Aberdeen Asia-Pacific Income Fund registers $375 million common shares

By Toni Weeks

San Diego, July 6 - Aberdeen Asia-Pacific Income Fund, Inc. has registered up to $375 million of shares of common stock in an N-2 filing with the Securities and Exchange Commission.

The fund, a non-diversified closed-end management investment company, commenced operations on April 24, 1986 and offers shares from time to time at prices that are equal to or greater than the net asset value of the shares at the time of the offering.

The shares closed at $7.44 each on June 22.

The fund's principal investment objective is to seek current income with incidental capital appreciation a secondary objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Asian debt securities, Australian debt securities and New Zealand debt securities.

Anthony Michael, Scott Bennett, Kenneth Akintewe, Victor Rodriguez and Nick Bishop are the primary portfolio managers.

The sales load for this offering has not yet been set. The total annual operating expenses will run 1.42%, of which 0.68% represents the management fee.

Sydney, Australia-based Aberdeen Asset Management Ltd. is the fund's investment adviser, and its investment manager is Singapore-based Aberdeen Asset Management Asia Ltd.

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