<SEC-DOCUMENT>0001104659-18-049356.txt : 20180904
<SEC-HEADER>0001104659-18-049356.hdr.sgml : 20180904
<ACCEPTANCE-DATETIME>20180803083050
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-049356
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN ASIA-PACIFIC INCOME FUND INC
		CENTRAL INDEX KEY:			0000790500
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN ASIA PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEN ASIA-PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA PRIME INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aberdeen Funds
		CENTRAL INDEX KEY:			0001413594
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN GLOBAL INCOME FUND INC
		CENTRAL INDEX KEY:			0000876717
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN COMMONWEALTH INCOME FUND INC
		DATE OF NAME CHANGE:	20010601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST COMMONWEALTH FUND INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000887210
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1735 MARKET STREET, 32ND FLOOR
		STREET 2:		C/O ABERDEEN ASSET MANAGEMENT INC.
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		(800) 387-6977

	MAIL ADDRESS:	
		STREET 1:		1735 MARKET STREET, 32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARTIO GLOBAL INVESTMENT FUNDS
		DATE OF NAME CHANGE:	20081010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JULIUS BAER INVESTMENT FUNDS
		DATE OF NAME CHANGE:	19980828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BJB INVESTMENT FUNDS
		DATE OF NAME CHANGE:	19931005
</SEC-HEADER>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="265" height="62" src="g181891cai001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;3, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">VIA EDGAR</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chad Eskildsen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Investment Management</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
<td width="95%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:95.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Asia-Pacific Income Fund,&nbsp;Inc.   (Investment Company Act File No.&nbsp;811-04611); Aberdeen Global Income   Fund,&nbsp;Inc. (Investment Company Act File No.&nbsp;811-06342); Aberdeen   Funds (Investment Company Act File No.&nbsp;811-22132); and Aberdeen   Investment Funds (Investment Company Act File No.&nbsp;811-06652) (together,   the &#147;Registrants&#148;)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Eskildsen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;10, 2018, you provided comments on the Registrants&#146; Annual Reports to shareholders on Form&nbsp;N-CSR (the &#147;Annual Reports&#148;) with respect to Aberdeen Asia-Pacific Income Fund,&nbsp;Inc.&#146;s, Aberdeen Global Income Fund,&nbsp;Inc.&#146;s, Aberdeen Funds&#146; and Aberdeen Investment Funds&#146; respective Annual Reports for the fiscal year ended October&nbsp;31, 2017 filed on January&nbsp;5, 2018.&#160; The Registrants and the series of each Registrant, as applicable, are referred to herein collectively, as the &#147;Funds&#148; and individually as a &#147;Fund.&#148;&#160; For your convenience, the substance of your comments has been restated below to the best of the Registrants&#146; understanding.&#160; Responses from the respective Registrant(s)&nbsp;to which the comment relates is set out immediately under the restated comment.&#160; Defined terms, unless otherwise defined herein, have the meanings given them in the Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments on Aberdeen Funds&#146; Annual Report</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;1</font></u>: <i>With respect to the Aberdeen Emerging Markets Debt Fund, a series of Aberdeen Funds, the Annual Report states that the Fund is non-diversified as defined by the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).&#160; Pursuant to Section&nbsp;13(a)(1)&nbsp;of the 1940 Act and Allied Capital Corporation, SEC No-Action Letter (pub. avail. Jan.&nbsp;3, 1989), please note that if the Fund has operated as a &#147;diversified&#148; investment company under Section&nbsp;5(b)&nbsp;of the 1940 Act for a continuous period of at least three years, it may not thereafter operate as a non-diversified investment company without first obtaining shareholder approval as required under Section&nbsp;13 of the 1940 Act. In the Annual Report, it appears that the Fund is diversified. Please confirm whether the Fund has been operating as a non-diversified investment company for the last three years.&#160; If the Fund has operated as a diversified company for more than three years, please affirm that the Fund will not operate as a non-diversified company without the prior approval of shareholders.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response:</font></u>&#160; The Fund respectfully acknowledges the Staff&#146;s comment and confirms that the Fund has operated as a non-diversified investment company during the last three years.&#160; If the Fund operates as a diversified company for a continuous period of three years, the Fund affirms that it will not operate as a non-diversified company without the prior approval of shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments on All Registrants&#146; Annual Reports</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;2</font></u>:&#160; <i>The Staff notes that the Annual Reports of the Aberdeen Asia-Pacific Income Fund,&nbsp;Inc. and Aberdeen Global Income Fund,&nbsp;Inc. present expense ratios in the financial highlights including and excluding interest expense; however, on the fact sheets posted to such Funds&#146; website, the expense ratio is only presented excluding interest expense.&#160; For all registered investment companies advised by Aberdeen Asset Management Inc. (&#147;AAMI&#148;) or an affiliate of AAMI&#160; (collectively, the &#147;Aberdeen Fund Complex&#148;), the expense ratio presented on the funds&#146; fact sheets going forward must include interest expense, to the extent applicable. The fact sheets can include both expense ratios but must at least present the ratio inclusive of interest expense.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response:</font></u>&#160; The funds within the Aberdeen Fund Complex will present the funds&#146; expense ratios including interest expense, if any, on the fact sheets going forward.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments on Aberdeen Investment Funds&#146; Annual Reports</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;3</font></u>:<i>&#160; With respect to the Article&nbsp;63 EU Tax Reclaims received by the International Equity Funds from certain foreign jurisdictions, Note 2(g)&nbsp;of the Notes to Financial Statements states that &#147;[t]he receipt by the International Equity Funds of the tax reclaims from these jurisdictions will also result in tax liability to the relevant Fund to offset the tax benefits that shareholders received in the past, the precise amount of the tax is uncertain and subject to settlement negotiations with the U.S. Internal Revenue Service (&#147;U.S. IRS&#148;).&#148;&#160; In your response to the Staff, please inform the Staff of the status of the settlement negotiations with the U.S. IRS.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:&#160; The International Equity Funds have engaged in discussions and settlement negotiations with the U.S. IRS and have been working with representatives from the U.S. IRS Office of Chief Counsel&#146;s Financial Institution&nbsp;&amp; Products group.&#160; Among other communications, in December&nbsp;2017, representatives of Aberdeen Asset Management Inc. and fund counsel met with IRS Office of Chief Counsel in Washington to discuss the potential settlement.&#160; The Funds requested additional updates from the Office of Chief Counsel during a July&nbsp;12, 2018 conference call.&#160; The Chief Counsel attorneys did not commit to a date certain by which this matter would be resolved, but noted that the matter is still under review and pending resolution.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Comment No.&nbsp;4</font></u></i>:<i> The Staff indicated that certain other investment companies that have pursued withholding tax reclaim payments from certain foreign jurisdictions also had compliance or professional fees reflected in their statements of operations related to the pursuit of such tax reclaim payments. In your response to the Staff, please explain whether there were any compliance, professional or similar fees paid by the International Equity Funds in connection with their pursuit of Article&nbsp;63 EU Tax Reclaims. If so, please also identity in your response to the Staff where these fees are reflected in the Funds&#146; Statements of Operations.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>: For the fiscal year ended October&nbsp;31, 2017, the International Equity Funds paid tax advisory fees to KPMG UK for their assistance with filing for tax reclaims in France and Sweden.&#160; Those fees are included within Other expenses in the Funds&#146; Statements of Operations.&#160; The International Equity Funds also paid tax consulting fees to KPMG US for their assistance with drafting the closing agreement with the IRS. Those fees are included within Audit fees on the Statement of Operations.&#160; In addition, the International Equity Funds paid legal fees to (a)&nbsp;local counsel in various jurisdictions to assist in pursuing those claims, and (b)&nbsp;to fund counsel for its role in negotiations, disclosure issues, and advising the Board of Trustees.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should you have any questions concerning the above, please call the undersigned at (215) 405-5770.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Lucia Sitar</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lucia Sitar</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Andrea Melia, Aberdeen Asset Management Inc.</p>
<p style="margin:0in 0in .0001pt .4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rose F. DiMartino, Willkie Farr&nbsp;&amp; Gallagher LLP</font></p>
<p style="margin:0in 0in .0001pt .4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jay Baris, Shearman&nbsp;&amp; Sterling LLP</font></p>
<p style="margin:0in 0in .0001pt .4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mike Malloy, Drinker Biddle&nbsp;&amp; Reath LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Aberdeen Asset Management Inc.</font></b><br> 1735 Market Street, 32nd Floor, Philadelphia, PA 19103<br> Telephone: +1 215 405 5700</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
