NEW YORK, Aug. 27 /PRNewswire-FirstCall/ -- Aberdeen Asia-Pacific Income
Fund, Inc. (Amex: FAX; PSE: FAX), a closed-end bond fund, announced today its
performance and portfolio composition data as of July 30, 2004.
The Fund's total returns for various periods through July 30, 2004 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 %
Awaiting returns
Await
Cumulative Annualized Cumulative Annualized
Since inception
(April 1986) 396.9 9.2 387.7 9.1
10-years 82.1 6.2 66.7 5.2
5-years 54.3 9.1 50.9 8.6
3-years 70.3 19.4 87.6 23.3
1-year 11.3 20.1
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 July 30, 2004, the average maturity of the portfolio was 7.7 years.
The maturity breakdown of the portfolio was as follows:
Maturity %
<3 Years 3-5 Years 5-10 Years >10 Years
26.8 23.2 39.5 10.5
As of July 30, 2004, the Fund's net assets, including $600 million in
preferred stock, amounted to $2,183 million with a net asset value per share
of $5.98.
As of July 30, 2004, approximately 57.6% of the Fund's assets were
invested in securities rated "Aa" or better by Moody's Investors Service Inc.
or "AA" or better by Standard & Poor's Corporation or, if unrated, judged by
the Investment Manager to be of equivalent quality. The credit quality
breakdown of the portfolio was as follows:
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B
52.2 5.4 19.7 6.8 14.2 1.7
As of July 30, 2004, the portfolio was invested as follows:
Currency Exposure % Geographic Exposure %
Australian Dollar 54.4 Australia 54.5
0.8 New Zealand 0.8
* United States 3.6
31.6 Europe 0.0
0.0
South Korea 12.4
Thailand 3.5
6.8 Philippines 9.6
1.7 Singapore 4.0
1.1 Malaysia 4.2
New Zealand Dollar 1.8 13.2 China 0.9 41.1
1.4 India 0.4
US Dollar 0.0 Indonesia 1.2
Euro 0.0 Hong Kong 4.0
0.0 Japan 0.9
0.0
South Korean Won 0.4
Thai Baht
Philippine Peso
Singapore Dollar
Malaysian Ringgit
Chinese Yuan
Indian Rupee
Indonesia Rupiah
Hong Kong Dollar
Japanese Yen
* Of which 27.9% invested in US$ Yankee bonds
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
semi-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 Pricing 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"). The Investment Manager 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, 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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Related links:
http://www.aberdeen-asset.com
CONTACT:
Aberdeen Asset Management, Inc. Investor
Relations, 1-800-522-5465, InvestorRelations@aberdeen-asset.com
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