Abrdn Asia Pacific Income Fund : Proxy Statement (04/17/2023)

ABRDN ASIA-PACIFIC INCOME FUND, INC.

ABRDN GLOBAL INCOME FUND, INC. ABRDN AUSTRALIA EQUITY FUND, INC. 1900 Market Street, Suite 200

Philadelphia, PA 19103

NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS

To be held on May 25, 2023

TO THE SHAREHOLDERS:

NOTICE IS HEREBY GIVEN that the annual meeting of shareholders of each of abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc. and abrdn Australia Equity Fund, Inc. (each, a "Fund," and collectively, the "Funds") (each meeting, an "Annual Meeting," and collectively, the "Annual Meetings") will be held at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103, on the following dates and at the following times:

abrdn Asia-Pacific Income Fund, Inc. (NYSE MKT: "FAX")	May 25, 2023	11:00 a.m. Eastern Time
abrdn Global Income Fund, Inc. (NYSE MKT: "FCO")	May 25, 2023	11:30 a.m. Eastern Time
abrdn Australia Equity Fund, Inc. (NYSE MKT: "IAF")	May 25, 2023	12:00 p.m. Eastern Time

The purpose of the Annual Meetings is to consider and act upon the following proposals (each a "Proposal") for each Fund, as applicable, and to consider and act upon such other matters as may properly come before the Annual Meetings or any adjournments or postponements thereof:

Proposal 1: Election of Common Share Directors

FAX - To elect one Class II Director, to serve for a three-year term.

FCO - To elect two Class I Directors, to serve for a three-year term.

IAF - To elect two Class II Directors, to serve for a three-year term.

Proposal 2: To consider the continuation of the term of one Director for FAX, one Director for FCO and two Directors for IAF under each Fund's Corporate Governance Policies.

Each Proposal is discussed in greater detail in the enclosed Joint Proxy Statement. You are entitled to notice of, and to vote at, the Annual Meeting of a Fund if you owned shares of such Fund at the close of business on April 10, 2023 (the "Record Date"). Even if you expect to attend an Annual Meeting, please complete, date, sign and return the enclosed proxy card(s) in the enclosed postage-paid envelope or authorize your proxy by telephone or through the Internet.

We will admit to an Annual Meeting (1) all shareholders of record on the Record Date, (2) persons holding proof of beneficial ownership on the Record Date, such as a letter or account statement from the person's broker,

1. persons who have been granted proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. All persons wishing to be admitted to an Annual Meeting must present photo identification. If you plan to attend an Annual Meeting, we ask that you call us in advance at 1-800-522-5465.

This Notice and related proxy materials are first being mailed to shareholders on or about April 15, 2023.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings of Shareholders to Be Held on Thursday, May 25, 2023: This Notice, the Joint Proxy Statement and the form of proxy card(s) are available on the Internet at http://www.abrdn.com/en-us/cefinvestorcenter. On this website, you will be able to access the Notice, the Joint Proxy Statement, the form of proxy card(s) and any amendments or supplements to the foregoing materials that are required to be furnished to shareholders.

By order of the Boards of Directors,

Megan Kennedy, Vice President and Secretary abrdn Asia-Pacific Income Fund, Inc.

abrdn Global Income Fund, Inc. abrdn Australia Equity Fund, Inc.

TO AVOID THE UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETINGS, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE ANNUAL MEETINGS.ACCORDINGLY,YOU ARE REQUESTED TO PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD(S) FOR THE ANNUAL MEETINGS PROMPTLY, OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD(S). NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD(S) BE RETURNED PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.

April 15, 2023

Philadelphia, Pennsylvania

ABRDN ASIA-PACIFIC INCOME FUND, INC. ("FAX")

ABRDN GLOBAL INCOME FUND, INC. ("FCO")

ABRDN AUSTRALIA EQUITY FUND, INC. ("IAF")

(each, a "Fund" and collectively, the "Funds")

1900 Market Street, Suite 200

Philadelphia, PA 19103

JOINT PROXY STATEMENT

For the Annual Meetings of Shareholders

each to be held on May 25, 2023

This Joint Proxy Statement is furnished in connection with the solicitation of proxies by each Fund's Board of Directors (each, a "Board," and collectively, the "Boards," with members of each Board being referred to as "Directors") to be voted at the Annual Meeting of Shareholders of each Fund (each, a "Meeting," and collectively, the "Meetings") to be held at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103 on Thursday, May 25, 2023 and at any adjournments or postponements thereof. A Notice of the Meetings and a proxy card (the "Proxy Card") accompanying this Joint Proxy Statement will be mailed to shareholders of each Fund. This Joint Proxy Statement is first being mailed to shareholders on or about April 15, 2023.

The purpose of the Annual Meetings is to consider and act upon the following proposals (each a "Proposal") for each Fund, as applicable, and to consider and act upon such other matters as may properly come before the Annual Meetings or any adjournments or postponements thereof:

Proposal 1: Election of Common Share Directors

FAX - To elect one Class II Director, to serve for a three-year term.

FCO - To elect two Class I Directors, to serve for a three-year term.

IAF - To elect two Class II Directors, to serve for a three-year term.

Proposal 2: To consider the continuation of the term of one Director for FAX, one Director for FCO and two Directors for IAF under each Fund's Corporate Governance Policies.

All properly executed proxies received prior to a Meeting will be voted at the Meeting, or at any adjournments or postponements thereof, in accordance with the instructions marked on the Proxy Card. Unless instructions to the contrary are marked on the Proxy Card, proxies received will be voted "FOR" each Proposal. The persons named as proxy holders on the Proxy Card will vote in their discretion on any other matters that may properly come before each Meeting or any adjournments or postponements thereof. Any proxy may be revoked at any time prior to its exercise by submitting a properly executed, subsequently dated Proxy Card, giving written notice to Megan Kennedy, Secretary of the Fund(s), 1900 Market Street, Suite 200, Philadelphia, PA 19103, or by attending a Meeting and voting in person. Shareholders may authorize proxy voting by using the enclosed Proxy Card along with the enclosed envelope with pre-paid postage. Shareholders may also authorize proxy voting by telephone or through the Internet by following the instructions contained on the Proxy Card. Shareholders do not have dissenters' rights of appraisal in connection with any of the matters to be voted on by the shareholders at each Meeting.

The presence at each Meeting, in person or by proxy, of the holders of a majority of the stock issued and outstanding and entitled to vote at the Meeting on any matter shall be necessary and sufficient to constitute a quorum for the transaction of business. For purposes of determining the presence of a quorum at a Meeting,

3

abstentions and broker 'non-votes' (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular Proposal with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present at the Meeting.

With regard to Proposal 1 and Proposal 2 for FAX and FCO, the affirmative vote of a majority of the votes of common stock cast at a meeting at which a quorum is present is necessary for the election of a common share Director, provided that, for the Funds, if the number of nominees for Director, as determined by the Secretary of the Funds, exceeds the number of Directors to be elected, the common share Directors shall be elected by the vote of a plurality of the shares of common stock. Under a plurality vote, the nominees who receive the highest number of votes up to the number of Directors to be elected will be elected even if they receive less than a majority of the votes cast. With regard to Proposal 1 for IAF, the vote of a plurality of all the votes cast at a meeting at which a quorum is present is necessary for the election of a common share Director. With respect to Proposal 2 for IAF, the vote of a majority of the votes cast at a meeting at which a quorum is present is required. For purposes of the election of Directors for FAX and FCO, withheld votes and broker 'non-votes' will not be counted as votes cast and will have no effect on the result of the vote. For purposes of the election of Directors for IAF, withheld votes will not be counted as votes cast and will have no effect on the result of the vote, but broker 'non-votes' will be voted "FOR" the Proposal.

Each Board has adopted certain corporate governance policies for each Fund (the "Corporate Governance Polices"). The Corporate Governance Policies include (i) a resignation policy which generally provides that (notwithstanding the plurality voting standard for IAF) a director who is not an "interested person" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")), of a Fund, the Funds' investment manager, abrdn Asia Limited (the "Investment Manager" or "AAL"), or, in the case of FAX and FCO, the Funds' investment sub-adviser, abrdn Investments Limited (the "Sub-Adviser" or "AIL") (each an "Independent Director," and collectively, the "Independent Directors"), in an uncontested election, who does not receive a majority of votes "FOR" his or her election at a meeting of shareholders shall be deemed to have tendered his or her resignation, subject to a Board's acceptance or rejection of such resignation, and such Board determination will be disclosed publicly to Fund shareholders; and (ii) a policy requiring that after an Independent Director has served on the Board for three consecutive terms of three years following the later of (a) engagement of the existing investment manager of the Fund or (b) the Independent Director's election to the Board, the Independent Director will be put forth for consideration by shareholders annually. With respect to clause (ii) above, Independent Directors currently serving on the Boards will be submitted to shareholders for consideration of continuation as a director on an annual basis beginning at the first annual meeting following the end of each such Director's third consecutive three-year term in office after the end of such Independent Director's current term.

If a quorum is not present at the time a Meeting is called to order, the Chair of the Meeting may adjourn the Meeting. For FAX or FCO, if a quorum is present but there are not sufficient votes to approve a Proposal, the Chair of the Meeting or the shareholders entitled to vote at such Meeting present in person, by a majority of the votes validly cast, may adjourn the Meeting to permit further solicitation of proxies on that Proposal. Absent the establishment of a subsequent record date and the giving of notice to the holders of record thereon, the adjourned Meeting must take place not more than 120 days after the Record Date.

We will admit to a Meeting (1) all shareholders of record on April 10, 2023 (the "Record Date"), (2) persons holding proof of beneficial ownership on the Record Date, such as a letter or account statement from the person's broker, (3) persons who have been granted proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. To gain admittance, if you are a shareholder of record or a proxy holder of a shareholder of record, you must bring a form of personal identification to the Meeting, where your name will be verified against our shareholder list. If a broker or other nominee holds your shares and you plan to attend the Meeting, you should

4

bring a recent brokerage statement showing your ownership of the shares, as well as a form of personal identification. If you are a beneficial owner and plan to vote at the Meeting, you should also bring a proxy card from your broker.

Each Board has fixed the close of business on April 10, 2023 as the Record Date for the determination of shareholders entitled to notice of, and to vote at, each Meeting and at any adjournment or postponement thereof. Shareholders on the Record Date for each Fund will be entitled to one vote for each share held for their respective Meeting. As of the Record Date, the following number of shares of each Fund were issued and outstanding:

FAX had outstanding 247,695,769.000 shares of common stock, par value $0.01 per share.

FCO had outstanding 12,540,892.000 shares of common stock, par value $0.001 per share.

IAF had outstanding 25,469,348.000 shares of common stock, par value $0.01 per share.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings to Be Held on Thursday, May 25, 2023, at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103. The Proxy Materials and each Fund's most recent annual report for the fiscal year ended October 31, 2022 are available on the Internet at http://www.abrdn.com/en-us/cefinvestorcenter. Each Fund will furnish, without charge, a copy of its annual report for the fiscal year ended October 31, 2022, and any more recent reports, to any Fund shareholder upon request. To request a copy, please write to the Funds c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, PA 19103, or call 1-800-522-5465. You may also call for information on how to obtain directions to be able to register to attend a Meeting.

Proposal 1: Election of Common Share Directors

Each Fund's bylaws provide that the Fund's Board be elected by holders of the Fund's shares and divided into three classes, as nearly equal in number as possible, each of which will serve for three years, with one class being elected each year. Each year the term of office of one class expires. Directors who are not Independent Directors are referred to in this Joint Proxy Statement as "Interested Directors."

Each Board, including the Independent Directors, upon the recommendation of the respective Board's Nominating and Corporate Governance Committee, which is composed entirely of Independent Directors, has nominated the following individuals for election as common share Directors to its Board as follows:

abrdn Asia-Pacific Income Fund, Inc.	P. Gerald Malone (Class II Director, 3-year term ending 2026(1))
abrdn Global Income Fund, Inc.	P. Gerald Malone (Class I Director, 3-year term ending 2026(2))
	Moritz Sell (Class I Director, 3-year term ending 2026)
abrdn Australia Equity Fund, Inc.	Radhika Ajmera (Class II Director, 3-year term ending 2026)
	P. Gerald Malone (Class II Director, 3-year term ending 2026(1))

1. Despite the term of the Class II Director, pursuant to the Fund's Corporate Governance Policies described earlier in this Proxy Statement, Mr. Malone will be put forth for consideration by shareholders annually if elected.
2. Despite the term of the Class I Director, pursuant to the Fund's Corporate Governance Policies described earlier in this Proxy Statement, Mr. Malone will be put forth for consideration by shareholders annually if elected.

With respect to abrdn Asia-Pacific Income Fund, Inc., holders of the Fund's common shares and holders of the Fund's preferred shares will vote together on Proposal 1.

Each of the nominees has indicated an intention to serve if elected and has consented to be named in this Joint Proxy Statement.

5

It is the intention of the persons named on the enclosed proxy card(s) to vote "FOR" the election of the persons indicated above to serve as common share Directors. The Boards know of no reason why any of these nominees will be unable to serve, but in the event of any such inability, the proxies received will be voted for such substituted nominees as the affected Fund's Board may recommend.

The Board, including the Independent Directors, unanimously recommends that shareholders vote "FOR" the nominees as Directors.

Proposal 2: Consideration of Continuation of Term for Director under the Corporate Governance Policies

As stated above, the Boards have adopted Corporate Governance Policies which include a policy requiring that after an Independent Director has served on the Board for three consecutive terms of three years following the later of (a) engagement of the existing investment manager of the Fund or (b) the Independent Director's election to the Board, the Independent Director will be put forth for consideration by shareholders annually. Under the Corporate Governance Policies, Independent Directors currently serving on the Boards will be submitted to

The Board, including the Independent Directors, unanimously recommends that shareholders vote "FOR" the continuation of the term of the Directors under the Corporate Governance Policies.

The following tables set forth certain information regarding the nominees for election to the Boards of the Funds, Directors whose terms of office continue beyond the Meetings, and the principal officers of the Funds.

								Number of
								Portfolios
								in Fund	Other
								Complex*	Directorships
								Overseen	Held by
		Position(s)	Term of Office			by Director	Director
Name, Address and	Held with	and Length of	Principal Occupation(s)	or Nominee	or Nominee
Year of Birth		Fund(s)		Time Served		During the Past Five Years	for Director	for Director

Independent Directors or Nominees for Independent Director:

shareholders for consideration of continuation as a director on an annual basis beginning at the first annual meeting following the end of each such Board member's three-year term in office after the end of such Independent Director's current term.

Each Board, including the Independent Directors, upon the recommendation of the Board's Nominating and Corporate Governance Committee, which is composed entirely of Independent Directors, recommends the continuation of the following individuals put forth for consideration under the Funds' Corporate Governance Policies:

abrdn Asia-Pacific Income Fund, Inc.	William J. Potter (Preferred Share Director, 3-year term ending
	2024)
abrdn Global Income Fund, Inc.	William J. Potter (Class II Director, 3-year term ending 2024)
abrdn Australia Equity Fund, Inc.	William J. Potter (Class III Director, 3-year term ending 2024)
	Moritz Sell (Class I Director, 3-year term ending 2025)

If a nominee pursuant to Proposal 2 does not receive the requisite votes, the nominee will be deemed to have tendered their resignation for consideration by the relevant Board. The Nominating and Corporate Governance Committee of each Fund shall make a recommendation to the respective Board on whether to accept or reject the resignation, or whether other action shall be taken. The respective Board shall act on the resignation, taking into account the Nominating and Corporate Governance Committee's recommendation, and shall publicly disclose its decision and the rationale behind it within 90 days from the date of the certification of the voting results. Each nominee will not participate in the Nominating and Corporate Governance Committee's recommendation or the respective Board's decision with respect to such nominee.

With respect to abrdn Asia-Pacific Income Fund, Inc., holders of the Fund's common shares and holders of the Fund's preferred shares will vote together on Proposal 2.

It is the intention of the persons named on the enclosed proxy card(s) to vote "FOR" the election of the persons indicated above to continue to serve as Directors. Each Board knows of no reason why these nominees will be unable to serve, but in the event of any such inability, the proxies received will be voted for such substituted nominees as the affected Board may recommend.

Radhika Ajmera** †	IAF Class II	FCO Term
c/o abrdn Inc.	Director; FAX,	expires 2025;
1900 Market Street,	FCO Class III	FAX Term
Suite 200	Director	expires 2024,
Philadelphia, PA 19103		IAF Term
Year of Birth: 1964		expires 2023
		FAX, FCO, IAF
		Director since
		2021.

Ms. Ajmera was appointed Chair 23 None. of abrdn Japan Equity Fund Inc

in 2017, having served as a director since 2014. She has been an independent non-executive director of Aberdeen Asia-Pacific Income Investment Co Ltd since 2015. She is also an independent non-executive director of Aberdeen Funds since 2020 and Aberdeen Global Income Fund Inc, Aberdeen Asia-Pacific Income Fund Inc and Aberdeen Australia Equity Fund Inc since 2021. She has over 20 years' experience in fund management, predominantly in emerging markets. She has also held a number of UK closed end fund non-executive directorships.

Ms Ajmera is a graduate of the London School of Economics.

6

7

								Number of
								Portfolios
								in Fund	Other
								Complex*	Directorships
								Overseen	Held by
		Position(s)	Term of Office			by Director	Director
Name, Address and	Held with	and Length of	Principal Occupation(s)	or Nominee	or Nominee
Year of Birth		Fund(s)		Time Served		During the Past Five Years	for Director	for Director

								Number of
								Portfolios
								in Fund	Other
								Complex*	Directorships
								Overseen	Held by
		Position(s)	Term of Office			by Director	Director
Name, Address and	Held with	and Length of	Principal Occupation(s)	or Nominee	or Nominee
Year of Birth		Fund(s)		Time Served		During the Past Five Years	for Director	for Director

P. Gerald Malone** †	FAX, FCO, IAF	FAX, IAF, FCO
c/o abrdn Inc.	Chair of the	Terms expire
1900 Market Street,	Board;	2023.
Suite 200	FAX, IAF	FAX Director
Philadelphia, PA 19103
Year of Birth: 1950	Class II Director;	since 2001; FCO
FCO Class I	Director since
	Director	2005; IAF
		Director since
		2008.

Moritz Sell** †	FAX Preferred	FAX, IAF Term
c/o abrdn Inc.	Share Director;	expires 2025;
1900 Market Street,	IAF, FCO Class I	FCO Term
Suite 200	Director	expires 2023.
Philadelphia, PA 19103		IAF Director
Year of Birth: 1967
	since 2004.
		FAX, FCO
		Director since
		2018.

Mr. Malone is, by profession, a	28	Director of
lawyer of over 40 years.		Bionik
Currently, he is a non-executive		Laboratories
director of a number of U.S.		Corporation
companies, including Medality		(U.S. healthcare
Medical (medical technology		company) since
company) and Bionik		2018.
Laboratories Corp. (US
healthcare company) since 2018.
He is also Chair of many of the
open and closed end funds in the
Fund Complex. He previously
served as Independent Chairman
of UK companies Crescent OTC
Ltd (pharmaceutical services)
until February 2018; and fluidOil
Ltd. (oil services) until
June 2018; U.S. company
Rejuvenan llc (wellbeing
services) until September 2017
and as chairman of UK company
Ultrasis plc (healthcare software
services company) until
October 2014. Mr. Malone was
previously a Member of
Parliament in the U.K. from 1983
to 1997 and served as Minister of
State for Health in the U.K.
government from 1994 to 1997.
Mr. Sell currently serves as a	3	Swiss Helvetia
Principal at Edison Holdings		Fund (since
GmbH (commercial real estate		June 2017) and
and venture capital) (since		High Income
October 2015). In addition,		Securities Fund
Mr. Sell serves as a Senior		(since
Advisor for Markston		June 2018).
International LLC, an
independent investment manager
(since January 2014).

William J. Potter** †	FAX Preferred	FAX, IAF, FCO
c/o abrdn Inc.	Share Director;	Terms expire
1900 Market Street,	IAF Class III	2024.
Suite 200	Director; FCO	IAF Director
Philadelphia, PA 19103	Class II Director
since 1985; FAX
Year of Birth: 1948
	Director since
		1986; FCO
		Director since
		1992.

Mr. Potter has been the Chairman 3 None. of Arsenal Square Holdings

(consulting and advisory) since 2018, a Director of Alexandria Bancorp (international banking and trustee services) since 1989, a Director of the National Foreign Trade Council (international trade) 1983-2017, director of Howell Biopharma Ltd (healthcare) since 2018, director and chairman of Arrow Robotics Ltd (technology) since 2018, and advisory board member of Nuvve Holding Corporation (technology) since 2020. He also serves on the boards or advisory boards of a number of private companies and charities including the Queen Elizabeth September 11th Garden and the National Foundation for Cancer Research.

8

9