Portfolio of Investments (unaudited) 
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
  Principal
Amount 		Value
CORPORATE BONDS—71.1%  
AUSTRALIA—7.8%    
Australia & New Zealand Banking Group Ltd.      
(fixed rate to 06/15/2026, variable rate thereafter), 6.75%, 06/15/2026(a)(b) $  6,000,000 $     5,979,720
(fixed rate to 08/12/2027, variable rate thereafter), 5.91%, 08/12/2032(c) AUD 900,000       597,983
Commonwealth Bank of Australia      
FRN, (fixed rate to 11/09/2027, variable rate thereafter), 6.86%, 11/09/2032(a)(c)   4,000,000     2,770,601
(fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2038(c)   7,500,000     5,115,331
Emeco Pty. Ltd., 6.25%, 07/10/2026(c)         1,000,000 625,017
Macquarie Bank Ltd., 3.62%, 06/03/2030(a) $       6,845,000 5,768,994
Mineral Resources Ltd., 8.00%, 11/01/2027(a)(c)         6,850,000 6,868,710
National Australia Bank Ltd.      
3.50%, 06/09/2025   2,000,000     1,939,470
FRN, (fixed rate to 08/03/2027, variable rate thereafter), 6.32%, 08/03/2032(a)(c) AUD 5,000,000     3,391,715
(fixed rate to 03/09/2028, variable rate thereafter), 6.16%, 03/09/2033(c)   1,500,000     1,007,348
Qantas Airways Ltd., 5.25%, 09/09/2030(a)(c)         2,270,000 1,422,935
QBE Insurance Group Ltd., (fixed rate to 05/12/2025, variable rate thereafter), 5.88%, 05/12/2025(a)(b) $       4,000,000 3,839,028
Santos Finance Ltd., 4.13%, 09/14/2027(a)(c)         9,100,000 8,422,050
Wesfarmers Ltd., 2.55%, 06/23/2031(a)(c) AUD 23,600,000 12,658,971
Westpac Banking Corp., 4.11%, 04/15/2025 SGD 250,000 186,810
Total Australia   60,594,683
BAHRAIN—0.3%    
Oil & Gas Holding Co. BSCC (The), 7.50%, 10/25/2027(a) $ 2,500,000 2,540,985
CHINA—12.9%    
Central China Real Estate Ltd.      
7.75%, 05/24/2024(a)(c)   3,500,000 118,125
7.25%, 04/28/2025(a)(c)   190,000 11,495
7.65%, 08/27/2025(a)(c)   1,110,000 47,175
7.90%, 11/07/2025(a)(c)   800,000 36,832
Central Huijin Investment Ltd., Series 2020-4, 3.02%, 03/13/2025 CNY 30,000,000 4,236,615
China Construction Bank Corp., Series 2021-1, 3.45%, 08/10/2031(c)   50,000,000 7,090,450
  Principal
Amount 		Value
China Evergrande Group, 8.75%, 06/28/2025(a)(c)(d)(e) $       12,500,000 $ 517,347
China Oil & Gas Group Ltd., 4.70%, 06/30/2026(a)(c)         3,595,000 3,067,973
Chongqing International Logistics Hub Park Construction Co. Ltd., 5.30%, 08/20/2024(a)         3,000,000 2,806,500
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/2025(a)(c)(d)         1,300,000 97,670
Country Garden Holdings Co. Ltd.      
7.25%, 04/08/2026(a)(c)(e)   3,277,000       583,774
3.30%, 01/12/2031(a)(c)(e)   2,522,000       333,661
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026(a)(c)         4,526,000 4,181,092
Far East Horizon Ltd., 4.25%, 10/26/2026(a)         3,670,000 3,275,261
Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd., 3.25%, 11/03/2023(a)         3,600,000 3,528,022
Geely Automobile Holdings Ltd., (fixed rate to 12/09/2024, variable rate thereafter), 4.00%, 12/09/2024(a)(b)         5,500,000 5,255,250
GLP China Holdings Ltd., 2.95%, 03/29/2026(a)         3,962,000 2,478,231
Huarong Finance 2017 Co. Ltd., 4.75%, 04/27/2027(a)         7,500,000 6,562,969
Huarong Finance II Co. Ltd., 5.00%, 11/19/2025(a)         1,200,000 1,116,105
Industrial & Commercial Bank of China Ltd.      
Series 2020-2, 4.15%, 11/16/2030(c) CNY 50,000,000     7,189,293
Series 2020-1, 3.28%, 01/20/2032(c)   30,000,000 4,225,817
Kaisa Group Holdings Ltd.      
10.88%, 07/23/2023(a)(c)(d)(e) $ 1,211,000 51,574
9.75%, 09/28/2023(a)(c)(d)(e)   700,000 29,874
Lenovo Group Ltd., 6.54%, 07/27/2032(a)(c)   5,600,000 5,707,168
Logan Group Co. Ltd.      
6.50%, 07/16/2023(a)(c)(d)(e)   7,800,000 673,404
5.25%, 10/19/2025(a)(c)(d)(e)   7,800,000 684,131
Longfor Group Holdings Ltd., 3.95%, 09/16/2029(a)   5,400,000 3,891,299
Meituan, 3.05%, 10/28/2030(a)(c)   6,500,000 5,223,691
New Metro Global Ltd., 4.80%, 12/15/2024(a)(c)   616,000 338,800
Shandong Iron & Steel Xinheng International Co. Ltd., 6.50%, 11/05/2023(a)   3,754,000 3,750,171
Shandong Iron And Steel Xinheng International Co. Ltd., 4.80%, 07/28/2024(a)   2,040,000 1,990,734
Shimao Group Holdings Ltd.      
6.13%, 02/21/2024(a)(c)(d)(e)   4,400,000 376,200
5.60%, 07/15/2026(a)(c)(d)(e)   2,800,000 192,500
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
  Principal
Amount 		Value
CORPORATE BONDS (continued)  
CHINA (continued)    
Shui On Development Holding Ltd., 5.50%, 03/03/2025(a)(c) $         2,000,000 $ 1,218,600
Sunac China Holdings Ltd.      
5.95%, 04/26/2024(a)(c)(d)(e)   690,000        74,187
6.80%, 10/20/2024(a)(c)(d)(e)   5,714,000       631,397
7.00%, 07/09/2025(a)(c)(d)(e)   1,786,000       188,023
Tencent Holdings Ltd.      
2.39%, 06/03/2030(a)(c)   3,300,000     2,748,251
3.84%, 04/22/2051(a)(c)   5,200,000     3,749,586
Times China Holdings Ltd., 6.20%, 03/22/2026(a)(c)(d)(e)         7,100,000 336,320
Vanke Real Estate Hong Kong Co. Ltd., 3.50%, 11/12/2029(a)         1,840,000 1,445,776
Wanda Properties Global Co. Ltd., 11.00%, 01/20/2025(a)         2,700,000 1,169,775
Weibo Corp., 3.38%, 07/08/2030(c)         6,000,000 4,867,860
Yuzhou Group Holdings Co. Ltd., 8.30%, 05/27/2025(a)(c)(e)         7,000,000 240,794
Zhenro Properties Group Ltd.      
7.88%, 04/14/2024(a)(c)(d)(e)   4,000,000       100,000
7.10%, 09/10/2024(a)(c)(d)(e)   1,000,000        25,000
6.63%, 01/07/2026(a)(c)(d)(e)   10,457,000 269,369
Zhongsheng Group Holdings Ltd., 3.00%, 01/13/2026(a)(c)   4,156,000 3,814,954
Total China   100,549,095
GERMANY—0.9%    
Landwirtschaftliche Rentenbank, 4.75%, 04/08/2024(f) AUD 10,000,000 6,727,387
HONG KONG—5.0%    
AIA Group Ltd., 5.63%, 10/25/2027(a)(c) $ 5,000,000 5,122,674
CAS Capital No. 1 Ltd., (fixed rate to 07/12/2026, variable rate thereafter), 4.00%, 07/12/2026(a)(b)   7,000,000 5,828,340
HKT Capital No. 2 Ltd., 3.63%, 04/02/2025(a)   3,220,000 3,108,041
Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027(a)   15,500,000 16,781,343
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033(a)   980,000 1,144,698
Melco Resorts Finance Ltd., 5.75%, 07/21/2028(a)(c)   4,500,000 4,005,526
Prudential Funding Asia PLC, (fixed rate to 08/03/2028, variable rate thereafter), 2.95%, 11/03/2033(a)(c)   3,600,000 3,042,072
Total Hong Kong   39,032,694
INDIA—15.7%    
Axis Bank Ltd.      
Series 3, 7.60%, 10/20/2023 INR 200,000,000 2,428,096
Series 1, 8.85%, 12/05/2024   500,000,000 6,166,781
  Principal
Amount 		Value
Axis Bank Ltd./Gandhinagar, (fixed rate to 09/08/2026, variable rate thereafter), 4.10%, 09/08/2026(a)(b) $       10,900,000 $ 9,543,641
Bharti Airtel International Netherlands BV, 5.35%, 05/20/2024(a)                 – –
CA Magnum Holdings, 5.38%, 10/31/2026(a)(c)           800,000 744,000
GMR Hyderabad International Airport Ltd.      
5.38%, 04/10/2024(a)   4,173,000     4,137,530
4.75%, 02/02/2026(a)   1,200,000     1,143,634
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025(a)(c)         8,206,000 7,992,644
HDFC Bank Ltd.      
Series Q003, 7.90%, 08/24/2026 INR 100,000,000     1,215,471
(fixed rate to 08/25/2026, variable rate thereafter), 3.70%, 08/25/2026(a)(b) $ 7,304,000     6,370,818
Series 1, 7.95%, 09/21/2026 INR 750,000,000     9,134,346
ICICI Bank Ltd.      
7.60%, 10/07/2023   100,000,000     1,214,045
9.15%, 08/06/2024   250,000,000     3,081,506
India Green Power Holdings, 4.00%, 02/22/2027(a)(c)(g) $       7,072,000 6,320,769
Indiabulls Housing Finance Ltd., 9.00%, 04/29/2026 INR     100,000,000 1,050,553
Indian Railway Finance Corp. Ltd., Series 129, 8.45%, 12/04/2028   50,000,000 630,513
JSW Infrastructure Ltd., 4.95%, 01/21/2029(a)(c) $ 3,420,000 3,001,433
National Highways Authority of India, Series 5, 7.70%, 09/13/2029 INR 150,000,000 1,840,928
NTPC Ltd.      
Series 60, 8.05%, 05/05/2026   50,000,000 617,673
Series 61-B, 8.10%, 05/27/2026   250,000,000 3,093,495
Periama Holdings LLC, 5.95%, 04/19/2026(a) $ 3,280,000 3,144,405
Power Finance Corp. Ltd.      
Series 125, 8.65%, 12/28/2024 INR 400,000,000 4,935,288
Series 130C, 8.39%, 04/19/2025   250,000,000 3,074,949
6.15%, 12/06/2028(a) $ 7,112,000 7,192,241
Power Grid Corp. of India Ltd.      
8.13%, 04/25/2027 INR 150,000,000 1,878,824
Series LIII, 8.13%, 04/25/2028   500,000,000 6,229,031
REC Ltd.      
Series 180A, 8.10%, 06/25/2024   150,000,000 1,834,131
Series 123, 9.34%, 08/25/2024   150,000,000 1,856,739
5.63%, 04/11/2028(a) $ 3,443,000 3,402,349
Reliance Industries Ltd., 4.13%, 01/28/2025(a)   4,800,000 4,686,133
Shriram Finance Ltd., 4.40%, 03/13/2024(a)   8,000,000 7,864,000
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
  Principal
Amount 		Value
CORPORATE BONDS (continued)  
INDIA (continued)    
State of Maharashtra India, 7.20%, 08/09/2027 INR      300,000,000 $ 3,612,239
UPL Corp. Ltd., 4.63%, 06/16/2030(a) $       3,327,000 2,840,238
Total India   122,278,443
INDONESIA—3.5%    
Bank Mandiri Persero Tbk PT      
4.75%, 05/13/2025(a)   2,198,000     2,156,084
5.50%, 04/04/2026(a)   2,216,000     2,211,539
Bank Rakyat Indonesia Persero Tbk PT, Series OB, 8.25%, 08/24/2024 IDR  10,000,000,000 679,509
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/2025(a) $       7,300,000 6,862,000
LLPL Capital Pte Ltd., 6.88%, 02/04/2039(a)(g)         5,065,988 4,650,902
Medco Oak Tree Pte Ltd., 7.38%, 05/14/2026(a)(c)         4,565,000 4,490,707
Pertamina Geothermal Energy PT, 5.15%, 04/27/2028(a)(c)         2,892,000 2,878,986
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.15%, 05/21/2048(a)         3,129,000 3,058,598
Total Indonesia   26,988,325
KAZAKHSTAN—0.8%    
Development Bank of Kazakhstan JSC, 10.95%, 05/06/2026(a) KZT   3,265,000,000 6,262,771
KUWAIT—0.9%    
MEGlobal Canada ULC, 5.00%, 05/18/2025(a) $ 6,759,000 6,617,615
MACAO—2.2%    
MGM China Holdings Ltd., 5.88%, 05/15/2026(a)(c)   3,500,000 3,396,750
Sands China Ltd.      
5.63%, 08/08/2025(c)   4,900,000 4,831,411
5.90%, 08/08/2028(c)   1,000,000 974,086
Studio City Finance Ltd., 5.00%, 01/15/2029(a)(c)   3,500,000 2,696,365
Wynn Macau Ltd., 5.50%, 10/01/2027(a)(c)   6,000,000 5,422,500
Total Macao   17,321,112
MALAYSIA—1.8%    
DRB-Hicom Bhd IMTN, 5.10%, 12/12/2029 MYR 5,000,000 1,085,979
Malayan Banking Bhd IMTN, (fixed rate to 09/25/2024, variable rate thereafter), 4.08%, 09/25/2024(b)(e)   5,000,000 1,107,319
Pengerang LNG Two Sdn Bhd      
IMTN, 2.86%, 10/20/2028   5,000,000 1,047,150
IMTN, 2.92%, 10/19/2029   5,000,000 1,038,501
Petroleum Sarawak Exploration & Production Sdn Bhd IMTN, 4.10%, 03/19/2031   10,000,000 2,184,395
  Principal
Amount 		Value
Press Metal Aluminium Holdings Bhd IMTN, 4.00%, 08/15/2025 MYR         5,000,000 $ 1,107,186
Tenaga Nasional Bhd, 7.50%, 01/15/2096(a) $       2,700,000 2,705,616
TNB Global Ventures Capital Bhd, 3.24%, 10/19/2026(a)         4,300,000 4,000,892
Total Malaysia   14,277,038
PHILIPPINES—4.2%    
AC Energy Finance International Ltd., 5.10%, 11/25/2025(a)(b)         6,800,000 5,239,400
Globe Telecom, Inc., (fixed rate to 08/02/2026, variable rate thereafter), 4.20%, 08/02/2026(a)(b)         4,097,000 3,799,967
ICTSI Treasury BV, 5.88%, 09/17/2025(a)         7,000,000 6,998,600
Manila Water Co., Inc., 4.38%, 07/30/2030(a)(c)        11,000,000 10,089,200
Royal Capital BV, (fixed rate to 05/05/2024, variable rate thereafter), 4.88%, 05/05/2024(a)(b)         7,000,000 6,877,500
Total Philippines   33,004,667
REPUBLIC OF KOREA—5.3%    
Busan Bank Co. Ltd., 3.63%, 07/25/2026(a)        11,400,000 10,340,509
Hanwha Totalenergies Petrochemical Co. Ltd., 3.88%, 01/23/2024(a)         3,300,000 3,253,792
Kookmin Bank, 2.50%, 11/04/2030(a)         2,000,000 1,625,968
Kyobo Life Insurance Co. Ltd.      
VRN, (fixed rate to 06/15/2027 variable rate thereafter), 5.90%, 06/15/2027(a)(c)   1,490,000 1,462,803
(fixed rate to 06/15/2027, variable rate thereafter), 5.90%, 06/15/2052(a)(c)   2,155,000 2,115,664
Shinhan Bank Co. Ltd., 4.50%, 03/26/2028(a)   5,900,000 5,549,409
SK Hynix, Inc.      
2.38%, 01/19/2031(a)   2,071,000 1,609,168
2.38%, 01/19/2031(a)   7,000,000 5,439,003
6.50%, 01/17/2033(a)   5,400,000 5,515,863
Tongyang Life Insurance Co. Ltd., (fixed rate to 09/22/2025, variable rate thereafter), 5.25%, 09/22/2025(a)(b)   5,100,000 4,488,510
Total Republic of Korea   41,400,689
SAUDI ARABIA—0.4%    
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/2044(a)   2,976,000 2,949,990
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
  Principal
Amount 		Value
CORPORATE BONDS (continued)  
SINGAPORE—2.3%    
DBS Group Holdings Ltd.      
(fixed rate to 02/27/2025, variable rate thereafter), 3.30%, 02/27/2025(a)(b) $   3,600,000 $     3,407,462
(fixed rate to 12/11/2023, variable rate thereafter), 4.52%, 12/11/2028(a)(c)   2,400,000     2,385,168
GLP Pte Ltd., (fixed rate to 05/17/2026, variable rate thereafter), 4.50%, 05/17/2026(a)(b)         4,538,000 1,701,750
Oversea-Chinese Banking Corp. Ltd., 4.25%, 06/19/2024(a)         3,900,000 3,838,029
Vena Energy Capital Pte Ltd., 3.13%, 02/26/2025(a)         7,000,000 6,576,409
Total Singapore   17,908,818
THAILAND—1.7%    
Bangkok Bank PCL      
9.03%, 03/15/2029(a)   1,200,000     1,352,652
(fixed rate to 09/25/2029, variable rate thereafter), 3.73%, 09/25/2034(a)(c)   6,900,000     5,932,228
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032(a)(c)         4,209,000 3,804,320
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/2059(a)         3,342,000 2,388,070
Total Thailand   13,477,270
UNITED ARAB EMIRATES—2.0%    
DP World Ltd., 6.85%, 07/02/2037(a)         2,700,000 2,959,956
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036(a)(g)   7,237,000 5,852,428
MAF Global Securities Ltd.      
(fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026(a)(b)   5,000,000 4,860,350
VRN, (fixed rate to 06/30/2027 variable rate thereafter), 7.88%, 06/30/2027(a)(b)   1,500,000 1,524,456
Total United Arab Emirates   15,197,190
UNITED KINGDOM—2.2%    
HSBC Holdings PLC VRN, (fixed rate to 03/07/2028, variable rate thereafter), 8.00%, 03/07/2028(b)   5,200,000 5,231,546
Standard Chartered PLC      
4.05%, 04/12/2026(a)   5,000,000 4,809,750
(fixed rate to 01/09/2028, variable rate thereafter), 6.30%, 01/09/2029(a)(c)   7,276,000 7,390,507
Total United Kingdom   17,431,803
UNITED STATES—0.7%    
Hyundai Capital America, 6.38%, 04/08/2030(a)(c)   5,100,000 5,264,126
  Principal
Amount 		Value
VIETNAM—0.5%    
Mong Duong Finance Holdings BV, 5.13%, 05/07/2029(a)(c)(g) $         4,310,000 $ 3,878,888
Total Corporate Bonds   553,703,589
GOVERNMENT BONDS—68.1%  
ANGOLA—1.4%    
Angolan Government International Bond, 9.50%, 11/12/2025(a)        11,000,000    11,027,500
AUSTRALIA—2.2%    
Australia Government Bond,Series 154, 2.75%, 11/21/2029(a) AUD       2,300,000     1,444,379
New South Wales Treasury Corp.      
Series 26, 4.00%, 05/20/2026(a)   7,500,000 5,011,966
3.00%, 02/20/2030(a)   13,500,000 8,359,933
Queensland Treasury Corp., 3.50%, 08/21/2030(a)           300,000       190,857
Treasury Corp. of Victoria, 2.25%, 11/20/2040         5,000,000     2,201,218
Total Australia   17,208,353
BRAZIL—4.2%    
Brazil Notas do Tesouro Nacional      
Series NTNF, 10.00%, 01/01/2029 BRL 128,000,000 26,464,552
Serie F Series NTNF, 10.00%, 01/01/2033   30,000,000 6,056,539
Total Brazil   32,521,091
COLOMBIA—0.9%    
Colombian TES,Series B, 10.00%, 07/24/2024 COP 28,000,000,000 7,211,276
DOMINICAN REPUBLIC—0.6%    
Dominican Republic International Bond, 13.63%, 02/03/2033(a)(c) DOP 219,950,000 4,813,003
HONG KONG—0.5%    
Airport Authority, 4.88%, 01/12/2033(a)(c) $ 1,350,000 1,358,388
Hong Kong Government International Bond, 5.25%, 01/11/2053(a)   1,660,000 1,819,961
Hong Kong Government International Bonds, 5.25%, 01/11/2053(a)   700,000 767,454
Total Hong Kong   3,945,803
INDIA—9.6%    
India Government Bond      
5.22%, 06/15/2025 INR 533,000,000 6,268,799
6.79%, 05/15/2027   325,000,000 3,903,915
7.17%, 01/08/2028   550,000,000 6,661,955
7.26%, 01/14/2029   1,340,000,000 16,288,783
9.20%, 09/30/2030   9,590,000 128,945
6.19%, 09/16/2034   500,000,000 5,620,985
7.54%, 05/23/2036   721,000,000 8,957,656
7.41%, 12/19/2036   733,000,000 8,989,078
7.40%, 09/19/2062   1,500,000,000 18,091,460
Total India   74,911,576
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
  Principal
Amount 		Value
GOVERNMENT BONDS (continued)  
INDONESIA—19.4%    
Indonesia Government International Bond      
8.50%, 10/12/2035(a) $  9,880,000 $ 12,778,449
7.75%, 01/17/2038(a)   6,000,000 7,522,187
5.35%, 02/11/2049   2,670,000 2,689,744
Indonesia Treasury Bond      
Series FR64, 6.13%, 05/15/2028 IDR 271,570,000,000 18,019,426
Series FR71, 9.00%, 03/15/2029   200,000,000,000 15,050,265
Series FR78, 8.25%, 05/15/2029   240,000,000,000 17,490,875
Series FR82, 7.00%, 09/15/2030   65,000,000,000 4,469,526
Series FR87, 6.50%, 02/15/2031   21,000,000,000 1,400,664
Series FR73, 8.75%, 05/15/2031   300,000,000,000 22,873,210
Series FR54, 9.50%, 07/15/2031   16,000,000,000 1,276,584
Series FR96, 7.00%, 02/15/2033   365,606,000,000 25,477,259
Series FR72, 8.25%, 05/15/2036   150,000,000,000 11,443,369
Series FR79, 8.38%, 04/15/2039   98,500,000,000 7,665,429
Series FR83, 7.50%, 04/15/2040   44,000,000,000 3,146,146
Total Indonesia   151,303,133
IRAQ—0.1%    
Iraq International Bond, 5.80%, 01/15/2028(a)(c)(g) $ 671,062 621,919
JORDAN—1.3%    
Jordan Government International Bond, 7.75%, 01/15/2028(a)   9,502,000 9,788,960
MALAYSIA—5.2%    
Malaysia Government Bond      
Series 0417, 3.90%, 11/16/2027 MYR 38,300,000 8,604,076
Series 0513, 3.73%, 06/15/2028   17,500,000 3,893,350
Series 0220, 2.63%, 04/15/2031   46,000,000 9,371,517
Series 0519, 3.76%, 05/22/2040   9,793,000 2,083,972
Series 0222, 4.70%, 10/15/2042   16,500,000 3,931,896
Series 0518, 4.92%, 07/06/2048   30,500,000 7,421,888
Series 0120, 4.07%, 06/15/2050   14,800,000 3,178,496
Malaysia Government Investment Issue,Series 0121, 3.45%, 07/15/2036   8,200,000 1,716,809
Total Malaysia   40,202,004
MEXICO—3.9%    
Mexican Bonos      
Series M 20, 10.00%, 12/05/2024 MXN 50,000,000 2,970,499
Series M 20, 8.50%, 05/31/2029   469,000,000 27,559,947
Total Mexico   30,530,446
MONGOLIA—0.6%    
Development Bank of Mongolia LLC, 7.25%, 10/23/2023(a) $ 5,000,000 4,977,500
NIGERIA—1.7%    
Nigeria Government International Bond, 8.75%, 01/21/2031(a)   14,100,000 13,157,866
PAKISTAN—1.6%    
Pakistan Global Sukuk Programme Co. Ltd. (The), 7.95%, 01/31/2029(a)   6,245,000 3,724,518
  Principal
Amount 		Value
Pakistan Government International Bond      
8.25%, 04/15/2024(a) $   7,495,000 $ 5,992,253
8.25%, 09/30/2025(a)   2,709,000 1,636,236
7.38%, 04/08/2031(a)   2,355,000 1,153,950
Total Pakistan   12,506,957
PHILIPPINES—5.6%    
Philippine Government Bond      
Series 1069, 6.75%, 09/15/2032 PHP 1,118,370,000 20,811,150
Series 25-6, 9.25%, 11/05/2034   435,710,000 9,652,382
Series 25-7, 8.00%, 09/30/2035   260,310,000 5,323,525
Philippine Government International Bond      
4.20%, 03/29/2047 $ 2,570,000 2,202,931
5.50%, 01/17/2048   5,200,000 5,400,448
Total Philippines   43,390,436
REPUBLIC OF KOREA—6.4%    
Export-Import Bank of Korea, 5.13%, 01/11/2033         1,684,000     1,715,053
Industrial Bank of Korea, 5.13%, 10/25/2024(a)   2,500,000 2,483,669
Korea Electric Power Corp.      
5.38%, 07/31/2026(a)   5,000,000 5,005,109
5.13%, 04/23/2034(a)   5,200,000 5,198,879
Korea Housing Finance Corp., 4.63%, 02/24/2033(a)   5,000,000 4,825,995
Korea Treasury Bond      
Series 2709, 3.13%, 09/10/2027 KRW 14,500,000,000 11,122,405
Series 5203, 2.50%, 03/10/2052   31,500,000,000 19,515,921
Total Republic of Korea   49,867,031
UKRAINE—0.7%    
Ukraine Government Bond, 15.84%, 02/26/2025(e) UAH 210,000,000 5,341,010
URUGUAY—1.5%    
Uruguay Government International Bond, 8.25%, 05/21/2031 UYU 474,024,434 12,018,023
UZBEKISTAN—0.7%    
Republic of Uzbekistan International Bonds MTN, 5.38%, 02/20/2029(a) $ 5,500,000 5,111,040
Total Government Bonds   530,454,927
SHORT-TERM INVESTMENT—1.3%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(h)   10,521,430 10,521,431
Total Short-Term Investment   10,521,431
Total Investments
(Cost $1,248,738,994)—140.5% 		  1,094,679,947
Long Term Debt Securities (315,000,000)
Mandatory Redeemable Preferred Stock at Liquidation Value (50,000,000)
Other Assets in Excess of Liabilities—6.3%   49,335,746
Net Assets—100.0%   $779,015,693
    
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  (continued)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
(a) Denotes a security issued under Regulation S or Rule 144A.
(b) Perpetual maturity. Maturity date presented represents the next call date.
(c) The maturity date presented for these instruments represents the next call/put date.
(d) Security is in default.
(e) Illiquid security.
(f) Denotes the security is government guaranteed.
(g) Sinkable security.
(h) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023.
    
AUD Australian Dollar
BRL Brazilian Real
CNH Chinese Yuan Renminbi Offshore
CNY Chinese Yuan Renminbi
COP Colombian Peso
DOP Dominican Republic Peso
FRN Floating Rate Note
IDR Indonesian Rupiah
INR Indian Rupee
KRW South Korean Won
KZT Kazakhstan Tenge
MTN Medium Term Note
MXN Mexican Peso
MYR Malaysian Ringgit
PHP Philippine Peso
PLC Public Limited Company
SGD Singapore Dollar
THB Thai Baht
UAH Ukraine Hryvna
USD U.S. Dollar
UYU Uruguayan Peso
VRN Variable Rate Note
 
At July 31, 2023, 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 404 9/19/2023 $35,190,931 $34,886,659 $(304,272)
Ultra United States Treasury Note 10 Year 257 9/20/2023 34,687,398 33,980,219 (707,179)
United States Treasury Notes 203 9/29/2023 22,185,979 21,684,524 (501,455)
          $(1,512,906)
Short Contract Positions          
United States Treasury Note 6%—10 year (187) 9/20/2023 $(21,392,048) $(20,832,969) $559,079
United States Treasury Notes (283) 9/29/2023 (30,928,389) (30,230,149) 698,240
          $1,257,319
          $(255,587)
    
At July 31, 2023, 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)
Chinese Yuan Renminbi Offshore/United States Dollar          
09/22/2023 UBS AG CNH 351,748,835 USD 48,882,234 $49,444,057 $561,823
Indian Rupee/United States Dollar          
08/25/2023 HSBC Bank USA INR 130,548,000 USD 1,590,846 1,587,321 (3,525)
Indonesian Rupiah/United States Dollar          
09/20/2023 HSBC Bank USA IDR 205,257,076,000 USD 13,631,447 13,588,673 (42,774)
Malaysian Ringgit/United States Dollar          
09/08/2023 BNP Paribas S.A. MYR 56,885,000 USD 12,377,119 12,646,669 269,550
Philippine Peso/United States Dollar          
10/10/2023 Citibank N.A. PHP 765,041,814 USD 14,058,617 13,984,030 (74,587)
Singapore Dollar/United States Dollar          
08/01/2023 Citibank N.A. SGD 52,809,832 USD 39,773,583 39,714,106 (59,477)
08/01/2023 Royal Bank of Canada SGD 4,265,000 USD 3,180,221 3,207,370 27,149
10/16/2023 Royal Bank of Canada SGD 3,498,000 USD 2,638,190 2,640,068 1,878
10/16/2023 Royal Bank of Canada SGD 42,492,762 USD 32,097,140 32,070,833 (26,307)
See accompanying Notes  to Portfolio of Investments.
Portfolio of Investments (unaudited)  (concluded)
As of July 31, 2023
abrdn Asia-Pacific Income Fund, Inc. 
Purchase Contracts
Settlement Date* 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
South Korean Won/United States Dollar          
09/05/2023 Citibank N.A. KRW 15,465,862,389 USD 11,994,620 $12,132,848 $138,228
Thai Baht/United States Dollar          
08/22/2023 State Street Bank & Trust Co. THB 1,041,563,396 USD 30,305,316 30,486,218 180,902
  $211,502,193 $972,860
    
Sale Contracts
Settlement Date* 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/Indian Rupee          
08/25/2023 Citibank N.A. USD 26,759,257 INR 2,222,634,578 $27,024,799 $(265,542)
08/25/2023 HSBC Bank USA USD 1,511,395 INR 124,230,000 1,510,501 894
United States Dollar/Indonesian Rupiah          
09/20/2023 UBS AG USD 13,672,948 IDR 205,257,076,732 13,588,674 84,274
United States Dollar/Malaysian Ringgit          
09/08/2023 BNP Paribas S.A. USD 3,063,134 MYR 13,755,000 3,058,011 5,123
09/08/2023 Standard Chartered Bank USD 21,138,529 MYR 96,896,907 21,542,113 (403,584)
United States Dollar/Philippine Peso          
10/10/2023 Citibank N.A. USD 14,058,617 PHP 765,041,814 13,984,030 74,587
United States Dollar/Singapore Dollar          
08/01/2023 Royal Bank of Canada USD 32,024,436 SGD 42,533,832 31,986,337 38,099
08/01/2023 Royal Bank of Canada USD 10,864,420 SGD 14,541,000 10,935,139 (70,719)
United States Dollar/South Korean Won          
09/05/2023 Royal Bank of Canada USD 5,211,278 KRW 6,777,843,000 5,317,165 (105,887)
  $128,946,769 $(642,755)
Unrealized appreciation on forward foreign currency exchange contracts $1,382,507
Unrealized depreciation on forward foreign currency exchange contracts $(1,052,402)
    
* Certain contracts with different trade dates and like characteristics have been shown net.
    
At July 31, 2023, 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 UBS AG Receive 12-month SOFR 3.38% Annually $- $795,427 $795,427
USD 20,000,000 03/17/2030 UBS AG Receive 12-month SOFR 3.46% Annually - 546,361 546,361
USD 20,000,000 03/17/2032 UBS AG Receive 12-month SOFR 3.40% Annually - 601,262 601,262
USD 35,000,000 07/13/2033 Barclays Bank PLC Receive 12-month SOFR 3.71% Annually - (22,346) (22,346)
    $- $1,920,704 $1,920,704
 
See accompanying Notes  to Portfolio of Investments.
Notes to Portfolio of Investments 
July 31, 2023 (unaudited)
1.    Summary of Significant Accounting Policies
a.    Security Valuation:
The Fund values its securities at current market value or 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. 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.
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. Registered investment companies are valued at their NAV as reported by such company. 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.  
8  
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