ABERDEENABRDN ASIA-PACIFIC INCOME FUND, INC.
ABERDEENABRDN GLOBAL INCOME FUND, INC.
ABERDEENABRDN AUSTRALIA EQUITY FUND, INC.
1900 Market Street, Suite 200
Philadelphia, PA 19103

NOTICE OF ANNUAL MEETINGMEETINGS OF SHAREHOLDERS
To be held on April 29, 2021May 16, 2024

TO THE SHAREHOLDERS:

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

Aberdeenabrdn Asia-Pacific Income Fund, Inc. (NYSE MKT: "FAX")  April 29, 2021  10:May 16, 2024  11:00 a.m. eastern timeEastern Time

Aberdeenabrdn Global Income Fund, Inc. (NYSE MKT: "FCO")  April 29, 2021  10:May 16, 2024  11:30 a.m. eastern timeEastern Time

Aberdeenabrdn Australia Equity Fund, Inc. (NYSE MKT: "IAF")  April 29, 2021  11:May 16, 2024  12:00 a.m. eastern timep.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 onetwo Class III Director,Directors, to serve for a three-year term.
FCO — To elect onetwo Class II Director,Directors, to serve for a three-year term.
IAF — To elect onetwo Class III Director,Directors, to serve for a three-year term.

Proposal 2: Election of Preferred Share Directors
FAX — To elect one Preferred Share Director, to serve for a three-year term.

Proposal 3: To consider the continuation of the term of two Directorsone Director for FAX, two Directorsone Director for FCO and threetwo 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 March 5, 2021April 1, 2024 (the "Record Date"). If you virtually attend the Annual Meetings, you may vote your shares electronically at that time. Even if you expect to attend thean Annual Meetings,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.

This year's Annual Meeting will be a completely virtual meeting of shareholders, which will be conducted solely online via live webcast. You will be able to attend and participate in the Annual Meeting online, vote your shares electronically and submit your questions prior to and during the meeting by visiting: www.meetingcenter.io/213814946 at the meeting date and time described in the accompanying proxy statement. To participate in the Annual Meeting,

This noticeNotice and related proxy materials are first being mailed to shareholders on or about March 31, 2021.April 9, 2024.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings of Shareholders to Be Held on Thursday, April 29, 2021:May 16, 2024: This Notice, the Joint Proxy Statement and the form of proxy card(s) are available on the Internet at http://www.aberdeenstandard.com/www.abrdn.com/en-us/cefinvestorcenter.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
Aberdeenabrdn Asia-Pacific Income Fund, Inc.
Aberdeenabrdn Global Income Fund, Inc.
Aberdeenabrdn Australia Equity Fund, Inc.

TO AVOID THE UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETINGS, VIRTUALLY, 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.

March 31, 2021April 9, 2024
Philadelphia, Pennsylvania

ABERDEENABRDN ASIA-PACIFIC INCOME FUND, INC. ("FAX")
ABERDEENABRDN GLOBAL INCOME FUND, INC. ("FCO")
ABERDEENABRDN 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 April 29, 2020May 16, 2024

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 in a virtual meeting formatat the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103 on Thursday, April 29, 2021May 16, 2024 and at any adjournments or postponements thereof. A Notice of Annual Meeting of Shareholdersthe Meetings and a proxy card (the "Proxy Card") accompanyaccompanying this Joint Proxy Statement.Statement will be mailed to shareholders of each Fund. This Joint Proxy Statement is first being mailed to shareholders on or about March 31, 2021.April 9, 2024 to shareholders of record as of April 1, 2024.

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 onetwo Class III Director,Directors, to serve for a three-year term.
FCO — To elect onetwo Class II Director,Directors, to serve for a three-year term.
IAF — To elect onetwo Class III Director,Directors, to serve for a three-year term.

Proposal 2: To elect one Preferred Share Director
FAX — To elect one Preferred Share Director to serve for a three-year term by the preferred shareholders voting as a separate class.

Proposal 3: To consider the continuation of the term of two Directorsone Director for FAX, two Directorsone Director for FCO and threetwo 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 (as defined below).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 virtually attending a Meeting and voting.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

The presence at each Meeting, virtuallyin person or by proxy, of the shareholders entitled to castholders of a majority of all the votesstock issued and outstanding and entitled to be castvote 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, withheld votesabstentions 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 cast of common stock and, with respect to FAX, preferred stock voting together as a single class,cast at a meeting at which a quorum is present is necessary for the election of a common share Director, provided that, for the Fund,Funds, if the number of nominees for Director, as determined by the Secretary of the Fund,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 and, with respect to FAX, preferred stock voting together as a single class, represented virtually or by proxy at any such meeting and entitled to vote on the election of Directors.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. Approval of Proposal 2 for FAX will require the affirmative vote of a majority of the shares of preferred stock cast at a meeting at which a quorum is present to elect the preferred share Director, provided that if the number of nominees for preferred share Director, as determined by the Secretary of the Fund, exceeds the number of preferred share Directors to be elected, the preferred share Directors shall be elected by the vote of a plurality of the preferred shares represented virtually or by proxy. With respect to Proposal 3,2 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.Proposal 2.

Each Board has adopted certain corporate governance policies for each Fund which(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 Independent"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, whichand 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; and (iii) a policy whereby newly appointed directors will be submitted for consideration at the next regular shareholder meeting.annually. With respect to clause (ii) above, Independent Directors currently serving on the Boards will be submitted to stockholdersshareholders 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'sDirector's third consecutive three-year term in office after the end of such Independent Director's current term.

We will admit to a Meeting (1) all shareholders of record on March 5, 2021April 1, 2024 (the "Record Date"), (2) persons holding proof of beneficial ownership aton 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 you holda broker or other nominee holds your shares through an intermediary, such as a bank or broker,and you must register in advanceplan to attend the Annual Meetings. To registerMeeting, you must submit proofshould bring a recent brokerage statement showing your ownership of your proxy power (legal proxy) reflecting your Fund holdings along with your namethe shares, as well as a form of personal identification. If you are a beneficial owner and email address to Computershare Fund Services, the Funds' proxy tabulator. You may forward an email from your intermediary or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m., Eastern Time, on April 23, 2021. You will receive a confirmation email from Computershare of your registration and a control number that will allow youplan to vote at the Annual Meetings.Meeting, you should also bring a proxy card from your broker.

Each Board has fixed the close of business on March 5, 2021April 1, 2024 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 247,695,768247,695,769 shares of common stock, par value $0.01 per share.

FCO had outstanding 8,736,31213,410,279 shares of common stock, par value $0.001 per share.

IAF had outstanding 23,304,09126,617,133 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, April 29, 2021 in a virtual meeting format.May 16, 2024, 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, 20202023 are available on the Internet at http://www.aberdeenstandard.com/www.abrdn.com/en-us/cefinvestorcenter.cefinvestorcenter. Each Fund will furnish, without charge, a copy of its annual report for the fiscal year ended October 31, 2020,2023, and any more recent reports, to any Fund shareholder upon request. To request a copy, please write to the Funds c/o Aberdeen Standard Investmentsabrdn 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 common 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 deemed "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")), of each Fund, the Funds' investment manager, Aberdeen Standard Investments (Asia) Limited (the "Investment Manager" or "ASIAL"), the Funds' investment adviser, Aberdeen Standard Investments Australia Limited (the "Investment Adviser" or "ASI Aus") or, in the case of FCO, the investment sub-adviser, Aberdeen Asset Managers Limited (the "Sub-Adviser" or "AAML"),not Independent Directors are referred to in this Joint Proxy Statement as "Interested

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 Directors, including the Independent Directors,Each Board unanimously recommendrecommends that shareholders vote "FOR" the nomineeseach nominee as Directors.Director, as applicable.

Proposal 2: Election of FAX Preferred Share Director

The Fund's Articles Supplementary provide that the Fund's preferred share Directors be elected by holders of the Fund's preferred stock.

The Board, including the Independent Directors, upon the recommendation of the Board's Nominating and Corporate Governance Committee, which is composed entirely of Independent Directors, has nominated the following individual for election as preferred share Director to its Board:

William J. Potter (Preferred Share Director, three-year term ending 2024)

It is the intention of the persons named as proxies on the enclosed Proxy Card(s) to vote "FOR" the election of Mr. Potter to serve as a preferred share Director for a three-year term. The Board knows of no reason why Mr. Potter will be unable to serve, but in the event of any such inability, the proxies received will be voted for such substituted nominee as the Fund's Board may recommend.

Proposal 3: Consideration of Continuation of Term for Director under the Corporate Governance Policies

As stated above, the Board hasBoards 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 stockholdersshareholders 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. P. Gerald Malone, Neville J. Miles and Moritz Sell have each served out their term of office during which the Corporate Governance Policies were approved as well as a three-year term of office following that term. They

The Directors, including the Independent Directors,Each Board unanimously recommendrecommends that shareholders vote "FOR" the continuation of the term of the Directorseach Director, as applicable, under the Corporate Governance Policies.

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

**  Member of the Nominating and Corporate Governance Committee.

***  Ms. Ajmera has been appointed as a Class III DirectorAppointed to the Board of FAX and FCO and a Class II Director of IAFeach Fund effective April 29, 2021.

****  Mr. Gilbert's term for FAX and IAF expires effective April 29, 2021.May 16, 2024.

†  Member of the Audit and Valuation Committee.

††  Deemed to be an Interested Director of the Funds because of his affiliation with the Funds' Investment Manager and Investment Adviser.and/or Sub-Adviser, as applicable.

ADDITIONAL INFORMATION ABOUT THE DIRECTORS

Each Board believes that each Director's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Directors lead to the conclusion that the Directors possess the requisite experience, qualifications, attributes and skills to serve on their respective Board. Each Board believes that the Directors' ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with ASIAL, ASI AusaAL and AAML,aIL, as applicable, other service providers, counsel and independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion. Each Board has also considered the contributions that each Director can make to the respective Board on which he or she serves and to the Fund(s).

A Director's ability to perform his or her duties effectively may have been attained through the Director's executive, business, consulting, and/or legal positions; experience from service as a Director of the Fund(s) and other funds/portfolios in the Aberdeenabrdn complex, other investment funds, public companies, or non-profit entities or other organizations; educational background or professional training or practice; and/or other life experiences. In this regard, the following specific experience, qualifications, attributes and/or skills apply as to each Director in addition to the information set forth in the table above: Mr. Gilbert, ChairmanBird, Chief Executive Officer of UK companiesabrdn and non-executive directorprior Chief Executive Officer of a number of non-U.S. companies and director roles within the Aberdeen complex, board experience with other public companies and investment trusts;companies; Mr. Malone, legal background and public service leadership experience, board experience with other public and private companies, and executive and business consulting experience; Mr. Miles, financial services, investment management and executive experience and board experience with various Australian public and private companies; Mr. Potter, financial services, investment management and merchant banking experience, executive and consulting experience, and board experience with public companies and non-profit organizations; Mr. Porter, business background and executive management and financial expertise as vice president and chief financial officer of public and private entities and director of other funds within the abrdn fund complex; Ms. Ajmera, financial background in fund management; and Mr. Sell, director and executive experience at an investment banking and trading firm and board experience with another closed-end fund outside of the Aberdeenabrdn complex.

Each Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. In its periodic self-assessment of the effectiveness of the Board, each Board considers the complementary individual skills and experience of the individual Directors in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund. References to the qualifications, attributes and skills of Directors are presented pursuant to disclosure requirements of the Securities and Exchange Commission ("SEC"),

OFFICERS

*  Officers hold their positions with the Fund(s) until a successor has been duly elected and qualifies. Officers are elected annually by each Board.

**  Messrs. Akintewe, Andolina, Baker, Gilbert, Goodson, Hendry, McCabe and Pittard and Mses. Ferrari, Kennedy, Melia and SitarEach officer may hold officer position(s) in one or more of the following: Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., Aberdeen Japan Equity Fund, Inc., The India Fund, Inc., Aberdeen Standard Global Infrastructure Income Fund, Aberdeen Income Credit Strategies Fund, Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Investment Funds (which currently consists of 4 portfolios), Aberdeen Funds (which currently consists of 17 portfolios) and Aberdeen Standard Investments ETFs (which currently consists of 2 portfolios)each ofother funds which may also be deemed to be aare part of the same "FundFund Complex."

Ownership of Securities

Set forth in the table below is the dollar range of equity securities in each Fund and the aggregate dollar range of equity securities in the Aberdeenabrdn Family of Investment Companies (as defined below) beneficially owned by each Director or nominee. The following key relates to the dollar ranges in the chart:

A. None
B. $1 — $10,000
C. $10,001 — $50,000
D. $50,001 — $100,000
E. over $100,000nominee as of October 31, 2023.

**  Appointed to the Board of each Fund effective April 29, 2021.

***  Current term for FAX and IAF expires effective April 29, 2021.May 16, 2024.

(1)  This information has been furnished by each Director as of October 31, 2020.2023. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) promulgated under the Securities Exchange Act of 1934, as amended (the "1934 Act").

(2)  "Family of Investment Companies" means those registered investment companies that are advised by the Investment Managershare abrdn or an affiliate as the investment adviser and that hold themselves out to investors as related companies for purposes of investment and investor services.

As of February 28, 2021,October 31, 2023, each Fund's Directors and officers, in the aggregate, owned less than 1% of that Fund's outstanding equity securities. As of February 28, 2021,October 31, 2023, none of the Independent Directors or their immediate family members owned any shares of the Investment Manager Investment Adviser or Sub-Adviser or of any person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Investment Manager Investment Adviser or Sub-Adviser.

Mr. Pittard and Ms. MeliaFerrari serve as executive officers of the Funds. As of October 31, 2020,2023, Mr. Pittard and Ms. MeliaFerrari did not own shares of the Funds' common stock.

structure, including having a super-majority of Independent Directors, coupled with an Independent Director as Chairman,Chair, is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances efficient and effective oversight.

Audit and Valuation Committee

Each Fund's Audit and Valuation Committee, established in accordance with Section 3(a)(58)(A) of the 1934 Act, is responsible for the selection and engagement of the Fund's independent registered public accounting firm (subject to ratification by the Fund's Independent Directors), pre-approves and reviews both the audit and non-audit work of the Fund's independent registered public accounting firm, and reviews compliance of the Fund

a candidate's and a Board's diversity, the Committees generally consider the manner in which each candidate's leadership, independence, interpersonal skills, financial acumen, integrity and professional ethics, educational and professional background, prior director or executive experience, industry knowledge, business judgment and specific experiences or expertise would complement or benefit the Board and, as a whole, contribute to the ability of the Board to oversee the Fund. Each Committee may also consider other factors or attributes as they may determine appropriate in their judgment. Each Committee believes that the significance of each candidate's background, experience, qualifications, attributes or skills must be considered in the context of the Board as a whole.

Each Fund's bylaws contain provisions regarding minimum qualifications for directors. These include a requirement that, to qualify as a nominee for a directorship, each candidate, at the time of nomination, other than persons who were directors at the time of the adoption of the minimum qualifications, must possess at least the following specific minimum qualifications: (i) a nominee shall have at least five years' experience in any of investment management, economics, public accounting or Australian business; (ii) a nominee shall have a college undergraduate or graduate degree in economics, finance, business administration, accounting or engineering, or a professional degree in law, engineering, or medicine, from an accredited university or college in the United States, Australia, the United Kingdom, Canada or New Zealand, or the equivalent degree from an equivalent institution of higher learning in another country; and (iii) a nominee shall not have violated any provision of the U.S. federal or state securities laws, or comparable laws of another country.

Each Fund's bylaws also contain advance notice provisions and general procedures with respect to the submission of proposals, including the nomination of directors. Shareholders who intend to propose potential director candidates must substantiate compliance with these requirements. Notice of shareholder proposals must be provided to the Fund's Secretary not earlier than the 150^th​ day and not later than 5:00 p.m., Eastern Time, on the 120^th​ day prior to the first anniversary of the date of the preceding year's proxy statement. Any shareholder may obtain a copy of the Funds' bylaws by calling the Investor Relations department of Aberdeen Standard Investmentsabrdn Inc., the Funds' investor relations services provider, toll-free at 1-800-522-5465, or by sending an e-mail to Aberdeen Standard Investmentsabrdn Inc. at InvestorRelations@aberdeenstandard.com.InvestorRelations@abrdn.com.

Cost Review Committee

Each Cost Review Committee reviews on an ongoing basis the fees and expenses incurred by the Fund, to ensure that such expenses are commensurate with the services provided. The members of each Fund's Cost Review Committee are Messrs. Neville J. Miles, William J. Potter and Moritz Sell.

Leverage Committee

Each Leverage Committee monitors the Fund's leverage and reviews leverage options for the Fund. The members of each Fund's Leverage Committee are Messrs. P. Gerald Malone and William J. Potter.

Board Oversight of Risk Management

The Funds are subject to a number of risks, including, among others, investment, compliance, operational and valuation risks. Risk oversight forms part of each Board's general oversight of the respective Fund and is addressed as part of various Board and Committee activities. Each Board has adopted, and periodically reviews, policies and procedures designed to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. Day-to-day risk management functions are subsumed within the responsibilities of ASIAL,

Board Retirement Policy

Each Board has adopted a retirement policy that seeks to balance the need for fresh perspectives against the benefits that the experience and institutional memory of existing Director may provide and seeks to enhance the overall effectiveness of the Board. Each Board's policy states that no Director candidate shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he or she has reached the age of 75. In addition, each Director shall automatically be deemed to retire from the Board at the next annual shareholders' meeting following the date he or she reaches the age of 75 years, even if his or her tenure of office has not expired on that date. Where no annual shareholders meeting is held, the retiring Director is deemed to retire at the conclusion of the next regular quarterly Board meeting following the date he or she reaches the age of 75.

Board and Committee Meetings in Fiscal Year 20202023

During the Funds' fiscal year ended October 31, 2020,2023, the Boards of FAX, FCO and IAF each held fourfive regular meetings, FAX and IAF held two special board meetings and FCO held one special board meeting.meetings. The Audit and Valuation CommitteeCommittees of FAX, FCO and IAF each held three meetings;two meetings and the Nominating and Corporate Governance CommitteeCommittees of FAX, FCO and IAF each held one meeting; the Contract Review Committee of FAX, FCO and IAF each held one meeting; the Cost Review Committee of FAX, FCO and IAF each held one meeting; and the Leverage Committees of FAX and FCO held eight and seven meetings respectively and the Leverage Committee of IAF held one meeting. During the fiscal year ended October 31, 2020,2023, each incumbent Director attended at least 75% of the aggregate number of meetings of the Board and of Committees of the Board on which he or she served.

Communications with the Board of Directors

Shareholders who wish to communicate with Board members with respect to matters relating to the Funds may address their written correspondence to the Boards as a whole or to individual Board members c/o Aberdeen Standard Investmentsabrdn Inc., the Funds' administrator, at 1900 Market Street, Suite 200, Philadelphia, PA 19103, or via e-mail to the Director(s) c/o Aberdeen Standard Investmentsabrdn Inc. at Investor.Relations@aberdeenstandard.com.investor.relations@abrdn.com.

Director Attendance at Annual Meetings of Shareholders

The Funds have not established a policy with respect to Director attendance at annual meetings of shareholders.

REPORTS OF THE AUDIT AND VALUATION COMMITTEES; INFORMATION REGARDING THE FUNDS' INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Each Audit and Valuation Committee has selected, and each Fund's Independent Directors have ratified the selection of, KPMG LLP ("KPMG"), 1601 Market Street, Philadelphia, PA 19103, an independent registered public accounting firm, to audit the financial statements of the Funds for the fiscal year ending October 31, 2021.2024. Representatives from KPMG are not expected to attendbe present at the Meetings to make a statement or respond to questions from shareholders. However, such representatives are expected toIf requested by any shareholder by two (2) business days before the Meetings, a representative from KPMG will be availablepresent by telephone at the Meetings to respond to appropriate questions raised by shareholders,and will have an opportunity to make a statement if any, during the Meetings.he or she chooses to do so.

Each Audit and Valuation Committee has received from KPMG the written disclosures and the letter required by the Public Company Accounting Oversight Board ("PCAOB") regarding KPMG's communications with the Audit and Valuation Committee concerning independence, and have discussed with KPMG its independence. Each Audit and Valuation Committee has also reviewed and discussed the audited financial statements with Fund management and KPMG, and discussed matters with KPMG required to be discussed by the applicable requirements

The following table sets forth the aggregate fees billed for professional services rendered by KPMG during the Funds' two most recent fiscal years ended October 31:

(1)  The Tax Fees"Audit Fees" are the aggregate fees billed for professional services for the completionaudit of the Funds'Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

(2)  "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares.

(3)  "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax returns.returns, review of excise tax distribution calculations and federal excise tax return.

For(4)  "All Other Fees" are the fiscal year ended October 31, 2020, KPMGaggregate fees billed $364,945 for aggregate non-audit fees forproducts and services to the Investment Manager, Investment Adviserother than "Audit Fees," "Audit-Related Fees" and Sub-Adviser of FAX, FCO and IAF. For the fiscal year ended October 31, 2019, KPMG billed $620,047 for aggregate non-audit fees for services to the Investment Manager, Investment Adviser and Sub-Adviser of FAX, FCO and IAF."Tax Fees."

All of the services described in the table above were pre-approved by the relevant Audit and Valuation Committee.Committees.

Each Audit Committee is responsible for pre-approving (i) all audit and Valuationpermissible non-audit services to be provided by the independent registered public accounting firm to each Fund and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to each Fund's Investment Manager, and any service provider to a Fund controlling, controlled by or under common control with each Fund's Investment Manager that provided ongoing services to the Fund ("Covered Service Provider"), if the engagement relates directly to the operations and financial reporting of the Fund. The following table shows the amount of fees that KPMG billed during the Funds' last two fiscal years for non-audit services to the Funds, the Investment Manager, and Covered Service Providers:

*  "Total Non-Audit Fees billed to Fund" for both fiscal years represent "Tax Fees" and "All Other Fees" billed to Funds in their respective amounts from the previous table.

Each Audit Committee has adopted an Audit and Valuation Committee Charter that provides that the Audit and Valuation Committee shall annually select, retain or terminate, and recommend to the Audit and Valuation Committee members of the Board and ratified by the entire Board, who are not "interested persons" (as that term is defined in Section 2(a)(19) of the 1940 Act), of the Fund for their ratification, the selection, retention or termination, the Fund's independent auditor and, in connection therewith, evaluate the terms of the engagement (including compensation of the auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Investment Manager Investment Adviser or Sub-Adviser, if applicable, and receive the independent auditor's specific representations as to its independence, delineating all relationships between the independent auditor and the Fund, consistent with the Independent Standards Board ("ISB") Standard No. 1. Each Audit and Valuation Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Fund management or the Investment Manager that the Fund, Investment Manager or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Fund and to consider whether such services are consistent with the independent auditor's independence.

Each Audit and Valuation Committee has considered whether the provision of non-audit services that were rendered to the Investment Manager Investment Adviser, or Sub-Adviser, if applicable, and any entity controlling, controlled by, or under common control with these entities that provides ongoing services to the relevant Fund that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence and has concluded that it is independent.

COMPENSATION

The following table sets forth information regarding compensation of Directors by each Fund and by the Fund Complex of which the Funds are a part for the fiscal year ended October 31, 2020.2023. Officers of the Funds and

*  The number in parentheses indicatesSee the total"Directors" table for the number of funds inwithin the Fund Complex on which thethat each Director serves or served at any time during the fiscal year ended October 31, 2020.serves.

**  Appointed to the Board of FAX, FCO and IAF effective April 29, 2021.May 16, 2024.

***  Retiring from FAX, FCO and IAFthe Board of Directors of each Fund effective April 29, 2021.

****  Current term for FAX and IAF expires effective April 29, 2021.May 16, 2024.

Delinquent Section 16(a) Beneficial Ownership Reporting ComplianceReports

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Funds, require the Funds' officers and Directors, certain officers and directors of the Investment Manager and Investment Adviser,Sub-Adviser, affiliates of the Investment Manager or Investment Adviser,and Sub-Adviser, and persons who beneficially own more than 10% of a registered class of a Fund'sthe Funds' outstanding securities ("Reporting(collectively, the "Reporting Persons") to electronically file reports of ownership of that Fund'sthe Funds' securities and changes in such ownership with the SEC and the NYSE MKT.American.

Based solely on itsthe Funds' review of such forms filed on EDGAR andor written representations from certain Reporting Persons that all reportable transactions were reported, to the Funds' Reporting Persons complied with all applicable filing requirements in a timely mannerknowledge of the Funds, during the fiscal year ended October 31, 2020.2023, the Funds' Reporting Persons timely filed all reports they were required to file under Section 16(a).

Relationship of Directors or Nominees with the Investment Manager, Investment Adviser, Sub-Adviser and Administrator

Aberdeen Standard Investments (Asia)abrdn Asia Limited serves as the Investment Manager to the Funds pursuant to management agreements dated as of as of April 3, 2009 for FAX, as of June 7, 2006 for FCO, and as of March 8, 2004 for IAF. The Investment Manager is a Singapore corporation with its registered office located at 21 Church Street, #01-01 Capital Square Two,7 Straits View, #23-04 Marina One East Tower, Singapore 049480. Aberdeen Standard018936. abrdn Investments Australia Limited serves as the Investment Adviser to the Funds pursuant to advisory agreements dated as of April 3, 2009 for FAX, as of as of June 7, 2006 for FCO, and as of March 8, 2004 for IAF. The Investment Adviser is an Australian corporation with its registered offices located at Level 10, 255 George Street, Sydney, NSW 2000, Australia. Aberdeen Asset Managers Limited serves as the Sub-Adviser to FAX and FCO pursuant to a

EACH FUND'S BOARD INCLUDING THE INDEPENDENT DIRECTORS, RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THE NOMINEESEACH NOMINEE FOR DIRECTOR FOR THE RELEVANT FUND.

ADDITIONAL INFORMATION

Expenses.The expense of preparation, printing and mailing of the enclosed proxy card and accompanying Notice and Joint Proxy Statement will be borne proportionately by each Fund. Each Fund will reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation material to the beneficial owners of the shares of that Fund. In order to obtain the necessary quorum at each Meeting, supplementary solicitation may be made by mail, telephone, telegraph or personal interview. Such solicitation may be conducted by, among others, officers, Directors and employees of the Funds, the Investment Manager, the Investment Adviser, the Sub-Adviser (in the case of FAX and FCO) or the Funds' Administrator.administrator.

ASTEQ Fund Solutions, LLC ("AST"EQ") has been retained to assist in the solicitation of proxies and will receive an estimated fee of $4,400 (FAX) $1,750 (FCO) and $3,600 (IAF)$2,500 for each Fund and be reimbursed for its reasonable expenses. Total payments to ASTexpenses, which are expectedestimated to be between $5,000 and $10,000.$825-$1,350 for each Fund.

Solicitation and Voting of Proxies.Solicitation of proxies is being made primarily by the mailing of this Joint Proxy Statement with its enclosures on or about March 31, 2021.April 9, 2024. As mentioned above, ASTEQ has been engaged to assist in the solicitation of proxies. As the date of the Meeting approaches,Meetings approach, certain shareholders of a Fund may receive a call from a representative of AST,EQ, if the Fund has not yet received their vote. Authorization to permit ASTEQ to execute proxies may be obtained by telephonic instructions from shareholders of a Fund. Proxies that are obtained telephonically will be recorded in accordance with procedures that management of each of the Funds believes are

Shareholder Proposals. If aAny Rule 14a-8 shareholder intends to present a proposal including the nomination of a director, at the Annual Meeting of Shareholders of FCO or IAF to be heldconsidered for inclusion in 2022 and desires to have the proposal included in the Funds' proxy statement and form of proxy for that meeting, the shareholder must deliver the proposal to the Secretary of the Funds at the office of the Funds, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such proposal must be received by the Secretary no later than November 10, 2021. If a shareholder intends to present a proposal, including the nomination of a director, at the Annual Meeting of Shareholders of FAX to be held in 2022 and desires to have the proposal included in the Fund's proxy statement and form of proxy for the annual meetings of shareholders to be held in 2025 should be received by the Secretary of the relevant Fund no later than December 10, 2024. There are additional requirements regarding proposals of shareholders, and a shareholder contemplating submission of a proposal for inclusion in a Fund's proxy materials is referred to Rule 14a-8 under the 1934 Act.

Any proposal by a shareholder intended to be presented at the applicable Fund's 2025 annual meeting of shareholders but not intended to be included in the proxy materials for that meeting the shareholder must deliver the proposal tobe received by the Secretary of the Fund at the principal office of the Fund, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such proposal must be received bynot earlier than the Secretary no later than November 17, 2021.

Shareholders wishing to present proposals, including the nomination of a director, at the Annual Meeting of Shareholders of FCO and IAF to be held in 2022 which they do not wish to be included in the Funds' proxy materials must send written notice of such proposals to the Secretary of the Funds at the office of the Fund, 1900 Market Street Suite 200, Philadelphia, Pennsylvania 19103, and such notice must be received by the Secretary no sooner than October 11, 2021 and no150^th​ day nor later than 5:00 p.m., Eastern Time on November 10, 2021 in the form prescribed from time120^th​ day prior to time in the Funds' bylaws and shareholders wishing to present proposals, including the nomination of a director, at the Annual Meeting of Shareholders of FAX to be held in 2022 which they do not wish to be included in the Fund's proxy materials must send written notice of such proposals to the Secretary of the Fund at the office of the Fund, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such notice must be received by the Secretary no sooner than October 18, 2021 and no later than 5:00 p.m., Eastern Time, on