Portfolio of Investments (unaudited) 
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
 
Shares or
Principal
Amount
Value
CORPORATE BONDS—76.4%
AUSTRALIA—7.3%
Australia & New Zealand Banking
Group Ltd.
 
(fixed rate to 08/12/2027,
variable rate thereafter),
5.91%, 08/12/2027(a)
AUD 
900,000
$636,040
(fixed rate to 02/10/2033,
variable rate thereafter),
6.74%, 02/10/2033(a)(b)
 
1,000,000
729,397
Commonwealth Bank of Australia
 
(fixed rate to 11/09/2027,
variable rate thereafter),
6.86%, 11/09/2027(a)(b)
 
4,000,000
2,860,985
(fixed rate to 03/15/2033,
variable rate thereafter),
6.70%, 03/15/2033(a)
 
8,500,000
6,189,942
Macquarie Bank Ltd., 6.80%,
01/18/2033(b)
$
4,500,000
4,770,541
Mineral Resources Ltd., 6.25%,
05/01/2034(a)(b)
 
2,400,000
2,339,181
National Australia Bank Ltd.
 
(fixed rate to 08/03/2027,
variable rate thereafter),
6.32%, 08/03/2027(a)(b)
AUD
7,500,000
5,321,283
(fixed rate to 03/09/2028,
variable rate thereafter),
6.16%, 03/09/2028(a)(b)
 
1,500,000
1,065,703
6.43%, 01/12/2033(b)
$
1,000,000
1,046,207
NBN Co. Ltd., 4.15%,
09/16/2030(a)(b)
 
2,407,000
2,341,886
Perenti Finance Pty. Ltd., 7.50%,
04/26/2029(a)(b)
 
3,800,000
3,896,366
Wesfarmers Ltd., 2.55%,
06/23/2031(a)(b)
AUD
7,000,000
4,285,820
Westpac Banking Corp.
 
(fixed rate to 06/23/2028,
variable rate thereafter),
6.49%, 06/23/2028(a)(b)
 
5,000,000
3,576,723
(fixed rate to 06/23/2033,
variable rate thereafter),
6.93%, 06/23/2033(a)(b)
 
5,700,000
4,205,730
(fixed rate to 11/15/2033,
variable rate thereafter),
7.20%, 11/15/2033(a)
 
6,300,000
4,720,963
Total Australia
47,986,767
BRAZIL—0.2%
BRF SA, 5.75%, 09/21/2050(a)(b)
$
200,000
153,561
Minerva Luxembourg SA, 8.88%,
09/13/2033(a)(b)
 
200,000
207,035
Samarco Mineracao SA, 9.500%
Cash or 9.000% PIK,
06/30/2031(a)(b)
 
485,608
489,291
Yinson Boronia Production BV,
8.95%, 07/31/2042(a)(b)(c)
 
192,024
211,583
Total Brazil
1,061,470
 
Shares or
Principal
Amount
Value
 
CANADA—0.0%
Sagicor Financial Co. Ltd., 5.30%,
05/13/2028(a)(b)
$  
210,000
$208,992
CHINA—9.7%
Alibaba Group Holding Ltd.
 
4.50%, 11/28/2034(a)
 
2,500,000
2,382,192
5.63%, 11/26/2054(a)
 
2,350,000
2,226,274
CFAMC III Co. Ltd., 4.75%,
04/27/2027(b)
 
3,600,000
3,595,078
China Education Group Holdings
Ltd., 5.63%, 06/24/2029(a)(b)
 
2,450,000
2,413,480
China Hongqiao Group Ltd.
 
7.05%, 01/10/2028(b)
 
2,300,000
2,327,243
6.93%, 11/29/2028(b)
 
2,252,000
2,305,529
China Oil & Gas Group Ltd.,
7.00%, 02/04/2029(a)(b)
 
5,000,000
4,846,867
Far East Horizon Ltd.
 
6.63%, 04/16/2027(b)
 
4,800,000
4,845,210
5.25%, 01/13/2029(b)
 
2,413,000
2,380,801
Fortune Star BVI Ltd., 8.50%,
05/19/2028(a)(b)
 
4,700,000
4,779,904
Health & Happiness H&H
International Holdings Ltd.,
9.13%, 07/24/2028(a)(b)
 
4,900,000
5,132,750
Industrial & Commercial Bank of
China Ltd., Series 2022-1,
3.28%, 01/20/2032(a)
CNY
30,000,000
4,482,509
Meituan, 5.13%, 11/05/2035(a)(b)
$
2,495,000
2,361,430
New Metro Global Ltd., 11.80%,
03/09/2029(b)
 
2,500,000
2,369,359
Shui On Development Holding
Ltd., 9.75%, 01/26/2029(a)(b)
 
4,850,000
4,922,841
Tencent Holdings Ltd., 5.00%,
06/16/2036(a)(b)
 
4,800,000
4,722,836
West China Cement Ltd., 9.90%,
12/04/2028(a)(b)
 
5,000,000
4,249,918
Zhongsheng Group Holdings Ltd.,
5.98%, 01/30/2028(a)(b)
 
3,600,000
3,256,496
Total China
63,600,717
COLOMBIA—0.1%
Ecopetrol SA, 8.88%,
01/13/2033(a)
 
105,000
113,400
Empresas Publicas de Medellin
ESP, 4.38%, 02/15/2031(a)(b)
 
437,000
398,322
Total Colombia
511,722
DOMINICAN REPUBLIC—0.0%
AES Espana BV, 5.70%,
05/04/2028(a)(b)
 
202,000
200,232
FRANCE—0.8%
BNP Paribas SA, VRN, (fixed rate
to 08/14/2028, variable rate
thereafter), 8.50%,
08/14/2028(b)(d)
 
5,240,000
5,492,909
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)
GEORGIA—1.5%
Bank of Georgia JSC, VRN, (fixed
rate to 07/16/2029, variable
rate thereafter), 9.50%,
07/16/2029(b)(d)
$  
2,500,000
$2,626,435
Georgia Global Utilities JSC,
8.88%, 07/25/2029(a)(b)
 
4,119,000
4,221,713
Georgian Railway JSC, 4.00%,
06/17/2028(a)(b)
 
359,000
344,854
Silk Road Group Holding LLC,
7.50%, 09/15/2030(a)(b)
 
2,379,000
2,369,383
TBC Bank JSC, VRN, (fixed rate to
07/30/2029, variable rate
thereafter), 10.25%,
07/30/2029(b)(d)
 
200,000
214,406
Total Georgia
9,776,791
HONG KONG—9.8%
AIA Group Ltd., 5.63%,
10/25/2027(a)(b)
 
3,750,000
3,800,133
Cas Capital No. 2 Ltd., VRN, (fixed
rate to 01/13/2031, variable
rate thereafter), 6.25%,
01/13/2031(b)(d)
 
4,900,000
4,878,415
China Ping An Insurance Overseas
Holdings Ltd., 5.00%,
10/08/2035(a)(b)
 
1,260,000
1,209,449
CS Treasury Management Services
P Ltd., 9.00%, 12/05/2026(b)(d)
 
2,500,000
2,565,264
Elect Global Investments Ltd.,
VRN, (fixed rate to 09/11/2030,
variable rate thereafter), 7.20%,
09/11/2030(b)(d)
 
4,600,000
4,814,269
Hongkong Land Finance Cayman
Islands Co. Ltd., 5.25%,
07/14/2033(a)(b)
 
3,500,000
3,534,911
Hutchison Whampoa Finance CI
Ltd., 7.50%, 08/01/2027(b)
 
15,500,000
15,933,226
Hutchison Whampoa
International 03/33 Ltd.,
7.45%, 11/24/2033(b)
 
980,000
1,114,552
Melco Resorts Finance Ltd.
 
7.63%, 04/17/2032(a)(b)
 
4,769,000
4,866,686
7.63%, 04/17/2032(a)(b)
 
3,000,000
3,061,450
MTR Corp. CI Ltd., VRN, (fixed
rate to 09/24/2035, variable
rate thereafter), 5.63%,
09/24/2035(b)(d)
 
3,000,000
3,048,696
MTR Corp. Ltd.
 
5.58%, 01/29/2038(a)(b)
AUD
5,000,000
3,449,820
5.25%, 04/01/2055(a)(b)
$
1,300,000
1,232,913
Nan Fung Treasury Ltd., 5.75%,
05/21/2036(a)(b)
 
2,379,000
2,333,274
NWD MTN Ltd., 8.63%,
02/08/2028(a)(b)
 
3,200,000
3,091,324
 
Shares or
Principal
Amount
Value
 
 
Prudential Funding Asia PLC, VRN,
(fixed rate to 08/03/2028,
variable rate thereafter),
2.95%, 08/03/2028(a)(b)
$  
5,400,000
$5,152,693
Total Hong Kong
64,087,075
INDIA—10.6%
Axis Bank Ltd., VRN, (fixed rate to
09/08/2026, variable rate
thereafter), 4.10%,
09/08/2026(b)(d)
 
2,500,000
2,491,656
CGE Treasury Ifsc Pvt Ltd., 7.88%,
07/28/2031(a)(b)
 
790,000
787,969
Continuum Green Energy India
Pvt/Co-Issuers, 7.50%,
06/26/2033(a)(b)(c)
 
927,000
943,965
Greenko Power II Ltd., 4.30%,
12/13/2028(a)(b)(c)
 
3,309,827
3,169,001
Greenko Wind Projects Mauritius
Ltd., 7.25%, 09/27/2028(a)(b)(c)
 
1,507,050
1,520,537
HDFC Bank Ltd., Series AB1,
7.69%, 01/27/2033
INR
660,000,000
6,905,261
ICICI Bank Ltd./IFSC, 5.46%,
07/30/2031(b)
$
2,440,000
2,451,399
IIFL Finance Ltd.
 
8.75%, 07/24/2028(b)
 
1,148,000
1,178,957
7.60%, 09/10/2029(b)
 
2,500,000
2,506,799
India Cleantech Energy, 4.70%,
08/10/2026(a)(b)(c)
 
988,500
985,967
India Green Power Holdings,
4.00%, 02/22/2027(a)(b)(c)
 
5,017,600
4,958,744
Indian Railway Finance Corp. Ltd.,
Series 129, 8.45%, 12/04/2028
INR
50,000,000
536,193
Manappuram Finance Ltd., 7.38%,
05/12/2028(b)(c)
$
990,000
994,465
Muthoot Finance Ltd., 7.13%,
02/14/2028(b)(c)
 
2,389,000
2,403,224
Power Finance Corp. Ltd., 6.15%,
12/06/2028(b)
 
7,112,000
7,270,008
REC Ltd.
 
5.63%, 04/11/2028(b)
 
3,443,000
3,467,062
4.75%, 09/27/2029(b)
 
3,800,000
3,754,227
Renew Treasury Ifsc Pvt Ltd.,
6.50%, 02/02/2031(a)(b)
 
1,213,000
1,200,252
ReNew Wind Energy AP2/ReNew
Power Pvt Ltd. other 9
Subsidiaries, 4.50%,
07/14/2028(a)(b)
 
1,050,000
1,018,700
Sammaan Capital Ltd.
 
9.70%, 07/03/2027(b)
 
1,734,000
1,783,846
8.95%, 08/28/2028(b)
 
1,500,000
1,553,937
7.50%, 10/16/2030(b)
 
1,000,000
1,004,829
Shriram Finance Ltd., 6.63%,
04/22/2027(b)
 
5,000,000
5,047,170
UPL Corp. Ltd., 4.50%,
03/08/2028(b)
 
2,641,000
2,560,350
Vedanta Resources Finance II PLC
 
7.00%, 07/13/2032(a)(b)(c)
 
1,250,000
1,250,334
7.38%, 07/13/2034(a)(b)(c)
 
5,000,000
4,969,789
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)
INDIA (continued)
Vedanta Resources Finance II
PLC (continued)
 
7.75%, 07/13/2037(a)(b)(c)
$  
2,500,000
$2,508,046
Total India
69,222,687
INDONESIA—4.5%
Bank Mandiri Persero Tbk. PT,
5.25%, 04/10/2031(b)
 
1,178,000
1,163,693
Bank Negara Indonesia Persero
Tbk. PT, VRN, (fixed rate to
10/22/2031, variable rate
thereafter), 7.15%,
10/22/2031(b)(d)
 
4,112,000
4,091,145
Krakatau Posco PT, 6.38%,
06/11/2029(b)
 
4,750,000
4,748,661
LLPL Capital Pte. Ltd., 6.88%,
02/04/2039(b)(c)
 
4,127,025
4,132,382
Majapahit Holding BV, 7.88%,
06/29/2037(b)
 
2,000,000
2,219,356
Medco Cypress Tree Pte. Ltd.,
8.63%, 05/19/2030(a)(b)
 
2,251,000
2,336,586
Medco Laurel Tree Pte. Ltd.,
6.95%, 11/12/2028(a)(b)
 
221,000
221,210
Medco Maple Tree Pte. Ltd.,
8.96%, 04/27/2029(a)(b)
 
2,206,000
2,261,966
Nickel Industries Ltd., 9.00%,
09/30/2030(a)(b)
 
1,619,000
1,651,533
Pertamina Geothermal Energy PT,
5.15%, 04/27/2028(a)(b)
 
1,892,000
1,890,852
Perusahaan Perseroan Persero PT
Perusahaan Listrik Negara
 
6.15%, 05/21/2048(b)
 
2,400,000
2,175,708
6.15%, 05/21/2048(b)
 
3,129,000
2,836,580
Total Indonesia
29,729,672
ISRAEL—0.0%
Leviathan Bond Ltd., 6.50%,
06/30/2027(a)(b)
 
161,323
161,559
JAMAICA—0.0%
NCB Financial Group Ltd., 11.00%,
07/31/2030(a)(b)
 
200,000
211,000
JAPAN—2.6%
Nippon Life Insurance Co., VRN,
(fixed rate to 04/30/2035,
variable rate thereafter),
6.50%, 04/30/2035(a)(b)
 
3,170,000
3,261,886
NTT Finance Corp., 5.50%,
07/16/2035(a)(b)
 
1,800,000
1,783,165
Rakuten Group, Inc., 11.25%,
02/15/2027(b)
 
4,500,000
4,626,639
SoftBank Corp., 5.33%,
07/09/2035(a)(b)
 
5,000,000
4,829,038
SoftBank Group Corp., 8.25%,
10/22/2031(a)(b)
 
2,500,000
2,517,468
Total Japan
17,018,196
 
Shares or
Principal
Amount
Value
 
KAZAKHSTAN—0.1%
KazMunayGas National Co. JSC,
5.75%, 04/19/2047(b)
$  
670,000
$605,019
MACAO—1.6%
Sands China Ltd., 5.40%,
08/08/2028(a)
 
3,600,000
3,621,496
Studio City Finance Ltd., 5.00%,
01/15/2029(a)(b)
 
3,800,000
3,615,589
Wynn Macau Ltd., 5.63%,
08/26/2028(a)(b)
 
3,000,000
2,965,666
Total Macao
10,202,751
MALAYSIA—3.7%
DRB-Hicom Bhd., 5.10%,
12/12/2029
MYR
5,000,000
1,274,946
Dua Capital Ltd., 2.78%,
05/11/2031(a)(b)
$
2,600,000
2,358,168
Gohl Capital Holdings Ltd., VRN,
(fixed rate to 10/29/2031,
variable rate thereafter), 7.63%,
10/29/2031(b)(d)
 
3,500,000
3,346,345
Khazanah Capital Ltd., 4.76%,
09/05/2034(b)
 
3,900,000
3,789,631
Pengerang LNG Two Sdn Bhd.
 
2.86%, 10/20/2028
MYR
5,000,000
1,201,763
2.92%, 10/19/2029
 
5,000,000
1,192,365
Petroliam Nasional Bhd., 7.63%,
10/15/2026(b)
$
2,000,000
2,012,445
Petronas Capital Ltd.
 
2.48%, 01/28/2032(a)(b)
 
2,000,000
1,760,442
5.85%, 04/03/2055(a)(b)
 
2,800,000
2,754,474
4.80%, 04/21/2060(a)(b)
 
2,600,000
2,162,586
Tenaga Nasional Bhd., 7.50%,
01/15/2096(b)
 
2,700,000
2,583,900
Total Malaysia
24,437,065
MEXICO—0.3%
BBVA Mexico SA Institucion De
Banca Multiple Grupo
Financiero BBVA Mexico, VRN,
(fixed rate to 01/18/2028,
variable rate thereafter), 5.13%,
01/18/2028(a)(b)
 
470,000
457,310
Comision Federal de Electricidad,
6.05%, 01/28/2034(a)(b)
 
200,000
192,912
Petroleos Mexicanos
 
Series 14-2, 7.47%, 11/12/2026
MXN
1,472,800
84,767
Series 14-2, 7.47%, 11/12/2026
 
1,472,700
84,761
6.75%, 09/21/2047
$
851,000
696,118
Saavi Energia SARL, 8.88%,
02/10/2035(a)(b)
 
341,000
368,553
Total Mexico
1,884,421
MONGOLIA—1.7%
Bogd Bank, 9.50%, 06/03/2029(b)
 
3,300,000
3,242,250
Golomt Bank, 7.95%,
05/14/2029(b)
 
2,376,000
2,383,343
Tsetsens Mining & Energy LLC,
11.38%, 02/05/2031(a)(b)
 
5,000,000
5,367,496
Total Mongolia
10,993,089
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)
MOROCCO—0.4%
OCP SA, 7.50%, 05/02/2054(a)(b)
$  
2,672,000
$2,745,043
NIGERIA—0.5%
Dangote Fertiliser Ltd., 7.75%,
05/05/2031(a)(b)
 
3,088,000
3,097,384
IHS Holding Ltd., 8.25%,
11/29/2031(a)(b)
 
200,000
208,538
Total Nigeria
3,305,922
PERU—0.0%
Petroleos del Peru SA, 5.63%,
06/19/2047(b)
 
400,000
286,340
PHILIPPINES—0.6%
AC Energy Finance International
Ltd., 5.10%, 11/25/2026(b)(d)
 
3,000,000
2,341,513
Primero Agila Ltd., 7.75%,
07/16/2031(a)(b)
 
1,490,000
1,472,643
Total Philippines
3,814,156
RUSSIA—0.0%
Sovcombank Via SovCom Capital
DAC, 7.75%, 05/06/2030(b)(d)
 
250,000
–
SAUDI ARABIA—1.8%
Greensaif Pipelines Bidco SARL,
6.10%, 08/23/2042(b)(c)
 
6,714,000
6,617,367
SNB Funding Ltd., VRN, (fixed rate
to 06/24/2030, variable rate
thereafter), 6.00%,
06/24/2030(a)(b)
 
5,000,000
4,984,732
Total Saudi Arabia
11,602,099
SERBIA—0.4%
Telecommunications Co. Telekom
Srbija AD Belgrade
 
7.00%, 10/28/2029(a)(b)
 
200,000
199,088
7.25%, 05/18/2031(a)(b)
 
2,377,000
2,349,342
Total Serbia
2,548,430
SINGAPORE—3.1%
GLP Pte. Ltd.
 
VRN, (fixed rate to 11/17/2026,
variable rate thereafter),
7.87%, 11/17/2026(b)(d)
 
4,200,000
2,551,794
9.75%, 05/20/2028(b)
 
3,000,000
2,717,929
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
4,887,537
Puma International Financing SA,
7.75%, 04/25/2029(a)(b)
 
331,000
339,571
Temasek Financial I Ltd., 1.85%,
07/30/2030(a)(b)
CNY
66,000,000
9,818,148
Total Singapore
20,314,979
SOUTH AFRICA—0.2%
Eskom Holdings, 0.00%,
12/31/2032(e)
ZAR
28,700,000
740,173
 
Shares or
Principal
Amount
Value
 
 
Sasol Financing USA LLC, 5.50%,
03/18/2031(a)
$ 
400,000
$373,793
Total South Africa
1,113,966
SOUTH KOREA—2.7%
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
2,553,125
LG Energy Solution Ltd., 5.38%,
04/02/2030(b)
 
4,330,000
4,322,108
Shinhan Bank Co. Ltd., 4.50%,
03/26/2028(b)
 
2,200,000
2,185,380
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
4,845,126
Woori Bank, VRN, (fixed rate to
07/24/2029, variable rate
thereafter), 6.38%,
07/24/2029(b)(d)
 
3,500,000
3,597,837
Total South Korea
17,503,576
SWITZERLAND—0.4%
UBS Group AG, VRN, (fixed rate to
11/13/2028, variable rate
thereafter), 9.25%,
11/13/2028(b)(d)
 
2,700,000
2,891,263
THAILAND—3.1%
Advanced Info Service PCL,
4.89%, 03/04/2036(a)(b)
 
2,005,000
1,910,019
Bangkok Bank PCL
 
9.03%, 03/15/2029(b)
 
1,200,000
1,306,667
VRN, (fixed rate to
03/25/2035, variable rate
thereafter), 6.06%,
03/25/2035(a)(b)
 
6,500,000
6,464,253
GC Treasury Center Co. Ltd., VRN,
(fixed rate to 03/10/2035,
variable rate thereafter), 7.13%,
03/10/2035(b)(d)
 
5,000,000
4,919,293
Muangthai Capital PCL
 
6.88%, 09/30/2028(b)(c)
 
1,824,000
1,826,982
7.55%, 07/21/2030(b)(c)
 
1,650,000
1,658,741
Thaioil Treasury Center Co. Ltd.,
VRN, (fixed rate to 01/15/2031,
variable rate thereafter), 6.10%,
01/15/2031(b)(d)
 
2,326,000
2,256,432
Total Thailand
20,342,387
TOGO—0.0%
Ecobank Transnational, Inc.,
10.13%, 10/15/2029(b)
 
200,000
220,829
TRINIDAD—0.1%
Heritage Petroleum Co. Ltd.,
9.00%, 08/12/2029(a)(b)
 
291,000
297,667
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)
TRINIDAD (continued)
Port of Spain Waterfront
Development, 7.88%,
02/19/2040(a)(b)(c)
$  
186,667
$192,733
Total Trinidad
490,400
TURKEY—0.1%
Turkiye Sinai Kalkinma Bankasi AS,
VRN, (fixed rate to
03/21/2029, variable rate
thereafter), 9.75%,
03/21/2029(b)(d)
 
200,000
202,846
WE Soda Investments Holding
PLC, 9.50%, 10/06/2028(a)(b)
 
275,000
276,700
Yapi ve Kredi Bankasi AS, VRN,
(fixed rate to 03/11/2031,
variable rate thereafter), 7.55%,
03/11/2031(a)(b)
 
204,000
199,223
Total Turkey
678,769
UKRAINE—0.1%
Kernel Holding SA, 6.75%,
10/27/2027(a)(b)
 
206,000
200,982
Ukraine Railways Via Rail Capital
Markets PLC, 8.25%,
07/09/2026(b)
 
236,403
204,784
Total Ukraine
405,766
UNITED ARAB EMIRATES—2.6%
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
4,738,116
DP World Ltd., 6.85%,
07/02/2037(b)
 
2,700,000
2,790,106
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
5,075,640
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 03/31/2036(b)(c)
 
5,537,000
4,734,609
Total United Arab Emirates
17,338,471
UNITED KINGDOM—3.9%
HSBC Holdings PLC
 
(fixed rate to 11/03/2027,
variable rate thereafter),
7.39%, 11/03/2027(a)
 
3,500,000
3,608,814
VRN, (fixed rate to
03/07/2028, variable rate
thereafter), 8.00%,
03/07/2028(d)
 
6,700,000
6,918,561
Standard Chartered PLC
 
VRN, (fixed rate to 11/16/2027,
variable rate thereafter),
7.77%, 11/16/2027(a)(b)
 
3,000,000
3,109,853
 
Shares or
Principal
Amount
Value
 
 
Standard Chartered
PLC (continued)
 
VRN, (fixed rate to
01/09/2028, variable rate
thereafter), 6.30%,
01/09/2028(a)(b)
$  
7,276,000
$7,419,618
VRN, (fixed rate to 11/14/2035,
variable rate thereafter),
7.00%, 11/14/2035(b)(d)
 
4,400,000
4,380,435
Total United Kingdom
25,437,281
UNITED STATES—1.3%
Affinity Interactive, 6.88%,
12/15/2027(a)(b)
 
273,000
133,770
Equinix Asia Financing Corp. Pte.
Ltd., 3.50%, 03/15/2030(a)(b)
SGD
3,000,000
2,365,105
Hyundai Capital America, 6.38%,
04/08/2030(a)(b)
$
5,300,000
5,496,773
Metropolitan Life Global Funding
I, 6.32%, 05/28/2036
AUD
900,000
638,320
Total United States
8,633,968
UZBEKISTAN—0.5%
Jscb Agrobank, 9.25%,
10/02/2029(b)
$
200,000
215,572
Uzbekneftegaz JSC, 8.75%,
05/07/2030(b)
 
2,597,000
2,767,988
Total Uzbekistan
2,983,560
VIETNAM—0.1%
Mong Duong Finance Holdings
BV, 5.13%, 05/07/2029(a)(b)(c)
 
952,342
937,732
ZAMBIA—0.0%
First Quantum Minerals Ltd.,
8.63%, 06/01/2031(a)(b)
 
200,000
208,065
Total Corporate Bonds
501,195,136
GOVERNMENT BONDS—73.6%
ANGOLA—0.1%
Angola Government International
Bonds, 9.13%, 11/26/2049(b)
 
701,000
657,128
ARGENTINA—0.2%
Argentina Republic Government
International Bonds
 
5.00%, 01/09/2038(a)(c)
 
832,800
686,227
4.13%, 07/09/2046(a)(c)(f)
 
1,175,464
875,133
Total Argentina
1,561,360
BENIN—0.0%
Benin Government International
Bonds, 8.38%, 01/23/2041(b)(c)
 
200,000
212,050
BRAZIL—4.0%
Brazil Government International
Bonds, 7.13%, 01/20/2037
 
370,000
388,796
Brazil Notas do Tesouro Nacional
 
10.00%, 01/01/2029
BRL
73,000,000
13,319,244
10.00%, 01/01/2033
 
30,000,000
4,858,914
10.00%, 01/01/2035
 
50,000,000
7,773,307
Total Brazil
26,340,261
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
GOVERNMENT BONDS (continued)
CHILE—0.1%
Chile Government International
Bonds, 4.34%, 03/07/2042(a)
$ 
719,000
$605,757
CHINA—6.9%
China Government Bonds
 
1.46%, 05/25/2028
CNY
14,000,000
2,083,451
1.63%, 10/25/2030
 
65,000,000
9,719,887
1.67%, 05/25/2035
 
175,500,000
26,082,956
1.88%, 04/25/2055
 
50,500,000
7,052,739
Total China
44,939,033
DOMINICAN REPUBLIC—0.8%
Dominican Republic International
Bonds
 
13.63%, 02/03/2033(a)(b)
DOP
219,950,000
4,569,703
5.88%, 01/30/2060(b)
$
1,030,000
870,350
Total Dominican Republic
5,440,053
ECUADOR—0.0%
Ecuador Government
International Bonds, 6.90%,
07/31/2035(b)(c)
 
323,500
290,827
EGYPT—0.5%
Egypt Government Bonds,
24.14%, 12/03/2027
EGP
135,000,000
2,614,537
Egypt Government International
Bonds
 
7.05%, 01/15/2032(b)
$
414,000
406,435
7.90%, 02/21/2048(b)
 
424,000
373,096
Total Egypt
3,394,068
EL SALVADOR—0.1%
El Salvador Government
International Bonds, 9.65%,
11/21/2054(a)(b)(c)
 
343,000
388,036
GHANA—0.0%
Ghana Government International
Bonds
 
5.00%, 07/03/2029(b)(c)(f)
 
69,877
68,413
0.00%, 01/03/2030(b)(c)(e)
 
12,140
10,644
Total Ghana
79,057
HONDURAS—0.0%
Honduras Government
International Bonds, 8.63%,
11/27/2034(a)(b)
 
200,000
227,850
HONG KONG—3.6%
Airport Authority
 
4.88%, 01/12/2033(a)(b)
 
950,000
955,453
5.13%, 01/15/2035(a)(b)
 
2,131,000
2,181,973
Hong Kong Government
Infrastructure Bonds
Programme
 
2.76%, 04/25/2028
HKD
48,000,000
6,090,421
1.97%, 05/15/2030
CNY
52,700,000
7,941,093
3.17%, 07/24/2035
HKD
50,000,000
6,221,963
Total Hong Kong
23,390,903
 
Shares or
Principal
Amount
Value
 
HUNGARY—0.1%
Hungary Government Bonds,
6.75%, 10/22/2028
HUF 
123,150,000
$400,178
INDIA—2.8%
Export-Import Bank of India
 
5.50%, 01/18/2033(b)
$
2,500,000
2,509,121
5.75%, 01/12/2056(b)
 
2,500,000
2,378,822
India Government Bonds
 
6.68%, 07/07/2040
INR
1,260,000,000
12,817,230
7.40%, 09/19/2062
 
46,520,000
472,682
Total India
18,177,855
INDONESIA—10.2%
Indonesia Government
International Bonds
 
2.45%, 03/04/2029
CNY
43,000,000
6,415,838
2.50%, 10/31/2030
 
23,500,000
3,501,240
8.50%, 10/12/2035(b)
$
12,880,000
15,385,829
7.75%, 01/17/2038(b)
 
4,100,000
4,707,700
3.70%, 10/30/2049
 
935,000
636,432
Indonesia Treasury Bonds
 
9.00%, 03/15/2029
IDR
160,000,000,000
9,242,621
8.25%, 05/15/2029
 
200,000,000,000
11,373,971
8.75%, 05/15/2031
 
235,000,000,000
13,789,044
9.50%, 07/15/2031
 
16,000,000,000
970,030
7.00%, 02/15/2033
 
15,000,000,000
814,720
Total Indonesia
66,837,425
JORDAN—0.1%
Jordan Government International
Bonds, 7.50%, 01/13/2029(b)
$
324,000
334,537
KAZAKHSTAN—0.4%
Development Bank of Kazakhstan
JSC, 16.95%, 05/08/2029(b)
KZT
1,125,500,000
2,392,168
KENYA—0.1%
Republic of Kenya Government
International Bonds, 8.25%,
02/28/2048(b)
$
422,000
392,345
KYRGYZSTAN—0.5%
Kyrgyz Republic International
Bonds, 7.75%, 06/03/2030(b)
 
2,960,000
2,986,718
LAOS—0.4%
Laos Government International
Bonds, 11.25%, 11/12/2030(b)(c)
 
2,300,000
2,492,625
MALAYSIA—11.5%
Malaysia Government Bonds
 
3.52%, 04/20/2028
MYR
20,000,000
4,915,078
3.73%, 06/15/2028
 
5,000,000
1,233,585
3.89%, 08/15/2029
 
20,000,000
4,965,728
3.58%, 07/15/2032
 
45,000,000
10,979,970
3.84%, 04/15/2033
 
20,000,000
4,943,840
4.64%, 11/07/2033
 
30,000,000
7,775,894
3.83%, 07/05/2034
 
17,800,000
4,378,589
4.25%, 05/31/2035
 
20,000,000
5,077,667
4.76%, 04/07/2037
 
10,000,000
2,645,215
3.76%, 05/22/2040
 
1,000,000
239,554
4.70%, 10/15/2042
 
6,500,000
1,728,566
4.18%, 05/16/2044
 
7,000,000
1,757,077
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
GOVERNMENT BONDS (continued)
MALAYSIA (continued)
Malaysia Government
Bonds (continued)
 
4.07%, 06/15/2050
MYR  
10,900,000
$2,658,566
Malaysia Government Investment
Issue
 
3.60%, 07/31/2028
 
50,000,000
12,306,854
3.64%, 08/30/2030
 
30,000,000
7,382,095
3.97%, 07/16/2040
 
10,000,000
2,449,641
Total Malaysia
75,437,919
MEXICO—4.2%
Mexico Bonos
 
8.50%, 05/31/2029
MXN
469,000,000
27,441,354
7.75%, 11/13/2042
 
5,145,500
250,512
Total Mexico
27,691,866
NIGERIA—0.1%
Nigeria Government International
Bonds, 7.63%, 11/28/2047(b)
$
435,000
423,122
OMAN—0.2%
Oman Government International
Bonds, 7.00%, 01/25/2051(b)
 
1,400,000
1,512,044
PAKISTAN—4.5%
Pakistan Government
International Bonds, 6.88%,
12/05/2027(b)
 
1,500,000
1,508,698
Pakistan Investment Bonds
 
14.00%, 02/15/2027
PKR
5,200,000,000
18,894,745
14.00%, 09/20/2027
 
2,400,000,000
8,814,450
Total Pakistan
29,217,893
PERU—0.2%
Peru Government International
Bonds, 6.90%, 08/12/2037(b)
PEN
4,138,000
1,245,857
PHILIPPINES—5.3%
Philippines Government Bonds
 
6.38%, 07/27/2030
PHP
92,400,000
1,461,770
8.00%, 07/19/2031
 
755,000,000
12,660,215
6.75%, 09/15/2032
 
443,080,000
6,965,921
9.25%, 11/05/2034
 
76,000,000
1,365,935
8.00%, 09/30/2035
 
202,300,000
3,365,129
Philippines Government
International Bonds
 
6.38%, 10/23/2034
$
6,500,000
6,865,233
5.50%, 01/17/2048
 
2,500,000
2,289,757
Total Philippines
34,973,960
SAUDI ARABIA—0.4%
Saudi Government International
Bonds, 5.75%, 01/16/2054(b)
 
3,000,000
2,749,190
SINGAPORE—5.5%
Housing & Development Board,
2.60%, 10/30/2029(b)
SGD
7,500,000
5,947,373
Singapore Government Bonds
 
2.88%, 09/01/2027
 
1,700,000
1,343,217
1.63%, 07/01/2031
 
5,800,000
4,442,543
3.38%, 09/01/2033
 
10,500,000
8,793,325
 
Shares or
Principal
Amount
Value
 
 
Singapore Government
Bonds (continued)
 
2.75%, 03/01/2035
SGD  
4,300,000
$3,470,311
2.25%, 08/01/2036
 
5,000,000
3,859,098
3.25%, 06/01/2054(b)
 
9,400,000
8,483,272
Total Singapore
36,339,139
SOUTH AFRICA—4.0%
Republic of South Africa
Government Bonds
 
8.25%, 03/31/2032
ZAR
256,987,600
15,538,321
8.50%, 01/31/2037
 
165,000,000
9,719,614
8.75%, 01/31/2044
 
8,279,700
477,022
Republic of South Africa
Government International
Bonds
 
7.10%, 11/19/2036(b)
$
400,000
419,159
5.00%, 10/12/2046
 
516,000
389,481
Total South Africa
26,543,597
SOUTH KOREA—2.0%
Export-Import Bank of Korea,
5.13%, 01/11/2033
 
2,184,000
2,219,685
Korea Housing Finance Corp.,
5.13%, 01/21/2030(b)
 
2,100,000
2,131,590
Korea Treasury Bonds, 2.50%,
03/10/2052
KRW
18,300,000,000
8,915,574
Total South Korea
13,266,849
SRI LANKA—0.2%
Sri Lanka Government
International Bonds, 3.35%,
03/15/2033(b)(c)(f)
$
1,500,000
1,423,073
THAILAND—3.8%
Thailand Government Bonds
 
1.66%, 03/17/2030
THB
96,000,000
2,898,335
2.80%, 06/17/2034
 
45,000,000
1,431,128
2.41%, 03/17/2035
 
320,000,000
9,852,389
3.40%, 06/17/2036
 
60,000,000
2,008,424
2.70%, 06/17/2040
 
110,000,000
3,325,308
2.98%, 06/17/2045
 
180,000,000
5,331,168
Total Thailand
24,846,752
TURKEY—0.5%
Istanbul Metropolitan
Municipality, 10.50%,
12/06/2028(a)(b)
$
200,000
214,151
Turkiye Government Bonds,
10.28%, 09/15/2027
TRY
21,935,400
350,063
Turkiye Government International
Bonds, 9.38%, 01/19/2033
$
271,000
301,969
Turkiye Ihracat Kredi Bankasi AS,
6.88%, 07/03/2028(b)
 
2,500,000
2,521,395
Total Turkey
3,387,578
URUGUAY—0.3%
Uruguay Government
International Bonds, 8.25%,
05/21/2031
UYU
79,419,234
2,053,797
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
 
Shares or
Principal
Amount
Value
GOVERNMENT BONDS (continued)
UZBEKISTAN—0.0%
National Bank of Uzbekistan,
8.50%, 07/05/2029(a)(b)
$ 
200,000
$211,638
ZAMBIA—0.0%
Zambia Government International
Bonds, 5.75%,
06/30/2033(b)(c)(f)
 
138,937
135,757
Total Government Bonds
483,000,265
SUPRANATIONAL—8.2%
 
Asian Infrastructure Investment
Bank, 6.65%, 06/30/2033(b)
INR
725,000,000
7,227,787
Corp. Andina de Fomento
 
10.20%, 05/07/2029(b)
MNT
2,073,000,000
572,686
8.25%, 04/26/2034
INR
320,000,000
3,346,345
European Bank for Reconstruction
& Development, 6.75%,
01/13/2032
 
162,600,000
1,628,077
Inter-American Development
Bank
 
7.35%, 10/06/2030
 
720,000,000
7,421,956
7.00%, 04/17/2033
 
850,000,000
8,565,922
International Bank for
Reconstruction & Development
 
7.05%, 07/22/2029
 
137,000,000
1,418,856
6.50%, 04/17/2030
 
146,000,000
1,467,329
7.00%, 01/25/2031
 
1,250,000,000
12,725,331
4.93%, 11/03/2032
PHP
242,000,000
3,690,559
International Finance Corp.
 
15.50%, 10/23/2028
KZT
1,400,000,000
2,919,487
10.00%, 04/15/2029
MNT
8,700,000,000
2,428,302
Total Supranational
 
53,412,637
WARRANTS—0.0%
BRAZIL—0.0%
OAS SA(g)(h)(i) 
 
61,465
–
Total Warrants
–
 
Shares or
Principal
Amount
Value
SHORT-TERM INVESTMENTS—2.9%
MONEY MARKET FUNDS—1.5%
State Street Institutional
U.S. Government Money
Market Fund, Premier Class,
3.62%(j)
 
10,178,284
$10,178,284
Total Money Market Funds
10,178,284
U.S. TREASURIES—1.4%
U.S. Treasury Bills, 3.61%,
08/13/2026(k)
$ 
9,000,000
8,990,988
Total U.S. Treasuries
8,990,988
Total Short-Term Investments
19,169,272
Total Investments
(Cost $1,078,312,250)—161.1%
1,056,777,310
Long Term Debt Securities
(316,000,000
)
Mandatory Redeemable Preferred Stock at Liquidation Value
(100,000,000
)
Other Assets in Excess of Liabilities—2.3%
15,380,763
Net Assets—100.0%
$656,158,073
 
(a)
The maturity date presented for these instruments represents the next call/put
date.
(b)
Denotes a security issued under Regulation S or Rule 144A.
(c)
Sinkable security.
(d)
Perpetual maturity. Maturity date presented represents the next call date.
(e)
Zero coupon bond.
(f)
Step bond. Rate disclosed is as of July 31, 2026.
(g)
Illiquid security.
(h)
Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of
Investments.
(i)
Non-income producing security.
(j)
Registered investment company advised by State Street Investment
Management. The rate shown is the 7 day yield as of July 31, 2026.
(k)
The rate shown is the discount yield at the time of purchase.
 
Amounts listed as “–” are $0 or round to $0.
 
AUD
Australian Dollar
BRL
Brazilian Real
CNY
Chinese Yuan Renminbi
DAC
Designated Activity Company
DOP
Dominican Republic Peso
EGP
Egyptian Pound
HKD
Hong Kong Dollar
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
KRW
South Korean Won
KZT
Kazakhstan Tenge
MNT
Mongolia Tughrik
MTN
Medium Term Note
MXN
Mexican Peso
MYR
Malaysian Ringgit
PEN
Peruvian Sol
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
PHP
Philippine Peso
PIK
Payment-In-Kind
PKR
Pakistan Rupee
PLC
Public Limited Company
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
USD
U.S. Dollar
UYU
Uruguayan Peso
VRN
Variable Rate Note
ZAR
South African Rand
AUD
Australian Dollar
CNH
Chinese Yuan Renminbi Offshore
EUR
Euro Currency
HKD
Hong Kong Dollar
IDR
Indonesian Rupiah
INR
Indian Rupee
KRW
South Korean Won
MYR
Malaysian Ringgit
PHP
Philippine Peso
SGD
Singapore Dollar
THB
Thai Baht
USD
U.S. Dollar
 
As of July 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
100
9/15/2026
$7,398,579
$7,422,319
$23,740
Korea Treasury Bond - 3 Year
665
9/15/2026
47,836,668
48,150,347
313,679
Ultra United States Treasury Bond
337
9/21/2026
37,888,251
36,964,688
(923,563
)
United States Treasury Note 6%—5 Year
453
9/30/2026
48,365,931
48,007,383
(358,548
)
 
 
$(944,692
)
Short Contract Positions
 
United States Treasury Note 6%—10 year
(299
)
9/21/2026
$(32,643,413
)
$(32,292,000
)
$351,413
 
 
$(593,279
)
 
As of July 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
10/09/2026
HSBC Bank PLC
AUD
124,014,924
USD
86,049,120
$87,164,464
$1,115,344
Chinese Yuan Renminbi Offshore/United States Dollar
08/14/2026
Standard Chartered Bank
CNH
53,222,000
USD
7,862,283
7,887,684
25,401
Euro/United States Dollar
08/26/2026
HSBC Bank PLC
EUR
4,950,000
USD
5,762,890
5,713,029
(49,861
)
Indian Rupee/United States Dollar
10/23/2026
BNP Paribas S.A.
INR
185,132,000
USD
1,900,739
1,926,391
25,652
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
Purchase Contracts
Settlement Date*
Counterparty
Currency
Purchased
Amount
Purchased
Currency
Sold
Amount
Sold
Fair Value
Unrealized
Appreciation/
(Depreciation)
Indonesian Rupiah/United States Dollar
08/07/2026
Deutsche Bank AG
IDR
40,972,135,000
USD
2,278,888
$2,274,767
$(4,121
)
08/07/2026
UBS AG
IDR
133,318,672,000
USD
7,394,774
7,401,835
7,061
Malaysian Ringgit/United States Dollar
09/03/2026
BNP Paribas S.A.
MYR
41,453,000
USD
10,169,770
10,153,382
(16,388
)
Philippine Peso/United States Dollar
09/09/2026
Deutsche Bank AG
PHP
554,734,000
USD
9,010,981
9,056,466
45,485
09/09/2026
Standard Chartered Bank
PHP
368,004,000
USD
5,992,692
6,007,953
15,261
South Korean Won/United States Dollar
09/11/2026
Deutsche Bank AG
KRW
47,604,674,000
USD
30,840,232
33,013,780
2,173,548
09/11/2026
Standard Chartered Bank
KRW
1,359,259,000
USD
875,856
942,644
66,788
Thai Baht/United States Dollar
10/15/2026
Standard Chartered Bank
THB
62,788,560
USD
1,875,097
1,891,364
16,267
Total
$173,433,759
$3,420,437
 
Sale Contracts
Settlement Date*
Counterparty
Currency
Purchased
Amount
Purchased
Currency
Sold
Amount
Sold
Fair Value
Unrealized
Appreciation/
(Depreciation)
United States Dollar/Chinese Yuan Renminbi Offshore
08/14/2026
Deutsche Bank AG
USD
1,360,532
CNH
9,214,000
$1,365,547
$(5,015
)
08/14/2026
HSBC Bank PLC
USD
1,341,899
CNH
9,049,000
1,341,093
806
08/14/2026
HSBC Bank PLC
USD
5,163,994
CNH
34,959,000
5,181,044
(17,050
)
United States Dollar/Euro
08/26/2026
HSBC Bank PLC
USD
5,769,389
EUR
4,950,000
5,713,029
56,360
United States Dollar/Hong Kong Dollar
09/02/2026
Deutsche Bank AG
USD
12,545,449
HKD
98,000,000
12,509,655
35,794
United States Dollar/Indonesian Rupiah
08/07/2026
Citibank N.A.
USD
7,589,314
IDR
133,318,672,000
7,401,835
187,479
08/07/2026
Deutsche Bank AG
USD
2,332,534
IDR
40,972,135,000
2,274,767
57,767
10/30/2026
UBS AG
USD
7,337,187
IDR
133,318,672,000
7,337,027
160
United States Dollar/Malaysian Ringgit
09/03/2026
BNP Paribas S.A.
USD
5,927,446
MYR
24,117,000
5,907,150
20,296
09/03/2026
Deutsche Bank AG
USD
20,643,632
MYR
83,167,000
20,370,692
272,940
United States Dollar/Philippine Peso
09/09/2026
Standard Chartered Bank
USD
3,705,158
PHP
230,054,000
3,755,811
(50,653
)
09/09/2026
UBS AG
USD
9,865,610
PHP
609,084,000
9,943,772
(78,162
)
United States Dollar/Singapore Dollar
09/18/2026
HSBC Bank PLC
USD
5,932,764
SGD
7,640,000
5,976,737
(43,973
)
09/18/2026
Standard Chartered Bank
USD
2,929,263
SGD
3,775,688
2,953,703
(24,440
)
09/18/2026
UBS AG
USD
2,919,767
SGD
3,762,000
2,942,995
(23,228
)
United States Dollar/South Korean Won
09/11/2026
Deutsche Bank AG
USD
3,000,638
KRW
4,458,258,000
3,091,796
(91,158
)
09/11/2026
Royal Bank of Canada
USD
2,905,794
KRW
4,288,026,000
2,973,741
(67,947
)
Total
$101,040,394
$229,976
Unrealized appreciation on forward foreign currency exchange contracts
$4,122,409
Unrealized depreciation on forward foreign currency exchange contracts
$(471,996
)
 
*
Certain contracts with different trade dates and like characteristics have been shown net.
 
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (concluded)
As of July 31, 2026
abrdn Asia-Pacific Income Fund, Inc.  
As of July 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
Citigroup
Receive
1-day SOFR
3.40%
Annually
$(173
)
$769,379
$769,552
USD
20,000,000
03/17/2032
Citigroup
Receive
1-day SOFR
3.40%
Annually
-
775,067
775,067
USD
25,000,000
03/17/2033
Citigroup
Receive
1-day SOFR
3.38%
Annually
-
1,182,959
1,182,959
 
 
$(173
)
$2,727,405
$2,727,578
USD
10,000,000
03/17/2032
Citigroup
Pay
1-day SOFR
3.40%
Annually
(169,543
)
(387,543
)
(218,000
)
 
 
$(169,543
)
$(387,543
)
$(218,000
)
 
 
$(169,716
)
$2,339,862
$2,509,578
 
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments 
July 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;
 
12
 
Notes to Portfolio of Investments  (concluded)
July 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).  
 
 
13