# EDGAR Filing Document

**Accession Number:** 0000846676
**File Stem:** 0001410368-25-032516
**Filing Date:** 2025-11
**Character Count:** 64688
**Document Hash:** 1a7bcd294ef46f69cb423ff6805ae7e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032516.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032516

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Emerging Markets ex-China Fund, Inc.
- **CENTRAL INDEX KEY:** 0000846676

**ORGANIZATION NAME:**
- **EIN:** 222990009
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05770
- **FILM NUMBER:** 251529415

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABRDN EMERGING MARKETS EQUITY INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20220630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20180501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN CHILE FUND, INC.
- **DATE OF NAME CHANGE:** 20100407

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of September 30, 2025

#### abrdn Emerging Markets ex-China Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—104.4%** | &nbsp;&nbsp;**COMMON STOCKS—104.4%** |  |
| &nbsp;&nbsp;**BRAZIL—7.3%** | &nbsp;&nbsp;**BRAZIL—7.3%** | &nbsp;&nbsp;**BRAZIL—7.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;$3365194 |
| &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** |
| &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865695 | &nbsp;&nbsp;&nbsp;&nbsp; 2996120 |
| &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 487161 | &nbsp;&nbsp;&nbsp;&nbsp; 3490150 |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321598 | &nbsp;&nbsp;&nbsp;&nbsp; 5148784 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357049 | &nbsp;&nbsp;&nbsp;&nbsp; 2646547 |
| &nbsp;&nbsp;**Real Estate—1.2%** | &nbsp;&nbsp;**Real Estate—1.2%** | &nbsp;&nbsp;**Real Estate—1.2%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618574 | &nbsp;&nbsp;&nbsp;&nbsp; 3379798 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21026593** |
| &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** |
| &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199177 | &nbsp;&nbsp;&nbsp;&nbsp; 1691652 |
| &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486679 |
| &nbsp;&nbsp;**INDIA—25.2%** | &nbsp;&nbsp;**INDIA—25.2%** | &nbsp;&nbsp;**INDIA—25.2%** |
| &nbsp;&nbsp;**Communication Services—1.8%** | &nbsp;&nbsp;**Communication Services—1.8%** | &nbsp;&nbsp;**Communication Services—1.8%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271741 |
| &nbsp;&nbsp;**Consumer Discretionary—3.3%** | &nbsp;&nbsp;**Consumer Discretionary—3.3%** | &nbsp;&nbsp;**Consumer Discretionary—3.3%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079057 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361182 |
| &nbsp;&nbsp;**Consumer Staples—1.9%** | &nbsp;&nbsp;**Consumer Staples—1.9%** | &nbsp;&nbsp;**Consumer Staples—1.9%** |
| &nbsp;&nbsp;ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1236111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589795 |
| &nbsp;&nbsp;**Financials—9.6%** | &nbsp;&nbsp;**Financials—9.6%** | &nbsp;&nbsp;**Financials—9.6%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691664 |
| &nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083269 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654755 |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176455 |
| &nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955363 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27514668 |
| &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378093 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357639 |
| &nbsp;&nbsp;**Industrials—2.4%** | &nbsp;&nbsp;**Industrials—2.4%** | &nbsp;&nbsp;**Industrials—2.4%** |
| &nbsp;&nbsp;Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564585 |
| &nbsp;&nbsp;KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502112 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817973 |
| &nbsp;&nbsp;**Information Technology—1.4%** | &nbsp;&nbsp;**Information Technology—1.4%** | &nbsp;&nbsp;**Information Technology—1.4%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934550 |
| &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434447 |
| &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815031 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) <br> As of September 30, 2025

#### abrdn Emerging Markets ex-China Fund, Inc.

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**INDIA (continued)** | &nbsp;&nbsp;**INDIA (continued)** | &nbsp;&nbsp;**INDIA (continued)** | &nbsp;&nbsp;**INDIA (continued)** |
| &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** |
| &nbsp;&nbsp;NTPC Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821669 | &nbsp;&nbsp;$3153156 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**72250182** |
| &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** |
| &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 20357500 | &nbsp;&nbsp;&nbsp;&nbsp; 3748358 |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 19569400 | &nbsp;&nbsp;&nbsp;&nbsp; 4827789 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8576147** |
| &nbsp;&nbsp;**KAZAKHSTAN—3.0%** | &nbsp;&nbsp;**KAZAKHSTAN—3.0%** | &nbsp;&nbsp;**KAZAKHSTAN—3.0%** | &nbsp;&nbsp;**KAZAKHSTAN—3.0%** |
| &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108418 | &nbsp;&nbsp;&nbsp;&nbsp; 5778680 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35949 | &nbsp;&nbsp;&nbsp;&nbsp; 2936314 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8714994** |
| &nbsp;&nbsp;**MEXICO—5.9%** | &nbsp;&nbsp;**MEXICO—5.9%** | &nbsp;&nbsp;**MEXICO—5.9%** | &nbsp;&nbsp;**MEXICO—5.9%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384107 |
| &nbsp;&nbsp;**Industrials—1.4%** | &nbsp;&nbsp;**Industrials—1.4%** | &nbsp;&nbsp;**Industrials—1.4%** | &nbsp;&nbsp;**Industrials—1.4%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089466 |
| &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;1100061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9572486 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17046059** |
| &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** |
| &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262966 |
| &nbsp;&nbsp;**POLAND—1.5%** | &nbsp;&nbsp;**POLAND—1.5%** | &nbsp;&nbsp;**POLAND—1.5%** | &nbsp;&nbsp;**POLAND—1.5%** |
| &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113828 |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282641 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4396469** |
| &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** |
| &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** |
| &nbsp;&nbsp;Novatek PJSC<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;**Total Russia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SAUDI ARABIA—5.5%** | &nbsp;&nbsp;**SAUDI ARABIA—5.5%** | &nbsp;&nbsp;**SAUDI ARABIA—5.5%** | &nbsp;&nbsp;**SAUDI ARABIA—5.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Leejam Sports Co. JSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056012 |
| &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545047 |
| &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525449 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761791 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10287240 |
| &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** |
| &nbsp;&nbsp;Electrical Industries Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910769 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15799068** |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) <br> As of September 30, 2025

#### abrdn Emerging Markets ex-China Fund, Inc.

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** |
| &nbsp;&nbsp;Naspers Ltd., Class N |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13588 | &nbsp;&nbsp;$4933182 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480020 | &nbsp;&nbsp;&nbsp;&nbsp; 2323386 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7256568** |
| &nbsp;&nbsp;**SOUTH KOREA—11.7%** | &nbsp;&nbsp;**SOUTH KOREA—11.7%** | &nbsp;&nbsp;**SOUTH KOREA—11.7%** | &nbsp;&nbsp;**SOUTH KOREA—11.7%** |
| &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114980 | &nbsp;&nbsp;&nbsp;&nbsp; 5797055 |
| &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp; 2010379 |
| &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9397 | &nbsp;&nbsp;&nbsp;&nbsp; 3908558 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20672 | &nbsp;&nbsp;&nbsp;&nbsp; 6057297 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29739 | &nbsp;&nbsp;&nbsp;&nbsp; 3916242 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175320 | &nbsp;&nbsp;&nbsp;&nbsp; 3351516 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17233613 |
| &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385393 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;**33426440** |
| &nbsp;&nbsp;**TAIWAN—29.7%** | &nbsp;&nbsp;**TAIWAN—29.7%** | &nbsp;&nbsp;**TAIWAN—29.7%** | &nbsp;&nbsp;**TAIWAN—29.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654138 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821205 |
| &nbsp;&nbsp;**Information Technology—28.4%** | &nbsp;&nbsp;**Information Technology—28.4%** | &nbsp;&nbsp;**Information Technology—28.4%** | &nbsp;&nbsp;**Information Technology—28.4%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737626 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123337 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091606 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7127033 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599686 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54818522 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81497810 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**85319015** |
| &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** |
| &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;&nbsp;&nbsp;1024066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134071 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.3%** |
| &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866597 |
| &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;1383214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572938 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;6247345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755394 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12194929** |
| &nbsp;&nbsp;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** |
| &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;1700229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988795 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**299570627** |
| &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** |  |
| &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2202331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746252 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) <br> As of September 30, 2025

#### abrdn Emerging Markets ex-China Fund, Inc.

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**PREFERRED STOCKS (continued)** | &nbsp;&nbsp;**PREFERRED STOCKS (continued)** | &nbsp;&nbsp;**PREFERRED STOCKS (continued)** |  |
| &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** |
| &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370160 | &nbsp;&nbsp;$17568167 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22314419** |
| &nbsp;&nbsp;**PRIVATE EQUITY—0.0%** | &nbsp;&nbsp;**PRIVATE EQUITY—0.0%** | &nbsp;&nbsp;**PRIVATE EQUITY—0.0%** |  |
| &nbsp;&nbsp;**GLOBAL\*—0.0%** | &nbsp;&nbsp;**GLOBAL\*—0.0%** | &nbsp;&nbsp;**GLOBAL\*—0.0%** | &nbsp;&nbsp;**GLOBAL\*—0.0%** |
| &nbsp;&nbsp;**Private Equity —0.0%** |  |  |  |
| &nbsp;&nbsp;Emerging Markets Ventures I LP<sup>(a)(c)(e)(f)(g)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp; 11723413<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4455 |
| &nbsp;&nbsp;**ISRAEL—0.0%** | &nbsp;&nbsp;**ISRAEL—0.0%** | &nbsp;&nbsp;**ISRAEL—0.0%** | &nbsp;&nbsp;**ISRAEL—0.0%** |
| &nbsp;&nbsp;**Private Equity —0.0%** |  |  |  |
| &nbsp;&nbsp;BPA Israel Ventures LLC<sup>(a)(c)(e)(f)(g)(h)(j)</sup> |  | &nbsp;&nbsp;&nbsp; 3349175<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2579 |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |
| &nbsp;&nbsp;**Private Equity —0.0%** |  |  |  |
| &nbsp;&nbsp;Telesoft Partners II LP<sup>(a)(c)(e)(h)(j)</sup> |  | &nbsp;&nbsp; 2400000<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23808 |
| &nbsp;&nbsp;**Total Private Equity** | &nbsp;&nbsp;**Total Private Equity** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30842** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09%<sup>(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3442683 | &nbsp;&nbsp;&nbsp;&nbsp; 3442683 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3442683** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $247,516,292)—113.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $247,516,292)—113.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $247,516,292)—113.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**325358571** |
| &nbsp;&nbsp;Long Term Debt Securities—(11.2%) | &nbsp;&nbsp;Long Term Debt Securities—(11.2%) | &nbsp;&nbsp;Long Term Debt Securities—(11.2%) | &nbsp;&nbsp;&nbsp;&nbsp;(32000000) |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6385946) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$286972625** |

---

(a) Non-income producing security.

(b) Denotes a security issued under Regulation S or Rule 144A.

(c) Illiquid security.

(d) Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments.

(e) Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 1(a) of the accompanying Notes to Portfolio of Investments for inputs used.

(f) Considered in liquidation by the Fund's Adviser.

(g) As of September 30, 2025, the aggregate amount of open commitments for the Fund is $2,806,782.

(h) Restricted security, not readily marketable. See Notes to Financial Statements.

(i) Represents contributed capital.

(j) Fund of Fund investment.

(k) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of September 30, 2025.

\* "Global" is the percentage attributable to the Fund's holdings in a private equity fund which invests globally and is not categorized under a particular country.

ADR American Depositary Receipt <br> GDR Global Depositary Receipt

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> September 30, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors (the "Board") designated abrdn Investments Limited (the "Adviser") 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.

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. 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). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

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.

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. 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 net asset value ("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;

**5** 

------

Notes to Portfolio of Investments <br> September 30, 2025 (unaudited)

------

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

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

The Fund may also invest in private equity private placement securities, which represented 0.0% of the net assets of the Fund as of September 30, 2025. The private equity private placement securities in which the Fund is invested are deemed to be restricted securities. In the absence of readily ascertainable market values, these securities are valued at fair value as determined in good faith by, or under the direction of the Board, pursuant to valuation policies and procedures established by the Board. The Fund's estimate of fair value assumes a willing buyer and a willing seller neither of whom are acting under the compulsion to buy or sell. Although these securities may be resold in privately negotiated transactions, the prices realized on such sales could differ from the prices originally paid by the Fund or the current carrying values, and the difference could be material. These securities are stated at fair value as determined by the Fund's Pricing Committee by utilizing the net asset valuations provided by the underlying funds as a practical expedient. In determining the fair value of these investments, management uses the market approach which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these private equity investments.

**6**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Emerging Markets ex-China Fund, Inc.

- **b. Investment Company Act file number:** 811-05770

- **c. CIK number of Registrant:** 0000846676

- **d. LEI of Registrant:** 549300MSYUW07RYUZD27

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Emerging Markets ex-China Fund, Inc.

- **c. LEI of Series:** 549300KR7BCWAQBKVZ78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $321010705.15

**Total Liabilities:** $34036931.69

**Net Assets:** $286973773.46

**Cash Not Reported:** $68664.88

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.68%                | 1.16%                | 8.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1140302.95              | $-2303844.30                               |
| Month 2  | $1519859.32              | $3267149.05                                |
| Month 3  | $4216796.02              | $16432852.62                               |

### Schedule of Portfolio Investments

| Name                                                | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cholamandalam Investment and Finance Co Ltd         | Cholamandalam Investment and Finance Co Ltd                  | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |    201691 | NS      | $3654755.24   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| TELESOFT PARTNERS II QP                             | TELESOFT PARTNERS II QP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2400000 | NS      | $23808.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Grupo Mexico SAB de CV                              | Grupo Mexico SAB de CV                                       | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |   1100061 | NS      | $9572485.92   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV      | Grupo Aeroportuario del Centro Norte SAB de CV               | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     39371 | NS      | $4089465.77   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd                                 | Larsen & Toubro Ltd                                          | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |     90842 | NS      | $3751275.50   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Electrical Industries Co                            | Electrical Industries Co                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |    654508 | NS      | $1910769.11   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                         | Abu Dhabi Islamic Bank PJSC                                  | CUSIP: 000000000<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |    988269 | NS      | $5866597.04   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BPA ISRAEL VENTURES LLC                             | BPA ISRAEL VENTURES LLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   3349175 | NS      | $2578.86      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Emirates Central Cooling Systems Corp               | Emirates Central Cooling Systems Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   6247345 | NS      | $2755393.72   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NAC Kazatomprom JSC                                 | NAC Kazatomprom JSC                                          | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |    108418 | NS      | $5778679.40   | 2.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| 360 ONE WAM Ltd                                     | 360 ONE WAM Ltd                                              | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |    146591 | NS      | $1691663.87   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Havells India Ltd                                   | Havells India Ltd                                            | CUSIP: 000000000<br>LEI: 549300U1LOGHTTNT7D47 | Long             | EC               | CORP              | IN        |     92419 | NS      | $1564585.32   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                       | Tata Consultancy Services Ltd                                | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    120771 | NS      | $3934550.11   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Torrent Pharmaceuticals Ltd                         | Torrent Pharmaceuticals Ltd                                  | CUSIP: 000000000<br>LEI: 335800NA6HK275RIJE13 | Long             | EC               | CORP              | IN        |     73414 | NS      | $2979545.81   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                | Capstone Copper Corp                                         | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    199177 | NS      | $1691652.04   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Financial Holdings Ltd                | Cholamandalam Financial Holdings Ltd                         | CUSIP: 000000000<br>LEI: 335800WAHI1O38BILX22 | Long             | EC               | CORP              | IN        |     98380 | NS      | $2083269.12   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                     | Telkom Indonesia Persero Tbk PT                              | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  20357500 | NS      | $3748357.61   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                       | ASE Technology Holding Co Ltd                                | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    572000 | NS      | $3123337.33   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Icecek AS                                 | Coca-Cola Icecek AS                                          | CUSIP: 000000000<br>LEI: 789000WT80VVLUWJDK41 | Long             | EC               | CORP              | TR        |   1024066 | NS      | $1134070.97   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                        | MediaTek Inc                                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     83000 | NS      | $3599686.47   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                          | National Bank of Greece SA                                   | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    239446 | NS      | $3486678.94   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ITC Ltd                                             | ITC Ltd                                                      | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |   1236111 | NS      | $5589795.12   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Properties Ltd                               | Godrej Properties Ltd                                        | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    126142 | NS      | $2815031.18   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                       | HDFC Bank Ltd                                                | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    854928 | NS      | $9176455.13   | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Zabka Group SA                                      | Zabka Group SA                                               | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |    326972 | NS      | $2113828.71   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC Ltd                                            | NTPC Ltd                                                     | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |    821669 | NS      | $3153155.59   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd | HD Korea Shipbuilding & Offshore Engineering Co Ltd          | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     20672 | NS      | $6057296.52   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                      | Chroma ATE Inc                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    424000 | NS      | $8091605.51   | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanlam Ltd                                          | Sanlam Ltd                                                   | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    480020 | NS      | $2323385.74   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                              | Localiza Rent a Car SA                                       | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |    357049 | NS      | $2646546.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa SA                                           | Itausa SA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |   2202331 | NS      | $4746251.41   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co Ltd                            | Samsung Biologics Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2821 | NS      | $2010379.12   | 0.70%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Samsung E&A Co Ltd                                  | Samsung E&A Co Ltd                                           | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |    175320 | NS      | $3351515.81   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                  | Grupo Financiero Banorte SAB de CV                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    336948 | NS      | $3384107.11   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                      | Shinhan Financial Group Co Ltd                               | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |    114980 | NS      | $5797055.47   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                            | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    248652 | NS      | $5271740.54   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Makalot Industrial Co Ltd                           | Makalot Industrial Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    278000 | NS      | $2654138.00   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                             | Mahindra & Mahindra Ltd                                      | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |    136543 | NS      | $5282125.40   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                               | Aldar Properties PJSC                                        | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |   1383214 | NS      | $3572938.49   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                        | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3442683 | NS      | $3442683.30   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Electric Co Ltd                          | HD Hyundai Electric Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |      9397 | NS      | $3908558.13   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Poya International Co Ltd                           | Poya International Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     75750 | NS      | $1167067.38   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT                | Bank Negara Indonesia Persero Tbk PT                         | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |  19569400 | NS      | $4827789.06   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                               | Delta Electronics Inc                                        | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    253000 | NS      | $7127033.13   | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| EMERGING MARKETS VENTURES LP                        | EMERGING MARKETS VENTURES LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  11723413 | NS      | $4454.90      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Accton Technology Corp                              | Accton Technology Corp                                       | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    137000 | NS      | $4737625.69   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung C&T Corp                                    | Samsung C&T Corp                                             | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     29739 | NS      | $3916242.03   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                             | Sberbank of Russia PJSC                                      | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    730234 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kaspi.KZ JSC                                        | Kaspi.KZ JSC                                                 | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     35949 | NS      | $2936314.32   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                                        | Novatek PJSC                                                 | CUSIP: 000000000<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |     20251 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SK Hynix Inc                                        | SK Hynix Inc                                                 | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     33826 | NS      | $8385393.13   | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                      | NU Holdings Ltd/Cayman Islands                               | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    321598 | NS      | $5148783.98   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                                    | Raia Drogasil SA                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    865695 | NS      | $2996120.42   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA           | Multiplan Empreendimentos Imobiliarios SA                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    618574 | NS      | $3379798.38   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Hotels Co Ltd/The                            | Indian Hotels Co Ltd/The                                     | CUSIP: 000000000<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |    502219 | NS      | $4079056.92   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                       | Al Rajhi Bank                                                | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    263356 | NS      | $7525448.89   | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp                                            | FPT Corp                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   1700229 | NS      | $5988794.77   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                           | SBI Life Insurance Co Ltd                                    | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |    245432 | NS      | $4953161.73   | 1.73%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1262000 | NS      | $54818521.68  | 19.10%            |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd                                | UltraTech Cement Ltd                                         | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |     24906 | NS      | $3434447.33   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| JB Chemicals & Pharmaceuticals Ltd                  | JB Chemicals & Pharmaceuticals Ltd                           | CUSIP: 000000000<br>LEI: 335800EZQUJ9BB5YBV04 | Long             | EC               | CORP              | IN        |     71730 | NS      | $1378092.72   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                       | Credicorp Ltd                                                | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      4743 | NS      | $1262966.04   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                                  | KEI Industries Ltd                                           | CUSIP: 000000000<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |     32953 | NS      | $1502112.12   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                    | MercadoLibre Inc                                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      1440 | NS      | $3365193.60   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                      | ICICI Bank Ltd                                               | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    392695 | NS      | $5955362.98   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                           | InPost SA                                                    | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |    185405 | NS      | $2282640.92   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co                      | Saudi Tadawul Group Holding Co                               | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |     50278 | NS      | $2761790.84   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Leejam Sports Co JSC                                | Leejam Sports Co JSC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     30319 | NS      | $1153068.11   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIO SA/Brazil                                      | PRIO SA/Brazil                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    487161 | NS      | $3490149.64   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                                | Saudi Arabian Oil Co                                         | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |    387608 | NS      | $2545047.13   | 0.89%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                          | Samsung Electronics Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    370160 | NS      | $17568167.33  | 6.12%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** abrdn Emerging Markets ex-China Fund, Inc.

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer