UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number:		811-04611
Exact name of registrant as specified in charter:		Aberdeen Asia-Pacific Income Fund, Inc.
Address of principal executive offices:		1735 Market Street, 32nd Floor
		Philadelphia, PA 19103
Name and address of agent for service:		Ms. Andrea Melia
		Aberdeen Asset Management Inc.
		1735 Market Street 32nd Floor
		Philadelphia, PA 19103
Registrant’s telephone number, including area code:		800-522-5465
Date of fiscal year end:		October 31
Date of reporting period:		July 31, 2015

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Item 1. Schedule of Investments – The Schedule of Investments for the three-month period ended July 31, 2015 is filed herewith.

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Portfolio of Investments (unaudited)

As of July 31, 2015

 

Principal Amount (000)						Description		Value (US$)
CORPORATE BONDS - 65.0%
AUSTRALIA - 6.8%
AUD			3,000			AAI Ltd., 6.75%, 10/06/2016(a)(b)		$	2,250,784
AUD			2,500			APT Pipelines Ltd., 7.75%, 07/22/2020			2,137,644
AUD			10,900			BHP Billiton Finance Ltd., 3.75%, 10/18/2017			8,100,447
AUD			8,200			Coca-Cola Amatil Ltd., 4.25%, 11/13/2019			6,237,556
AUD			5,300			DnB NOR Boligkreditt, 6.25%, 06/08/2016			3,991,688
AUD			5,000			KfW, 6.00%, 08/20/2020(c)			4,205,564
AUD			10,600			KfW, 6.25%, 02/23/2018(c)			8,496,609
AUD			10,500			KfW, 6.25%, 12/04/2019(c)			8,803,578
AUD			15,000			KfW, 6.25%, 05/19/2021(c)			12,921,804
AUD			9,788			Kommunalbanken AS, 6.50%, 04/12/2021			8,475,407
AUD			10,000			Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(c)			8,086,856
AUD			2,900			National Capital Trust III, 3.10%, 09/30/2016(a)(b)(d)			2,092,198
AUD			2,500			National Wealth Management Holdings Ltd., 6.75%, 06/16/2016(a)(b)			1,869,477
AUD			4,800			New Zealand Milk Australia Pty Ltd., 6.25%, 07/11/2016			3,621,079
AUD			4,300			Novion Property Group, 7.25%, 05/02/2016			3,247,466
AUD			4,800			RWH Finance Pty Ltd., 6.20%, 03/26/2017(a)(b)(e)			3,474,912
AUD			6,000			SPI Australia Assets Pty Ltd., 7.00%, 08/12/2015			4,391,576
AUD			2,000			Telstra Corp. Ltd., 8.75%, 01/15/2020			1,802,934
AUD			4,000			Westpac Banking Corp., 7.25%, 11/18/2016			3,103,174
AUD			3,600			Woolworths Ltd., 6.75%, 03/22/2016			2,698,810
									100,009,563
CANADA - 0.8%
USD			12,160			CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024			12,423,678
CHINA - 15.5%
USD			2,000			Agile Property Holdings Ltd., 9.00%, 05/21/2020			2,010,694
CNH			11,250			China Development Bank Corp., 3.60%, 11/13/2018			1,806,236
USD			4,400			China Hongqiao Group Ltd., 7.63%, 06/26/2017(f)			4,409,645
USD			8,450			China Overseas Finance Cayman Island II Ltd., 5.50%, 11/10/2020(f)			9,146,998
USD			4,955			China Resources Gas Group Ltd., 4.50%, 04/05/2022(f)			5,168,223
USD			9,550			CIFI Holdings Group Co. Ltd., 12.25%, 04/15/2016(b)(f)			10,385,625
USD			7,500			CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023(f)			7,895,490
USD			12,670			Country Garden Holdings Co. Ltd., 7.25%, 10/04/2017(b)(f)			12,908,196
USD			4,348			CRCC Yuxiang Ltd., 3.50%, 05/16/2023(f)			4,245,383
USD			15,143			ENN Energy Holdings Ltd., 6.00%, 05/13/2021(f)			16,642,566
USD			13,200			Franshion Investment Ltd., 4.70%, 10/26/2017(f)			13,563,000
USD			5,876			Future Land Development Holdings Ltd., 10.25%, 07/21/2017(b)(f)			6,104,141
USD			8,800			Green Dragon Gas Ltd., 10.00%, 11/20/2015(b)(e)(f)			8,580,000
USD			5,745			Greenland Global Investment Ltd., 5.88%, 07/03/2024(f)			5,736,802
USD			8,629			Greenland Hong Kong Holdings Ltd., 4.75%, 10/18/2016(f)			8,672,145
USD			11,812			Industrial & Commercial Bank of China Ltd., 3.23%, 11/13/2019			11,959,874
USD			3,674			Kunlun Energy Co. Ltd., 3.75%, 05/13/2025(f)			3,575,831
USD			2,000			KWG Property Holding Ltd., 8.98%, 01/14/2017(b)(f)			2,039,728
USD			2,000			Logan Property Holdings Co. Ltd., 11.25%, 06/04/2017(b)(f)			2,074,390
USD			14,434			Semiconductor Manufacturing International Corp., 4.13%, 10/07/2019(f)			14,505,030
USD			10,200			Sinopec Capital 2013 Ltd., 144A, 3.13%, 04/24/2023(f)			9,813,349
USD			7,935			Sinopec Capital 2013 Ltd., REG S, 3.13%, 04/24/2023(f)			7,634,208
USD			1,600			Sinopec Group Overseas Development 2012 Ltd., 3.90%, 05/17/2022(f)			1,639,477
USD			4,400			Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/2023(f)			4,592,051
USD			6,312			Tingyi Cayman Islands Holding Corp., 3.88%, 06/20/2017(f)			6,475,481
USD			12,884			Trillion Chance Ltd., 8.50%, 01/10/2017(b)(f)			12,607,625
USD			20,800			Wanda Properties International Co. Ltd., 7.25%, 01/29/2024(f)			22,819,472
USD			4,852			Yingde Gases Investment Ltd., 144A, 8.13%, 04/22/2016(b)(f)			4,536,620

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Principal Amount (000)						Description		Value (US$)
USD			5,313			Yingde Gases Investment Ltd., REG S, 8.13%, 04/22/2016(b)(f)		$	4,967,655
									226,515,935
HONG KONG - 9.1%
USD			10,103			Champion MTN Ltd., 3.75%, 01/17/2023(f)			9,799,870
USD			5,400			CNPC General Capital Ltd., 2.75%, 05/14/2019(f)			5,408,159
USD			8,350			CNPC General Capital Ltd., 3.40%, 04/16/2023(f)			8,159,486
USD			17,000			HLP Finance Ltd., 4.75%, 06/25/2022(f)			17,695,725
USD			1,600			Hong Kong Land Finance Cayman Islands Co. Ltd., 4.50%, 06/01/2022			1,715,019
USD			5,608			HPHT Finance 15 Ltd., 2.88%, 03/17/2020(f)			5,574,790
USD			9,500			Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(f)			12,584,878
USD			4,417			Hutchison Whampoa International Ltd., 1.63%, 10/31/2017f)			4,401,982
USD			1,600			Hutchison Whampoa International Ltd., 4.63%, 09/11/2015(f)			1,606,147
USD			2,880			Hutchison Whampoa International Ltd., 7.45%, 11/24/2033(f)			3,974,924
USD			3,973			Hutchison Whampoa International Ltd., 7.63%, 04/09/2019(f)			4,687,540
USD			8,382			LS Finance 2022 Ltd., 4.25%, 10/16/2022(f)			8,413,508
USD			1,250			Shimao Property Holdings Ltd., 6.63%, 01/14/2017(b)(f)			1,281,250
USD			7,758			Shimao Property Holdings Ltd., 8.13%, 01/22/2018(b)(f)			8,145,900
USD			18,192			Standard Chartered PLC, 3.95%, 01/11/2023(f)			17,922,613
USD			5,545			Standard Chartered PLC, 144A, 3.95%, 01/11/2023(f)			5,462,890
USD			1,800			Swire Pacific MTN Financing Ltd., 6.25%, 04/18/2018			1,990,699
USD			2,440			Swire Properties MTN Financing Ltd., 2.75%, 03/07/2020(f)			2,461,389
USD			11,300			Swire Properties MTN Financing Ltd., 4.38%, 06/18/2022(f)			12,002,713
									133,289,482
INDIA - 8.6%
USD			8,666			ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024(f)			8,536,010
USD			2,799			Axis Bank Ltd, 5.13%, 09/05/2017(f)			2,958,325
INR			300,000			Axis Bank Ltd., 8.85%, 12/05/2024			4,756,102
USD			2,900			Bank of Baroda, 4.88%, 07/23/2019(f)			3,097,751
USD			3,050			Bank of Baroda, 5.00%, 08/24/2016(f)			3,148,134
USD			3,800			Bharti Airtel International Netherlands BV, 5.13%, 03/11/2023(f)			4,057,526
INR			100,000			Export-Import Bank of India, 8.87%, 10/30/2029			1,629,422
USD			6,487			GCX Ltd., 7.00%, 08/01/2016(b)(f)			6,552,078
USD			7,000			HDFC Bank Ltd., 3.00%, 03/06/2018(f)			7,084,350
USD			7,909			ICICI Bank Ltd., 3.50%, 03/18/2020(f)			8,029,454
USD			3,515			ICICI Bank Ltd., 4.80%, 05/22/2019(f)			3,755,053
INR			250,000			ICICI Bank Ltd., 9.15%, 08/06/2024			4,111,937
INR			250,000			Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023			4,015,779
USD			4,400			NTPC Ltd., 4.75%, 10/03/2022(f)			4,627,022
INR			200,000			NTPC Ltd., 8.49%, 03/25/2025			3,194,101
INR			100,000			NTPC Ltd., 8.73%, 03/07/2023			1,589,600
INR			100,000			NTPC Ltd., 9.17%, 09/22/2024			1,630,829
USD			11,954			ONGC Videsh Ltd., 4.63%, 07/15/2024(f)			12,300,092
INR			250,000			Power Finance Corp. Ltd., 8.39%, 04/19/2025			3,876,045
INR			400,000			Power Finance Corp. Ltd., 8.65%, 12/28/2024			6,255,734
INR			200,000			Power Grid Corp. of India Ltd., 8.20%, 01/23/2025			3,077,457
INR			200,000			Power Grid Corp. of India Ltd., 8.93%, 10/20/2022			3,210,265
INR			300,000			Power Grid Corp. of India Ltd., 9.30%, 09/04/2024			4,940,664
INR			200,000			Rural Electrification Corp. Ltd., 8.44%, 12/04/2021			3,119,451
INR			150,000			Rural Electrification Corp. Ltd., 9.34%, 08/25/2024			2,460,373
INR			270,000			Rural Electrification Corp. Ltd., 9.35%, 06/15/2022			4,399,186
USD			4,800			State Bank of India, 3.62%, 04/17/2019(f)			4,927,920
INR			150,000			Steel Authority of India Ltd., 9.00%, 10/14/2024			2,430,562

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Principal Amount (000)						Description		Value (US$)
INR			100,000			Tata Motors Ltd., 9.73%, 10/01/2020		$	1,611,740
									125,382,962
INDONESIA - 4.1%
IDR			24,000,000			Bank OCBC Nisp Tbk PT, 9.40%, 02/10/2017			1,762,689
USD			7,600			Indo Energy Finance BV, 7.00%, 08/31/2015(b)(f)			5,852,000
USD			1,200			Jababeka International BV, 7.50%, 09/24/2017(b)(f)			1,176,098
IDR			30,000,000			Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020			2,201,072
USD			3,150			Majapahit Holding BV, 7.88%, 06/29/2037(f)			3,622,500
USD			8,900			Majapahit Holding BV, 8.00%, 08/07/2019(f)			10,290,625
USD			8,888			Pertamina Persero PT, 5.63%, 05/20/2043(f)			7,788,554
USD			11,900			Pertamina Persero PT, 6.00%, 05/03/2042(f)			10,933,720
USD			7,600			Pertamina Persero PT, 6.45%, 05/30/2044(f)			7,391,000
USD			4,600			Perusahaan Listrik Negara PT, 5.25%, 10/24/2042(f)			3,979,000
USD			6,009			Perusahaan Listrik Negara PT, 5.25%, 10/24/2042(f)			5,197,785
									60,195,043
MALAYSIA - 2.5%
USD			11,700			AMBB Capital (L) Ltd., 6.77%, 01/27/2016(a)(b)(d)			11,695,259
USD			900			Petroliam Nasional Bhd, 7.63%, 10/15/2026(f)			1,200,383
USD			50			Petronas Capital Ltd., 5.25%, 08/12/2019(f)			55,354
USD			6,791			Petronas Capital Ltd., 7.88%, 05/22/2022(f)			8,652,569
USD			2,650			Public Bank Bhd, 6.84%, 08/22/2016(a)(b)			2,689,642
USD			11,550			SBB Capital Corp., 6.62%, 11/02/2015(a)(b)(d)(f)			11,578,644
									35,871,851
PHILIPPINES - 2.0%
USD			3,700			Energy Development Corp., 6.50%, 01/20/2021(f)			4,088,500
USD			3,072			Philippine Long Distance Telephone Co., 8.35%, 03/06/2017			3,348,480
USD			16,534			Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/2024(c)(f)			21,742,210
									29,179,190
REPUBLIC OF SOUTH KOREA - 3.7%
USD			7,218			Doosan Heavy Industries & Construction Co. Ltd., 2.13%, 04/27/2020(f)			7,121,077
USD			4,552			Hyundai Capital Services, Inc., 2.63%, 09/29/2020(f)			4,545,318
USD			4,211			Korea Exchange Bank, 2.50%, 06/12/2019(f)			4,212,192
USD			2,050			Korea Expressway Corp., 1.88%, 10/22/2017(f)			2,056,420
USD			1,400			Korea Gas Corp., 2.88%, 07/29/2018(f)			1,435,115
USD			4,000			Korea Hydro & Nuclear Power Co. Ltd., 2.88%, 10/02/2018(f)			4,096,648
USD			10,858			Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022(f)			10,826,544
USD			6,305			Korea Hydro & Nuclear Power Co. Ltd., 3.25%, 06/15/2025(f)			6,288,210
USD			3,000			Korea South-East Power Co. Ltd., 3.63%, 01/29/2017(f)			3,077,526
USD			6,390			Minera y Metalergica del Boleo SA de CV, 2.88%, 05/07/2019(f)			6,451,210
USD			4,200			Shinhan Bank, 1.88%, 07/30/2018(f)			4,176,429
									54,286,689
SINGAPORE - 1.9%
SGD			2,750			CapitaMalls Asia Treasury Ltd., 3.95%, 08/24/2017			2,067,457
USD			8,900			Oversea-Chinese Banking Corp. Ltd., 3.15%, 03/11/2018(a)(b)(f)			9,016,207
USD			7,450			Oversea-Chinese Banking Corp. Ltd., 3.75%, 11/15/2017(a)(b)(f)			7,659,345
USD			4,000			United Overseas Bank Ltd., 2.88%, 10/17/2017(a)(b)(f)			4,049,600
USD			4,400			United Overseas Bank Ltd., 3.75%, 09/19/2019(a)(b)(f)			4,495,172
									27,287,781
SRI LANKA - 0.2%
USD			3,300			Bank of Ceylon, 5.33%, 04/16/2018(f)			3,324,750

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Principal Amount (000)						Description		Value (US$)
SUPRANATIONAL - 5.3%
AUD			14,000			Asian Development Bank, 5.00%, 03/09/2022		$	11,487,695
AUD			13,800			Asian Development Bank, 5.50%, 02/15/2016			10,264,539
AUD			16,800			Asian Development Bank, 6.25%, 03/05/2020			14,203,121
AUD			10,000			Inter-American Development Bank, 6.00%, 05/25/2016			7,532,511
AUD			11,200			Inter-American Development Bank, 6.50%, 08/20/2019			9,433,119
AUD			10,000			International Bank for Reconstruction & Development, 4.25%, 06/24/2025			7,894,850
AUD			8,900			International Bank for Reconstruction & Development, 5.75%, 10/21/2019			7,339,257
AUD			10,300			International Bank for Reconstruction & Development, 6.00%, 11/09/2016			7,887,078
AUD			2,600			International Finance Corp., 5.75%, 07/28/2020			2,172,008
									78,214,178
THAILAND - 4.0%
USD			2,400			Bangkok Bank PCL, 4.80%, 10/18/2020(f)			2,619,624
USD			4,200			Bangkok Bank PCL, 5.00%, 10/03/2023(f)			4,611,373
USD			4,800			Bangkok Bank PCL, 9.03%, 03/15/2029(f)			6,700,387
USD			17,170			Krung Thai Bank PCL, 5.20%, 12/26/2019(a)(b)(f)			17,631,856
USD			9,440			PTT Global Chemical PCL, 4.25%, 09/19/2022(f)			9,712,448
USD			4,330			PTT Global Chemical PCL, 144A, 4.25%, 09/19/2022(f)			4,454,968
USD			3,295			PTTEP Canada International Finance Ltd., 5.69%, 04/05/2021(f)			3,673,579
USD			4,500			Siam Commercial Bank Ltd., 3.38%, 09/19/2017(f)			4,623,962
USD			4,002			Siam Commercial Bank PCL, 3.50%, 04/07/2019(f)			4,102,906
									58,131,103
UNITED KINGDOM - 0.5%
USD			7,924			HSBC Holdings PLC, 6.38%, 03/30/2025(a)(b)(d)(g)			7,959,658
Total Corporate Bonds - 65.0% (cost $986,758,333)									952,071,863
GOVERNMENT BONDS - 68.8%
AUSTRALIA - 38.6%
AUD			34,700			Australia Government Bond, 3.25%, 04/21/2025(f)			26,393,989
AUD			30,300			Australia Government Bond, 3.25%, 04/21/2029(f)			22,565,043
AUD			105,300			Australia Government Bond, 3.75%, 04/21/2037(f)			81,234,637
AUD			76,500			Australia Government Bond, 4.50%, 04/21/2033(f)			65,379,487
AUD			41,700			Australia Government Bond, 4.75%, 10/21/2015			30,650,545
AUD			7,000			Australia Government Bond, 5.50%, 04/21/2023(f)			6,167,557
AUD			35,300			Australia Government Bond, 5.75%, 07/15/2022(f)			31,229,574
AUD			15,000			New South Wales Treasury Corp., 6.00%, 03/01/2022			13,174,628
AUD			5,950			Queensland Treasury Corp., 6.00%, 10/14/2015(c)(f)			4,383,597
AUD			27,100			Queensland Treasury Corp., 6.00%, 04/21/2016(f)			20,361,007
AUD			22,850			Queensland Treasury Corp., 6.00%, 02/21/2018(f)			18,287,960
AUD			31,190			Queensland Treasury Corp., 6.00%, 06/14/2021(c)(f)			27,133,426
AUD			47,100			Queensland Treasury Corp., 6.25%, 06/14/2019(c)			39,584,666
AUD			24,330			Queensland Treasury Corp., 6.25%, 02/21/2020(f)			20,686,537
AUD			131,500			Treasury Corp. of Victoria, 5.75%, 11/15/2016			100,675,021
AUD			14,250			Treasury Corp. of Victoria, 6.00%, 06/15/2020			12,141,243
AUD			35,350			Treasury Corp. of Victoria, 6.00%, 10/17/2022			31,355,718
AUD			15,000			Western Australian Treasury Corp., 7.00%, 07/15/2021			13,535,802
									564,940,437
BANGLADESH - 0.3%
BDT			200,000			Bangladesh Treasury Bond, 11.23%, 01/15/2019			2,800,224
BDT			100,000			Bangladesh Treasury Bond, 11.78%, 08/14/2018			1,411,621
									4,211,845

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Principal Amount (000)						Description		Value (US$)
CHINA - 4.8%
CNH			13,000			China Development Bank, 3.35%, 03/20/2017		$	2,079,342
CNY			15,000			China Development Bank, 5.80%, 01/03/2016			2,458,549
CNY			50,000			China Government Bond, 3.28%, 08/05/2020(h)			8,066,324
CNY			10,000			China Government Bond, 3.36%, 05/24/2022(h)			1,600,768
CNY			70,000			China Government Bond, 3.41%, 06/24/2020(h)			11,366,813
CNY			20,000			China Government Bond, 3.46%, 07/11/2020(h)			3,253,864
CNY			8,000			China Government Bond, 3.55%, 10/20/2016(h)			1,305,588
CNY			2,000			China Government Bond, 3.57%, 11/17/2021(h)			325,210
CNY			30,000			China Government Bond, 3.60%, 02/17/2016(h)			4,865,018
CNY			10,000			China Government Bond, 3.64%, 04/09/2025(h)			1,629,367
CNY			4,000			China Government Bond, 3.77%, 08/15/2016(h)			653,365
CNY			20,000			China Government Bond, 3.83%, 01/27/2018(h)			3,299,045
CNY			60,000			China Government Bond, 4.08%, 08/22/2023(h)			10,062,138
CNY			30,000			China Government Bond, 4.10%, 09/27/2032(h)			5,054,317
CNY			18,000			China Government Bond, 4.13%, 11/07/2018(h)			3,001,133
CNY			20,000			China Government Bond, 4.13%, 09/18/2024(h)			3,380,434
CNH			13,000			Export-Import Bank of China, 3.25%, 01/17/2021			2,081,444
USD			5,531			Export-Import Bank of China, 3.63%, 07/31/2024(f)			5,646,720
									70,129,439
INDIA - 3.0%
INR			502,500			India Government Bond, 7.28%, 06/03/2019			7,680,934
INR			1,885,000			India Government Bond, 8.12%, 12/10/2020			29,551,703
INR			125,000			India Government Bond, 8.30%, 07/02/2040			1,986,846
INR			16,000			India Government Bond, 8.33%, 06/07/2036			255,021
INR			83,000			India Government Bond, 8.40%, 07/28/2024			1,322,893
INR			150,000			India Government Bond, 8.83%, 12/12/2041			2,517,530
INR			8,480			India Government Bond, 9.20%, 09/30/2030			145,439
									43,460,366
INDONESIA - 3.8%
USD			7,989			Indonesia Government International Bond, 3.38%, 04/15/2023(f)			7,579,564
USD			6,064			Indonesia Government International Bond, 4.63%, 04/15/2043(f)			5,487,920
USD			3,500			Indonesia Government International Bond, 5.25%, 01/17/2042(f)			3,412,500
USD			6,900			Indonesia Government International Bond, 6.63%, 02/17/2037(f)			7,771,125
IDR			47,000,000			Indonesia Treasury Bond, 8.25%, 06/15/2032			3,291,998
IDR			214,000,000			Indonesia Treasury Bond, 8.38%, 03/15/2024			15,582,332
IDR			40,400,000			Indonesia Treasury Bond, 8.38%, 03/15/2034			2,856,596
IDR			30,000,000			Indonesia Treasury Bond, 9.00%, 03/15/2029			2,256,515
IDR			21,000,000			Indonesia Treasury Bond, 9.50%, 07/15/2031			1,642,975
USD			2,050			Perusahaan Penerbit SBSN, 4.00%, 11/21/2018(f)			2,139,687
USD			3,981			Perusahaan Penerbit SBSN, 4.35%, 09/10/2024(f)			3,916,309
									55,937,521
NEW ZEALAND - 0.1%
NZD			1,500			Province of Quebec, 6.75%, 11/09/2015			998,860
PHILIPPINES - 3.2%
PHP			347,040			Philippine Government Bond, 5.75%, 11/24/2021			8,298,593
PHP			544			Philippine Government Bond, 6.38%, 01/19/2022			13,626
PHP			331,030			Philippine Government Bond, 9.13%, 09/04/2016			7,780,077
PHP			851,000			Philippine Government International Bond, 3.63%, 03/21/2033			17,427,274
USD			7,050			Philippine Government International Bond, 7.75%, 01/14/2031			10,266,562

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Principal Amount (000)						Description		Value (US$)
USD			2,970			Philippine Government International Bond, 9.88%, 01/15/2019		$	3,747,353
									47,533,485
REPUBLIC OF SOUTH KOREA - 6.5%
USD			12,500			Export-Import Bank of Korea, 2.63%, 12/30/2020			12,585,950
USD			5,600			Korea Land & Housing Corp., 1.88%, 08/02/2017(f)			5,612,886
KRW			1,000,000			Korea Treasury Bond, 2.75%, 09/10/2017			872,938
KRW			46,000,000			Korea Treasury Bond, 3.00%, 09/10/2024			41,186,265
KRW			10,500,000			Korea Treasury Bond, 3.25%, 09/10/2018			9,359,864
KRW			10,300,000			Korea Treasury Bond, 3.38%, 09/10/2023			9,465,428
KRW			12,000,000			Korea Treasury Bond, 3.50%, 03/10/2024			11,140,900
KRW			3,300,000			Korea Treasury Bond, 3.75%, 06/10/2022			3,088,116
KRW			1,500,000			Korea Treasury Bond, 3.75%, 12/10/2033			1,491,705
KRW			1,000,000			Korea Treasury Bond, 4.25%, 06/10/2021			952,046
									95,756,098
SINGAPORE - 2.8%
SGD			3,000			Housing & Development Board, 1.01%, 09/19/2016			2,177,711
SGD			3,000			Housing & Development Board, 1.83%, 11/21/2018(f)			2,171,623
SGD			750			Housing & Development Board, 2.02%, 02/22/2016			549,130
SGD			2,000			Housing & Development Board, 3.14%, 03/18/2021			1,502,899
SGD			10,000			Singapore Government Bond, 0.50%, 04/01/2018			7,158,217
SGD			20,000			Singapore Government Bond, 3.00%, 09/01/2024			15,089,113
SGD			15,490			Singapore Government Bond, 3.50%, 03/01/2027			12,115,589
									40,764,282
SRI LANKA - 2.4%
USD			9,754			Sri Lanka Government Bonds, 6.13%, 06/03/2025(f)			9,583,305
LKR			90,000			Sri Lanka Government Bonds, 8.00%, 09/01/2016			681,264
LKR			151,000			Sri Lanka Government Bonds, 8.00%, 11/15/2018			1,130,429
LKR			724,600			Sri Lanka Government Bonds, 8.50%, 11/01/2015			5,442,700
LKR			230,000			Sri Lanka Government Bonds, 8.50%, 04/01/2018			1,753,835
LKR			388,000			Sri Lanka Government Bonds, 8.50%, 07/15/2018			2,944,519
LKR			293,000			Sri Lanka Government Bonds, 8.75%, 05/15/2017			2,248,086
LKR			550,000			Sri Lanka Government Bonds, 11.20%, 07/01/2022			4,503,184
LKR			820,000			Sri Lanka Government Bonds, 11.40%, 01/01/2024			6,745,956
									35,033,278
THAILAND - 3.3%
THB			250,000			Thailand Government Bond, 3.58%, 12/17/2027			7,369,038
THB			535,000			Thailand Government Bond, 3.63%, 06/16/2023			16,105,405
THB			480,000			Thailand Government Bond, 3.85%, 12/12/2025			14,836,596
THB			300,000			Thailand Government Bond, 4.26%, 12/12/2037(f)			9,295,404
									47,606,443
Total Government Bonds - 68.8% (cost $1,144,724,231)									1,006,372,054
SHORT-TERM INVESTMENT - 2.3%
UNITED STATES - 2.3%
USD			32,927			Repurchase Agreement, Fixed Income Clearing Corp., 0.00% dated 07/31/2015, due 08/03/2015 in the amount of $32,927,000 (collateralized by $28,865,000 U.S. Treasury Obligations, maturing 06/30/2022 - 11/15/2043; value of $33,597,513)			32,927,000
Total Short-Term Investment - 2.3% (cost $32,927,000)									32,927,000
Total Investments - 136.1% (cost $2,164,409,564)								$	1,991,370,917
Other Assets & Liabilities									72,016,697
Long Term Debt Securities									(550,000,000	)
Mandatory Redeemable Preferred Stock at Liquidation Value									(50,000,000	)
Net Assets - 100.0%								$	1,463,387,614

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

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Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

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
NZD		-		New Zealand Dollar
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 July 31, 2015.

 

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

 

(c)	This security is government guaranteed.

 

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

 

(e)	Illiquid security.

 

(f)	Denotes a restricted security.

 

(g)	Variable or Floating Rate Security. Rate disclosed is as of July 31, 2015.

 

(h)	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 July 31, 2015, 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			493				09/30/2015			$	183,577
United States Treasury Note 6%-5 year		UBS			(40	)			09/30/2015				(24,468	)
United States Treasury Note 6%-10 year		UBS			(682	)			09/21/2015				(695,342	)
United States Treasury Note 6%-30 year		UBS			69				09/21/2015				214,911
												$	(321,322	)

At July 31, 2015, 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
08/05/2015		Goldman Sachs		INR			6,810,037,500			USD			105,000,000			$	106,192,933			$	1,192,933
Malaysian Ringgit/United States Dollar
08/21/2015		Standard Chartered Bank		MYR			213,204,980			USD			56,100,000				55,671,094				(428,906	)
Philippine Peso/United States Dollar
09/23/2015		State Street		PHP			626,009,400			USD			13,800,000				13,649,180				(150,820	)
Singapore Dollar/United States Dollar
08/25/2015		Standard Chartered Bank		SGD			8,095,200			USD			6,000,000			$	5,897,784			$	(102,216	)
08/25/2015		State Street		SGD			20,104,751			USD			14,900,000				14,647,381				(252,619	)

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Portfolio of Investments (unaudited) (continued)

As of July 13, 2015

 

Purchase Contracts Settlement Date*		Counterparty		Amount Purchased						Amount Sold						Fair Value				Unrealized Appreciation/ (Depreciation)
South Korean Won/United States Dollar
08/21/2015		Goldman Sachs		KRW			11,469,900,000			USD			10,200,000				9,799,146				(400,854	)
08/21/2015		State Street		KRW			13,206,994,000			USD			11,900,000				11,283,207				(616,793	)
Thai Baht/United States Dollar
09/11/2015		Credit Suisse		THB			50,895,000			USD			1,500,000				1,448,908				(51,092	)
09/11/2015		Goldman Sachs		THB			310,185,000			USD			9,000,000				8,830,525				(169,475	)
																$	227,420,158			$	(979,842	)
Sale Contracts Settlement Date*		Counterparty		Amount Purchased						Amount Sold						Fair Value				Unrealized Appreciation/ (Depreciation)
United States Dollar/Chinese Yuan Renminbi Offshore
11/09/2015		State Street		USD			6,400,000			CNH			40,111,900			$	6,400,313			$	(313	)
United States Dollar/Indian Rupee
11/03/2015		Standard Chartered Bank		USD			65,100,000			INR			4,227,594,000				64,812,201				287,799
United States Dollar/Malaysian Ringgit
08/21/2015		Goldman Sachs		USD			4,714,000			MYR			17,717,569				4,626,329				87,671
08/21/2015		Standard Chartered Bank		USD			11,900,000			MYR			44,914,240				11,727,798				172,202
08/21/2015		State Street		USD			39,100,000			MYR			149,987,600				39,164,065				(64,065	)
United States Dollar/Philippine Peso
09/23/2015		Standard Chartered Bank		USD			19,499,999			PHP			884,325,000				19,281,357				218,642
09/23/2015		State Street		USD			19,100,000			PHP			866,433,300				18,891,256				208,744
United States Dollar/Singapore Dollar
08/25/2015		Royal Bank of Canada		USD			11,600,000			SGD			15,623,534				11,382,576				217,424
08/25/2015		Standard Chartered Bank		USD			49,000,000			SGD			66,110,800				48,165,236				834,764
United States Dollar/South Korean Won
08/21/2015		Credit Suisse		USD			9,000,000			KRW			10,383,300,000				8,870,824				129,176
08/21/2015		State Street		USD			22,100,000			KRW			24,533,125,000				20,959,526				1,140,474
United States Dollar/Thai Baht
09/11/2015		Standard Chartered Bank		USD			27,600,000			THB			938,455,200				26,716,482				883,518
																$	280,997,963			$	4,116,036

 

*	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 July 13, 2015

 

At July 31, 2015, the Fund’s interest rate swaps were as follows:

 

Currency		Notional Amount				Expiration Date				Counterparty		Receive (Pay) Floating Rate				Floating Rate Index		Fixed Rate				Unrealized Appreciation/ (Depreciation)
USD			84,000,000				10/31/2016			Barclays Bank			Receive			3-month LIBOR Index			1.42	%		$	(1,133,379	)
USD			66,000,000				11/01/2017			Barclays Bank			Receive			3-month LIBOR Index			0.84	%			131,462
																						$	(1,001,917	)

 

See Notes to Portfolio of Investments.

Aberdeen Asia Pacific Income Fund, Inc.

---

Notes to Portfolio of Investments (unaudited)

July 31, 2015

 

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. 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 of Directors of the Fund (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 identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for identical 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).

 

Aberdeen Asia Pacific Income Fund, Inc.

---

Notes to Portfolio of Investments (unaudited) (continued)

July 31, 2015

 

A summary of standard inputs is listed below:

 

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

The following is a summary of the inputs used as of July 31, 2015 in valuing the Fund’s investments 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			—				943,491,863				8,580,000				952,071,863
Government Bonds			—				1,006,372,054				—				1,006,372,054
Total Fixed Income Investments			—				1,949,863,917				8,580,000				1,958,443,917
Short-Term Investment			—				32,927,000				—				32,927,000
Total Investments		$	—			$	1,982,790,917			$	8,580,000			$	1,991,370,917
Other Financial Instruments
Futures Contracts			398,488				—				—				398,488
Forward Foreign Currency Exchange Contracts			—				5,373,347				—				5,373,347
Interest Rate Swap Agreements			—				131,462				—				131,462
Total Other Financial Instruments		$	398,488			$	5,504,809			$	—				5,903,297
Total Assets		$	398,488			$	1,988,295,726			$	8,580,000				1,997,274,214
Liabilities
Other Financial Instruments
Futures Contracts			(719,810	)			—				—				(719,810	)
Forward Foreign Currency Exchange Contracts			—				(2,237,153	)			—				(2,237,153	)
Interest Rate Swap Agreements			—				(1,133,379	)			—				(1,133,379	)
Total Liabilities		$	(719,810	)		$	(3,370,532	)		$	—			$	(4,090,342	)
Amounts listed as “—” are $0 or round to $0.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

 

Investments in Securities		Balance as of October 31, 2014				Accrued Discounts (Premiums)				Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Net Purchases				Net Sales				Net Transfers in to Level 3				Net Transfers out of Level 3				Balance as of July 31, 2015
CORPORATE BONDS
China			—				—				—				—				8,580,000				—				—				—				8,580,000
TOTAL		$	—			$	—			$	—			$	—			$	8,580,000			$	—			$	—			$	—			$	8,580,000
Amounts listed as “—” are $0 or round to $0.

Change in unrealized appreciation/depreciation relating to investments still held at July 31, 2015 is $0.

For movements between the Levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. During the period ended July 31, 2015, there were no transfers between Levels 1, 2 or 3. For the period ended July 31, 2015, there have been 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

 

Aberdeen Asia Pacific Income Fund, Inc.

---

Notes to Portfolio of Investments (unaudited) (concluded)

July 31, 2015

 

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 security, realization of the collateral by the Fund may be delayed or limited. The Fund held a repurchase agreement of $32,927,000 as of July 31, 2015. The value of the related collateral exceeded the value of the repurchase agreement at July 31, 2015. 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.

 

d.	Federal Income Taxes:

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2015 were as follows:

 

Cost		Appreciation		Depreciation				Net Unrealized Appreciation
$1,953,079,449		$60,689,885		$	(22,398,417	)		$	38,291,468

 

Aberdeen Asia Pacific Income Fund, Inc.

---

Item 2.

Controls and Procedures

 

(a)

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

 

(b)

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

 

Item 3.

Exhibits

 

(a)

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

---

SIGNATURES

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

 

		Aberdeen Asia-Pacific Income Fund, Inc.
		BY:		/s/ Christian Pittard
				Christian Pittard, Principal Executive Officer of Aberdeen Asia-Pacific Income Fund, Inc.
		Date: September 24, 2015

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

 

		BY:		/s/ Christian Pittard
				Christian Pittard, Principal Executive Officer of Aberdeen Asia-Pacific Income Fund, Inc.
		Date: September 24, 2015
		BY:		/s/ Andrea Melia
				Andrea Melia, Principal Financial Officer of Aberdeen Asia-Pacific Income Fund, Inc.
		Date: September 24, 2015