Aberdeen Asia-Pacific Income Fund, Inc. Announces Results Of Special Meeting Of Shareholders

PHILADELPHIA, June 10, 2020 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) (the "Fund") held its adjourned Special Meeting of Shareholders (the "Meeting").

At the Meeting, shareholders of the Fund voted to approve amendments to, or the elimination of the Fund's fundamental investment policies.

As of the record date, March 5, 2020, there were  247,695,769 shares of common stock and 2,000,000 shares of preferred stock issued and outstanding. 50.980% of the outstanding shares were voted at the Meeting representing a quorum.

The description of the proposal and number of shares voted at the Meeting are as follows:

Proposal 1: To approve the amendments to, or the elimination of, the Fund's fundamental investment policies as follows:

Proposal 1a : To amend the fundamental policy regarding investment of up to 80% in Asian Debt  securities so that the Fund would normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "Asia-Pacific debt" securities and to define "Asia-Pacific debt".

Proposal 1b:  To eliminate the Fund's fundamental investment policy that the maximum country exposure to any one Asian Country (other than Korea) is limited to 20% of the Fund's total assets.

Proposal 1c:  To eliminate the Fund's fundamental investment policy that at least 20% of the Fund's total assets will be invested in "Australian debt securities."

Proposal 1d:  To eliminate the Fund's fundamental investment policy that the maximum country exposure for Korea is limited to 40% of the Fund's total assets.

Proposal 1e:  To eliminate the Fund's fundamental investment policy that the maximum country exposure for New Zealand is limited to 35% of the Fund's total assets.

Proposal 1f:  To eliminate the Fund's fundamental investment policy that the maximum currency exposure to any one Asian currency (other than Korea) is limited to 10% of total assets.

Proposal 1g: To eliminate the Fund's fundamental investment policy that the maximum currency exposure for Korea is 25% of the Fund's total assets. 

Proposal 1h:  To eliminate the Fund's fundamental investment policy that the maximum currency exposure for New Zealand is 35% of the Fund's total assets. 

Proposal 1i:To make the Fund's fundamental temporary defensive investment policy with respect to temporarily investing 100% of its assets in U.S. debt securities a non-fundamental policy but to include U.S. cash as well.

Proposal 1j:  To make the Fund's fundamental investment policy to invest up to 35% of its total assets in Asian debt securities rated below BBB- or Baa3 a non-fundamental policy – but with respect to Asia-Pacific debt securities instead of Asian debt securities.

Proposal 1k: To make the Fund's fundamental investment policy with respect to entering into repurchase agreements a non-fundamental investment policy.

Proposal 1l:  To make the Fund's fundamental investment policy with respect to investing up to 10% of its total assets in securities rated below B- at the time of investment a non-fundamental investment policy.

The changes to the fundamental investment policies approved at today's Meeting will go into effect on or before June 24, 2020.

In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

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SOURCE Aberdeen Asia-Pacific Income Fund, Inc.

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