Please wait
Portfolio of Investments (unaudited) 
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
GOVERNMENT BONDS—75.9%  
BRAZIL—3.8%    
Brazil Notas do Tesouro Nacional      
10.00%, 01/01/2029 BRL  73,000,000 $ 13,023,684
10.00%, 01/01/2033   30,000,000 4,887,903
10.00%, 01/01/2035   50,000,000 7,937,379
Total Brazil   25,848,966
CHINA—6.4%    
China Government Bond, 1.63%, 10/25/2030 CNY      65,000,000 9,370,908
China Government Bonds      
1.46%, 05/25/2028   14,000,000 2,019,347
1.67%, 05/25/2035   175,500,000 24,992,103
1.88%, 04/25/2055   50,500,000 6,674,945
Total China   43,057,303
DOMINICAN REPUBLIC—0.6%    
Dominican Republic International Bonds, 13.63%, 02/03/2033(a)(b) DOP     219,950,000 4,280,525
EGYPT—0.4%    
Egyptian Financial Co. for Sovereign Taskeek, 10.88%, 02/28/2026(a) $       3,000,000 3,007,530
HONG KONG—2.4%    
Airport Authority      
4.88%, 01/12/2033(a)(b)   1,350,000 1,395,797
5.13%, 01/15/2035(a)(b)   2,131,000 2,257,776
Hong Kong Government Infrastructure Bonds Programme      
2.76%, 04/25/2028 HKD 48,000,000 6,191,959
3.17%, 07/24/2035   50,000,000 6,385,670
Total Hong Kong   16,231,202
INDIA—1.6%    
Export-Import Bank of India      
5.50%, 01/18/2033(a) $ 2,500,000 2,604,902
5.75%, 01/12/2056(a)   2,500,000 2,531,955
India Government Bonds      
6.79%, 05/15/2027 INR 325,000,000 3,569,532
9.20%, 09/30/2030   9,590,000 115,463
7.40%, 09/19/2062   165,000,000 1,764,420
Total India   10,586,272
INDONESIA—11.9%    
Indonesia Government International Bonds      
8.50%, 10/12/2035(a) $ 12,880,000 16,321,398
7.75%, 01/17/2038(a)   6,000,000 7,406,297
Indonesia Treasury Bonds      
9.00%, 03/15/2029 IDR 160,000,000,000 10,466,078
8.25%, 05/15/2029   200,000,000,000 12,856,717
8.75%, 05/15/2031   235,000,000,000 15,778,672
9.50%, 07/15/2031   16,000,000,000 1,110,477
7.00%, 02/15/2033   205,000,000,000 12,628,538
6.75%, 07/15/2035   20,000,000,000 1,219,541
8.38%, 04/15/2039   38,500,000,000 2,650,387
Total Indonesia   80,438,105
  Shares or
Principal
Amount 		Value
KYRGYZSTAN—0.4%    
Kyrgyz Republic International Bonds, 7.75%, 06/03/2030(a) $        2,760,000 $ 2,866,310
LAOS—0.8%    
Laos Government International Bonds, 11.25%, 11/12/2030(a)(c)         5,000,000 5,250,000
MALAYSIA—14.5%    
Malaysia Government Bond      
3.34%, 05/15/2030 MYR 15,000,000 3,807,458
3.84%, 04/15/2033   20,000,000 5,183,147
4.64%, 11/07/2033   30,000,000 8,174,768
Malaysia Government Bonds      
3.90%, 11/16/2027   5,000,000 1,289,690
3.52%, 04/20/2028   20,000,000 5,126,027
3.73%, 06/15/2028   5,000,000 1,288,020
3.89%, 08/15/2029   20,000,000 5,190,954
2.63%, 04/15/2031   25,000,000 6,120,441
3.58%, 07/15/2032   60,000,000 15,335,769
3.83%, 07/05/2034   17,000,000 4,398,485
4.25%, 05/31/2035   20,000,000 5,352,289
4.76%, 04/07/2037   10,000,000 2,787,183
4.70%, 10/15/2042   6,500,000 1,817,246
4.18%, 05/16/2044   7,000,000 1,831,986
4.07%, 06/15/2050   9,800,000 2,516,617
Malaysia Government Investment Issue      
3.60%, 07/31/2028   60,000,000 15,395,722
3.64%, 08/30/2030   50,000,000 12,881,388
Total Malaysia   98,497,190
MEXICO—4.0%    
Mexico Bonos, 8.50%, 05/31/2029 MXN 469,000,000 27,257,606
MONGOLIA—0.6%    
Development Bank of Mongolia LLC, 8.50%, 07/03/2028(a) $ 3,800,000 3,946,820
PAKISTAN—4.6%    
Pakistan Government International Bonds, 6.88%, 12/05/2027(a)   3,000,000 3,044,954
Pakistan Investment Bonds      
14.00%, 02/15/2027 PKR 5,200,000,000 19,197,360
14.00%, 09/20/2027   2,400,000,000 9,020,310
Total Pakistan   31,262,624
PHILIPPINES—9.8%    
Philippines Government Bonds      
8.00%, 07/19/2031 PHP 755,000,000 14,159,505
6.75%, 09/15/2032   893,370,000 15,911,878
6.63%, 08/17/2033   148,140,000 2,620,472
6.25%, 01/25/2034   440,220,000 7,618,382
9.25%, 11/05/2034   435,710,000 9,013,769
8.00%, 09/30/2035   260,310,000 5,069,076
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
GOVERNMENT BONDS (continued)  
PHILIPPINES (continued)    
Philippines Government International Bonds      
6.38%, 10/23/2034 $  6,500,000 $ 7,211,487
5.50%, 01/17/2048   5,200,000 5,124,439
Total Philippines   66,729,008
SAUDI ARABIA—0.4%    
Saudi Government International Bonds, 5.75%, 01/16/2054(a)         3,000,000 2,909,221
SINGAPORE—1.9%    
Singapore Government Bonds      
2.75%, 03/01/2035 SGD 4,300,000 3,593,192
3.25%, 06/01/2054(a)   9,400,000 8,957,008
Total Singapore   12,550,200
SOUTH AFRICA—3.9%    
Republic of South Africa Government Bonds      
8.25%, 03/31/2032 ZAR 256,987,600 16,357,067
8.50%, 01/31/2037   165,000,000 10,291,520
Total South Africa   26,648,587
SOUTH KOREA—2.6%    
Export-Import Bank of Korea, 5.13%, 01/11/2033 $ 3,684,000 3,845,231
Korea Housing Finance Corp., 5.13%, 01/21/2030(a)   3,500,000 3,626,941
Korea Treasury Bonds, 2.50%, 03/10/2052 KRW 18,300,000,000 10,346,893
Total South Korea   17,819,065
SRI LANKA—0.6%    
Sri Lanka Government Bonds, 11.00%, 12/15/2029 LKR 880,000,000 2,968,429
Sri Lanka Government International Bonds, 3.35%, 03/15/2033(a)(c)(d) $ 1,500,000 1,375,500
Total Sri Lanka   4,343,929
THAILAND—4.0%    
Thailand Government Bond      
1.66%, 03/17/2030 THB 96,000,000 3,085,875
2.80%, 06/17/2034   45,000,000 1,534,494
3.40%, 06/17/2036   60,000,000 2,140,582
Thailand Government Bonds      
2.41%, 03/17/2035   320,000,000 10,571,974
2.70%, 06/17/2040   110,000,000 3,625,712
2.98%, 06/17/2045   180,000,000 5,822,298
Total Thailand   26,780,935
TURKEY—0.4%    
Turkiye Ihracat Kredi Bankasi AS, 6.88%, 07/03/2028(a) $ 2,500,000 2,584,822
URUGUAY—0.3%    
Uruguay Government International Bonds, 8.25%, 05/21/2031 UYU 79,419,234 2,131,084
Total Government Bonds   515,027,304
  Shares or
Principal
Amount 		Value
CORPORATE BONDS—75.8%  
AUSTRALIA—7.0%    
Australia & New Zealand Banking Group Ltd., (fixed rate to 08/12/2027, variable rate thereafter), 5.91%, 08/12/2027(b) AUD          900,000 $ 635,496
Commonwealth Bank of Australia      
(fixed rate to 11/09/2027, variable rate thereafter), 6.86%, 11/09/2027(a)(b)   4,000,000 2,869,994
(fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2033(b)   7,500,000 5,494,151
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(b) $       3,000,000 3,067,863
National Australia Bank Ltd.      
(fixed rate to 08/03/2027, variable rate thereafter), 6.32%, 08/03/2027(a)(b) AUD 7,500,000 5,324,990
(fixed rate to 03/09/2028, variable rate thereafter), 6.16%, 03/09/2028(a)(b)   1,500,000 1,065,855
6.43%, 01/12/2033(a) $ 1,000,000 1,083,657
NBN Co. Ltd., 4.15%, 09/16/2030(a)(b)         2,907,000 2,892,581
Perenti Finance Pty. Ltd., 7.50%, 04/26/2029(a)(b)         3,800,000 3,945,690
Santos Finance Ltd., 4.13%, 09/14/2027(a)(b)         4,900,000 4,876,298
Wesfarmers Ltd., 2.55%, 06/23/2031(a)(b) AUD       7,000,000 4,240,870
Westpac Banking Corp.      
5.20%, 04/16/2026 $ 250,000 250,735
(fixed rate to 06/23/2028, variable rate thereafter), 6.49%, 06/23/2028(a)(b) AUD 5,000,000 3,587,596
(fixed rate to 06/23/2033, variable rate thereafter), 6.93%, 06/23/2033(a)(b)   5,000,000 3,709,458
(fixed rate to 11/15/2033, variable rate thereafter), 7.20%, 11/15/2033(b)   6,000,000 4,523,129
Total Australia   47,568,363
BAHRAIN—0.4%    
Bapco Energies BSC Closed, 7.50%, 10/25/2027(a) $ 2,500,000 2,577,100
CHINA—7.7%    
Alibaba Group Holding Ltd.      
4.50%, 11/28/2034(b)   2,500,000 2,460,996
5.63%, 11/26/2054(b)   2,350,000 2,387,449
CFAMC III Co. Ltd., 4.75%, 04/27/2027(a)   4,500,000 4,516,380
China Hongqiao Group Ltd.      
7.05%, 01/10/2028(a)   2,300,000 2,380,500
6.93%, 11/29/2028(a)   2,252,000 2,347,732
China Oil & Gas Group Ltd., 7.00%, 02/04/2029(a)(b)   5,000,000 4,993,750
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
CHINA (continued)    
Far East Horizon Ltd.      
6.63%, 04/16/2027(a) $   4,800,000 $ 4,902,501
5.25%, 01/13/2029(a)   2,413,000 2,418,285
Fortune Star BVI Ltd., 8.50%, 05/19/2028(a)(b)         4,700,000 4,856,998
Health & Happiness H&H International Holdings Ltd., 9.13%, 07/24/2028(a)(b)         4,900,000 5,193,020
Industrial & Commercial Bank of China Ltd., Series 2022-1, 3.28%, 01/20/2032(b) CNY      30,000,000 4,379,868
Meituan, 5.13%, 11/05/2035(a)(b) $       2,495,000 2,470,800
Shui On Development Holding Ltd., 9.75%, 01/26/2029(a)(b)         3,750,000 3,794,325
Zhongsheng Group Holdings Ltd., 5.98%, 01/30/2028(a)(b)         4,810,000 4,850,119
Total China   51,952,723
FRANCE—0.8%    
BNP Paribas SA, VRN, (fixed rate to 08/14/2028, variable rate thereafter), 8.50%, 08/14/2028(a)(e)         5,240,000 5,610,961
GEORGIA—1.4%    
Bank of Georgia JSC, VRN, (fixed rate to 07/16/2029, variable rate thereafter), 9.50%, 07/16/2029(a)(e)         2,500,000 2,623,486
Georgia Global Utilities JSC, 8.88%, 07/25/2029(a)(b)         4,119,000 4,352,959
Silk Road Group Holding LLC, 7.50%, 09/15/2030(a)(b)         2,379,000 2,420,100
Total Georgia   9,396,545
HONG KONG—9.5%    
AIA Group Ltd., 5.63%, 10/25/2027(a)(b)   3,750,000 3,854,850
Bank of East Asia Ltd., VRN, (fixed rate to 03/15/2026, variable rate thereafter), 6.75%, 03/15/2026(a)(b)   2,500,000 2,506,327
China Ping An Insurance Overseas Holdings Ltd., 5.00%, 10/08/2035(a)(b)   1,260,000 1,253,545
CS Treasury Management Services P Ltd., 9.00%, 06/05/2026(a)(d)(e)   2,500,000 2,555,114
Elect Global Investments Ltd., VRN, (fixed rate to 09/11/2030, variable rate thereafter), 7.20%, 09/11/2030(a)(e)   9,200,000 9,728,242
Hongkong Land Finance Cayman Islands Co. Ltd., 5.25%, 07/14/2033(a)(b)   5,000,000 5,158,825
Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(a)   15,500,000 16,262,878
  Shares or
Principal
Amount 		Value
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033(a) $           980,000 $ 1,142,589
Melco Resorts Finance Ltd.      
7.63%, 04/17/2032(a)(b)   4,769,000 5,000,677
7.63%, 04/17/2032(a)(b)   3,000,000 3,145,740
MTR Corp. CI Ltd., VRN, (fixed rate to 09/24/2035, variable rate thereafter), 5.63%, 09/24/2035(a)(e)         3,000,000 3,157,113
MTR Corp. Ltd., 5.25%, 04/01/2055(a)(b)         1,300,000 1,300,356
NWD Finance BVI Ltd., (fixed rate to 03/22/2026, variable rate thereafter), 5.25%, 03/22/2026(a)(e)         3,700,000 2,879,657
NWD MTN Ltd., 8.63%, 02/08/2028(a)(b)         1,200,000 1,169,912
Prudential Funding Asia PLC, VRN, (fixed rate to 08/03/2028, variable rate thereafter), 2.95%, 08/03/2028(a)(b)         5,400,000 5,201,333
Total Hong Kong   64,317,158
INDIA—12.0%    
Axis Bank Ltd., VRN, (fixed rate to 09/08/2026, variable rate thereafter), 4.10%, 09/08/2026(a)(e)         2,500,000 2,481,856
Greenko Power II Ltd., 4.30%, 12/13/2028(a)(b)(c)         1,543,560 1,478,636
Greenko Wind Projects Mauritius Ltd., 7.25%, 09/27/2028(a)(b)(c)         3,195,000 3,265,954
HDFC Bank Ltd.      
Series 1, 7.95%, 09/21/2026 INR 500,000,000 5,433,162
Series AB1, 7.69%, 01/27/2033   660,000,000 7,225,033
IIFL Finance Ltd., 8.75%, 07/24/2028(a) $ 1,748,000 1,822,206
India Cleantech Energy, 4.70%, 08/10/2026(a)(b)(c)   2,277,000 2,262,313
India Green Power Holdings, 4.00%, 02/22/2027(a)(b)(c)   5,261,995 5,164,374
Indian Railway Finance Corp. Ltd., Series 129, 8.45%, 12/04/2028 INR 50,000,000 559,084
Manappuram Finance Ltd., 7.38%, 05/12/2028(a)(c) $ 2,500,000 2,565,798
Muthoot Finance Ltd., 7.13%, 02/14/2028(a)(c)   2,389,000 2,446,905
Power Finance Corp. Ltd., 6.15%, 12/06/2028(a)   7,112,000 7,442,498
Power Grid Corp. of India Ltd.      
8.13%, 04/25/2027 INR 150,000,000 1,647,049
8.13%, 04/25/2028   500,000,000 5,534,997
REC Ltd.      
5.63%, 04/11/2028(a) $ 3,443,000 3,530,094
4.75%, 09/27/2029(a)   3,800,000 3,838,861
Renew Treasury Ifsc Pvt Ltd., 6.50%, 02/02/2031(a)(b)   1,213,000 1,214,578
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
INDIA (continued)    
Sammaan Capital Ltd.      
9.00%, 04/29/2026 INR  100,000,000 $ 1,076,414
9.70%, 07/03/2027(a) $ 1,734,000 1,808,952
8.95%, 08/28/2028(a)   1,500,000 1,570,230
7.50%, 10/16/2030(a)   1,000,000 1,007,304
Shriram Finance Ltd., 6.63%, 04/22/2027(a)         5,000,000 5,108,831
UPL Corp. Ltd.      
4.50%, 03/08/2028(a)   2,641,000 2,574,961
4.63%, 06/16/2030(a)   2,700,000 2,578,426
Vedanta Resources Finance II PLC      
10.25%, 06/03/2028(a)(b)   1,000,000 1,037,583
10.88%, 09/17/2029(a)(b)   1,700,000 1,821,138
9.13%, 10/15/2032(a)(b)   2,500,000 2,618,836
9.85%, 04/24/2033(a)(b)   1,800,000 1,940,091
Total India   81,056,164
INDONESIA—3.9%    
Bank Negara Indonesia Persero Tbk. PT, VRN, (fixed rate to 03/24/2027, variable rate thereafter), 4.30%, 03/24/2027(a)(e)   4,130,000 4,051,862
Krakatau Posco PT, 6.38%, 06/11/2029(a)   4,750,000 4,914,290
LLPL Capital Pte. Ltd., 6.88%, 02/04/2039(a)(c)   4,301,588 4,454,397
Medco Cypress Tree Pte. Ltd., 8.63%, 05/19/2030(a)(b)   2,251,000 2,382,001
Medco Maple Tree Pte. Ltd., 8.96%, 04/27/2029(a)(b)   2,206,000 2,301,122
Nickel Industries Ltd., 9.00%, 09/30/2030(a)(b)   3,419,000 3,589,638
Pertamina Geothermal Energy PT, 5.15%, 04/27/2028(a)(b)   1,892,000 1,918,184
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.15%, 05/21/2048(a)   3,129,000 3,111,207
Total Indonesia   26,722,701
ISRAEL—0.2%    
Teva Pharmaceutical Finance Netherlands III BV, 7.88%, 09/15/2029(b)   1,200,000 1,315,172
JAPAN—2.2%    
Nippon Life Insurance Co., VRN, (fixed rate to 04/30/2035, variable rate thereafter), 6.50%, 04/30/2035(a)(b)   3,170,000 3,391,567
NTT Finance Corp., 5.50%, 07/16/2035(a)(b)   1,800,000 1,859,427
Rakuten Group, Inc., 11.25%, 02/15/2027(a)   4,500,000 4,793,656
SoftBank Corp., 5.33%, 07/09/2035(a)(b)   5,000,000 5,007,635
Total Japan   15,052,285
  Shares or
Principal
Amount 		Value
KAZAKHSTAN—1.0%    
Development Bank of Kazakhstan JSC, 10.95%, 05/06/2026(a) KZT    3,265,000,000 $ 6,375,306
MACAO—2.1%    
MGM China Holdings Ltd., 7.13%, 06/26/2031(a)(b) $       3,600,000 3,821,102
Sands China Ltd., 5.40%, 08/08/2028(b)         5,000,000 5,096,190
Studio City Finance Ltd., 5.00%, 01/15/2029(a)(b)         2,300,000 2,228,172
Wynn Macau Ltd., 5.63%, 08/26/2028(a)(b)         3,000,000 2,993,855
Total Macao   14,139,319
MALAYSIA—2.9%    
DRB-Hicom Bhd., IMTN, 5.10%, 12/12/2029 MYR       5,000,000 1,330,874
Khazanah Capital Ltd., 4.76%, 09/05/2034(a) $       3,900,000 3,916,560
Pengerang LNG Two Sdn Bhd.      
IMTN, 2.86%, 10/20/2028 MYR 5,000,000 1,244,992
IMTN, 2.92%, 10/19/2029   5,000,000 1,236,848
Petroliam Nasional Bhd., 7.63%, 10/15/2026(a) $       2,000,000 2,048,344
Petronas Capital Ltd.      
2.48%, 01/28/2032(a)(b)   2,000,000 1,796,110
5.85%, 04/03/2055(a)(b)   2,800,000 2,915,621
4.80%, 04/21/2060(a)(b)   2,600,000 2,333,514
Tenaga Nasional Bhd., 7.50%, 01/15/2096(a)   2,700,000 2,695,410
Total Malaysia   19,518,273
MONGOLIA—0.7%    
Tsetsens Mining & Energy LLC, 11.38%, 02/05/2031(a)(b)   5,000,000 4,976,700
MOROCCO—0.4%    
OCP SA, 7.50%, 05/02/2054(a)(b)   2,672,000 2,911,986
PHILIPPINES—1.3%    
AC Energy Finance International Ltd., 5.10%, 05/25/2026(a)(e)   3,400,000 2,872,177
Globe Telecom, Inc., VRN, (fixed rate to 08/02/2026, variable rate thereafter), 4.20%, 08/02/2026(a)(e)   1,097,000 1,092,598
Smphi SG Holdings Pte. Ltd., 4.75%, 09/16/2030(a)(b)   5,000,000 5,007,411
Total Philippines   8,972,186
SAUDI ARABIA—1.5%    
Greensaif Pipelines Bidco SARL, 6.10%, 08/23/2042(a)(c)   5,014,000 5,181,003
SNB Funding Ltd., VRN, (fixed rate to 06/24/2030, variable rate thereafter), 6.00%, 06/24/2030(a)(b)   5,000,000 5,117,374
Total Saudi Arabia   10,298,377
SINGAPORE—3.6%    
Avation Group S Pte. Ltd., 8.50%, 05/15/2031(a)(b)   5,000,000 4,917,286
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
SINGAPORE (continued)    
GLP Pte. Ltd., 9.75%, 05/20/2028(a) $         5,000,000 $ 5,122,313
Oversea-Chinese Banking Corp. Ltd., VRN, (fixed rate to 09/08/2030, variable rate thereafter), 4.55%, 09/08/2030(a)(b)         5,000,000 4,969,036
Temasek Financial I Ltd., 1.85%, 07/30/2030(a)(b) CNY      66,000,000 9,413,015
Total Singapore   24,421,650
SOUTH KOREA—3.8%    
Busan Bank Co. Ltd., 3.63%, 07/25/2026(a) $       5,100,000 5,080,676
Hanwha Life Insurance Co. Ltd., VRN, (fixed rate to 06/24/2030, variable rate thereafter), 6.30%, 06/24/2030(a)(b)         2,500,000 2,600,000
LG Energy Solution Ltd., 5.38%, 04/02/2030(a)         4,330,000 4,462,985
Shinhan Bank Co. Ltd., 4.50%, 03/26/2028(a)         5,000,000 5,023,884
Tongyang Life Insurance Co. Ltd., VRN, (fixed rate to 05/07/2030, variable rate thereafter), 6.25%, 05/07/2030(a)(b)         4,738,000 4,934,628
Woori Bank, VRN, (fixed rate to 07/24/2029, variable rate thereafter), 6.38%, 07/24/2029(a)(e)         3,500,000 3,636,165
Total South Korea   25,738,338
SWITZERLAND—0.4%    
UBS Group AG, VRN, (fixed rate to 11/13/2028, variable rate thereafter), 9.25%, 11/13/2028(a)(e)         2,700,000 2,947,810
THAILAND—2.8%    
Bangkok Bank PCL      
9.03%, 03/15/2029(a)   1,200,000 1,348,045
VRN, (fixed rate to 03/25/2035, variable rate thereafter), 6.06%, 03/25/2035(a)(b)   6,500,000 6,649,402
GC Treasury Center Co. Ltd., VRN, (fixed rate to 03/10/2035, variable rate thereafter), 7.13%, 03/10/2035(a)(e)   5,000,000 5,130,550
  Shares or
Principal
Amount 		Value
Muangthai Capital PCL      
6.88%, 09/30/2028(a)(c) $   1,824,000 $ 1,853,564
7.55%, 07/21/2030(a)(c)   1,650,000 1,710,703
Thaioil Treasury Center Co. Ltd., VRN, (fixed rate to 01/15/2031, variable rate thereafter), 6.10%, 01/15/2031(a)(e)         2,326,000 2,334,281
Total Thailand   19,026,545
UNITED ARAB EMIRATES—3.6%    
Abu Dhabi Commercial Bank PJSC, VRN, (fixed rate to 09/10/2029, variable rate thereafter), 5.36%, 09/10/2029(a)(b)         4,800,000 4,876,269
Aldar Properties PJSC, VRN, (fixed rate to 01/14/2033, variable rate thereafter), 5.88%, 01/14/2033(a)(b)         2,634,000 2,603,413
DP World Ltd., 6.85%, 07/02/2037(a)         2,700,000 3,002,130
First Abu Dhabi Bank PJSC, VRN, (fixed rate to 10/04/2028, variable rate thereafter), 6.32%, 10/04/2028(a)(b)         5,000,000 5,187,535
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036(a)(c)         7,237,000 6,369,873
MAF Global Securities Ltd., VRN, (fixed rate to 06/30/2027, variable rate thereafter), 7.88%, 06/30/2027(a)(e)         2,500,000 2,576,170
Total United Arab Emirates   24,615,390
UNITED KINGDOM—3.8%    
HSBC Holdings PLC      
(fixed rate to 11/03/2027, variable rate thereafter), 7.39%, 11/03/2027(b)   3,500,000 3,693,545
VRN, (fixed rate to 03/07/2028, variable rate thereafter), 8.00%, 03/07/2028(e)   6,700,000 7,050,986
Standard Chartered PLC      
VRN, (fixed rate to 11/16/2027, variable rate thereafter), 7.77%, 11/16/2027(a)(b)   3,000,000 3,185,992
VRN, (fixed rate to 01/09/2028, variable rate thereafter), 6.30%, 01/09/2028(a)(b)   7,276,000 7,559,136
VRN, (fixed rate to 11/14/2035, variable rate thereafter), 7.00%, 11/14/2035(a)(e)   4,400,000 4,529,316
Total United Kingdom   26,018,975
UNITED STATES—2.0%    
Equinix Asia Financing Corp. Pte. Ltd., 3.50%, 03/15/2030(a)(b) SGD 3,000,000 2,377,096
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
  Shares or
Principal
Amount 		Value
CORPORATE BONDS (continued)  
UNITED STATES (continued)    
Hyundai Capital America, 6.38%, 04/08/2030(a)(b) $        5,100,000 $ 5,447,463
Telecommunications Co. Telekom Srbija AD Belgrade, 8.00%, 05/22/2028(f) EUR       5,000,000 5,950,455
Total United States   13,775,014
UZBEKISTAN—0.4%    
Uzbekneftegaz JSC, 8.75%, 05/07/2030(a) $       2,348,000 2,539,435
VIETNAM—0.4%    
Mong Duong Finance Holdings BV, 5.13%, 05/07/2029(a)(b)(c)         2,497,132 2,491,445
Total Corporate Bonds   514,335,921
SUPRANATIONAL—6.8%      
Asian Infrastructure Investment Bank, 6.65%, 06/30/2033(a) INR     550,000,000     5,732,731
Corp. Andina de Fomento, 8.25%, 04/26/2034       320,000,000     3,515,226
European Bank for Reconstruction & Development, 6.75%, 03/14/2031       850,000,000     9,091,523
Inter-American Development Bank EMTN, 7.00%, 04/17/2033       850,000,000     9,108,427
International Bank for Reconstruction & Development      
7.05%, 07/22/2029   137,000,000 1,486,885
7.00%, 01/25/2031   1,250,000,000 13,507,406
4.93%, 11/03/2032 PHP 242,000,000 4,060,165
Total Supranational     46,502,363
COMMON STOCKS—0.0%  
CHINA—0.0%    
Kaisa Group Holdings Ltd.(g)   79,662 953
Total Common Stocks   953
SHORT-TERM INVESTMENT—3.6%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%(h)   24,097,594 24,097,594
Total Short-Term Investment   24,097,594
Total Investments
(Cost $1,099,038,056)—162.1% 		1,099,964,135
Long Term Debt Securities (326,000,000)
Mandatory Redeemable Preferred Stock at Liquidation Value (100,000,000)
Other Assets in Excess of Liabilities—0.7% 4,747,184
Net Assets—100.0% $678,711,319
    
(a) Denotes a security issued under Regulation S or Rule 144A.
(b) The maturity date presented for these instruments represents the next call/put date.
(c) Sinkable security.
(d) Step bond. Rate disclosed is as of January 31, 2026.
(e) Perpetual maturity. Maturity date presented represents the next call date.
(f) Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments.
(g) Non-income producing security.
(h) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.
    
AG Assured Guaranty Inc.
AUD Australian Dollar
BRL Brazilian Real
CNH Chinese Yuan Renminbi Offshore
CNY Chinese Yuan Renminbi
DOP Dominican Republic Peso
EMTN Euro Medium Term Note
EUR Euro Currency
HKD Hong Kong Dollar
IDR Indonesian Rupiah
INR Indian Rupee
KRW South Korean Won
KZT Kazakhstan Tenge
LKR Sri Lanka Rupee
MTN Medium Term Note
MXN Mexican Peso
MYR Malaysian Ringgit
PHP Philippine Peso
PKR Pakistan Rupee
PLC Public Limited Company
SGD Singapore Dollar
THB Thai Baht
TWD New Taiwan Dollar
USD U.S. Dollar
UYU Uruguayan Peso
VRN Variable Rate Note
ZAR South African Rand
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of January 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
As of January 31, 2026, the Fund held the following futures contracts:
    
Futures Contracts Number of
Contracts
Long/(Short) 		Expiration
Date 		Notional
Amount 		Market
Value 		Unrealized
Appreciation/
(Depreciation)
Long Contract Positions          
Korea Treasury Bond - 10 Year 663 3/17/2026 $51,679,132 $51,104,523 $(574,609)
Ultra United States Treasury Note 10 Year 306 3/20/2026 36,518,324 35,935,875 (582,449)
United States Treasury Note 6%—10 year 425 3/20/2026 48,058,870 47,526,953 (531,917)
United States Treasury Note 6%—5 Year 453 3/31/2026 49,653,713 49,345,149 (308,564)
          $(1,997,539)
Short Contract Positions          
United States Treasury Note 6%—10 year (199) 3/20/2026 $(22,500,680) $(22,253,797) $246,883
          $(1,750,656)
    
As of January 31, 2026, the Fund held the following forward foreign currency contracts:
    
Purchase Contracts
Settlement Date* 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
Australian Dollar/United States Dollar          
02/06/2026 UBS AG AUD 124,014,924 USD 80,572,744 $86,357,288 $5,784,544
04/30/2026 HSBC Bank PLC AUD 124,014,924 USD 86,804,569 86,329,117 (475,452)
Chinese Yuan Renminbi Offshore/United States Dollar          
04/23/2026 Royal Bank of Canada CNH 179,895,000 USD 25,980,679 25,963,393 (17,286)
New Taiwan Dollar/United States Dollar          
03/03/2026 UBS AG TWD 49,000,000 USD 1,559,784 1,549,064 (10,720)
Singapore Dollar/United States Dollar          
02/06/2026 Standard Chartered Bank SGD 25,985,312 USD 20,034,653 20,431,400 396,747
04/17/2026 Royal Bank of Canada SGD 26,897,312 USD 21,337,031 21,250,735 (86,296)
South Korean Won/United States Dollar          
04/14/2026 Citibank N.A. KRW 43,613,697,000 USD 29,688,081 30,147,305 459,224
Thai Baht/United States Dollar          
02/06/2026 Standard Chartered Bank THB 242,918,560 USD 7,537,687 7,721,856 184,169
02/06/2026 Standard Chartered Bank THB 293,106,000 USD 9,376,000 9,317,206 (58,794)
04/24/2026 UBS AG THB 116,223,560 USD 3,713,961 3,714,511 550
Total $292,781,875 $6,176,686
    
Sale Contracts
Settlement Date* 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/Australian Dollar          
02/06/2026 HSBC Bank PLC USD 86,832,521 AUD 124,014,924 $86,357,288 $475,233
United States Dollar/Euro          
03/13/2026 Royal Bank of Canada USD 5,840,329 EUR 4,950,000 5,877,879 (37,550)
United States Dollar/Hong Kong Dollar          
04/01/2026 Standard Chartered Bank USD 12,611,649 HKD 98,000,000 12,568,968 42,681
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (concluded)
As of January 31, 2026
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          
04/10/2026 Citibank N.A. USD 4,951,524 IDR 83,855,005,000 $4,992,473 $(40,949)
04/10/2026 Royal Bank of Canada USD 2,977,380 IDR 49,832,523,000 2,966,878 10,502
04/10/2026 Royal Bank of Canada USD 19,181,940 IDR 322,641,772,000 19,209,114 (27,174)
United States Dollar/Malaysian Ringgit          
04/23/2026 BNP Paribas S.A. USD 31,389,629 MYR 125,804,300 31,969,182 (579,553)
United States Dollar/Philippine Peso          
03/27/2026 Citibank N.A. USD 5,917,413 PHP 352,205,000 5,968,178 (50,765)
03/27/2026 Royal Bank of Canada USD 6,865,960 PHP 404,843,770 6,860,152 5,808
United States Dollar/Singapore Dollar          
02/06/2026 Royal Bank of Canada USD 20,514,294 SGD 25,985,312 20,431,401 82,893
United States Dollar/Thai Baht          
02/06/2026 UBS AG USD 3,700,680 THB 116,223,560 3,694,496 6,184
02/06/2026 UBS AG USD 13,048,430 THB 419,801,000 13,344,566 (296,136)
04/24/2026 UBS AG USD 3,114,837 THB 96,298,000 3,077,689 37,148
Total $217,318,264 $(371,678)
Unrealized appreciation on forward foreign currency exchange contracts $7,485,683
Unrealized depreciation on forward foreign currency exchange contracts $(1,680,675)
    
* Certain contracts with different trade dates and like characteristics have been shown net.
    
As of January 31, 2026, 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 31,000,000 08/23/2029 Morgan Stanley Receive 1-day SOFR 3.40% Annually $(201) $122,839 $123,040
USD 20,000,000 03/17/2032 Morgan Stanley Receive 1-day SOFR 3.40% Annually - 368,245 368,245
USD 25,000,000 03/17/2033 Morgan Stanley Receive 1-day SOFR 3.38% Annually - 647,637 647,637
    $(201) $1,138,721 $1,138,922
 
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments 
January 31, 2026 (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 Valuation Designee 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)
January 31, 2026 (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