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".
|
Votes For
|
Votes
Against
|
Abstained
|
|
117,134,483
|
5,269,943
|
4,889,604
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
100,836,336
|
21,934,615
|
4,523,080
|
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."
|
Votes For
|
Votes
Against
|
Abstained
|
|
114,879,352
|
7,930,407
|
4,484,271
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
100,789,866
|
21,957,273
|
4,546,892
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
114,916,293
|
7,841,358
|
4,536,380
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
101,189,739
|
21,611,127
|
4,493,164
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
113,847,671
|
8,860,293
|
4,586,066
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
114,641,103
|
8,183,815
|
4,469,113
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
116,033,809
|
6,396,554
|
4,863,667
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
100,659,956
|
21,446,583
|
5,187,491
|
Proposal 1k: To make the Fund's
fundamental investment policy with respect to entering into
repurchase agreements a non-fundamental investment policy.
|
Votes For
|
Votes
Against
|
Abstained
|
|
115,846,347
|
6,561,290
|
4,886,394
|
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.
|
Votes For
|
Votes
Against
|
Abstained
|
|
101,547,578
|
20,993,964
|
4,752,489
|
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.
If you wish to receive this information
electronically, please contact
Investor.Relations@aberdeenstandard.com
aberdeenfax.com
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SOURCE Aberdeen Asia-Pacific Income Fund, Inc.