0275 per share to all shareholders of record as of November 21, 2019 and December 31, 2019, respectively.

42 Aberdeen Asia-Pacific Income Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
Aberdeen Asia-Pacific Income Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Aberdeen Asia-Pacific Income Fund, Inc. (the Fund), including the portfolio of investments, as of October 31, 2019, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, brokers, or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Aberdeen investment companies since 2009.

Philadelphia, Pennsylvania
December 27, 2019

Aberdeen Asia-Pacific Income Fund, Inc. 43

Federal Tax Information: Dividends and Distributions (unaudited)

The following information is provided with respect to the distributions paid by the Aberdeen Asia-Pacific Income Fund, Inc. during the fiscal year ended October 31, 2019:

Common Shareholders

Payable Date	Foreign Taxes Paid†*	Foreign Source Income**
11/28/18 – 1/10/19	3.442%	46.75%
1/31/19 – 10/29/19	22.294%	17.00%

†Expressed as a percentage of the distributions paid.

*The foreign taxes paid represent taxes incurred by the Fund on interest received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

**Expressed as a percentage of ordinary distributions paid grossed-up for foreign taxes paid.

Supplemental Information (unaudited)

Board of Directors’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting of the Board of Directors (the “Board”) of Aberdeen Asia-Pacific Fund, Inc. (“FAX” or the “Fund”) held on June 12, 2019, the Board, including a majority of the Directors who are not considered to be “interested persons” of the Fund (the “Independent Directors”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the Fund’s management agreement with Aberdeen Standard Investments (Asia) Limited (the “Investment Manager”), the investment advisory agreement among the Fund, the Investment Manager and Aberdeen Standard Investments Australia Limited (the “Investment Adviser”), and the investment sub-advisory agreement among the Fund, the Investment Manager and Aberdeen Asset Managers Limited (the “Sub-Adviser”). In addition, the Independent Directors of the Fund held a separate telephonic meeting on June 6, 2019 to review the materials provided and the relevant legal considerations (together with the in-person meeting held on June 12, 2019, the “Meetings”). The Investment Manager, the Investment Adviser and the Sub-Adviser are referred to collectively herein as the “Advisers” and the aforementioned agreements with the Advisers are referred to as the “Advisory Agreements.” The Investment Adviser and the Sub-Adviser are affiliates of the Investment Manager.

In connection with their consideration of whether to approve the renewal of the Fund’s Advisory Agreements, the Board received and reviewed a variety of information provided by the Advisers relating to the Fund, the Advisory Agreements and the Advisers, including comparative performance, fee and expense information, and other information regarding the nature, extent and quality of services provided by the Advisers under their respective Advisory Agreements. The materials provided to the Board generally included, among other items: (i) information on the Fund’s advisory fees and other expenses, including information comparing the Fund’s expenses to those of a peer group of funds and information about any applicable expense limitations and fee “breakpoints”; (ii) information on the investment performance of the Fund and the performance of peer groups of funds and the Fund’s performance benchmark; (iii) information about the profitability of the Advisory Agreements to the Advisers; (iv) a report prepared by the Advisers in response to a request submitted by the Independent Directors’ independent legal counsel on behalf of such Directors; and (v) a memorandum from the Independent Directors’ independent legal counsel on the responsibilities of the Board in considering for approval the investment advisory and investment sub-advisory arrangements under the 1940 Act and Maryland law. The Board, including the Fund’s Independent Directors, also considered other matters such as: (i) the Fund’s investment objective and strategies; (ii) the Advisers’ investment personnel and operations; (iii) the Advisers’ financial results and financial condition; (iv) the procedures employed to value the Fund’s assets; (v) the resources devoted to, and the record of compliance with, the Fund’s investment policies and restrictions, policies on personal securities transactions and other compliance policies; (vi) the allocation of the Fund’s brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers and the use, if any, of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services; and (vii) possible conflicts of interest. Throughout the process, the Board had the opportunity to ask questions of and request additional materials from the Advisers.

44 Aberdeen Asia-Pacific Income Fund, Inc.

Supplemental Information (unaudited) (continued)

In addition to the materials requested by the Directors in connection with their annual consideration of the continuation of the Advisory Agreements, the Directors received and reviewed materials in advance of each regular quarterly meeting of the Board that contained information about the Fund’s investment performance and information relating to the services provided by the Advisers.

The Independent Directors were advised by separate independent legal counsel throughout the process and consulted in executive sessions with their independent legal counsel regarding their consideration of the renewal of the Advisory Agreements. The Directors also considered the recommendation of the Board’s Contract Review Committee, which consists solely of the Board’s Independent Directors, that the Advisory Agreements be renewed. In considering whether to approve the continuation of the Advisory Agreements, the Board, including the Independent Directors, did not identify any single factor as determinative. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Board, including the Independent Directors, in connection with its approval of the continuation of the Advisory Agreements included the factors listed below.

Investment performance of the Fund and the Advisers. The Board received and reviewed with management, among other performance data, information that compared the Fund’s return to comparable investment companies focused on non-U.S. regions included in its Lipper category. The Board also received and considered performance information compiled by Strategic Insight Mutual Fund Research and Consulting, LLC (“SI”), an independent third-party provider of investment company data as to the Fund’s total return, as compared with the funds in the Fund’s Morningstar category (the “Morningstar Group”). In addition, the Board received and considered information for each of the last five fiscal years regarding the Fund’s total return on a gross and net basis and relative to the Fund’s benchmark, the impact of foreign currency movements on the Fund’s performance and the Fund’s share performance and premium/discount information. The Board also received and reviewed information on the Fund’s total return for each of the last five fiscal years as compared with the total returns of its Morningstar Group average, and other comparable Aberdeen-managed funds and one separate account. The Board took into account information about the Fund’s discount/premium ranking relative to its Morningstar Group and considered management’s discussion of the Fund’s performance. Additionally, the Directors considered management’s discussion of the factors contributing to differences in performance, including differences in the investment strategies of each of these other funds and accounts.

The Board also considered the historical responsiveness of the Investment Manager to Director concerns about performance, the Advisers’ performance and reputation generally and the willingness of the Advisers to take steps intended to improve performance. The Board concluded that overall performance was satisfactory and supported continuation of the Advisory Agreements.

Fees and expenses. The Board reviewed with management the effective annual management fee rate paid by the Fund to the Investment Manager for investment management services. The Board also received and considered information compiled at the request of the Fund by SI that compared the Fund’s effective annual management fee rate with the fees paid by a peer group consisting of other comparable closed-end funds (each such group, a “Peer Group”). The Directors took into account the management fee structure, including that management fees for the Fund were based on the Fund’s total managed assets, whether attributable to common stock or borrowings, if any. The Directors also considered information from management about the fees charged by the Advisers to other U.S. clients investing primarily in an asset class similar to that of the Fund. The Board reviewed and considered additional information about the Investment Adviser’s fees, including the amount of the management fees retained by the Investment Manager after payment of the advisory fees. The Board considered that the compensation paid to the Investment Adviser and Sub-Adviser was paid by the Investment Manager, and, accordingly that the retention of the Investment Adviser and Sub-Adviser did not increase the fees or expenses otherwise incurred by the Fund’s shareholders. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts.

The Board also took into account management’s discussion of the Fund’s expenses, including the factors that impacted the Fund’s expenses.

Economies of Scale. The Board considered management’s discussion of the Fund’s management fee structure and determined that the management fee structure was reasonable. The Board based this determination on various factors, including how the Fund’s management fee compared to its Peer Group at higher asset levels and that the Fund’s management fee schedule provides breakpoints at higher asset levels.

The nature, extent and quality of the services provided to the Fund under the Advisory Agreements. The Board considered, among other things, the nature, extent and quality of the services provided by the Advisers to the Fund and the resources dedicated to the Fund by the Advisers. The Directors took into account the Advisers’ investment experience and considered the allocation of responsibilities between the Advisers. The Board

Aberdeen Asia-Pacific Income Fund, Inc. 45

Supplemental Information (unaudited) (concluded)

also considered the background and experience of the Advisers’ senior management personnel and the qualifications, background and responsibilities of the portfolio managers primarily responsible for the day-to-day portfolio management services for the Fund. The Board also considered information regarding the Advisers’ compliance with applicable laws and SEC and other regulatory inquiries or audits of the Fund and the Advisers. The Board also considered the Advisers’ risk management processes. The Board considered that they received information on a regular basis from the Fund’s Chief Compliance Officer regarding the Advisers’ compliance policies and procedures and considered the Advisers’ brokerage policies and practices. Management reported to the Board on, among other things, its business plans and organizational changes. The Directors took into account their knowledge of management and the quality of the performance of management’s duties through Board meetings, discussion and reports during the preceding year.

After reviewing these and related factors, the Board concluded that they were satisfied with the nature, extent and quality of the services provided and supported the renewal of the Advisory Agreements.

The Directors also considered other factors, which included but were not limited to the following:

•whether the Fund has operated in accordance with its investment objective and the Fund’s record of compliance with its investment restrictions, and the compliance programs of the Advisers. The Directors also considered the compliance-related resources the Advisers and their affiliates were providing to the Fund.

•the effect of any market and economic volatility on the performance, asset levels and expense ratios of the Fund.

•so-called “fallout benefits” to the Advisers and their affiliates, including indirect benefits. The Directors considered any possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

***

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Directors, including the Independent Directors, concluded that renewal of the Advisory Agreements would be in the best interest of the Fund and its shareholders. Accordingly, the Board, including the Board’s Independent Directors voting separately, approved the Fund’s Advisory Agreements for an additional one-year period.

46 Aberdeen Asia-Pacific Income Fund, Inc.

Dividend Reinvestment and Optional Cash Purchase Plan

On September 5, 2019, the Board approved the termination of the Dividend Reinvestment and Direct Stock Purchase Plan sponsored and administered by Computershare Trust Company, N.A., the Fund’s transfer agent, and adopted a Dividend Reinvestment and Optional Cash Purchase Plan (“New DRIP”) for the Fund, each effective April 30, 2020. A few of the key terms and a summary of the New DRIP are set out below.

Feature	New DRIP
Automatically Enrolled in Dividend Reinvestment	Yes (only new shareholders establishing a position after April 30, 2020 will be automatically enrolled, subject to the Plan’s terms)
Optional Cash Purchases	Yes
Frequency of Optional Cash Purchases	Monthly
Maximum Aggregate Annual Optional Cash Purchase Amount	$250,000
Business Days to purchase DRIP Shares on the Open Market	3 – 5 days
Certificates Issued	No
Schedule Recurring Deductions for Optional Cash Purchases	Yes
Online Bank Debits for Optional Cash Purchases	Yes
DRIP purchases when shares are trading at a discount	Shares are purchased on the open market
DRIP purchases when shares are trading at a premium	Shares are issued at the higher of NAV or 95% of current market price
Additional Terms	If the Fund shares shift from a discount to a premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.
Fee Structure	Each participant will pay a minimal service fee for each investment and a pro rata portion of brokerage commissions for Open-Market Purchases.

Summary of the Dividend Reinvestment and Optional Cash Purchase Plan that will go into effect on April 30, 2020:

The Fund intends to distribute to stockholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), stockholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholders as representing the total amount registered in such stockholders’ names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such

nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund’s common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the New York Stock Exchange, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the New York Stock Exchange or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of a Fund share, the average per share purchase price

Aberdeen Asia-Pacific Income Fund, Inc. 47

Dividend Reinvestment and Optional Cash Purchase Plan(concluded)

paid by the Plan Agent may exceed the NAV of the Fund’s shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund’s common stock, with an annual maximum contribution of $250,000. The Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all stockholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by stockholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each stockholder’s proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital gains distributions and

voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days’ prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 505000, Louisville, KY 40233-5000.

48 Aberdeen Asia-Pacific Income Fund, Inc.

Management of the Fund(unaudited)

The names of the Directors and Officers of the Fund, their addresses, years of birth, and principal occupations during the past five years are provided in the tables below. Directors that are deemed “interested persons” (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund, the Investment Manager or Investment Adviser are included in the table below under the heading “Interested Directors.” Directors who are not interested persons, as described above, are referred to in the table below under the heading “Independent Directors.”

Name, Address and Year of Birth	Position(s) Held with the Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex* Overseen by Director	Other Directorships Held by Director
Interested Director
Martin J. Gilbert** Aberdeen Asset Management PLC 10 Queen’s Terrace Aberdeen, Scotland AB10 1YG Year of Birth: 1955	Class III Director; Vice President	Term as Director expires 2021; Director since 2001	Mr. Gilbert has been Vice Chairman of Standard Life Aberdeen PLC and Chairman of Aberdeen Standard Investments Inc. since March 2019. He is Co-Founder (and former Chief Executive)of Aberdeen Asset Management PLC, having been a Director since 1983. Mr. Gilbert is Senior Independent Director of Glencore plc and Chairman of the Prudential Regulation Authority’s Practitioner Panel, as well as a member of the International Advisory Panel of the Monetary Authority of Singapore and the International Advisory Board of British American Business. He serves as officer and/or director of various Standard Life Aberdeen plc subsidiary companies, Aberdeen- managed investment trusts and funds.	30	Director of The Asia Tigers Fund, Inc. from 2012 to 2018.
Independent Directors
P. Gerald Malone c/o Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1950	Chairman of the Board; Class II Director	Term expires 2020; Director since 2001	Currently, Mr. Malone is a non-executive director of a number of U.S. companies and funds. Formerly Chairman of UK companies, Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September; Chairman of UK company, Ultrasis plc (healthcare software services company) until October 2014.”	31	Director of Medality Medical since 2019 and Bionik Laboratories Corporation since 2018. Director of Reguvenan LLC (wellbeing) from 2015-2017.
Neville J. Miles 142 Martins Lane Knockrow NSW 2479 Australia Year of Birth: 1946	Class I Director	Term expires 2022; Director since 1999	Mr. Miles is a non-executive director of a number of Australian and overseas companies.	27	Director of Ballyshaw Pty. Ltd. (share trading, real estate development and investment) (Chairman).

Aberdeen Asia-Pacific Income Fund, Inc. 49

Management of the Fund(unaudited) (continued)

Name, Address and Year of Birth	Position(s) Held with the Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex* Overseen by Director	Other Directorships Held by Director
William J. Potter c/o Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1948	Preferred Share Director	Term expires 2021; Director since 1992	Mr. Potter has been the Chairman of Arrow Robotics Ltd (technology) since 2017 and is the non-executive Chairman of Howell Biopharma Ltd (health care) beginning in 2018. He was president of Meredith Financial Group from 2004 to 2016 and an officer of Ridgewood Group International Ltd. from 2012 to 2015.	3	Director of Arrow Robotic Ltd. (Chairman) and Alexandria Bancorp (international banking and trustee services). Director of Howell Biopharma Ltd (since 2018); Director of Meredith Financial Group Inc. (Chairman) (investment management) from 2004 to 2016, Meredith Portfolio Management Inc. from 2004 to 2016 and Robert R. Meredith & Co, Inc. (broker dealer) from 2006 to 2016.
Moritz Sell*** c/o Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1967	Class I Director	Term expires 2022; Director since 2018	Mr. Sell has been a Principal at Edison Holdings GmbH (commercial real estate and venture capital) since 2015. In addition, Mr. Sell currently serves as Senior Advisor to Markston International LLC (an independent asset manager).	3	Director of Swiss Helvetia Fund, Inc. Director of Aberdeen Greater China Fund, Inc. from 2012 to 2018 and Aberdeen Singapore Fund, Inc. from 2011 to 2018; Director/Trustee of High Income Securities Fund from 2018 to present.
Peter D. Sacks c/o Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1945	Preferred Share Director	Term expires 2020; Director since 1992	Mr. Sacks served as Founder and Investment Counsellor at Cidel Asset Management Inc. (investment management) from 2015 to 2017. Previously, he was a Director and Founding Partner of Toron AMI International Asset Management (investment management) from 1988 to 2015.	27	None

*Aberdeen Australia Equity Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., Aberdeen Funds (which currently consists of 24 portfolios), Aberdeen Investment Funds (which currently consists of 4 portfolios), Aberdeen Standard Investments ETFs (which currently consists of 5 portfolios), Aberdeen Japan Equity Fund, Inc., The India Fund, Inc., Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund and Aberdeen Income Credit Strategies Fund have the same Investment Manager and Investment Adviser as the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser and may thus be deemed to be part of the same “Fund Complex” as the Fund.

**Mr. Gilbert is deemed to be an interested person because of his affiliation with the Fund’s Investment Manager. Mr. Gilbert serves as a Director of several Funds in the Fund Complex.

***Mr. Sell was appointed to the Board of Directors on December 12, 2018.

50 Aberdeen Asia-Pacific Income Fund, Inc.

Management of the Fund (unaudited) (continued)

Information Regarding Officers who are not Directors

Name, Address and Year of Birth	Position(s) Held with the Fund	Term of Office* and Length of Time Served	Principal Occupation(s) During Past Five Years
Kenneth Akintewe** Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480 Year of Birth: 1980	Vice President	Since 2014	Currently, Head of Asian Sovereign Debt for Aberdeen Standard Investments (Asia) Limited. Mr. Akintewe joined Aberdeen in 2002.
Joseph Andolina** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1978	Vice President – Compliance	Since 2017	Currently, Chief Risk Officer Americas for Aberdeen Standard Investments Inc. Prior to joining the Compliance Department, he was a member of ASI’s Legal Department, where he served as U.S. Counsel and worked primarily on matters relating to ASI’s registered funds.
Mark Baker Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480 Year of Birth: 1981	Vice President	Since 2019	Currently, an Investment Director within the Emerging Markets Debt team at Aberdeen Standard Investments. Mr. Baker joined ASI in 2012.
Jeffrey Cotton** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1977	Chief Compliance Officer; Vice President, Compliance	Since 2011	Currently, Chief Risk Officer – Europe, the Middle East and Africa. Mr. Cotton joined ASI in 2010 as Head of Compliance – Americas.
Sharon Ferrari** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1977	Assistant Treasurer	Since 2009	Currently, Senior Fund Administration Manager US for Aberdeen Standard Investments Inc. Ms. Ferrari joined Aberdeen Standard Investments Inc. as a Senior Fund Administrator in 2008.
Alan Goodson** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1974	Vice President	Since 2009	Currently, Director, Vice President and Head of Product – Americas for Aberdeen Standard Investments Inc., overseeing Product Management and Product Development for ASI’s registered and unregistered investment companies in the U.S. and Canada. Mr. Goodson is Director and Vice President of Aberdeen Standard Investments Inc. and joined ASI in 2000.
Bev Hendry** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1953	Vice President	Since 2015	Currently, Chairman – Americas for Standard Life Aberdeen plc (2018-present). Mr. Hendry was Chief Executive Officer – Americas for Aberdeen Asset Management PLC (2014-2018) and Chief Operating Officer for Hansberger Global Investors (2008-2014).
Matthew Keener** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1976	Assistant Secretary	Since 2008	Currently, Senior Product Manager for Aberdeen Standard Investments Inc. Mr. Keener joined Aberdeen Standard Investments Inc. in 2006 as a Fund Administrator.

Aberdeen Asia-Pacific Income Fund, Inc. 51

Management of the Fund (unaudited) (concluded)

Name, Address and Year of Birth	Position(s) Held with the Fund	Term of Office* and Length of Time Served	Principal Occupation(s) During Past Five Years
Megan Kennedy** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1974	Vice President and Secretary	Since 2008	Currently, Head of Product Management for Aberdeen Standard Investments Inc. (since 2009). Ms. Kennedy joined Standard Investments Inc. in 2005.
Lin-Jing Leong** Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480 Year of Birth: 1987	Vice President	Since 2017	Currently, Investment Manager for Aberdeen Standard Investments (Asia) Limited. Ms. Leong joined Aberdeen in 2013 from the Reserve Management Section of the Central Bank of Malaysia.
Adam McCabe** Aberdeen Standard Investments (Asia) Limited 21 Church Street #01-01 Capital Square Two Singapore 049480 Year of Birth: 1979	Vice President	Since 2011	Currently, Head of Asian Fixed Income for Aberdeen Standard Investments (Asia) Limited. Mr. McCabe joined Aberdeen in 2009 following the acquisition of certain asset management businesses from Credit Suisse. Mr. McCabe worked for Credit Suisse since 2001, where he was an investment manager responsible for the development and implementation of its Asian currency and interest rate strategies.
Andrea Melia** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1969	Treasurer and Principal Accounting Officer	Since 2009	Currently, Vice President and Head of Fund Operations, Traditional Assets – Americas and Vice President for Aberdeen Standard Investments Inc. Ms. Melia joined Aberdeen Standard Investments Inc. in September 2009.
Christian Pittard** Aberdeen Asset Managers Limited Bow Bells House, 1 Bread Street London United Kingdom Year of Birth: 1973	President	Since 2009	Currently, Group Head of Product Opportunities. From 2005 to 2007 he was Head of North American funds based in the US. Prior to that he was a Managing Director of Aberdeen’s business in Jersey, Channel Islands having joined Aberdeen in 1998. Christian is qualified as a Chartered Accountant and a fellow of The Securities Institute by Diploma. He has experience in launching and servicing both closed and open ended funds in Europe and the US.
Lucia Sitar** Aberdeen Standard Investments Inc., 1900 Market St, Suite 200 Philadelphia, PA 19103 Year of Birth: 1971	Vice President	Since 2008	Currently, Vice President and Managing U.S. Counsel for Aberdeen Standard Investments Inc. Ms. Sitar joined Aberdeen Standard Investments Inc. in July 2007 as U.S. Counsel.

*  Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are generally elected annually at the meeting of the Board of Directors next following the annual meeting of shareholders.

** Messrs. Akintewe, Andolina, Baker, Cotton, Goodson, Hendry, Keener, McCabe and Pittard and Mses. Ferrari, Kennedy, Leong, Melia and Sitar hold one or more officer positions with one or more of the following funds: Aberdeen Australia Equity Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc. , the Aberdeen Funds, Aberdeen Investment Funds, Aberdeen Japan Equity Fund, Inc., The India Fund, Inc.,. Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Standard Investments ETFs and Aberdeen Income Credit Strategies Fund have the same Investment Manager and Investment Adviser as the Fund, or an investment adviser that is affiliated with the Investment Manager and Investment Adviser and may thus be deemed to be part of the same “Fund Complex” as the Fund.

52 Aberdeen Asia-Pacific Income Fund, Inc.

Corporate Information

Directors

P. Gerald Malone, Chairman

Martin J. Gilbert

Neville J. Miles

William J. Potter

Peter D. Sacks

Moritz Sell

Investment Manager

Aberdeen Standard Investments (Asia) Limited
(formerly known as Aberdeen Asset Management Asia Limited)
21 Church Street
#01-01 Capital Square Two
Singapore 049480

Investment Adviser

Aberdeen Standard Investments Australia Limited
(formerly known as Aberdeen Asset Management Limited)
Level 10, 255 George Street
Sydney, NSW 2000, Australia

Investment Sub-Adviser

Aberdeen Asset Managers Limited
Bow Bells House, 1 Bread Street
London United Kingdom
EC4M 9HH

Administrator

Aberdeen Standard Investments Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103

Custodian

State Street Bank and Trust Company
1 Lincoln Street
Boston, MA 02111

Transfer Agent

Computershare
P.O. Box 505000
Louisville, KY 40233

Independent Registered Public Accounting Firm

KPMG LLP
1601 Market Street
Philadelphia, PA 19103

Legal Counsel

Willkie Farr & Gallagher LLP
787 Seventh Ave
New York, NY 10019

Investor Relations

Aberdeen Standard Investments Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
Investor.Relations@aberdeenstandard.com

Aberdeen Standard Investments (Asia) Limited (formerly Aberdeen Asset Management Asia Limited)

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

The common shares of Aberdeen Asia-Pacific Income Fund, Inc. are traded on the NYSE American equities exchange under the symbol “FAX”. Information about the Fund’s net asset value and market price is available at www.aberdeenfax.com

This report, including the financial information herein, is transmitted to the shareholders of Aberdeen Asia-Pacific Income Fund, Inc. for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future returns.

FAX ANNUAL

Item 2 —Code of Ethics.

(a)As of October 31, 2019, 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 Directors has determined that Peter D. Sacks, a member of the Board of Directors’ Audit and Valuation 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. Sacks as the Audit and Valuation Committee’s financial expert. Mr. Sacks is considered to be an “independent” director, 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 Fees		(b) Audit-Related Fees		(c)(1) Tax Fees		(d) All Other Fees
October 31, 2019	$	82,723	$	0	$	7,610	$	0
October 31, 2018	$	82,723	$	0	$	7,610	$	0

(1)The Tax Fees are for the completion of the Registrant’s federal and state tax returns.

(e)(1)The Registrant’s Audit and Valuation Committee (the “Committee”) has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Directors 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 or any sub-adviser, and to receive the independent auditor’s specific representations as to their independence, delineating all relationships between the independent auditor and the Registrant, consistent with the 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 Registrant’s investment adviser that the Registrant, the investment 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.  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. 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.

(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 and Valuation Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f)Not applicable.

(g)Non-Audit Fees

For the fiscal year ended October 31, 2018 and October 31, 2017, respectively, KPMG billed $620,047 and $745,960 for aggregate non-audit fees for services to the Registrant and to the Registrant’s Investment Manager and Investment Adviser.

(h)Not applicable.

Item 5 —Audit Committee of Listed Registrants.

(a)The Registrant has a separately-designated standing Audit and Valuation Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).

For the fiscal year ended October 31, 2019, the Audit and Valuation Committee members were:

P. Gerald Malone

Neville J. Miles

Peter D. Sacks

Moritz Sell

(b)Not applicable.

Item 6 —Investments.

(a)Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7 —Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Pursuant to the Registrant’s Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Investment Manager and Investment Adviser, provided that the Registrant’s Board of Directors has the opportunity to periodically review the Investment Manager’s and Investment 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 Investment Manager and Investment Adviser are included as Exhibit (e).

Item 8 -Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) The information in the table below is as of January 8, 2020.

Individual & Position	Services Rendered	Past Business Experience
Lin-Jing Leong Investment Manager	Responsible for Asian fixed income	Currently, Investment Manager on the Asian local rates and currency team. She joined Aberdeen in 2013 from the Reserve Management Section of the Central Bank of Malaysia where she specialized in the Asian local currency bond market.
Paul Lukaszewski Head of Corporate Debt, Asia and Australia	Responsible for Corporate Debt on Asian Fixed Income.	Currently, Head of Corporate Debt, Asia and Australia on the Asian Fixed Income team at Aberdeen Standard Investments.

Adam McCabe Head of Fixed Income Asia and Australia	Responsible for Asian and Australian fixed income	Currently Head of Fixed Income, Asia and Australia, responsible for currency and interest rate strategies in Aberdeen’s Asian fixed income portfolios. He joined Aberdeen in 2009 following the acquisition of the CSAM business. He worked for CSAM since 2001, where he was an investment manager responsible for the development and implementation of its Asian currency and interest rate strategies.
Kenneth Akintewe Head of Asian Sovereign Debt	Responsible for Asian fixed income (interest rates and currencies)	Currently, Head of Asian Sovereign Debt for Aberdeen Standard Investments (Asia) Limited. Mr. Akintewe joined Aberdeen in 2002.
David Choi Head of Australian Macro	Responsible for overseeing day-to-day management and overall supervision of Australian Fixed Income team.	David Choi is the Head of Australian Macro on the Australia Fixed Income desk. David joined Aberdeen in 2011 after spending five years at NSW Treasury Corporation, where he was responsible for portfolio management of both asset and debt portfolios, and specialized in interest rate positioning with responsibility for tactical overlay strategies. He graduated with a Bachelor of Law/Commerce (Finance) from the University of NSW.

(a)(2) The information in the table below is as of October 31, 2019.

Name of Portfolio Manager	Type of Accounts	Total Number of 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)
Lin-Jing Leong	Registered Investment Companies	2	$	1,895.21	0	$	0
	Pooled Investment Vehicles	11	$	607.38	0	$	0
	Other Accounts	12	$	2,264.33	0	$	0
Paul Lukaszewski	Registered Investment Companies	2	$	1,895.21	0	$	0
	Pooled Investment Vehicles	11	$	607.38	0	$	0
	Other Accounts	12	$	2,264.33	0	$	0
Adam McCabe	Registered Investment Companies	2	$	1,895.21	0	$	0
	Pooled Investment Vehicles	11	$	607.38	0	$	0
	Other Accounts	12	$	2,264.33	0	$	0
Kenneth Akintewe	Registered Investment Companies	2	$	1,895.21	0	$	0
	Pooled Investment Vehicles	11	$	607.38	0	$	0
	Other Accounts	12	$	2,264.33	0	$	0
David Choi	Registered Investment Companies	2	$	1,895.21	0	$	0
	Pooled Investment Vehicles	11	$	607.38	0	$	0
	Other Accounts	12	$	2,264.33	0	$	0

Total assets are as of October 31, 2019 and have been translated to U.S. dollars at a rate of £1.00 = $1.28.

The Advisers serve as investment managers 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 Advisers believe 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 Advisers have adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

The Advisers sometimes enter into agreements for performance-based fees with qualified clients. The existence of such a performance-based fee may create conflicts of interest in the allocation of management time, resources and investment opportunities between different strategies. Additionally, collecting performance-based fees may result in instances in which a portfolio manager concurrently manages accounts with different fee structures for the same strategy. This “side-by-side” active management of accounts by the Advisers may raise potential conflicts of interest.  To address such potential conflicts of interest, ASI has adopted procedures and policies designed to:

(1) Identify practices that may potentially favor actively managed accounts in which an Adviser has an ownership and/or a greater pecuniary interest over actively managed accounts in which an Adviser has no ownership and/or a lesser pecuniary interest; (2) prevent an Adviser and Covered Persons (as defined in the policies and procedures) from inappropriately favoring some clients over others; (3) detect potential violations of such policies and procedures; (4) provide a process to review requests for waivers; and (5) promptly resolve any actual violations detected.

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 Advisers or their affiliates.  Whenever decisions are made to buy or sell securities for the Registrant and one or more of the other accounts simultaneously, the Advisers may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that they believe 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 Advisers that the benefits achieved through economies of scale from the Advisers’ organization 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, ASI may utilize a third party service provider to deliver model portfolio recommendations and model changes. ASI seeks to treat clients fairly and equitably over time, by delivering model changes to our service provider and investment instructions for our 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 randomly generated rotation schedule.

ASI may have already commenced trading for its discretionary client accounts before the model delivery accounts have executed ASI’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. ASI 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.

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.

In facilitating trades with unaffiliated brokers on behalf of our clients, each management team may use the resources of our Standard Life Aberdeen plc affiliates. These affiliates have entered into a global trading agreement pursuant to which professionals from each affiliate may help to facilitate trades on behalf of our clients with unaffiliated brokers. The use of advisory affiliates with respect to trading facilitation under the global trading agreement does not alter or change the entity making investment decisions for the client accounts or the Advisers’ duty to seek best execution of trades.

(a)(3)

ASI’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 ASI’s clients and shareholders.   ASI operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.

ASI’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 comprises a mixture of cash and a deferred award based on the size of the award. Deferred awards are by default Standard Life Aberdeen plc Shares, with an option to put up to 5% of the deferral into funds.  Overall compensation packages are designed to be competitive relative to the investment management industry.

Base Salary

ASI’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 ASI 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.

ASI has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives’ interests with ASI’s sustained performance and, in respect of the deferral into funds, managed by ASI, to align the interest of asset 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 ASI, 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, ASI 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 (KPI) 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, ASI 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 ASI environment.  Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via ASI’s dynamic compliance monitoring system.

In rendering investment management services, the Advisers may use the resources of additional investment adviser subsidiaries of Standard Life Aberdeen 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, as amended, (the “Securities Act”), the Exchange Act, and the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Advisers do business or has clients. No remuneration is paid by the Fund with respect to the MOU/personnel sharing arrangements.

(a)(4)

Individual	Dollar Range of Equity Securities in the  Registrant Beneficially Owned by the Portfolio  Manager as of October 31, 2019
Lin-Jing Leong	$	0
Paul Lukaszewski	$	0
Adam McCabe	$	10,001-50,000
Kenneth Akintewe	$	0
David Choi	$	0

(b) Not applicable.

Item 9 —Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
November 1, 2018 through November 30, 2018	0	$	0.00	0	24,898061
December 1, 2018 through December 31, 2018	0	$	0.00	0	24,898061
January 1, 2019 through January 31, 2019	0	$	0.00	0	24,898061
February 1, 2019 through February 28, 2019	0	$	0.00	0	24,898061
March 1, 2019 through March 31, 2019	0	$	0.00	0	24,898061
April 1, 2019 through April 30, 2019	150,000	$	4.10	150,000	24,748,061
May 1, 2019 through May 31, 2019	100,000	$	4.10	100,000	24,648,061
June 1, 2019 through June 30, 2019	421,999	$	4.11	421999	24,226,062
July 1, 2019 through July 31, 2019	524,779	$	4.22	524,779	23,701,283
August 1, 2019 through August 31, 2019	88,065	$	4.19	88,065	23,613,218
September 1, 2019 through September 30, 2019	0	$	0.00	0	23,613,218
October 1, 2019 through October 31, 2019	0	$	0.00	0	23,613,218
Total	1,284,843	$	4.16	1,284,843	—

(1) The Registrant’s stock repurchase program was announced on March 19, 2001 and further amended by the Registrant’s Board of Directors on December 12, 2007. Under the terms of the current program, the Registrant is permitted to repurchase up to 10% of its outstanding shares of common stock, par value $0.01 per share, on the open market during any 12 month period.

Item 10 — Submission of Matters to a Vote of Security Holders.

During the period ended October 31, 2019, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11 — Controls and Procedures.

(a)The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12 -Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13 — 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)Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

(a)(3)Not applicable.

(a)(4)Not applicable

(b)Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

(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)Investment Manager’s and Investment Adviser’s Proxy Voting Policies

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:	January 9, 2020

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:	January 9, 2020
By:	/s/ Andrea Melia
	Andrea Melia,
	Principal Financial Officer of
	Aberdeen Asia-Pacific Income Fund, Inc.
Date:	January 9, 2020

EXHIBIT LIST

13(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.

13(a)(2) — Rule 30a-2(a) Certifications

13(b) — Rule 30a-2(b) Certifications

13(c)(1), 13(c)(2), 13(c)(3), 13(c)(4), 13(c)(5) and 13(c)(6) - Distribution notice to stockholders

13(d) — Proxy Voting Policy of Registrant.

13(e) — Investment Manager’s and Investment Adviser’s Proxy Voting Policies

EX-99.CODEETH

Exhibit 99.CODEETH

CODE OF ETHICS (SOX)

(Principal Executive Officer/President and Principal Financial Officer/Treasurer)

I.Purpose of the Code/Covered Officers

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission (“SEC”) has adopted rules requiring annual disclosure of an investment company’s code of ethics applicable to its principal executive, principal financial and principal accounting officers.  The Funds have adopted this Code of Ethics (the “Code”) pursuant to these rules.  The Code applies to the series (each a “Fund”).  The Code specifically applies to each Fund’s President/Principal Executive Officer and Treasurer/Principal Financial Officer (“Covered Officers”) for the purpose of promoting:

·honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·full, fair, accurate, timely and understandable disclosure in reports and documents that are filed with, or submits to, the SEC and in other public communications made by the Funds;

·compliance with applicable laws, rules and regulations;

·an environment that encourages disclosure of ethical and compliance related concerns;

·the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code without fear of reprisal; and

·accountability for adherence to the Code.

The Covered Officers are integral to the Funds’ goal of creating a culture of high ethical standards and commitment to compliance.  In their roles, the Covered Officers will refrain from engaging in any activity that may compromise their professional ethics or otherwise prejudice their ability to carry out their duties to the Funds.’  They will act in good faith, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated.

II.Actual and Apparent Conflicts of Interest

Overview:  A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or service to, the Funds.  For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationship between Covered Officers and each Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the “1940 Act”) and the Investment Advisers Act of 1940 (the “Advisers Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds.  Each Fund’s Adviser and Sub-adviser (the “adviser(s)”) have adopted and implemented respective compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions.  This Code does not, and is not intended to repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.  Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent

conflicts of interest and should encourage his or her colleagues who provide service to the Funds, whether directly or indirectly, to do the same.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and the investment adviser (and distributor to the Aberdeen open-end funds) of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or the investment adviser or for both), be involved in establishing policies and implementing decisions that will have different effects on the investment adviser, distributor and the Funds.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of each Fund.  Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Funds’ Board that the Covered Officers may also be officers or employees of the Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.  A defining question is, “What is the long term interest of current shareholders?”  The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.

Each Covered Officer must:

·not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would directly or indirectly benefit personally to the detriment of the Funds;

·not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;

·not use material non-public knowledge of Fund transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

·report at least annually affiliations or other relationships related to conflicts of interest covered by the Funds’ Directors and Officers Questionnaire.

Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such activity or has such a relationship.  There are some conflict of interest situations that should always be discussed with the Compliance Officer prior to their occurrence, or if foreseen, as soon as reasonably possible after discovery.  Examples of these include:

·service on the board of any public company;

·any outside business activity that detracts from the ability of a Covered Officer to devote appropriate time and attention to his or her responsibilities as a Covered Officer of the Funds;

·the receipt of any non-nominal gifts in excess of $100.00;

·the receipt of any entertainment from any company with which the Funds has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

·any ownership interest in, or any consulting or employment relationship with any of the Funds’ service providers, other than its investment adviser, investment sub-adviser, principal underwriter, administrator or any affiliated person thereof;

·a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting Fund transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.Definitions

(A)“Covered Officer” with respect to a Fund means the principal executive officer of the Fund and senior financial officers of the Fund, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions, regardless of whether these persons are employed by the Fund or a third party.

(B)“Executive Officer” of a Fund has the same meaning as set forth in Rule 3b-7 under the Securities Exchange Act of 1934, as amended.  Subject to any changes in that rule, the term “executive officer,” when used in the Code, means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for a Fund.

(C)“Waiver” means the approval by a Fund’s CCO of a material departure from a provision of the Code.  “Waiver” includes an “Implicit Waiver,” which is a Fund’s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an Executive Officer of the Fund.

IV.Disclosure and Compliance

Each Covered Officer:

·should familiarize himself with the disclosure requirements generally applicable to the Funds;

·should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including the Funds’ Board and auditors, and to governmental regulators and self-regulatory organizations;

·should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Advisers with the goal of promoting comprehensive, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

·should cooperate with the each Fund’s independent accountants, regulatory agencies, and internal auditors in their review of the Funds and its operations;

·should ensure the establishment of appropriate policies and procedures for the protection and retention of accounting records and information as required by applicable law, regulation, or regulatory guidelines and establish and administer financial controls that are appropriate to ensure the integrity of the financial reporting process and the availability of timely, relevant information for the Funds’ safe and sound operation; and

·has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.Reporting and Accountability

Each Covered Officer must:

·upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing that he has received, read, and understands this Code;

·annually thereafter affirm that he has complied with the requirements of this Code;

·not retaliate against any other Covered Officer or any employee of the Adviser, or their affiliated persons, or any other employee of a private contractor that provides service to the Funds, for reports of potential violations that are made in good faith; and

·notify the Funds’ CCO promptly if he or she knows or suspects that a violation of applicable laws, regulations, or of this Code has occurred, is occurring, or is about to occur.  Failure to do so is itself a violation of this Code.

See Exhibit A for the form of PEO/PFO certification.

The Funds’ CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or Waivers sought by the President will be considered by the Funds’ Audit Committee.

The Funds will follow these procedures in investigating and enforcing this Code.

·The Funds’ Compliance Officer will take all appropriate action to investigate any potential violations reported to him/her.

·If, after such investigation, the Compliance Officer believes that no violation has occurred, he or she is not required to take any further action.  The Compliance Officer is authorized to consult, as appropriate, with the chair of the Audit Committee and Counsel to the Independent Board, and is encouraged to do so after consultation with each Fund’s President when, in the Compliance Officer’s opinion such consultation will not increase the risk to shareholders.

·Any matter that the Compliance Officer believes is a violation will be reported to the Audit Committee (the “Committee”).

·If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the full Board, which will consider appropriate action, which may include review of and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its Board; or a recommendation to dismiss the Covered Officer.

·Each Fund’s Board will be responsible for granting Waivers, as appropriate.

·Any changes to or Waivers of this Code will, to the extent required, be disclosed as provided by the SEC rules.

VI.Sanctions

The matters covered in the Code are of the utmost importance to the Funds and their stockholders and are essential to each Fund’s ability to conduct its business in accordance with its stated values.  Each Covered Officer and each Executive Officer is expected to adhere to these rules 

(to the extent applicable) in carrying out his or her duties for the Funds. The conduct of each Covered Officer and each Executive Officer can reinforce an ethical atmosphere and positively influence the conduct of all officers, employees and agents of the Funds. A Fund will, if appropriate, take action against any Covered Officer whose actions are found to violate the Code. Appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Fund.

Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter or sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of a Fund or termination of the employment of the violator. If a Fund has suffered a loss because of violations of the Code, the Fund may pursue remedies against the individuals or entities responsible.

VII.Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities if the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Funds’ and Adviser’s code of ethics under Rule 17j-1 under the Investment Company Act of 1940 are not part of this Code.

VIII.Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the each Fund’s Board, including a majority of Independent Board members.

IX.Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its Counsel.

X.Internal Use

This Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.  This Code is a statement of certain fundamental principles, policies, and procedures that govern the Covered Officers in the conduct of each Fund’s business.  It is not intended and does not create any rights in any employee, investor, supplier, creditor, shareholder or any other person.

Exhibit A

CODE OF ETHICS

PURSUANT TO THE SARBANES-OXLEY ACT OF 2002

Initial and Annual Certification of Compliance

Name (please print)

This is to certify that I have received a copy of the Code of Ethics Pursuant to the Sarbanes-Oxley Act of 2002 (“Code”) for the following Funds:

List of Funds

I have read and understand the Code.  Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of this Code of which I become aware.  I understand that violation of the Code will be grounds for disciplinary action or dismissal.

Check one:

Initial

oI further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

Annual

oI further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

Signature	Date
Received by (name and title):	Date

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Andrea Melia, certify that:

1.I have reviewed this report on Form N-CSR of Aberdeen Asia-Pacific Income Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 9, 2020

/s/ Andrea Melia

Andrea Melia

Principal Financial Officer

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Christian Pittard, certify that:

1.I have reviewed this report on Form N-CSR of Aberdeen Asia-Pacific Income Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 9, 2020

/s/ Christian Pittard

Christian Pittard

Principal Executive Officer

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT

Christian Pittard, Principal Executive Officer, and Andrea Melia, Principal Financial Officer, of Aberdeen Asia-Pacific Income Fund, Inc., a Maryland corporation (the “Registrant”), each certify that:

1.The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2019 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

PRINCIPAL EXECUTIVE OFFICER

Aberdeen Asia-Pacific Income Fund, Inc.

/s/ Christian Pittard

Christian Pittard

Date: January 9, 2020

PRINCIPAL FINANCIAL OFFICER

Aberdeen Asia-Pacific Income Fund, Inc.

/s/ Andrea Melia

Andrea Melia

Date: January 9, 2020

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document.  A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.13(C)(1)

Exhibit 99.13(c)(1)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on June 28, 2019, a distribution of US $0.0275 per share to all shareholders of record as of June 21, 2019 (ex-dividend date June 20, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (11/01/2018 - 05/31/19), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0127	46	%	$	0.1185	46	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0148	54	%	$	0.1390	54	%
Total (per common share)	$	0.0275	100	%	$	0.2575	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 05/31/2019(1)	1.55	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	6.88	%
Fiscal Year to Date (11/01/2018 to 05/31/2019)
Cumulative Total Return on NAV(1)	10.56	%
Cumulative Distribution Rate on NAV(2)	4.79	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of May 31, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Aberdeen Standard Investments is a brand of the investment businesses of Standard Life Aberdeen plc, its affiliates and subsidiaries. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(C)(2)

Exhibit 99.13(c)(2)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on July 30, 2019, a distribution of US $0.0275 per share to all shareholders of record as of July 22, 2019 (ex-dividend date July 19, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (11/01/2018 - 06/30/19), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0132	48	%	$	0.1368	48	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0143	52	%	$	0.1482	52	%
Total (per common share)	$	0.0275	100	%	$	0.2850	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 06/30/2019(1)	1.90	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	7.47	%
Fiscal Year to Date (11/01/2018 to 06/30/2019)
Cumulative Total Return on NAV(1)	14.07	%
Cumulative Distribution Rate on NAV(2)	5.23	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of June 30, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Aberdeen Standard Investments is a brand of the investment businesses of Standard Life Aberdeen plc, its affiliates and subsidiaries. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(C)(3)

Exhibit 99.13(c)(3)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on August 27, 2019, a distribution of US $0.0275 per share to all shareholders of record as of August 19, 2019 (ex-dividend date August 16, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (11/01/2018 - 07/31/2019), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0132	48	%	$	0.1500	48	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0143	52	%	$	0.1625	52	%
Total (per common share)	$	0.0275	100	%	$	0.3125	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 07/312019(1)	1.94	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	7.52	%
Fiscal Year to Date (11/01/2018 to 07/31/2019)
Cumulative Total Return on NAV(1)	14.12	%
Cumulative Distribution Rate on NAV(2)	5.83	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of July 31, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Aberdeen Standard Investments is a brand of the investment businesses of Standard Life Aberdeen plc, its affiliates and subsidiaries. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(C)(4)

Exhibit 99.13(c)(4)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on September 30, 2019, a distribution of US $0.0275 per share to all shareholders of record as of September 23, 2019 (ex-dividend date September 20, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (11/01/2018 - 08/31/2019), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0132	48	%	$	0.1632	48	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0143	52	%	$	0.1768	52	%
Total (per common share)	$	0.0275	100	%	$	0.3400	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 08/31/2019(1)	1.76	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	6.83	%
Fiscal Year to Date (11/01/2018 to 08/31/2019)
Cumulative Total Return on NAV(1)	14.40	%
Cumulative Distribution Rate on NAV(2)	6.42	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of August 31, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(C)(5)

Exhibit 99.13(c)(5)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on October 29, 2019, a distribution of US $0.0275 per share to all shareholders of record as of October 21, 2019 (ex-dividend date October 18, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid relating to fiscal year to date (11/01/2018 - 09/30/2019), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0135	49	%	$	0.1801	49	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0140	51	%	$	0.1874	51	%
Total (per common share)	$	0.0275	100	%	$	0.3675	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 09/30/2019(1)	2.68	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	7.59	%
Fiscal Year to Date (11/01/2018 to 09/30/2019)
Cumulative Total Return on NAV(1)	14.44	%
Cumulative Distribution Rate on NAV(2)	7.02	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of September 30, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(C)(6)

Exhibit 99.13(c)(6)

Aberdeen Asia-Pacific Income Fund, Inc.

NYSE MKT: FAX   Cusip: 003 009 107

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

DISTRIBUTION NOTICE

Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the “Fund”), a closed-end fund, today announced that it paid on November 29, 2019, a distribution of US $0.0275 per share to all shareholders of record as of November 21, 2019 (ex-dividend date November 20, 2019).  The Fund has reduced its monthly distribution from $0.035 per share to $0.0275 per share, commencing with the distribution payable on April 30, 2019.

Your Fund’s distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.  The table includes estimated amounts and percentages for this distribution, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.  The estimated composition of the distributions may vary from month to month because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

	Estimated Amounts of Current Monthly Distribution per share ($)		Estimated Amounts of Current Monthly Distribution per share (%)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)		Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income	$	0.0143	52	%	$	0.0143	52	%
Net Realized Short-Term Capital Gains*	—		—		—		—
Net Realized Long-Term Capital Gains	—		—		—		—
Return of Capital	$	0.0132	48	%	$	0.0132	48	%
Total (per common share)	$	0.0275	100	%	$	0.0275	100	%

*includes currency gains

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2019 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.

Average Annual Total Return on NAV for the 5 Year Period Ending 10/31/2019(1)	2.70	%
Current Fiscal Period’s Annualized Distribution Rate on NAV(2)	7.53	%
Fiscal Year to Date (11/01/2018 to 10/31/2019)
Cumulative Total Return on NAV(1)	16.13	%
Cumulative Distribution Rate on NAV(2)	7.53	%

(1) Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

(2) Based on the Fund’s NAV as of October 31, 2019.

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

EX-99.13(D)

Exhibit 99.13(d)

PROXY VOTING POLICY

I.Generally

Rules adopted by the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) require the Funds to disclose publicly its proxy voting policies and procedures, as well as its actual proxy votes.  The SEC rules also permit the Funds to delegate its proxy voting responsibilities to the Funds’ Investment Manager, Investment Adviser, and Sub-advisers (collectively “the Advisers”).  In connection with this ability to delegate proxy voting responsibilities, the SEC has adopted rules under the Investment Advisers Act of 1940, as amended, that require the Advisers to adopt and implement written proxy voting policies and procedures that are reasonably designed to ensure that it votes proxies on behalf of its clients, when given such authority, in the best interests of those clients.

Consistent with the SEC’s requirements, the Funds have delegated responsibility for voting its proxy to the Funds’ Investment Manager, Investment Adviser and Sub-advisers.  The Advisers have adopted proxy voting policies and procedures to ensure the proper, and timely, voting of the proxies on behalf of the Funds.  Moreover, the Advisers will assist the Funds in the preparation of each Fund’s complete proxy voting record on Form N-PX for the twelve-month period ended June 30, by no later than August 31 of each year.

II.Procedures

Each Fund shall ensure that its investment manager, investment adviser and sub-advisers are compliant with applicable rules and regulations. These rules and regulations require, in part, that each Fund disclose how it votes each proxy. The rules and regulations also require that the Advisers disclose that they have (1) adopted and implemented proxy voting policies; and (2) adopted procedures regarding how each portfolio security is voted in relation to each Fund. The Adviser must disclose that the procedures are the following:

1.are written;

2.are reasonably designed to ensure that the adviser votes proxies in the best interest of the adviser’s clients;

3.describe the adviser’s proxy voting procedures to the adviser’s clients and provides copies of the adviser’s proxy voting procedures on request;

4.set forth the process by which the adviser evaluates the issues presented by a proxy and records the adviser’s decision about how the proxy will be voted;

5.establish procedures for the identification and handling of proxies that involve material conflicts of interest with the adviser’s clients; and

6.disclose to the adviser’s clients how the clients may obtain information on how the adviser voted the clients’ proxies.

The Funds also shall disclose to shareholders the policies and procedures that are used to determine how to vote proxies.  The Funds include in the Funds’ statement of additional information appropriate summary disclosure regarding the proxy voting policies and procedures of the Funds’ adviser and sub-advisers, and any third party retained by the Funds’ investment adviser or sub-adviser to determine how to vote proxies.  In addition, as required by the financial statements’ requirements of Form N-1A and N-2, the Funds’ financial statements must include a statement that a

description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available, without charge:  (i) upon request, by calling a specified toll-free (or collect) telephone number; or (ii) on the Funds’ website; and (iii) on the SEC website at www.sec.gov.

The Funds also shall file with the SEC, on an annual basis, the complete proxy voting record of each Fund on Form N-PX for the twelve-month period ending June 30th, by no later than August 31st of each year, which Report on Form N-PX shall be executed by the principal executive officer of the each Fund.  Each Fund’s proxy voting record on the Form N-PX Report shall be made available by each Fund, without charge, upon request, by calling specified toll-free (or collect) telephone number (but is not available on the Funds’ website).  If a Fund receives a telephonic request for a proxy voting record, the Fund shall send the requested information disclosed in the Fund’s most-recently filed Report on Form N-PX within three (3) business days of the receipt of the request for this information, by first-class mail or other means designed to ensure equally prompt delivery.

Sub-advisers to the Funds must have procedures and internal controls to ensure compliance with proxy voting regulations.  Specifically, the sub-advisers must have procedures for the reporting of proxy voting, and communicating changes in proxy voting policies to the Funds.  Prior to Board approval of new advisers, the Chief Compliance Officer (“CCO”) reviews the proxy voting policies and procedures of the sub-adviser.  The CCO ensures that any inadequate procedures or controls of a sub-adviser are reported to the Board and must be corrected in a timely manner.

EX-99.13(E)

Exhibit 99.13(e)

U.S. Registered Advisers (the “ASI Advisers”)

Proxy Voting Guidelines

Effective as of January 1, 2019

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) requires the ASI Advisers to vote proxies in a manner consistent with clients’ best interest and must not place its interests above those of its clients when doing so. It requires the ASI Advisers to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that the ASI Advisers vote proxies in the best interest of the clients, and (ii) to disclose to the clients how they may obtain information on how the ASI Advisers voted proxies. In addition, Rule 204-2 requires the ASI Advisers to keep records of proxy voting and client requests for information.

As registered investment advisers, the ASI Advisers have an obligation to vote proxies with respect to securities held in its client portfolios in the best economic interests of the clients for which it has proxy voting authority.

The ASI Advisers invest for the clients’ portfolios in companies globally and actively target investment in those companies with sound corporate governance practices. The ASI Advisers are committed to exercising responsible ownership with a conviction that companies adopting best practices in corporate governance will be more successful in their core activities and deliver enhanced returns to shareholders.

ASI and its affiliated U.S. registered advisers (the “ASI Advisers”) have adopted a proxy voting policy. The proxy voting policy is designed and implemented in a way that is reasonably expected to ensure that proxies are voted in the best interests of clients.

Voting decisions are made by the ASI Advisers’ investment managers, and are based on their knowledge of the company and discussions with management — ASI Advisers’ investment managers consider explanations from companies about their compliance with relevant corporate governance codes and may refer to independent research from voting advisory services in reaching a voting decision. However, voting decisions for exchange traded funds are made strictly in accordance with ISS’s proxy voting guidelines which are reviewed and approved on an annual basis.

Where contentious issues arise in relation to motions put before a shareholders’ meeting, ASI Advisers will usually contact the management of the company to exchange views and give management the opportunity to articulate its position. The long term nature of the relationships that we develop with investee company boards should enable us to deal with any concerns that we may have over strategy, the management of risk or governance practices directly with the chairman or senior independent director. In circumstances where this approach is unsuccessful, ASI Advisers are prepared to escalate their intervention by expressing their concerns through the company’s advisers, through interaction with other shareholders or attending and speaking at General Meetings.

As an independent asset manager, ASI is free of many of the conflicts of interest that can compromise the implementation of a rigorous and objective proxy voting policy. However, in managing third party money on behalf of clients, there are a limited number of situations where potential conflicts of interest could arise in the context of proxy voting. One case is where funds are invested in companies that are either clients or related parties of clients. Another case is where one fund managed by ASI invests in other funds managed by ASI.

For cases involving potential conflicts of interest, ASI Advisers have implemented  procedures to ensure the appropriate handling of proxy voting decisions. The guiding principle of ASI Advisers’ conflicts of interest policy is simple — to exercise our right to vote in the best interests of the clients on whose behalf we are managing funds.

We employ ISS as a service provider to deliver our voting decisions efficiently to companies. We require ISS to provide recommendations based on our own set of parameters to tailored ASI’s assessment and approach, but remain conscious always that all voting decisions are our own on behalf of our clients. We consider ISS’s recommendations and those based on our custom parameters as input to our voting decisions.

An ASI analyst will assess the resolutions at general meetings in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be final voting decision instructed through ISS applied to all funds for which ASI have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies and procedures are consistent with ours, or otherwise implemented in the best interest of clients.

There may be certain circumstances where ASI may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that ASI will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients’ best interests. For companies held only in passively managed portfolios the ASI custom recommendations provided by ISS will be used to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results, and will on occasions intrude to apply a vote more fully in clients’ best interests. If voting securities are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times which may prevent ASI from exercising our voting authority.

This policy has been developed by the ASI corporate governance working group. The implementation of this policy, along with the conflicts of interest database, will be reviewed periodically by the group. ASI’s Corporate Governance Policy and Principles are published on our website

To the extent that an ASI Adviser may rely on sub-advisers, whether affiliated or unaffiliated, to manage any client portfolio on a discretionary basis, the ASI Adviser may delegate responsibility for voting proxies to the sub-adviser.  However, such sub-advisers will be required either to follow these Policies and Procedures or to demonstrate that their proxy voting policies and procedures are consistent with these Policies and Procedures or otherwise implemented in the best interests of the ASI Advisers’ clients.

Upon request, the ASI Advisers will provide clients with a copy of these Policies and Procedures, as revised from time to time.

As disclosed in Part 2A of each ASI Adviser’s Form ADV, a client may obtain information on how its proxies were voted by requesting such information from its ASI Adviser.  Unless specifically requested by a client in writing, and other than as required for the Funds, the ASI Advisers do not generally disclose client-specific proxy votes to third parties.

Our proxy voting records are available per request and on the SEC’s website at SEC.gov.

ERISA

The U.S. Department of Labor (“DOL”) has indicated that an investment adviser with a duty to vote proxies has an obligation to take reasonable steps under the circumstances to ensure that it receives the proxies.  Failure to take any action to reconcile proxies would cause ASI to fail to satisfy ERISA’s fiduciary responsibility provisions. Appropriate steps include informing the Plan sponsor and its trustees, bank custodian or broker/dealer custodian of the requirement that all proxies be forwarded to the adviser and making periodic reviews during the proxy season, including follow-up letters and phone calls if necessary.  When voting proxies, an investment manager must consider proxies as a Plan asset and vote only in the best economic interests of the Plan participants, vote consistently among clients, and avoid specific client voting instructions about voting proxies.

DOL has provided investment managers with the following guidance about their ERISA responsibilities, including proxy voting, compliance with written statements of investment policy, and active monitoring of corporate management by Plan fiduciaries:

i.Where the authority to manage Plan assets has been delegated to an investment manager, only the investment manager has authority to vote proxies, except when the named fiduciary has reserved to itself or to another named fiduciary (as authorized by the plan document) the right to direct a Plan trustee regarding the voting of proxies.

ii.Investment managers, as Plan fiduciaries, have a responsibility to vote proxies on foreign issues that may affect the value of the shares in the Plan’s portfolio and will vote such proxies unless the cost of doing so cannot be justified.

iii.An investment manager is required to comply with statements of investment policy, unless compliance with the guidelines in a given instance would be imprudent and therefore failure to follow the guidelines would not violate ERISA.  ERISA does not shield the investment manager from liability for imprudent actions taken in compliance with a statement of investment policy.

On occasions when it is deemed to be a fiduciary for an ERISA client’s assets, ASI will vote the Plan assets in accordance with ASI’s Proxy Voting Policy.  ASI will provide each ERISA client (upon request) with proxy voting records to demonstrate how proxies for securities held in the portfolio were voted.