Portfolio of Investments (unaudited) 
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

See accompanying Notes to Portfolio of Investments.

Portfolio of Investments (unaudited)  (concluded)
As of July 31, 2025

abrdn Asia-Pacific Income Fund, Inc.

Sale Contracts Settlement Date*	Counterparty		Currency Purchased	Amount Purchased	Currency Sold	Amount Sold	Fair Value	Unrealized Appreciation/ (Depreciation)
United States Dollar/Indonesian Rupiah
08/01/2025	Citibank N.A.		USD	131,729,633	IDR	2,158,653,494,000	$131,185,262	$544,371
08/01/2025	Citibank N.A.		USD	135,109,934	IDR	2,238,653,494,000	136,047,006	(937,072)
08/01/2025	Royal Bank of Canada		USD	4,881,918	IDR	80,000,000,000	4,861,744	20,174
10/24/2025	Citibank N.A.		USD	57,062,446	IDR	934,193,955,000	56,508,459	553,987
United States Dollar/Malaysian Ringgit
08/22/2025	Standard Chartered Bank		USD	32,142,469	MYR	136,178,000	31,952,259	190,210
United States Dollar/Philippine Peso
10/09/2025	UBS AG		USD	34,757,844	PHP	1,965,882,770	33,722,909	1,034,935
Total							$435,787,303	$1,757,297
Unrealized appreciation on forward foreign currency exchange contracts								$2,694,369
Unrealized depreciation on forward foreign currency exchange contracts								$(4,841,612)

    

*	Certain contracts with different trade dates and like characteristics have been shown net.

    

As of July 31, 2025, the Fund held the following centrally cleared interest rate swaps:

    

Currency	Notional Amount	Expiration Date	Counterparty	Receive (Pay) Floating Rate	Floating Rate Index	Fixed Rate	Frequency of Paid Payments Made	Premiums Paid (Received)	Value	Unrealized Appreciation/ (Depreciation)
USD	25,000,000	03/17/2033	Citigroup	Receive	12-month SOFR	3.38%	Annually	$-	$645,344	$645,344
USD	20,000,000	03/17/2032	Citigroup	Receive	12-month SOFR	3.40%	Annually	-	381,532	381,532
USD	31,000,000	08/23/2029	Citigroup	Receive	12-month SOFR	3.40%	Annually	(230)	543,572	543,802
								$(230)	$1,570,448	$1,570,678

 

See accompanying Notes to Portfolio of Investments.

Notes to Portfolio of Investments 
July 31, 2025 (unaudited)

1.    Summary of Significant Accounting Policies

a.    Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Directors (the "Board") designated abrdn Asia Limited (“abrdn Asia” or the “Investment Manager”) as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

Derivatives are valued at fair value. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Investment Manager may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective NAV as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

9

Notes to Portfolio of Investments  (concluded)
July 31, 2025 (unaudited)

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).  

10