ABERDEEN ASIA PACIFIC FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number:   811-4611
Exact name of registrant as specified in charter:   Aberdeen Asia-Pacific Income Fund, Inc.
Address of principal executive offices:   Gateway Center 3,
    100 Mulberry Street,
    Newark, New Jersey 07102
Name and address of agent for service:   Mr. Beverley Hendry,
    300 S.E. 2nd Street, Suite #820,
    Fort Lauderdale,
    Florida 33301
Registrant’s telephone number, including area code:   954-767-9900
Date of fiscal year end:   10/31/04
Date of reporting period:   7/31/04

Item 1 – Schedule of Investments – [ INSERT SCHEDULE ]

Statement of Net Assets (unaudited)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
LONG-TERM INVESTMENTS—117.7%                
AUSTRALIA—65.8%                     

Government—24.1%

                     
AUD                          
    

Commonwealth of Australia

                     
5,000   

10.00%, 2/15/06

    Aaa      AAA      $ 3,728,097
11,500   

6.75%, 11/15/06

    Aaa      AAA        8,282,976
16,500   

10.00%, 10/15/07

    —      AAA        13,034,565
40,000   

8.75%, 8/15/08

    Aaa      AAA        31,082,685
173,000   

7.50%, 9/15/09

    Aaa      AAA        130,550,784
85,000   

5.75%, 6/15/11

    Aaa      AAA        59,287,714
139,000   

6.50%, 5/15/13

    Aaa      —        101,489,364
38,000   

6.25%, 4/15/15

    Aaa      —        27,286,354
10,000   

6.00%, 2/15/17

    Aaa      —        7,018,759
                       
    

Total Australian government
(cost $341,080,026)

                    381,761,298
                       

Quasi/Semi-Government—26.2%

                     
    

Australia Postal Corporation

                     
22,000   

6.00%, 3/25/09

    —      AAA        15,328,016
    

Commonwealth Bank of Australia

                     
10,000   

9.00%, 8/15/05

    Aaa      AAA        7,224,607
8,000   

6.00%, 9/1/05

    Aaa      AAA        5,632,055
20,000   

6.75%, 12/1/07

    Aaa      AAA        14,415,610
10,000   

6.25%, 9/1/09

    Aaa      AAA        7,091,450
    

New South Wales Treasury Corporation

                     
54,000   

12.60%, 5/1/06

    —      —        42,117,397
52,000   

8.00%, 3/1/08

    Aaa      AAA        38,992,794
26,000   

7.00%, 12/1/10

    —      AAA        19,168,996
20,000   

6.00%, 5/1/12

    —      AAA        13,942,977
    

Northern Territory Treasury

                     
5,000   

10.03%, 8/9/05

    Aa2      —        3,647,346
10,000   

5.75%, 9/14/07

    —      —        6,965,431
    

Queensland Treasury Corporation

                     
20,000   

8.00%, 9/14/07

    —      AAA        14,890,385
15,200   

6.00%, 7/14/09

    —      AAA        10,700,660
40,000   

6.00%, 6/14/11

    Aaa      AAA        28,017,611
30,000   

6.00%, 8/14/13

    Aaa      AAA        20,903,962
10,000   

6.00%, 10/14/15

    Aaa      AAA        6,946,040
17,000   

6.00%, 6/14/21

    —      AAA        11,713,432
    

South Australian Financing Authority

                     
55,000   

7.50%, 10/15/07

    —      AA+        40,399,969
    

Treasury Corporation of Victoria

                     
33,000   

6.00%, 11/15/06

    —      AAA        23,279,164
20,500   

10.25%, 11/15/06

    —      AAA        15,759,038
25,000   

7.50%, 8/15/08

    —      AAA        18,542,147
10,000   

5.50%, 9/15/10

    —      AAA        6,842,703

 

.

Aberdeen Asia-Pacific Income Fund, Inc.

 

11

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
AUD                          
    

Western Australia Treasury Corporation

                     
26,000   

8.00%, 10/15/07

    Aaa      AAA      $ 19,374,380
20,000   

7.50%, 10/15/09

    Aaa      AAA        14,975,640
10,000   

7.00%, 4/15/11

    Aaa      AAA        7,376,962
                       
    

Total Australian quasi/semi-government
(cost $370,821,094)

                    414,248,772
                       

Corporates—15.5%

                     

Banks and Financial Services—3.1%

                     
    

ANZ Banking Corporation

                     
10,000   

6.75%, 3/22/12

    —      A+        7,094,566
    

GE Capital Australia Limited

                     
10,000   

6.75%, 9/15/07

    Aaa      AAA        7,129,056
20,000   

5.25%, 8/15/08

    Aaa      AAA        13,521,397
    

NRMA Insurance Limited

                     
13,000   

6.35%, 11/27/12

    —      AA-        9,103,903
    

St. George Bank Limited

                     
5,000   

6.00%, 9/25/12

    A3      —        3,527,482
    

Suncorp Metway Limited

                     
6,500   

5.25%, 11/15/06

    A2      A        4,480,509
    

Westpac Banking Corporation

                     
5,000   

7.00%, 8/2/10

    A1      A+        3,537,689
                       
                          48,394,602
                       

Telecoms—1.5%

                     
    

Telstra Corporation

                     
20,000   

12.00%, 5/15/06

    A1      A+        15,402,543
10,000   

7.25%, 11/15/12

    A1      A+        7,246,006
2,000   

8.75%, 1/15/20

    —      —        1,624,557
                       
                          24,273,106
                       

Non-Australian Issuers—7.5%

                     
    

Bank of America Corporation
[United States]

                     
2,000   

6.50%, 9/15/09

    Aa2      A+        1,399,802
    

Dexia Municipal Agency [France]

                     
34,000   

6.00%, 10/15/07

    Aaa      AAA        23,847,852
    

DSL Bank [Germany]

                     
15,000   

6.25%, 11/15/06

    Aaa      —        10,594,170
    

Eurofima [Supranational]

                     
8,170   

9.875%, 1/17/07

    Aaa      AAA        6,256,569
30,000   

6.50%, 8/22/11

    Aaa      AAA        21,409,417
6,000   

6.00%, 1/28/14

    Aaa      AAA        4,117,135
    

Federal National Mortgage Association [United States]

                     
46,065   

6.375%, 8/15/07

    Aaa      —        32,710,960

 

.

Aberdeen Asia-Pacific Income Fund, Inc.

 

12

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
AUD                          
    

Kingdom of Sweden [Sweden]

                     
8,287   

7.875%, 4/23/07

    Baa1      AAA      $ 6,098,710
    

Landwirtschaft Rentenbank [Germany]

                     
10,000   

6.00%, 9/15/09

    Aaa      AAA        6,961,439
    

Merrill Lynch & Co. [United States]

                     
6,000   

6.75%, 3/12/14

    Aa3      A+        4,175,687
    

Quebec Province [Canada]

                     
1,500   

5.75%, 2/15/06

    A1      A+        1,050,094
                       
                          118,621,835
                       

Other—3.4%

                     
    

Airservices Australia

                     
2,500   

6.50%, 11/15/06

    —      AAA        1,751,714
    

BHP Finance Limited

                     
12,000   

6.25%, 8/15/08

    A2      A+        8,395,527
    

General Property Trust Management

                     
8,000   

6.50%, 8/22/13

    —      A+        5,440,100
    

ING Office Finance

                     
4,500   

6.25%, 8/19/08

    —      AAA        3,155,605
    

Jem Bonds Limited

                     
10,000   

9.00%, 7/15/06

    —      AAA        7,389,148
    

Melbourne Airport

                     
4,500   

6.75%, 6/15/08

    Aaa      AAA        3,175,049
    

Snowy Hydro Limited

                     
10,000   

5.75%, 2/25/10

    Aaa      AAA        6,777,506
    

Southern Cross Airports Company Limited

                     
15,500   

6.02%, 10/11/07

    Aaa      AAA        10,879,293
    

Wesfarmers Limited

                     
6,000   

6.25%, 8/27/07

    —      A-        4,193,818
5,000   

6.00%, 3/30/09

    —      A-        3,429,020
                       
                          54,586,780
                       
    

Total Australian corporates
(cost $211,187,332)

                    245,876,323
                       
    

Total Australian long-term investments
(cost $923,088,452)

                    1,041,886,393
                       
JAPAN—0.2%                     

Corporates—0.2%

                     

Banks and Financial Services—0.2%

                     
EUR                          
    

Mizuho Financial Group

                     
2,400   

4.75%, 4/15/14
(cost $2,941,975)

    Baa1      BBB        2,876,767
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

13

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
MALAYSIA—1.7%                     

Government—1.4%

                     
MYR                          
    

Malaysia Government Bonds

                     
25,000   

6.812%, 11/29/06

    A3      A+      $ 7,079,086
24,000   

4.305%, 2/27/09

    A3      —        6,334,105
3,890   

6.844%, 10/1/09

    A3      A+        1,142,663
6,500   

3.833%, 9/28/11

    A3      A+        1,631,014
26,900   

3.702%, 2/25/13

    A3      A+        6,492,823
                       
    

Total Malaysia government
(cost $22,579,048)

                    22,679,691
                       

Quasi/Semi-Government—0.3%

                     
EUR                          
    

Petroliam Nasional Berhad

                     
3,000   

6.375%, 5/22/09
(cost $3,834,105)

    Baa1      A-        3,943,058
                       
    

Total Malaysia long-term investments
(cost $26,413,153)

                    26,622,749
                       
NEW ZEALAND—0.6%                     

Government—0.2%

                     
NZD                          
    

New Zealand Government Bonds

                     
4,000   

7.00%, 7/15/09
(cost $2,503,637)

    Aaa      AAA        2,614,914
                       

Quasi/Semi-Government—0.3%

                     
    

Ontario Province [Canada]

                     
8,000   

6.25%, 12/3/08
(cost $5,324,928)

    Aa2      AA        4,985,961
                       

Corporates—0.1%

                     

Banks and Financial Services—0.1%

                     
    

Helaba International Finance [Canada]

                     
3,000   

6.75%, 9/12/06
(cost $1,879,513)

    Aaa      AA+        1,900,393
                       
    

Total New Zealand long-term investments
(cost $9,708,078)

               9,501,268
                       
PHILIPPINES—1.6%                     

Government—1.4%

                     
PHP                          
    

Philippine Government Bonds

                     
40,000   

15.25%, 8/9/06

    Ba2      —        776,240
372,800   

18.00%, 11/26/08

    Ba2      —        8,033,612
95,000   

13.00%, 4/25/12

    Ba2      —        1,767,745
133,000   

11.875%, 5/29/23

    Ba2      —        2,275,095

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

14

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
EUR                          
    

Republic of Philippines

                     
1,600   

9.375%, 12/7/06

    Ba2      BB      $ 2,088,613
6,200   

9.125%, 2/22/10

    Ba2      BB        7,796,566
                       
    

Total Philippines government
(cost $23,345,670)

               22,737,871
                       

Structured Investment Vehicles—0.2%

                     
USD                          
    

Merrill Lynch Currency Linked Note (United States)

                     
2,700   

12.50%, 9/17/12(e)(f)
(cost $2,661,675)

    —      —        2,538,000
                       
    

Total Philippines long-term investments
(cost $26,007,345)

               25,275,871
                       
SINGAPORE—2.4%                     

Government—1.8%

                     
SGD                          
    

Singapore Government Bonds

                     
10,000   

4.00%, 3/1/07

    Aaa      AAA        6,168,142
16,000   

1.50%, 4/1/08

    Aaa      AAA        9,156,100
13,000   

4.625%, 7/1/10

    Aaa      AAA        8,329,217
8,450   

4.00%, 9/1/18

    Aaa      AAA        4,948,191
                       
    

Total Singapore government
(cost $28,522,836)

               28,601,650
                       

Corporates—0.6%

                     

Banks and Financial Services—0.5%

                     
                           
    

Oversea—Chinese Banking Corporation

                     
SGD3,200   

5.00%, 9/6/11

    A1      BBB+        2,008,352
                           
EUR4,000   

7.25%, 9/6/11

    A1      BBB+        5,546,118
                       
                          7,554,470
                       

Telecoms—0.1%

                     
SGD                          
    

Singapore Telecom

                     
3,250   

3.21%, 3/15/06

    A1      A+        1,936,118
                       
    

Total Singapore corporates
(cost $7,567,056)

                    9,490,588
                       
    

Total Singapore long-term investments
(cost $36,089,892)

                    38,092,238
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

15

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
SOUTH KOREA—5.9%                     

Government—4.3%

                     
KRW                          
    

Korea Treasury Bonds

                     
19,170,000   

7.15%, 4/11/06

    A3      —      $ 17,229,232
30,000,000   

5.64%, 10/17/06

    A3      —        26,513,895
9,800,000   

6.15%, 7/10/07

    A3      —        8,873,078
16,674,000   

6.91%, 7/18/11

    A3      —        16,243,427
                       
    

Total South Korea government
(cost $61,019,652)

                    68,859,632
                       

Quasi/Semi-Government—0.3%

                     
JPY                          
    

Inchon Metropolitan City

                     
500,000   

3.70%, 4/26/06(d)
(cost $4,287,114)

    —      —        4,670,046
                       

Structured Investment Vehicles—1.3%

                     
USD                          
    

Korea Treasury Bond—Embarc

                     
10,000   

4.7963%, 10/11/07(b)

    —      —        8,966,847
2,900   

4.8115%, 10/11/07(b)

    —      —        2,600,386
10,000   

4.02%, 3/14/08(b)

    —      —        8,686,713
                       
    

Total South Korea structured investment vehicles
(cost $18,993,999)

                    20,253,946
                       
    

Total South Korea long-term investments
(cost $84,300,765)

                    93,783,624
                       
THAILAND—2.2%                     

Government—2.0%

                     
THB                          
    

Thailand Government Bonds

                     
63,100   

8.50%, 10/14/05

    Baa1      A        1,646,821
44,000   

8.00%, 12/8/06

    Baa1      —        1,197,271
359,000   

5.60%, 7/7/07

    Baa1      —        9,393,043
130,000   

8.50%, 12/8/08

    Baa1      A        3,779,470
77,000   

5.375%, 11/30/11

    Baa1      —        1,955,405
247,000   

4.125%, 11/1/12

    Baa1      —        5,735,278
207,000   

5.50%, 1/18/17

    Baa1      —        5,087,406
50,000   

3.875%, 3/7/18

    Baa1      —        1,019,813
91,000   

5.125%, 11/8/22

    Baa1      —        2,062,340
                       
    

Total Thailand government
(cost $33,209,116)

                    31,876,847
                       

Corporates—0.2%

                     

Telecoms—0.0%

                     
    

Total Access Communications

                     
24,000   

5.80%, 10/30/09

    —      —        602,196
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

16

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           

Other—0.2%

                          
THB                          
    

GE Capital Auto Lease Public

                     
16,000   

2.05%, 7/3/07

    —      —      $ 377,408
    

Nestle (Thai) Limited

                     
105,000   

2.16%, 6/19/08

    —      —        2,375,348
                       
                          2,752,756
                       
    

Total Thailand corporates
(cost $3,507,365)

                    3,354,952
                       
    

Total Thailand long-term investments
(cost $36,716,481)

                    35,231,799
                       
UNITED STATES—37.3%                     

Yankee Bonds—37.3%

                     
AUSTRALIA—0.1%                     

Corporates—0.1%

                     

Banks and Financial Services—0.1%

                     
USD                          
    

St. George Bank Limited

                     
2,000   

5.30%, 10/15/15
(cost $1,995,780)

    A3      A-        1,968,354
                       
CHINA—1.2%                     

Sovereign—0.8%

                     
    

People’s Republic of China

                     
10,000   

9.00%, 1/15/96

    A2      BBB+        12,199,690

Corporates—0.4%

                     

Utilities—0.4%

                     
    

AES China Generating Co. Limited

                     
7,400   

8.25%, 6/26/10

    B2      B+        7,363,000
                       
                          19,562,690
                       
HONG-KONG—5.3%                     

Quasi-Sovereign—1.1%

                     
    

Kowloon Canton Ry Corporation

                     
14,300   

8.00%, 3/15/10

    A1      A+        16,664,319

Corporates—4.2%

                     

Banks and Financial Services—1.3%

                     
    

CITIC Ka Wah Bank

                     
4,100   

7.625%, 7/5/11

    Baa3      —        4,385,773
6,950   

9.125%, perpetual 5/31/12(g)

    Baa3      —        7,979,990
    

New Asat Finance Limited

                     
1,900   

9.25%, 2/1/11

    B3      B        1,824,000
    

PCCW-HKTC Capital Limited

                     
5,600   

7.75%, 11/15/11

    Baa2      BBB        6,412,896

Conglomerates—2.9%

                     
    

Hutchison Whampoa International Limited

                     
5,500   

5.45%, 11/24/10

    A3      A-        5,464,531

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

17

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
USD                          
6,000   

7.00%, 2/16/11

    A3      A-      $ 6,400,695
18,700   

6.50%, 2/13/13

    A3      A-        18,857,349
9,400   

6.25%, 1/24/14

    A3      A-        9,251,085
6,300   

7.45%, 11/24/33

    A3      A-        6,084,144
                       
                          83,324,782
                       
INDIA—0.5%                     

Corporates—0.5%

                     

Other—0.5%

                          
    

Reliance Industries Limited

                     
7,250   

10.25%, 1/15/97
(cost $5,917,600)

    Ba2      BB        7,566,898
                       
INDONESIA—1.6%                     

Sovereign—0.2%

                     
    

Republic of Indonesia

                     
3,100   

6.75%, 3/10/14

    B2      B        2,875,250

Corporates—1.4%

                     

Banks and Financial Services—0.5%

                     
    

Excelcomindo Finance Company

                     
2,750   

8.00%, 1/27/09

    B2      B+        2,612,500
    

PT Bank Mandiri Cayman

                     
1,600   

10.625%, 8/2/12

    B3      B-        1,696,000
    

PT Bank Negara Indonesia

                     
1,500   

10.00%, 11/15/12

    B3      CCC+        1,582,500
    

Semen Cibinong

                     
3,000   

6.00%, 8/13/10(a)(h)

    —      —        2,497,500

Telecoms—0.2%

                     
    

Indonesian Satellite Corp.

                     
2,750   

7.75%, 11/5/10

    B2      B+        2,777,500

Other—0.7%

                     
    

Freeport McMoran Copper & Gold

                     
5,250   

10.125%, 2/1/10

    B2      B        5,827,500
    

Medco Energi Internasional

                     
5,825   

8.75%, 5/22/10

    B3      B+        5,577,437
                       
                          25,446,187
                       
JAPAN—1.0%                     

Corporates—1.0%

                     

Banks and Financial Services—1.0%

                     
    

Mizuho Financial Group

                     
1,600   

5.79%, 4/15/14

    Baa1      BBB        1,596,214
    

Sumitomo Mitsui Banking

                     
5,400   

8.15%, perpetual 8/1/08(g)

    Baa1      —        5,630,721
    

UFJ Finance Aruba AEC

                     
5,000   

8.75%, perpetual 11/13/08(g)

    Baa1      —        5,369,492
3,200   

6.75%, 7/15/13

    Baa1      BBB-        3,437,456
                       
                          16,033,883
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

18

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
MALAYSIA—3.7%                     

Sovereign—0.6%

                     
USD                          
    

Malaysia (Sovereign)

                     
7,990   

7.50%, 7/15/11

    Baa1      A-      $ 9,133,369

Quasi-Sovereign—2.5%

                     
    

Petroliam Nasional Berhad

                     
6,800   

7.00%, 5/22/12

    Baa1      A-        7,467,046
10,500   

7.75%, 8/15/15

    Baa1      A-        12,022,500
4,000   

7.875%, 5/22/22

    Baa1      A-        4,455,200
    

Telekom Malaysia

                     
3,000   

7.875%, 8/1/25

    Baa2      A-        3,328,345
    

Tenaga Nasional Berhad

                     
14,000   

7.50%, 1/15/96

    Baa2      BBB        12,840,692

Corporates—0.6%

                     

Banks and Financial Services—0.6%

                     
    

Bumiputra Commerce Bank Berhad

                     
5,500   

5.125%, 10/16/13(h)

    Baa2      BBB-        5,481,751
    

Malayan Banking Berhad

                     
3,000   

6.125%, 7/6/12

    Baa1      BBB        3,167,009
                       
                          57,895,912
                       
PHILIPPINES—11.2%                     

Sovereign—8.8%

                     
    

Bangko Sentral ng Pilipinas

                     
4,000   

8.60%, 6/15/27

    Ba2      BB        3,425,666
    

National Power Corporation

                     
7,000   

8.40%, 12/15/16

    —      BB        6,260,968
    

Republic of Philippines

                     
3,000   

7.50%, 9/11/07

    Ba2      BB        3,168,056
9,100   

8.875%, 4/15/08

    Ba2      BB        9,959,732
15,250   

8.375%, 3/12/09

    Ba2      BB        15,993,437
22,000   

9.875%, 3/16/10

    Ba2      BB        24,035,000
28,658   

8.375%, 2/15/11

    Ba2      BB        28,872,935
1,000   

8.25%, 1/15/14

    Ba2      BB        982,500
14,100   

9.375%, 1/18/17

    Ba2      BB        14,628,750
2,000   

6.50%, 12/1/17

    Ba2      BB        1,905,074
16,050   

9.875%, 1/15/19

    Ba2      BB        16,531,500
12,879   

10.625%, 3/16/25

    Ba2      BB        14,005,913

Corporates—2.4%

                     

Banks and Financial Services—0.1%

                     
    

Metropolitan Bank & Trust Company

                     
2,400   

8.50%, 11/20/12

    Ba2      —        2,404,500

Conglomerates—0.3%

                     
    

SM Investors Corporation

                     
4,450   

8.00%, 10/16/07

    —      —        4,594,625

Telecoms—1.6%

                     
    

Globe Telecom

                     
9,000   

13.00%, 8/1/09

    Ba2      —        9,585,000
4,750   

9.75%, 4/15/12

    Ba2      BB        5,201,250

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

19

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
USD                          
    

Philippine Long Distance Telecom

                     
2,300   

9.875%, 8/1/05

    Ba2      BBB      $ 2,455,738
1,500   

9.25%, 6/30/06

    Ba2      BB        1,604,000
2,000   

10.625%, 5/15/07

    Ba2      BB        2,235,283
1,300   

10.50%, 4/15/09

    Ba2      BBB+        1,460,867
1,000   

11.375%, 5/15/12

    Ba2      BB        1,133,750
1,000   

8.35%, 3/6/17

    Ba2      BB        905,000

Other—0.4%

                     
    

Universal Robina

                     
5,700   

9.00%, 2/6/08

    Ba3      BB        6,185,000
                       
                          177,534,544
                       
SINGAPORE—2.9%                     

Corporates—2.9%

                     

Banks and Financial Services—1.7%

                     
    

DBS Bank

                     
11,500   

7.657%, perpetual 3/15/11(g)(h)

    A1      —        12,949,630
5,000   

7.125%, 5/15/11

    Aa3      A-        5,559,940
    

Oversea—Chinese Banking Corporation

                     
7,600   

7.75%, 9/6/11

    A1      BBB+        8,764,472

Telecoms—0.6%

                     
    

Singapore Telecommunications

                     
5,800   

8.00%, 6/22/10

    A2      A+        6,731,025
2,600   

6.375%, 12/1/11

    A1      A+        2,774,335

Other—0.6%

                     
    

Flextronics International Limited

                     
9,600   

6.50%, 5/15/13

    Ba2      BB-        9,432,000
                       
                          46,211,402
                       
SOUTH KOREA—7.2%                     

Sovereign—0.6%

                     
    

Republic of South Korea

                     
7,800   

8.875%, 4/15/08

    A3      A-        9,067,500

Quasi-Sovereign—2.5%

                     
    

Industrial Bank of Korea

                     
3,900   

4.375%, 12/4/07

    A3      BBB+        3,921,208
2,300   

3.50%, 6/11/08

    A3      BBB+        2,224,650
    

Korea Development Bank

                     
3,000   

5.25%, 11/16/06

    A3      A-        3,106,500
5,500   

5.75%, 9/10/13

    A3      A-        5,575,064
    

Korea Electric Power Corporation

                     
3,300   

7.75%, 4/1/13

    A3      A-        3,833,844
10,000   

7.00%, 2/1/27

    A3      A-        10,855,980
    

Korea Highway Corporation

                     
2,200   

4.90%, 7/1/13

    A3      A-        2,128,536

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

20

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
USD                          
    

Korea Hydro & Nuclear Power

                     
2,750   

4.25%, 1/29/08

    A3      A-      $ 2,767,809
    

Korea South East Power Co. Limited

                     
3,900   

4.75%, 6/26/13

    A3      —        3,731,778
    

National Agricultural Coop. Federation

                     
1,500   

3.45%, 6/20/08

    A3      BBB+        1,444,928

Corporates—4.1%

                     

Banks and Financial Services—2.9%

                     
    

Cho Hung Bank

                     
7,000   

11.875%, 4/1/10

    Baa2      BB+        7,401,945
    

Hana Bank

                     
7,050   

8.748%, perpetual 12/17/12(g)(h)

    —      BBB-        7,843,125
    

Hanvit Bank

                     
4,000   

11.75%, 3/1/10

    Baa2      BBB-        4,196,276
4,000   

12.75%, 3/1/10

    Baa2      BB+        4,233,808
    

Kookmin Bank

                     
4,700   

4.625%, 12/10/07

    A3      BBB+        4,743,465
    

Koram Bank

                     
1,550   

4.68%, 6/18/13

    —      —        1,531,245
    

Korea Exchange Bank

                     
3,550   

13.75%, 6/30/10

    Baa3      BBB        3,876,126
    

Korea First Bank

                     
6,000   

5.75%, 3/10/13

    Ba1      BB        6,003,420
3,950   

7.267%, perpetual 3/3/34(g)(h)

    —      BB        3,833,657
    

Shinhan Bank

                     
1,600   

6.25%, 9/8/13

    Baa2      BB+        1,644,000

Telecoms—0.2%

                     
    

LG Telecom Limited

                     
3,800   

8.25%, 7/15/09

    Ba2      BB+        3,800,000

Other—1.0%

                          
    

Hyundai Motors

                     
7,800   

5.50%, 9/12/08

    Ba1      BB+        7,821,356
2,400   

5.30%, 12/19/08

    Ba1      BB+        2,394,199
    

Pohang Iron & Steel Corporation

                     
4,000   

7.125%, 11/1/06

    A3      A-        4,293,504
    

SK Corporation

                     
2,000   

7.50%, 5/31/06

    Ba2      —        2,057,852
                       
                          114,331,775
                       
THAILAND—2.5%                     

Corporates—2.5%

                     

Banks and Financial Services—1.9%

                     
    

Bangkok Bank Public Company

                     
8,500   

8.75%, 3/15/07

    Baa2      BB-        9,435,000
14,000   

9.025%, 3/15/29

    Baa2      BB-        14,902,860

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

21

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           
USD                          
    

Kasikornbank

                     
4,700   

8.25%, 8/21/16

    Baa2      BB-      $ 4,972,600

Telecoms—0.5%

                     
    

Total Access Communication Public

                     
7,300   

8.375%, 11/4/06

    B1      BB        7,866,700

Other—0.1%

                     
    

PTT Public Company Limited

                     
1,950   

5.75%, 8/1/14

    Baa1      BBB        1,962,355
                       
                          39,139,515
                       
VIETNAM—0.1%                     

Sovereign—0.1%

                     
    

Vietnam Socialist’s Republic

                     
1,600   

3.50%, 3/12/28
(cost $1,126,219)

    —      BB-        1,046,179
                       
                          590,062,121
                       
    

Total United States long-term investments
(cost $547,197,171)

                    590,062,121
                       
    

Total long-term investments
(cost $1,692,463,312)

                    1,863,332,830
                       
SHORT-TERM INVESTMENTS—15.5%                     
AUSTRALIA—6.5%                     

Government—0.4%

                     
AUD                          
    

Commonwealth of Australia

                     
8,450   

7.50%, 7/15/05
(cost $5,170,481)

    Aaa      AAA        6,032,124
                       

Quasi/Semi-Government—3.9%

                     
    

Commonwealth Bank of Australia

                     
12,000   

5.25%, 12/1/04

    —      AAA        8,398,710
    

EFIC

                     
2,000   

11.00%, 12/29/04

    Aaa      AAA        1,428,665
    

New South Wales Treasury Corporation

                     
7,000   

10.50%, 12/7/04

    Aaa      AAA        4,977,383
7,000   

9.25%, 6/20/05

    Aaa      AAA        5,046,573
    

Northern Territory Treasury

                     
8,000   

6.50%, 7/15/05

    —      —        5,669,631
    

Queensland Treasury Corporation

                     
20,000   

6.50%, 6/14/05

    —      AAA        14,125,195
20,000   

12.00%, 6/15/05

    —      —        14,783,058
    

Tasmanian Public Finance Corporation

                     
10,000   

9.00%, 11/15/04

    —      AA        7,068,445
                       
    

Total Australian quasi/semi-government
(cost $64,308,006)

                    61,497,660
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

22

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

                           

Corporates—2.2%

                     

Banks and Financial Services—1.7%

                     
AUD                          
    

Bank Austria AG [Austria]

                     
11,278   

10.875%, 11/17/04

    Aa3      —      $ 7,999,948
    

GE Capital Australia Limited

                     
10,000   

6.25%, 4/15/05

    Aaa      AAA        7,029,299
    

Principal Finance Global Fund

                     
16,650   

7.00%, 7/15/05

    —      AA        11,785,871
                       
                          26,815,118
                       

Telecoms—0.3%

                     
    

Telstra Corporation

                     
7,000   

8.00%, 9/15/04

    A1      A+        4,914,695
                       

Non-Australian Issuers—0.2%

                     
    

KFW International Finance (Germany)

                     
5,513   

9.125%, 7/26/05

    Aaa      AAA        3,983,759
                       
    

Total Australian corporates
(cost $32,150,535)

                    35,713,572
                       
    

Total Australian short-term investments
(cost $101,629,022)

                    103,243,356
                       
MALAYSIA—0.2%                     

Government—0.0%

                     
MYR                          
    

Malaysia Government Bonds

                     
3,000   

5.00%, 4/15/05
(cost $795,648)

    A3      A+        801,080
                       

Corporates—0.2%

                     

Other—0.2%

                     
    

British American Tobacco Corporation

                     
9,000   

7.10%, 11/2/04
(cost $2,542,026)

    —      —        2,392,105
                       
    

Total Malaysia short-term investments
(cost $3,337,674)

                    3,193,185
                       
NEW ZEALAND—0.4%                     

Government—0.4%

                     
NZD                          
    

New Zealand Government Bonds

                     
10,000   

6.50%, 2/15/05
(cost $6,525,403)

    Aaa      AAA        6,346,596
                       

Cash/Equivalent—0.0%

                     
    

New Zealand Call Deposit

                     
624   

4.50%, 8/12/04
(cost $433,699)

    —      —        392,374
                       
    

Total New Zealand short-term investments
(cost $6,959,102)

                    6,738,970
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

23

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

Principal

Amount

Local

Currency*

(000)

    Description   

Moody’s

Rating

     

S&P

Rating

     

Value

(US$)

  
                             
SOUTH KOREA—3.5%                       

Government—2.2%

                       
KRW                            
    

Korea Monetary Stabilisation Bond

                       
20,000,000   

Zero Coupon, 8/12/04

    A3      —      $ 17,082,514  
20,000,000   

5.27%, 12/18/04

    A3      —        17,197,093  
                       
    

Total South Korea government
(cost $33,618,317)

                    34,279,607  
                       

Structured Investment Vehicles—1.3%

                       
USD                            
    

HSBC-KRW Linked CD

                       
21,500   

Zero Coupon, 10/15/04(c)
(cost $21,355,452)

    —      —        20,930,250  
                       
                             
    

Total South Korea short-term investments
(cost $54,973,769)

                    55,209,857  
                       
UNITED STATES—4.9%                       

Cash/Equivalent—4.9%

                       
76,884   

State Street Bank & Trust Company Repurchase Agreement
1.20% due 8/2/04 in the amount of $76,891,688 (cost $76,884,000; collateralized by United States Treasury Bonds 3.50% due 11/15/06; value including accrued interest—$38,843,504 and 8.125% due 5/15/21; value including accrued interest—$35,951,652 and 6.625% due 2/15/27; value including accrued interest—$3,644,730)

    —      —      $ 76,884,000  
                       

Total short-term investments
(cost $243,783,567)

                  $ 245,269,368  
                       

Total Investments—133.2%
(cost $1,936,246,879)

                       
                   2,108,602,198  

Variation Margin on open futures contracts(i)

               (485,282 )

Unrealized appreciation on forward foreign currency contracts(j)

               108,870  

Unrealized appreciation on interest rate and foreign currency swap contracts(k)—(0.3%)

               5,417,520  

Other assets in excess of liabilities—4.4%

               69,352,784  

Liquidation value of preferred stock—(37.9%)

               (600,000,000 )
                       

Net Assets Applicable to Common Shareholders—100%

        1,582,996,090  
                       

Net asset value per common share ($1,582,996,090 / 264,897,530 shares of common stock issued and outstanding)

      $ 5.98  
                       
*   Portfolio securities are categorized according to currency exposure. When the country of issuer differs from the currency exposure, the country of issuer is denoted parenthetically.

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

24

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

AUD—Australian dollar

EUR—Euro

JPY—Japanese yen

KRW—South Korean won

MYR—Malaysian ringgit

NZD—New Zealand dollar

PHP—Philippine peso

SGD—Singapore dollar

THB—Thailand baht

USD—United States dollar

(a) Illiquid Security.
(b) Value of security is linked to the value of Government of Korea Bank bonds 4.02%-4.81%, 10/11/07-3/14/08 and the movement of the South Korean won.
(c) Security is linked to the movement of the South Korean Won.
(d) Security is linked to the movement of the South Korean Won using a currency swap.
(e) Security linked to the Philippines Peso.
(f) Represents a fair valued security.
(g) The date presented for these instruments represents the next call date.
(h) Indicates a variable rate security. The maturity date presented for these instruments is the latter 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, 2004.

 

(i) Open futures contracts as of July 31, 2004 were as follows:

 

Number of
Contracts
  

Type

   Expiration
Date
   Value at
July 31, 2004
   Value at
Trade Date
   Unrealized
Appreciation/
Depreciation
  
    Short Positions:                        
25   30yr U.S. Treasury Bonds   Sept. 04   $ 2,705,469   $ 2,626,563   $ (78,906 )
200   10yr U.S. Treasury Bonds   Sept. 04     22,143,750     21,659,375     (484,375 )
175   5yr U.S. Treasury Bonds   Sept. 04     19,162,500     18,923,242     (239,258 )
70   3yr Australian Treasury Bonds   Sept. 04     4,952,877     4,978,506     25,629  
71   10yr Australian Treasury Bonds   Sept. 04     5,024,249     5,092,257     68,008  
                       
                        $ (708,902 )
                       

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

25

Statement of Net Assets (unaudited) (continued)

July 31, 2004

 

(j) Outstanding forward currency contracts as of July 31, 2004 were as follows:

 

Foreign Currency
Purchase Contracts

    Value at
Settlement
Date
Payable
    Current
Value
    Appreciation
(Depreciation)
  

Indian Rupee

                       

settlement date 10/8/04

    $ 19,225,000    $ 18,989,252    $ (235,748 )
Philippine Peso                       

settlement date 10/7/04

      16,032,000      16,275,244      243,244  
South Korean Won                       

settlement date 9/20/04

      14,000,000      14,027,469      27,469  
Thailand Baht                       

settlement date 10/29/04

      9,600,000      9,611,600      11,600  
    
  
  
     $ 58,857,000    $ 58,903,565    $ 46,565  
    
  
  

Foreign Currency
Sale Contracts

    Value at
Settlement
Date
Receivable
    Current
Value
    Appreciation

South Korean Won

                     

settlement date 9/20/04

    $ 14,089,774    $ 14,027,469    $ 62,305
    
  
  

 

(k) The Fund entered into an interest rate and foreign currency swap on February 16, 1999. Under the terms of the swap, the Fund receives interest at a rate of 11.50% based on a notional amount of KRW5,124,367,250 and pays interest at a rate of 3.70% based on a notional amount of JPY500,000,000. Net receipts or payments of such amounts are exchanged semi-annually. At July 31, 2004, the unrealized appreciation on this swap was $253,332. The swap is scheduled to terminate on April 26, 2006.

 

   As previously reported to shareholders, the Fund entered into an interest rate swap agreement, based on an aggregate notional amount of $480,000,000, which represents 80% of the total AMPS outstanding. Under the terms of the agreement, the Fund receives a floating rate of interest (one month USD-LIBOR BBA rate), and pays fixed rates of interest for the terms and based upon the notional amounts set forth below:

 

Counterparty
   Termination
Date
   Notional
Amount
(000)
   Fixed
Rate
     Unrealized
Appreciation
UBS AG   October 31, 2005   $ 96,000   2.1025 %   $ 500,770
UBS AG   October 31, 2006     96,000   2.6900 %     940,818
UBS AG   October 31, 2007     144,000   3.1600 %     1,785,320
UBS AG   October 31, 2008     144,000   3.5400 %     1,937,280
                   
                    $ 5,164,188
                   

 

Aberdeen Asia-Pacific Income Fund, Inc.

 

26

Item 2 – Controls and Procedures

 

  (a) It is the conclusion of the Registrant’s principal executive officer and principal financial officer that the effectiveness of the Registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the Registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the Registrant has been accumulated and communicated to the Registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting that occurred during the 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)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto

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/ Martin Gilbert

    Martin Gilbert,
    President of
    Aberdeen Asia-Pacific Income Fund, Inc.
Date:   September 22, 2004

 

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/ Martin Gilbert

    Martin Gilbert,
    President of
    Aberdeen Asia-Pacific Income Fund, Inc.
Date:   September 22, 2004

 

By:  

    /s/ Christian Pittard

    Christian Pittard,
    Treasurer of
    Aberdeen Asia-Pacific Income Fund, Inc.
Date:   September 22, 2004