# EDGAR Filing Document

**Accession Number:** 0000790500
**File Stem:** 0001410368-25-010641
**Filing Date:** 2025-9
**Character Count:** 215720
**Document Hash:** f968252d3697fff7cf14e1dc282d79ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010641.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010641

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN ASIA-PACIFIC INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000790500

**ORGANIZATION NAME:**
- **EIN:** 133334183
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04611
- **FILM NUMBER:** 251340605

**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:** ABERDEEN ASIA-PACIFIC INCOME FUND INC
- **DATE OF NAME CHANGE:** 20041102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN ASIA PACIFIC INCOME FUND INC
- **DATE OF NAME CHANGE:** 20010531

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEN ASIA-PACIFIC INCOME FUND INC
- **DATE OF NAME CHANGE:** 20010531

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—73.8%** | &nbsp;&nbsp;**CORPORATE BONDS—73.8%** |  |
| &nbsp;&nbsp;**AUSTRALIA—7.6%** |  |  |
| &nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (fixed rate to 08/12/2027, variable rate thereafter), 5.91%, 08/12/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$593533 |
| &nbsp;&nbsp;Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 11/09/2027, variable rate thereafter), 6.86%, 11/09/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 03/15/2033, variable rate thereafter), 6.70%, 03/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213803 |
| &nbsp;&nbsp;Emeco Pty. Ltd., 6.25%, 07/10/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639360 |
| &nbsp;&nbsp;Macquarie Bank Ltd., 3.62%, 06/03/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992477 |
| &nbsp;&nbsp;Mineral Resources Ltd., 8.00%, 11/01/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066293 |
| &nbsp;&nbsp;National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 08/03/2027, variable rate thereafter), 6.32%, 08/03/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 03/09/2028, variable rate thereafter), 6.16%, 03/09/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43%, 01/12/2033<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138658 |
| &nbsp;&nbsp;Perenti Finance Pty. Ltd., 7.50%, 04/26/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166600 |
| &nbsp;&nbsp;Santos Finance Ltd., 4.13%, 09/14/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815467 |
| &nbsp;&nbsp;Wesfarmers Ltd., 2.55%, 06/23/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938750 |
| &nbsp;&nbsp;Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 06/23/2028, variable rate thereafter), 6.49%, 06/23/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 06/23/2033, variable rate thereafter), 6.93%, 06/23/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 11/15/2033, variable rate thereafter), 7.20%, 11/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735471 |
| &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52118452** |
| &nbsp;&nbsp;**BAHRAIN—0.4%** |  |  |
| &nbsp;&nbsp;Bapco Energies BSC Closed, 7.50%, 10/25/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568287 |
| &nbsp;&nbsp;**CHINA—11.2%** |  |  |
| &nbsp;&nbsp;AAC Technologies Holdings, Inc., 3.75%, 06/02/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672977 |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/28/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/26/2054<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204288 |
| &nbsp;&nbsp;CFAMC III Co. Ltd., 4.75%, 04/27/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473750 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;China Construction Bank Corp., Series 2021-1, 3.45%, 08/10/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7065895 |
| &nbsp;&nbsp;China Hongqiao Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 01/10/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.93%, 11/29/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313797 |
| &nbsp;&nbsp;Far East Horizon Ltd., 6.63%, 04/16/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883928 |
| &nbsp;&nbsp;Fortune Star BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/18/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/19/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694505 |
| &nbsp;&nbsp;GLP China Holdings Ltd., 2.95%, 03/29/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815028 |
| &nbsp;&nbsp;Greentown China Holdings Ltd., 8.45%, 02/24/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226957 |
| &nbsp;&nbsp;Health & Happiness H&H International Holdings Ltd., 9.13%, 07/24/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5046647 |
| &nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, 4.15%, 11/16/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, 3.28%, 01/20/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258309 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 07/23/2023<sup>(a)(b)(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 09/28/2023<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29750 |
| &nbsp;&nbsp;Science City Guangzhou Investment Group Co. Ltd., 6.80%, 08/05/2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951485 |
| &nbsp;&nbsp;Shimao Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/21/2026<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/21/2031<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.00%, 07/21/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.00%, 07/21/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 2.00%, 01/21/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35249 |
| &nbsp;&nbsp;Tencent Holdings Ltd., 3.84%, 04/22/2051<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460287 |
| &nbsp;&nbsp;Weibo Corp., 3.38%, 07/08/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118965 |
| &nbsp;&nbsp;Yuzhou Group Holdings Co. Ltd., 8.30%, 05/27/2025<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507500 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd., 5.98%, 01/30/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810481 |
| &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76524965** |
| &nbsp;&nbsp;**FRANCE—0.8%** |  |  |
| &nbsp;&nbsp;BNP Paribas SA, VRN, (fixed rate to 08/14/2028, variable rate thereafter), 8.50%, 08/14/2028<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587323 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**GEORGIA—1.0%** |  |  |
| &nbsp;&nbsp;Bank of Georgia JSC, VRN, (fixed rate to 07/16/2029, variable rate thereafter), 9.50%, 07/16/2029<sup>(b)(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2494800 |
| &nbsp;&nbsp;Georgia Global Utilities JSC, 8.88%, 07/25/2029<sup>(a)(b)</sup> | &nbsp;&nbsp; 4119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288306 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6783106** |
| &nbsp;&nbsp;**HONG KONG—9.0%** |  |  |
| &nbsp;&nbsp;AIA Group Ltd., 5.63%, 10/25/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135009 |
| &nbsp;&nbsp;Bank of East Asia Ltd., VRN, (fixed rate to 03/15/2026, variable rate thereafter), 6.75%, 03/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525371 |
| &nbsp;&nbsp;CAS Capital No. 1 Ltd., VRN, (fixed rate to 07/12/2026, variable rate thereafter), 4.00%, 07/12/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859386 |
| &nbsp;&nbsp;Elect Global Investments Ltd., VRN, (fixed rate to 09/11/2030, variable rate thereafter), 7.20%, 09/11/2030<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938849 |
| &nbsp;&nbsp;Hongkong Land Finance Cayman Islands Co. Ltd., 5.25%, 07/14/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038654 |
| &nbsp;&nbsp;Hutchison Whampoa Finance CI Ltd., 7.50%, 08/01/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16347478 |
| &nbsp;&nbsp;Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139979 |
| &nbsp;&nbsp;Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/17/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/17/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083484 |
| &nbsp;&nbsp;MTR Corp. Ltd., 5.25%, 04/01/2055<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283295 |
| &nbsp;&nbsp;NWD Finance BVI Ltd., (fixed rate to 03/22/2026, variable rate thereafter), 5.25%, 03/22/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897469 |
| &nbsp;&nbsp;NWD MTN Ltd., 8.63%, 02/08/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794495 |
| &nbsp;&nbsp;Phoenix Lead Ltd., 4.85%, 02/23/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478667 |
| &nbsp;&nbsp;Prudential Funding Asia PLC, VRN, (fixed rate to 08/03/2028, variable rate thereafter), 2.95%, 08/03/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091638 |
| &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61515486** |
| &nbsp;&nbsp;**INDIA—13.6%** |  |  |
| &nbsp;&nbsp;Axis Bank Ltd., VRN, (fixed rate to 09/08/2026, variable rate thereafter), 4.10%, 09/08/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410354 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Greenko Wind Projects Mauritius Ltd., 7.25%, 09/27/2028<sup>(a)(b)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4939224 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1, 7.95%, 09/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AB1, 7.69%, 01/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731899 |
| &nbsp;&nbsp;IIFL Finance Ltd., 8.75%, 07/24/2028<sup>(b)</sup> | $&nbsp;&nbsp; 1748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775708 |
| &nbsp;&nbsp;India Cleantech Energy, 4.70%, 08/10/2026<sup>(a)(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331602 |
| &nbsp;&nbsp;India Green Power Holdings, 4.00%, 02/22/2027<sup>(a)(b)(f)</sup> | &nbsp;&nbsp; 6128595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950636 |
| &nbsp;&nbsp;Indian Railway Finance Corp. Ltd., Series 129, 8.45%, 12/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600422 |
| &nbsp;&nbsp;JSW Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/21/2029<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/21/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574468 |
| &nbsp;&nbsp;Manappuram Finance Ltd., 7.38%, 05/12/2028<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558185 |
| &nbsp;&nbsp;Muthoot Finance Ltd., 7.13%, 02/14/2028<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444600 |
| &nbsp;&nbsp;Network i2i Ltd., VRN, (fixed rate to 03/03/2026, variable rate thereafter), 3.98%, 03/03/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768528 |
| &nbsp;&nbsp;Periama Holdings LLC, 5.95%, 04/19/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284135 |
| &nbsp;&nbsp;Power Finance Corp. Ltd., 6.15%, 12/06/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415094 |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 04/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 04/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926206 |
| &nbsp;&nbsp;REC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/11/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/27/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998770 |
| &nbsp;&nbsp;Sammaan Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 04/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.70%, 07/03/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768652 |
| &nbsp;&nbsp;Shriram Finance Ltd., 6.63%, 04/22/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096040 |
| &nbsp;&nbsp;UPL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/08/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/16/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453532 |
| &nbsp;&nbsp;Vedanta Resources Finance II PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 06/03/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 09/17/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85%, 04/24/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806672 |
| &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92665087** |
| &nbsp;&nbsp;**INDONESIA—3.5%** |  |  |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT, VRN, (fixed rate to 03/24/2027, variable rate thereafter), 4.30%, 03/24/2027<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942422 |
| &nbsp;&nbsp;Krakatau Posco PT, 6.38%, 06/11/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783697 |
| &nbsp;&nbsp;LLPL Capital Pte. Ltd., 6.88%, 02/04/2039<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584267 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**INDONESIA (continued)** |  |  |
| &nbsp;&nbsp;Medco Cypress Tree Pte. Ltd., 8.63%, 05/19/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp; 2251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2350191 |
| &nbsp;&nbsp;Medco Maple Tree Pte. Ltd., 8.96%, 04/27/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305583 |
| &nbsp;&nbsp;Pertamina Geothermal Energy PT, 5.15%, 04/27/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911061 |
| &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.15%, 05/21/2048<sup>(b)</sup> | &nbsp;&nbsp; 3129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102001 |
| &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23979222** |
| &nbsp;&nbsp;**ISRAEL—0.2%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 7.88%, 09/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308564 |
| &nbsp;&nbsp;**JAPAN—1.5%** |  |  |
| &nbsp;&nbsp;Nippon Life Insurance Co., VRN, (fixed rate to 04/30/2035, variable rate thereafter), 6.50%, 04/30/2035<sup>(a)(b)</sup> | &nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317497 |
| &nbsp;&nbsp;NTT Finance Corp., 5.50%, 07/16/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827896 |
| &nbsp;&nbsp;Rakuten Group, Inc., 11.25%, 02/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876878 |
| &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10022271** |
| &nbsp;&nbsp;**KAZAKHSTAN—0.9%** |  |  |
| &nbsp;&nbsp;Development Bank of Kazakhstan JSC, 10.95%, 05/06/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3265000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790530 |
| &nbsp;&nbsp;**MACAO—2.2%** |  |  |
| &nbsp;&nbsp;MGM China Holdings Ltd., 7.13%, 06/26/2031<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749091 |
| &nbsp;&nbsp;Sands China Ltd., 5.40%, 08/08/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058165 |
| &nbsp;&nbsp;Studio City Finance Ltd., 5.00%, 01/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235806 |
| &nbsp;&nbsp;Wynn Macau Ltd., 5.63%, 08/26/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967133 |
| &nbsp;&nbsp;**Total Macao** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15010195** |
| &nbsp;&nbsp;**MALAYSIA—3.6%** |  |  |
| &nbsp;&nbsp;DRB-Hicom Bhd., IMTN, 5.10%, 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233506 |
| &nbsp;&nbsp;Khazanah Capital Ltd., 4.76%, 09/05/2034<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057557 |
| &nbsp;&nbsp;Pengerang LNG Two Sdn Bhd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMTN, 2.86%, 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMTN, 2.92%, 10/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141038 |
| &nbsp;&nbsp;Petroliam Nasional Bhd., 7.63%, 10/15/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071134 |
| &nbsp;&nbsp;Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 01/28/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/03/2055<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 04/21/2060<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253768 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Press Metal Aluminium Holdings Bhd., IMTN, 4.00%, 08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1172558 |
| &nbsp;&nbsp;Tenaga Nasional Bhd., 7.50%, 01/15/2096<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615733 |
| &nbsp;&nbsp;**Total Malaysia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24596384** |
| &nbsp;&nbsp;**MOROCCO—0.4%** |  |  |
| &nbsp;&nbsp;OCP SA, 7.50%, 05/02/2054<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700109 |
| &nbsp;&nbsp;**PHILIPPINES—1.0%** |  |  |
| &nbsp;&nbsp;AC Energy Finance International Ltd., 5.10%, 11/25/2025<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806718 |
| &nbsp;&nbsp;Globe Telecom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 08/02/2026, variable rate thereafter), 4.20%, 08/02/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/23/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629485 |
| &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6504715** |
| &nbsp;&nbsp;**SAUDI ARABIA—0.7%** |  |  |
| &nbsp;&nbsp;Greensaif Pipelines Bidco SARL, 6.10%, 08/23/2042<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097768 |
| &nbsp;&nbsp;**SINGAPORE—0.8%** |  |  |
| &nbsp;&nbsp;GLP Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 05/17/2026, variable rate thereafter), 4.50%, 05/17/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 05/20/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962740 |
| &nbsp;&nbsp;**Total Singapore** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5460239** |
| &nbsp;&nbsp;**SOUTH KOREA—4.9%** |  |  |
| &nbsp;&nbsp;Busan Bank Co. Ltd., 3.63%, 07/25/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037201 |
| &nbsp;&nbsp;Kookmin Bank, 2.50%, 11/04/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782766 |
| &nbsp;&nbsp;LG Energy Solution Ltd., 5.38%, 04/02/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387139 |
| &nbsp;&nbsp;Shinhan Bank Co. Ltd., 4.50%, 03/26/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857706 |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., 5.00%, 07/24/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931601 |
| &nbsp;&nbsp;SK Hynix, Inc., 6.50%, 01/17/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386798 |
| &nbsp;&nbsp;Tongyang Life Insurance Co. Ltd., VRN, (fixed rate to 05/07/2030, variable rate thereafter), 6.25%, 05/07/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472394 |
| &nbsp;&nbsp;Woori Bank, VRN, (fixed rate to 07/24/2029, variable rate thereafter), 6.38%, 07/24/2029<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563739 |
| &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33419344** |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**SWITZERLAND—0.7%** |  |  |
| &nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 11/13/2028, variable rate thereafter), 9.25%, 11/13/2028<sup>(b)(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2963333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 11/13/2033, variable rate thereafter), 9.25%, 11/13/2033<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875525 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4838858** |
| &nbsp;&nbsp;**THAILAND—1.9%** |  |  |
| &nbsp;&nbsp;Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03%, 03/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 03/25/2035, variable rate thereafter), 6.06%, 03/25/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517830 |
| &nbsp;&nbsp;Muangthai Capital PCL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/30/2028<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55%, 07/21/2030<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486595 |
| &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12975467** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.0%** |  |  |
| &nbsp;&nbsp;DP World Ltd., 6.85%, 07/02/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995908 |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036<sup>(b)(f)</sup> | &nbsp;&nbsp; 7237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210375 |
| &nbsp;&nbsp;MAF Global Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 03/20/2026, variable rate thereafter), 6.38%, 03/20/2026<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 06/30/2027, variable rate thereafter), 7.88%, 06/30/2027<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580100 |
| &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13286306** |
| &nbsp;&nbsp;**UNITED KINGDOM—3.9%** |  |  |
| &nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 11/03/2027, variable rate thereafter), 7.39%, 11/03/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 03/07/2028, variable rate thereafter), 8.00%, 03/07/2028<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7084185 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 11/16/2027, variable rate thereafter), 7.77%, 11/16/2027<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3198872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 01/09/2028, variable rate thereafter), 6.30%, 01/09/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 03/08/2030, variable rate thereafter), 7.88%, 03/08/2030<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285190 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26816724** |
| &nbsp;&nbsp;**UNITED STATES—1.6%** |  |  |
| &nbsp;&nbsp;Hyundai Capital America, 6.38%, 04/08/2030<sup>(a)(b)</sup> | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410928 |
| &nbsp;&nbsp;Telecommunications Co. Telekom Srbija AD Belgrade, 7.90%, 05/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677467 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11088395** |
| &nbsp;&nbsp;**VIETNAM—0.4%** |  |  |
| &nbsp;&nbsp;Mong Duong Finance Holdings BV, 5.13%, 05/07/2029<sup>(a)(b)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875101 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**503532898** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—73.7%** | &nbsp;&nbsp;**GOVERNMENT BONDS—73.7%** |  |
| &nbsp;&nbsp;**ANGOLA—0.9%** |  |  |
| &nbsp;&nbsp;Angola Government International Bonds, 9.50%, 11/12/2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030278 |
| &nbsp;&nbsp;**BRAZIL—2.4%** |  |  |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11837787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448293 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16286080** |
| &nbsp;&nbsp;**CHINA—0.9%** |  |  |
| &nbsp;&nbsp;China Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 05/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190490 |
| &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6136942** |
| &nbsp;&nbsp;**DOMINICAN REPUBLIC—0.6%** |  |  |
| &nbsp;&nbsp;Dominican Republic International Bonds, 13.63%, 02/03/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298069 |
| &nbsp;&nbsp;**EGYPT—0.7%** |  |  |
| &nbsp;&nbsp;Egyptian Financial Co. for Sovereign Taskeek, 10.88%, 02/28/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117500 |
| &nbsp;&nbsp;**HONG KONG—2.4%** |  |  |
| &nbsp;&nbsp;Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/12/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/15/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209215 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** |  |
| &nbsp;&nbsp;**HONG KONG (continued)** |  |  |
| &nbsp;&nbsp;Hong Kong Government Infrastructure Bonds Programme |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%, 04/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6222675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17%, 07/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448025 |
| &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16253012** |
| &nbsp;&nbsp;**INDIA—7.0%** |  |  |
| &nbsp;&nbsp;Export-Import Bank of India, 5.50%, 01/18/2033<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584197 |
| &nbsp;&nbsp;India Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26%, 01/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8541850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 12/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18%, 07/24/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40%, 09/19/2062 | &nbsp;&nbsp;&nbsp;&nbsp;1500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17620882 |
| &nbsp;&nbsp;State of Maharashtra, 7.20%, 08/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491681 |
| &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47974557** |
| &nbsp;&nbsp;**INDONESIA—18.2%** |  |  |
| &nbsp;&nbsp;Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/12/2035<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16250664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 01/17/2038<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314947 |
| &nbsp;&nbsp;Indonesia Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 03/15/2029 | 160000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2029 | 240000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15622713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2030 | &nbsp;&nbsp;65000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2031 | &nbsp;&nbsp;21000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/2031 | 300000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20295792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 07/15/2031 | &nbsp;&nbsp;16000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2033 | 265000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16531298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2035 | &nbsp;&nbsp;80000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2036 | &nbsp;&nbsp;69000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/15/2038 | 190000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11852096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/15/2039 | &nbsp;&nbsp;98500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/2040 | &nbsp;&nbsp;44000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814286 |
| &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124177154** |
| &nbsp;&nbsp;**IVORY COAST—0.7%** |  |  |
| &nbsp;&nbsp;Ivory Coast Government International Bonds, 8.25%, 01/30/2037<sup>(b)(f)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941593 |
| &nbsp;&nbsp;**KYRGYZSTAN—0.4%** |  |  |
| &nbsp;&nbsp;Kyrgyz Republic International Bonds, 7.75%, 06/03/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768909 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MALAYSIA—8.2%** |  |  |
| &nbsp;&nbsp;Malaysia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1194138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 05/16/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534303 |
| &nbsp;&nbsp;Malaysia Government Investment Issue, 3.64%, 08/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784056 |
| &nbsp;&nbsp;**Total Malaysia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55663786** |
| &nbsp;&nbsp;**MEXICO—3.6%** |  |  |
| &nbsp;&nbsp;Mexico Bonos, 8.50%, 05/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24728594 |
| &nbsp;&nbsp;**MONGOLIA—0.7%** |  |  |
| &nbsp;&nbsp;Development Bank of Mongolia LLC, 8.50%, 07/03/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828251 |
| &nbsp;&nbsp;Mongolia Government International Bonds, 8.65%, 01/19/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162137 |
| &nbsp;&nbsp;**Total Mongolia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4990388** |
| &nbsp;&nbsp;**NIGERIA—1.1%** |  |  |
| &nbsp;&nbsp;Nigeria Government International Bonds, 8.75%, 01/21/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281930 |
| &nbsp;&nbsp;**PAKISTAN—5.9%** |  |  |
| &nbsp;&nbsp;Pakistan Global Sukuk Programme Co. Ltd., 7.95%, 01/31/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6279347 |
| &nbsp;&nbsp;Pakistan Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/30/2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/05/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940580 |
| &nbsp;&nbsp;Pakistan Investment Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19178346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00%, 09/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2400000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968614 |
| &nbsp;&nbsp;**Total Pakistan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40077056** |
| &nbsp;&nbsp;**PHILIPPINES—10.3%** |  |  |
| &nbsp;&nbsp;Philippines Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14177149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19909816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 11/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042103 |
| &nbsp;&nbsp;Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/17/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129364 |
| &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70653541** |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** |  |
| &nbsp;&nbsp;**SAUDI ARABIA—0.4%** |  |  |
| &nbsp;&nbsp;Saudi Government International Bonds, 5.75%, 01/16/2054<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2889432 |
| &nbsp;&nbsp;**SOUTH AFRICA—3.2%** |  |  |
| &nbsp;&nbsp;Republic of South Africa Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256987600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/31/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8049848 |
| &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21714401** |
| &nbsp;&nbsp;**SOUTH KOREA—3.7%** |  |  |
| &nbsp;&nbsp;Export-Import Bank of Korea, 5.13%, 01/11/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024496 |
| &nbsp;&nbsp;Korea Electric Power Corp., 5.38%, 07/31/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523207 |
| &nbsp;&nbsp;Korea Housing Finance Corp., 5.13%, 01/21/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151871 |
| &nbsp;&nbsp;Korea Treasury Bonds, 2.50%, 03/10/2052 | 18300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12549577 |
| &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25249151** |
| &nbsp;&nbsp;**SRI LANKA—0.2%** |  |  |
| &nbsp;&nbsp;Sri Lanka Government International Bonds, 3.35%, 03/15/2033<sup>(b)(f)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226796 |
| &nbsp;&nbsp;**TAJIKISTAN—0.4%** |  |  |
| &nbsp;&nbsp;Republic of Tajikistan International Bonds, 7.13%, 09/14/2027<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465713 |
| &nbsp;&nbsp;**TURKEY—0.4%** |  |  |
| &nbsp;&nbsp;Turkiye Ihracat Kredi Bankasi AS, 6.88%, 07/03/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518736 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—0.7%** |  |  |
| &nbsp;&nbsp;Emirate of Dubai Government International Bonds, 3.90%, 09/09/2050<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910429 |
| &nbsp;&nbsp;**URUGUAY—0.3%** |  |  |
| &nbsp;&nbsp;Uruguay Government International Bonds, 8.25%, 05/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79419234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962994 |
| &nbsp;&nbsp;**UZBEKISTAN—0.4%** |  |  |
| &nbsp;&nbsp;Uzbekneftegaz JSC, 8.75%, 05/07/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465944 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**502782985** |
| &nbsp;&nbsp;**SUPRANATIONAL—7.9%** |  |  |
| &nbsp;&nbsp;Asian Infrastructure Investment Bank, 6.65%, 06/30/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235550 |
| &nbsp;&nbsp;Corp. Andina de Fomento, 8.25%, 04/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863471 |
| &nbsp;&nbsp;European Bank for Reconstruction & Development, 6.75%, 03/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9726332 |
| &nbsp;&nbsp;Inter-American Development Bank EMTN, 7.00%, 04/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898109 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;International Bank for Reconstruction & Development |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 07/22/2029 | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9450201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/25/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;1250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14468671 |
| &nbsp;&nbsp;**Total Supranational** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53642334** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(i)</sup> |  | &nbsp;&nbsp; 4832166 | &nbsp;&nbsp;&nbsp;&nbsp; 4832166 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4832166** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,107,926,202)—156.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,107,926,202)—156.1%** |  | &nbsp;&nbsp;**1064790383** |
| &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;(326000000) |
| &nbsp;&nbsp;Mandatory Redeemable Preferred Stock at Liquidation Value | &nbsp;&nbsp;Mandatory Redeemable Preferred Stock at Liquidation Value | &nbsp;&nbsp;Mandatory Redeemable Preferred Stock at Liquidation Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100000000) |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—6.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—6.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43120179 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;**$681910562** |

---

(a) The maturity date presented for these instruments represents the next call/put date.

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

(c) Security is in default.

(d) Illiquid security.

(e) Zero coupon bond. Rate represents yield to maturity.

(f) Sinkable security.

(g) Perpetual maturity. Maturity date presented represents the next call date.

(h) Step bond. Rate disclosed is as of July 31, 2025.

(i) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CNH | Chinese Yuan Renminbi Offshore |
| CNY | Chinese Yuan Renminbi |
| DOP | Dominican Republic Peso |
| EMTN | Euro Medium Term Note |
| EUR | Euro Currency |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| KZT | Kazakhstan Tenge |
| MTN | Medium Term Note |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PHP | Philippine Peso |
| PKR | Pakistan Rupee |
| PLC | Public Limited Company |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | U.S. Dollar |
| UYU | Uruguayan Peso |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

VRN Variable Rate Note

ZAR South African Rand

As of July 31, 2025, the Fund held the following futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Long Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;Korea Treasury Bond - 10 Year | &nbsp;&nbsp;663 | &nbsp;&nbsp;9/16/2025 | &nbsp;&nbsp;$56488623 | &nbsp;&nbsp;$56671488 | &nbsp;&nbsp;$182865 |
| &nbsp;&nbsp;Ultra United States Treasury Note 10 Year | &nbsp;&nbsp;212 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;24207635 | &nbsp;&nbsp;&nbsp;&nbsp;24870250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662615 |
| &nbsp;&nbsp;United States Treasury Note 6%—10 year | &nbsp;&nbsp;425 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46929965 | &nbsp;&nbsp;&nbsp;&nbsp;47201563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271598 |
| &nbsp;&nbsp;United States Treasury Note 6%—5 Year | &nbsp;&nbsp;453 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;&nbsp;48804337 | &nbsp;&nbsp;&nbsp;49001859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197522 |
|  |  |  |  |  | &nbsp;&nbsp;$1314600 |
| &nbsp;&nbsp;**Short Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;United States Treasury Note 6%—10 year | &nbsp;&nbsp;(131) | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;$(14407747) | &nbsp;&nbsp;$(14549187) | &nbsp;&nbsp;$(141440) |
|  |  |  |  |  | &nbsp;&nbsp;**$1173160** |

---

As of July 31, 2025, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116169924 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;$74686413 | &nbsp;&nbsp;&nbsp;&nbsp;$(313587) |
| &nbsp;&nbsp;**Chinese Yuan Renminbi Offshore/United States Dollar** | &nbsp;&nbsp;**Chinese Yuan Renminbi Offshore/United States Dollar** | &nbsp;&nbsp;**Chinese Yuan Renminbi Offshore/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/08/2025 | &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105089000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;14722698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14578994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143704) |
| &nbsp;&nbsp;08/08/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407189000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;56923780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56489321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434459) |
| &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** | &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** | &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4397306988000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;268874246 | &nbsp;&nbsp;&nbsp;&nbsp;267232268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641978) |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;80000000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4881338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19594) |
| &nbsp;&nbsp;10/24/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;175530940000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10746921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10617691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129230) |
| &nbsp;&nbsp;**Malaysian Ringgit/United States Dollar** | &nbsp;&nbsp;**Malaysian Ringgit/United States Dollar** | &nbsp;&nbsp;**Malaysian Ringgit/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/22/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36645000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8652484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54248) |
| &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47569312 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;37223169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36748198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474971) |
| &nbsp;&nbsp;**South Korean Won/United States Dollar** | &nbsp;&nbsp;**South Korean Won/United States Dollar** | &nbsp;&nbsp;**South Korean Won/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;09/05/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32792892000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;24169001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23547760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621241) |
| &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246799000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26524) |
| &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715283560 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;21960412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21915408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45004) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$526837651** | &nbsp;&nbsp;**$(3904540)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Chinese Yuan Renminbi Offshore** | &nbsp;&nbsp;**United States Dollar/Chinese Yuan Renminbi Offshore** | &nbsp;&nbsp;**United States Dollar/Chinese Yuan Renminbi Offshore** |  |  |  |  |  |
| &nbsp;&nbsp;08/08/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;23293207 | &nbsp;&nbsp;CNH | &nbsp;&nbsp;166567000 | &nbsp;&nbsp;$23107836 | &nbsp;&nbsp;$185371 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;6000216 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;5840139 | &nbsp;&nbsp;&nbsp;160077 |
| &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;12566933 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;98000000 | &nbsp;&nbsp;&nbsp;12561689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of July 31, 2025

#### abrdn Asia-Pacific Income Fund, Inc.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Indonesian Rupiah** | &nbsp;&nbsp;**United States Dollar/Indonesian Rupiah** | &nbsp;&nbsp;**United States Dollar/Indonesian Rupiah** |  |  |  |  |  |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;131729633 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2158653494000 | &nbsp;&nbsp;$131185262 | &nbsp;&nbsp;&nbsp;&nbsp;$544371 |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;135109934 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2238653494000 | &nbsp;&nbsp;&nbsp;&nbsp;136047006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(937072) |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4881918 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;80000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174 |
| &nbsp;&nbsp;10/24/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;57062446 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;934193955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56508459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553987 |
| &nbsp;&nbsp;**United States Dollar/Malaysian Ringgit** | &nbsp;&nbsp;**United States Dollar/Malaysian Ringgit** | &nbsp;&nbsp;**United States Dollar/Malaysian Ringgit** |  |  |  |  |  |
| &nbsp;&nbsp;08/22/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;32142469 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31952259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190210 |
| &nbsp;&nbsp;**United States Dollar/Philippine Peso** | &nbsp;&nbsp;**United States Dollar/Philippine Peso** | &nbsp;&nbsp;**United States Dollar/Philippine Peso** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;34757844 | &nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965882770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722909 | &nbsp;&nbsp;&nbsp;&nbsp;1034935 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$435787303** | &nbsp;&nbsp;**$1757297** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$2694369** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(4841612)** |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Receive<br> (Pay)<br> Floating<br> Rate** | &nbsp;&nbsp;**Floating<br> Rate<br> Index** | &nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;**Frequency of<br> Paid<br> Payments<br> Made** | &nbsp;&nbsp;**Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;03/17/2033 | &nbsp;&nbsp;Citigroup | &nbsp;&nbsp;Receive | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;3.38% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$645344 | &nbsp;&nbsp;$645344 |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;03/17/2032 | &nbsp;&nbsp;Citigroup | &nbsp;&nbsp;Receive | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381532 |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;31000000 | &nbsp;&nbsp;08/23/2029 | &nbsp;&nbsp;Citigroup | &nbsp;&nbsp;Receive | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;(230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543802 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$(230)** | &nbsp;&nbsp;**$1570448** | &nbsp;&nbsp;**$1570678** |

---

See accompanying Notes to Portfolio of Investments.

------

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

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

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

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

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

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

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

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

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

The three-level hierarchy of inputs is summarized below:

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

**9** 

------

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

------

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

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

**10**

## 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 ASIA-PACIFIC INCOME FUND, INC.

- **b. Investment Company Act file number:** 811-04611

- **c. CIK number of Registrant:** 0000790500

- **d. LEI of Registrant:** 549300J666ZH67203572

- **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 ASIA-PACIFIC INCOME FUND, INC.

- **c. LEI of Series:** 549300J666ZH67203572

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $1018450447.99

**Total Liabilities:** $336769121.88

**Net Assets:** $681681326.11

**Cash Not Reported:** $13340903.38

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -720.82000000 | **1-Year:** -26399.89000000 | **5-Year:** -73272.04000000 | **10-Year:** -77799.30000000 | **30-Year:** -31971.64000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1557.44000000 | **1-Year:** -27870.64000000 | **5-Year:** -34635.34000000 | **10-Year:** -12346.98000000 | **30-Year:** -3566.67000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.64%                | 3.23%                | 2.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $94649.55                | $6009932.43                                |
| Month 2  | $-7966910.34             | $15224472.32                               |
| Month 3  | $184295.05               | $-6401672.77                               |

**Designated Index Information**

- **Index Name:** Bloomberg Ausbond Composite Index (10%); Markit iBoxx Asian Local Bond Index (40%); JP Morgan Asia Credit Index - Diversified (35%);  JP Morgan GBI Emerging Market Global Diversified (15%)

- **Index Identifier:** (Blended performane benchmark) BACMO Index, IBXXALBI Index, JADICOTR Index, JGENVUUG Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHINA CONSTRUCTION BANK                    | China Construction Bank Corp                                                                                                      | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | DBT              | CORP              | CN        |     50000000 | PA      | $7065895.40   | 1.04%             | 2031-08-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                    | Studio City Finance Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |      3500000 | PA      | $3235806.35   | 0.47%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                    | European Bank for Reconstruction & Development                                                                                    | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    850000000 | PA      | $9726331.71   | 1.43%             | 2031-03-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AIRPORT AUTHORITY HK                       | Airport Authority                                                                                                                 | CUSIP: 00946AAJ3<br>LEI: 254900748HGC4RBR4O84 | Long             | DBT              | NUSS              | HK        |      1350000 | PA      | $1373096.84   | 0.20%             | 2033-01-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                                                                                 | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      6700000 | PA      | $7084184.70   | 1.04%             | 2028-03-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR BK                         | Turkiye Ihracat Kredi Bankasi AS                                                                                                  | CUSIP: 90015LAK3<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |      2500000 | PA      | $2518735.63   | 0.37%             | 2028-07-03      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                    | PURCHASED THB / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | TH        |            1 | NC      | $-26524.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                     | Standard Chartered PLC                                                                                                            | CUSIP: 853254DA5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      5000000 | PA      | $5285190.00   | 0.78%             | 2030-03-08      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HUTCHISON WHAM INT 03/33                   | Hutchison Whampoa International 03/33 Ltd                                                                                         | CUSIP: 000000000<br>LEI: 254900B7MU61GFDN5511 | Long             | DBT              | CORP              | KY        |       980000 | PA      | $1139978.62   | 0.17%             | 2033-11-24      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| UPL CORP LTD                               | UPL Corp Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |      2700000 | PA      | $2453531.66   | 0.36%             | 2030-06-16      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| YUZHOU GROUP                               | Yuzhou Group Holdings Co Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      7000000 | PA      | $507500.00    | 0.07%             | 2025-05-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                      | Melco Resorts Finance Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      3000000 | PA      | $3083484.00   | 0.45%             | 2032-04-17      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| WESFARMERS LTD                             | Wesfarmers Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | DBT              | CORP              | AU        |      7000000 | PA      | $3938750.32   | 0.58%             | 2031-06-23      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                      | Melco Resorts Finance Ltd                                                                                                         | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |      4769000 | PA      | $4901711.73   | 0.72%             | 2032-04-17      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     20000000 | PA      | $5001132.19   | 0.73%             | 2035-05-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   1118370000 | PA      | $19909815.84  | 2.92%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds     | Nigeria Government International Bonds                                                                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      7100000 | PA      | $7281929.62   | 1.07%             | 2031-01-21      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    440220000 | PA      | $7578626.40   | 1.11%             | 2034-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WEIBO CORP                                 | Weibo Corp                                                                                                                        | CUSIP: 948596AE1<br>LEI: 549300Q9ID4640FE0422 | Long             | DBT              | CORP              | KY        |      1200000 | PA      | $1118965.32   | 0.16%             | 2030-07-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 300000000000 | PA      | $20295791.43  | 2.98%             | 2031-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU                   | Greenko Wind Projects Mauritius Ltd                                                                                               | CUSIP: 39531JAB0<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |      4850000 | PA      | $4939223.61   | 0.72%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                        | Bangkok Bank PCL/Hong Kong                                                                                                        | CUSIP: 06000GAA9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |      6500000 | PA      | $6517829.89   | 0.96%             | 2040-03-25      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| MEDCO MAPLE TREE PTE LTD                   | Medco Maple Tree Pte Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 254900T5AQZNR0THA508 | Long             | DBT              | CORP              | SG        |      2206000 | PA      | $2305583.25   | 0.34%             | 2029-04-27      | Fixed         | 8.96%                 | Yes           |                  2 | On Loan: No      |
| CHINA HONGQIAO GROUP LTD                   | China Hongqiao Group Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | DBT              | CORP              | KY        |      2252000 | PA      | $2313796.79   | 0.34%             | 2028-11-29      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                       | Westpac Banking Corp                                                                                                              | CUSIP: 961214FR9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |       250000 | PA      | $251367.27    | 0.04%             | 2026-04-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                        | Korea Treasury Bond                                                                                                               | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        |  18300000000 | PA      | $12549576.80  | 1.84%             | 2052-03-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-218964.80   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| POWER GRID CORP OF INDIA                   | Power Grid Corp of India Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | DBT              | CORP              | IN        |    500000000 | PA      | $5926205.45   | 0.87%             | 2028-04-25      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                          | Vedanta Resources Finance II PLC                                                                                                  | CUSIP: 92243XAL5<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      1800000 | PA      | $1806671.88   | 0.27%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                        | Muthoot Finance Ltd                                                                                                               | CUSIP: 62828L2C6<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |      2389000 | PA      | $2444600.08   | 0.36%             | 2028-02-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                   | OCP SA                                                                                                                            | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      2672000 | PA      | $2700109.31   | 0.40%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                       | Kyrgyz Republic International Bond                                                                                                | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |      2760000 | PA      | $2768908.98   | 0.41%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                     | Standard Chartered PLC                                                                                                            | CUSIP: 853254CS7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      7276000 | PA      | $7545748.97   | 1.11%             | 2029-01-09      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    260310000 | PA      | $5042103.29   | 0.74%             | 2035-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  65000000000 | PA      | $4075843.35   | 0.60%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CFAMC III CO LTD                           | CFAMC III Co Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 5493006V07LYI3HE6G83 | Long             | DBT              | CORP              | VG        |      7500000 | PA      | $7473750.00   | 1.10%             | 2027-04-27      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                    | PURCHASED USD / SOLD CNH                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $47291.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PERIAMA HOLDINGS LLC/DE                    | Periama Holdings LLC/DE                                                                                                           | CUSIP: 000000000<br>LEI: 254900NINXO00BLT2Z47 | Long             | DBT              | CORP              | US        |      2280000 | PA      | $2284135.33   | 0.34%             | 2026-04-19      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| BUSAN BANK                                 | Busan Bank Co Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 98840019Y9P721BO0L96 | Long             | DBT              | CORP              | KR        |      5100000 | PA      | $5037201.35   | 0.74%             | 2026-07-25      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                         | Angolan Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      6000000 | PA      | $6030277.92   | 0.88%             | 2025-11-12      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| JSW INFRASTRUCTURE                         | JSW Infrastructure Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 3358003E3YFK92C9WX80 | Long             | DBT              | CORP              | IN        |      1600000 | PA      | $1574467.87   | 0.23%             | 2029-01-21      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |            1 | NC      | $20174.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                     | Commonwealth Bank of Australia                                                                                                    | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |      7500000 | PA      | $5213803.22   | 0.76%             | 2038-03-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-327868.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX LEAD LTD                           | Phoenix Lead Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 25490010UJKLIJ8C4V48 | Long             | DBT              | CORP              | VG        |      3100000 | PA      | $2478667.00   | 0.36%             | 2026-02-23      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| INDIAN RAILWAY FINANCE                     | Indian Railway Finance Corp Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | CORP              | IN        |     50000000 | PA      | $600421.71    | 0.09%             | 2028-12-04      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| AC ENERGY FIN INTL LTD                     | AC Energy Finance International Ltd                                                                                               | CUSIP: 000000000<br>LEI: 549300Z8J2RSBCDEY136 | Long             | DBT              | CORP              | KY        |      3400000 | PA      | $2806718.26   | 0.41%             | 2025-11-25      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| REC LTD                                    | REC Ltd                                                                                                                           | CUSIP: 74947LAE4<br>LEI: 335800B4YRYWAMIJZ374 | Long             | DBT              | CORP              | IN        |      5000000 | PA      | $4998770.05   | 0.73%             | 2029-09-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KOREA HOUSING FINANCE CO                   | Korea Housing Finance Corp                                                                                                        | CUSIP: 50065RAU1<br>LEI: 9884002AAOBT56QW9B80 | Long             | DBT              | NUSS              | KR        |      5000000 | PA      | $5151871.60   | 0.76%             | 2030-01-21      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| JSW INFRASTRUCTURE                         | JSW Infrastructure Ltd                                                                                                            | CUSIP: 46654XAA7<br>LEI: 3358003E3YFK92C9WX80 | Long             | DBT              | CORP              | IN        |      3420000 | PA      | $3365425.08   | 0.49%             | 2029-01-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-129230.15   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SHIMAO GROUP HLDGS LTD                     | Shimao Group Holdings Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |      4400000 | PA      | $242000.00    | 0.04%             | 2024-02-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 160000000000 | PA      | $10635998.78  | 1.56%             | 2029-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SHINHAN BANK                               | Shinhan Bank Co Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 5493003P813VL21KG928 | Long             | DBT              | CORP              | KR        |      5900000 | PA      | $5857706.20   | 0.86%             | 2028-03-26      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PERTAMINA GEOTHERMAL ENE                   | Pertamina Geothermal Energy PT                                                                                                    | CUSIP: 69379VAA7<br>LEI: 2549009CVV6Y7H26NV14 | Long             | DBT              | CORP              | ID        |      1892000 | PA      | $1911061.11   | 0.28%             | 2028-04-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd                            | Sands China Ltd                                                                                                                   | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      5000000 | PA      | $5058165.00   | 0.74%             | 2028-08-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                    | National Australia Bank Ltd                                                                                                       | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |      7500000 | PA      | $4984232.58   | 0.73%             | 2032-08-03      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| KRAKATAU POSCO PT                          | Krakatau Posco PT                                                                                                                 | CUSIP: 000000000<br>LEI: 98450003F1F2D08D9C16 | Long             | DBT              | CORP              | ID        |      4750000 | PA      | $4783696.50   | 0.70%             | 2029-06-11      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                                                                                 | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3500000 | PA      | $3702727.70   | 0.54%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                    | PURCHASED USD / SOLD MYR                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $190209.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                     | US ULTRA BOND CBT SEP25                                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          212 | NC      | $662614.71    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED USD / SOLD EUR                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |            1 | NC      | $160076.77    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BAPCO ENERGIES BSCC                        | Bapco Energies BSC Closed                                                                                                         | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |      2500000 | PA      | $2568287.50   | 0.38%             | 2027-10-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD                     | MGM China Holdings Ltd                                                                                                            | CUSIP: 55300RAJ0<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |      3600000 | PA      | $3749090.40   | 0.55%             | 2031-06-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     25000000 | PA      | $5941676.44   | 0.87%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| HDFC BANK LTD                              | HDFC Bank Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    660000000 | PA      | $7731899.05   | 1.13%             | 2033-01-27      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| SAMMAAN CAPITAL LTD                        | Sammaan Capital Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |      1734000 | PA      | $1768652.26   | 0.26%             | 2027-07-03      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| TAJIKISTAN INT BOND                        | Republic of Tajikistan International Bond                                                                                         | CUSIP: 000000000<br>LEI: 529900W1LSYUF3CYVU10 | Long             | DBT              | NUSS              | TJ        |      2500000 | PA      | $2465712.70   | 0.36%             | 2027-09-14      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| ELECT GLOBAL INV LTD                       | Elect Global Investments Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 254900MGJD77N8VPNK65 | Long             | DBT              | CORP              | VG        |      5000000 | PA      | $4938848.75   | 0.72%             | 2030-09-11      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                      | China Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     14000000 | PA      | $1946451.36   | 0.29%             | 2028-05-25      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds   | Indonesia Government International Bonds                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     12880000 | PA      | $16250663.41  | 2.38%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GLOBE TELECOM INC                          | Globe Telecom Inc                                                                                                                 | CUSIP: 000000000<br>LEI: 254900GPWI1816YIM923 | Long             | DBT              | CORP              | PH        |      2097000 | PA      | $2068511.71   | 0.30%             | 2026-08-02      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $144018.93    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                   | Long: B20948775 IRS USD R V 00MSOFR SL_2720948775_RECEIVE CCPOIS / Short: B20948775 IRS USD P F  3.39600 SL_2720948775_PAY CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     31000000 | OU      | $208518.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CO                    | Korea Electric Power Corp                                                                                                         | CUSIP: 500631AZ9<br>LEI: 988400QG33WS7JEIV602 | Long             | DBT              | NUSS              | KR        |      2500000 | PA      | $2523207.08   | 0.37%             | 2026-07-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAS CAPITAL NO1 LTD                        | CAS Capital No 1 Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900REJZW5L9QRTD85 | Long             | DBT              | CORP              | VG        |      7000000 | PA      | $6859386.03   | 1.01%             | 2026-07-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                          | Rakuten Group Inc                                                                                                                 | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      4500000 | PA      | $4876877.57   | 0.72%             | 2027-02-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| UPL Corp Ltd                               | UPL Corp Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |      2641000 | PA      | $2529120.11   | 0.37%             | 2028-03-08      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $214544.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK NEGARA INDONESIA                      | Bank Negara Indonesia Persero Tbk PT                                                                                              | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |      5130000 | PA      | $4942421.91   | 0.73%             | 2027-03-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| IVORY COAST                                | Ivory Coast Government International Bond                                                                                         | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      5000000 | PA      | $4941592.90   | 0.72%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                         | Dominican Republic International Bond                                                                                             | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    219950000 | PA      | $4298069.50   | 0.63%             | 2033-02-03      | Fixed         | 13.63%                | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $81967.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 240000000000 | PA      | $15622713.29  | 2.29%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      5000000 | PA      | $1192848.77   | 0.17%             | 2028-06-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                   | Brazil Notas do Tesouro Nacional Serie F                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     73000000 | PA      | $11837787.19  | 1.74%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional US Government Money Market Fund                                                                        | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |      4599319 | NS      | $4599319.45   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AUST & NZ BANKING GROUP                    | Australia & New Zealand Banking Group Ltd                                                                                         | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |       900000 | PA      | $593532.88    | 0.09%             | 2032-08-12      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    325000000 | PA      | $3777507.61   | 0.55%             | 2027-05-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                           | NTT Finance Corp                                                                                                                  | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |      1800000 | PA      | $1827896.27   | 0.27%             | 2035-07-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                       | Fortune Star BVI Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |      1300000 | PA      | $1285788.73   | 0.19%             | 2026-05-18      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VEDANTA RESOURCES                          | Vedanta Resources Finance II PLC                                                                                                  | CUSIP: 92243XAJ0<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      1000000 | PA      | $1031390.45   | 0.15%             | 2028-06-03      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                | GLP Pte Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |      3000000 | PA      | $2962740.00   | 0.43%             | 2028-05-20      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| PRUDENTIAL FUNDING ASIA                    | Prudential Funding Asia PLC                                                                                                       | CUSIP: 000000000<br>LEI: 2549005TNASWKLR0XC37 | Long             | DBT              | CORP              | GB        |      5400000 | PA      | $5091638.40   | 0.75%             | 2033-11-03      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| KOOKMIN BANK                               | Kookmin Bank                                                                                                                      | CUSIP: 50050GAN8<br>LEI: 549300XXMOJSIW8P4769 | Long             | DBT              | CORP              | KR        |      2000000 | PA      | $1782765.86   | 0.26%             | 2030-11-04      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                   | Shimao Group Holdings Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |      2800000 | PA      | $154000.00    | 0.02%             | 2026-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ZHONGSHENG GROUP                           | Zhongsheng Group Holdings Ltd                                                                                                     | CUSIP: 000000000<br>LEI: 3003005VYMEBAJNJ2Y26 | Long             | DBT              | CORP              | KY        |      4810000 | PA      | $4810481.00   | 0.71%             | 2028-01-30      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                     | PURCHASED THB / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | TH        |            1 | NC      | $-45003.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA INVESTMNT ISSUE                   | Malaysia Government Investment Issue                                                                                              | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     20000000 | PA      | $4784056.27   | 0.70%             | 2030-08-30      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    720000000 | PA      | $8541849.70   | 1.25%             | 2029-01-14      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                              | AIA Group Ltd                                                                                                                     | CUSIP: 00131LAN5<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |      5000000 | PA      | $5135008.40   | 0.75%             | 2027-10-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HDFC BANK LTD                              | HDFC Bank Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    750000000 | PA      | $8652059.08   | 1.27%             | 2026-09-21      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                      | Mineral Resources Ltd                                                                                                             | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      4000000 | PA      | $4066293.20   | 0.60%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                                                                                                     | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    469000000 | PA      | $24728593.69  | 3.63%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                    | International Bank for Reconstruction & Development                                                                               | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |   1250000000 | PA      | $14468671.07  | 2.12%             | 2031-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                     | PURCHASED SGD / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SG        |            1 | NC      | $-474970.73   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                    | PURCHASED USD / SOLD HKD                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $5244.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |   1500000000 | PA      | $17620881.75  | 2.58%             | 2062-09-19      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                      | Muangthai Capital PCL                                                                                                             | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |      2624000 | PA      | $2620779.83   | 0.38%             | 2028-09-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Santos Finance Ltd                         | Santos Finance Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |      4900000 | PA      | $4815466.92   | 0.71%             | 2027-09-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| AXIS BANK GANDHINAGAR                      | Axis Bank Ltd/Gandhinagar                                                                                                         | CUSIP: 05464XAA3<br>LEI: 549300HVNWMJPOFVNI41 | Long             | DBT              | CORP              | IN        |      7600000 | PA      | $7410353.55   | 1.09%             | 2026-09-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    435710000 | PA      | $9052945.26   | 1.33%             | 2034-11-05      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    148140000 | PA      | $2609165.97   | 0.38%             | 2033-08-17      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD                        | Shriram Finance Ltd                                                                                                               | CUSIP: 82556FAA0<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |      5000000 | PA      | $5096040.00   | 0.75%             | 2027-04-22      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $339442.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                     | India Cleantech Energy                                                                                                            | CUSIP: 000000000<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |      2370000 | PA      | $2331601.78   | 0.34%             | 2026-08-10      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED AUD / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | AU        |            1 | NC      | $-313587.38   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| HK GOVT INFRA BOND PROG                    | Hong Kong Government Infrastructure Bond Programme                                                                                | CUSIP: 000000000<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |     48000000 | PA      | $6222674.57   | 0.91%             | 2028-04-25      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD                    | Perenti Finance Pty Ltd                                                                                                           | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |      5000000 | PA      | $5166600.00   | 0.76%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                   | Saudi Government International Bond                                                                                               | CUSIP: 80413TBH1<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      3000000 | PA      | $2889432.33   | 0.42%             | 2054-01-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC                               | SK Hynix Inc                                                                                                                      | CUSIP: 78392BAF4<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |      2200000 | PA      | $2386797.89   | 0.35%             | 2033-01-17      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATL HIGHWAYS AUTH OF IN                   | National Highways Authority of India                                                                                              | CUSIP: 000000000<br>LEI: 335800P7TS317PBS7B04 | Long             | DBT              | NUSS              | IN        |    150000000 | PA      | $1768669.21   | 0.26%             | 2029-09-13      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                           | DP World Ltd/United Arab Emirates                                                                                                 | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      2700000 | PA      | $2995907.34   | 0.44%             | 2037-07-02      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| KHAZANAH CAPITAL LTD                       | Khazanah Capital Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 213800O6O4S6ZMOA9R34 | Long             | DBT              | CORP              | MY        |      5100000 | PA      | $5057557.29   | 0.74%             | 2034-09-05      | Fixed         | 4.76%                 | Yes           |                  2 | On Loan: No      |
| GLOBE TELECOM INC                          | Globe Telecom Inc                                                                                                                 | CUSIP: 000000000<br>LEI: 254900GPWI1816YIM923 | Long             | DBT              | CORP              | PH        |      2000000 | PA      | $1629485.26   | 0.24%             | 2035-07-23      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                       | Tencent Holdings Ltd                                                                                                              | CUSIP: 88032XBC7<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |      3200000 | PA      | $2460287.20   | 0.36%             | 2051-04-22      | Fixed         | 3.84%                 | Yes           |                  2 | On Loan: No      |
| EMECO PTY LTD                              | Emeco Pty Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300487GWW3BZDSX84 | Long             | DBT              | CORP              | AU        |      1000000 | PA      | $639359.61    | 0.09%             | 2026-07-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                          | Vedanta Resources Finance II PLC                                                                                                  | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      1700000 | PA      | $1737166.23   | 0.25%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| IND & COMM BK OF CHINA                     | Industrial & Commercial Bank of China Ltd                                                                                         | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |     50000000 | PA      | $7000689.22   | 1.03%             | 2030-11-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |      9590000 | PA      | $123604.47    | 0.02%             | 2030-09-30      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  98500000000 | PA      | $6773582.21   | 0.99%             | 2039-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                               | UBS Group AG                                                                                                                      | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1600000 | PA      | $1875524.80   | 0.28%             | 2033-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                    | PURCHASED USD / SOLD CNH                                                                                                          | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |            1 | NC      | $138078.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA HONGQIAO GROUP LTD                   | China Hongqiao Group Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | DBT              | CORP              | KY        |      2300000 | PA      | $2363185.32   | 0.35%             | 2028-01-10      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| TENAGA NASIONAL BERHAD                     | Tenaga Nasional Bhd                                                                                                               | CUSIP: 000000000<br>LEI: 549300FV8X6UID6I1413 | Long             | DBT              | CORP              | MY        |      2700000 | PA      | $2615733.00   | 0.38%             | 2096-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| POWER FINANCE CORP LTD                     | Power Finance Corp Ltd                                                                                                            | CUSIP: 73928RAA4<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | DBT              | CORP              | IN        |      7112000 | PA      | $7415093.88   | 1.09%             | 2028-12-06      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                      | Alibaba Group Holding Ltd                                                                                                         | CUSIP: 01609WBL5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      5250000 | PA      | $5204287.78   | 0.76%             | 2054-11-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                      | Muangthai Capital PCL                                                                                                             | CUSIP: 624923AA6<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |      2450000 | PA      | $2486595.60   | 0.36%             | 2030-07-21      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Petroliam Nasional Bhd.                    | Petroliam Nasional Bhd.                                                                                                           | CUSIP: 000000000<br>LEI: 5493003RZQYJM7QGNE15 | Long             | DBT              | CORP              | MY        |      2000000 | PA      | $2071133.86   | 0.30%             | 2026-10-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES                      | MAF Global Securities Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |      2500000 | PA      | $2580100.00   | 0.38%             | 2027-06-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TELEKOM SRBJIA                             | TELEKOM SRBJIA                                                                                                                    | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $5677467.36   | 0.83%             | 2028-05-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds   | Sri Lanka Government International Bonds                                                                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      1500000 | PA      | $1226796.29   | 0.18%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $10690.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  21000000000 | PA      | $1285779.40   | 0.19%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd.                      | Petronas Capital Ltd.                                                                                                             | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      2600000 | PA      | $2253767.80   | 0.33%             | 2060-04-21      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $201804.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN INVESTMENT BOND                   | Pakistan Investment Bond                                                                                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   2400000000 | PA      | $8968613.72   | 1.32%             | 2027-09-20      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                   | Greensaif Pipelines Bidco Sarl                                                                                                    | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |      5014000 | PA      | $5097767.64   | 0.75%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| NWD MTN LTD                                | NWD MTN Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STSWBVJ5FV9O74 | Long             | DBT              | CORP              | VG        |      1200000 | PA      | $794494.66    | 0.12%             | 2028-02-08      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| Pakistan Government International Bonds    | Pakistan Government International Bonds                                                                                           | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      3000000 | PA      | $2940580.26   | 0.43%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| REC LTD                                    | REC Ltd                                                                                                                           | CUSIP: 74947LAD6<br>LEI: 335800B4YRYWAMIJZ374 | Long             | DBT              | CORP              | IN        |      3443000 | PA      | $3518464.19   | 0.52%             | 2028-04-11      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK OF CHINA                     | Industrial & Commercial Bank of China Ltd                                                                                         | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |     30000000 | PA      | $4258309.04   | 0.62%             | 2032-01-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| HUTCHISON WHAMPOA FIN                      | Hutchison Whampoa Finance CI Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 254900R3BZU6S8ZU0L15 | Long             | DBT              | CORP              | KY        |     15500000 | PA      | $16347478.31  | 2.40%             | 2027-08-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MAHARASTRA                                 | State of Maharashtra India                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IN        |    300000000 | PA      | $3491680.68   | 0.51%             | 2027-08-09      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                       | Fortune Star BVI Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |      3600000 | PA      | $3694504.72   | 0.54%             | 2028-05-19      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                       | Petronas Capital Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      5800000 | PA      | $5080227.31   | 0.75%             | 2032-01-28      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-236676.85   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| PAKISTAN GLOBAL SUKUK                      | Pakistan Global Sukuk Programme Co Ltd/The                                                                                        | CUSIP: 69583PAA2<br>LEI: 213800X5OY6CVYNY1M70 | Long             | DBT              | NUSS              | PK        |      6245000 | PA      | $6279347.50   | 0.92%             | 2029-01-31      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    721000000 | PA      | $8796362.80   | 1.29%             | 2036-05-23      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF KAZA                   | Development Bank of Kazakhstan JSC                                                                                                | CUSIP: 25159XAC7<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |   3265000000 | PA      | $5790530.20   | 0.85%             | 2026-05-06      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                     | Corp Andina de Fomento                                                                                                            | CUSIP: 000000000<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | NUSS              | XX        |    320000000 | PA      | $3863470.65   | 0.57%             | 2034-04-26      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds | Philippines Government International Bonds                                                                                        | CUSIP: 718286BG1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      6500000 | PA      | $7154371.25   | 1.05%             | 2034-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HEALTH AND HAPPINESS H&H                   | Health & Happiness H&H International Holdings Ltd                                                                                 | CUSIP: 000000000<br>LEI: 2138007WU5DJFZFDDV59 | Long             | DBT              | CORP              | KY        |      4900000 | PA      | $5046647.05   | 0.74%             | 2028-07-24      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                | BNP Paribas SA                                                                                                                    | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      5240000 | PA      | $5587322.92   | 0.82%             | 2028-08-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE                     | Medco Cypress Tree Pte Ltd                                                                                                        | CUSIP: 58406VAA7<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | CORP              | SG        |      2251000 | PA      | $2350191.49   | 0.34%             | 2030-05-19      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  44000000000 | PA      | $2814286.37   | 0.41%             | 2040-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GREENTOWN CHINA HLDGS                      | Greentown China Holdings Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 529900BLBC6YDNWS8530 | Long             | DBT              | CORP              | KY        |      1200000 | PA      | $1226956.72   | 0.18%             | 2028-02-24      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| PAKISTAN INVESTMENT BOND                   | Pakistan Investment Bond                                                                                                          | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   5200000000 | PA      | $19178345.98  | 2.81%             | 2027-02-15      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                    | Inter-American Development Bank                                                                                                   | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    850000000 | PA      | $9898109.27   | 1.45%             | 2033-04-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                      | Philippine Government Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    755000000 | PA      | $14177149.19  | 2.08%             | 2031-07-19      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                | GLP Pte Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |      4538000 | PA      | $2497498.56   | 0.37%             | 2026-05-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                   | Uruguay Government International Bond                                                                                             | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     79419234 | PA      | $1962994.38   | 0.29%             | 2031-05-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS                     | Emirate of Dubai Government International Bonds                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |      6800000 | PA      | $4910428.65   | 0.72%             | 2050-09-09      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| DEVT BANK OF MONGOLIA                      | Development Bank of Mongolia LLC                                                                                                  | CUSIP: 000000000<br>LEI: 254900HRWK3OKXS9UW60 | Long             | DBT              | NUSS              | MN        |      3800000 | PA      | $3828250.61   | 0.56%             | 2028-07-03      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $-544219.14   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                     | Galaxy Pipeline Assets Bidco Ltd                                                                                                  | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |      7237000 | PA      | $6210375.17   | 0.91%             | 2036-03-31      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                   | Republic of South Africa Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    165000000 | PA      | $8049847.58   | 1.18%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                    | Hyundai Capital America                                                                                                           | CUSIP: 44891CBL6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      5100000 | PA      | $5410927.62   | 0.79%             | 2030-04-08      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| LCH Ltd.                                   | Long: B71731555 IRS USD R V 00MSOFR SL_2717315556_RECEIVE CCPOIS / Short: B71731555 IRS USD P F  3.40020 SL_2717315556_PAY CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     20000000 | OU      | $311441.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                   | Brazil Notas do Tesouro Nacional Serie F                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     30000000 | PA      | $4448292.72   | 0.65%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MANAPPURAM FINANCE LTD                     | Manappuram Finance Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 335800JL5WTUSKOSPN77 | Long             | DBT              | CORP              | IN        |      2500000 | PA      | $2558184.73   | 0.38%             | 2028-05-12      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     25000000 | PA      | $5652403.28   | 0.83%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                        | Bangkok Bank PCL/Hong Kong                                                                                                        | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |      1200000 | PA      | $1350262.12   | 0.20%             | 2029-03-15      | Fixed         | 9.03%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                    | Teva Pharmaceutical Finance Netherlands III BV                                                                                    | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1308564.00   | 0.19%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MTR CORP LTD                               | MTR Corp Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | DBT              | CORP              | HK        |      1300000 | PA      | $1283294.70   | 0.19%             | 2055-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LCH Ltd.                                   | Long: B17315554 IRS USD R V 00MSOFR SL_2717315554_RECEIVE OIS / Short: B17315554 IRS USD P F  3.38270 SLI_2717315554_PAY OIS      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     25000000 | OU      | $555440.75    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD                     | India Green Power Holdings                                                                                                        | CUSIP: 45410LAA0<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |      6128595 | PA      | $5950636.12   | 0.87%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                     | US 10YR NOTE (CBT)SEP25                                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          425 | NC      | $271598.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                    | National Australia Bank Ltd                                                                                                       | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |      1500000 | PA      | $1000297.55   | 0.15%             | 2033-03-09      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                      | China Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     30500000 | PA      | $4190490.28   | 0.61%             | 2055-04-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SCIENCE CITY GZ INV GRP                    | Science City Guangzhou Investment Group Co Ltd                                                                                    | CUSIP: 000000000<br>LEI: 30030084X5FIH4GPJV94 | Long             | DBT              | CORP              | CN        |      4950000 | PA      | $4951485.00   | 0.73%             | 2025-08-05      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                       | Westpac Banking Corp                                                                                                              | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      5000000 | PA      | $3518733.57   | 0.52%             | 2038-06-23      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| SAMMAAN CAPITAL LTD                        | Sammaan Capital Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |    100000000 | PA      | $1126091.42   | 0.17%             | 2026-04-29      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                     | Commonwealth Bank of Australia                                                                                                    | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |      4000000 | PA      | $2692934.77   | 0.40%             | 2032-11-09      | Fixed         | 6.86%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                    | Pakistan Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      2709000 | PA      | $2710168.64   | 0.40%             | 2025-09-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  69000000000 | PA      | $4681418.32   | 0.69%             | 2036-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-275450.26   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                           | PURCHASED MYR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | MY        |            1 | NC      | $-54248.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     14800000 | PA      | $3534302.46   | 0.52%             | 2050-06-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     16500000 | PA      | $4324789.43   | 0.63%             | 2042-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                   | Kaisa Group Holdings Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |       700000 | PA      | $29750.00     | 0.00%             | 2023-09-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HONGKONG LAND FINANCE                      | Hongkong Land Finance Cayman Islands Co Ltd/The                                                                                   | CUSIP: 000000000<br>LEI: 254900OHTMO343QAXN81 | Long             | DBT              | CORP              | KY        |      5000000 | PA      | $5038653.90   | 0.74%             | 2033-07-14      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    733000000 | PA      | $8855947.45   | 1.30%             | 2036-12-19      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 190000000000 | PA      | $11852095.62  | 1.74%             | 2038-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                      | Nippon Life Insurance Co                                                                                                          | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |      3170000 | PA      | $3317496.93   | 0.49%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-169498.63   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LLPL Capital Pte Ltd                       | LLPL Capital Pte Ltd                                                                                                              | CUSIP: 50201PAA4<br>LEI: 254900VXZ8FXTUQNON22 | Long             | DBT              | CORP              | SG        |      4454100 | PA      | $4584266.62   | 0.67%             | 2039-02-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of India                | Export-Import Bank of India                                                                                                       | CUSIP: 30216KAG7<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |      2500000 | PA      | $2584197.60   | 0.38%             | 2033-01-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TONGYANGLIFEINSURANCECO                    | Tongyang Life Insurance Co Ltd                                                                                                    | CUSIP: 000000000<br>LEI: 9884007L6E9UAWKGCX42 | Long             | DBT              | CORP              | KR        |      7238000 | PA      | $7472394.02   | 1.10%             | 2035-05-07      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HDFC BANK LTD                              | HDFC Bank Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    100000000 | PA      | $1151655.92   | 0.17%             | 2026-08-24      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| HK GOVT INFRA BOND PROG                    | Hong Kong Government Infrastructure Bond Programme                                                                                | CUSIP: 000000000<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |     50000000 | PA      | $6448025.48   | 0.95%             | 2035-07-24      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  80000000000 | PA      | $4922078.40   | 0.72%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     17000000 | PA      | $4107502.93   | 0.60%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| NWD FINANCE (BVI) LTD                      | NWD Finance BVI Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 25490076V8K09HMNCT88 | Long             | DBT              | CORP              | VG        |      6900000 | PA      | $1897469.43   | 0.28%             | 2026-03-22      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                    | International Bank for Reconstruction & Development                                                                               | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    817000000 | PA      | $9450200.75   | 1.39%             | 2029-07-22      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| GLP CHINA HOLDINGS LTD                     | GLP China Holdings Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 254900C6X2D3TGF2CO98 | Long             | DBT              | CORP              | HK        |      3962000 | PA      | $3815028.42   | 0.56%             | 2026-03-29      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| IIFL FINANCE LTD                           | IIFL Finance Ltd                                                                                                                  | CUSIP: 44964HAA2<br>LEI: 335800CZ46UJRS34JR78 | Long             | DBT              | CORP              | IN        |      1748000 | PA      | $1775708.04   | 0.26%             | 2028-07-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED KRW / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | KR        |            1 | NC      | $-621240.82   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  16000000000 | PA      | $1120659.13   | 0.16%             | 2031-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                    | National Australia Bank Ltd                                                                                                       | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |      2000000 | PA      | $2138657.62   | 0.31%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                     | US 10YR NOTE (CBT)SEP25                                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -131 | NC      | $-141440.04   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                     | PURCHASED USD / SOLD PHP                                                                                                          | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |            1 | NC      | $1034934.86   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| WOORI BANK                                 | Woori Bank                                                                                                                        | CUSIP: 98105TAA2<br>LEI: 549300VUVMRL6RE7R376 | Long             | DBT              | CORP              | KR        |      3500000 | PA      | $3563738.43   | 0.52%             | 2029-07-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AAC TECHNOLOGIES HOLDING                   | AAC Technologies Holdings Inc                                                                                                     | CUSIP: 000000000<br>LEI: 549300SKEDE1VKS0A552 | Long             | DBT              | CORP              | KY        |      1800000 | PA      | $1672977.40   | 0.25%             | 2031-06-02      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN MACAU LTD                             | Wynn Macau Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      3000000 | PA      | $2967133.26   | 0.44%             | 2028-08-26      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES                      | MAF Global Securities Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |      1500000 | PA      | $1499923.13   | 0.22%             | 2026-03-20      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                         | Macquarie Bank Ltd                                                                                                                | CUSIP: 556079AC5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |      4245000 | PA      | $3992477.18   | 0.59%             | 2030-06-03      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PRESS METAL ALUMINIUM                      | Press Metal Aluminium Holdings Bhd                                                                                                | CUSIP: 000000000<br>LEI: 254900RO5GQ4M0YV5S47 | Long             | DBT              | CORP              | MY        |      5000000 | PA      | $1172558.49   | 0.17%             | 2025-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EGYPT TASKEEK CO                           | Egyptian Financial Co for Sovereign Taskeek/The                                                                                   | CUSIP: 000000000<br>LEI: 894500CX5LI3HIC87H85 | Long             | DBT              | NUSS              | EG        |      5000000 | PA      | $5117500.00   | 0.75%             | 2026-02-28      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| GEORGIA GLOBAL UTILITIES                   | Georgia Global Utilities JSC                                                                                                      | CUSIP: 373196AB0<br>LEI: 213800JCP8ERP6FTOL26 | Long             | DBT              | CORP              | GE        |      4119000 | PA      | $4288305.60   | 0.63%             | 2029-07-25      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| POWER GRID CORP OF INDIA                   | Power Grid Corp of India Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | DBT              | CORP              | IN        |    150000000 | PA      | $1754664.94   | 0.26%             | 2027-04-25      | Fixed         | 8.13%                 | 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        |       232847 | NS      | $232846.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LGENERGYSOLUTION                           | LG Energy Solution Ltd                                                                                                            | CUSIP: 50205MAG4<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |      4330000 | PA      | $4387138.68   | 0.64%             | 2030-04-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Philippines Government International Bonds | Philippines Government International Bonds                                                                                        | CUSIP: 718286CX3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      5200000 | PA      | $5129364.29   | 0.75%             | 2048-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                   | Republic of South Africa Government Bond                                                                                          | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    256987600 | PA      | $13664553.34  | 2.00%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                   | Asian Infrastructure Investment Bank/The                                                                                          | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    550000000 | PA      | $6235550.55   | 0.91%             | 2033-06-30      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ                              | Uzbekneftegaz JSC                                                                                                                 | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |      2348000 | PA      | $2465944.43   | 0.36%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $105888.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                      | India Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    250000000 | PA      | $2978887.86   | 0.44%             | 2037-07-24      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds   | Indonesia Government International Bonds                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      6000000 | PA      | $7314946.86   | 1.07%             | 2038-01-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                       | Westpac Banking Corp                                                                                                              | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      5000000 | PA      | $3370474.22   | 0.49%             | 2033-06-23      | Fixed         | 6.49%                 | Yes           |                  2 | On Loan: No      |
| PENGERANG LNG TWO                          | Pengerang LNG Two Sdn Bhd                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |      5000000 | PA      | $1141038.11   | 0.17%             | 2029-10-19      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     42000000 | PA      | $10373655.33  | 1.52%             | 2044-05-16      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD                            | Network i2i Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |      2800000 | PA      | $2768528.00   | 0.41%             | 2026-03-03      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                   | Export-Import Bank of Korea                                                                                                       | CUSIP: 302154DW6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |      4884000 | PA      | $5024496.12   | 0.74%             | 2033-01-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED CNH / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | CN        |            1 | NC      | $-434458.75   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF GEORGIA JSC                        | Bank of Georgia JSC                                                                                                               | CUSIP: 062269AA3<br>LEI: 549300RPLD8RXL49Z691 | Long             | DBT              | CORP              | GE        |      2500000 | PA      | $2494800.20   | 0.37%             | 2029-07-16      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | ID        |            1 | NC      | $-19593.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AIRPORT AUTHORITY HK                       | Airport Authority                                                                                                                 | CUSIP: 00946AAN4<br>LEI: 254900748HGC4RBR4O84 | Long             | DBT              | NUSS              | HK        |      2131000 | PA      | $2209215.01   | 0.32%             | 2035-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     20000000 | PA      | $4743681.13   | 0.70%             | 2028-04-20      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                     | US 5YR NOTE (CBT) SEP25                                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          453 | NC      | $197521.59    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FAR EAST HORIZON LTD                       | Far East Horizon Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 549300S9XRGO1ZPUHE62 | Long             | DBT              | CORP              | HK        |      4800000 | PA      | $4883928.00   | 0.72%             | 2027-04-16      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                   | Kaisa Group Holdings Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |      1211000 | PA      | $51467.50     | 0.01%             | 2023-07-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                   | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                                                                         | CUSIP: 71568PAF6<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |      3129000 | PA      | $3102001.11   | 0.46%             | 2048-05-21      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      5000000 | PA      | $1194138.34   | 0.18%             | 2027-11-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                         | Mongolia Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      1100000 | PA      | $1162137.46   | 0.17%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                       | Petronas Capital Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      2800000 | PA      | $2822475.57   | 0.41%             | 2055-04-03      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP                    | Shinhan Financial Group Co Ltd                                                                                                    | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | DBT              | CORP              | KR        |      2900000 | PA      | $2931601.30   | 0.43%             | 2028-07-24      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-385971.75   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| PENGERANG LNG TWO                          | Pengerang LNG Two Sdn Bhd                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |      5000000 | PA      | $1148386.62   | 0.17%             | 2028-10-20      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| BANK OF EAST ASIA LTD                      | Bank of East Asia Ltd/The                                                                                                         | CUSIP: 000000000<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |      2500000 | PA      | $2525370.90   | 0.37%             | 2027-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                    | Mong Duong Finance Holdings BV                                                                                                    | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |      2920459 | PA      | $2875100.62   | 0.42%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                             | PURCHASED CNH / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |            1 | NC      | $-143703.61   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                                                                                                           | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 265000000000 | PA      | $16531297.48  | 2.43%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)            | KOREA 10YR BND FU SEP25                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |          663 | NC      | $182865.23    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                | PURCHASED USD / SOLD IDR                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |            1 | NC      | $-392853.44   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     20000000 | PA      | $4813599.06   | 0.71%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                      | Alibaba Group Holding Ltd                                                                                                         | CUSIP: 01609WAR3<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      5000000 | PA      | $4824222.05   | 0.71%             | 2034-11-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                               | UBS Group AG                                                                                                                      | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      2700000 | PA      | $2963333.70   | 0.43%             | 2028-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                | PURCHASED IDR / SOLD USD                                                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |            1 | NC      | $-27547.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                       | Westpac Banking Corp                                                                                                              | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      8000000 | PA      | $5735471.13   | 0.84%             | 2038-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| DRB-HICOM BHD                              | DRB-Hicom Bhd                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |      5000000 | PA      | $1233505.98   | 0.18%             | 2029-12-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                     | Standard Chartered PLC                                                                                                            | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      3000000 | PA      | $3198872.37   | 0.47%             | 2028-11-16      | Fixed         | 7.77%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** ABRDN ASIA-PACIFIC INCOME FUND, INC.

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer