N-Q 1 d135900dnq.htm ABERDEEN ASIA-PACIFIC INCOME FUND, INC. Aberdeen Asia-Pacific Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number:    811-04611
Exact name of registrant as specified in charter:    Aberdeen Asia-Pacific Income Fund, Inc.
Address of principal executive offices:    1735 Market Street, 32nd Floor
   Philadelphia, PA 19103
Name and address of agent for service:    Ms. Andrea Melia
   Aberdeen Asset Management Inc.
   1735 Market Street 32nd Floor
   Philadelphia, PA 19103
Registrant’s telephone number, including area code:    800-522-5465
Date of fiscal year end:    October 31
Date of reporting period:    January 31, 2016


Item 1 – Schedule of Investments – The Schedule of Investments for the three-month period ended January 31, 2016 is filed herewith.


Portfolio of Investments (unaudited)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
CORPORATE BONDS - 64.1%   
AUSTRALIA - 8.3%   
AUD      3,000       AAI Ltd., 6.75%, 10/06/2016(a)(b)    $ 2,159,324   
AUD      2,500       APT Pipelines Ltd., 7.75%, 07/22/2020      2,048,831   
AUD      10,900       BHP Billiton Finance Ltd., 3.75%, 10/18/2017      7,735,522   
AUD      9,500       Brisbane Square Finance Pty Ltd., 6.79%, 11/25/2025(c)(d)(e)      5,778,554   
AUD      8,200       Coca-Cola Amatil Ltd., 4.25%, 11/13/2019      6,019,443   
USD      11,000       Commonwealth Bank of Australia, 4.50%, 12/09/2025(f)      11,057,728   
AUD      5,300       DnB NOR Boligkreditt, 6.25%, 06/08/2016      3,796,576   
AUD      5,000       KfW, 6.00%, 08/20/2020(g)      4,045,418   
AUD      10,600       KfW, 6.25%, 02/23/2018(g)      8,084,994   
AUD      10,500       KfW, 6.25%, 12/04/2019(g)      8,435,207   
AUD      15,000       KfW, 6.25%, 05/19/2021(g)      12,434,073   
AUD      9,788       Kommunalbanken AS, 6.50%, 04/12/2021      8,139,764   
AUD      10,000       Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(g)      7,866,600   
AUD      2,900       National Capital Trust III, 3.33%, 09/30/2016(a)(b)(h)      2,036,425   
AUD      2,500       National Wealth Management Holdings Ltd., 6.75%, 06/16/2016(a)(b)      1,785,052   
AUD      4,800       New Zealand Milk Australia Pty Ltd., 6.25%, 07/11/2016      3,446,698   
AUD      4,300       Novion Property Group, 7.25%, 05/02/2016      3,076,254   
AUD      7,300       Qantas Airways Ltd., 7.50%, 06/11/2021      5,752,218   
AUD      4,800       RWH Finance Pty Ltd., 6.20%, 03/26/2017(a)(b)(d)      3,358,167   
AUD      2,000       Telstra Corp. Ltd., 8.75%, 01/15/2020      1,700,214   
AUD      4,000       Westpac Banking Corp., 7.25%, 11/18/2016      2,935,068   
AUD      3,600       Woolworths Ltd., 6.75%, 03/22/2016      2,561,634   
        

 

 

 
     114,253,764   
        

 

 

 
CHINA - 17.0%   
USD      3,950       Agile Property Holdings Ltd., 9.00%, 05/21/2018(b)(f)      4,050,330   
USD      6,000       China Aoyuan Property Group Ltd., 11.25%, 01/17/2019      6,306,288   
CNH      11,250       China Development Bank Corp., 3.60%, 11/13/2018      1,640,633   
USD      4,955       China Resources Gas Group Ltd., 4.50%, 04/05/2022(f)      5,243,763   
USD      6,000       CIFI Holdings Group Co. Ltd., 7.75%, 06/05/2018(b)(f)      5,882,232   
USD      7,000       CIFI Holdings Group Co. Ltd., 12.25%, 04/15/2016(b)(f)      7,476,644   
USD      7,500       CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023(f)      7,745,475   
USD      12,160       CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024      12,333,377   
USD      5,400       CNPC General Capital Ltd., 2.75%, 05/14/2019(f)      5,429,786   
USD      8,350       CNPC General Capital Ltd., 3.40%, 04/16/2023(f)      8,190,156   
USD      6,670       Country Garden Holdings Co. Ltd., 7.25%, 10/04/2017(b)(f)      6,791,674   
USD      4,348       CRCC Yuxiang Ltd., 3.50%, 05/16/2023(f)      4,327,077   
USD      15,143       ENN Energy Holdings Ltd., 6.00%, 05/13/2021(f)      16,790,710   
USD      10,700       Franshion Investment Ltd., 4.70%, 10/26/2017(f)      10,928,648   
USD      5,876       Future Land Development Holdings Ltd., 10.25%, 07/21/2017(b)(f)      5,758,480   
USD      8,800       Green Dragon Gas Ltd., 10.00%, 02/29/2016(b)(d)(f)      6,160,000   
USD      5,745       Greenland Global Investment Ltd., 5.88%, 07/03/2024(f)      5,562,757   
USD      8,629       Greenland Hong Kong Holdings Ltd., 4.75%, 10/18/2016(f)      8,672,145   
USD      3,674       Kunlun Energy Co. Ltd., 3.75%, 05/13/2025(f)      3,575,868   
USD      3,950       KWG Property Holding Ltd., 8.98%, 01/14/2017(b)(f)      4,092,437   
USD      3,800       Logan Property Holdings Co. Ltd., 11.25%, 06/04/2017(b)(f)      4,103,141   
USD      15,000       Proven Honour Capital Ltd., 4.13%, 05/19/2025(f)      14,900,160   
USD      14,434       Semiconductor Manufacturing International Corp., 4.13%, 10/07/2019(f)      14,509,071   
USD      1,385       Shanghai Electric Group Investment Ltd., 3.00%, 08/14/2019(f)      1,391,077   
USD      1,250       Shimao Property Holdings Ltd., 6.63%, 01/14/2017(b)(f)      1,283,164   
USD      7,758       Shimao Property Holdings Ltd., 8.13%, 01/22/2018(b)(f)      8,246,684   
USD      5,200       Sinopec Capital 2013 Ltd., 144A, 3.13%, 04/24/2023(f)      5,024,724   
USD      4,109       Sinopec Capital 2013 Ltd., REG S, 3.13%, 04/24/2023(f)      3,970,498   
USD      1,600       Sinopec Group Overseas Development 2012 Ltd., 3.90%, 05/17/2022(f)      1,655,237   

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
CORPORATE BONDS (continued)   
CHINA (continued)   
USD      4,400       Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/2023(f)    $ 4,599,566   
USD      8,584       Trillion Chance Ltd., 8.50%, 01/10/2017(b)(f)      8,789,441   
USD      20,800       Wanda Properties International Co. Ltd., 7.25%, 01/29/2024(f)      21,324,805   
USD      2,812       Yingde Gases Investment Ltd., 144A, 8.13%, 04/22/2016(b)(f)      2,235,540   
USD      3,079       Yingde Gases Investment Ltd., REG S, 8.13%, 04/22/2016(b)(f)      2,447,805   
USD      4,300       Yuzhou Properties Co. Ltd., 9.00%, 12/08/2017(b)(f)      4,445,589   
        

 

 

 
     235,884,982   
        

 

 

 
HONG KONG - 6.1%   
USD      4,103       Champion Ltd., 3.75%, 01/17/2023(f)      4,015,274   
USD      17,000       HLP Finance Ltd., 4.75%, 06/25/2022(f)      17,889,100   
USD      1,600       Hong Kong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/2022      1,744,328   
USD      5,608       HPHT Finance 15 Ltd., 2.88%, 03/17/2020(f)      5,642,360   
USD      9,500       Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(f)      12,701,500   
USD      4,417       Hutchison Whampoa International Ltd., 1.63%, 10/31/2017(f)      4,411,258   
USD      2,880       Hutchison Whampoa International Ltd., 7.45%, 11/24/2033(f)      4,012,451   
USD      3,973       Hutchison Whampoa International Ltd., 7.63%, 04/09/2019(f)      4,620,921   
USD      8,382       LS Finance 2022 Ltd., 4.25%, 10/16/2022(f)      8,526,757   
USD      14,355       Standard Chartered PLC, 3.95%, 01/11/2023(f)      13,575,337   
USD      5,545       Standard Chartered PLC, 144A, 3.95%, 01/11/2023(f)      5,243,834   
USD      1,800       Swire Pacific Financing Ltd., 6.25%, 04/18/2018      1,958,616   
        

 

 

 
     84,341,736   
        

 

 

 
INDIA - 9.5%   
USD      8,666       ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024(f)      7,270,774   
USD      2,799       Axis Bank Ltd, 5.13%, 09/05/2017(f)      2,918,417   
INR      300,000       Axis Bank Ltd., 8.85%, 12/05/2024      4,586,386   
USD      2,900       Bank of Baroda, 4.88%, 07/23/2019(f)      3,081,905   
USD      3,050       Bank of Baroda, 5.00%, 08/24/2016(f)      3,101,405   
USD      6,727       Bharti Airtel International Netherlands BV, 5.13%, 03/11/2023(f)      6,918,719   
USD      3,652       Bharti Airtel International Netherlands BV, 5.35%, 05/20/2024(f)      3,818,159   
USD      4,573       Bharti Airtel Ltd., 4.38%, 06/10/2025(f)      4,461,913   
INR      100,000       Export-Import Bank of India, 8.87%, 10/30/2029      1,515,829   
USD      6,487       GCX Ltd., 7.00%, 08/01/2016(b)(f)      5,958,958   
USD      7,000       HDFC Bank Ltd., 3.00%, 03/06/2018(f)      7,070,686   
USD      7,909       ICICI Bank Ltd., 3.50%, 03/18/2020(f)      8,042,686   
USD      3,515       ICICI Bank Ltd., 4.80%, 05/22/2019(f)      3,721,506   
INR      250,000       ICICI Bank Ltd., 9.15%, 08/06/2024      3,925,822   
INR      250,000       Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023      3,800,593   
USD      4,400       NTPC Ltd., 4.75%, 10/03/2022(f)      4,677,684   
INR      200,000       NTPC Ltd., 8.49%, 03/25/2025      3,261,261   
INR      100,000       NTPC Ltd., 8.73%, 03/07/2023      1,531,528   
INR      100,000       NTPC Ltd., 9.17%, 09/22/2024      1,571,994   
USD      11,954       ONGC Videsh Ltd., 4.63%, 07/15/2024(f)      12,040,117   
INR      250,000       Power Finance Corp. Ltd., 8.39%, 04/19/2025      3,670,561   
INR      400,000       Power Finance Corp. Ltd., 8.65%, 12/28/2024      5,978,411   
INR      200,000       Power Grid Corp. of India Ltd., 8.20%, 01/23/2025      2,929,669   
INR      200,000       Power Grid Corp. of India Ltd., 8.93%, 10/20/2022      3,063,825   
INR      300,000       Power Grid Corp. of India Ltd., 9.30%, 09/04/2024      4,687,558   
INR      200,000       Rural Electrification Corp. Ltd., 8.44%, 12/04/2021      2,961,317   
INR      150,000       Rural Electrification Corp. Ltd., 9.34%, 08/25/2024      2,329,368   
INR      270,000       Rural Electrification Corp. Ltd., 9.35%, 06/15/2022      4,166,670   
USD      4,800       State Bank of India, 3.62%, 04/17/2019(f)      4,919,875   
INR      150,000       Steel Authority of India Ltd., 9.00%, 10/14/2024      2,266,997   

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
CORPORATE BONDS (continued)   
INDIA (continued)   
INR      100,000       Tata Motors Ltd., 9.73%, 10/01/2020    $ 1,524,813   
        

 

 

 
     131,775,406   
        

 

 

 
INDONESIA - 3.8%   
IDR      24,000,000       Bank OCBC Nisp Tbk PT, 9.40%, 02/10/2017      1,729,575   
USD      1,200       Jababeka International BV, 7.50%, 09/24/2017(b)(f)      1,117,441   
IDR      30,000,000       Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020      2,167,405   
USD      3,150       Majapahit Holding BV, 7.88%, 06/29/2037(f)      3,373,650   
USD      8,900       Majapahit Holding BV, 8.00%, 08/07/2019(f)      9,976,900   
USD      8,888       Pertamina Persero PT, 5.63%, 05/20/2043(f)      6,925,414   
USD      11,900       Pertamina Persero PT, 6.00%, 05/03/2042(f)      9,701,653   
USD      7,600       Pertamina Persero PT, 6.45%, 05/30/2044(f)      6,538,782   
USD      4,600       Perusahaan Listrik Negara PT, 5.25%, 10/24/2042(f)      3,634,000   
USD      6,009       Perusahaan Listrik Negara PT, 5.25%, 10/24/2042(f)      4,747,110   
USD      2,000       Pratama Agung Pte Ltd., 6.25%, 02/24/2018(b)(f)      1,962,406   
        

 

 

 
     51,874,336   
        

 

 

 
MALAYSIA - 1.5%   
USD      900       Petroliam Nasional Bhd, 7.63%, 10/15/2026(f)      1,186,554   
USD      8,180       Petronas Capital Ltd., 3.13%, 03/18/2022(f)      8,151,362   
USD      50       Petronas Capital Ltd., 5.25%, 08/12/2019(f)      54,399   
USD      6,791       Petronas Capital Ltd., 7.88%, 05/22/2022(f)      8,613,222   
USD      2,650       Public Bank Bhd, 6.84%, 08/22/2016(a)(b)(c)      2,669,824   
        

 

 

 
     20,675,361   
        

 

 

 
PHILIPPINES - 2.1%   
USD      3,700       Energy Development Corp., 6.50%, 01/20/2021(f)      4,055,940   
USD      3,072       Philippine Long Distance Telephone Co., 8.35%, 03/06/2017      3,279,360   
USD      16,534       Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/2024(f)(g)      21,414,076   
        

 

 

 
     28,749,376   
        

 

 

 
REPUBLIC OF SOUTH KOREA - 4.4%   
USD      7,218       Doosan Heavy Industries & Construction Co. Ltd., 2.13%, 04/27/2020(f)      7,150,382   
USD      10,552       Hyundai Capital Services, Inc., 2.63%, 09/29/2020(f)      10,514,213   
USD      4,211       KEB Hana Bank, 2.50%, 06/12/2019(f)      4,255,190   
USD      2,050       Korea Expressway Corp., 1.88%, 10/22/2017(f)      2,057,304   
USD      1,400       Korea Gas Corp., 2.88%, 07/29/2018(f)      1,431,772   
USD      4,000       Korea Hydro & Nuclear Power Co. Ltd., 2.88%, 10/02/2018(f)      4,091,744   
USD      10,858       Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022(f)      11,104,976   
USD      6,305       Korea Hydro & Nuclear Power Co. Ltd., 3.25%, 06/15/2025(f)      6,512,151   
USD      3,000       Korea South-East Power Co. Ltd., 3.63%, 01/29/2017(f)      3,054,090   
USD      6,390       Minera y Metalergica del Boleo SA de CV, 2.88%, 05/07/2019(f)      6,485,614   
USD      4,200       Shinhan Bank, 1.88%, 07/30/2018(f)      4,183,351   
        

 

 

 
     60,840,787   
        

 

 

 
SINGAPORE - 1.4%   
SGD      2,750       CapitaMalls Asia Treasury Ltd., 3.95%, 08/24/2017      1,977,448   
USD      1,000       MPM Global Pte Ltd., 6.75%, 09/19/2017(b)(f)      945,340   
USD      8,900       Oversea-Chinese Banking Corp. Ltd., 3.15%, 03/11/2018(a)(b)(c)(f)      9,000,241   
USD      7,450       Oversea-Chinese Banking Corp. Ltd., 3.75%, 11/15/2017(a)(b)(c)(f)      7,624,330   
        

 

 

 
     19,547,359   
        

 

 

 
SRI LANKA - 0.2%   
USD      3,300       Bank of Ceylon, 5.33%, 04/16/2018(f)      3,180,540   
        

 

 

 
SUPRANATIONAL - 5.4%   
AUD      14,000       Asian Development Bank, 5.00%, 03/09/2022      11,085,137   

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
CORPORATE BONDS (continued)   
SUPRANATIONAL (continued)   
AUD      13,800       Asian Development Bank, 5.50%, 02/15/2016    $ 9,781,212   
AUD      16,800       Asian Development Bank, 6.25%, 03/05/2020      13,583,962   
AUD      10,000       Inter-American Development Bank, 6.00%, 05/25/2016      7,159,176   
AUD      11,200       Inter-American Development Bank, 6.50%, 08/20/2019      9,001,684   
AUD      10,000       International Bank for Reconstruction & Development, 4.25%, 06/24/2025      7,754,054   
AUD      8,900       International Bank for Reconstruction & Development, 5.75%, 10/21/2019      7,028,146   
AUD      10,300       International Bank for Reconstruction & Development, 6.00%, 11/09/2016      7,492,702   
AUD      2,600       International Finance Corp., 5.75%, 07/28/2020      2,084,761   
        

 

 

 
     74,970,834   
        

 

 

 
THAILAND - 3.3%   
USD      2,400       Bangkok Bank PCL, 4.80%, 10/18/2020(f)      2,617,606   
USD      4,800       Bangkok Bank PCL, 9.03%, 03/15/2029(f)      6,806,712   
USD      17,170       Krung Thai Bank PCL, 5.20%, 12/26/2019(a)(b)(c)(f)      17,669,115   
USD      9,440       PTT Global Chemical PCL, 4.25%, 09/19/2022(f)      9,813,852   
USD      4,500       Siam Commercial Bank Ltd., 3.38%, 09/19/2017(f)      4,595,967   
USD      4,002       Siam Commercial Bank PCL, 3.50%, 04/07/2019(f)      4,107,124   
        

 

 

 
     45,610,376   
        

 

 

 
UNITED KINGDOM - 1.1%   
USD      15,962       HSBC Holdings PLC, 6.38%, 03/30/2025(a)(b)(c)(h)      15,381,143   
        

 

 

 
Total Corporate Bonds - 64.1%
(cost $960,078,321)
     887,086,000   
        

 

 

 
GOVERNMENT BONDS - 68.6%   
AUSTRALIA - 40.1%   

AUD

     34,700      

Australia Government Bond, 3.25%, 04/21/2025(f)

     25,872,096   

AUD

     30,300      

Australia Government Bond, 3.25%, 04/21/2029(f)

     22,322,566   

AUD

     158,900      

Australia Government Bond, 3.75%, 04/21/2037(f)

     121,797,602   

AUD

     76,500      

Australia Government Bond, 4.50%, 04/21/2033(f)

     64,668,263   

AUD

     7,000      

Australia Government Bond, 5.50%, 04/21/2023(f)

     5,969,080   

AUD

     35,300      

Australia Government Bond, 5.75%, 07/15/2022(f)

     30,135,194   

AUD

     15,000      

New South Wales Treasury Corp., 6.00%, 03/01/2022

     12,728,600   

AUD

     27,100      

Queensland Treasury Corp., 6.00%, 04/21/2016(f)

     19,341,333   

AUD

     22,850      

Queensland Treasury Corp., 6.00%, 02/21/2018(f)

     17,428,016   

AUD

     31,190      

Queensland Treasury Corp., 6.00%, 06/14/2021(f)(g)

     26,068,708   

AUD

     47,100      

Queensland Treasury Corp., 6.25%, 06/14/2019(g)

     37,814,594   

AUD

     24,330      

Queensland Treasury Corp., 6.25%, 02/21/2020(f)

     19,805,767   

AUD

     131,500      

Treasury Corp. of Victoria, 5.75%, 11/15/2016

     95,696,486   

AUD

     14,250      

Treasury Corp. of Victoria, 6.00%, 06/15/2020

     11,658,567   

AUD

     35,350      

Treasury Corp. of Victoria, 6.00%, 10/17/2022

     30,286,461   

AUD

     15,000      

Western Australian Treasury Corp., 7.00%, 07/15/2021

     12,959,471   
        

 

 

 
     554,552,804   
        

 

 

 
BANGLADESH - 0.3%   

BDT

     200,000      

Bangladesh Treasury Bond, 11.23%, 01/15/2019

     2,894,587   

BDT

     100,000      

Bangladesh Treasury Bond, 11.78%, 08/14/2018

     1,442,206   
        

 

 

 
     4,336,793   
        

 

 

 
CHINA - 4.8%   

CNH

     13,000      

China Development Bank, 3.35%, 03/20/2017

     1,932,030   

CNY

     50,000      

China Government Bond, 3.28%, 08/05/2020(i)

     7,767,397   

CNY

     10,000      

China Government Bond, 3.36%, 05/24/2022(i)

     1,563,536   

CNY

     40,000      

China Government Bond, 3.41%, 06/24/2020(i)

     6,246,957   

CNY

     20,000      

China Government Bond, 3.46%, 07/11/2020(i)

     3,129,276   

CNY

     2,000      

China Government Bond, 3.57%, 11/17/2021(i)

     315,925   

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
GOVERNMENT BONDS (continued)   
CHINA (continued)   
CNY      88,000       China Government Bond, 3.64%, 04/09/2025(i)    $ 14,204,560   
CNY      4,000       China Government Bond, 3.77%, 08/15/2016(i)      612,369   
CNY      60,000       China Government Bond, 4.08%, 08/22/2023(i)      9,855,785   
CNY      30,000       China Government Bond, 4.10%, 09/27/2032(i)      5,013,819   
CNY      8,000       China Government Bond, 4.13%, 11/07/2018(i)      1,264,404   
CNY      20,000       China Government Bond, 4.13%, 09/18/2024(i)      3,329,960   
CNY      20,000       China Government Bond, 4.15%, 04/28/2031(i)      3,371,509   
CNH      13,000       Export-Import Bank of China (The), 3.25%, 01/17/2021      1,937,844   
USD      5,531       Export-Import Bank of China (The), 3.63%, 07/31/2024(f)      5,787,141   
        

 

 

 
     66,332,512   
        

 

 

 
INDIA - 3.1%   
INR      1,885,000       India Government Bond, 8.12%, 12/10/2020      28,328,806   
INR      125,000       India Government Bond, 8.30%, 07/02/2040      1,850,411   
INR      16,000       India Government Bond, 8.33%, 06/07/2036      238,691   
INR      110,440       India Government Bond, 8.40%, 07/28/2024      1,679,132   
INR      502,500       India Government Bond, 8.60%, 06/02/2028      7,755,871   
INR      150,000       India Government Bond, 8.83%, 12/12/2041      2,342,840   
INR      8,870       India Government Bond, 9.20%, 09/30/2030      142,427   
        

 

 

 
     42,338,178   
        

 

 

 
INDONESIA - 4.6%   
USD      7,989       Indonesia Government International Bond, 3.38%, 04/15/2023(f)      7,559,519   
USD      3,500       Indonesia Government International Bond, 5.25%, 01/17/2042(f)      3,310,121   
USD      6,900       Indonesia Government International Bond, 6.63%, 02/17/2037(f)      7,402,058   
IDR      47,000,000       Indonesia Treasury Bond, 8.25%, 06/15/2032      3,238,616   
IDR      40,000,000       Indonesia Treasury Bond, 8.25%, 05/15/2036      2,799,158   
IDR      294,000,000       Indonesia Treasury Bond, 8.38%, 03/15/2024      21,376,521   
IDR      120,400,000       Indonesia Treasury Bond, 8.38%, 03/15/2034      8,425,116   
IDR      30,000,000       Indonesia Treasury Bond, 9.00%, 03/15/2029      2,236,378   
IDR      21,000,000       Indonesia Treasury Bond, 9.50%, 07/15/2031      1,598,973   
USD      2,050       Perusahaan Penerbit SBSN, 4.00%, 11/21/2018(f)      2,132,000   
USD      3,981       Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024(f)      3,886,451   
        

 

 

 
     63,964,911   
        

 

 

 
PHILIPPINES - 3.2%   
PHP      347,040       Philippine Government Bond, 5.75%, 11/24/2021      7,791,306   
PHP      544       Philippine Government Bond, 6.38%, 01/19/2022      12,842   
PHP      331,030       Philippine Government Bond, 9.13%, 09/04/2016      7,213,314   
PHP      851,000       Philippine Government International Bond, 3.63%, 03/21/2033      15,235,793   
USD      7,050       Philippine Government International Bond, 7.75%, 01/14/2031      10,296,751   
USD      2,970       Philippine Government International Bond, 9.88%, 01/15/2019      3,668,268   
        

 

 

 
     44,218,274   
        

 

 

 
REPUBLIC OF SOUTH KOREA - 8.2%   
USD      12,500       Export-Import Bank of Korea, 2.63%, 12/30/2020      12,769,950   
USD      5,600       Korea Land & Housing Corp., 1.88%, 08/02/2017(f)      5,614,061   
KRW      12,000,000       Korea Treasury Bond, 2.25%, 12/10/2025      10,252,088   
KRW      1,000,000       Korea Treasury Bond, 2.75%, 09/10/2017      849,662   
KRW      46,000,000       Korea Treasury Bond, 3.00%, 09/10/2024      41,492,123   
KRW      5,500,000       Korea Treasury Bond, 3.25%, 09/10/2018      4,781,802   
KRW      10,300,000       Korea Treasury Bond, 3.38%, 09/10/2023      9,462,873   
KRW      7,000,000       Korea Treasury Bond, 3.50%, 03/10/2024      6,510,590   
KRW      3,300,000       Korea Treasury Bond, 3.75%, 06/10/2022      3,066,443   
KRW      1,500,000       Korea Treasury Bond, 3.75%, 12/10/2033      1,561,922   

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

Principal Amount
(000)

    

Description

   Value
(US$)
 
GOVERNMENT BONDS (continued)   
REPUBLIC OF SOUTH KOREA (continued)   
KRW      19,000,000       Korea Treasury Bond, 4.25%, 06/10/2021    $ 17,847,749   
        

 

 

 
     114,209,263   
        

 

 

 
SINGAPORE - 2.9%   
SGD      3,000       Housing & Development Board, 1.01%, 09/19/2016      2,101,051   
SGD      3,000       Housing & Development Board, 1.83%, 11/21/2018(f)      2,108,691   
SGD      750       Housing & Development Board, 2.02%, 02/22/2016      526,743   
SGD      2,000       Housing & Development Board, 3.14%, 03/18/2021      1,469,299   
SGD      10,000       Singapore Government Bond, 0.50%, 04/01/2018      6,919,135   
SGD      20,000       Singapore Government Bond, 3.00%, 09/01/2024      14,888,390   
SGD      15,490       Singapore Government Bond, 3.50%, 03/01/2027      11,998,607   
        

 

 

 
     40,011,916   
        

 

 

 
SRI LANKA - 1.4%   
USD      9,754       Sri Lanka Government Bonds, 6.13%, 06/03/2025(f)      8,507,409   
LKR      90,000       Sri Lanka Government Bonds, 8.00%, 09/01/2016      626,043   
LKR      151,000       Sri Lanka Government Bonds, 8.00%, 11/15/2018      1,011,014   
LKR      230,000       Sri Lanka Government Bonds, 8.50%, 04/01/2018      1,577,730   
LKR      388,000       Sri Lanka Government Bonds, 8.50%, 07/15/2018      2,650,341   
LKR      293,000       Sri Lanka Government Bonds, 8.75%, 05/15/2017      2,046,519   
LKR      80,000       Sri Lanka Government Bonds, 11.20%, 07/01/2022      577,484   
LKR      420,000       Sri Lanka Government Bonds, 11.40%, 01/01/2024      3,043,595   
        

 

 

 
     20,040,135   
        

 

 

 
Total Government Bonds - 68.6%
(cost $1,087,616,394)
     950,004,786   
        

 

 

 
SHORT-TERM INVESTMENT - 5.2%   
UNITED STATES - 5.2%   
USD      71,599       Repurchase Agreement, Fixed Income Clearing Corp., 0.03% dated 01/29/2016, due 02/01/2016 in the amount of $71,599,179 (collateralized by $71,065,000 U.S. Treasury Obligations, maturing 10/31/2020 - 02/15/2043; value of $73,037,706)      71,599,000   
        

 

 

 

Total Short-Term Investment - 5.2%

(cost $71,599,000)

     71,599,000   
        

 

 

 

Total Investments - 137.9%

(cost $2,119,293,715)

     1,908,689,786   
        

 

 

 

Long Term Debt Securities

     (525,000,000

Mandatory Redeemable Preferred Stock at Liquidation Value

     (50,000,000

Other Assets in Excess of Liabilities - 3.6%

     49,974,866   
        

 

 

 
Net Assets - 100.0%    $ 1,383,664,652   
        

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

AUD   -   Australian Dollar
BDT   -   Bangladesh Taka
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) Indicates a variable rate security. The maturity date presented for these instruments is the later of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at January 31, 2016.

 

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

 

(c) Variable or Floating Rate Security. Rate disclosed is as of January 31, 2016.

 

(d) Illiquid security.

 

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

 

(f) Denotes a restricted security.

 

(g) This security is government guaranteed.

 

(h) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely.

 

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

At January 31, 2016, the Fund held the following futures contracts:

 

Futures Contracts

   Counterparty    Number of
Contracts
Long (Short)
    Expiration
Date
     Unrealized
Appreciation/
(Depreciation)
 
United States Treasury Note 6%-2 year    UBS      448        03/31/2016       $ 446,947   
United States Treasury Note 6%-5 year    UBS      (370     03/31/2016         (504,193
United States Treasury Note 6%-10 year    UBS      (477     03/21/2016         (1,252,062
United States Treasury Note 6%-30 Year    UBS      163        03/21/2016         1,079,898   
          

 

 

 
           $ (229,410
          

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (continued)

As of January 31, 2016

 

At January 31, 2016, the Fund’s open forward foreign currency exchange contracts were as follows:

 

Purchase Contracts

Settlement Date*

  

Counterparty

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

02/02/2016

   Standard Chartered Bank    CNY     196,633,500       USD     30,013,050       $ 29,888,961       $ (124,089

04/18/2016

   Royal Bank of Canada    CNY     128,083,200       USD     19,200,000         19,380,042         180,042   
Chinese Yuan Renminbi Offshore/United States Dollar   

02/02/2016

   BNP Paribas    CNH     64,383,750       USD     9,700,000         9,763,842         63,842   

02/02/2016

   Standard Chartered Bank    CNH     72,070,800       USD     10,900,000         10,929,589         29,589   
Indian Rupee/United States Dollar   

02/02/2016

   Citigroup    INR     2,734,188,030       USD     41,300,000         40,281,213         (1,018,787

06/01/2016

   Credit Suisse    INR     2,773,167,630       USD     40,100,000         40,029,343         (70,657
Malaysian Ringgit/United States Dollar   

03/21/2016

   BNP Paribas    MYR     5,926,200       USD     1,400,000         1,421,492         21,492   
Philippine Peso/United States Dollar   

02/04/2016

   BNP Paribas    PHP     80,733,000       USD     1,700,000         1,694,002         (5,998
Singapore Dollar/United States Dollar   

03/31/2016

   Credit Suisse    SGD     32,304,160       USD     22,400,000         22,652,143         252,143   
South Korean Won/United States Dollar   

02/02/2016

   State Street    KRW     11,653,440,000       USD     9,600,000         9,720,110         120,110   

02/22/2016

   Goldman Sachs    KRW     13,027,840,000       USD     11,200,000         10,862,249         (337,751

02/22/2016

   State Street    KRW     25,036,410,000       USD     21,000,000         20,874,659         (125,341
Thai Baht/United States Dollar   

02/25/2016

   Goldman Sachs    THB     1,223,490,000       USD     34,000,000         34,276,653         276,653   
               

 

 

    

 

 

 
   $ 251,774,298       $ (738,752
               

 

 

    

 

 

 

Sale Contracts
Settlement Date*

  

Counterparty

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

04/06/2016

   State Street    USD     165,000,000       AUD     237,171,194       $ 167,347,165       $ (2,347,165
United States Dollar/Chinese Renminbi   

02/02/2016

   Royal Bank of Canada    USD     19,233,637       CNY     127,230,510         19,339,471         (105,834

02/02/2016

   Standard Chartered Bank    USD     30,700,000       CNY     196,633,500         29,888,961         811,039   

04/18/2016

   Standard Chartered Bank    USD     29,900,000       CNY     199,283,500         30,153,233         (253,233
United States Dollar/Chinese Yuan Renminbi Offshore   

02/02/2016

   State Street    USD     1,400,000       CNH     9,224,040         1,398,832         1,168   
United States Dollar/Indian Rupee   

02/02/2016

   Citigroup    USD     40,281,925       INR     2,734,188,030         40,281,213         712   
United States Dollar/Malaysian Ringgit   

03/21/2016

   Goldman Sachs    USD     9,300,000       MYR     40,961,850         9,825,342         (525,342
United States Dollar/Philippine Peso   

02/04/2016

   Deutsche Bank    USD     25,100,000       PHP     1,189,815,300         24,965,624         134,376   
United States Dollar/Singapore Dollar   

03/31/2016

   Credit Suisse    USD     7,800,000       SGD     11,248,770         7,887,800         (87,800
United States Dollar/South Korean Won   

02/22/2016

   Standard Chartered Bank    USD     34,400,000       KRW     39,965,120,000         33,321,800         1,078,200   

02/22/2016

   State Street    USD     36,499,999       KRW     44,220,390,000         36,869,725         (369,726
United States Dollar/Thai Baht   

02/25/2016

   Goldman Sachs    USD     31,500,000       THB     1,133,527,500         31,756,311         (256,311

02/25/2016

   State Street    USD     1,300,000       THB     47,164,000         1,321,322         (21,322
               

 

 

    

 

 

 
   $ 434,356,799       $ (1,941,238
               

 

 

    

 

 

 

 

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

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Portfolio of Investments (unaudited) (concluded)

As of January 31, 2016

 

At January 31, 2016, the Fund’s over-the-counter interest rate swaps were as follows:

 

Currency

   Notional
Amount
     Expiration
Date
    

Counterparty

   Receive
(Pay)
Floating
Rate
    

Floating Rate Index

   Fixed
Rate
    Unrealized
Depreciation
 
USD      59,000,000         10/31/2016       Barclays Bank      Receive       3-month LIBOR Index      1.42     $(544,227
USD      66,000,000         11/01/2017       Barclays Bank      Receive       3-month LIBOR Index      0.84     (127,600
                   

 

 

 
                      $(671,827
                   

 

 

 

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.


Notes to Portfolio of Investments (unaudited)

January 31, 2016

 

Summary of Significant Accounting Policies

 

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair Value” is defined in the Fund’s valuation and liquidity procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to contract at the measurement date.

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 by the Board of Directors of the Fund (the “Board”). Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades occur in smaller “odd lot” size that transacted at lower prices than institutional round lot trades. If there are no current day bids, the security is valued at the previously applied bid. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

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

In the event that a security’s market quotations are not readily available or are deemed unreliable, the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Pricing Committee may be classified as Level 2 or 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“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 measurements to valuations based upon unadjusted quoted prices in active markets for similar assets, Level 2 measurements to valuations based upon significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3 measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

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.


Notes to Portfolio of Investments (unaudited) (continued)

January 31, 2016

 

The following is a summary of the inputs used as of January 31, 2016 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:

 

     Level 1     Level 2     Level 3      Total  
Investments, at Value          
Fixed Income Investments          

Corporate Bonds

   $        887,086,000                887,086,000   

Government Bonds

            950,004,786                950,004,786   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Fixed Income Investments             1,837,090,786                1,837,090,786   
Short-Term Investment             71,599,000                71,599,000   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments    $      $ 1,908,689,786      $   —       $ 1,908,689,786   
  

 

 

   

 

 

   

 

 

    

 

 

 
Other Financial Instruments          

Futures Contracts

     1,526,845                       1,526,845   

Forward Foreign Currency Exchange Contracts

            2,969,366                2,969,366   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Other Financial Instruments    $ 1,526,845      $ 2,969,366      $         4,496,211   
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Assets    $ 1,526,845      $ 1,911,659,152      $         1,913,185,997   
  

 

 

   

 

 

   

 

 

    

 

 

 
Liabilities          
Other Financial Instruments          

Futures Contracts

     (1,756,255                    (1,756,255

Forward Foreign Currency Exchange Contracts

            (5,649,356             (5,649,356

Interest Rate Swap Agreements

            (671,827             (671,827
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Liabilities    $ (1,756,255   $ (6,321,183   $       $ (8,077,438
  

 

 

   

 

 

   

 

 

    

 

 

 

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

For movements between the Levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. During the quarter ended January 31, 2016, Green Dragon Gas Ltd. transferred from Level 3 to Level 2 because it was not broker priced at January 31, 2016. For the quarter ended January 31, 2016, there were no significant changes to the fair valuation methodologies.

 

b. Repurchase Agreements:

The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the counterparty of the repurchase agreement, realization of the collateral by the Fund may be delayed or limited. The Fund held a repurchase agreement of $71,599,000 as of January 31, 2016. The value of the related collateral exceeded the value of the repurchase agreement at January 31, 2016. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. For additional information on the Fund’s repurchase agreement, see the Portfolio of Investments.

 

c. 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 (the “1933 Act”). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

 

Aberdeen Asia-Pacific Income Fund, Inc.


Notes to Portfolio of Investments (unaudited) (concluded)

January 31, 2016

 

d. Federal Income Taxes:

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2016 were as follows:

 

Cost   Appreciation   Depreciation     Net Unrealized Appreciation
$1,881,394,874   $57,734,666   $ (30,439,754   $27,294,912

 

Aberdeen Asia-Pacific Income Fund, Inc.


Item 2 – Controls and Procedures

 

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

 

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

 

Item 3. Exhibits

 

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Aberdeen Asia-Pacific Income Fund, Inc.
  BY:       /s/ Christian Pittard
    Christian Pittard,
    Principal Executive Officer of
   

Aberdeen Asia-Pacific Income Fund, Inc.

  Date: March 30, 2016

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: March 30, 2016
  BY:       /s/ Andrea Melia
    Andrea Melia,
    Principal Financial Officer of
    Aberdeen Asia-Pacific Income Fund, Inc.
  Date: March 30, 2016