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 Standard Investments 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, 2019

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Item 1 – Schedule of Investments – The Schedule of Investments for the three-month period ended January 31, 2019 is filed herewith.

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Portfolio of Investments (unaudited)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
BANK LOANS - 0.7%
AUSTRALIA - 0.7%
AUD			11,000			Brickworks Ltd. Term Loan C, 4.09%, 10/16/2025(a)(b)		$	7,999,522
Total Bank Loans - 0.7% (cost $8,716,952)									7,999,522
CORPORATE BONDS - 65.9%
AUSTRALIA - 2.3%
AUD			2,500			APT Pipelines Ltd., 7.75%, 07/22/2020(c)			1,939,751
USD			6,000			Australia and New Zealand Banking Group Ltd., 6.75%, 12/29/2049(c)			6,195,000
AUD			6,043			Brisbane Square Finance Pty Ltd., Zero Coupon, 11/25/2025(b)(g)(h)			4,814,550
AUD			7,239			CF Asia Pacific Group Pty Ltd., 8.35%, 05/31/2019(b)(c)(e)(h)			5,278,793
AUD			4,310			NEXTDC Ltd., 6.25%, 06/09/2019(e)			3,181,124
AUD			7,300			Qantas Airways Ltd., 7.50%, 06/11/2021			5,826,596
									27,235,814
CHINA - 20.1%
USD			6,500			Agile Group Holdings Ltd.,, 10.22%, 07/18/2019(c)(d)(e)(f)			6,597,500
CNY			20,000			Agricultural Development Bank of China, 4.37%, 05/25/2023			3,098,116
CNH			10,000			Bank of China Ltd., 4.88%, 04/20/2020			1,515,095
USD			4,500			Central China Real Estate Ltd., 8.00%, 03/01/2019(c)(e)			4,523,477
USD			6,400			China Aoyuan Group Ltd., 7.95%, 09/07/2020(c)(e)			6,531,821
CNY			160,000			China Development Bank, 4.88%, 02/09/2028			25,850,541
CNH			8,000			China Development Bank Hong Kong, 3.20%, 09/21/2023			1,184,854
USD			6,800			China Evergrande Group, 8.25%, 03/23/2020(c)(e)			6,457,538
CNY			10,000			China National Petroleum Corp., 3.72%, 09/20/2021			1,497,329
USD			7,000			China Overseas Finance Cayman III Ltd., 5.38%, 10/29/2023(c)			7,388,780
USD			4,955			China Resources Gas Group Ltd., 4.50%, 04/05/2022(c)			5,072,889
USD			4,000			Chinalco Capital Holdings Ltd., 4.25%, 04/21/2022(c)			3,861,544
USD			8,300			CNAC HK Finbridge Co. Ltd., 4.88%, 03/14/2025(c)			8,550,851
USD			7,500			CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023(c)			7,761,637
USD			8,000			CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024			8,213,080
USD			6,810			Country Garden Holdings Co. Ltd., 8.00%, 09/27/2021(c)(e)			6,892,891
CNY			20,000			Export-Import Bank of China, 4.37%, 06/19/2023			3,102,337
CNH			40,000			Franshion Brilliant Ltd., 5.20%, 03/08/2021			5,940,967
USD			3,200			Fufeng Group Ltd., 5.88%, 08/28/2021(c)			3,238,362
USD			1,000			Geely Automobile Holdings Ltd., 3.63%, 01/25/2023(c)			965,998
USD			4,086			Health and Happiness H&H International Holdings Ltd., 7.25%, 03/04/2019(c)(e)			4,127,849
USD			4,000			Hilong Holding Ltd., 7.25%, 06/22/2020(c)			3,738,036
USD			6,900			Huarong Finance II Co. Ltd., 3.25%, 06/03/2021(c)			6,722,773
USD			4,300			Industrial & Commercial Bank of China Ltd.,, 6.00%, 12/10/2019(c)(e)(f)			4,349,054
USD			6,500			Logan Property Holdings Co. Ltd., 6.88%, 04/24/2020(c)(e)			6,441,864
USD			7,100			New Metro Global Ltd., 5.00%, 08/08/2020(c)(e)			6,408,993
USD			5,500			Poly Real Estate Finance Ltd., 3.95%, 02/05/2023(c)			5,349,102
USD			7,000			Postal Savings Bank of China Co. Ltd.,, 4.50%, 09/27/2022(c)(e)(f)			6,720,000
USD			1,000			Scenery Journey Ltd., 11.00%, 11/06/2020(c)			1,030,050
USD			3,308			Semiconductor Manufacturing International Corp., 4.13%, 10/07/2019(c)			3,310,150
USD			2,800			SF Holding Investment Ltd., 4.13%, 07/26/2023(c)			2,789,203
USD			7,600			Shimao Property Holdings Ltd., 8.38%, 03/01/2019(c)(e)			7,950,459
USD			3,000			Sinochem International Development Pte Ltd., 3.13%, 07/25/2022(c)			2,912,952
USD			5,200			Sinopec Capital 2013 Ltd., 3.13%, 04/24/2023(c)			5,091,816
USD			5,900			Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/2024(c)			6,077,844
USD			14,738			State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/2027(c)			14,382,167
USD			3,400			Sunny Optical Technology Group Co. Ltd., 3.75%, 01/23/2023(c)			3,275,492

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
CORPORATE BONDS (continued)
CHINA (continued)
USD			3,331			Tencent Holdings Ltd., 3.80%, 02/11/2025(c)		$	3,351,495
USD			3,700			Tianqi Finco Co. Ltd., 3.75%, 11/28/2022(c)			3,287,890
USD			7,400			Times China Holdings Ltd., 6.60%, 11/30/2020(c)(e)			6,838,444
USD			7,200			Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 11/09/2027(c)			6,649,711
USD			5,400			Voyage Bonds Ltd., 3.38%, 09/28/2022(c)			5,185,647
USD			3,500			Yankuang Group Cayman Ltd., 4.75%, 11/30/2020(c)			3,439,849
USD			2,882			Yingde Gases Investment Ltd., 6.25%, 01/19/2021(c)(e)			2,770,891
									240,447,338
GERMANY - 3.3%
AUD			5,000			KfW, 6.00%, 08/20/2020(i)			3,843,517
AUD			20,500			KfW, 6.25%, 12/04/2019(i)			15,401,305
AUD			15,000			KfW, 6.25%, 05/19/2021(i)			11,884,379
AUD			10,000			Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(i)(j)			8,084,182
									39,213,383
HONG KONG - 4.0%
USD			2,594			CK Hutchison Capital Securities 17 Ltd., (fixed rate to 05/12/2022, variable rate thereafter), 4.00%, 05/12/2022(c)(e)(f)			2,453,631
USD			4,840			CK Hutchison International 17 Ltd., 2.88%, 04/05/2022(c)			4,766,174
USD			3,900			Far East Consortium International Ltd., 3.75%, 09/08/2021(c)			3,744,893
USD			5,326			FPC Treasury Ltd., 4.50%, 04/16/2023(c)			5,354,121
USD			8,000			Hongkong Electric Finance Ltd., 2.88%, 05/03/2026(c)			7,478,464
USD			15,500			Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(c)			19,316,705
USD			980			Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033(c)			1,342,653
USD			2,871			Standard Chartered PLC, 144A, 3.95%, 01/11/2023(c)			2,862,311
									47,318,952
INDIA - 11.3%
USD			9,480			Adani Ports & Special Economic Zone Ltd., 4.00%, 06/30/2027(c)(e)			8,623,878
INR			350,000			Adani Transmission Ltd., 10.25%, 04/15/2021			5,096,452
INR			500,000			Axis Bank Ltd., 8.85%, 12/05/2024			7,203,895
USD			3,840			Bharat Petroleum Corp. Ltd., 4.00%, 05/08/2025(c)			3,722,473
INR			150,000			Export-Import Bank of India, 7.62%, 09/01/2026			2,058,545
INR			350,000			HDFC Bank Ltd., 7.95%, 09/21/2026			4,669,626
INR			300,000			Housing Development Finance Corp. Ltd., 7.60%, 06/26/2020			4,179,204
INR			100,000			Housing Development Finance Corp. Ltd., 8.65%, 09/18/2020			1,413,735
INR			250,000			Housing Development Finance Corp. Ltd., 8.75%, 01/13/2020(e)			3,528,093
USD			10,700			ICICI Bank Ltd., 4.00%, 03/18/2026(c)			10,244,319
INR			400,000			ICICI Bank Ltd., 7.60%, 10/07/2023			5,555,034
INR			250,000			ICICI Bank Ltd., 9.15%, 08/06/2024			3,627,672
INR			200,000			Indiabulls Housing Finance Ltd., 8.90%, 09/26/2021			2,700,607
INR			100,000			Indiabulls Housing Finance Ltd., 9.00%, 04/29/2026			1,422,372
INR			250,000			Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023			3,588,576
USD			3,780			Neerg Energy Ltd., 6.00%, 02/13/2020(c)(e)			3,632,043
USD			3,400			NTPC Ltd., 4.75%, 10/03/2022(c)			3,466,589
INR			200,000			NTPC Ltd., 8.49%, 03/25/2025(h)			2,815,037
INR			100,000			NTPC Ltd., 8.73%, 03/07/2023			1,454,550
INR			100,000			NTPC Ltd., 9.17%, 09/22/2024			1,451,631
INR			250,000			Power Finance Corp. Ltd., 7.50%, 09/17/2020			3,465,351
INR			250,000			Power Finance Corp. Ltd., 8.36%, 02/26/2020			3,500,000
INR			250,000			Power Finance Corp. Ltd., 8.39%, 04/19/2025			3,514,813
INR			400,000			Power Finance Corp. Ltd., 8.65%, 12/28/2024			5,844,702
INR			200,000			Power Grid Corp. of India Ltd., 8.93%, 10/20/2022			2,918,718

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
CORPORATE BONDS (continued)
INDIA (continued)
USD			7,000			Reliance Industries Ltd., 4.13%, 01/28/2025(c)		$	6,964,672
INR			250,000			Reliance Jio Infocomm Ltd., 8.95%, 10/04/2020			3,564,592
INR			200,000			Rural Electrification Corp. Ltd., 8.44%, 12/04/2021			2,820,568
INR			150,000			Rural Electrification Corp. Ltd., 9.34%, 08/25/2024			2,191,590
INR			70,000			Rural Electrification Corp. Ltd., 9.35%, 06/15/2022			1,013,973
INR			50,000			State of Karnataka India, 7.38%, 09/27/2027			670,156
INR			300,000			State of Maharashtra India, 7.20%, 08/09/2027			3,980,184
INR			100,000			Tata Motors Ltd., 9.73%, 10/01/2020			1,417,878
USD			6,883			Vedanta Resources PLC, 6.13%, 08/09/2021(c)(e)			6,260,583
USD			6,800			Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023(c)			6,374,218
									134,956,329
INDONESIA - 2.2%
USD			6,250			Chandra Asri Petrochemical Tbk PT, 4.95%, 11/08/2021(c)(e)			5,653,487
USD			4,200			Jababeka International BV, 6.50%, 10/05/2020(c)(e)			3,756,661
IDR			30,000,000			Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020			2,176,704
USD			2,625			LLPL Capital Pte Ltd., 6.88%, 02/04/2039(c)(h)			2,625,000
USD			1,600			Medco Platinum Road Pte Ltd., 6.75%, 01/30/2022(c)(e)			1,459,283
USD			6,129			Perusahaan Listrik Negara PT, 6.15%, 05/21/2048(c)			6,601,878
USD			4,164			TBG Global Pte Ltd., 5.25%, 02/10/2020(c)(e)			4,153,807
									26,426,820
MACAU - 0.5%
USD			6,600			Sands China Ltd., 5.40%, 05/08/2028(e)			6,518,247
MALAYSIA - 3.2%
MYR			10,000			Cagamas Bhd, 4.05%, 09/07/2021			2,438,316
MYR			1,500			Cagamas Bhd, 4.45%, 11/25/2020			369,149
MYR			5,000			CIMB Group Holdings Bhd, 4.95%, 03/29/2023(e)			1,238,550
MYR			10,000			GENM Capital Bhd, 4.98%, 07/11/2023			2,469,824
USD			14,000			Gohl Capital Ltd., 4.25%, 01/24/2027(c)			13,430,830
MYR			4,800			Malaysia Airports Capital Bhd, 4.55%, 08/28/2020			1,179,159
MYR			5,000			Pengurusan Air SPV Bhd, 4.22%, 02/07/2023			1,220,703
USD			3,600			Press Metal Labuan Ltd., 4.80%, 10/30/2020(c)(e)			3,407,972
MYR			5,000			Putrajaya Holdings Sdn Bhd, 5.10%, 04/22/2019			1,223,759
USD			3,736			RHB Bank Bhd, 2.50%, 10/06/2021(c)			3,626,165
USD			7,000			TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026(c)			6,506,696
MYR			5,000			United Overseas Bank Malaysia Bhd, 4.80%, 07/25/2023(e)			1,230,435
									38,341,558
NETHERLANDS - 0.5%
USD			6,050			Samvardhana Motherson Automotive Systems Group BV, 4.88%, 06/16/2019(c)(e)			5,951,972
PHILIPPINES - 2.5%
USD			7,000			ICTSI Treasury BV, 5.88%, 09/17/2025(c)			7,163,926
USD			3,446			International Container Terminal Services, Inc., 7.38%, 03/17/2020(c)			3,576,328
USD			13,086			Megaworld Corp., 4.25%, 04/17/2023(c)			12,865,592
USD			7,000			Royal Capital BV,, 4.88%, 05/05/2024(c)(e)(f)			6,457,500
									30,063,346
QATAR - 0.1%
CNH			10,000			QNB Finance Ltd., 5.10%, 03/08/2021			1,510,875

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
CORPORATE BONDS (continued)
SINGAPORE - 2.2%
USD			4,000			DBS Group Holdings Ltd.,, 3.60%, 09/07/2021(c)(e)(f)		$	3,864,000
USD			2,400			DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable thereafter), 4.52%, 12/11/2023(c)(e)			2,456,083
USD			7,289			Marble II Pte Ltd., 5.30%, 06/20/2019(c)(e)			7,264,611
USD			3,800			Parkway Pantai Ltd.,, 4.25%, 07/27/2022(c)(e)(f)			3,587,200
USD			9,000			United Overseas Bank Ltd., 3.50%, 09/16/2021(c)(e)(j)			8,914,950
									26,086,844
SOUTH KOREA - 6.1%
USD			11,400			Busan Bank Co. Ltd., 3.63%, 07/25/2026(c)			10,582,814
USD			7,000			Doosan Power Systems SA, (fixed rate to 10/25/2021, variable thereafter), 3.75%, 10/25/2021(c)(e)			7,038,878
USD			6,000			Hyundai Capital Services, Inc., 2.63%, 09/29/2020(c)			5,910,644
USD			11,111			Korea Development Bank (The), 2.63%, 02/27/2022			10,920,814
USD			10,658			Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022(c)			10,492,289
USD			13,652			Korea National Oil Corp., 2.63%, 04/14/2026(c)			12,742,123
USD			7,760			Shinhan Bank Co. Ltd., 2.88%, 03/28/2022(c)			7,651,413
USD			3,000			Shinhan Financial Group Co. Ltd.,, 5.88%, 08/13/2023(c)(e)(f)			3,000,018
USD			4,733			Woori Bank, 5.13%, 08/06/2028(c)			4,824,394
									73,163,387
THAILAND - 3.4%
USD			1,200			Bangkok Bank PCL, 9.03%, 03/15/2029(c)			1,600,706
USD			10,000			GC Treasury Center Co. Ltd., 4.25%, 09/19/2022(c)			10,141,560
USD			17,170			Krung Thai Bank PCL,, 5.20%, 12/26/2019(c)(e)(j)			17,312,769
USD			4,331			PTTEP Canada International Finance Ltd., 5.69%, 04/05/2021(c)			4,525,061
USD			5,386			PTTEP Treasury Center Co. Ltd., (fixed rate to 07/17/2022, variable thereafter), 4.60%, 07/17/2022(c)(e)(f)			5,097,138
USD			2,197			Thaioil Treasury Center Co. Ltd., 4.63%, 11/20/2028(c)			2,258,419
									40,935,653
TURKEY - 0.3%
USD			3,300			Yapi ve Kredi Bankasi AS, (fixed rate to 01/15/2024, variable thereafter), 13.88%, 01/15/2024(c)(e)(f)			3,458,902
UKRAINE - 0.2%
USD			2,193			MHP SE, 7.75%, 05/10/2024(c)			2,106,464
UNITED ARAB EMIRATES - 1.4%
USD			6,700			Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(c)			6,666,500
USD			6,190			Emirates Airline, 4.50%, 02/06/2025(c)(h)			6,109,058
USD			3,700			MAF Global Securities Ltd., 5.50%, 09/07/2022(c)(e)(f)			3,552,592
									16,328,150

 

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
UNITED KINGDOM - 2.3%
USD			12,962			HSBC Holdings PLC, 6.38%, 03/30/2025(d)(e)(f)(j)		$	13,010,607
USD			6,999			Standard Chartered PLC, 3.95%, 01/11/2023(c)			6,977,821
USD			5,000			Standard Chartered PLC, 4.05%, 04/12/2026(c)			4,873,850
USD			2,759			Standard Chartered PLC, (fixed rate to 04/02/2023, variable rate thereafter), 7.75%, 04/02/2023(c)(e)(f)			2,876,258
									27,738,536
Total Corporate Bonds - 65.9% (cost $824,457,283)									787,802,570
GOVERNMENT BONDS - 71.8%
AUSTRALIA - 39.1%
AUD			46,300			Australia Government Bond, 2.75%, 11/21/2028(c)			35,124,028
AUD			12,400			Australia Government Bond, 3.25%, 04/21/2025(c)			9,668,819
AUD			23,200			Australia Government Bond, 3.25%, 06/21/2039(c)			18,443,941
AUD			51,000			Australia Government Bond, 3.75%, 04/21/2037(c)			43,342,465
AUD			17,700			Australia Government Bond, 4.50%, 04/21/2033(c)			16,136,829
AUD			91,700			Australia Government Bond, 5.25%, 03/15/2019(c)			66,920,426
AUD			81,700			Australia Government Bond, 5.50%, 04/21/2023(c)			68,314,896
AUD			6,000			New South Wales Treasury Corp., 3.00%, 04/20/2029(c)			4,446,552
AUD			13,500			New South Wales Treasury Corp., 3.00%, 02/20/2030(c)			9,943,126
AUD			7,500			New South Wales Treasury Corp., 4.00%, 05/20/2026(c)			6,013,101
AUD			25,000			New South Wales Treasury Corp., 6.00%, 05/01/2020(c)			19,052,867
AUD			15,000			New South Wales Treasury Corp., 6.00%, 03/01/2022			12,198,422
AUD			22,000			Queensland Treasury Corp., 4.25%, 07/21/2023(c)			17,381,824
AUD			51,400			Queensland Treasury Corp., 5.50%, 06/21/2021(c)			40,330,153
AUD			4,690			Queensland Treasury Corp., 6.00%, 06/14/2021(c)(i)			3,728,940
AUD			47,100			Queensland Treasury Corp., 6.25%, 06/14/2019(i)			34,772,458
AUD			16,200			Queensland Treasury Corp., 6.25%, 02/21/2020(c)			12,288,498
AUD			20,000			Treasury Corp. of Victoria, 6.00%, 10/17/2022			16,566,197
AUD			5,000			Western Australian Treasury Corp., 2.50%, 07/23/2024			3,664,536
AUD			22,000			Western Australian Treasury Corp., 2.75%, 10/20/2022			16,324,302
AUD			15,000			Western Australian Treasury Corp., 7.00%, 07/15/2021			12,181,282
									466,843,662
CHINA - 0.6%
CNY			10,000			Central Huijin Investment, 3.67%, 01/16/2024			1,490,314
CNY			4,000			China Government Bond, 2.85%, 01/28/2026(k)			584,540
CNY			3,000			China Government Bond, 3.46%, 07/11/2020(k)			453,485
CNY			10,000			China Government Bond, 3.54%, 08/16/2028			1,537,414
CNY			2,000			China Government Bond, 3.57%, 11/17/2021(k)			305,502
CNY			20,000			China Government Bond, 3.69%, 05/17/2028			3,113,554
									7,484,809
INDIA - 4.6%
INR			750,000			India Government Bond, 7.68%, 12/15/2023			10,719,558
INR			1,000,000			India Government Bond, 7.72%, 05/25/2025			14,243,532
INR			475,000			India Government Bond, 7.73%, 12/19/2034			6,718,926
INR			1,041,880			India Government Bond, 8.08%, 08/02/2022			15,052,470
INR			439,000			India Government Bond, 8.30%, 07/02/2040			6,575,124
INR			110,440			India Government Bond, 8.40%, 07/28/2024			1,625,543
INR			9,590			India Government Bond, 9.20%, 09/30/2030			149,945
									55,085,098

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
INDONESIA - 12.5%
USD			591			Indonesia Government International Bond, 5.25%, 01/08/2047(c)		$	624,445
USD			5,314			Indonesia Government International Bond, 5.35%, 02/11/2049			5,707,762
USD			9,880			Indonesia Government International Bond, 8.50%, 10/12/2035(c)			13,747,121
IDR			269,000,000			Indonesia Treasury Bond, 5.63%, 05/15/2023			17,716,747
IDR			271,570,000			Indonesia Treasury Bond, 6.13%, 05/15/2028			16,831,606
IDR			53,835,000			Indonesia Treasury Bond, 6.63%, 05/15/2033			3,263,428
IDR			13,800,000			Indonesia Treasury Bond, 7.00%, 05/15/2027			915,062
IDR			290,000,000			Indonesia Treasury Bond, 8.13%, 05/15/2024			21,047,680
IDR			288,224,000			Indonesia Treasury Bond, 8.38%, 09/15/2026			20,752,685
IDR			300,000,000			Indonesia Treasury Bond, 8.75%, 05/15/2031			21,952,850
IDR			30,000,000			Indonesia Treasury Bond, 9.00%, 03/15/2029			2,247,528
IDR			21,000,000			Indonesia Treasury Bond, 9.50%, 07/15/2031			1,618,956
USD			4,970			Perusahaan Penerbit SBSN Indonesia III, 3.40%, 03/29/2022(c)			4,933,272
USD			4,970			Perusahaan Penerbit SBSN Indonesia III, 4.15%, 03/29/2027(c)			4,895,450
USD			10,981			Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024(c)			11,145,715
USD			1,500			Perusahaan Penerbit SBSN Indonesia III, 4.55%, 03/29/2026(c)			1,518,750
									148,919,057
MALAYSIA - 2.4%
MYR			11,600			Malaysia Government Bond, 3.44%, 02/15/2021			2,826,149
MYR			13,000			Malaysia Government Bond, 3.62%, 11/30/2021			3,175,383
MYR			54,000			Malaysia Government Bond, 3.73%, 06/15/2028			12,830,142
MYR			19,900			Malaysia Government Bond, 4.05%, 09/30/2021			4,910,850
MYR			10,300			Malaysia Government Bond, 4.74%, 03/15/2046			2,487,548
MYR			10,000			Malaysia Government Investment Issue, 4.76%, 08/04/2037			2,463,889
									28,693,961
NORWAY - 0.8%
AUD			7,000			Kommunalbanken, 4.50%, 04/17/2023(c)			5,524,083
AUD			4,988			Kommunalbanken AS, 6.50%, 04/12/2021			3,954,527
									9,478,609
OMAN - 0.3%
USD			4,100			Oman Sovereign Sukuk SAOC, 5.93%, 10/31/2025(c)			3,977,164
PAPUA N.GUINEA - 0.2%
USD			2,612			Papua New Guinea Government International Bond, 8.38%, 10/04/2028(c)			2,794,840
PHILIPPINES - 4.1%
PHP			251,000			Philippine Government Bond, 3.63%, 03/21/2033			3,555,072
PHP			200,000			Philippine Government Bond, 4.63%, 09/09/2040			2,881,981
PHP			238,200			Philippine Government Bond, 5.75%, 04/12/2025			4,449,065
PHP			729,770			Philippine Government Bond, 6.25%, 03/22/2028			13,857,031
PHP			543			Philippine Government Bond, 6.38%, 01/19/2022			10,482
PHP			910,000			Philippine Government Bond, 6.88%, 01/10/2029			18,061,955
PHP			300,000			Philippine Government Bond, 8.00%, 07/19/2031			6,526,189
									49,341,775
SRI LANKA - 0.6%
LKR			80,000			Sri Lanka Government Bond, 11.20%, 07/01/2022			449,065
LKR			90,000			Sri Lanka Government Bonds, 9.25%, 05/01/2020			495,891

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of January 31, 2019

 

Principal Amount (000) or Shares						Description		Value (US$)
GOVERNMENT BONDS (continued)
SRI LANKA (continued)
LKR			150,000			Sri Lanka Government Bonds, 11.00%, 08/01/2021		$	843,220
LKR			240,000			Sri Lanka Government Bonds, 11.50%, 12/15/2021			1,365,248
LKR			830,000			Sri Lanka Treasury Bills, Zero Coupon, 07/26/2019(l)			4,448,576
									7,601,200
SUPRANATIONAL - 6.0%
AUD			14,000			Asian Development Bank, 5.00%, 03/09/2022			11,017,900
AUD			6,800			Asian Development Bank, 6.25%, 03/05/2020			5,157,048
AUD			4,000			EUROFIMA, 5.50%, 06/30/2020			3,035,261
AUD			15,000			Inter-American Development Bank, 6.00%, 02/26/2021			11,737,062
AUD			11,200			Inter-American Development Bank, 6.50%, 08/20/2019			8,332,527
AUD			10,000			International Bank for Reconstruction & Development, 4.25%, 06/24/2025			8,011,463
AUD			15,900			International Bank for Reconstruction & Development, 5.75%, 10/21/2019			11,849,735
AUD			15,600			International Finance Corp., 5.75%, 07/28/2020			11,928,281
									71,069,277
THAILAND - 0.6%
THB			203,400			Thailand Government Bond, 3.65%, 06/20/2031			7,166,366
Total Government Bonds - 71.8% (cost $953,655,125)									858,456,618
SHORT-TERM INVESTMENT - 5.3%
UNITED STATES - 5.3%
USD			63,486,859			State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.32%(m)			63,486,859
									63,486,859
Total Short-Term Investment - 5.3% (cost $63,486,859)									63,486,859
Total Investments - 143.7% (cost $1,850,316,219)									1,717,745,569
Long Term Debt Securities									(505,000,000	)
Mandatory Redeemable Preferred Stock at Liquidation Value									(50,000,000	)
Other Assets in Excess of Liabilities - 5.7%									32,949,473
Net Assets - 100.0%									$1,195,695,042

 

AUD		-		Australian Dollar
CNH		-		Chinese Yuan Renminbi Offshore
CNY		-		Chinese Yuan Renminbi
IDR		-		Indonesian Rupiah
INR		-		Indian Rupee
LKR		-		Sri Lanka Rupee
MYR		-		Malaysian Ringgit
PHP		-		Philippine Peso
THB		-		Thai Baht
USD		-		U.S. Dollar

 

(a)	Level 3 security. See Note (a) of the accompanying Notes to Portfolio of Investments.

 

(b)	Illiquid security.

 

(c)	Denotes a restricted security.

 

(d)

Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

 

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

 

(f)	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.

 

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

 

(h)	Sinkable security.

 

(i)	This security is government guaranteed.

 

(j)	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.

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (concluded)

As of January 31, 2019

 

(k)	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.

(l)	Issued with a zero coupon.

 

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

At January 31, 2019, the Fund held the following futures contracts:

 

Futures Contracts		Number of Contracts Long/  (Short)				Expiration Date				Notional Amount				Market Value				Unrealized Appreciation/ (Depreciation)
Long Contract Positions
United States Treasury Note 6%-Ultra Bond			236				03/20/2019			$	35,994,236			$	38,025,500			$	2,031,263
United States Treasury Note 6%-2 year			340				03/29/2019				71,698,299				72,191,563				493,264
																		$	2,524,527
Short Contract Positions
United States Treasury Note 6%-10 year			(350)				03/20/2019			$	(41,885,538	)		$	42,864,064			$	(978,524	)
United States Treasury Note 6%-5 year			(190)				03/29/2019				(21,426,499	)			21,823,281				(396,782	)
																		$	(1,375,306	)
																		$	1,149,221

At January 31, 2019, 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)
Indian Rupee/United States Dollar
03/29/2019		HSBC Bank USA		INR			508,218,710				USD				7,100,000			$	7,116,527			$	16,527
Indonesian Rupiah/United States Dollar
04/12/2019		Royal Bank of Canada		IDR			287,245,000,000				USD				20,300,000				20,476,547				176,547
Singapore Dollar/United States Dollar
02/28/2019		Citibank N.A.		SGD			16,957,806				USD				12,400,000				12,603,808				203,808
02/28/2019		UBS		SGD			36,800,000				USD				26,862,530				27,351,424				488,894
South Korean Won/United States Dollar
03/07/2019		Royal Bank of Canada		KRW			45,117,435,000				USD				40,650,000				40,609,753				(40,247	)
Thai Baht/United States Dollar
03/22/2019		BNP Paribas S.A.		THB			726,581,700				USD				22,289,150				23,279,468				990,318
																		$	131,437,527			$	1,835,847
Sale Contracts Settlement Date*		Counterparty		Amount Purchased						Amount Sold								Fair Value				Unrealized Appreciation/ (Depreciation)
United States Dollar/Australian Dollar
02/15/2019		Goldman Sachs		USD			155,167,155				AUD				214,500,000			$	155,942,320			$	(775,165	)
United States Dollar/Chinese Yuan Renminbi Offshore
04/11/2019		Citibank N.A.		USD			14,645,906				CNH				100,295,165				14,958,230				(312,324	)
United States Dollar/Indian Rupee
03/29/2019		HSBC Bank USA		USD			60,600,000				INR				4,337,754,060				60,741,058				(141,058	)
United States Dollar/ Indonesian Rupiah
04/12/2019		Citibank N.A		USD			19,900,000				IDR				286,639,600,000				20,433,390				(533,390	)
United States Dollar/Malaysian Ringgit
03/14/2019		Standard Chartered Bank		USD			9,721,225				MYR				40,713,465				9,932,997				(211,772	)
United States Dollar/ Philippine Peso
04/29/2019		HSBC Bank USA		USD			9,300,000				PHP				490,705,200				9,364,938				(64,938	)
04/29/2019		Royal Bank of Canada		USD			12,500,000				PHP				658,587,500				12,568,913				(68,913	)
United States Dollar/South Korean Won
03/07/2019		UBS		USD			3,300,000				KRW				3,686,430,000				3,318,119				(18,119	)
																		$	287,259,965			$	(2,125,679	)
																		$	418,697,492			$	(289,832	)

 

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

At January 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 Appreciation

USD

55,000,000

10/28/2026

Citibank

Receive

3-month LIBOR Index

1.57

%

$

—

$

3,766,484

 

See Notes to Portfolio of Investments.

Aberdeen Asia-Pacific Income Fund, Inc.

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Notes to Portfolio of Investments (unaudited)

January 31, 2019

 

Summary of Significant Accounting Policies

 

a.	Security Valuation:

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

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, 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. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider approved by the Board. 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, which has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.

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

In the event that a security’s market quotations are not readily available or are deemed unreliable (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. 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;

 

Aberdeen Asia-Pacific Income Fund, Inc.

---

Notes to Portfolio of Investments (unaudited) (continued)

January 31, 2019

 

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.

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

 

		Level 1-Quoted Prices ($)				Level 2-Other Significant Observable Inputs ($)				Level 3-Significant Unobservable Inputs ($)				Total ($)
Investments, at Value
Investments in Securities
Fixed Income Investments
Bank Loans		$	—			$	—			$	7,999,522			$	7,999,522
Corporate Bonds			—				787,802,570				—				787,802,570
Government Bonds			—				858,456,618				—				858,456,618
Total Fixed Income Investments			—				1,646,259,188				7,999,522				1,654,258,710
Short-Term Investment			63,486,859				—				—				63,486,859
Total Investments		$	63,486,859			$	1,646,259,188			$	7,999,522			$	1,717,745,569
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements		$	—			$	3,766,484			$	—			$	3,766,484
Forward Foreign Currency Exchange Contracts			—				1,876,094				—				1,876,094
Futures Contracts			2,524,527				—				—				2,524,527
Total Other Financial Instruments		$	2,524,527			$	5,642,578			$	—			$	8,167,105
Total Assets		$	66,011,386			$	1,651,901,766			$	7,999,522			$	1,725,912,674
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		$	—			$	(2,165,926	)		$	—			$	(2,165,926	)
Futures Contracts			(1,375,306	)			—				—				(1,375,306	)
Total Liabilities - Other Financial Instruments		$	(1,375,306	)		$	(2,165,926	)		$	—			$	(3,541,232	)
Amounts listed as “-” are $0 or round to $0.

For the period ended January 31, 2019, there were no significant changes to the fair valuation methodologies. Level 3 investments held, at the beginning, during and at the end of the period in relation to net assets were not significant (less than 0.67% of total net assets) and accordingly, a reconciliation of Level 3 assets for the period ended January 31, 2019 is not presented. The valuation technique used at January 31, 2019 was a single unadjusted broker quote. The inputs utilized by the broker to value the investment were not available.

 

Aberdeen Asia-Pacific Income Fund, Inc.

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Notes to Portfolio of Investments (unaudited) (concluded)

January 31, 2019

 

b.	Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

 

Aberdeen Asia-Pacific Income Fund, Inc.

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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 29, 2019

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 29, 2019

 

		BY:		/s/ Andrea Melia
				Andrea Melia, Principal Financial Officer of Aberdeen Asia-Pacific Income Fund, Inc.
		Date: March 29, 2019