NEW YORK, June 21 /PRNewswire-FirstCall/ -- Aberdeen Asia-Pacific Income
Fund, Inc. (Amex: FAX / PSE: FAX), a closed-end bond fund, announced today its
performance data and portfolio composition as of May 31, 2005.
The Fund's total returns for various periods through May 31, 2005 are
provided below. (All figures are based on distributions reinvested at the
dividend reinvestment price and are stated net-of-fees):
Period NAV Total Return % Market Price Total Return %
Cumulative Annualized Cumulative Annualized
Since Inception 477.2 9.6 439.5 9.2
(March 1992)
10-years 103.0 7.3 97.0 7.0
5-years 95.5 14.4 138.8 19.0
3-years 64.7 18.1 59.4 16.8
1-year 16.0 13.4
The Fund's returns, which are denominated in U.S. dollars, are affected by
the performance of the U.S. dollar against the various currencies listed
below.
As of May 31, 2005, the portfolio was invested as follows:
Currency Exposure Geographic Exposure
% %
Australia 54.5 47.7
Canada 0.0 0.3
New Zealand 1.2 0.9
United States 31.2* 5.9
Euro 0.3 2.3
South Korea 6.4 12.2
Thailand 2.2 4.1
Singapore 1.9 4.0
Malaysia 1.4 4.1
Philippines 0.7 8.3
China 0.0 0.9
Hong Kong 0.0 3.8
India 0.0 0.4
Japan 0.2 0.7
Indonesia 0.0 1.3
Sweden 0.0 0.3
Switzerland 0.0 2.7
Taiwan 0.0 0.1
* Of which 27.3% is invested in US$ denominated bonds issued by foreign
issuers.
As of May 31, 2005, the Fund's net assets, including $600 million in
preferred stock, amounted to US$2,344 million with a net asset value per share
of US$6.58.
As of May 31, 2005, approximately 60.4% of the Fund's assets were invested
in securities rated "Aa" or better by Moody's Investors Service Inc. or "AA"
or better by Standard & Poor's Corporation or, if unrated, judged by the
Investment Manager to be of equivalent quality. The credit quality and
maturity breakdown of the portfolio was as follows:
Credit Quality (%)
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
58.2 2.2 19.6 6.5 12.0 1.5
Maturity (%)
<3 Years 3-5 Years 5-10 Years >>10 Years
33.7 21.3 31.1 13.9
As of May 31, 2005, the average maturity of the portfolio was 7.2 years.
The Fund has outstanding $600 million of auction market preferred stock
("AMPS") which, depending upon market conditions, may have a positive impact
on the net asset value attributable to the holders of the Fund's common stock.
The AMPS are used with the intent of enhancing returns by borrowing at U.S.
interest rates and investing the proceeds in relatively higher yielding Asian
and Australian fixed-income securities. In order to minimize the impact of
fluctuations in U.S. interest rates on the costs associated with the AMPS, the
Fund has entered into an interest rate swap agreement, enabling the Fund to
lock in fixed interest rates for 80% of the outstanding AMPS. Details
regarding this interest rate swap agreement are contained in the Fund's annual
report to shareholders.
There can be no assurance that the Fund will have an interest rate swap in
place at any given time nor can there be any assurance that, if an interest
rate swap is in place, it will be successful in hedging the Fund's interest
rate risk with respect to the AMPS. The implementation of this strategy is at
the discretion of the AMPS Hedging Committee of the Fund's Board of Directors.
Aberdeen Asia-Pacific Income Fund, Inc. is managed by Aberdeen Asset
Management Asia Limited ("Investment Manager") and advised by Aberdeen Asset
Management Limited ("Investment Adviser"). Aberdeen Asset Management Inc.
("Administrator") has prepared this report based on information sources
believed to be accurate and reliable. However, the figures are unaudited and
neither the Fund, the Investment Manager, the Investment Adviser, the
Administrator, nor any other person, guarantees their accuracy. Investors
should seek their own professional advice before acting on this information.
Past performance does not guarantee future results.
If you wish to receive this information electronically, please contact:
InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Asia-Pacific Income Fund, Inc.
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CONTACT:
Aberdeen Asset Management Inc., Investor
Relations, 1-800-522-5465, InvestorRelations@aberdeen-asset.com
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