NPORT-EX 2 NPORT_727299605814823.htm

 

Portfolio of Investments (unaudited)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		   Description  Value
(US$)		 
CORPORATE BONDS—72.9%     
AUSTRALIA—2.8%     
AUD 2,500  APT Pipelines Ltd., 7.75%, 07/22/2020 (a)  $1,722,550 
USD 6,000  Australia and New Zealand Banking Group Ltd., (fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026 (a)(b)   6,892,500 
AUD 5,405  Brisbane Square Finance Pty Ltd., Zero Coupon, 11/25/2025 (c)(d)(e)   4,177,361 
AUD 7,300  Qantas Airways Ltd., 7.50%, 06/11/2021   5,271,142 
USD 9,100  Santos Finance Ltd., 4.13%, 06/14/2027 (a)(f)   9,572,835 
USD 6,172  Virgin Australia Holdings Ltd., 8.13%, 05/15/2024 (a)(f)   6,009,985 
         33,646,373 
CHINA—20.0%     
USD 1,000  Agile Group Holdings Ltd., 8.50%, 07/18/2020 (a)(f)   1,046,307 
CNY 20,000  Agricultural Development Bank of China, 4.37%, 05/25/2023   3,002,702 
CNH 10,000  Bank of China Ltd., 4.88%, 04/20/2020   1,434,358 
USD 3,289  Central China Real Estate Ltd., 7.25%, 01/16 /2022 (a)(f)   3,207,960 
SGD 1,250  China Aoyuan Group Ltd., 7.15%, 09/07/2020 (a)   941,098 
USD 6,400  China Aoyuan Group Ltd., 7.95%, 09/07/2020 (a)   6,592,103 
USD 4,000  China Construction Bank Corp., (fixed rate to 02/27/2024, variable rate thereafter), 4.25%, 02/27/2024 (a)(f)   4,231,912 
CNY 30,000  China Development Bank, 3.03%, 01/18/2022   4,344,812 
CNH 8,000  China Development Bank Hong Kong, 3.20%, 09/21/2023   1,147,592 
USD 6,800  China Evergrande Group, 10.00%, 04/11/2021 (a)(f)   6,342,591 
CNY 10,000  China National Petroleum Corp., 3.72%, 09/20/2021   1,457,151 
USD 3,500  China Oil & Gas Group Ltd., 5.50%, 07/25/2021 (a)(f)   3,601,705 
USD 7,000  China Overseas Finance Cayman III Ltd., 5.38%, 10/29/2023 (a)   7,667,863 
USD 4,000  Chinalco Capital Holdings Ltd., 4.25%, 04/21/2022 (a)   4,069,605 
USD 3,700  CIFI Holdings Group Co. Ltd., 6.00%, 01/16/2023 (a)(f)   3,603,617 
USD 7,000  CIFI Holdings Group Co. Ltd., 6.55%, 03/28/2022 (a)(f)   7,124,717 
USD 8,300  CNAC HK Finbridge Co. Ltd., 4.88%, 03/14/2025 (a)   9,083,139 
USD 7,500  CNOOC Curtis Funding No 1 Pty Ltd., 4.50%, 10/03/2023 (a)   8,095,784 
USD 3,200  CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/2024   3,460,064 
USD 494  Country Garden Holdings Co. Ltd., 5.13%, 01/14/2024 (a)(f)   495,188 
USD 5,000  Country Garden Holdings Co. Ltd., 7.25%, 04/08/2023 (a)(f)   5,465,425 
USD 3,110  Country Garden Holdings Co. Ltd., 8.00%, 09/27/2021 (a)(f)   3,375,549 
MYR 10,000  Country Garden Real Estate Sdn Bhd, 6.40%, 05/06/2022   2,535,505 
SGD 2,500  Eastern Air Overseas Hong Kong Co. Ltd., 2.80%, 11/16/2020 (a)   1,827,423 
USD 6,800  ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021 (a)   6,996,231 
CNY 20,000  Export-Import Bank of China, 4.37%, 06/19/2023   3,002,358 
USD 3,200  Fufeng Group Ltd., 5.88%, 08/28/2021 (a)   3,329,568 
USD 3,000  Geely Automobile Holdings Ltd., 3.63%, 01/25/2023 (a)   3,061,028 
USD 5,400  HBIS Group Hong Kong Co. Ltd., 3.75%, 12/18/2022 (a)   5,409,157 
USD 3,470  Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/2021 (a)(f)   3,639,782 
USD 3,500  Huarong Finance II Co. Ltd., 3.25%, 06/03/2021 (a)   3,533,845 
USD 3,000  JD.com, Inc., 3.38%, 10/14/2029 (f)   3,067,127 
USD 6,500  Logan Property Holdings Co. Ltd., 6.88%, 04/24/2020 (a)(f)   6,630,443 
USD 6,650  Longfor Group Holdings Ltd., 3.95%, 09/16/2029 (a)   6,760,360 
USD 5,500  Poly Real Estate Finance Ltd., 3.95%, 02/05/2023 (a)   5,680,299 
USD 3,500  Postal Savings Bank of China Co. Ltd., (fixed rate to 09/27/2022, variable rate thereafter), 4.50%, 09/27/2022 (a)(b)   3,581,235 
USD 5,000  Powerchina Real Estate Group Ltd., 4.50%, 12/06/2021 (a)   5,152,550 
USD 5,760  Ronshine China Holdings Ltd., 8.10%, 12/09/2021 (a)(f)   5,818,856 
USD 4,700  Shanghai Port Group BVI Development Co. Ltd., 2.88%, 06/18/2024 (a)   4,814,445 
USD 6,800  Shimao Property Holdings Ltd., 5.60%, 07/15/2023 (a)(f)   7,126,675 
USD 3,000  Sinochem International Development Pte Ltd., 3.13%, 07/25/2022 (a)   3,033,674 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
CORPORATE BONDS (continued)     
USD 5,200  Sinopec Capital 2013 Ltd., 3.13%, 04/24/2023 (a)  $5,340,699 
USD 5,900  Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/2024 (a)   6,405,689 
USD 14,738  State Grid Overseas Investment 2016 Ltd., 3.50%, 05/04/2027 (a)   15,782,312 
USD 5,400  Sunac China Holdings Ltd., 6.50%, 01/10/2023 (a)(f)   5,217,929 
USD 6,700  Sunac China Holdings Ltd., 7.95%, 08/08/2020 (a)(f)   6,927,196 
USD 3,400  Sunny Optical Technology Group Co. Ltd., 3.75%, 01/23/2023 (a)   3,500,309 
USD 3,330  Tencent Holdings Ltd., 3.98%, 01/11/2029 (a)(f)   3,672,864 
USD 5,400  Tianqi Finco Co. Ltd., 3.75%, 11/28/2022 (a)   3,674,700 
USD 960  Wuhan Metro Group Co. Ltd., (fixed rate to 12/05/2021, variable rate thereafter), 5.98%, 12/05/2021 (a)(b)   1,018,007 
USD 2,882  Yingde Gases Investment Ltd., 6.25%, 01/19/2021 (a)(f)   3,013,205 
USD 4,000  Zhenro Properties Group Ltd., 7.88%, 01/14/2023 (a)(f)   3,901,374 
USD 7,400  Zhenro Properties Group Ltd., 9.15%, 03/08/2021 (a)(f)   7,633,983 
         240,880,070 
ECUADOR—0.2%     
USD 2,427  International Airport Finance SA, 12.00%, 03/15/2024 (a)   2,663,633 
         2,663,633 
GERMANY—2.1%     
SGD 3,200  Deutsche Bank AG, 4.10%, 02/14/2021   2,372,094 
AUD 5,000  Kreditanstalt fuer Wiederaufbau, 6.00%, 08/20/2020 (g)   3,437,829 
AUD 15,000  Kreditanstalt fuer Wiederaufbau, 6.25%, 05/19/2021 (g)   10,727,805 
AUD 10,000  Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024 (g)   7,705,491 
MYR 5,000  Mercedes-Benz Services Malaysia Sdn Bhd, 3.57%, 11/28/2023   1,225,708 
         25,468,927 
HONG KONG—1.8%     
USD 3,900  Far East Consortium International Ltd., 3.75%, 09/08/2021 (a)   3,840,751 
USD 8,000  Hongkong Electric Finance Ltd., 2.88%, 05/03/2026 (a)   8,097,503 
USD 6,800  Johnson Electric Holdings Ltd., 4.13%, 07/30/2024 (a)   7,113,769 
USD 2,871  Standard Chartered PLC, 3.95%, 01/11/2023 (a)   2,984,283 
         22,036,306 
INDIA—17.2%     
USD 6,910  Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd., 6.25%, 12/10/2024 (a)   7,471,230 
USD 9,480  Adani Ports & Special Economic Zone Ltd., 4.00%, 06/30/2027 (a)(f)   9,839,894 
USD 4,010  Adani Transmission Ltd., 4.25%, 05/21/2036 (a)(e)   4,042,243 
INR 200,000  Axis Bank Ltd., 7.60%, 10/20/2023   2,823,997 
INR 500,000  Axis Bank Ltd., 8.85%, 12/05/2024   7,404,855 
USD 7,030  Azure Power Solar Energy Pvt Ltd., 5.65%, 09/24/2022 (a)(f)   7,257,069 
USD 3,300  Bharti Airtel International Netherlands BV, 5.35%, 05/20/2024 (a)   3,558,086 
INR 150,000  Export-Import Bank of India, 7.62%, 09/01/2026   2,082,911 
USD 8,800  Future Retail Ltd., 5.60%, 01/22/2023 (a)(f)   8,866,172 
USD 7,000  GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024 (a)   7,248,766 
INR 750,000  HDFC Bank Ltd., 7.95%, 09/21/2026   10,797,709 
INR 100,000  Housing Development Finance Corp. Ltd., 7.90%, 08/24/2026   1,411,002 
INR 100,000  Housing Development Finance Corp. Ltd., 8.05%, 06/20/2022   1,434,027 
INR 250,000  Housing Development Finance Corp. Ltd., 8.58%, 03/18/2022   3,582,224 
INR 100,000  Housing Development Finance Corp. Ltd., 8.65%, 09/18/2020   1,417,549 
INR 550,000  Housing Development Finance Corp. Ltd., 9.05%, 11/20/2023   8,161,888 
INR 400,000  ICICI Bank Ltd., 7.60%, 10/07/2023   5,665,090 
INR 250,000  ICICI Bank Ltd., 9.15%, 08/06/2024   3,812,143 
USD 2,000  Indiabulls Housing Finance Ltd., 6.38%, 05/28/2022 (a)   1,700,985 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
CORPORATE BONDS (continued)
INR 200,000  Indiabulls Housing Finance Ltd., 8.90%, 09/26/2021  $2,565,202 
INR 100,000  Indiabulls Housing Finance Ltd., 9.00%, 04/29/2026   1,360,617 
INR 300,000  Indiabulls Housing Finance Ltd., 9.08%, 12/31/2021   4,172,652 
INR 50,000  Indian Railway Finance Corp. Ltd., 8.45%, 12/04/2028   740,762 
INR 250,000  Indian Railway Finance Corp. Ltd., 8.83%, 03/25/2023   3,630,064 
INR 150,000  National Highways Authority of India, 7.70%, 09/13/2029   2,105,106 
USD 6,800  Neerg Energy Ltd., 6.00%, 03/02/2020 (a)(f)   6,868,135 
INR 50,000  NTPC Ltd., 8.05%, 05/05/2026   724,274 
INR 250,000  NTPC Ltd., 8.10%, 05/27/2026   3,684,273 
INR 200,000  NTPC Ltd., 8.49%, 03/25/2025 (e)   2,961,802 
INR 100,000  NTPC Ltd., 8.73%, 03/07/2023   1,476,629 
INR 100,000  NTPC Ltd., 9.17%, 09/22/2024   1,512,195 
INR 250,000  Power Finance Corp. Ltd., 7.50%, 09/17/2020   3,510,354 
INR 250,000  Power Finance Corp. Ltd., 8.36%, 02/26/2020   3,506,715 
INR 250,000  Power Finance Corp. Ltd., 8.39%, 04/19/2025   3,543,255 
INR 400,000  Power Finance Corp. Ltd., 8.65%, 12/28/2024   5,733,688 
INR 150,000  Power Grid Corp. of India Ltd., 8.13%, 04/25/2027   2,164,873 
INR 500,000  Power Grid Corp. of India Ltd., 8.13%, 04/25/2028   6,988,789 
INR 200,000  Power Grid Corp. of India Ltd., 8.93%, 10/20/2022   2,922,026 
USD 7,200  REC Ltd., 3.50%, 12/12/2024 (a)   7,300,224 
INR 150,000  REC Ltd., 8.10%, 06/25/2024   2,117,857 
USD 7,000  Reliance Industries Ltd., 4.13%, 01/28/2025 (a)   7,491,007 
INR 800,000  Reliance Industries Ltd., 8.30%, 03/08/2022   11,542,804 
INR 250,000  Reliance Jio Infocomm Ltd., 8.95%, 10/05/2020   3,556,011 
INR 200,000  Rural Electrification Corp. Ltd., 8.44%, 12/04/2021   2,850,877 
INR 150,000  Rural Electrification Corp. Ltd., 9.34%, 08/25/2024   2,210,051 
INR 70,000  Rural Electrification Corp. Ltd., 9.35%, 06/15/2022   1,017,785 
INR 50,000  State of Karnataka India, 7.38%, 09/27/2027   707,812 
INR 300,000  State of Maharashtra India, 7.20%, 08/09/2027   4,217,606 
INR 100,000  Tata Motors Ltd., 9.73%, 10/01/2020   1,416,245 
USD 5,000  Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/2023 (a)   3,950,762 
         207,128,292 
INDONESIA—5.0%     
IDR 20,000,000  Adira Dinamika Multi Finance Tbk PT, 7.80%, 10/04/2022   1,486,196 
IDR 10,000,000  Astra Sedaya Finance PT, 8.80%, 02/13/2022   760,308 
USD 3,250  Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/2024 (a)   3,415,133 
IDR 10,000,000  Bank Rakyat Indonesia Persero Tbk PT, 8.25%, 08/24/2024   753,058 
USD 1,000  Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/2025 (a)   1,009,098 
USD 6,250  Chandra Asri Petrochemical Tbk PT, 4.95%, 11/08/2021 (a)(f)   6,144,160 
IDR 10,000,000  Federal International Finance PT, 8.80%, 03/12/2022   753,643 
USD 5,326  FPC Treasury Ltd., 4.50%, 04/16/2023 (a)   5,480,487 
IDR 20,000,000  Lembaga Pembiayaan Ekspor Indonesia, 8.45%, 07/09/2022   1,521,787 
IDR 30,000,000  Lembaga Pembiayaan Ekspor Indonesia, 9.50%, 03/13/2020   2,207,543 
USD 5,959  LLPL Capital Pte Ltd., 6.88%, 02/04/2039 (a)(e)   6,971,533 
USD 3,565  Medco Oak Tree Pte Ltd., 7.38%, 05/14/2023 (a)(f)   3,685,262 
USD 3,400  Perusahaan Listrik Negara PT, 3.88%, 07/17/2029 (a)   3,563,387 
USD 6,129  Perusahaan Listrik Negara PT, 6.15%, 05/21/2048 (a)   7,799,765 
IDR 12,000,000  Perusahaan Listrik Negara PT, 8.25%, 07/05/2023   918,545 
USD 6,800  Sri Rejeki Isman Tbk PT, 7.25%, 10/16/2022 (a)(f)   7,118,884 
USD 6,739  TBG Global Pte Ltd., 5.25%, 02/10/2021 (a)(f)   6,825,297 
         

60,414,086

 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
CORPORATE BONDS (continued)     
MACAU—0.6%     
USD 6,600  Sands China Ltd., 5.40%, 05/08/2028 (f)  $7,499,382 
MALAYSIA—2.0%     
MYR 1,500  Cagamas Bhd, 4.45%, 11/25/2020   370,231 
MYR 5,000  CIMB Group Holdings Bhd, 4.95%, 03/29/2023 (f)   1,270,941 
MYR 5,000  Cypark Ref Sdn Bhd, 4.87%, 06/30/2025   1,243,387 
MYR 5,000  DRB-Hicom Bhd, 5.10%, 12/12/2029   1,263,856 
MYR 5,000  Malayan Banking Bhd, (fixed rate to 09/25/2024, variable rate thereafter), 4.08%, 09/25/2024 (b)   1,235,883 
USD 7,050  Press Metal Labuan Ltd., 4.80%, 10/30/2020 (a)(f)   6,982,850 
USD 3,736  RHB Bank Bhd, 2.50%, 10/06/2021 (a)   3,759,051 
USD 7,000  TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026 (a)   7,175,962 
         23,302,161 
MONGOLIA—0.6%     
USD 3,400  Mongolian Mining Corp./Energy Resources LLC, 9.25%, 04/15/2021 (a)(f)   3,144,128 
USD 3,230  Trade & Development Bank of Mongolia LLC, 9.38%, 05/19/2020 (a)(g)   3,276,491 
         6,420,619 
NETHERLANDS—0.5%     
USD 6,050  Samvardhana Motherson Automotive Systems Group BV, 4.88%, 02/10/2020 (a)(f)   6,143,775 
           
NORWAY—0.7%     
AUD 7,000  Kommunalbanken AS, 4.50%, 04/17/2023 (a)   5,198,975 
AUD 4,988  Kommunalbanken AS, 6.50%, 04/12/2021   3,557,169 
         8,756,144 
PHILIPPINES —3.3%     
USD 771  AEV International Pte Ltd., 4.20%, 01/16/2025 (a)(f)   772,180 
USD 7,000  ICTSI Treasury BV, 5.88%, 09/17/2025 (a)   7,730,514 
USD 5,025  Jollibee Worldwide Pte Ltd., (fixed rate to 01/23/2025, variable rate thereafter), 3.90%, 01/23/2025 (a)(b)   4,982,288 
USD 13,086  Megaworld Corp., 4.25%, 04/17/2023 (a)   13,546,682 
USD 5,500  Philippine National Bank, 3.28%, 09/27/2024 (a)   5,628,906 
USD 7,000  Royal Capital BV, (fixed rate to 05/05/2024, variable rate thereafter), 4.88%, 05/05/2024 (a)(b)   7,087,500 
         39,748,070 
QATAR—0.1%     
CNH 10,000  QNB Finance Ltd., 5.10%, 03/08/2021   1,462,260 
           
SAUDI ARABIA—0.6%     
USD 7,000  Saudi Arabian Oil Co., 3.50%, 04/16/2029 (a)   7,418,196 
           
SINGAPORE—2.3%     
USD 4,000  DBS Group Holdings Ltd., (fixed rate to 09/07/2021, variable rate thereafter), 3.60%, 09/07/2021 (a)(b)   4,030,000 
USD 2,400  DBS Group Holdings Ltd., (fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2023 (a)(f)   2,575,563 
USD 7,289  Marble II Pte Ltd., 5.30%, 06/20/2020 (a)(f)   7,391,028 
USD 3,800  Parkway Pantai Ltd., (fixed rate to 07/27/2022, variable rate thereafter), 4.25%, 07/27/2022 (a)(b)   3,809,500 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
CORPORATE BONDS (continued)     
USD 9,000  United Overseas Bank Ltd., (fixed rate to 09/16/2021, variable rate thereafter), 3.50%, 09/16/2021 (a)(f)  $9,143,550 
         26,949,641 
SOUTH KOREA—3.4%     
USD 11,400  Busan Bank Co. Ltd., 3.63%, 07/25/2026 (a)   11,846,713 
USD 3,300  Hanwha Total Petrochemical Co. Ltd., 3.88%, 01/23/2024 (a)   3,464,538 
USD 10,658  Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/2022 (a)   10,936,368 
USD 1,350  Korea Western Power Co. Ltd., 3.75%, 06/07/2023 (a)   1,422,150 
USD 7,760  Shinhan Bank Co. Ltd., 2.88%, 03/28/2022 (a)   7,906,099 
USD 4,733  Woori Bank, 5.13%, 08/06/2028 (a)   5,501,071 
         41,076,939 
THAILAND—1.7%     
USD 1,200  Bangkok Bank PCL, 9.03%, 03/15/2029 (a)   1,753,365 
USD 10,000  GC Treasury Center Co. Ltd., 4.25%, 09/19/2022 (a)   10,440,781 
USD 5,300  PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/2059 (a)   5,639,010 
USD 2,197  Thaioil Treasury Center Co. Ltd., 4.63%, 11/20/2028 (a)   2,539,198 
         20,372,354 
TURKEY—0.3%     
USD 3,300  Yapi ve Kredi Bankasi AS, (fixed rate to 01/15/2024, variable rate thereafter), 13.88%, 01/15/2024 (a)(b)   3,920,499 
         3,920,499 
UNITED ARAB EMIRATES—3.5%     
USD 2,390  Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024 (a)   2,509,500 
MYR 10,000  Abu Dhabi National Energy Co. PJSC, 4.65%, 03/03/2022   2,467,847 
USD 5,238  Emirates Airline, 4.50%, 02/06/2025 (a)(e)   5,365,524 
SGD 6,500  Emirates NBD Bank PJSC, 3.05%, 03/06/2023 (a)   4,879,754 
USD 6,388  Emirates NBD Bank PJSC (fixed rate to 03/20/2025, variable rate thereafter), 6.13%, 03/20/2025 (a)(b)   6,745,728 
USD 7,100  Esic Sukuk Ltd., 3.94%, 07/30/2024 (a)   7,093,681 
USD 3,300  MAF Global Securities Ltd., (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026 (a)(b)   3,504,586 
USD 3,700  MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter), 5.50%, 09/07/2022 (a)(b)   3,792,500 
USD 5,194  Medjool Ltd., 3.88%, 03/19/2023 (a)(e)   5,228,858 
         41,587,978 
UNITED KINGDOM—3.8%     
USD 2,594  CK Hutchison Capital Securities 17 Ltd., (fixed rate to 05/12/2022, variable rate thereafter), 4.00%, 05/12/2022 (a)(b)   2,627,701 
USD 4,840  CK Hutchison International 17 Ltd., 2.88%, 04/05/2022 (a)   4,912,669 
USD 15,500  Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027 (a)   20,546,490 
USD 980  Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033 (a)   1,487,831 
USD 6,999  Standard Chartered PLC, 3.95%, 01/11/2023 (a)   7,275,164 
USD 5,000  Standard Chartered PLC, 4.05%, 04/12/2026 (a)   5,394,360 
USD 2,759  Standard Chartered PLC, (fixed rate to 04/02/2023, variable rate thereafter), 7.75%, 04/02/2023 (a)(b)   3,048,695 
         45,292,910 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
CORPORATE BONDS (continued)
VIETNAM—0.4%     
USD 4,310  Mong Duong Finance Holdings BV, 5.13%, 05/07/2023 (a)   $4,445,339 
         4,445,339 
   Total Corporate Bonds — 72.9% (cost $882,066,330)   876,633,954 
GOVERNMENT BONDS—69.4%     
AUSTRALIA—36.7%     
AUD 91,229  Australia Government Bond, 2.75%, 11/21/2028 (a)   70,431,276 
AUD 12,400  Australia Government Bond, 3.25%, 04/21/2025 (a)   9,372,677 
AUD 81,500  Australia Government Bond, 3.25%, 06/21/2039 (a)   72,153,943 
AUD 51,000  Australia Government Bond, 3.75%, 04/21/2037 (a)   47,246,783 
AUD 17,700  Australia Government Bond, 4.50%, 04/21/2033 (a)   16,879,677 
AUD 81,700  Australia Government Bond, 5.50%, 04/21/2023 (a)   63,165,291 
AUD 6,000  New South Wales Treasury Corp., 3.00%, 04/20/2029 (a)   4,593,946 
AUD 13,500  New South Wales Treasury Corp., 3.00%, 02/20/2030 (a)   10,388,736 
AUD 7,500  New South Wales Treasury Corp., 4.00%, 05/20/2026 (a)   5,911,202 
AUD 25,000  New South Wales Treasury Corp., 6.00%, 05/01/2020 (a)   16,939,011 
AUD 15,000  New South Wales Treasury Corp., 6.00%, 03/01/2022   11,111,650 
AUD 22,000  Queensland Treasury Corp., 4.25%, 07/21/2023 (a)   16,403,172 
AUD 51,400  Queensland Treasury Corp., 5.50%, 06/21/2021 (a)   36,598,557 
AUD 4,690  Queensland Treasury Corp., 6.00%, 06/14/2021 (a)(g)   3,364,054 
AUD 16,200  Queensland Treasury Corp., 6.25%, 02/21/2020 (a)   10,877,139 
AUD 20,000  Treasury Corp. of Victoria, 6.00%, 10/17/2022   15,241,570 
AUD 5,000  Western Australian Treasury Corp., 2.50%, 07/23/2024 (a)   3,570,756 
AUD 22,000  Western Australian Treasury Corp., 2.75%, 10/20/2022 (a)   15,468,979 
AUD 15,000  Western Australian Treasury Corp., 7.00%, 07/15/2021   10,933,244 
         440,651,663 
BAHRAIN—0.6%     
USD 6,700  CBB International Sukuk Co. 5 Spc, 5.62%, 02/12/2024 (a)   7,204,992 
         7,204,992 
CHINA—1.4%     
CNY 10,000  Central Huijin Investment, 3.67%, 01/16/2024   1,453,442 
CNY 30,000  China Development Bank, 3.45%, 09/20/2029   4,311,570 
CNY 4,000  China Government Bond, 2.85%, 01/28/2026 (h)   572,827 
CNY 70,000  China Government Bond, 3.29%, 05/23/2029   10,294,756 
CNY 3,000  China Government Bond, 3.46%, 07/11/2020 (h)   435,435 
CNY 2,000  China Government Bond, 3.57%, 11/17/2021 (h)   294,715 
         17,362,745 
INDIA—3.8%     
INR 200,000  Export-Import Bank of India, 8.18%, 12/07/2025   2,961,735 
INR 750,000  India Government Bond, 7.68%, 12/15/2023   10,980,197 
INR 1,000,000  India Government Bond, 7.72%, 05/25/2025   14,714,641 
INR 1,041,880  India Government Bond, 8.08%, 08/02/2022   15,286,237 
INR 140,440  India Government Bond, 8.40%, 07/28/2024   2,112,330 
INR 9,590  India Government Bond, 9.20%, 09/30/2030   155,764 
         46,210,904 
INDONESIA—16.8%     
USD 591  Indonesia Government International Bond, 5.25%, 01/08/2047 (a)   740,505 
USD 5,314  Indonesia Government International Bond, 5.35%, 02/11/2049   6,939,703 
USD 9,880  Indonesia Government International Bond, 8.50%, 10/12/2035 (a)   15,833,269 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
GOVERNMENT BONDS (continued)
IDR 269,000,000  Indonesia Treasury Bond, 5.63%, 05/15/2023  $19,676,104 
IDR 271,570,000  Indonesia Treasury Bond, 6.13%, 05/15/2028   19,152,099 
IDR 50,000,000  Indonesia Treasury Bond, 6.50%, 06/15/2025   3,744,050 
IDR 15,000,000  Indonesia Treasury Bond, 6.63%, 05/15/2033   1,040,300 
IDR 13,800,000  Indonesia Treasury Bond, 7.00%, 05/15/2027   1,032,115 
IDR 848,000,000  Indonesia Treasury Bond, 8.13%, 05/15/2024   67,143,839 
IDR 288,224,000  Indonesia Treasury Bond, 8.38%, 09/15/2026   23,320,287 
IDR 300,000,000  Indonesia Treasury Bond, 8.75%, 05/15/2031   24,944,709 
IDR 30,000,000  Indonesia Treasury Bond, 9.00%, 03/15/2029   2,504,577 
IDR 16,000,000  Indonesia Treasury Bond, 9.50%, 07/15/2031   1,396,939 
USD 4,970  Perusahaan Penerbit SBSN Indonesia III, 4.15%, 03/29/2027 (a)   5,392,599 
USD 7,000  Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024 (a)   7,573,090 
USD 1,500  Perusahaan Penerbit SBSN Indonesia III, 4.55%, 03/29/2026 (a)   1,657,530 
         202,091,715 
MALAYSIA—2.3%     
MYR 6,800  Malaysia Government Bond, 3.50%, 05/31/2027   1,700,498 
MYR 20,800  Malaysia Government Bond, 3.88%, 03/10/2022   5,181,673 
MYR 32,500  Malaysia Government Bond, 3.96%, 09/15/2025   8,307,195 
MYR 10,700  Malaysia Government Bond, 4.18%, 07/15/2024   2,736,556 
MYR 30,300  Malaysia Government Bond, 4.23%, 06/30/2031   8,053,330 
MYR 6,800  Malaysia Government Investment Issue, 3.73%, 03/31/2026   1,717,288 
         27,696,540 
PHILIPPINES—0.3%     
PHP 200,000  Philippine Government Bond, 4.63%, 09/09/2040   3,674,109 
           
QATAR—1.2%     
USD 12,750  Qatar Government International Bond, 4.50%, 04/23/2028 (a)   14,756,442 
           
SINGAPORE—0.3%     
SGD 5,300  Singapore Government Bond, 1.25%, 10/01/2021   3,872,154 
           
SOUTH KOREA  —0.3%     
KRW 4,500,000  Korea Treasury Bond, 1.88%, 06/10/2029   3,873,522 
           
SRI LANKA—1.4%     
USD 5,200  Republic Of Sri Lanka, 7.55%, 03/28/2030 (a)   5,152,222 
USD 11,000  Sri Lanka Government International Bond, 7.85%, 03/14/2029 (a)   11,164,558 
         16,316,780 
SUPRANATIONAL—3.9%     
AUD 14,000  Asian Development Bank, 5.00%, 03/09/2022   10,164,532 
AUD 6,800  Asian Development Bank, 6.25%, 03/05/2020   4,574,407 
AUD 4,000  Eurofima, 5.50%, 06/30/2020   2,724,709 
AUD 15,000  Inter-American Development Bank, 6.00%, 02/26/2021   10,571,894 
AUD 10,000  International Bank for Reconstruction & Development, 4.25%, 06/24/2025   7,787,617 
AUD 15,600  International Finance Corp., 5.75%, 07/28/2020   10,686,059 
         46,509,218 
THAILAND—0.4%     
THB 129,000  Thailand Government Bond, 2.00%, 12/17/2022   4,239,781 
   Total Government Bonds — 69.4% (cost $882,883,239)   834,460,565 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Principal
Amount
(000) or
Shares		   Description   Value
(US$)		  
SHORT-TERM INVESTMENT—3.3%        
UNITED STATES—3.3%        
USD 39,555,385     State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.52%(i)   $ 39,555,385  
            39,555,385  
    Total Short-Term Investment — 3.3% (cost $39,555,385)     39,555,385  
    Total Investments — 145.6% (cost $1,804,504,954)     1,750,649,904  
    Long Term Debt Securities     (531,000,000 )
    Mandatory Redeemable Preferred Stock at Liquidation Value     (50,000,000 )
    Other Assets in Excess of Liabilities — 2.7%     32,733,422  
    Net Assets—100.0%   $ 1,202,383,326  

 

AUD—Australian Dollar

CNH—Chinese Yuan Renminbi Offshore

CNY—Chinese Yuan Renminbi

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MYR—Malaysian Ringgit

PHP—Philippine Peso

SGD—Singapore Dollar

THB—Thai Baht

USD—U.S. Dollar

 

(a) Denotes a restricted security.
(b) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(c) Illiquid security.
(d) For this security the annuity payments increase by 3.25% every year, until the asset amortizes to zero.
(e) Sinkable security.
(f) The maturity date presented for these instruments represents the next call/put date.
(g) This security is government guaranteed.
(h) China A securities. These securities are issued in local currency, traded in the local markets and are held through a qualified foreign institutional investor license.
(i) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2020.

 

At January 31, 2020, the Company held the following futures contracts:

 

At January 31, 2020, 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%–2 year   157    03/31/2020   $33,844,553   $33,968,422   $123,869 
United States Treasury Note 6%–5 year   103    03/31/2020    12,249,759    12,392,992    143,233 
United States Treasury Note 6%–Ultra Bond   205    03/20/2020    38,231,258    39,705,938    1,474,680 
                        86,067,352 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2020

 

Futures Contracts   Number of
Contracts
Long/(Short)		    Expiration
Date		    Notional
Amount		    Market
Value		    Unrealized
Appreciation/
(Depreciation)		 
                          
Short Contract Positions                         
United States Treasury Note 6%–10 year   (373)   03/20/2020   $(48,810,199)  $(49,107,781)  $(297,582)
                       $(297,582)
                       $1,444,200 

 

At January 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:

 

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		   Amount
Sold		   Fair Value   Unrealized
Appreciation/
(Depreciation)		 
                              
Chinese Yuan Renminbi Offshore/United States Dollar                    
04/09/2020  State Street Bank and Trust  CNH   44,873,490   USD   6,500,000   $6,398,276   $(101,724)
Indian Rupee/United States Dollar                       
02/03/2020  UBS AG  INR   1,160,775,000   USD   16,239,794    16,267,036    27,242 
03/03/2020  Royal Bank of Canada  INR   349,948,690   USD   4,900,000    4,874,493    (25,507)
03/20/2020  Citibank N.A.  INR   841,989,000   USD   11,800,000    11,700,792    (99,208)
Indonesian Rupiah/United States Dollar                       
02/12/2020  Citibank N.A.  IDR   218,333,000,000   USD   15,500,000    15,817,983    317,983 
Malaysian Ringgit/United States Dollar                       
02/14/2020  BNP Paribas S.A.  MYR   5,028,000   USD   1,200,000    1,226,547    26,547 
02/14/2020  HSBC Bank USA  MYR   5,829,600   USD   1,400,000    1,422,093    22,093 
Philippine Peso/United States Dollar                       
04/13/2020  Citibank N.A.  PHP   126,726,900   USD   2,500,000    2,477,312    (22,688)
04/13/2020  UBS AG  PHP   209,813,400   USD   4,100,000    4,101,523    1,523 
Singapore Dollar/United States Dollar                       
03/05/2020  Citibank N.A.  SGD   14,200,000   USD   10,416,605    10,406,883    (9,722)
South Korean Won/United States Dollar                       
02/28/2020  Citibank N.A.  KRW   38,269,186,000   USD   32,800,000    32,001,527    (798,473)
Thai Baht/United States Dollar                       
02/14/2020  Citibank N.A.  THB   628,891,000   USD   20,839,053    20,113,027    (726,026)
                      $126,807,492   $(1,387,960)

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		   Amount
Sold		   Fair Value  Unrealized
Appreciation/
(Depreciation)		 
                              
United States Dollar/Australian Dollar                       
04/24/2020  Citibank N.A.  USD   147,110,535   AUD   214,500,000   $143,800,186   $3,310,349 
United States Dollar/Chinese Yuan Renminbi Offshore                       
04/09/2020  Citibank N.A.  USD   700,000   CNH   4,886,862    696,792    3,208 
04/09/2020  Royal Bank of Canada  USD   10,843,329   CNH   75,500,000    10,765,149    78,180 
04/09/2020  State Street Bank and Trust  USD   1,700,001   CNH   11,790,811    1,681,190    18,811 
United States Dollar/Indian Rupee                       
02/03/2020  UBS AG  USD   16,500,000   INR   1,160,775,000    16,267,036    232,964 
03/03/2020  Citibank N.A.  USD   5,300,000   INR   382,130,000    5,322,751    (22,751)
03/20/2020  Citibank N.A.  USD   3,700,000   INR   264,880,780    3,680,945    19,055 
03/20/2020  UBS AG  USD   28,300,000   INR   2,027,691,800    28,178,041    121,959 

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

 

Portfolio of Investments (unaudited) (concluded)

 

As of January 31, 2020

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value   Unrealized
Appreciation/
(Depreciation)		 
                              
United States Dollar/Indonesian Rupiah                       
02/12/2020  Citibank N.A.  USD   700,000   IDR   9,705,850,000   $703,178   $(3,178)
02/12/2020  Royal Bank of Canada  USD   5,100,000   IDR   71,935,500,000    5,211,647    (111,647)
02/12/2020  UBS AG  USD   15,500,000   IDR   218,472,500,000    15,828,090    (328,090)
United States Dollar/Malaysian Ringgit                  
02/14/2020  BNP Paribas S.A.  USD   19,393,839   MYR   80,242,980    19,574,746    (180,907)
02/14/2020  HSBC Bank USA  USD   5,717,806   MYR   23,514,780    5,736,276    (18,470)
United States Dollar/Philippine Peso                       
04/13/2020  Citibank N.A.  USD   10,400,000   PHP   526,936,800    10,300,788    99,212 
United States Dollar/Singapore Dollar                       
03/05/2020  Citibank N.A.  USD   2,600,000   SGD   3,523,910    2,582,600    17,400 
United States Dollar/South Korean Won                       
02/28/2020  Citibank N.A.  USD   1,300,000   KRW   1,511,150,000    1,263,657    36,343 
02/28/2020  UBS AG  USD   5,700,000   KRW   6,671,337,000    5,578,717    121,283 
United States Dollar/Thai Baht                       
02/14/2020  Citibank N.A.  USD   1,200,000   THB   36,365,160    1,163,021    36,979 
02/14/2020  UBS AG  USD   900,000   THB   27,496,890    879,398    20,602 
                      $279,214,208   $3,451,302 
                      $406,021,700   $2,063,342 

 

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

 

At January 31, 2020, the Fund held the following centrally cleared interest rate swaps:

 

Currency  Notional
Amount		   Expiration
Date		  Counterparty  Receive
(Pay)
Floating
Rate		  Floating Rate Index  Fixed
Rate		   Premiums
Paid
(Received)		   Unrealized
Depreciation		 
USD   55,000,000   10/28/2026  Citibank  Receive  3-month LIBOR Index   1.57%  $—   $(673,083)
USD   26,000,000   07/23/2029  Citibank  Receive  3-month LIBOR Index   1.99%   —    (1,240,906)
                         $—   $(1,913,989)

 

See Notes to Portfolio of Investments.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

 

 

 

Notes to Portfolio of Investments (unaudited)

 

January 31, 2020

 

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.

 

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. Under normal circumstances the Valuation Time is as of close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

 

Aberdeen Asia-Pacific Income Fund, Inc.