Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn China A Share Equity Fund
Shares | Value | ||
COMMON STOCKS—92.3% | |||
CHINA—92.3% | |||
Consumer Discretionary—10.2% | |||
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a) | 78,595 | $ 2,449,752 | |
Fuyao Glass Industry Group Co. Ltd., A Shares(a) | 166,641 | 1,012,584 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(a) | 194,542 | 1,586,697 | |
5,049,033 | |||
Consumer Staples—18.2% | |||
By-health Co. Ltd., A Shares(a) | 239,588 | 656,407 | |
Chacha Food Co. Ltd., A Shares, A Shares(a) | 96,500 | 683,236 | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(a) | 95,593 | 1,172,138 | |
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares, A Shares(a) | 194,800 | 1,034,167 | |
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a) | 13,063 | 3,672,775 | |
Proya Cosmetics Co. Ltd., A Shares(a) | 33,040 | 863,018 | |
Wuliangye Yibin Co. Ltd., A Shares(a) | 33,037 | 874,248 | |
8,955,989 | |||
Energy—0.0% | |||
G3 Exploration Ltd.(b)(c)(d) | 53,000 | – | |
Financials—13.1% | |||
Bank of Ningbo Co. Ltd., A Shares, A Shares(a) | 284,316 | 1,316,459 | |
China International Capital Corp. Ltd., A Shares(a) | 43,400 | 273,373 | |
China International Capital Corp. Ltd., H Shares(e) | 322,000 | 592,070 | |
China Merchants Bank Co. Ltd., A Shares(a) | 380,732 | 1,980,599 | |
Ping An Bank Co. Ltd., A Shares(a) | 598,500 | 1,126,082 | |
Ping An Insurance Group Co. of China Ltd., A Shares(a) | 190,037 | 1,187,029 | |
6,475,612 | |||
Health Care—10.2% | |||
Aier Eye Hospital Group Co. Ltd., A Shares(a) | 269,911 | 1,217,329 | |
Hangzhou Tigermed Consulting Co. Ltd., A Shares(a) | 80,567 | 1,219,294 | |
Hangzhou Tigermed Consulting Co. Ltd., H Shares(e) | 14,800 | 153,721 | |
Jiangsu Hengrui Medicine Co. Ltd., A Shares(a) | 180,395 | 944,247 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(a) | 34,710 | 1,490,947 | |
5,025,538 | |||
Industrials—16.5% | |||
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(a) | 511,388 | 1,558,727 | |
Contemporary Amperex Technology Co. Ltd., A Shares(a)(c) | 26,579 | 2,015,282 | |
Guangzhou Baiyun International Airport Co. Ltd., A Shares(a) | 243,200 | 466,393 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(a) | 224,952 | 974,051 | |
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(a)(c) | 52,410 | 400,822 | |
Shanghai M&G Stationery, Inc., A Shares(a) | 163,680 | 1,101,116 |
Shares | Value | ||
Shenzhen Inovance Technology Co. Ltd., A Shares(a) | 73,689 | $ 722,252 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(a) | 49,378 | 908,069 | |
8,146,712 | |||
Information Technology—16.7% | |||
Glodon Co. Ltd., A Shares(a) | 196,489 | 1,350,691 | |
Hundsun Technologies, Inc., A Shares(a) | 169,150 | 1,065,489 | |
LONGi Green Energy Technology Co. Ltd., A Shares(a) | 185,388 | 1,695,007 | |
Luxshare Precision Industry Co. Ltd., A Shares(a) | 182,270 | 917,390 | |
Maxscend Microelectronics Co. Ltd., A Shares(a) | 26,080 | 372,451 | |
NAURA Technology Group Co. Ltd., A Shares(a) | 11,700 | 441,114 | |
SG Micro Corp., A Shares(a) | 23,610 | 563,534 | |
Venustech Group, Inc., A Shares(a) | 349,100 | 955,480 | |
Yonyou Network Technology Co. Ltd., A Shares(a) | 274,699 | 850,543 | |
8,211,699 | |||
Materials—5.2% | |||
Anhui Conch Cement Co. Ltd., A Shares(a) | 126,656 | 610,182 | |
Wanhua Chemical Group Co. Ltd., A Shares(a) | 54,717 | 679,468 | |
Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(a) | 40,320 | 1,279,042 | |
2,568,692 | |||
Real Estate—2.2% | |||
China Vanke Co. Ltd., A Shares(a) | 425,573 | 1,084,111 | |
Total China | 45,517,386 | ||
Total Common Stocks | 45,517,386 | ||
EXCHANGE-TRADED FUNDS—0.0% | |||
KraneShares Bosera MSCI China A 50 Connect Index ETF | 330 | 11,590 | |
Total Exchange-Traded Funds | 11,590 | ||
SHORT-TERM INVESTMENTS—7.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(f) | 3,840,802 | 3,840,802 | |
Total Short-Term Investments | 3,840,802 | ||
Total Investments (Cost $63,208,439)—100.1% | 49,369,778 | ||
Liabilities in Excess of Other Assets—(0.1%) | (64,800) | ||
Net Assets—100.0% | $49,304,978 |
(a) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
(b) | Illiquid security. |
(c) | Non-income producing security. |
(d) | Delisted. Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used. |
(e) | Denotes a security issued under Regulation S or Rule 144A. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ETF | Exchange-Traded Fund |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS—95.2% | |||
AUSTRALIA—0.5% | |||
Materials—0.5% | |||
Rio Tinto PLC, ADR | 9,600 | $ 585,888 | |
BRAZIL—2.1% | |||
Industrials—1.3% | |||
CCR SA | 555,600 | 1,394,879 | |
Materials—0.8% | |||
Vale SA, ADR | 66,300 | 892,398 | |
Total Brazil | 2,287,277 | ||
CANADA—2.5% | |||
Energy—1.6% | |||
Enbridge, Inc. | 39,000 | 1,752,270 | |
Materials—0.9% | |||
Barrick Gold Corp. | 64,800 | 1,019,952 | |
Total Canada | 2,772,222 | ||
CHINA—2.8% | |||
Communication Services—0.8% | |||
Tencent Holdings Ltd. | 24,300 | 939,166 | |
Financials—1.0% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 184,000 | 1,081,375 | |
Real Estate—1.0% | |||
China Vanke Co. Ltd., H Shares | 585,700 | 1,114,046 | |
Total China | 3,134,587 | ||
DENMARK—1.0% | |||
Financials—1.0% | |||
Tryg A/S | 49,300 | 1,124,106 | |
FINLAND—1.9% | |||
Financials—1.1% | |||
Nordea Bank Abp | 121,400 | 1,197,000 | |
Information Technology—0.8% | |||
Nokia OYJ | 181,800 | 946,920 | |
Total Finland | 2,143,920 | ||
FRANCE—5.6% | |||
Consumer Discretionary—1.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,800 | 1,249,837 | |
Consumer Staples—1.1% | |||
Danone SA | 21,700 | 1,196,519 | |
Energy—1.4% | |||
TotalEnergies SE, ADR | 29,500 | 1,506,270 | |
Health Care—1.2% | |||
Sanofi | 12,767 | 1,268,702 | |
Industrials—0.8% | |||
Alstom SA | 38,322 | 910,749 | |
Total France | 6,132,077 | ||
GERMANY—2.7% | |||
Financials—1.3% | |||
Deutsche Boerse AG | 8,000 | 1,396,523 | |
Utilities—1.4% | |||
RWE AG | 37,900 | 1,559,128 | |
Total Germany | 2,955,651 |
Shares | Value | ||
HONG KONG—0.8% | |||
Financials—0.8% | |||
Hong Kong Exchanges & Clearing Ltd. | 18,700 | $ 858,151 | |
ITALY—1.6% | |||
Utilities—1.6% | |||
Enel SpA | 340,000 | 1,714,030 | |
JAPAN—2.0% | |||
Financials—1.0% | |||
Mitsubishi UFJ Financial Group, Inc. | 199,500 | 1,124,081 | |
Real Estate—1.0% | |||
GLP J-REIT | 800 | 1,052,123 | |
Total Japan | 2,176,204 | ||
NETHERLANDS—3.3% | |||
Consumer Staples—1.3% | |||
Heineken NV | 14,600 | 1,439,368 | |
Information Technology—2.0% | |||
ASML Holding NV | 1,900 | 1,092,040 | |
BE Semiconductor Industries NV | 21,400 | 1,148,789 | |
2,240,829 | |||
Total Netherlands | 3,680,197 | ||
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 92,700 | 1,125,762 | |
SINGAPORE—1.2% | |||
Financials—1.2% | |||
Oversea-Chinese Banking Corp. Ltd. | 157,000 | 1,330,527 | |
SOUTH KOREA—1.1% | |||
Materials—1.1% | |||
LG Chem Ltd. | 2,540 | 1,183,016 | |
SPAIN—1.3% | |||
Industrials—1.3% | |||
Ferrovial SA | 54,242 | 1,452,499 | |
SWITZERLAND—2.2% | |||
Consumer Staples—1.0% | |||
Nestle SA | 8,900 | 1,090,493 | |
Financials—1.2% | |||
Zurich Insurance Group AG | 3,150 | 1,375,064 | |
Total Switzerland | 2,465,557 | ||
TAIWAN—1.1% | |||
Information Technology—1.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13,700 | 1,212,176 | |
UNITED KINGDOM—5.4% | |||
Communication Services—1.2% | |||
Vodafone Group PLC, ADR | 89,700 | 1,323,972 | |
Health Care—2.0% | |||
AstraZeneca PLC, ADR | 21,400 | 1,417,322 | |
Dechra Pharmaceuticals PLC | 17,500 | 787,546 | |
2,204,868 | |||
Industrials—1.1% | |||
Melrose Industries PLC | 640,726 | 1,261,243 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED KINGDOM (continued) | |||
Materials—1.1% | |||
Linde PLC | 3,900 | $ 1,181,060 | |
Total United Kingdom | 5,971,143 | ||
UNITED STATES—55.1% | |||
Communication Services—1.8% | |||
Alphabet, Inc., Class C(a) | 17,600 | 2,052,864 | |
Consumer Discretionary—8.1% | |||
Aptiv PLC(a) | 10,100 | 1,059,389 | |
Genuine Parts Co. | 9,100 | 1,391,117 | |
Hanesbrands Inc. | 60,600 | 677,508 | |
Las Vegas Sands Corp.(a) | 40,000 | 1,507,600 | |
Lowe's Cos., Inc. | 7,500 | 1,436,475 | |
Target Corp. | 9,400 | 1,535,772 | |
TJX Cos., Inc. (The) | 22,400 | 1,369,984 | |
8,977,845 | |||
Consumer Staples—4.1% | |||
Coca-Cola Co. (The) | 26,600 | 1,706,922 | |
Kraft Heinz Co. (The) | 32,300 | 1,189,609 | |
Mondelez International, Inc., Class A | 25,600 | 1,639,424 | |
4,535,955 | |||
Energy—1.6% | |||
Williams Cos., Inc. (The) | 51,700 | 1,762,453 | |
Financials—6.1% | |||
Bank of America Corp. | 33,900 | 1,146,159 | |
Blackstone, Inc., Class A | 9,500 | 969,665 | |
Goldman Sachs Group, Inc. (The) | 3,800 | 1,266,882 | |
Huntington Bancshares, Inc. | 90,900 | 1,208,061 | |
Intercontinental Exchange, Inc. | 11,600 | 1,183,084 | |
JPMorgan Chase & Co. | 8,500 | 980,560 | |
6,754,411 | |||
Health Care—10.0% | |||
AbbVie, Inc. | 11,100 | 1,592,961 | |
Baxter International, Inc. | 17,400 | 1,020,684 | |
Bristol-Myers Squibb Co. | 18,000 | 1,328,040 | |
CVS Health Corp. | 12,000 | 1,148,160 | |
Eli Lilly & Co. | 4,300 | 1,417,667 | |
Medtronic PLC | 12,100 | 1,119,492 | |
Merck & Co., Inc. | 8,500 | 759,390 | |
Roche Holding AG | 4,000 | 1,328,018 | |
UnitedHealth Group, Inc. | 2,400 | 1,301,616 | |
11,016,028 | |||
Industrials—4.3% | |||
FedEx Corp. | 6,300 | 1,468,467 | |
Norfolk Southern Corp. | 4,400 | 1,105,148 | |
Schneider Electric SE | 9,400 | 1,300,056 | |
Stanley Black & Decker, Inc. | 9,600 | 934,368 | |
4,808,039 |
Shares | Value | ||
Information Technology—13.3% | |||
Amdocs Ltd. | 12,900 | $ 1,123,074 | |
Analog Devices, Inc. | 7,600 | 1,306,896 | |
Apple, Inc. | 23,800 | 3,867,738 | |
Avast PLC(b) | 173,900 | 984,756 | |
Broadcom, Inc. | 2,700 | 1,445,796 | |
Cisco Systems, Inc. | 26,800 | 1,215,916 | |
Fidelity National Information Services, Inc. | 16,400 | 1,675,424 | |
Microsoft Corp. | 11,000 | 3,088,140 | |
14,707,740 | |||
Materials—0.8% | |||
Air Products & Chemicals, Inc. | 3,400 | 843,982 | |
Real Estate—2.2% | |||
American Tower Corp., REIT | 4,600 | 1,245,818 | |
Gaming and Leisure Properties, Inc., REIT | 22,800 | 1,185,372 | |
2,431,190 | |||
Utilities—2.8% | |||
CMS Energy Corp. | 11,300 | 776,649 | |
FirstEnergy Corp. | 25,700 | 1,056,270 | |
NextEra Energy, Inc. | 14,700 | 1,242,003 | |
3,074,922 | |||
Total United States | 60,965,429 | ||
Total Common Stocks | 105,270,419 | ||
PREFERRED STOCKS—1.2% | |||
SOUTH KOREA—1.2% | |||
Information Technology—1.2% | |||
Samsung Electronics Co. Ltd. | 32,000 | 1,406,388 | |
Total Preferred Stocks | 1,406,388 | ||
SHORT-TERM INVESTMENTS—3.0% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 3,288,603 | 3,288,603 | |
Total Short-Term Investments | 3,288,603 | ||
Total Investments (Cost $93,756,240)—99.4% | 109,965,410 | ||
Other Assets in Excess of Liabilities—0.6% | 623,228 | ||
Net Assets—100.0% | $110,588,638 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Dynamic Dividend Fund
At July 31, 2022, the Fund held the following forward foreign currency contracts: | ||||||||
Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/Euro | ||||||||
10/18/2022 | State Street Bank and Trust | USD | 2,664,573 | EUR | 2,600,000 | $2,671,868 | $(7,295) |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS—94.1% | |||
AUSTRALIA—1.4% | |||
Materials—1.4% | |||
BHP Group Ltd. | 13,100 | $ 360,341 | |
AUSTRIA—1.6% | |||
Materials—1.6% | |||
Mondi PLC | 20,717 | 392,344 | |
BRAZIL—6.5% | |||
Consumer Discretionary—0.7% | |||
MercadoLibre, Inc.(a) | 216 | 175,761 | |
Consumer Staples—1.7% | |||
Raia Drogasil SA | 103,404 | 419,284 | |
Energy—1.0% | |||
3R Petroleum Oleo E Gas SA(a) | 36,636 | 240,884 | |
Financials—0.9% | |||
B3 SA - Brasil Bolsa Balcao | 108,840 | 233,284 | |
Industrials—2.2% | |||
Localiza Rent a Car SA | 27,310 | 304,078 | |
WEG SA | 47,903 | 259,601 | |
563,679 | |||
Total Brazil | 1,632,892 | ||
CHILE—0.9% | |||
Financials—0.9% | |||
Banco Santander Chile, ADR | 14,368 | 224,716 | |
HONG KONG—0.7% | |||
Financials—0.7% | |||
Prudential PLC | 14,414 | 177,788 | |
INDIA—24.7% | |||
Consumer Discretionary—1.0% | |||
Maruti Suzuki India Ltd. | 2,249 | 250,052 | |
Consumer Staples—3.5% | |||
Hindustan Unilever Ltd. | 15,719 | 523,997 | |
ITC Ltd. | 90,480 | 347,956 | |
871,953 | |||
Energy—2.0% | |||
Reliance Industries Ltd. | 15,963 | 507,237 | |
Financials—7.6% | |||
Housing Development Finance Corp. Ltd. | 24,330 | 737,685 | |
Kotak Mahindra Bank Ltd. | 23,596 | 542,996 | |
Piramal Enterprises Ltd. | 9,800 | 220,169 | |
SBI Life Insurance Co. Ltd.(b) | 24,690 | 404,337 | |
1,905,187 | |||
Health Care—1.2% | |||
Syngene International Ltd.(b) | 41,064 | 295,394 | |
Industrials—1.0% | |||
Larsen & Toubro Ltd. | 11,200 | 256,122 | |
Information Technology—2.7% | |||
Infosys Ltd. | 13,054 | 255,459 | |
Tata Consultancy Services Ltd. | 9,624 | 402,572 | |
658,031 | |||
Materials—2.3% | |||
Asian Paints Ltd. | 6,400 | 270,221 | |
UltraTech Cement Ltd. | 3,488 | 288,460 | |
558,681 |
Shares | Value | ||
Real Estate—0.5% | |||
Godrej Properties Ltd.(a) | 6,800 | $ 130,372 | |
Utilities—2.9% | |||
Azure Power Global Ltd.(a) | 9,299 | 113,820 | |
Power Grid Corp. of India Ltd. | 155,647 | 421,895 | |
ReNew Energy Global PLC, Class A(a) | 27,438 | 186,304 | |
722,019 | |||
Total India | 6,155,048 | ||
INDONESIA—2.5% | |||
Financials—2.5% | |||
Bank Central Asia Tbk PT(c) | 699,400 | 347,784 | |
Bank Rakyat Indonesia Persero Tbk PT(c) | 951,600 | 280,905 | |
628,689 | |||
ISRAEL—0.8% | |||
Information Technology—0.8% | |||
Nova Ltd.(a) | 1,867 | 196,688 | |
ITALY—1.6% | |||
Consumer Staples—1.6% | |||
Coca-Cola HBC AG | 16,131 | 397,010 | |
MALAYSIA—1.0% | |||
Health Care—1.0% | |||
IHH Healthcare Bhd | 175,900 | 252,922 | |
MEXICO—5.1% | |||
Consumer Staples—1.2% | |||
Fomento Economico Mexicano SAB de CV, ADR | 4,766 | 295,397 | |
Financials—1.9% | |||
Grupo Financiero Banorte SAB de CV, Class O | 83,727 | 477,172 | |
Industrials—0.7% | |||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 3,800 | 184,604 | |
Materials—1.3% | |||
Grupo Mexico SAB de CV | 79,341 | 314,437 | |
Total Mexico | 1,271,610 | ||
NETHERLANDS—2.1% | |||
Information Technology—2.1% | |||
ASM International NV | 680 | 208,877 | |
ASML Holding NV | 561 | 322,439 | |
531,316 | |||
PERU—0.9% | |||
Financials—0.9% | |||
Credicorp Ltd. | 1,825 | 236,155 | |
PHILIPPINES—1.0% | |||
Financials—1.0% | |||
Bank of the Philippine Islands | 141,110 | 238,179 | |
POLAND—1.6% | |||
Consumer Staples—0.6% | |||
Dino Polska SA(a)(b) | 1,997 | 156,145 | |
Industrials—1.0% | |||
InPost SA(a) | 35,463 | 234,171 | |
Total Poland | 390,316 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
SOUTH AFRICA—3.5% | |||
Communication Services—1.7% | |||
Kakao Corp. | 3,619 | $ 208,984 | |
Vodacom Group, Ltd. | 24,690 | 205,139 | |
414,123 | |||
Financials—0.9% | |||
Sanlam Ltd. | 67,015 | 220,088 | |
Materials—0.9% | |||
Anglo American Platinum Ltd. | 2,985 | 228,981 | |
Total South Africa | 863,192 | ||
SOUTH KOREA—15.0% | |||
Financials—1.4% | |||
KB Financial Group, Inc., ADR | 9,516 | 352,853 | |
Health Care—1.1% | |||
Samsung Biologics Co. Ltd.(a)(b) | 402 | 267,759 | |
Industrials—1.2% | |||
Samsung Engineering Co. Ltd.(a) | 19,920 | 301,518 | |
Information Technology—9.5% | |||
Samsung Electronics Co. Ltd., GDR | 1,700 | 1,840,514 | |
Samsung SDI Co. Ltd., GDR(b)(c) | 2,237 | 245,310 | |
SK Hynix, Inc., GDR(c) | 3,932 | 296,879 | |
2,382,703 | |||
Materials—1.8% | |||
LG Chem Ltd. | 955 | 444,796 | |
Total South Korea | 3,749,629 | ||
TAIWAN—17.6% | |||
Communication Services—0.3% | |||
Sea Ltd., ADR(a) | 1,102 | 84,105 | |
Consumer Discretionary—2.8% | |||
Makalot Industrial Co. Ltd. | 35,000 | 165,858 | |
momo.com, Inc. | 10,600 | 290,558 | |
Poya International Co. Ltd. | 19,190 | 240,840 | |
697,256 | |||
Information Technology—14.5% | |||
Chroma ATE, Inc. | 41,000 | 236,716 | |
Delta Electronics, Inc. | 59,000 | 513,130 | |
Globalwafers Co. Ltd. | 11,000 | 166,632 | |
Hon Hai Precision Industry Co. Ltd. | 163,000 | 595,723 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 90,000 | 1,543,461 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 6,400 | 566,272 | |
3,621,934 | |||
Total Taiwan | 4,403,295 | ||
THAILAND—3.8% | |||
Energy—1.8% | |||
PTT Exploration & Production PCL, Foreign Shares | 99,400 | 446,907 | |
Financials—1.2% | |||
Kasikornbank PCL, Foreign Shares | 76,700 | 307,461 | |
Materials—0.8% | |||
SCG Packaging PCL, Foreign Shares | 146,200 | 205,100 | |
Total Thailand | 959,468 |
Shares | Value | ||
TURKEY—1.1% | |||
Consumer Staples—1.1% | |||
Coca-Cola Icecek AS | 33,694 | $ 273,385 | |
UNITED STATES—0.7% | |||
Information Technology—0.7% | |||
Globant SA(a) | 870 | 173,339 | |
Total Common Stocks | 23,508,322 | ||
PREFERRED STOCKS—1.8% | |||
BRAZIL—1.8% | |||
Financials—1.8% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 134,258 | 445,736 | |
Total Preferred Stocks | 445,736 | ||
SHORT-TERM INVESTMENTS—7.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(d) | 1,974,205 | 1,974,205 | |
Total Short-Term Investments | 1,974,205 | ||
Total Investments (Cost $28,574,936)—103.8% | 25,928,263 | ||
Liabilities in Excess of Other Assets—(3.8%) | (961,018) | ||
Net Assets—100.0% | $24,967,245 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Illiquid security. |
(d) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS—90.2% | |||
AUSTRIA—1.4% | |||
Materials—1.4% | |||
Mondi PLC | 2,276,198 | $ 43,107,249 | |
BRAZIL—3.9% | |||
Consumer Discretionary—0.7% | |||
MercadoLibre, Inc.(a) | 24,648 | 20,056,324 | |
Consumer Staples—0.8% | |||
Raia Drogasil SA | 5,876,935 | 23,829,864 | |
Financials—0.9% | |||
B3 SA - Brasil Bolsa Balcao | 13,162,904 | 28,212,946 | |
Industrials—1.5% | |||
Rumo SA | 7,646,337 | 25,920,788 | |
WEG SA | 3,562,404 | 19,305,736 | |
45,226,524 | |||
Total Brazil | 117,325,658 | ||
CHILE—0.9% | |||
Financials—0.9% | |||
Banco Santander Chile, ADR | 1,667,383 | 26,077,870 | |
CHINA—31.3% | |||
Communication Services—4.8% | |||
Tencent Holdings Ltd. | 3,685,500 | 142,440,194 | |
Consumer Discretionary—10.6% | |||
Alibaba Group Holding Ltd.(a) | 10,920,300 | 122,782,048 | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b) | 1,160,803 | 36,257,692 | |
JD.com, Inc., A Shares(b) | 2,127,869 | 63,479,748 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(b) | 4,518,616 | 36,931,788 | |
Shenzhou International Group Holdings Ltd. | 2,363,700 | 24,861,777 | |
Zhongsheng Group Holdings Ltd. | 5,616,500 | 32,154,084 | |
316,467,137 | |||
Consumer Staples—3.6% | |||
Budweiser Brewing Co. APAC Ltd.(c) | 15,296,700 | 42,355,566 | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(b) | 2,375,757 | 29,192,346 | |
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b) | 119,406 | 33,642,782 | |
105,190,694 | |||
Financials—1.9% | |||
China Merchants Bank Co. Ltd., H Shares | 10,310,500 | 55,710,702 | |
Health Care—2.8% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(b) | 757,797 | 32,619,317 | |
Wuxi Biologics Cayman, Inc.(a)(c) | 5,349,500 | 51,206,023 | |
83,825,340 | |||
Industrials—2.9% | |||
NARI Technology Co. Ltd., A Shares (Stock Connect)(b) | 11,679,711 | 50,680,219 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(b) | 1,928,084 | 35,532,484 | |
86,212,703 |
Shares | Value | ||
Information Technology—2.5% | |||
LONGi Green Energy Technology Co. Ltd., A Shares(b) | 6,492,417 | $ 59,485,452 | |
Yonyou Network Technology Co. Ltd., A Shares(b) | 5,118,410 | 15,881,390 | |
75,366,842 | |||
Materials—1.0% | |||
Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(b) | 926,574 | 29,454,991 | |
Real Estate—1.2% | |||
China Resources Land Ltd. | 8,726,000 | 36,442,210 | |
Total China | 931,110,813 | ||
HONG KONG—3.2% | |||
Financials—3.2% | |||
AIA Group Ltd. | 5,952,000 | 59,797,622 | |
Hong Kong Exchanges & Clearing Ltd. | 790,365 | 36,270,193 | |
96,067,815 | |||
INDIA—14.7% | |||
Consumer Discretionary—0.9% | |||
Maruti Suzuki India Ltd. | 245,493 | 27,294,757 | |
Consumer Staples—1.7% | |||
Hindustan Unilever Ltd. | 1,502,472 | 50,085,315 | |
Financials—7.8% | |||
Housing Development Finance Corp. Ltd. | 3,474,128 | 105,335,417 | |
Kotak Mahindra Bank Ltd. | 2,481,912 | 57,114,238 | |
SBI Life Insurance Co. Ltd.(c) | 4,195,246 | 68,703,646 | |
231,153,301 | |||
Information Technology—1.9% | |||
Tata Consultancy Services Ltd. | 1,318,829 | 55,166,680 | |
Materials—1.1% | |||
UltraTech Cement Ltd. | 409,920 | 33,900,688 | |
Utilities—1.3% | |||
Power Grid Corp. of India Ltd. | 14,491,597 | 39,280,808 | |
Total India | 436,881,549 | ||
INDONESIA—3.4% | |||
Financials—3.4% | |||
Bank Central Asia Tbk PT(d) | 122,740,500 | 61,033,928 | |
Bank Rakyat Indonesia Persero Tbk PT(d) | 133,331,444 | 39,358,482 | |
100,392,410 | |||
MEXICO—6.3% | |||
Consumer Staples—1.4% | |||
Fomento Economico Mexicano SAB de CV, ADR | 675,283 | 41,854,041 | |
Financials—2.1% | |||
Grupo Financiero Banorte SAB de CV, Class O | 10,746,375 | 61,245,191 | |
Industrials—0.7% | |||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 1,165,598 | 21,913,391 | |
Materials—2.1% | |||
Grupo Mexico SAB de CV | 16,106,279 | 63,830,972 | |
Total Mexico | 188,843,595 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
NETHERLANDS—2.0% | |||
Information Technology—2.0% | |||
ASM International NV | 80,170 | $ 24,625,951 | |
ASML Holding NV | 60,836 | 34,965,970 | |
59,591,921 | |||
PERU—0.6% | |||
Financials—0.6% | |||
Credicorp Ltd. | 128,378 | 16,612,113 | |
PHILIPPINES—0.6% | |||
Financials—0.6% | |||
Bank of the Philippine Islands | 10,876,794 | 18,358,908 | |
RUSSIA—0.0% | |||
Energy—0.0% | |||
LUKOIL PJSC, ADR(d)(e)(f) | 986,507 | – | |
Novatek PJSC(d)(e)(f) | 3,278,243 | – | |
– | |||
Financials—0.0% | |||
Sberbank of Russia PJSC(d)(e)(f) | 6,211,074 | – | |
Total Russia | – | ||
SOUTH AFRICA—3.1% | |||
Communication Services—0.4% | |||
Vodacom Group, Ltd. | 1,333,433 | 11,078,970 | |
Financials—0.9% | |||
Sanlam Ltd. | 8,726,170 | 28,658,155 | |
Materials—1.8% | |||
Anglo American Platinum Ltd. | 684,987 | 52,545,726 | |
Total South Africa | 92,282,851 | ||
SOUTH KOREA—2.8% | |||
Industrials—0.9% | |||
Samsung Engineering Co. Ltd.(a) | 1,701,617 | 25,756,436 | |
Materials—1.9% | |||
LG Chem Ltd. | 123,656 | 57,593,337 | |
Total South Korea | 83,349,773 | ||
TAIWAN—12.4% | |||
Communication Services—0.6% | |||
Sea Ltd., ADR(a) | 220,148 | 16,801,695 | |
Information Technology—11.8% | |||
Delta Electronics, Inc. | 4,002,000 | 34,805,869 | |
Hon Hai Precision Industry Co. Ltd. | 13,646,000 | 49,872,657 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 15,584,017 | 267,259,114 | |
351,937,640 | |||
Total Taiwan | 368,739,335 | ||
THAILAND—2.7% | |||
Energy—1.7% | |||
PTT Exploration & Production PCL, Foreign Shares | 11,711,400 | 52,654,984 | |
Financials—1.0% | |||
Kasikornbank PCL, Foreign Shares | 7,280,400 | 29,184,344 | |
Total Thailand | 81,839,328 |
Shares | Value | ||
UNITED STATES—0.9% | |||
Information Technology—0.9% | |||
Globant SA(a) | 129,678 | $ 25,837,045 | |
Total Common Stocks | 2,686,418,233 | ||
PREFERRED STOCKS—8.9% | |||
BRAZIL—1.9% | |||
Financials—1.9% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 16,608,113 | 55,138,935 | |
SOUTH KOREA—7.0% | |||
Information Technology—7.0% | |||
Samsung Electronics Co. Ltd. | 4,765,867 | 209,458,083 | |
Total Preferred Stocks | 264,597,018 | ||
SHORT-TERM INVESTMENTS—0.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(g) | 18,810,851 | 18,810,851 | |
Total Short-Term Investments | 18,810,851 | ||
Total Investments (Cost $3,221,128,026)—99.7% | 2,969,826,102 | ||
Other Assets in Excess of Liabilities—0.3% | 9,799,640 | ||
Net Assets—100.0% | $2,979,625,742 |
(a) | Non-income producing security. |
(b) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | Illiquid security. |
(e) | Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used. |
(f) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(g) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—90.4% | |||
AUSTRIA—1.6% | |||
Materials—1.6% | |||
Mondi PLC | 108,883 | $ 2,062,055 | |
BRAZIL—5.8% | |||
Consumer Discretionary—0.7% | |||
MercadoLibre, Inc.(a) | 1,169 | 951,227 | |
Consumer Staples—2.4% | |||
Adecoagro SA | 165,278 | 1,355,280 | |
Raia Drogasil SA | 440,016 | 1,784,182 | |
3,139,462 | |||
Industrials—1.4% | |||
WEG SA | 338,310 | 1,833,403 | |
Real Estate—1.3% | |||
Multiplan Empreendimentos Imobiliarios SA | 382,815 | 1,760,885 | |
Total Brazil | 7,684,977 | ||
CHILE—1.6% | |||
Financials—1.6% | |||
Banco Santander Chile, ADR | 134,218 | 2,099,169 | |
CHINA—32.1% | |||
Communication Services—4.4% | |||
Tencent Holdings Ltd. | 153,100 | 5,917,133 | |
Consumer Discretionary—8.3% | |||
Alibaba Group Holding Ltd.(a) | 485,300 | 5,456,455 | |
JD.com, Inc., A Shares | 60,050 | 1,791,445 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(b) | 247,229 | 2,020,665 | |
Zhongsheng Group Holdings Ltd. | 298,000 | 1,706,030 | |
10,974,595 | |||
Financials—1.8% | |||
China Merchants Bank Co. Ltd., H Shares | 432,500 | 2,336,926 | |
Health Care—3.2% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(b) | 33,231 | 1,430,426 | |
Wuxi Biologics Cayman, Inc.(a)(c) | 299,500 | 2,866,848 | |
4,297,274 | |||
Industrials—8.9% | |||
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(b) | 401,680 | 1,226,914 | |
China Conch Environment Protection Holdings Ltd.(a) | 327,500 | 259,324 | |
China Conch Venture Holdings Ltd. | 327,500 | 634,920 | |
Contemporary Amperex Technology Co. Ltd., A Shares(a)(b) | 28,200 | 2,142,696 | |
Estun Automation Co. Ltd., A Shares(b) | 679,094 | 2,860,395 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(b) | 300,916 | 1,305,725 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(b) | 98,442 | 1,814,179 | |
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 866,800 | 1,548,536 | |
11,792,689 | |||
Information Technology—4.7% | |||
GDS Holdings Ltd., ADR(a) | 12,700 | 351,536 | |
GDS Holdings Ltd., A Shares(a) | 213,800 | 732,302 |
Shares | Value | ||
Glodon Co. Ltd., A Shares(b) | 174,040 | $ 1,198,895 | |
Hundsun Technologies, Inc., A Shares(b) | 255,097 | $ 1,610,263 | |
LONGi Green Energy Technology Co. Ltd., A Shares(b) | 251,687 | 2,306,031 | |
6,199,027 | |||
Real Estate—0.8% | |||
China Vanke Co. Ltd., H Shares | 563,500 | 1,071,820 | |
Total China | 42,589,464 | ||
EGYPT—0.9% | |||
Financials—0.9% | |||
Commercial International Bank Egypt SAE(d) | 571,323 | 1,145,883 | |
HONG KONG—4.7% | |||
Consumer Staples—1.2% | |||
Vitasoy International Holdings Ltd. | 1,024,000 | 1,543,061 | |
Financials—3.5% | |||
AIA Group Ltd. | 264,100 | 2,653,319 | |
Hong Kong Exchanges & Clearing Ltd. | 43,800 | 2,010,001 | |
4,663,320 | |||
Total Hong Kong | 6,206,381 | ||
INDIA—15.6% | |||
Consumer Discretionary—1.4% | |||
Crompton Greaves Consumer Electricals Ltd. | 370,858 | 1,851,173 | |
Consumer Staples—1.8% | |||
Hindustan Unilever Ltd. | 69,551 | 2,318,501 | |
Financials—4.9% | |||
Housing Development Finance Corp. Ltd. | 155,046 | 4,700,988 | |
Kotak Mahindra Bank Ltd. | 78,910 | 1,815,892 | |
6,516,880 | |||
Health Care—1.1% | |||
Syngene International Ltd.(c) | 208,519 | 1,499,980 | |
Information Technology—1.9% | |||
Tata Consultancy Services Ltd. | 60,260 | 2,520,679 | |
Materials—1.1% | |||
Asian Paints Ltd. | 35,468 | 1,497,531 | |
Utilities—3.4% | |||
Power Grid Corp. of India Ltd. | 1,309,326 | 3,549,049 | |
ReNew Energy Global PLC, Class A(a) | 136,209 | 924,859 | |
4,473,908 | |||
Total India | 20,678,652 | ||
INDONESIA—2.2% | |||
Consumer Discretionary—0.5% | |||
Ace Hardware Indonesia Tbk PT(d) | 14,031,300 | 671,648 | |
Financials—1.7% | |||
Bank Central Asia Tbk PT(d) | 4,500,000 | 2,237,670 | |
Total Indonesia | 2,909,318 | ||
KAZAKHSTAN—0.8% | |||
Financials—0.8% | |||
Kaspi.KZ JSC, GDR(c)(d) | 20,934 | 1,099,035 | |
MEXICO—4.5% | |||
Consumer Staples—1.9% | |||
Arca Continental SAB de CV | 373,038 | 2,578,904 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
MEXICO (continued) | |||
Financials—2.6% | |||
Grupo Financiero Banorte SAB de CV, Class O | 606,085 | $ 3,454,169 | |
Total Mexico | 6,033,073 | ||
NETHERLANDS—3.2% | |||
Information Technology—2.3% | |||
ASM International NV | 4,559 | 1,400,396 | |
ASML Holding NV | 2,833 | 1,628,289 | |
3,028,685 | |||
Real Estate—0.9% | |||
CTP NV(c) | 99,768 | 1,282,991 | |
Total Netherlands | 4,311,676 | ||
PHILIPPINES—1.0% | |||
Real Estate—1.0% | |||
Ayala Land, Inc. | 2,773,500 | 1,272,857 | |
POLAND—0.9% | |||
Consumer Discretionary—0.5% | |||
Allegro.eu SA(a)(c) | 127,724 | 694,679 | |
Industrials—0.4% | |||
InPost SA(a) | 81,689 | 539,413 | |
Total Poland | 1,234,092 | ||
SOUTH AFRICA—1.3% | |||
Financials—1.3% | |||
Sanlam Ltd. | 542,661 | 1,782,187 | |
SOUTH KOREA—2.3% | |||
Materials—2.3% | |||
LG Chem Ltd. | 6,507 | 3,030,664 | |
TAIWAN—11.9% | |||
Communication Services—0.6% | |||
Sea Ltd., ADR(a) | 10,777 | 822,501 | |
Information Technology—11.3% | |||
Chroma ATE, Inc. | 246,000 | 1,420,299 | |
Hon Hai Precision Industry Co. Ltd. | 605,000 | 2,211,121 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 659,000 | 11,301,563 | |
14,932,983 | |||
Total Taiwan | 15,755,484 | ||
Total Common Stocks | 119,894,967 | ||
PREFERRED STOCKS—9.0% | |||
BRAZIL—1.7% | |||
Financials—1.7% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 666,141 | 2,211,588 | |
SOUTH KOREA—7.3% | |||
Information Technology—7.3% | |||
Samsung Electronics Co. Ltd. | 220,175 | 9,676,610 | |
Total Preferred Stocks | 11,888,198 |
Shares | Value | ||
SHORT-TERM INVESTMENTS—0.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(e) | 688,818 | $ 688,818 | |
Total Short-Term Investments | 688,818 | ||
Total Investments (Cost $166,603,413)—99.9% | 132,471,983 | ||
Other Assets in Excess of Liabilities—0.1% | 133,297 | ||
Net Assets—100.0% | $132,605,280 |
(a) | Non-income producing security. |
(b) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | Illiquid security. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Equity Impact Fund
Shares | Value | ||
COMMON STOCKS—105.2% | |||
AUSTRALIA—2.7% | |||
Real Estate—2.7% | |||
Goodman Group, REIT | 96,600 | $ 1,413,747 | |
BELGIUM—1.7% | |||
Materials—1.7% | |||
Umicore SA | 24,727 | 895,671 | |
BRAZIL—1.3% | |||
Financials—1.3% | |||
Banco Bradesco SA | 238,792 | 667,811 | |
CHINA—2.6% | |||
Health Care—2.6% | |||
Wuxi Biologics Cayman, Inc.(a)(b) | 139,500 | 1,335,310 | |
DENMARK—6.4% | |||
Health Care—4.2% | |||
Novo Nordisk AS, Class B | 18,545 | 2,160,006 | |
Industrials—1.1% | |||
Vestas Wind Systems AS | 21,030 | 552,746 | |
Utilities—1.1% | |||
Orsted AS(a) | 4,884 | 568,579 | |
Total Denmark | 3,281,331 | ||
FRANCE—2.4% | |||
Financials—2.4% | |||
AXA SA | 52,749 | 1,215,470 | |
HONG KONG—4.0% | |||
Financials—4.0% | |||
AIA Group Ltd. | 206,700 | 2,076,641 | |
INDIA—5.7% | |||
Financials—3.9% | |||
Housing Development Finance Corp. Ltd. | 65,911 | 1,998,419 | |
Utilities—1.8% | |||
Azure Power Global Ltd.(b) | 75,631 | 925,723 | |
Total India | 2,924,142 | ||
INDONESIA—2.5% | |||
Financials—2.5% | |||
Bank Rakyat Indonesia Persero Tbk PT | 4,318,795 | 1,274,877 | |
ISRAEL—1.0% | |||
Industrials—1.0% | |||
Kornit Digital Ltd.(b) | 19,567 | 532,418 | |
KENYA—3.3% | |||
Communication Services—3.3% | |||
Safaricom PLC | 6,756,780 | 1,676,409 | |
NETHERLANDS—6.1% | |||
Information Technology—2.8% | |||
ASML Holding NV | 2,500 | 1,436,895 | |
Materials—3.3% | |||
Koninklijke DSM NV | 10,631 | 1,702,544 | |
Total Netherlands | 3,139,439 | ||
REPUBLIC OF IRELAND—1.6% | |||
Industrials—1.6% | |||
Kingspan Group PLC | 12,641 | 818,228 |
Shares | Value | ||
SOUTH KOREA—4.1% | |||
Information Technology—4.1% | |||
Samsung SDI Co. Ltd. | 4,777 | $ 2,099,728 | |
TAIWAN—1.7% | |||
Industrials—1.7% | |||
Voltronic Power Technology Corp. | 17,610 | 864,954 | |
UNITED KINGDOM—8.1% | |||
Health Care—4.3% | |||
AstraZeneca PLC | 16,926 | 2,226,466 | |
Industrials—2.7% | |||
RELX PLC | 47,320 | 1,401,119 | |
Utilities—1.1% | |||
SSE PLC | 25,179 | 543,826 | |
Total United Kingdom | 4,171,411 | ||
UNITED STATES—50.0% | |||
Consumer Discretionary—1.1% | |||
Coursera, Inc.(b) | 41,868 | 581,547 | |
Financials—3.7% | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 35,437 | 1,278,921 | |
Live Oak Bancshares, Inc. | 17,120 | 644,397 | |
1,923,318 | |||
Health Care—11.9% | |||
GSK PLC | 49,905 | 1,048,514 | |
Insulet Corp.(b) | 5,261 | 1,303,676 | |
Merck & Co., Inc. | 14,828 | 1,324,733 | |
UnitedHealth Group, Inc. | 4,520 | 2,451,377 | |
6,128,300 | |||
Industrials—12.8% | |||
Johnson Controls International PLC | 18,872 | 1,017,390 | |
Schneider Electric SE | 13,822 | 1,911,636 | |
Shoals Technologies Group, Inc., Class A(b) | 48,791 | 1,152,931 | |
Tetra Tech, Inc. | 16,268 | 2,493,396 | |
6,575,353 | |||
Information Technology—4.1% | |||
Analog Devices, Inc. | 12,094 | 2,079,684 | |
Materials—2.7% | |||
Crown Holdings, Inc. | 13,793 | 1,402,472 | |
Real Estate—10.7% | |||
American Tower Corp., REIT | 5,403 | 1,463,295 | |
Equinix, Inc. | 2,422 | 1,704,458 | |
Prologis, Inc., REIT | 17,606 | 2,333,851 | |
5,501,604 | |||
Utilities—3.0% | |||
NextEra Energy, Inc. | 18,085 | 1,528,002 | |
Total United States | 25,720,280 | ||
Total Common Stocks | 54,107,867 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Equity Impact Fund
Shares | Value | ||
SHORT-TERM INVESTMENTS—0.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 284,945 | $ 284,945 | |
Total Short-Term Investments | 284,945 | ||
Total Investments (Cost $48,656,409)—105.7% | 54,392,812 | ||
Liabilities in Excess of Other Assets—(5.7%) | (2,955,746) | ||
Net Assets—100.0% | $51,437,066 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Non-income producing security. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS—97.2% | |||
ARGENTINA—1.8% | |||
Industrials—1.0% | |||
Corp. America Airports SA(a) | 95,600 | $ 504,768 | |
Materials—0.8% | |||
Loma Negra Cia Industrial Argentina SA, ADR | 75,800 | 447,220 | |
Total Argentina | 951,988 | ||
BRAZIL—5.6% | |||
Industrials—4.3% | |||
CCR SA | 586,300 | 1,471,954 | |
Rumo SA | 253,400 | 859,016 | |
2,330,970 | |||
Utilities—1.3% | |||
Omega Energia SA(a) | 294,907 | 701,631 | |
Total Brazil | 3,032,601 | ||
CANADA—6.0% | |||
Energy—3.1% | |||
Enbridge, Inc. | 37,000 | 1,661,684 | |
Industrials—2.9% | |||
Canadian Pacific Railway Ltd. | 19,700 | 1,553,739 | |
Total Canada | 3,215,423 | ||
CHINA—2.1% | |||
Industrials—1.0% | |||
COSCO SHIPPING Ports Ltd. | 733,775 | 547,779 | |
Information Technology—0.4% | |||
GDS Holdings Ltd., ADR(a) | 7,900 | 218,672 | |
Utilities—0.7% | |||
Beijing Enterprises Water Group Ltd. | 1,154,000 | 349,870 | |
Total China | 1,116,321 | ||
COLOMBIA—0.9% | |||
Communication Services—0.9% | |||
Millicom International Cellular SA(a) | 29,410 | 462,445 | |
FRANCE—9.7% | |||
Industrials—5.7% | |||
Eiffage SA | 11,000 | 1,032,229 | |
Getlink SE | 37,600 | 752,539 | |
Vinci SA | 13,200 | 1,265,335 | |
3,050,103 | |||
Utilities—4.0% | |||
Engie SA | 93,100 | 1,151,865 | |
Veolia Environnement SA | 40,000 | 1,000,433 | |
2,152,298 | |||
Total France | 5,202,401 | ||
GERMANY—4.9% | |||
Communication Services—1.2% | |||
Vantage Towers AG | 21,845 | 648,279 | |
Industrials—0.9% | |||
Fraport AG Frankfurt Airport Services Worldwide(a) | 10,900 | 498,486 | |
Utilities—2.8% | |||
RWE AG | 37,000 | 1,522,104 | |
Total Germany | 2,668,869 |
Shares | Value | ||
INDIA—0.7% | |||
Utilities—0.7% | |||
Azure Power Global Ltd.(a) | 32,000 | $ 391,680 | |
INDONESIA—1.3% | |||
Communication Services—1.3% | |||
Sarana Menara Nusantara Tbk PT(b) | 8,709,800 | 690,160 | |
ITALY—6.0% | |||
Communication Services—1.2% | |||
Infrastrutture Wireless Italiane SpA(c) | 63,300 | 665,180 | |
Industrials—1.9% | |||
Atlantia SpA | 43,800 | 1,012,246 | |
Materials—1.1% | |||
Buzzi Unicem SpA | 31,200 | 570,432 | |
Utilities—1.8% | |||
Enel SpA | 191,200 | 963,890 | |
Total Italy | 3,211,748 | ||
JAPAN—0.6% | |||
Industrials—0.6% | |||
East Japan Railway Co. | 6,100 | 318,462 | |
LUXEMBOURG—1.0% | |||
Communication Services—1.0% | |||
SES SA | 74,100 | 559,214 | |
MALAYSIA—1.4% | |||
Industrials—1.4% | |||
Malaysia Airports Holdings Bhd(a) | 550,100 | 772,856 | |
MEXICO—1.3% | |||
Industrials—1.3% | |||
Promotora y Operadora de Infraestructura SAB de CV | 96,400 | 697,506 | |
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 46,300 | 562,274 | |
PHILIPPINES—2.1% | |||
Industrials—2.1% | |||
International Container Terminal Services, Inc. | 318,200 | 1,121,008 | |
SPAIN—10.0% | |||
Communication Services—2.9% | |||
Cellnex Telecom SA(c) | 35,200 | 1,574,464 | |
Industrials—4.8% | |||
Aena SME SA(a)(c) | 8,400 | 1,062,513 | |
Ferrovial SA | 56,791 | 1,520,756 | |
2,583,269 | |||
Utilities—2.3% | |||
EDP Renovaveis SA | 47,300 | 1,230,239 | |
Total Spain | 5,387,972 | ||
TANZANIA—1.7% | |||
Communication Services—1.7% | |||
Helios Towers PLC(a) | 525,000 | 923,023 | |
UNITED KINGDOM—5.2% | |||
Communication Services—1.4% | |||
Vodafone Group PLC | 502,900 | 741,102 | |
Industrials—1.2% | |||
National Express Group PLC(a) | 295,500 | 662,039 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED KINGDOM (continued) | |||
Utilities—2.6% | |||
National Grid PLC, ADR | 11,200 | $ 779,632 | |
SSE PLC | 28,900 | 624,194 | |
1,403,826 | |||
Total United Kingdom | 2,806,967 | ||
UNITED STATES—33.9% | |||
Communication Services—1.4% | |||
DISH Network Corp., Class A(a) | 15,200 | 264,024 | |
Verizon Communications, Inc. | 11,000 | 508,090 | |
772,114 | |||
Consumer Discretionary—0.4% | |||
TravelCenters of America, Inc.(a) | 5,400 | 225,288 | |
Energy—6.1% | |||
Kinder Morgan, Inc. | 91,700 | 1,649,683 | |
Williams Cos., Inc. (The) | 47,000 | 1,602,230 | |
3,251,913 | |||
Industrials—6.8% | |||
CoreCivic, Inc., REIT(a) | 31,000 | 333,870 | |
Dycom Industries, Inc.(a) | 6,200 | 639,592 | |
GEO Group, Inc., REIT(a) | 13,600 | 89,216 | |
Norfolk Southern Corp. | 3,400 | 853,978 | |
Union Pacific Corp. | 4,400 | 1,000,120 | |
Waste Connections, Inc. | 5,700 | 760,209 | |
3,676,985 | |||
Real Estate—4.7% | |||
American Tower Corp., REIT | 5,100 | 1,381,233 | |
Crown Castle International Corp., REIT | 6,400 | 1,156,224 | |
2,537,457 | |||
Utilities—14.5% | |||
American Electric Power Co., Inc.(d) | 9,500 | 936,320 |
Shares | Value | ||
CenterPoint Energy, Inc. | 34,400 | $ 1,090,136 | |
Clearway Energy, Inc., Class C | 20,600 | $ 773,324 | |
CMS Energy Corp. | 15,900 | 1,092,807 | |
FirstEnergy Corp. | 26,400 | 1,085,040 | |
NextEra Energy Partners LP | 8,800 | 728,112 | |
NextEra Energy, Inc. | 15,100 | 1,275,799 | |
Vistra Corp. | 32,000 | 827,200 | |
7,808,738 | |||
Total United States | 18,272,495 | ||
Total Common Stocks | 52,365,413 | ||
SHORT-TERM INVESTMENTS—2.2% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(e) | 1,172,772 | 1,172,772 | |
Total Short-Term Investments | 1,172,772 | ||
Total Investments (Cost $47,034,436)—99.4% | 53,538,185 | ||
Other Assets in Excess of Liabilities—0.6% | 320,216 | ||
Net Assets—100.0% | $53,858,401 |
(a) | Non-income producing security. |
(b) | Illiquid security. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | All or a portion of the security has been designated as collateral for the line of credit. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
HKD | Hong Kong Dollar |
USD | U.S. Dollar |
At July 31, 2022, the Fund held the following forward foreign currency contracts: | ||||||||
Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/Hong Kong Dollar | ||||||||
10/18/2022 | Citibank N.A. | USD | 958,243 | HKD | 7,500,000 | $957,320 | $923 |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Real Estate Equity Fund
Shares | Value | ||
COMMON STOCKS—94.8% | |||
AUSTRALIA—6.9% | |||
Real Estate—6.9% | |||
Charter Hall Group | 13,133 | $ 118,684 | |
Dexus, REIT | 63,249 | 425,033 | |
Lendlease Corp. Ltd. | 15,856 | 114,871 | |
Mirvac Group, REIT | 247,738 | 375,320 | |
1,033,908 | |||
BELGIUM—3.3% | |||
Real Estate—3.3% | |||
Aedifica SA, REIT | 1,531 | 158,957 | |
Cofinimmo SA, REIT | 1,581 | 177,924 | |
Warehouses De Pauw CVA, REIT | 4,751 | 161,506 | |
498,387 | |||
BRAZIL—0.4% | |||
Consumer Discretionary—0.4% | |||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 25,048 | 61,142 | |
CANADA—2.7% | |||
Real Estate—2.7% | |||
Allied Properties Real Estate Investment Trust | 5,864 | 156,474 | |
Canadian Apartment Properties, REIT | 6,464 | 244,870 | |
401,344 | |||
CHINA—4.8% | |||
Real Estate—4.8% | |||
China Overseas Land & Investment Ltd. | 124,500 | 344,046 | |
China Resources Land Ltd. | 89,971 | 375,744 | |
719,790 | |||
FRANCE—2.2% | |||
Real Estate—2.2% | |||
Gecina SA, REIT | 1,315 | 134,828 | |
Unibail-Rodamco-Westfield(a) | 3,385 | 192,216 | |
327,044 | |||
GERMANY—6.1% | |||
Real Estate—6.1% | |||
Instone Real Estate Group SE(b) | 9,946 | 108,969 | |
LEG Immobilien SE | 2,490 | 226,205 | |
TAG Immobilien AG | 7,479 | 82,824 | |
Vonovia SE | 14,842 | 494,532 | |
912,530 | |||
HONG KONG—8.1% | |||
Real Estate—8.1% | |||
CK Asset Holdings Ltd. | 62,000 | 438,943 | |
Link REIT | 41,761 | 349,721 | |
Sun Hung Kai Properties Ltd. | 36,311 | 433,449 | |
1,222,113 | |||
JAPAN—26.0% | |||
Real Estate—26.0% | |||
Comforia Residential REIT, Inc. | 105 | 265,207 | |
CRE Logistics REIT, Inc., REIT(a) | 213 | 325,956 | |
Japan Hotel REIT Investment Corp. | 543 | 281,793 | |
Mitsubishi Estate Co., Ltd. | 40,800 | 605,946 | |
Mitsubishi Estate Logistics REIT Investment Corp., REIT(a) | 56 | 200,766 | |
Mitsui Fudosan Co. Ltd., REIT | 34,350 | 767,702 |
Shares | Value | ||
Mori Hills REIT Investment Corp., REIT | 161 | $ 185,025 | |
Nippon Building Fund, Inc., REIT | 108 | $ 572,913 | |
Orix JREIT, Inc. | 256 | 367,274 | |
Tokyu Fudosan Holdings Corp. | 60,500 | 327,846 | |
3,900,428 | |||
MEXICO—2.8% | |||
Real Estate—2.8% | |||
Corp Inmobiliaria Vesta SAB de CV, REIT | 111,276 | 218,016 | |
Prologis Property Mexico SA de CV, REIT | 74,524 | 208,706 | |
426,722 | |||
NETHERLANDS—0.6% | |||
Real Estate—0.6% | |||
CTP NV(b) | 6,864 | 88,269 | |
PHILIPPINES—1.1% | |||
Real Estate—1.1% | |||
Ayala Land, Inc. | 279,392 | 128,223 | |
Megaworld Corp. | 1,019,705 | 41,850 | |
170,073 | |||
SINGAPORE—9.5% | |||
Real Estate—9.5% | |||
Ascendas India Trust, UNIT | 226,500 | 190,574 | |
CapitaLand Integrated Commercial Trust, REIT | 200,700 | 317,050 | |
Capitaland Investment Ltd.(a) | 146,800 | 417,694 | |
Daiwa House Logistics Trust, REIT(a) | 457,400 | 236,746 | |
Lendlease Global Commercial REIT | 448,200 | 271,318 | |
1,433,382 | |||
SPAIN—2.3% | |||
Real Estate—2.3% | |||
Inmobiliaria Colonial Socimi SA, REIT | 22,300 | 147,748 | |
Merlin Properties Socimi SA | 18,241 | 195,650 | |
343,398 | |||
SWEDEN—2.1% | |||
Real Estate—2.1% | |||
Castellum AB | 4,074 | 65,314 | |
Catena AB | 2,557 | 117,171 | |
Fabege AB, REIT | 12,591 | 129,244 | |
311,729 | |||
UNITED KINGDOM—10.1% | |||
Real Estate—10.1% | |||
Land Securities Group PLC | 29,489 | 263,515 | |
LondonMetric Property PLC, REIT | 66,704 | 203,405 | |
Safestore Holdings PLC, REIT | 15,664 | 218,115 | |
Segro PLC | 48,743 | 652,083 | |
South Asian Real Estate Pvt. Ltd.(a)(b)(c)(d) | 2,000,000 | 2 | |
UNITE Group PLC, REIT | 12,420 | 177,076 | |
1,514,196 | |||
UNITED STATES—5.8% | |||
Real Estate—5.8% | |||
American Tower Corp., REIT | 389 | 105,353 | |
Equinix, Inc. | 131 | 92,190 | |
Mid-America Apartment Communities, Inc., REIT | 704 | 130,754 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Real Estate Equity Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Prologis, Inc., REIT | 3,063 | $ 406,031 | |
Public Storage | 404 | 131,870 | |
866,198 | |||
Total Common Stocks | 14,230,653 | ||
SHORT-TERM INVESTMENTS—3.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(e) | 538,286 | 538,286 | |
Total Short-Term Investments | 538,286 | ||
Total Investments (Cost $27,869,495)—98.4% | 14,768,939 | ||
Other Assets in Excess of Liabilities—1.6% | 242,913 | ||
Net Assets—100.0% | $15,011,852 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used. |
(d) | Illiquid security. |
(e) | Registered investment company advised by Fidelity Management & Research Company. The rate shown is the 7-day yield as of July 31, 2022. |
CVA | Dutch Certificate |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS—96.2% | |||
AUSTRALIA—6.4% | |||
Consumer Discretionary—3.8% | |||
ARB Corp. Ltd. | 145,422 | $ 3,414,800 | |
IDP Education Ltd. | 239,400 | 4,816,697 | |
8,231,497 | |||
Financials—2.6% | |||
Steadfast Group Ltd. | 1,489,195 | 5,583,053 | |
Total Australia | 13,814,550 | ||
BELGIUM—1.9% | |||
Industrials—1.9% | |||
Azelis Group NV | 189,607 | 4,139,307 | |
CANADA—4.6% | |||
Consumer Staples—2.6% | |||
Jamieson Wellness, Inc.(a) | 191,509 | 5,563,340 | |
Industrials—2.0% | |||
Ritchie Bros Auctioneers, Inc. | 60,611 | 4,368,744 | |
Total Canada | 9,932,084 | ||
FRANCE—4.9% | |||
Consumer Staples—2.9% | |||
Interparfums SA | 124,201 | 6,230,955 | |
Energy—2.0% | |||
Gaztransport Et Technigaz SA | 31,904 | 4,400,327 | |
Total France | 10,631,282 | ||
GERMANY—5.4% | |||
Communication Services—3.6% | |||
CTS Eventim AG & Co. KGaA(b) | 140,100 | 7,717,167 | |
Financials—1.8% | |||
Hypoport SE(b) | 19,000 | 3,949,182 | |
Total Germany | 11,666,349 | ||
HONG KONG—2.9% | |||
Industrials—2.9% | |||
Pacific Basin Shipping Ltd. | 12,911,800 | 6,174,885 | |
INDIA—10.2% | |||
Communication Services—2.9% | |||
Affle India Ltd.(b) | 470,370 | 6,336,962 | |
Health Care—4.6% | |||
Sanofi India Ltd. | 50,023 | 3,999,058 | |
Syngene International Ltd.(a) | 812,883 | 5,847,469 | |
9,846,527 | |||
Information Technology—2.7% | |||
WNS Holdings Ltd., ADR(b) | 65,853 | 5,710,114 | |
Total India | 21,893,603 | ||
INDONESIA—1.2% | |||
Consumer Discretionary—1.2% | |||
Ace Hardware Indonesia Tbk PT | 55,980,500 | 2,679,667 | |
ISRAEL—4.3% | |||
Consumer Discretionary—1.7% | |||
Maytronics Ltd. | 283,719 | 3,738,645 | |
Information Technology—2.6% | |||
Nova Ltd.(b) | 53,156 | 5,599,985 | |
Total Israel | 9,338,630 |
Shares | Value | ||
JAPAN—8.8% | |||
Industrials—8.8% | |||
Daiseki Co Ltd | 156,400 | $ 4,649,303 | |
Nabtesco Corp. | 225,500 | 5,404,367 | |
SHO-BOND Holdings Co. Ltd. | 101,000 | 4,468,694 | |
TechnoPro Holdings, Inc. | 194,800 | 4,526,907 | |
19,049,271 | |||
MEXICO—3.3% | |||
Industrials—3.3% | |||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 379,803 | 7,140,345 | |
NETHERLANDS—1.1% | |||
Information Technology—1.1% | |||
BE Semiconductor Industries NV | 42,536 | 2,283,406 | |
POLAND—3.2% | |||
Consumer Staples—3.2% | |||
Dino Polska SA(a)(b) | 88,609 | 6,928,313 | |
SOUTH KOREA—5.9% | |||
Materials—5.9% | |||
Chunbo Co. Ltd. | 35,400 | 6,459,406 | |
Hansol Chemical Co. Ltd. | 36,542 | 6,187,420 | |
12,646,826 | |||
SWEDEN—5.2% | |||
Communication Services—2.7% | |||
Hemnet Group AB | 380,300 | 5,764,198 | |
Financials—2.5% | |||
Nordnet AB publ | 396,900 | 5,331,369 | |
Total Sweden | 11,095,567 | ||
SWITZERLAND—1.8% | |||
Health Care—1.8% | |||
SKAN Group AG | 67,000 | 3,791,826 | |
TAIWAN—4.6% | |||
Industrials—1.9% | |||
Voltronic Power Technology Corp. | 83,500 | 4,101,288 | |
Information Technology—2.7% | |||
Chroma ATE, Inc. | 994,000 | 5,738,931 | |
Total Taiwan | 9,840,219 | ||
UNITED KINGDOM—12.8% | |||
Communication Services—1.6% | |||
Future PLC | 155,260 | 3,478,647 | |
Consumer Discretionary—2.6% | |||
Games Workshop Group PLC | 59,801 | 5,659,732 | |
Health Care—5.8% | |||
Dechra Pharmaceuticals PLC | 162,629 | 7,318,735 | |
Genus PLC | 146,057 | 5,047,899 | |
12,366,634 | |||
Information Technology—2.8% | |||
Endava PLC, ADR(b) | 59,721 | 6,091,542 | |
Total United Kingdom | 27,596,555 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES—6.3% | |||
Health Care—3.1% | |||
Inmode Ltd.(b) | 110,885 | $ 3,685,817 | |
PolyPeptide Group AG(a)(b) | 62,300 | 2,956,486 | |
6,642,303 | |||
Information Technology—3.2% | |||
CyberArk Software Ltd.(b) | 53,783 | 6,998,782 | |
Total United States | 13,641,085 | ||
VIETNAM—1.4% | |||
Information Technology—1.4% | |||
FPT Corp. | 816,840 | 2,927,440 | |
Total Common Stocks | 207,211,210 | ||
PREFERRED STOCKS—1.0% | |||
GERMANY—1.0% | |||
Industrials—1.0% | |||
Jungheinrich AG | 81,488 | 2,218,062 | |
Total Preferred Stocks | 2,218,062 | ||
SHORT-TERM INVESTMENTS—2.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 6,371,734 | 6,371,734 | |
Total Short-Term Investments | 6,371,734 | ||
Total Investments (Cost $243,407,753)—100.1% | 215,801,006 | ||
Liabilities in Excess of Other Assets—(0.1%) | (259,168) | ||
Net Assets—100.0% | $215,541,838 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Non-income producing security. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—109.0% | |||
AUSTRALIA—10.0% | |||
Financials—2.2% | |||
Steadfast Group Ltd. | 550,267 | $ 2,062,973 | |
Health Care—4.6% | |||
Cochlear Ltd. | 29,113 | 4,388,112 | |
Real Estate—3.2% | |||
Goodman Group, REIT | 208,419 | 3,050,225 | |
Total Australia | 9,501,310 | ||
BELGIUM—0.9% | |||
Industrials—0.9% | |||
Azelis Group NV | 39,800 | 868,873 | |
BRAZIL—5.2% | |||
Consumer Discretionary—1.6% | |||
MercadoLibre, Inc.(a) | 1,848 | 1,503,736 | |
Consumer Staples—3.6% | |||
Raia Drogasil SA | 838,721 | 3,400,856 | |
Total Brazil | 4,904,592 | ||
CANADA—1.4% | |||
Financials—1.4% | |||
CI Financial Corp. | 111,945 | 1,290,311 | |
CHINA—3.1% | |||
Health Care—3.1% | |||
Wuxi Biologics Cayman, Inc.(a)(b) | 305,500 | 2,924,281 | |
DENMARK—13.5% | |||
Financials—2.8% | |||
Tryg A/S | 116,242 | 2,650,474 | |
Health Care—6.2% | |||
Genmab AS(a) | 10,058 | 3,578,836 | |
Novo Nordisk AS, Class B | 19,400 | 2,259,591 | |
5,838,427 | |||
Information Technology—2.4% | |||
SimCorp A/S | 30,727 | 2,293,410 | |
Utilities—2.1% | |||
Orsted AS(b) | 17,083 | 1,988,745 | |
Total Denmark | 12,771,056 | ||
FRANCE—4.2% | |||
Consumer Staples—4.2% | |||
L'Oreal SA | 10,573 | 3,997,200 | |
HONG KONG—4.6% | |||
Financials—4.6% | |||
AIA Group Ltd. | 436,200 | 4,382,346 | |
INDIA—5.6% | |||
Financials—3.9% | |||
Housing Development Finance Corp. Ltd. | 120,969 | 3,667,775 | |
Materials—1.7% | |||
Asian Paints Ltd. | 38,437 | 1,622,888 | |
Total India | 5,290,663 | ||
ISRAEL—3.4% | |||
Consumer Staples—3.4% | |||
Strauss Group Ltd. | 119,358 | 3,171,501 |
Shares | Value | ||
JAPAN—9.8% | |||
Consumer Discretionary—2.4% | |||
Sony Group Corp. | 26,200 | $ 2,222,491 | |
Health Care—2.7% | |||
Chugai Pharmaceutical Co. Ltd. | 91,400 | 2,567,681 | |
Industrials—2.0% | |||
Nabtesco Corp. | 80,200 | 1,922,085 | |
Information Technology—2.7% | |||
Keyence Corp. | 6,400 | 2,536,590 | |
Total Japan | 9,248,847 | ||
LATVIA—0.0% | |||
Financials—0.0% | |||
AS Parex Banka(a)(c)(d)(e) | 1,424,182 | – | |
NETHERLANDS—8.7% | |||
Information Technology—5.6% | |||
Adyen NV(a)(b) | 1,278 | 2,298,832 | |
ASML Holding NV | 5,093 | 2,927,242 | |
5,226,074 | |||
Materials—3.1% | |||
Koninklijke DSM NV | 18,441 | 2,953,309 | |
Total Netherlands | 8,179,383 | ||
NEW ZEALAND—1.7% | |||
Information Technology—1.7% | |||
Xero Ltd.(a) | 24,174 | 1,592,552 | |
SINGAPORE—2.7% | |||
Financials—2.7% | |||
DBS Group Holdings Ltd. | 113,900 | 2,599,010 | |
SOUTH KOREA—2.0% | |||
Information Technology—2.0% | |||
Samsung SDI Co. Ltd. | 4,298 | 1,889,184 | |
SWEDEN—5.1% | |||
Consumer Discretionary—2.2% | |||
Thule Group AB(b) | 71,014 | 2,061,664 | |
Industrials—2.9% | |||
Atlas Copco AB, A Shares | 237,795 | 2,779,671 | |
Total Sweden | 4,841,335 | ||
SWITZERLAND—4.4% | |||
Consumer Staples—4.4% | |||
Nestle SA | 33,873 | 4,150,366 | |
TAIWAN—4.1% | |||
Information Technology—4.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 44,263 | 3,916,390 | |
UNITED KINGDOM—13.3% | |||
Health Care—2.8% | |||
Dechra Pharmaceuticals PLC | 59,540 | 2,679,457 | |
Industrials—2.4% | |||
Spirax-Sarco Engineering PLC | 15,213 | 2,219,713 | |
Information Technology—2.2% | |||
AVEVA Group PLC | 70,456 | 2,038,327 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED KINGDOM (continued) | |||
Materials—5.9% | |||
Croda International PLC | 32,231 | $ 2,947,525 | |
Linde PLC | 8,733 | 2,644,665 | |
5,592,190 | |||
Total United Kingdom | 12,529,687 | ||
UNITED STATES—5.3% | |||
Health Care—2.4% | |||
ResMed, Inc. | 9,500 | 2,284,940 | |
Industrials—2.9% | |||
Schneider Electric SE | 19,952 | 2,759,438 | |
Total United States | 5,044,378 | ||
Total Common Stocks | 103,093,265 | ||
SHORT-TERM INVESTMENTS—2.1% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(f) | 1,997,128 | 1,997,128 | |
Total Short-Term Investments | 1,997,128 | ||
Total Investments (Cost $124,983,641)—111.1% | 105,090,393 | ||
Liabilities in Excess of Other Assets—(11.1%) | (10,524,737) | ||
Net Assets—100.0% | $94,565,656 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Illiquid security. |
(d) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(e) | The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of July 31, 2022. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Realty Income & Growth Fund
Shares | Value | ||
COMMON STOCKS—98.1% | |||
UNITED STATES—98.1% | |||
Diversified REITs—1.0% | |||
STORE Capital Corp. | 17,427 | $ 505,732 | |
Health Care REITs—8.4% | |||
Omega Healthcare Investors, Inc. | 26,900 | 833,900 | |
Ventas, Inc. | 21,353 | 1,148,364 | |
Welltower, Inc. | 25,158 | 2,172,142 | |
4,154,406 | |||
Hotel & Resort REITs—3.6% | |||
DiamondRock Hospitality Co.(a) | 66,633 | 618,354 | |
Host Hotels & Resorts, Inc. | 64,040 | 1,140,553 | |
1,758,907 | |||
Industrial REITs—15.5% | |||
Americold Realty Trust, Inc. | 24,136 | 790,454 | |
Duke Realty Corp. | 20,000 | 1,251,200 | |
Prologis, Inc. | 35,716 | 4,734,513 | |
STAG Industrial, Inc. | 26,382 | 864,802 | |
7,640,969 | |||
Office REITs—5.4% | |||
Boston Properties, Inc. | 11,677 | 1,064,475 | |
Cousins Properties, Inc. | 21,418 | 660,745 | |
Highwoods Properties, Inc. | 13,684 | 486,740 | |
Kilroy Realty Corp. | 8,639 | 468,061 | |
2,680,021 | |||
Residential REITs—19.6% | |||
American Homes 4 Rent, Class A | 21,324 | 807,753 | |
AvalonBay Communities, Inc. | 7,803 | 1,669,374 | |
Camden Property Trust | 6,982 | 985,160 | |
Equity LifeStyle Properties, Inc. | 3,895 | 286,360 | |
Equity Residential | 20,972 | 1,643,995 | |
Invitation Homes, Inc. | 40,912 | 1,596,795 | |
Mid-America Apartment Communities, Inc. | 7,417 | 1,377,560 | |
Sun Communities, Inc. | 7,806 | 1,279,872 | |
9,646,869 | |||
Retail REITs—17.3% | |||
Brixmor Property Group, Inc. | 35,109 | 813,827 | |
Kimco Realty Corp. | 47,525 | 1,050,778 | |
National Retail Properties, Inc. | 25,679 | 1,222,577 | |
Realty Income Corp. | 35,893 | 2,655,723 | |
Simon Property Group, Inc. | 9,531 | 1,035,448 | |
SITE Centers Corp. | 42,560 | 621,801 | |
Spirit Realty Capital, Inc. | 24,823 | 1,100,652 | |
8,500,806 | |||
Specialized REITs—27.3% | |||
American Tower Corp. | 2,764 | 748,574 | |
Digital Realty Trust, Inc. | 10,066 | 1,333,242 | |
Equinix, Inc. | 3,638 | 2,560,206 | |
Extra Space Storage, Inc. | 8,422 | 1,596,137 | |
Gaming and Leisure Properties, Inc., REIT | 22,470 | 1,168,215 | |
Life Storage, Inc. | 6,197 | 780,140 | |
Public Storage | 8,677 | 2,832,260 |
Shares | Value | ||
SBA Communications Corp. | 1,850 | $ 621,212 | |
VICI Properties, Inc. | 53,701 | 1,836,037 | |
13,476,023 | |||
Total United States | 48,363,733 | ||
Total Common Stocks | 48,363,733 | ||
SHORT-TERM INVESTMENTS—1.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(b) | 924,802 | 924,802 | |
Total Short-Term Investments | 924,802 | ||
Total Investments (Cost $37,196,006)—100.0% | 49,288,535 | ||
Liabilities in Excess of Other Assets—(0.0%) | (11,208) | ||
Net Assets—100.0% | $49,277,327 |
(a) | Non-income producing security. |
(b) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn U.S. Small Cap Equity Fund
Shares | Value | ||
COMMON STOCKS—98.4% | |||
CANADA—7.5% | |||
Consumer Discretionary—1.6% | |||
Aritzia, Inc.(a) | 402,794 | $ 12,707,725 | |
Consumer Staples—1.6% | |||
Jamieson Wellness, Inc.(b) | 446,463 | 12,969,758 | |
Financials—2.6% | |||
CI Financial Corp. | 1,136,100 | 13,095,026 | |
TMX Group Ltd. | 73,772 | 7,569,328 | |
20,664,354 | |||
Industrials—1.7% | |||
ATS Automation Tooling Systems, Inc.(a) | 417,285 | 13,213,781 | |
Total Canada | 59,555,618 | ||
INDIA—2.4% | |||
Information Technology—2.4% | |||
WNS Holdings Ltd., ADR(a) | 221,761 | 19,228,896 | |
UNITED STATES—88.5% | |||
Communication Services—2.3% | |||
Cogent Communications Holdings, Inc. | 121,375 | 7,744,939 | |
TechTarget, Inc.(a) | 159,378 | 10,389,852 | |
18,134,791 | |||
Consumer Discretionary—11.7% | |||
Dorman Products, Inc.(a) | 164,371 | 16,616,264 | |
Fiverr International, Ltd.(a) | 212,750 | 6,825,020 | |
LCI Industries | 99,633 | 13,459,422 | |
LGI Homes, Inc.(a) | 118,519 | 13,368,943 | |
Monro, Inc. | 248,755 | 12,475,063 | |
National Vision Holdings, Inc.(a) | 382,077 | 11,133,724 | |
Stride, Inc.(a) | 432,751 | 19,335,315 | |
93,213,751 | |||
Consumer Staples—4.5% | |||
elf Beauty, Inc.(a) | 492,226 | 16,504,338 | |
Hostess Brands, Inc.(a) | 858,592 | 19,421,351 | |
35,925,689 | |||
Energy—1.7% | |||
ChampionX Corp. | 637,426 | 13,315,829 | |
Financials—17.1% | |||
American Equity Investment Life Holding Co. | 300,676 | 11,293,391 | |
Axos Financial, Inc.(a) | 207,447 | 8,662,987 | |
Donnelley Financial Solutions, Inc.(a) | 400,263 | 13,604,939 | |
First Interstate BancSystem, Inc., Class A | 470,051 | 19,168,680 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 283,038 | 10,214,841 | |
Live Oak Bancshares, Inc. | 253,617 | 9,546,144 | |
PJT Partners, Inc., Class A | 215,495 | 15,403,583 | |
PRA Group, Inc.(a) | 433,049 | 17,252,672 | |
Seacoast Banking Corp. of Florida | 445,631 | 15,944,677 | |
Wintrust Financial Corp. | 184,182 | 15,847,019 | |
136,938,933 | |||
Health Care—8.7% | |||
CONMED Corp. | 94,039 | 9,181,028 | |
CryoPort, Inc.(a) | 301,123 | 11,201,776 | |
Health Catalyst, Inc.(a) | 519,565 | 8,697,518 | |
Heska Corp.(a) | 129,588 | 11,856,006 |
Shares | Value | ||
Integer Holdings Corp.(a) | 215,854 | $ 15,086,036 | |
Ligand Pharmaceuticals, Inc.(a) | 144,684 | $ 13,315,268 | |
69,337,632 | |||
Industrials—22.5% | |||
Ameresco, Inc., Class A(a) | 272,590 | 15,597,600 | |
ArcBest Corp. | 172,990 | 15,326,914 | |
Atkore, Inc.(a) | 239,636 | 23,788,666 | |
AZEK Co., Inc. (The)(a) | 617,494 | 12,769,776 | |
Brady Corp., Class A | 238,043 | 11,390,357 | |
Casella Waste Systems, Inc., Class A(a) | 202,650 | 16,404,517 | |
EnPro Industries, Inc. | 126,095 | 11,787,361 | |
Helios Technologies, Inc. | 188,354 | 12,962,522 | |
Hub Group, Inc., Class A(a) | 185,509 | 14,172,888 | |
Parsons Corp.(a) | 185,543 | 8,021,024 | |
RBC Bearings, Inc.(a) | 53,689 | 12,670,604 | |
Shyft Group, Inc. | 443,067 | 11,493,158 | |
Werner Enterprises, Inc. | 304,811 | 13,399,491 | |
179,784,878 | |||
Information Technology—13.0% | |||
Cohu, Inc.(a) | 548,850 | 15,686,133 | |
CyberArk Software Ltd.(a) | 109,713 | 14,276,953 | |
Domo, Inc., Class B(a) | 241,717 | 6,770,493 | |
Onto Innovation, Inc.(a) | 218,718 | 18,208,274 | |
Perficient, Inc.(a) | 207,447 | 21,889,807 | |
Verint Systems, Inc.(a) | 416,206 | 19,008,128 | |
Workiva, Inc.(a) | 120,592 | 7,898,776 | |
103,738,564 | |||
Materials—6.0% | |||
Graphic Packaging Holding Co. | 923,608 | 20,550,278 | |
Materion Corp. | 272,785 | 22,352,003 | |
Ranpak Holdings Corp.(a) | 997,360 | 5,096,510 | |
47,998,791 | |||
Utilities—1.0% | |||
ONE Gas, Inc. | 98,310 | 8,350,451 | |
Total United States | 706,739,309 | ||
Total Common Stocks | 785,523,823 | ||
SHORT-TERM INVESTMENTS—1.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 14,435,895 | 14,435,895 | |
Total Short-Term Investments | 14,435,895 | ||
Total Investments (Cost $885,684,883)—100.2% | 799,959,718 | ||
Liabilities in Excess of Other Assets—(0.2%) | (1,492,432) | ||
Net Assets—100.0% | $798,467,286 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn U.S. Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—97.9% | |||
CANADA—10.6% | |||
Consumer Staples—3.4% | |||
Jamieson Wellness, Inc.(a) | 446,372 | $ 12,967,114 | |
Financials—2.4% | |||
CI Financial Corp. | 790,952 | 9,116,748 | |
Industrials—4.8% | |||
ATS Automation Tooling Systems, Inc.(b) | 200,694 | 6,355,192 | |
Canadian National Railway Co. | 97,492 | 12,350,287 | |
18,705,479 | |||
Total Canada | 40,789,341 | ||
IRELAND—3.7% | |||
Health Care—3.7% | |||
ICON PLC(b) | 59,706 | 14,404,073 | |
ISRAEL—3.5% | |||
Information Technology—3.5% | |||
NICE Ltd., ADR(b) | 62,974 | 13,477,695 | |
UNITED STATES—80.1% | |||
Communication Services—2.1% | |||
Cable One, Inc. | 5,903 | 8,126,542 | |
Consumer Discretionary—5.1% | |||
Burlington Stores, Inc.(b) | 56,701 | 8,002,212 | |
Hanesbrands Inc. | 301,148 | 3,366,835 | |
Pool Corp. | 22,950 | 8,209,215 | |
19,578,262 | |||
Consumer Staples—2.7% | |||
Colgate-Palmolive Co. | 131,123 | 10,324,625 | |
Energy—2.8% | |||
New Fortress Energy, Inc. | 218,182 | 10,684,373 | |
Financials—11.0% | |||
American Express Co. | 59,275 | 9,129,535 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 131,722 | 4,753,847 | |
Live Oak Bancshares, Inc. | 105,883 | 3,985,436 | |
LPL Financial Holdings, Inc. | 80,505 | 16,899,610 | |
SVB Financial Group(b) | 18,962 | 7,652,115 | |
42,420,543 | |||
Health Care—7.2% | |||
CONMED Corp. | 72,886 | 7,115,860 | |
Horizon Therapeutics PLC(b) | 123,441 | 10,241,900 | |
Integer Holdings Corp.(b) | 148,132 | 10,352,945 | |
27,710,705 | |||
Industrials—14.4% | |||
Advanced Drainage Systems, Inc. | 56,770 | 6,732,922 | |
Atkore, Inc.(b) | 124,080 | 12,317,422 | |
Chart Industries, Inc.(b) | 35,538 | 6,933,108 | |
Tetra Tech, Inc. | 100,848 | 15,456,973 | |
Trex Co., Inc.(b) | 96,789 | 6,244,826 | |
Vertiv Holdings Co. | 697,217 | 7,962,218 | |
55,647,469 | |||
Information Technology—25.4% | |||
Accenture PLC, Class A | 25,917 | 7,937,340 | |
Amdocs Ltd. | 131,744 | 11,469,633 | |
Marvell Technology, Inc. | 182,423 | 10,157,313 | |
Mastercard, Inc., Class A | 48,068 | 17,005,978 |
Shares | Value | ||
Microsoft Corp. | 135,549 | $ 38,054,026 | |
RingCentral, Inc., Class A(b) | 70,056 | $ 3,467,071 | |
SolarEdge Technologies, Inc.(b) | 27,696 | 9,974,161 | |
98,065,522 | |||
Materials—4.9% | |||
Crown Holdings, Inc. | 114,143 | 11,606,060 | |
Ecolab, Inc. | 45,348 | 7,490,129 | |
19,096,189 | |||
Utilities—4.5% | |||
American Water Works Co., Inc. | 56,947 | 8,851,842 | |
CenterPoint Energy, Inc. | 265,126 | 8,401,843 | |
17,253,685 | |||
Total United States | 308,907,915 | ||
Total Common Stocks | 377,579,024 | ||
SHORT-TERM INVESTMENTS—2.2% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 8,496,759 | 8,496,759 | |
Total Short-Term Investments | 8,496,759 | ||
Total Investments (Cost $389,585,351)—100.1% | 386,075,783 | ||
Liabilities in Excess of Other Assets—(0.1%) | (448,557) | ||
Net Assets—100.0% | $385,627,226 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Non-income producing security. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn U.S. Sustainable Leaders Smaller Companies Fund
Shares | Value | ||
COMMON STOCKS—99.0% | |||
CANADA—10.7% | |||
Consumer Discretionary—2.1% | |||
Aritzia, Inc.(a) | 11,984 | $ 378,082 | |
Consumer Staples—2.8% | |||
Jamieson Wellness, Inc.(b) | 17,310 | 502,856 | |
Financials—4.2% | |||
CI Financial Corp. | 36,886 | 425,159 | |
TMX Group Ltd. | 3,157 | 323,922 | |
749,081 | |||
Industrials—1.6% | |||
ATS Automation Tooling Systems, Inc.(a) | 9,149 | 289,713 | |
Total Canada | 1,919,732 | ||
IRELAND—2.5% | |||
Health Care—2.5% | |||
ICON PLC(a) | 1,850 | 446,312 | |
ISRAEL—2.6% | |||
Information Technology—2.6% | |||
NICE Ltd., ADR(a) | 2,177 | 465,922 | |
UNITED STATES—83.2% | |||
Communication Services—2.0% | |||
Cogent Communications Holdings, Inc. | 5,669 | 361,739 | |
Consumer Discretionary—1.8% | |||
Burlington Stores, Inc.(a) | 2,230 | 314,720 | |
Consumer Staples—1.7% | |||
Darling Ingredients, Inc.(a) | 4,244 | 294,024 | |
Energy—2.8% | |||
New Fortress Energy, Inc. | 10,243 | 501,600 | |
Financials—13.9% | |||
First Interstate BancSystem, Inc., Class A | 8,226 | 335,456 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 8,661 | 312,576 | |
Live Oak Bancshares, Inc. | 7,805 | 293,780 | |
LPL Financial Holdings, Inc. | 2,147 | 450,698 | |
PJT Partners, Inc., Class A | 5,760 | 411,725 | |
Seacoast Banking Corp. of Florida | 9,453 | 338,228 | |
SVB Financial Group(a) | 865 | 349,071 | |
2,491,534 | |||
Health Care—10.8% | |||
CONMED Corp. | 3,535 | 345,122 | |
CryoPort, Inc.(a) | 6,747 | 250,988 | |
Health Catalyst, Inc.(a) | 12,048 | 201,684 | |
Horizon Therapeutics PLC(a) | 3,785 | 314,041 | |
Inmode Ltd.(a) | 10,861 | 361,020 | |
Integer Holdings Corp.(a) | 6,550 | 457,780 | |
1,930,635 | |||
Industrials—24.5% | |||
Advanced Drainage Systems, Inc. | 2,360 | 279,896 | |
Ameresco, Inc., Class A(a) | 6,845 | 391,671 | |
Atkore, Inc.(a) | 5,540 | 549,956 | |
Axon Enterprise, Inc.(a) | 3,639 | 400,981 | |
Casella Waste Systems, Inc., Class A(a) | 3,623 | 293,282 | |
Chart Industries, Inc.(a) | 2,104 | 410,469 | |
Helios Technologies, Inc. | 3,996 | 275,005 | |
JB Hunt Transport Services, Inc. | 1,864 | 341,615 |
Shares | Value | ||
Shyft Group, Inc. | 13,123 | $ 340,411 | |
Tetra Tech, Inc. | 2,831 | $ 433,907 | |
Trex Co., Inc.(a) | 4,701 | 303,308 | |
Vertiv Holdings Co. | 31,166 | 355,916 | |
4,376,417 | |||
Information Technology—16.8% | |||
Amdocs Ltd. | 5,901 | 513,741 | |
CyberArk Software Ltd.(a) | 3,081 | 400,931 | |
Onto Innovation, Inc.(a) | 5,863 | 488,095 | |
Perficient, Inc.(a) | 5,087 | 536,780 | |
RingCentral, Inc., Class A(a) | 2,421 | 119,815 | |
SolarEdge Technologies, Inc.(a) | 1,140 | 410,548 | |
Wolfspeed Inc.(a) | 6,445 | 536,869 | |
3,006,779 | |||
Materials—5.5% | |||
Crown Holdings, Inc. | 5,236 | 532,397 | |
Graphic Packaging Holding Co. | 20,137 | 448,048 | |
980,445 | |||
Utilities—3.4% | |||
Essential Utilities, Inc. | 11,642 | 604,685 | |
Total United States | 14,862,578 | ||
Total Common Stocks | 17,694,544 | ||
SHORT-TERM INVESTMENTS—0.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 156,177 | 156,177 | |
Total Short-Term Investments | 156,177 | ||
Total Investments (Cost $19,642,978)—99.9% | 17,850,721 | ||
Other Assets in Excess of Liabilities—0.1% | 22,964 | ||
Net Assets—100.0% | $17,873,685 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Debt Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—25.4% | |||
CHINA—0.1% | |||
Real Estate—0.1% | |||
Zhenro Properties Group Ltd., 7.10%, 09/10/2024(a)(b) | $ | 200,000 | $ 12,906 |
COLOMBIA—0.7% | |||
Commercial Banks—0.7% | |||
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter), 4.88%, 10/18/2027 | 200,000 | 183,760 | |
GEORGIA—1.6% | |||
Transportation—1.6% | |||
Georgian Railway JSC, 4.00%, 06/17/2028(a) | 520,000 | 436,800 | |
INDIA—1.5% | |||
Commercial Banks—0.9% | |||
HDFC Bank Ltd., 8.10%, 03/22/2025(a) | INR | 20,000,000 | 250,230 |
Transportation—0.6% | |||
Indian Railway Finance Corp. Ltd., 2.80%, 02/10/2031(a) | $ | 200,000 | 165,844 |
Total India | 416,074 | ||
INDONESIA—3.1% | |||
Electric Utilities—1.4% | |||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.25%, 01/25/2049(a) | 387,000 | 379,601 | |
Oil, Gas & Consumable Fuels—1.7% | |||
Pertamina Persero PT | |||
3.65%, 07/30/2029(a) | 305,000 | 285,303 | |
5.63%, 05/20/2043(a) | 200,000 | 191,317 | |
476,620 | |||
Total Indonesia | 856,221 | ||
KAZAKHSTAN—1.2% | |||
Oil, Gas & Consumable Fuels—1.2% | |||
KazMunayGas National Co. JSC, 5.38%, 04/24/2030(a) | 200,000 | 183,364 | |
Tengizchevroil Finance Co. International Ltd., 3.25%, 08/15/2030(a) | 214,000 | 156,220 | |
339,584 | |||
KUWAIT—0.9% | |||
Chemicals—0.9% | |||
MEGlobal Canada ULC, 5.00%, 05/18/2025(a) | 250,000 | 253,233 | |
MEXICO—5.7% | |||
Chemicals—0.7% | |||
Braskem Idesa SAPI, 7.45%, 11/15/2029(a) | 200,000 | 182,000 |
Shares or Principal Amount | Value | ||
Commercial Banks—0.7% | |||
BBVA Bancomer SA, (fixed rate to 09/13/2029, variable rate thereafter), 5.88%, 09/13/2034(a) | $ | 230,000 | $ 204,556 |
Oil, Gas & Consumable Fuels—3.7% | |||
Petroleos Mexicanos | |||
6.50%, 06/02/2041 | 330,000 | 223,916 | |
6.75%, 09/21/2047 | 462,000 | 315,491 | |
6.35%, 02/12/2048 | 340,000 | 223,550 | |
6.95%, 01/28/2060 | 420,000 | 282,546 | |
1,045,503 | |||
Real Estate Investment Trust (REIT) Funds—0.6% | |||
Trust Fibra Uno, 6.39%, 01/15/2050(a) | 220,000 | 171,481 | |
Total Mexico | 1,603,540 | ||
MOROCCO—0.6% | |||
Chemicals—0.6% | |||
OCP SA, 6.88%, 04/25/2044(a) | 200,000 | 170,696 | |
NIGERIA—1.2% | |||
Commercial Banks—0.6% | |||
BOI Finance BV, 7.50%, 02/16/2027(a) | EUR | 194,000 | 155,287 |
Engineering & Construction—0.6% | |||
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a) | $ | 200,000 | 177,748 |
Total Nigeria | 333,035 | ||
PANAMA—0.7% | |||
Commercial Banks—0.7% | |||
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter), 5.25%, 04/16/2029(a) | 198,000 | 186,817 | |
PERU—1.2% | |||
Metals & Mining—0.7% | |||
Nexa Resources SA, 5.38%, 05/04/2027(a) | 200,000 | 190,226 | |
Oil, Gas & Consumable Fuels—0.5% | |||
Petroleos del Peru SA, 5.63%, 06/19/2047(a) | 200,000 | 140,750 | |
Total Peru | 330,976 | ||
SAUDI ARABIA—1.7% | |||
Oil, Gas & Consumable Fuels—1.7% | |||
Saudi Arabian Oil Co. | |||
2.25%, 11/24/2030(a) | 200,000 | 176,758 | |
4.38%, 04/16/2049(a) | 330,000 | 310,293 | |
487,051 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Debt Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
SOUTH AFRICA—2.0% | |||
Diversified Telecommunication Services—0.9% | |||
MTN Mauritius Investments Ltd., 6.50%, 10/13/2026(a) | $ | 250,000 | $ 247,232 |
Electric Utilities—1.1% | |||
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(a) | 330,000 | 306,768 | |
Total South Africa | 554,000 | ||
TRINIDAD—0.7% | |||
Oil, Gas & Consumable Fuels—0.7% | |||
Heritage Petroleum Co Ltd, 9.00%, 08/12/2029(a) | 200,000 | 206,400 | |
UKRAINE—0.4% | |||
Agriculture—0.3% | |||
MHP Lux SA, 6.95%, 04/03/2026(a) | 200,000 | 84,360 | |
Electric Utilities—0.1% | |||
NPC Ukrenergo, 6.88%, 11/09/2026(a) | 200,000 | 35,000 | |
Total Ukraine | 119,360 | ||
UNITED ARAB EMIRATES—1.9% | |||
Diversified Financial Services—1.1% | |||
ICD Sukuk Co. Ltd., 5.00%, 02/01/2027(a) | 300,000 | 303,750 | |
Energy Equipment & Services—0.8% | |||
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036(a)(c) | 264,000 | 222,727 | |
Total United Arab Emirates | 526,477 | ||
VENEZUELA—0.2% | |||
Oil, Gas & Consumable Fuels—0.2% | |||
Petroleos de Venezuela SA | |||
6.00%, 05/16/2024(a)(b)(c)(d) | 1,140,000 | 43,868 | |
6.00%, 11/15/2026(a)(b)(c)(d) | 525,236 | 20,212 | |
64,080 | |||
Total Corporate Bonds | 7,081,010 | ||
GOVERNMENT BONDS—65.8% | |||
ANGOLA—1.3% | |||
Angolan Government International Bond, 9.38%, 05/08/2048(a) | 475,000 | 366,242 | |
ARGENTINA—1.9% | |||
Argentine Republic Government International Bond | |||
1.00%, 07/09/2029(c) | 174,073 | 40,618 | |
0.50%, 07/09/2030(c)(e) | 1,298,100 | 305,455 | |
1.50%, 07/09/2035(c)(e) | 166,903 | 36,917 | |
0.00%, 12/15/2035(b) | 533,627 | 2,188 | |
3.88%, 01/09/2038(c)(e) | 512,700 | 143,843 | |
Total Argentina | 529,021 |
Shares or Principal Amount | Value | ||
ARMENIA—1.9% | |||
Republic of Armenia International Bond | |||
7.15%, 03/26/2025(a) | $ | 336,000 | $334,104 |
3.95%, 09/26/2029(a) | 260,000 | 193,713 | |
Total Armenia | 527,817 | ||
BAHAMAS—1.2% | |||
Bahamas Government International Bond, 6.00%, 11/21/2028(a)(c) | 521,000 | 339,228 | |
BAHRAIN—1.9% | |||
Bahrain Government International Bond | |||
7.00%, 01/26/2026(a) | 357,000 | 368,206 | |
5.63%, 05/18/2034(a) | 200,000 | 164,290 | |
Total Bahrain | 532,496 | ||
BARBADOS—0.3% | |||
Barbados Government International Bond, 6.50%, 10/01/2029(a)(c) | 102,700 | 94,252 | |
BELARUS—0.3% | |||
Republic of Belarus Ministry of Finance, 5.88%, 02/24/2026(a)(d) | 650,000 | 78,000 | |
BENIN—0.8% | |||
Benin Government International Bond | |||
4.88%, 01/19/2032(a)(c) | EUR | 230,000 | 165,486 |
6.88%, 01/19/2052(a)(c) | 100,000 | 67,216 | |
Total Benin | 232,702 | ||
BRAZIL—8.0% | |||
Brazil Notas do Tesouro Nacional | |||
Series F, 10.00%, 01/01/2023 | BRL | 3,321,000 | 632,291 |
Series F, 10.00%, 01/01/2025 | 4,000,000 | 730,798 | |
10.00%, 01/01/2027 | 700,000 | 123,339 | |
10.00%, 01/01/2029 | 899,000 | 153,068 | |
Series F, 10.00%, 01/01/2031 | 3,599,000 | 595,986 | |
Total Brazil | 2,235,482 | ||
CAMEROON—0.9% | |||
Republic of Cameroon International Bond, 5.95%, 07/07/2032(a)(c) | EUR | 349,000 | 238,732 |
CHILE—1.5% | |||
Bonos de la Tesoreria de la Republica en pesos | |||
4.70%, 09/01/2030(a) | CLP | 380,000,000 | 372,364 |
2.80%, 10/01/2033(a) | 45,000,000 | 35,148 | |
Total Chile | 407,512 | ||
COLOMBIA—0.9% | |||
Colombia Government International Bond, 4.13%, 05/15/2051 | $ | 370,000 | 244,055 |
CROATIA—0.6% | |||
Croatia Government International Bond, 1.50%, 06/17/2031(a) | EUR | 179,000 | 164,222 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Debt Fund
Shares or Principal Amount | Value | ||
GOVERNMENT BONDS (continued) | |||
DOMINICAN REPUBLIC—3.5% | |||
Dominican Republic International Bond | |||
5.50%, 02/22/2029(a) | $ | 200,000 | $185,298 |
6.85%, 01/27/2045(a) | 600,000 | 527,033 | |
5.88%, 01/30/2060(a) | 360,000 | 272,674 | |
Total Dominican Republic | 985,005 | ||
ECUADOR—2.1% | |||
Ecuador Government International Bond, 5.50%, 07/31/2030(a)(c)(e) | 992,640 | 594,951 | |
EGYPT—3.4% | |||
Egypt Government International Bond | |||
5.63%, 04/16/2030(a) | 480,000 | 287,884 | |
7.90%, 02/21/2048(a) | 425,000 | 238,170 | |
8.70%, 03/01/2049(a) | 400,000 | 232,000 | |
8.88%, 05/29/2050(a) | 340,000 | 200,620 | |
Total Egypt | 958,674 | ||
EL SALVADOR—0.3% | |||
El Salvador Government International Bond, 5.88%, 01/30/2025(a) | 164,000 | 75,030 | |
GABON—0.6% | |||
Gabon Government International Bond, 6.95%, 06/16/2025(a) | 200,000 | 165,112 | |
GHANA—1.5% | |||
Ghana Government International Bond | |||
6.38%, 02/11/2027(a)(c) | 336,000 | 173,040 | |
7.75%, 04/07/2029(a)(c) | 336,000 | 157,833 | |
7.88%, 02/11/2035(a)(c) | 200,000 | 87,332 | |
Total Ghana | 418,205 | ||
GUATEMALA—0.9% | |||
Guatemala Government Bond, 6.13%, 06/01/2050(a)(c) | 270,000 | 257,338 | |
HONG KONG—1.5% | |||
Jordan Government International Bond | |||
4.95%, 07/07/2025(a) | 210,000 | 195,418 | |
7.38%, 10/10/2047(a) | 270,000 | 216,043 | |
Total Hong Kong | 411,461 | ||
HUNGARY—0.8% | |||
Hungary Government International Bond | |||
5.25%, 06/16/2029(a) | 200,000 | 202,500 | |
7.63%, 03/29/2041 | 16,000 | 19,405 | |
Total Hungary | 221,905 | ||
IRAQ—1.2% | |||
Iraq International Bond, 6.75%, 03/09/2023(a) | 360,000 | 349,200 |
Shares or Principal Amount | Value | ||
IVORY COAST—1.2% | |||
Ivory Coast Government International Bond | |||
5.88%, 10/17/2031(a)(c) | EUR | 160,000 | $128,156 |
6.88%, 10/17/2040(a)(c) | 100,000 | 74,106 | |
6.63%, 03/22/2048(a)(c) | 203,000 | 144,217 | |
Total Ivory Coast | 346,479 | ||
KENYA—0.6% | |||
Republic of Kenya Government International Bond, 7.00%, 05/22/2027(a)(c) | $ | 210,000 | 156,450 |
MONGOLIA—0.7% | |||
Mongolia Government International Bond, 8.75%, 03/09/2024(a) | 200,000 | 197,007 | |
MOROCCO—0.6% | |||
Morocco Government International Bond, 3.00%, 12/15/2032(a) | 213,000 | 168,439 | |
NIGERIA—1.8% | |||
Nigeria Government International Bond | |||
6.50%, 11/28/2027(a) | 260,000 | 195,252 | |
6.13%, 09/28/2028(a) | 200,000 | 143,093 | |
8.38%, 03/24/2029(a) | 200,000 | 154,796 | |
Total Nigeria | 493,141 | ||
PAKISTAN—1.9% | |||
Pakistan Government International Bond | |||
6.88%, 12/05/2027(a) | 461,000 | 235,110 | |
7.38%, 04/08/2031(a) | 587,000 | 291,293 | |
Total Pakistan | 526,403 | ||
QATAR—4.6% | |||
Qatar Government International Bond | |||
5.10%, 04/23/2048(a) | 400,000 | 443,005 | |
4.82%, 03/14/2049(a) | 436,000 | 465,684 | |
4.40%, 04/16/2050(a) | 356,000 | 362,888 | |
Total Qatar | 1,271,577 | ||
ROMANIA—1.4% | |||
Romanian Government International Bond | |||
2.00%, 01/28/2032(a) | EUR | 160,000 | 118,949 |
2.63%, 12/02/2040(a) | 178,000 | 115,347 | |
2.75%, 04/14/2041(a) | 160,000 | 103,735 | |
3.38%, 01/28/2050(a) | 76,000 | 50,177 | |
Total Romania | 388,208 | ||
RWANDA—1.2% | |||
Rwanda International Government Bond, 5.50%, 08/09/2031(a) | $ | 440,000 | 321,970 |
SAUDI ARABIA—3.0% | |||
Saudi Government International Bond | |||
5.00%, 04/17/2049(a) | 570,000 | 583,590 | |
3.75%, 01/21/2055(a) | 302,000 | 261,249 | |
Total Saudi Arabia | 844,839 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Debt Fund
Shares or Principal Amount | Value | ||
GOVERNMENT BONDS (continued) | |||
SENEGAL—0.7% | |||
Senegal Government International Bond, 6.25%, 05/23/2033(a)(c) | $ | 260,000 | $ 207,688 |
SERBIA—1.0% | |||
Serbia International Bond | |||
3.13%, 05/15/2027(a) | EUR | 210,000 | 194,391 |
1.50%, 06/26/2029(a) | 100,000 | 77,226 | |
Total Serbia | 271,617 | ||
SOUTH AFRICA—3.1% | |||
Republic of South Africa Government Bond | |||
2040, 9.00%, 01/31/2040 | ZAR | 6,151,100 | 305,297 |
6.50%, 02/28/2041 | 10,179,000 | 388,235 | |
Republic of South Africa Government International Bond, 6.25%, 03/08/2041 | $ | 200,000 | 170,313 |
Total South Africa | 863,845 | ||
TUNISIA—1.6% | |||
Tunisian Republic | |||
6.75%, 10/31/2023(a) | EUR | 100,000 | 69,908 |
5.63%, 02/17/2024(a) | 638,000 | 370,962 | |
Total Tunisia | 440,870 | ||
UKRAINE—0.2% | |||
Ukraine Government International Bond, 6.75%, 06/20/2026(a)(d) | 340,000 | 67,414 | |
UNITED ARAB EMIRATES—0.5% | |||
Finance Department Government of Sharjah, 4.00%, 07/28/2050(a) | $ | 233,000 | 149,254 |
URUGUAY—1.5% | |||
Uruguay Government International Bond, 4.38%, 12/15/2028(c)(f) | UYU | 16,407,597 | 426,682 |
UZBEKISTAN—2.2% | |||
Republic of Uzbekistan International Bond | |||
4.75%, 02/20/2024(a) | $ | 300,000 | 289,962 |
3.70%, 11/25/2030(a) | 212,000 | 156,694 | |
3.90%, 10/19/2031(a) | 220,000 | 161,022 | |
Total Uzbekistan | 607,678 | ||
VENEZUELA—0.1% | |||
Venezuela Government International Bond, 9.25%, 05/07/2028(a)(b)(d) | 165,000 | 14,561 |
Shares or Principal Amount | Value | ||
ZAMBIA—0.6% | |||
Zambia Government International Bond, 8.97%, 07/30/2027(a)(c) | $ | 315,000 | $ 179,550 |
Total Government Bonds | 18,370,314 | ||
WARRANTS—0.0% | |||
BRAZIL—0.0% | |||
OAS S.A.(d)(g)(h) | 29,232 | – | |
UNITED STATES—0.0% | |||
CANADACO, Series A(d)(g)(h) | 92,841 | – | |
Total Warrants | – | ||
SHORT-TERM INVESTMENTS—6.7% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(i) | 1,866,173 | 1,866,173 | |
Total Short-Term Investments | 1,866,173 | ||
Total Investments (Cost $36,923,176)—97.9% | 27,317,497 | ||
Other Assets in Excess of Liabilities—2.1% | 588,565 | ||
Net Assets—100.0% | $27,906,062 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Security is in default. |
(c) | Sinkable security. |
(d) | Illiquid security. |
(e) | Step bond. Rate disclosed is as of July 31, 2022. |
(f) | Inflation linked security. |
(g) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(h) | Non-income producing security. |
(i) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
BRL | Brazilian Real |
CLP | Chile Peso |
EUR | Euro Currency |
INR | Indian Rupee |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
At July 31, 2022, the Fund held the following forward foreign currency contracts: | ||||||||
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Brazilian Real/United States Dollar | ||||||||
08/23/2022 | UBS AG | BRL | 230,000 | USD | 41,883 | $44,173 | $2,290 | |
Euro/United States Dollar | ||||||||
10/18/2022 | Barclays Bank plc | EUR | 126,000 | USD | 127,592 | 129,473 | 1,881 | |
10/18/2022 | JPMorgan Chase Bank N.A. | EUR | 109,000 | USD | 109,839 | 112,005 | 2,166 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Emerging Markets Debt Fund
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Indian Rupee/United States Dollar | ||||||||
08/23/2022 | UBS AG | INR | 3,510,000 | USD | 44,807 | $44,186 | $(621) | |
$329,837 | $5,716 | |||||||
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/Brazilian Real | ||||||||
08/23/2022 | Deutsche Bank AG | USD | 2,182,516 | BRL | 11,642,000 | $2,235,947 | $(53,431) | |
United States Dollar/Chilean Peso | ||||||||
08/23/2022 | Royal Bank of Canada | USD | 425,867 | CLP | 374,376,000 | 413,934 | 11,933 | |
United States Dollar/Euro | ||||||||
10/18/2022 | JPMorgan Chase Bank N.A. | USD | 2,729,436 | EUR | 2,663,652 | 2,737,079 | (7,643) | |
United States Dollar/South African Rand | ||||||||
10/18/2022 | Morgan Stanley & Co. | USD | 425,974 | ZAR | 7,213,000 | 430,449 | (4,475) | |
$5,817,409 | $(53,616) | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $18,270 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(66,170) |
* | Certain contracts with different trade dates and like characteristics have been shown net. |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Shares or Principal Amount | Value | ||
COMMON STOCKS—6.6% | |||
BRAZIL—0.2% | |||
Materials—0.2% | |||
Yara International ASA | 2,407 | $ 102,580 | |
CANADA—0.5% | |||
Materials—0.5% | |||
Nutrien Ltd. | 1,292 | 110,600 | |
West Fraser Timber Co. Ltd. | 1,414 | 132,384 | |
242,984 | |||
DENMARK—0.5% | |||
Materials—0.5% | |||
Chr Hansen Holding AS | 1,380 | 90,325 | |
Novozymes AS, Class B | 1,744 | 111,407 | |
201,732 | |||
FINLAND—0.2% | |||
Materials—0.2% | |||
UPM-Kymmene OYJ | 3,320 | 105,210 | |
FRANCE—0.2% | |||
Consumer Staples—0.2% | |||
Danone SA | 1,867 | 102,945 | |
HONG KONG—0.2% | |||
Consumer Staples—0.2% | |||
WH Group, Ltd.(a) | 143,000 | 108,299 | |
IRELAND—0.3% | |||
Consumer Staples—0.3% | |||
Kerry Group PLC, Class A | 1,071 | 113,045 | |
NETHERLANDS—0.2% | |||
Consumer Staples—0.2% | |||
Koninklijke Ahold Delhaize NV | 3,934 | 108,337 | |
NORWAY—0.2% | |||
Consumer Staples—0.2% | |||
Mowi ASA | 4,497 | 103,769 | |
SWITZERLAND—0.2% | |||
Consumer Staples—0.2% | |||
Nestle SA | 884 | 108,314 | |
UNITED KINGDOM—0.3% | |||
Consumer Staples—0.3% | |||
Unilever PLC | 2,247 | 109,436 | |
UNITED STATES—3.6% | |||
Consumer Staples—2.1% | |||
Campbell Soup Co. | 2,155 | 106,349 | |
Darling Ingredients, Inc.(b) | 1,664 | 115,282 | |
Hormel Foods Corp. | 2,206 | 108,844 | |
Ingredion, Inc. | 1,203 | 109,449 | |
Kroger Co. | 2,141 | 99,428 | |
Lamb Weston Holdings, Inc. | 1,476 | 117,578 | |
Sysco Corp. | 1,264 | 107,314 | |
Tyson Foods, Inc., Class A | 1,217 | 107,108 | |
US Foods Holding Corp.(b) | 3,588 | 113,022 | |
984,374 | |||
Industrials—1.0% | |||
AGCO Corp. | 1,052 | 114,584 |
Shares or Principal Amount | Value | ||
Deere & Co. | 344 | $ 118,054 | |
John Bean Technologies Corp. | 956 | 107,368 | |
Valmont Industries, Inc. | 468 | 127,053 | |
467,059 | |||
Materials—0.5% | |||
FMC Corp. | 986 | 109,544 | |
International Paper Co. | 2,484 | 106,241 | |
215,785 | |||
Total United States | 1,667,218 | ||
Total Common Stocks | 3,073,869 | ||
EXCHANGE-TRADED FUNDS—2.2% | |||
iShares USD Asia High Yield Bond Index ETF | 160,661 | 1,007,344 | |
Total Exchange-Traded Funds | 1,007,344 | ||
GOVERNMENT BONDS—39.7% | |||
AUSTRIA—4.1% | |||
Republic of Austria Government Bond, 3.40%, 11/22/2022(a) | EUR | 1,840,000 | 1,900,122 |
FRANCE—4.2% | |||
French Republic Government Bond OAT, 1.75%, 05/25/2023(a) | 1,880,000 | 1,944,816 | |
GERMANY—22.9% | |||
Bundesrepublik Deutschland Bundesanleihe, 1.50%, 02/15/2023(a) | 10,300,000 | 10,602,023 | |
JAPAN—4.4% | |||
Japan Government Five Year Bond, 0.10%, 03/20/2023 | JPY | 267,000,000 | 2,005,293 |
NETHERLANDS—4.1% | |||
Netherlands Government Bond, 3.75%, 01/15/2023(a) | EUR | 1,840,000 | 1,912,109 |
Total Government Bonds | 18,364,363 | ||
Total Purchased Options (see detail below) | 5,124 | ||
SHORT-TERM INVESTMENTS—47.0% | |||
CERTIFICATES OF DEPOSIT—22.5% | |||
CANADA—2.2% | |||
Bank of Montreal, 2.20%, 08/01/2022 | $ | 1,005,054 | 1,005,054 |
FRANCE—7.4% | |||
Credit Agricole Corporate & Investment Bank SA, 2.28%, 08/01/2022 | 2,010,685 | 2,010,685 | |
Societe Generale SA, 2.27%, 08/01/2022 | 1,426,128 | 1,426,128 | |
Total France | 3,436,813 | ||
NETHERLANDS—8.7% | |||
Cooperatieve Rabobank UA, 2.25%, 08/01/2022 | 2,006,953 | 2,006,953 | |
ING Bank NV, 2.20%, 08/01/2022 | 2,006,170 | 2,006,170 | |
Total Netherlands | 4,013,123 | ||
UNITED KINGDOM—4.2% | |||
BNP Paribas SA, 2.28%, 08/01/2022 | 1,955,313 | 1,955,313 | |
Total Certificates of Deposit | 10,410,303 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS (continued) | |||
MONEY MARKET FUNDS—11.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(c) | 5,369,292 | $ 5,369,292 | |
Total Money Market Funds | 5,369,292 | ||
U.S. TREASURIES—12.9% | |||
U.S. Treasury Bill | |||
0.58%, 08/18/2022(d) | $ | 1,500,000 | 1,498,539 |
0.88%, 09/08/2022(d) | 1,500,000 | 1,496,647 | |
0.96%, 10/06/2022(d) | 1,000,000 | 995,871 | |
1.29%, 11/03/2022(d) | 1,000,000 | 993,592 | |
1.40%, 12/01/2022(d) | 1,000,000 | 991,240 | |
Total U.S. Treasuries | 5,975,889 | ||
Total Short-Term Investments | 21,755,484 | ||
Total Investments (Cost $44,416,729)—95.5% | 44,206,184 | ||
Other Assets in Excess of Liabilities—4.5% | 2,079,001 | ||
Net Assets—100.0% | $46,285,185 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Non-income producing security. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
(d) | The rate shown is the discount yield at the time of purchase. |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNY | Chinese Yuan Renminbi |
DKK | Denmark Krone |
ETF | Exchange-Traded Fund |
EUR | Euro Currency |
GBP | British Pound Sterling |
HKD | Hong Kong Dollar |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
NOK | Norwegian Krone |
PLC | Public Limited Company |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
At July 31, 2022, the Fund held the following futures contracts: |
Futures Contracts | Number of Contracts Long/(Short) | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation) |
Long Contract Positions | |||||
FTSE 100 Index | 46 | 9/16/2022 | $3,999,169 | $4,132,786 | $133,617 |
United States Treasury Note 6%–10 year Ultra | 47 | 9/21/2022 | 6,070,038 | 6,168,750 | 98,712 |
United States Treasury Note 6%—5 year | 151 | 9/30/2022 | 16,866,188 | 17,172,711 | 306,523 |
$538,852 | |||||
Short Contract Positions | |||||
Euro STOXX 50 | (77) | 9/16/2022 | $(2,749,626) | $(2,913,394) | $(163,768) |
MSCI Emerging Markets Index | (83) | 9/16/2022 | (4,159,650) | (4,143,775) | 15,875 |
S&P 500 E-Mini | (48) | 9/16/2022 | (9,232,328) | (9,920,400) | (688,072) |
United States Treasury Note 6%—2 year | (9) | 9/30/2022 | (1,888,405) | (1,894,148) | (5,743) |
$(841,708) | |||||
$(302,856) |
At July 31, 2022, the Fund held the following forward foreign currency contracts: | ||||||||
Purchase Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Australian Dollar/United States Dollar | ||||||||
08/03/2022 | JPMorgan Chase Bank N.A. | AUD | 1,523,000 | USD | 1,096,427 | $1,064,120 | $(32,307) | |
08/10/2022 | Citibank N.A. | AUD | 180,000 | USD | 129,484 | 125,779 | (3,705) | |
08/10/2022 | Goldman Sachs & Co. | AUD | 190,000 | USD | 132,643 | 132,767 | 124 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Brazilian Real/United States Dollar | ||||||||
08/10/2022 | Citibank N.A. | BRL | 1,100,000 | USD | 212,098 | $212,110 | $12 | |
British Pound/United States Dollar | ||||||||
08/03/2022 | JPMorgan Chase Bank N.A. | GBP | 1,081,000 | USD | 1,349,650 | 1,316,473 | (33,177) | |
08/09/2022 | Morgan Stanley & Co. | GBP | 937,000 | USD | 1,142,231 | 1,141,267 | (964) | |
08/10/2022 | Barclays Bank plc | GBP | 110,000 | USD | 131,705 | 133,983 | 2,278 | |
08/10/2022 | HSBC Bank plc | GBP | 110,000 | USD | 135,818 | 133,983 | (1,835) | |
08/10/2022 | Morgan Stanley & Co. | GBP | 134,000 | USD | 164,496 | 163,215 | (1,281) | |
Canadian Dollar/United States Dollar | ||||||||
08/03/2022 | Barclays Bank plc | CAD | 1,434,000 | USD | 1,125,105 | 1,119,831 | (5,274) | |
08/10/2022 | Goldman Sachs & Co. | CAD | 41,474 | USD | 32,316 | 32,387 | 71 | |
08/10/2022 | HSBC Bank plc | CAD | 23,466 | USD | 18,183 | 18,325 | 142 | |
08/10/2022 | JPMorgan Chase Bank N.A. | CAD | 10,011 | USD | 7,779 | 7,818 | 39 | |
08/10/2022 | Morgan Stanley & Co. | CAD | 320,000 | USD | 248,219 | 249,891 | 1,672 | |
Chinese Renminbi/United States Dollar | ||||||||
08/10/2022 | HSBC Bank plc | CNY | 3,500,000 | USD | 518,957 | 520,186 | 1,229 | |
08/10/2022 | HSBC Bank plc | CNY | 1,400,000 | USD | 208,911 | 208,074 | (837) | |
08/12/2022 | HSBC Bank plc | CNY | 9,652,020 | USD | 1,443,617 | 1,434,413 | (9,204) | |
08/22/2022 | HSBC Bank plc | CNY | 6,302,000 | USD | 942,454 | 936,186 | (6,268) | |
Euro/United States Dollar | ||||||||
08/03/2022 | Citibank N.A. | EUR | 1,297,100 | USD | 1,370,296 | 1,325,790 | (44,506) | |
08/10/2022 | Barclays Bank plc | EUR | 137,972 | USD | 141,540 | 141,090 | (450) | |
08/10/2022 | Citibank N.A. | EUR | 720,000 | USD | 763,091 | 736,272 | (26,819) | |
08/10/2022 | HSBC Bank plc | EUR | 310,000 | USD | 314,262 | 317,006 | 2,744 | |
08/10/2022 | HSBC Bank plc | EUR | 400,108 | USD | 415,144 | 409,151 | (5,993) | |
08/10/2022 | JPMorgan Chase Bank N.A. | EUR | 9,080,600 | USD | 9,406,330 | 9,285,818 | (120,512) | |
Hong Kong Dollar/United States Dollar | ||||||||
08/10/2022 | JPMorgan Chase Bank N.A. | HKD | 9,140,000 | USD | 1,167,138 | 1,164,690 | (2,448) | |
Indian Rupee/United States Dollar | ||||||||
08/10/2022 | Citibank N.A. | INR | 46,000,000 | USD | 594,396 | 579,783 | (14,613) | |
Japanese Yen/United States Dollar | ||||||||
08/10/2022 | HSBC Bank plc | JPY | 17,000,000 | USD | 126,172 | 127,560 | 1,388 | |
08/10/2022 | HSBC Bank plc | JPY | 46,000,000 | USD | 354,785 | 345,161 | (9,624) | |
10/04/2022 | Morgan Stanley & Co. | JPY | 106,000,000 | USD | 783,100 | 798,908 | 15,808 | |
New Taiwan Dollar/United States Dollar | ||||||||
08/10/2022 | Citibank N.A. | TWD | 20,200,000 | USD | 688,761 | 673,904 | (14,857) | |
09/23/2022 | Citibank N.A. | TWD | 2,060,000 | USD | 69,737 | 68,822 | (915) | |
Norwegian krone/United States Dollar | ||||||||
08/03/2022 | JPMorgan Chase Bank N.A. | NOK | 9,850,000 | USD | 1,070,641 | 1,019,165 | (51,476) | |
08/10/2022 | JPMorgan Chase Bank N.A. | NOK | 11,181 | USD | 1,141 | 1,157 | 16 | |
Singapore Dollar/United States Dollar | ||||||||
09/26/2022 | JPMorgan Chase Bank N.A. | SGD | 5,490,000 | USD | 3,965,926 | 3,974,649 | 8,723 | |
South African Rand/United States Dollar | ||||||||
08/10/2022 | Morgan Stanley & Co. | ZAR | 2,200,000 | USD | 135,830 | 132,245 | (3,585) | |
South Korean Won/United States Dollar | ||||||||
08/10/2022 | JPMorgan Chase Bank N.A. | KRW | 690,000,000 | USD | 544,976 | 529,570 | (15,406) | |
Swiss Franc/United States Dollar | ||||||||
08/10/2022 | HSBC Bank plc | CHF | 170,000 | USD | 170,495 | 178,695 | 8,200 | |
09/23/2022 | HSBC Bank plc | CHF | 1,150,000 | USD | 1,196,541 | 1,212,947 | 16,406 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Thai Baht/United States Dollar | ||||||||
09/26/2022 | Goldman Sachs & Co. | THB | 70,200,000 | USD | 1,993,865 | $1,914,502 | $(79,363) | |
$33,887,693 | $(426,567) | |||||||
Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/Australian Dollar | ||||||||
08/03/2022 | Citibank N.A. | USD | 1,083,698 | AUD | 1,523,000 | $1,064,120 | $19,578 | |
08/10/2022 | Citibank N.A. | USD | 128,760 | AUD | 180,000 | 125,779 | 2,981 | |
08/10/2022 | Citibank N.A. | USD | 130,858 | AUD | 190,000 | 132,767 | (1,909) | |
United States Dollar/British Pound | ||||||||
08/03/2022 | Barclays Bank plc | USD | 1,375,683 | GBP | 1,081,000 | 1,316,473 | 59,210 | |
08/09/2022 | Citibank N.A. | USD | 720,057 | GBP | 582,750 | 709,790 | 10,267 | |
08/09/2022 | HSBC Bank plc | USD | 484,750 | GBP | 393,171 | 478,882 | 5,868 | |
08/09/2022 | Morgan Stanley & Co. | USD | 955,384 | GBP | 774,079 | 942,829 | 12,555 | |
08/10/2022 | Barclays Bank plc | USD | 265,615 | GBP | 214,457 | 261,214 | 4,401 | |
08/10/2022 | Barclays Bank plc | USD | 156,124 | GBP | 130,000 | 158,343 | (2,219) | |
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 147,410 | GBP | 120,000 | 146,163 | 1,247 | |
09/08/2022 | Barclays Bank plc | USD | 2,009,072 | GBP | 1,600,000 | 1,950,059 | 59,013 | |
United States Dollar/Canadian Dollar | ||||||||
08/03/2022 | JPMorgan Chase Bank N.A. | USD | 1,115,092 | CAD | 1,434,000 | 1,119,831 | (4,739) | |
08/10/2022 | Barclays Bank plc | USD | 246,279 | CAD | 317,047 | 247,586 | (1,307) | |
08/10/2022 | HSBC Bank plc | USD | 57,915 | CAD | 74,521 | 58,194 | (279) | |
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 121,990 | CAD | 160,000 | 124,946 | (2,956) | |
United States Dollar/Chinese Renminbi | ||||||||
08/10/2022 | HSBC Bank plc | USD | 1,449,920 | CNY | 9,700,000 | 1,441,658 | 8,262 | |
08/12/2022 | HSBC Bank plc | USD | 1,421,924 | CNY | 9,652,020 | 1,434,413 | (12,489) | |
08/22/2022 | HSBC Bank plc | USD | 1,433,713 | CNY | 9,800,000 | 1,455,828 | (22,115) | |
08/25/2022 | HSBC Bank plc | USD | 4,336,757 | CNY | 29,402,000 | 4,367,261 | (30,504) | |
09/26/2022 | HSBC Bank plc | USD | 3,958,355 | CNY | 26,500,000 | 3,935,465 | 22,890 | |
United States Dollar/Danish Krone | ||||||||
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 142,181 | DKK | 1,000,000 | 137,373 | 4,808 | |
08/10/2022 | Morgan Stanley & Co. | USD | 209,050 | DKK | 1,470,518 | 202,009 | 7,041 | |
United States Dollar/Euro | ||||||||
08/03/2022 | HSBC Bank plc | USD | 1,394,196 | EUR | 1,297,100 | 1,325,790 | 68,406 | |
08/10/2022 | Barclays Bank plc | USD | 884,296 | EUR | 842,368 | 861,407 | 22,889 | |
08/10/2022 | Citibank N.A. | USD | 9,760,854 | EUR | 9,227,207 | 9,435,738 | 325,116 | |
08/10/2022 | HSBC Bank plc | USD | 229,843 | EUR | 220,000 | 224,972 | 4,871 | |
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 212,734 | EUR | 200,809 | 205,347 | 7,387 | |
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 200,808 | EUR | 200,000 | 204,520 | (3,712) | |
08/10/2022 | UBS AG | USD | 16,755,134 | EUR | 16,377,121 | 16,747,237 | 7,897 | |
09/08/2022 | Citibank N.A. | USD | 4,968 | EUR | 4,819 | 4,938 | 30 | |
United States Dollar/Hong Kong Dollar | ||||||||
08/10/2022 | HSBC Bank plc | USD | 109,762 | HKD | 860,269 | 109,622 | 140 | |
United States Dollar/Indian Rupee | ||||||||
10/20/2022 | Citibank N.A. | USD | 962,536 | INR | 77,590,000 | 970,931 | (8,395) | |
United States Dollar/Japanese Yen | ||||||||
08/10/2022 | Barclays Bank plc | USD | 171,395 | JPY | 23,000,000 | 172,581 | (1,186) | |
08/10/2022 | HSBC Bank plc | USD | 119,269 | JPY | 16,000,000 | 120,056 | (787) | |
08/10/2022 | JPMorgan Chase Bank N.A. | USD | 1,939,703 | JPY | 267,522,515 | 2,007,357 | (67,654) |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/New Taiwan Dollar | ||||||||
09/23/2022 | Goldman Sachs & Co. | USD | 127,522 | TWD | 3,751,450 | $125,330 | $2,192 | |
09/26/2022 | Barclays Bank plc | USD | 2,009,157 | TWD | 58,800,000 | 1,964,726 | 44,431 | |
09/28/2022 | Citibank N.A. | USD | 947,607 | TWD | 27,848,550 | 930,620 | 16,987 | |
United States Dollar/Norwegian krone | ||||||||
08/03/2022 | Citibank N.A. | USD | 1,045,941 | NOK | 9,850,000 | 1,019,165 | 26,776 | |
08/10/2022 | Barclays Bank plc | USD | 160,062 | NOK | 1,506,093 | 155,869 | 4,193 | |
08/10/2022 | Morgan Stanley & Co. | USD | 65,357 | NOK | 639,767 | 66,211 | (854) | |
United States Dollar/Swedish Krona | ||||||||
09/23/2022 | Barclays Bank plc | USD | 996,306 | SEK | 10,100,000 | 996,200 | 106 | |
United States Dollar/Swiss Franc | ||||||||
08/10/2022 | Barclays Bank plc | USD | 103,033 | CHF | 98,311 | 103,340 | (307) | |
08/10/2022 | Morgan Stanley & Co. | USD | 318,882 | CHF | 310,000 | 325,855 | (6,973) | |
$59,888,795 | $581,157 | |||||||
At July 31, 2022, Fund's open forward foreign cross currency contracts were as follows: | ||||||||
Purchase/Sale Settlement Date | Counterparty | Amount Purchased | Amount Sold | Contract Value | Fair Value | Unrealized Appreciation/ (Depreciation) | ||
British Pound / Euro | ||||||||
09/08/2022 | UBS AG | GBP | 1,600,000 | EUR | 1,855,546 | $1,913,200 | $1,962,025 | $48,825 |
Euro / British Pound | ||||||||
09/08/2022 | HSBC Bank plc | EUR | 1,860,365 | GBP | 1,600,000 | 1,974,499 | 1,930,612 | (43,887) |
Swiss Franc / British Pound | ||||||||
10/04/2022 | UBS AG | CHF | 1,862,900 | GBP | 1,610,000 | 1,923,788 | 1,926,999 | 3,211 |
$5,819,636 | $8,149 | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $860,430 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(697,691) |
At July 31, 2022 , the FundFund held the following centrally cleared credit default swaps: | ||||||||
Expiration Date | Notional Amount | Credit Index | Fixed Rate | Implied Credit Spread* | Frequency of Payments Made | Premiums Paid (Received) | Value | Unrealized Appreciation/ (Depreciation) |
Buy Protection: | ||||||||
06/20/2027 | 2,030,000 | iTraxx Europe Crossover | Equal to (5.00%) | N/A | Quarterly | $(66,963) | $(4,213) | $62,750 |
06/20/2027 | 2,345,000 | iTraxx Europe Crossover | Equal to (5.00%) | N/A | Quarterly | 49,500 | (4,876) | (54,376) |
06/20/2027 | 2,345,000 | iTraxx Europe Crossover | Equal to (5.00%) | N/A | Quarterly | 50,927 | (4,875) | (55,802) |
$33,464 | $(13,964) | $(47,428) | ||||||
Sell Protection: | ||||||||
06/20/2027 | 8,400,000 | CDX.NA.HY | Equal to 1.00% | N/A | Quarterly | $80,634 | $84,670 | $4,036 |
06/20/2027 | 8,400,000 | CDX.NA.HY | Equal to 1.00% | N/A | Quarterly | 78,467 | 84,671 | 6,204 |
$159,101 | $169,341 | $10,240 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global Absolute Return Strategies Fund
* | Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swaps agreements on corporate issues or sovereign issues and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made prior to entering into the agreement. For credit default swap with asset-backed securities or credit indices as the underlying assets, the quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
At July 31, 2022, the Fund held the following centrally cleared interest rate swaps: |
Currency | Notional Amount | Expiration Date | Counterparty | Receive (Pay) Floating Rate | Floating Rate Index | Fixed Rate | Frequency of Paid Payments Made | Premiums Paid (Received) | Value | Unrealized Appreciation/ (Depreciation) |
JPY | 1,340,000,000 | 07/11/2032 | Morgan Stanley & Co. | Receive | 12-month TONA | 0.40% | Annually | $7,366 | $(101,442) | $(108,808) |
$7,366 | $(101,442) | $(108,808) | ||||||||
USD | 10,100,000 | 08/01/2027 | Morgan Stanley & Co. | Pay | 12-month SOFR | 2.44% | Annually | - | 404 | 404 |
JPY | 347,500,000 | 07/11/2032 | Morgan Stanley & Co. | Pay | 12-month TONA | 0.40% | Annually | 21,610 | 21,656 | 46 |
$21,610 | $22,060 | $450 | ||||||||
$28,976 | $(79,382) | $(108,358) |
At July 31, 2022, the Fund held the following over-the-counter total return swaps: | ||||||||
Currency | Notional Amount | Expiration Date | Receive (Pay) Total Return of Equity Index | Equity Index | Floating Rate Index | Frequency of Payments Made | Value | Unrealized Appreciation/ (Depreciation) |
USD | $0.00 | 09/26/2022 | Pay | MSCI China A Index | 1-month SOFR | Monthly | $(41,179) | $(41,179) |
USD | 0.00 | 09/28/2022 | Pay | MSCI China A Index | 1-month SOFR | Monthly | (45,829) | (45,829) |
USD | 0.00 | 10/06/2022 | Pay | S&P 500 Low Volatility Net Total Return Index | 1-month SOFR | Monthly | 136,314 | 136,314 |
USD | 0.00 | 03/31/2023 | Pay | MSCI World Quality Index | 1-month SOFR | Monthly | 406,970 | 406,970 |
USD | 0.00 | 03/31/2023 | Receive | MSCI World Quality Index | 1-month SOFR | Monthly | (429,918) | (386,954) |
$69,322 |
At July 31, 2022, the Fund held the following purchased options: | |||||||
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value | Unrealized Value |
Call Options Purchased 0.0% | |||||||
Index Options 0.0% | |||||||
CBOE Volatility Index | 08/17/2022 | 35.00 | 183 | 640,500 | $67,624 | $5,124 | $(62,500) |
At July 31, 2022, the Fund held the following written options: | |||||||
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value | Unrealized Value |
Call Options Written 0.0% | |||||||
Index Options 0.0% | |||||||
CBOE Volatility Index | 08/17/2022 | 35.00 | (183) | (640,500) | $(78,364) | $(5,124) | $73,240 |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—87.1% | |||
ARGENTINA—0.4% | |||
Energy Equipment & Services—0.4% | |||
Transportadora de Gas del Sur SA, 6.75%, 05/02/2025(a) | $ | 575,000 | $ 465,750 |
BRAZIL—1.6% | |||
Chemicals—0.7% | |||
Braskem Netherlands Finance BV, 4.50%, 01/10/2028(a) | 810,000 | 764,437 | |
Healthcare Providers & Services—0.5% | |||
Rede D'or Finance Sarl | |||
4.95%, 01/17/2028(a) | 380,000 | 354,449 | |
4.50%, 01/22/2030(a) | 204,000 | 174,983 | |
529,432 | |||
Oil, Gas & Consumable Fuels—0.4% | |||
Petrobras Global Finance BV, 5.60%, 01/03/2031 | 536,000 | 525,280 | |
Total Brazil | 1,819,149 | ||
CANADA—2.3% | |||
Chemicals—0.5% | |||
NOVA Chemicals Corp., 4.25%, 05/15/2029(a) | 638,000 | 554,256 | |
Diversified Telecommunication Services—0.5% | |||
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082(a) | 589,000 | 539,742 | |
Environmental Control—0.8% | |||
GFL Environmental, Inc. | |||
5.13%, 12/15/2026(a) | 562,000 | 565,659 | |
4.75%, 06/15/2029(a) | 367,000 | 337,614 | |
903,273 | |||
Machinery-Diversified—0.5% | |||
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026(a) | 720,000 | 644,400 | |
Total Canada | 2,641,671 | ||
CHILE—0.2% | |||
Media—0.2% | |||
VTR Finance NV, 6.38%, 07/15/2028(a) | 442,000 | 266,678 | |
CHINA—0.3% | |||
Real Estate—0.3% | |||
China Evergrande Group, 9.50%, 04/11/2022(a) | 465,000 | 39,117 | |
CIFI Holdings Group Co. Ltd. | |||
6.55%, 03/28/2024(a) | 202,000 | 91,048 | |
4.45%, 08/17/2026(a) | 200,000 | 70,478 | |
Kaisa Group Holdings Ltd. | |||
9.75%, 09/28/2023(a) | 230,000 | 22,719 | |
9.38%, 06/30/2024(a)(b) | 495,000 | 48,483 | |
Zhenro Properties Group Ltd. |
Shares or Principal Amount | Value | ||
7.88%, 04/14/2024(a)(b) | $ | 200,000 | $ 12,963 |
7.10%, 09/10/2024(a)(b) | 429,000 | 27,682 | |
312,490 | |||
FRANCE—0.9% | |||
Diversified Telecommunication Services—0.5% | |||
Iliad Holding SASU, 6.50%, 10/15/2026(a) | 532,000 | 510,640 | |
Electric Utilities—0.4% | |||
Electricite de France SA | |||
(fixed rate to 01/29/2025, variable rate thereafter), 5.38%, 01/29/2025(a)(c) | EUR | 200,000 | 201,758 |
(fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(c) | 300,000 | 291,284 | |
493,042 | |||
Total France | 1,003,682 | ||
GERMANY—2.8% | |||
Apparel—0.4% | |||
CT Investment GmbH, 5.50%, 04/15/2026(a) | 490,000 | 424,682 | |
Auto Parts & Equipment—0.8% | |||
Schaeffler AG | |||
2.88%, 03/26/2027(a) | 350,000 | 334,466 | |
3.38%, 10/12/2028(a) | 200,000 | 180,647 | |
ZF Europe Finance BV | |||
2.00%, 02/23/2026(a) | 200,000 | 182,947 | |
2.50%, 10/23/2027(a) | 300,000 | 261,773 | |
959,833 | |||
Building Materials—0.3% | |||
HT Troplast GmbH, 9.25%, 07/15/2025(a) | 400,000 | 362,755 | |
Commercial Banks—0.3% | |||
Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(c) | GBP | 300,000 | 333,336 |
Commercial Services & Supplies—0.3% | |||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/2026(a) | EUR | 395,639 | 371,569 |
Machinery-Diversified—0.2% | |||
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a) | 176,000 | 164,694 | |
Pharmaceutical—0.5% | |||
Gruenenthal GmbH | |||
3.63%, 11/15/2026(a) | 199,000 | 191,627 | |
4.13%, 05/15/2028(a) | 230,000 | 212,144 | |
Nidda Healthcare Holding GmbH, 3.50%, 09/30/2024(a) | 223,000 | 211,408 | |
615,179 | |||
Total Germany | 3,232,048 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
ISRAEL—1.8% | |||
Pharmaceutical—1.8% | |||
Teva Pharmaceutical Finance Netherlands III BV | |||
7.13%, 01/31/2025 | $ | 573,000 | $ 588,758 |
3.15%, 10/01/2026 | 1,172,000 | 1,058,023 | |
4.75%, 05/09/2027 | 407,000 | 390,211 | |
2,036,992 | |||
ITALY—0.8% | |||
Commercial Banks—0.3% | |||
UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter), 6.63%, 06/03/2023(a)(c) | EUR | 330,000 | 331,374 |
Hand/Machine Tools—0.1% | |||
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/2028(a) | 231,000 | 193,124 | |
Healthcare Providers & Services—0.2% | |||
Kedrion SpA, 3.38%, 05/15/2026(a) | 238,000 | 217,850 | |
Retail—0.2% | |||
Golden Goose SpA, 3 mo. Euribor + 4.875%, FRN, 4.88%, 05/14/2027(a)(d) | 248,000 | 219,978 | |
Total Italy | 962,326 | ||
JAPAN—0.5% | |||
Diversified Telecommunication Services—0.5% | |||
SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), 6.00%, 07/19/2023(a)(c) | $ | 579,000 | 545,563 |
LUXEMBOURG—3.4% | |||
Biotechnology—0.5% | |||
Cidron Aida Finco Sarl | |||
5.00%, 04/01/2028(a) | EUR | 291,000 | 261,667 |
6.25%, 04/01/2028(a) | GBP | 253,000 | 266,509 |
528,176 | |||
Commercial Services & Supplies—0.6% | |||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a) | EUR | 246,000 | 220,217 |
Albion Financing 2Sarl, 8.75%, 04/15/2027(a) | $ | 519,000 | 464,505 |
684,722 | |||
Diversified Financial Services—0.4% | |||
Garfunkelux Holdco 3 SA | |||
6.75%, 11/01/2025(a) | EUR | 231,000 | 202,722 |
7.75%, 11/01/2025(a) | GBP | 240,000 | 253,400 |
456,122 |
Shares or Principal Amount | Value | ||
Diversified Telecommunication Services—1.0% | |||
Altice France Holding SA, 8.00%, 05/15/2027(a) | EUR | 533,000 | $ 473,935 |
Matterhorn Telecom SA, 3.13%, 09/15/2026(a) | 712,000 | 667,179 | |
1,141,114 | |||
Energy-Alternate Sources—0.3% | |||
Cullinan Holdco Scsp, 4.63%, 10/15/2026(a) | 462,000 | 391,962 | |
Entertainment—0.2% | |||
LHMC Finco 2 Sarl, PIK, 7.25%, 10/02/2025(a)(e) | 304,162 | 265,793 | |
Machinery-Diversified—0.0% | |||
Galapagos SA, 5.38%, 06/15/2021(a)(b)(f)(g) | 60,500 | – | |
Media—0.3% | |||
Altice Financing SA, 5.75%, 08/15/2029(a) | $ | 449,000 | 391,964 |
Packaging & Containers—0.1% | |||
Kleopatra Finco Sarl, 4.25%, 03/01/2026(a) | EUR | 113,000 | 98,168 |
Total Luxembourg | 3,958,021 | ||
MEXICO—2.2% | |||
Chemicals—0.2% | |||
Braskem Idesa SAPI, 6.99%, 02/20/2032(a) | $ | 200,000 | 172,440 |
Diversified Telecommunication Services—0.5% | |||
Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025(a) | 750,000 | 597,651 | |
Oil, Gas & Consumable Fuels—1.5% | |||
Petroleos Mexicanos | |||
6.49%, 01/23/2027 | 300,000 | 272,400 | |
5.35%, 02/12/2028 | 1,164,000 | 974,163 | |
6.70%, 02/16/2032(h) | 610,000 | 488,610 | |
1,735,173 | |||
Total Mexico | 2,505,264 | ||
NETHERLANDS—2.2% | |||
Chemicals—0.5% | |||
OCI NV, 3.63%, 10/15/2025(a) | EUR | 517,500 | 524,690 |
Commercial Banks—0.3% | |||
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(c)(i) | 355,750 | 389,764 | |
Home Furnishings—0.2% | |||
Nobel Bidco BV, 3.13%, 06/15/2028(a) | 340,000 | 260,623 | |
Internet—0.1% | |||
United Group BV, 5.25%, 02/01/2030(a) | 123,000 | 98,143 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
NETHERLANDS (continued) | |||
Media—0.5% | |||
Summer BidCo BV, PIK, 9.00%, 11/15/2025(a)(e) | EUR | 367,063 | $ 304,177 |
Ziggo Bond Co. BV, 3.38%, 02/28/2030(a) | 382,000 | 303,024 | |
607,201 | |||
Packaging & Containers—0.6% | |||
Trivium Packaging Finance BV, 5.50%, 08/15/2026(a) | $ | 690,000 | 679,650 |
Total Netherlands | 2,560,071 | ||
NIGERIA—0.6% | |||
Engineering & Construction—0.6% | |||
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a) | 760,000 | 675,442 | |
PANAMA—0.3% | |||
Diversified Telecommunication Services—0.3% | |||
C&W Senior Financing DAC, 6.88%, 09/15/2027(a) | 436,000 | 388,589 | |
SOUTH AFRICA—0.4% | |||
Diversified Telecommunication Services—0.4% | |||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a) | 584,000 | 506,118 | |
SPAIN—0.7% | |||
Commercial Banks—0.2% | |||
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(c) | 200,000 | 191,716 | |
Diversified Telecommunication Services—0.4% | |||
Telefonica Europe BV, (fixed rate to 06/22/2026, variable rate thereafter), Series ., 3.88%, 06/22/2026(a)(c) | EUR | 500,000 | 476,040 |
Pharmaceutical—0.1% | |||
Grifols SA, 2.25%, 11/15/2027(a) | 200,000 | 182,436 | |
Total Spain | 850,192 | ||
SWEDEN—0.5% | |||
Commercial Services & Supplies—0.5% | |||
Verisure Holding AB, 3.25%, 02/15/2027(a) | 333,000 | 297,800 | |
Verisure Midholding AB, 5.25%, 02/15/2029(a) | 275,000 | 235,062 | |
532,862 | |||
SWITZERLAND—0.7% | |||
Chemicals—0.5% | |||
Consolidated Energy Finance SA, 5.63%, 10/15/2028(a) | $ | 652,000 | 531,217 |
Shares or Principal Amount | Value | ||
Retail—0.2% | |||
Dufry One BV, 2.50%, 10/15/2024(a) | EUR | 250,000 | $ 248,179 |
Total Switzerland | 779,396 | ||
TURKEY—0.7% | |||
Commercial Banks—0.4% | |||
Turkiye Garanti Bankasi AS, 5.25%, 09/13/2022(a) | $ | 450,000 | 447,927 |
Diversified Telecommunication Services—0.3% | |||
Turk Telekomunikasyon AS, 4.88%, 06/19/2024(a) | 410,000 | 352,780 | |
Total Turkey | 800,707 | ||
UKRAINE—0.2% | |||
Agriculture—0.2% | |||
MHP Lux SA, 6.95%, 04/03/2026(a) | 479,000 | 202,042 | |
UNITED KINGDOM—5.2% | |||
Diversified Financial Services—0.5% | |||
Jerrold Finco PLC | |||
4.88%, 01/15/2026(a) | GBP | 134,000 | 140,222 |
5.25%, 01/15/2027(a) | 306,000 | 312,092 | |
Motion Finco Sarl, 7.00%, 05/15/2025(a) | EUR | 200,000 | 198,134 |
650,448 | |||
Diversified Telecommunication Services—1.0% | |||
Arqiva Broadcast Finance PLC, 6.75%, 09/30/2023(a) | GBP | 500,000 | 592,155 |
TalkTalk Telecom Group Ltd., 3.88%, 02/20/2025(a) | 500,000 | 536,441 | |
1,128,596 | |||
Entertainment—0.5% | |||
Pinewood Finance Co. Ltd., 3.25%, 09/30/2025(a) | 500,000 | 551,054 | |
Food & Staples—0.8% | |||
eG Global Finance PLC, 4.38%, 02/07/2025(a) | EUR | 600,000 | 560,124 |
Very Group Funding PLC, 6.50%, 08/01/2026(a) | GBP | 439,000 | 417,266 |
977,390 | |||
Food Products—0.3% | |||
Bellis Acquisition Co. PLC | |||
3.25%, 02/16/2026(a) | 278,000 | 275,071 | |
4.50%, 02/16/2026(a) | 106,000 | 107,142 | |
382,213 | |||
Media—0.5% | |||
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a) | 544,000 | 576,360 | |
Oil, Gas & Consumable Fuels—0.5% | |||
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a) | $ | 581,000 | 563,524 |
Pharmaceutical—0.6% | |||
180 Medical, Inc., 3.88%, 10/15/2029(a) | 769,000 | 699,108 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED KINGDOM (continued) | |||
Retail—0.2% | |||
Constellation Automotive Financing PLC, 4.88%, 07/15/2027(a) | GBP | 200,000 | $ 194,848 |
Water Utility—0.3% | |||
Thames Water Kemble Finance PLC, 4.63%, 05/19/2026(a) | 300,000 | 321,528 | |
Total United Kingdom | 6,045,069 | ||
UNITED STATES—57.2% | |||
Advertising—0.5% | |||
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a) | $ | 721,000 | 624,433 |
Aerospace & Defense—2.5% | |||
Boeing Co., 5.15%, 05/01/2030 | 817,000 | 824,701 | |
Howmet Aerospace, Inc. | |||
6.88%, 05/01/2025 | 43,000 | 45,258 | |
3.00%, 01/15/2029 | 852,000 | 764,414 | |
5.95%, 02/01/2037 | 1,052,000 | 1,043,851 | |
Spirit AeroSystems, Inc., 4.60%, 06/15/2028 | 193,000 | 161,299 | |
2,839,523 | |||
Agriculture—0.9% | |||
Darling Ingredients, Inc., 6.00%, 06/15/2030(a) | 526,000 | 544,005 | |
Turning Point Brands, Inc., 5.63%, 02/15/2026(a) | 503,000 | 446,198 | |
990,203 | |||
Apparel—0.6% | |||
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a) | 818,000 | 712,683 | |
Auto Manufacturers—2.4% | |||
Ford Motor Co. | |||
9.00%, 04/22/2025 | 1,011,000 | 1,119,996 | |
9.63%, 04/22/2030 | 422,000 | 504,290 | |
Ford Motor Credit Co. LLC, 4.95%, 05/28/2027 | 364,000 | 357,630 | |
General Motors Financial Co., Inc., 5.00%, 04/09/2027 | 773,000 | 774,389 | |
2,756,305 | |||
Auto Parts & Equipment—1.9% | |||
Adient Global Holdings Ltd., 4.88%, 08/15/2026(a) | 398,000 | 372,206 | |
Goodyear Tire & Rubber Co. (The) | |||
9.50%, 05/31/2025 | 604,000 | 636,382 | |
5.00%, 07/15/2029 | 115,000 | 104,880 | |
5.25%, 07/15/2031 | 609,000 | 529,556 | |
5.63%, 04/30/2033 | 569,000 | 499,013 | |
2,142,037 |
Shares or Principal Amount | Value | ||
Building Materials—0.8% | |||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a) | $ | 396,000 | $ 335,119 |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a) | 672,000 | 586,320 | |
921,439 | |||
Chemicals—0.9% | |||
ASP Unifrax Holdings, Inc. | |||
5.25%, 09/30/2028(a) | 418,000 | 350,936 | |
7.50%, 09/30/2029(a) | 139,000 | 109,810 | |
Celanese US Holdings LLC | |||
6.17%, 07/15/2027 | 386,000 | 392,041 | |
6.38%, 07/15/2032 | 162,000 | 166,387 | |
1,019,174 | |||
Coal—0.8% | |||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 1,153,000 | 978,274 | |
Commercial Services & Supplies—1.8% | |||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 03/01/2029(a) | 1,125,000 | 1,025,899 | |
Cimpress PLC, 7.00%, 06/15/2026(a) | 779,000 | 650,075 | |
Nielsen Finance LLC / Nielsen Finance Co., 5.63%, 10/01/2028(a) | 367,000 | 359,660 | |
2,035,634 | |||
Computers & Peripherals—1.0% | |||
Banff Merger Sub, Inc., 8.38%, 09/01/2026(a) | EUR | 325,000 | 305,593 |
Condor Merger Sub, Inc., 7.38%, 02/15/2030(a) | $ | 465,000 | 408,258 |
Virtusa Corp., 7.13%, 12/15/2028(a) | 517,000 | 413,109 | |
1,126,960 | |||
Diversified Financial Services—0.5% | |||
Coinbase Global, Inc. | |||
3.38%, 10/01/2028(a) | 519,000 | 333,877 | |
3.63%, 10/01/2031(a) | 459,000 | 271,990 | |
605,867 | |||
Diversified Telecommunication Services—4.0% | |||
Frontier Communications Holdings LLC | |||
6.00%, 01/15/2030(a) | 745,000 | 625,852 | |
8.75%, 05/15/2030(a) | 256,000 | 271,844 | |
GoTo Group, Inc., 5.50%, 09/01/2027(a) | 638,000 | 465,600 | |
Qwest Capital Funding, Inc. | |||
6.88%, 07/15/2028 | 671,000 | 587,125 | |
7.75%, 02/15/2031 | 659,000 | 577,284 | |
Sprint Corp., 7.63%, 03/01/2026 | 927,000 | 1,010,540 | |
T-Mobile USA, Inc., 3.50%, 04/15/2031 | 1,152,000 | 1,065,254 | |
4,603,499 | |||
Electric Utilities—1.4% | |||
NRG Energy, Inc. | |||
3.38%, 02/15/2029(a) | 1,035,000 | 892,688 | |
3.63%, 02/15/2031(a) | 241,000 | 201,863 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Vistra Operations Co. LLC | |||
5.63%, 02/15/2027(a) | $ | 287,000 | $ 287,921 |
4.38%, 05/01/2029(a) | 221,000 | 205,457 | |
1,587,929 | |||
Energy Equipment & Services—4.8% | |||
Cheniere Energy Partners LP, 4.50%, 10/01/2029 | 831,000 | 805,102 | |
Energy Transfer LP, (fixed rate to 15/05/2025, variable rate thereafter), Series F, 6.75%, 05/15/2025(c) | 830,000 | 721,855 | |
Hess Midstream Operations LP | |||
5.63%, 02/15/2026(a) | 398,000 | 396,508 | |
4.25%, 02/15/2030(a) | 547,000 | 487,279 | |
5.50%, 10/15/2030(a) | 102,000 | 95,005 | |
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 688,000 | 591,236 | |
Kinetik Holdings LP, 5.88%, 06/15/2030(a) | 527,000 | 535,321 | |
Rattler Midstream LP, 5.63%, 07/15/2025(a) | 716,000 | 730,320 | |
Venture Global Calcasieu Pass LLC | |||
3.88%, 08/15/2029(a) | 255,000 | 235,294 | |
4.13%, 08/15/2031(a) | 643,000 | 592,775 | |
3.88%, 11/01/2033(a) | 410,000 | 355,937 | |
5,546,632 | |||
Engineering & Construction—0.5% | |||
VM Consolidated, Inc., 5.50%, 04/15/2029(a) | 644,000 | 564,554 | |
Entertainment—3.0% | |||
Affinity Gaming, 6.88%, 12/15/2027(a) | 1,155,000 | 1,000,860 | |
CCM Merger, Inc., 6.38%, 05/01/2026(a) | 511,000 | 481,331 | |
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/01/2028 | 499,000 | 490,490 | |
International Game Technology PLC, 3.50%, 06/15/2026(a) | EUR | 847,000 | 824,556 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a) | $ | 687,000 | 706,518 |
3,503,755 | |||
Environmental Control—0.5% | |||
Clean Harbors, Inc., 4.88%, 07/15/2027(a) | 560,000 | 555,996 | |
Food & Staples—0.4% | |||
Michaels Cos., Inc., 5.25%, 05/01/2028(a) | 491,000 | 408,758 | |
Food Products—0.8% | |||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | |||
5.13%, 02/01/2028(a) | 245,000 | 244,187 | |
5.75%, 04/01/2033(a) | 691,000 | 683,620 | |
927,807 |
Shares or Principal Amount | Value | ||
Healthcare Products—0.5% | |||
Medline Borrower LP, 3.88%, 04/01/2029(a) | $ | 689,000 | $ 622,684 |
Healthcare Providers & Services—2.0% | |||
HCA, Inc. | |||
5.88%, 02/15/2026 | 381,000 | 393,607 | |
5.63%, 09/01/2028 | 508,000 | 526,547 | |
5.88%, 02/01/2029 | 198,000 | 207,211 | |
IQVIA, Inc., 1.75%, 03/15/2026(a) | EUR | 315,000 | 303,269 |
Tenet Healthcare Corp. | |||
4.63%, 07/15/2024 | $ | 520,000 | 519,600 |
6.13%, 06/15/2030(a) | 328,000 | 331,319 | |
2,281,553 | |||
Home Builders—0.3% | |||
Adams Homes, Inc., 7.50%, 02/15/2025(a) | 443,000 | 387,625 | |
Home Furnishings—0.5% | |||
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a) | 785,000 | 636,015 | |
Internet—1.7% | |||
Millennium Escrow Corp., 6.63%, 08/01/2026(a) | 438,000 | 343,650 | |
Netflix, Inc., 4.88%, 04/15/2028 | 1,093,000 | 1,085,218 | |
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(a) | 528,000 | 388,133 | |
Shutterfly, Inc., 2021 Term Loan, 6.67%, 09/25/2026(d) | 247,500 | 190,575 | |
2,007,576 | |||
Leisure Time—2.8% | |||
Carnival Corp. | |||
10.50%, 02/01/2026(a) | 701,000 | 736,064 | |
6.00%, 05/01/2029(a) | 725,000 | 558,134 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a) | 557,000 | 419,928 | |
NCL Corp. Ltd. | |||
5.88%, 02/15/2027(a) | 310,000 | 284,890 | |
7.75%, 02/15/2029(a) | 117,000 | 93,787 | |
NCL Finance Ltd., 6.13%, 03/15/2028(a) | 131,000 | 101,267 | |
Royal Caribbean Cruises Ltd. | |||
11.50%, 06/01/2025(a) | 209,000 | 223,879 | |
5.50%, 04/01/2028(a) | 271,000 | 203,057 | |
Viking Cruises Ltd., 13.00%, 05/15/2025(a) | 540,000 | 571,860 | |
3,192,866 | |||
Lodging—0.9% | |||
MGM Resorts International, 5.75%, 06/15/2025 | 524,000 | 517,764 | |
Travel & Leisure Co., 4.63%, 03/01/2030(a) | 590,000 | 483,338 | |
1,001,102 | |||
Media—3.8% | |||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||
4.25%, 02/01/2031(a) | 1,206,000 | 1,046,205 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
4.75%, 02/01/2032(a) | $ | 927,000 | $ 818,657 |
4.25%, 01/15/2034(a) | 1,126,000 | 930,115 | |
CSC Holdings LLC, 5.75%, 01/15/2030(a) | 1,113,000 | 898,781 | |
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029(a) | 527,000 | 462,373 | |
Univision Communications, Inc., 7.38%, 06/30/2030(a) | 184,000 | 186,320 | |
4,342,451 | |||
Metal Fabricate/Hardware—0.3% | |||
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030(a) | 297,000 | 299,277 | |
Metals & Mining—0.6% | |||
Novelis Corp., 3.25%, 11/15/2026(a) | 769,000 | 715,601 | |
Oil & Gas Services—0.9% | |||
USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 09/01/2027 | 494,000 | 451,654 | |
Weatherford International Ltd., 8.63%, 04/30/2030(a) | 656,000 | 593,221 | |
1,044,875 | |||
Oil, Gas & Consumable Fuels—1.9% | |||
Chesapeake Energy Corp., 6.75%, 04/15/2029(a) | 490,000 | 507,566 | |
Hilcorp Energy I LP / Hilcorp Finance Co. | |||
5.75%, 02/01/2029(a) | 539,000 | 491,838 | |
6.00%, 02/01/2031(a) | 194,000 | 177,692 | |
Occidental Petroleum Corp., 6.63%, 09/01/2030 | 298,000 | 330,600 | |
Southwestern Energy Co., 4.75%, 02/01/2032 | 788,000 | 734,810 | |
2,242,506 | |||
Packaging & Containers—4.5% | |||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(a) | 620,000 | 637,825 | |
Ball Corp. | |||
2.88%, 08/15/2030 | 1,776,000 | 1,529,471 | |
3.13%, 09/15/2031 | 316,000 | 276,895 | |
Clydesdale Acquisition Holdings, Inc. | |||
6.63%, 04/15/2029(a) | 85,000 | 85,826 | |
8.75%, 04/15/2030(a) | 111,000 | 105,869 | |
Graphic Packaging International LLC | |||
3.50%, 03/01/2029(a) | 1,148,000 | 1,034,860 | |
3.75%, 02/01/2030(a) | 1,113,000 | 1,002,076 | |
Sealed Air Corp., 5.00%, 04/15/2029(a) | 533,000 | 527,670 | |
5,200,492 | |||
Pharmaceutical—1.4% | |||
Bausch Health Americas, Inc., 8.50%, 01/31/2027(a) | 685,000 | 432,646 | |
Bausch Health Cos., Inc., 4.88%, 06/01/2028(a) | 638,000 | 508,007 |
Shares or Principal Amount | Value | ||
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/2028(a) | $ | 234,000 | $ 221,247 |
Perrigo Finance Unlimited Co., 4.40%, 06/15/2030 | 545,000 | 500,588 | |
1,662,488 | |||
Real Estate Investment Trust (REIT) Funds—2.2% | |||
Iron Mountain, Inc., 5.00%, 07/15/2028(a) | 1,537,000 | 1,461,779 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | |||
7.50%, 06/01/2025(a) | 137,000 | 140,443 | |
4.88%, 05/15/2029(a) | 491,000 | 452,135 | |
Starwood Property Trust, Inc., 3.63%, 07/15/2026(a) | 471,000 | 425,077 | |
2,479,434 | |||
Retail—1.8% | |||
Academy Ltd., 6.00%, 11/15/2027(a) | 899,000 | 833,391 | |
Macy's Retail Holdings LLC | |||
5.88%, 04/01/2029(a) | 562,000 | 493,596 | |
5.88%, 03/15/2030(a) | 16,000 | 13,717 | |
6.13%, 03/15/2032(a) | 49,000 | 41,200 | |
Staples, Inc., 7.50%, 04/15/2026(a) | 737,000 | 652,245 | |
2,034,149 | |||
Software—1.1% | |||
Consensus Cloud Solutions, Inc. | |||
6.00%, 10/15/2026(a) | 215,000 | 197,800 | |
6.50%, 10/15/2028(a) | 607,000 | 539,915 | |
Minerva Merger Sub, Inc., 6.50%, 02/15/2030(a) | 590,000 | 533,950 | |
1,271,665 | |||
Total United States | 65,873,821 | ||
ZAMBIA—1.2% | |||
Metals & Mining—1.2% | |||
First Quantum Minerals Ltd. | |||
6.50%, 03/01/2024(a) | 900,000 | 893,250 | |
6.88%, 03/01/2026(a) | 477,000 | 460,241 | |
1,353,491 | |||
Total Corporate Bonds | 100,317,434 | ||
EXCHANGE-TRADED FUNDS—4.5% | |||
iShares iBoxx High Yield Corporate Bond ETF | 66,538 | 5,202,606 | |
Total Exchange-Traded Funds | 5,202,606 | ||
SHORT-TERM INVESTMENTS—13.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88%(j) | 15,575,461 | 15,575,461 | |
Total Short-Term Investments | 15,575,461 | ||
Total Investments (Cost $134,782,181)—105.1% | 121,095,501 | ||
Liabilities in Excess of Other Assets—(5.1%) | (5,929,413) | ||
Net Assets—100.0% | $115,166,088 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Global High Income Fund
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Security is in default. |
(c) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date. |
(d) | Variable or Floating Rate security. Rate disclosed is as of July 31, 2022. |
(e) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(f) | Illiquid security. |
(g) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(h) | Sinkable security. |
(i) | Step bond. Rate disclosed is as of July 31, 2022. |
(j) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2022. |
ETF | Exchange-Traded Fund |
EUR | Euro Currency |
FRN | Floating Rate Note |
GBP | British Pound Sterling |
PIK | Payment-In-Kind |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
At July 31, 2022, the Fund held the following forward foreign currency contracts: | ||||||||
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
Euro/United States Dollar | ||||||||
10/18/2022 | Barclays Bank plc | EUR | 322,000 | USD | 325,837 | $330,900 | $5,063 | |
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||
United States Dollar/British Pound | ||||||||
10/18/2022 | UBS AG | USD | 4,823,902 | GBP | 4,021,000 | $4,905,651 | $(81,749) | |
United States Dollar/Euro | ||||||||
10/18/2022 | Barclays Bank plc | USD | 12,791,490 | EUR | 12,484,000 | 12,829,075 | (37,585) | |
$17,734,726 | $(119,334) | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $5,063 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(119,334) |
* | Certain contracts with different trade dates and like characteristics have been shown net. |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Intermediate Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —99.8% | |||
CALIFORNIA—3.8% | |||
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047(a) | $ | 345,000 | $ 351,407 |
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029 | 400,000 | 425,811 | |
M-S-R Energy Authority Gas Revenue Bonds | |||
Series A, 6.50%, 11/01/2039 | 500,000 | 632,530 | |
Series B, 6.13%, 11/01/2029 | 470,000 | 531,144 | |
Total California | 1,940,892 | ||
COLORADO—0.3% | |||
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy), 4.00%, 05/01/2041 | 170,000 | 154,790 | |
CONNECTICUT—2.4% | |||
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Masonicare Corp Obligated Group), Series F, 5.00%, 07/01/2027 | 1,135,000 | 1,197,584 | |
DISTRICT OF COLUMBIA—1.1% | |||
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030 | 500,000 | 566,887 | |
FLORIDA—8.4% | |||
City of Lakeland Revenue Bonds, Series B, AMT, 5.00%, 10/01/2028 | 565,000 | 650,910 | |
Florida Development Finance Corp. Revenue Bonds (Glenridge On Palmer Ranch), 5.00%, 06/01/2035 | 225,000 | 215,724 | |
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter AC), Series A, 4.00%, 06/30/2041(b) | 765,000 | 661,119 | |
Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward), Series A, 5.00%, 12/15/2039(b) | 500,000 | 519,447 | |
Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) | |||
4.00%, 10/01/2027 | 260,000 | 270,271 | |
4.00%, 10/01/2028 | 270,000 | 280,051 | |
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057(b) | 600,000 | 600,383 | |
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), Series A, 5.00%, 01/01/2039 | 160,000 | 164,729 |
Shares or Principal Amount | Value | ||
Saint Johns County Industrial Development Authority Revenue Bonds (Life Care Ponte Vedra Obligated Group), 4.00%, 12/15/2041 | $ | 750,000 | $ 623,999 |
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023 | 250,000 | 259,441 | |
Total Florida | 4,246,074 | ||
GEORGIA—1.1% | |||
Main Street Natural Gas, Inc. Revenue Bonds | |||
Series A, 5.00%, 05/15/2035 | 250,000 | 274,825 | |
Series B, 5.00%, 06/01/2026 | 250,000 | 266,093 | |
Total Georgia | 540,918 | ||
HAWAII—1.2% | |||
City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047 | 560,000 | 611,945 | |
ILLINOIS—0.4% | |||
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group), 5.00%, 05/15/2041 | 200,000 | 195,694 | |
INDIANA—1.5% | |||
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032 | 750,000 | 766,655 | |
KENTUCKY—3.8% | |||
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 2.22%, 07/01/2060(a) | 100,000 | 100,000 | |
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, 2.22%, 08/01/2061(a) | 1,300,000 | 1,300,000 | |
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a) | 500,000 | 509,786 | |
Total Kentucky | 1,909,786 | ||
LOUISIANA—2.0% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A, 5.00%, 01/01/2023 | 170,000 | 169,806 | |
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | 10,000 | 10,328 | |
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028 | 500,000 | 569,369 | |
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), 5.00%, 10/01/2027 | 250,000 | 284,981 | |
Total Louisiana | 1,034,484 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Intermediate Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
MARYLAND—5.9% | |||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 2.92%, 03/01/2030(a) | $ | 3,000,000 | $ 3,000,000 |
MASSACHUSETTS—1.6% | |||
Massachusetts Development Finance Agency Revenue Bonds (Massachusetts Seven Hills Foundation & Affiliates Issue), 5.00%, 09/01/2031 | 270,000 | 291,876 | |
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Obligated Group), Series A, 5.00%, 07/01/2036 | 500,000 | 546,758 | |
Total Massachusetts | 838,634 | ||
MICHIGAN—3.8% | |||
Flint Hospital Building Authority Revenue Bonds | |||
4.00%, 07/01/2035 | 1,000,000 | 992,553 | |
4.00%, 07/01/2038 | 750,000 | 730,842 | |
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024 | 195,000 | 193,034 | |
Total Michigan | 1,916,429 | ||
MISSOURI—0.3% | |||
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.), 4.00%, 08/01/2036 | 165,000 | 161,877 | |
NEW HAMPSHIRE—1.0% | |||
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College) | |||
5.00%, 08/01/2035 | 250,000 | 267,219 | |
5.00%, 08/01/2036 | 245,000 | 261,479 | |
Total New Hampshire | 528,698 | ||
NEW JERSEY—5.5% | |||
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey) | |||
(Pre-refunded @ $100.000000, 07/01/2026), Series F, 4.00%, 07/01/2033 | 70,000 | 75,453 | |
Series F, 4.00%, 07/01/2033 | 30,000 | 30,733 | |
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034 | 2,000,000 | 2,179,983 | |
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037 | 500,000 | 515,157 | |
Total New Jersey | 2,801,326 |
Shares or Principal Amount | Value | ||
NEW YORK—15.5% | |||
City of Elmira General Obligation Limited Bonds | |||
5.00%, 07/01/2025(b) | $ | 85,000 | $91,555 |
5.00%, 07/01/2033(b) | 625,000 | 684,429 | |
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 145,000 | 154,038 | |
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042 | 1,000,000 | 1,077,601 | |
Metropolitan Transportation Authority Revenue Bonds | |||
Series A-1, 5.00%, 11/15/2027 | 695,000 | 753,012 | |
Series A-2, VRN, 5.00%, 11/15/2045(a) | 400,000 | 449,493 | |
Series C-1, 5.00%, 11/15/2027 | 1,150,000 | 1,225,871 | |
Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030 | 1,000,000 | 1,036,130 | |
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037 | 295,000 | 324,922 | |
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023 | 1,160,000 | 1,195,992 | |
New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034 | 250,000 | 241,753 | |
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042 | 560,000 | 609,775 | |
Total New York | 7,844,571 | ||
OHIO—2.8% | |||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055 | 110,000 | 109,834 | |
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029 | 135,000 | 131,504 | |
Ohio Higher Educational Facility Commission Revenue Bonds, 4.00%, 07/01/2030 | 1,095,000 | 1,166,760 | |
Total Ohio | 1,408,098 | ||
PENNSYLVANIA—4.5% | |||
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward), 4.00%, 12/01/2037 | 300,000 | 310,528 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Intermediate Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
PENNSYLVANIA (continued) | |||
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029 | $ | 850,000 | $ 1,017,668 |
School Dist. of the City of Erie, General Obligation Limited Bonds, Series A (AGM ST AID WITHHLDG), 5.00%, 04/01/2034 | 825,000 | 933,430 | |
Total Pennsylvania | 2,261,626 | ||
PUERTO RICO—0.8% | |||
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 | 100,000 | 102,390 | |
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031 | 300,000 | 312,083 | |
Total Puerto Rico | 414,473 | ||
RHODE ISLAND—1.3% | |||
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 | 650,000 | 664,701 | |
SOUTH CAROLINA—2.1% | |||
City of Rock Hill SC Combined Utility System Revenue Bonds | |||
5.00%, 01/01/2025 | 500,000 | 535,262 | |
5.00%, 01/01/2026 | 500,000 | 548,167 | |
Total South Carolina | 1,083,429 | ||
TENNESSEE—2.8% | |||
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036 | 500,000 | 523,580 | |
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034 | 360,000 | 376,581 | |
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023 | 500,000 | 513,241 | |
Total Tennessee | 1,413,402 | ||
TEXAS—19.6% | |||
Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools), 4.00%, 08/15/2036 | 100,000 | 91,896 | |
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | 4,490,000 | 4,995,904 | |
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030 | 1,000,000 | 1,004,838 |
Shares or Principal Amount | Value | ||
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050(b) | $ | 1,000,000 | $ 829,504 |
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), Series A, 5.00%, 11/15/2029 | 800,000 | 875,841 | |
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036 | 1,000,000 | 1,041,817 | |
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026 | 990,000 | 1,070,077 | |
Total Texas | 9,909,877 | ||
UTAH—1.3% | |||
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042 | 100,000 | 108,356 | |
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b) | 570,000 | 564,909 | |
Total Utah | 673,265 | ||
WASHINGTON—0.4% | |||
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024(b) | 180,000 | 182,074 | |
WISCONSIN—4.6% | |||
Public Finance Authority Revenue Bonds | |||
5.00%, 06/15/2029 | 530,000 | 572,775 | |
5.00%, 06/15/2034 | 425,000 | 448,626 | |
Series A, 5.00%, 07/01/2038 | 1,000,000 | 1,025,055 | |
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035 | 250,000 | 269,060 | |
Total Wisconsin | 2,315,516 | ||
Total Municipal Bonds | 50,583,705 | ||
SHORT-TERM INVESTMENTS—0.3% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | 125,051 | 125,089 | |
Total Short-Term Investments | 125,089 | ||
Total Investments (Cost $50,901,148)—100.1% | 50,708,794 | ||
Liabilities in Excess of Other Assets—(0.1%) | (34,243) | ||
Net Assets—100.0% | $50,674,551 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Intermediate Municipal Income Fund
AMT | Alternative Minimum Tax |
VRDN | Variable Rate Demand Note |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS —108.7% | |||
ALABAMA—1.0% | |||
Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026 | $ | 235,000 | $ 233,098 |
Lower Alabama Gas District Revenue Bonds, Series A, 5.00%, 09/01/2046 | 2,000,000 | 2,234,064 | |
Total Alabama | 2,467,162 | ||
ARIZONA—2.7% | |||
Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier) | |||
Series C, 5.13%, 01/01/2034(a) | 775,000 | 566,544 | |
Series C, 5.13%, 01/01/2035(a) | 815,000 | 585,068 | |
Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation), 5.00%, 07/01/2023(a) | 405,000 | 411,613 | |
Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), Series A, 3.00%, 12/15/2031(a) | 655,000 | 574,559 | |
Arizona Industrial Development Authority Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) | |||
Series A, 4.00%, 07/15/2026(a) | 125,000 | 124,772 | |
Series A, 4.00%, 07/15/2027(a) | 125,000 | 124,277 | |
Series A, 4.00%, 07/15/2028(a) | 185,000 | 182,682 | |
Series A, 4.00%, 07/15/2029(a) | 200,000 | 195,835 | |
Series A, 4.00%, 07/15/2030(a) | 215,000 | 208,435 | |
Series A, 4.00%, 07/15/2031(a) | 215,000 | 205,616 | |
Series A, 4.00%, 07/15/2032(a) | 225,000 | 212,590 | |
Series A, 4.00%, 07/15/2033(a) | 185,000 | 173,706 | |
Series A, 4.00%, 07/15/2034(a) | 185,000 | 172,132 | |
Series A, 4.00%, 07/15/2035(a) | 255,000 | 235,719 | |
Series A, 4.00%, 07/15/2036(a) | 250,000 | 229,346 | |
Series A, 4.00%, 07/15/2037(a) | 275,000 | 250,339 | |
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026(a) | 410,000 | 426,700 | |
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University) | |||
5.00%, 10/01/2026(a) | 300,000 | 307,385 | |
5.13%, 10/01/2030(a) | 425,000 | 451,306 | |
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.), 4.00%, 07/01/2026(a) | 1,010,000 | 1,008,522 | |
Total Arizona | 6,647,146 | ||
ARKANSAS—0.7% | |||
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A, 5.00%, 09/01/2026 | 1,490,000 | 1,614,160 |
Principal Amount | Value | ||
CALIFORNIA—3.1% | |||
California Municipal Finance Authority Revenue Bonds (Simpson University) | |||
Series A, 5.00%, 10/01/2026(a) | $ | 40,000 | $40,887 |
Series A, 5.13%, 10/01/2030(a) | 1,020,000 | 1,064,508 | |
California Public Finance Authority, Series B-2, 2.38%, 11/15/2028(a) | 1,565,000 | 1,468,920 | |
California Public Finance Authority Revenue Bonds (Kendal at Sonoma Obligated Group) | |||
Series A, 5.00%, 11/15/2036(a) | 410,000 | 416,671 | |
Series B-1, 3.13%, 05/15/2029(a) | 3,075,000 | 2,877,974 | |
California Statewide Communities Development Authority Revenue Bonds (Provident Group-Ponoma Properties LLC), Series A, 5.60%, 01/15/2036(a) | 1,800,000 | 1,809,252 | |
Total California | 7,678,212 | ||
COLORADO—4.9% | |||
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy, Inc.) | |||
4.00%, 05/01/2024 | 150,000 | 151,689 | |
4.00%, 05/01/2027 | 65,000 | 65,795 | |
4.00%, 05/01/2029 | 145,000 | 145,004 | |
4.00%, 05/01/2030 | 120,000 | 119,075 | |
4.00%, 05/01/2036 | 175,000 | 165,731 | |
Colorado Health Facilities Authority Revenue Bonds | |||
Series B, 5.00%, 05/15/2028 | 400,000 | 410,176 | |
Series B, 5.00%, 05/15/2028 | 100,000 | 102,544 | |
Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge) | |||
Series B, 2.13%, 05/15/2028 | 1,750,000 | 1,671,883 | |
Series B-1, 3.50%, 05/15/2030 | 6,950,000 | 6,519,194 | |
Series B-2, 2.63%, 05/15/2029 | 2,000,000 | 1,892,724 | |
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.) | |||
Series B, 5.00%, 05/15/2025 | 320,000 | 328,141 | |
Series B, 5.00%, 05/15/2029 | 585,000 | 599,883 | |
Total Colorado | 12,171,839 | ||
CONNECTICUT—2.4% | |||
City of West Haven General Obligation Unlimited Bonds | |||
Series A, 5.00%, 11/01/2025 | 325,000 | 354,937 | |
Series A, 5.00%, 11/01/2026 | 325,000 | 361,958 | |
Series A, 5.00%, 11/01/2027 | 635,000 | 718,704 | |
Series B, 5.00%, 11/01/2025 | 240,000 | 262,108 | |
Series B, 5.00%, 11/01/2026 | 200,000 | 222,744 | |
Series B, 5.00%, 11/01/2027 | 200,000 | 226,364 | |
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group) | |||
Series A, 5.00%, 01/01/2030(a) | 500,000 | 523,602 | |
Series B-1, 3.25%, 01/01/2027(a) | 750,000 | 737,556 | |
Series B-2, 2.75%, 01/01/2026(a) | 650,000 | 634,634 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
CONNECTICUT (continued) | |||
State Health & Educational Facilities Authority Revenue Bond (University of Hartford) | |||
Series N, 5.00%, 07/01/2025 | $ | 400,000 | $416,132 |
Series N, 5.00%, 07/01/2026 | 575,000 | 603,615 | |
Series N, 5.00%, 07/01/2027 | 430,000 | 454,816 | |
Series N, 5.00%, 07/01/2029 | 300,000 | 318,260 | |
Total Connecticut | 5,835,430 | ||
FLORIDA—8.9% | |||
Alachua County Health Facilities Authority Revenue Bonds (Oak Hammock at The University Of Florida, Inc.) | |||
4.00%, 10/01/2022 | 85,000 | 85,141 | |
4.00%, 10/01/2023 | 85,000 | 85,923 | |
4.00%, 10/01/2024 | 110,000 | 111,730 | |
4.00%, 10/01/2025 | 100,000 | 101,662 | |
4.00%, 10/01/2026 | 105,000 | 106,899 | |
4.00%, 10/01/2027 | 145,000 | 147,742 | |
4.00%, 10/01/2028 | 155,000 | 157,221 | |
4.00%, 10/01/2029 | 265,000 | 267,854 | |
4.00%, 10/01/2030 | 100,000 | 100,607 | |
4.00%, 10/01/2031 | 140,000 | 140,102 | |
Capital Trust Agency, Inc.0.00%, 01/01/2024(b)(c)(d)(e) | 248,055 | – | |
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(a) | 300,000 | 281,217 | |
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024 | 25,000 | 25,588 | |
City of Lakeland Revenue Bonds | |||
AMT, Series B, 4.00%, 10/01/2033 | 1,095,000 | 1,178,340 | |
AMT, Series B, 4.00%, 10/01/2034 | 1,140,000 | 1,210,992 | |
County Of Lake Florida Retirement Facility Revenue Bonds (Waterman Communities, Inc.), Series B-2, 3.75%, 08/15/2027 | 1,040,000 | 1,021,255 | |
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project) | |||
Series A, 4.00%, 12/15/2029(a) | 530,000 | 538,194 | |
Series A, 5.00%, 12/15/2034(a) | 530,000 | 556,119 | |
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024(a) | 100,000 | 97,871 | |
Florida Development Finance Corp. Revenue Bonds (Brightline Trains Florida LLC), AMT, Series B, 7.38%, 01/01/2049(a) | 2,000,000 | 1,998,193 |
Principal Amount | Value | ||
Florida Development Finance Corp. Revenue Bonds (Glenridge on Palmer Ranch Obligated Group) | |||
3.00%, 06/01/2023 | $ | 115,000 | $113,890 |
4.00%, 06/01/2024 | 105,000 | 104,282 | |
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter Academy Obligated Group) | |||
Series A, 4.00%, 06/30/2027(a) | 150,000 | 147,892 | |
Series A, 4.00%, 06/30/2028(a) | 195,000 | 190,576 | |
Series A, 4.00%, 06/30/2029(a) | 205,000 | 198,371 | |
Series A, 4.00%, 06/30/2030(a) | 215,000 | 205,830 | |
Series A, 4.00%, 06/30/2031(a) | 225,000 | 213,161 | |
Series A, 4.00%, 06/30/2036(a) | 625,000 | 561,700 | |
Florida Development Finance Corp. Revenue Bonds (Mayflower Retirement Center, Inc. Obligated Group) | |||
Series B-1, 2.38%, 06/01/2027(a) | 835,000 | 767,941 | |
Series B-2, 1.75%, 06/01/2026(a) | 1,020,000 | 946,782 | |
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.), 5.00%, 08/01/2029(a)(f) | 2,000,000 | 2,000,000 | |
Lee County Industrial Development Authority Refunding Revenue Bonds (Shell Point Obligated Group), 4.00%, 11/15/2030 | 5,000 | 5,063 | |
Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) | |||
4.00%, 10/01/2022 | 205,000 | 205,535 | |
4.00%, 10/01/2023 | 220,000 | 223,619 | |
4.00%, 10/01/2024 | 230,000 | 235,684 | |
4.00%, 10/01/2025 | 240,000 | 247,647 | |
4.00%, 10/01/2026 | 245,000 | 253,959 | |
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project) | |||
Series A, 4.25%, 06/01/2031(a) | 1,200,000 | 1,150,376 | |
Series A, 5.00%, 06/01/2057(a) | 400,000 | 400,255 | |
Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029(a) | 1,440,000 | 1,457,565 | |
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project) | |||
Series A, 5.00%, 01/01/2029 | 360,000 | 377,535 | |
Series A, 5.00%, 01/01/2039 | 240,000 | 247,094 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
FLORIDA (continued) | |||
Saint Johns County Industrial Development Authority Revenue Bonds (Life Care Ponte Vedra Obligated Group) | |||
Series A, 4.00%, 12/15/2022 | $ | 110,000 | $110,048 |
Series A, 4.00%, 12/15/2023 | 115,000 | 114,980 | |
Series A, 4.00%, 12/15/2024 | 140,000 | 139,494 | |
Series A, 4.00%, 12/15/2025 | 180,000 | 177,982 | |
Series A, 4.00%, 12/15/2026 | 190,000 | 186,261 | |
Series A, 4.00%, 12/15/2027 | 215,000 | 208,417 | |
Series A, 4.00%, 12/15/2028 | 205,000 | 196,082 | |
Series A, 4.00%, 12/15/2029 | 225,000 | 212,323 | |
Series A, 4.00%, 12/15/2030 | 200,000 | 187,099 | |
Series A, 4.00%, 12/15/2031 | 210,000 | 194,284 | |
Seminole County Industrial Development Authority Revenue Bonds (Galileo School Foundation, Inc.) | |||
Series A, 4.00%, 06/15/2024(a) | 130,000 | 130,088 | |
Series A, 4.00%, 06/15/2025(a) | 105,000 | 104,771 | |
Series A, 4.00%, 06/15/2026(a) | 155,000 | 153,788 | |
Series A, 4.00%, 06/15/2027(a) | 235,000 | 232,126 | |
Series A, 4.00%, 06/15/2028(a) | 250,000 | 245,246 | |
Series A, 4.00%, 06/15/2029(a) | 255,000 | 248,114 | |
Series A, 4.00%, 06/15/2031(a) | 275,000 | 262,502 | |
Series A, 4.00%, 06/15/2036(a) | 315,000 | 289,378 | |
Total Florida | 21,860,390 | ||
GEORGIA—0.1% | |||
Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2030 | 200,000 | 218,477 | |
IDAHO—0.3% | |||
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026(a) | 700,000 | 709,704 | |
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026(a) | 80,000 | 81,289 | |
Total Idaho | 790,993 | ||
ILLINOIS—5.9% | |||
Chicago Board of Education General Obligation Unlimited Bonds | |||
Series A, 5.00%, 12/01/2028 | 200,000 | 223,127 | |
Series C, 5.00%, 12/01/2022 | 600,000 | 604,894 | |
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033 | 600,000 | 626,395 | |
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026 | 400,000 | 444,254 |
Principal Amount | Value | ||
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024 | $ | 110,000 | $ 111,196 |
Illinois Finance Authority Revenue Bonds (Acero Charter Schools, Inc. Obligated Group) | |||
4.00%, 10/01/2027(a) | 405,000 | 400,886 | |
4.00%, 10/01/2028(a) | 580,000 | 571,256 | |
4.00%, 10/01/2029(a) | 910,000 | 888,890 | |
4.00%, 10/01/2030(a) | 630,000 | 610,320 | |
4.00%, 10/01/2032(a) | 685,000 | 652,431 | |
4.00%, 10/01/2033(a) | 1,060,000 | 1,004,900 | |
4.00%, 10/01/2034(a) | 445,000 | 418,730 | |
Illinois Finance Authority Revenue Bonds (Benedictine University) | |||
5.00%, 10/01/2025 | 1,035,000 | 1,079,587 | |
5.00%, 10/01/2028 | 120,000 | 126,987 | |
5.00%, 10/01/2029 | 200,000 | 212,141 | |
5.00%, 10/01/2030 | 100,000 | 105,748 | |
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC) | |||
Series A, 5.00%, 02/15/2027 | 420,000 | 431,296 | |
Series A, 5.00%, 02/15/2028 | 400,000 | 410,184 | |
Series A, 5.00%, 02/15/2029 | 520,000 | 530,651 | |
Series A, 5.00%, 02/15/2030 | 335,000 | 340,656 | |
Series A, 5.00%, 02/15/2031 | 370,000 | 375,416 | |
Series A, 5.00%, 02/15/2032 | 225,000 | 227,489 | |
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation) | |||
5.00%, 12/01/2028 | 250,000 | 269,450 | |
5.00%, 12/01/2029 | 315,000 | 338,254 | |
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group) | |||
5.00%, 05/15/2032 | 275,000 | 276,924 | |
5.00%, 05/15/2033 | 290,000 | 291,001 | |
5.00%, 05/15/2034 | 300,000 | 300,400 | |
5.00%, 05/15/2035 | 315,000 | 314,681 | |
5.00%, 05/15/2036 | 330,000 | 328,675 | |
Metropolitan Pier & Exposition Authority Revenue Bonds | |||
Series B, 5.00%, 12/15/2025 | 295,000 | 312,402 | |
Series B, 5.00%, 12/15/2027 | 100,000 | 108,494 | |
State of Illinois General Obligation Unlimited Bonds, 4.00%, 02/01/2030 | 745,000 | 771,726 | |
Village of Matteson Revenue Bonds | |||
5.00%, 12/01/2026 | 150,000 | 168,473 | |
5.00%, 12/01/2027 | 150,000 | 171,015 | |
5.00%, 12/01/2028 | 350,000 | 400,634 | |
Total Illinois | 14,449,563 | ||
INDIANA—2.0% | |||
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024 | 100,000 | 102,916 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
INDIANA (continued) | |||
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023(a) | $ | 445,000 | $ 447,536 |
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032 | 2,250,000 | 2,299,964 | |
Indiana Finance Authority Revenue Bonds (Ohio Valley Electric Corp.), Series A, 4.25%, 11/01/2030 | 2,000,000 | 2,053,385 | |
Total Indiana | 4,903,801 | ||
IOWA—2.1% | |||
Iowa Finance Authority Revenue Bonds, FRN, Series B, 1.62%, 05/15/2056(f) | 5,500,000 | 5,231,500 | |
KANSAS—0.3% | |||
City of Manhattan Revenue Bonds (Meadowlark Hills Retirement Community Obligated Group) | |||
Series B-1, 2.88%, 06/01/2028 | 375,000 | 350,081 | |
Series B-2, 2.38%, 06/01/2027 | 430,000 | 402,635 | |
Total Kansas | 752,716 | ||
KENTUCKY—0.5% | |||
Kentucky Economic Development Finance Authority Revenue Bonds (Christian Care Communities Obligated Group), 4.25%, 07/01/2031 | 1,315,000 | 1,223,175 | |
LOUISIANA—1.9% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029(a) | 1,000,000 | 974,877 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025 | 250,000 | 253,615 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project) | |||
Series A, 5.00%, 01/01/2024 | 180,000 | 179,000 | |
Series A, 5.00%, 01/01/2025 | 370,000 | 365,361 | |
Series A, 5.00%, 01/01/2026 | 390,000 | 381,619 | |
Series A, 5.00%, 01/01/2027 | 410,000 | 396,593 | |
Series A, 5.00%, 01/01/2028 | 430,000 | 411,305 | |
Series A, 5.00%, 01/01/2029 | 450,000 | 425,164 |
Principal Amount | Value | ||
Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039(a) | $ | 1,000,000 | $ 901,485 |
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030(a) | 400,000 | 400,962 | |
Total Louisiana | 4,689,981 | ||
MARYLAND—6.8% | |||
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024 | 50,000 | 50,539 | |
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University) | |||
Series A, 5.00%, 09/01/2027(a) | 1,495,000 | 1,544,114 | |
Series A, 5.00%, 09/01/2032(a) | 740,000 | 762,368 | |
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025 | 1,445,000 | 1,448,761 | |
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 2.92%, 03/01/2030(f) | 11,510,000 | 11,510,000 | |
The Mayor and Council of Rockville Economic Development Revenue Bonds (King Farm Presbyterian Retirement Community, Inc.) | |||
Series A, 5.00%, 11/01/2027 | 600,000 | 621,213 | |
Series A-2, 5.00%, 11/01/2025 | 705,000 | 727,528 | |
Total Maryland | 16,664,523 | ||
MASSACHUSETTS—1.9% | |||
Lynn Housing Authority & Neighborhood Development Revenue Bonds, 4.00%, 10/01/2022 | 115,000 | 115,209 | |
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023(a) | 430,000 | 434,603 | |
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.) | |||
4.00%, 10/01/2025(a) | 500,000 | 521,226 | |
4.00%, 10/01/2026(a) | 500,000 | 525,954 | |
4.00%, 10/01/2027(a) | 450,000 | 473,265 | |
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024 | 1,500,000 | 1,537,605 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
MASSACHUSETTS (continued) | |||
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue) | |||
Series A, 5.00%, 07/01/2033 | $ | 500,000 | $552,753 |
Series A, 5.00%, 07/01/2034 | 300,000 | 329,876 | |
Massachusetts Development Finance Agency, Massachusetts Seven Hills Foundation And Affiliates Issue, 5.00%, 09/01/2022 | 170,000 | 170,356 | |
Total Massachusetts | 4,660,847 | ||
MICHIGAN—1.8% | |||
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024 | 500,000 | 517,778 | |
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023 | 40,000 | 39,924 | |
Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group) | |||
5.00%, 05/15/2032 | 1,670,000 | 1,679,419 | |
Series B-2, 2.63%, 05/15/2025 | 1,130,000 | 1,094,305 | |
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029 | 700,000 | 684,325 | |
Michigan Strategic Fund, 4.00%, 10/01/2061(f) | 500,000 | 499,598 | |
Total Michigan | 4,515,349 | ||
MINNESOTA—2.2% | |||
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary's School), Series A, 5.00%, 08/01/2022(a) | 950,000 | 950,000 | |
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058(a)(f) | 4,500,000 | 4,540,349 | |
Total Minnesota | 5,490,349 | ||
MISSISSIPPI—4.2% | |||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 2.87%, 11/01/2032(f) | 5,000,000 | 5,000,000 | |
Mississippi Business Finance Corp. Revenue Bonds (Waste Pro USA, Inc.), AMT, VRN, Series A, 5.00%, 02/01/2036(a)(f) | 1,500,000 | 1,500,000 |
Principal Amount | Value | ||
Mississippi Development Bank Obligation Bonds (Mangolia Regional Health Centre) | |||
5.00%, 10/01/2022(a) | $ | 400,000 | $401,526 |
5.00%, 10/01/2023(a) | 415,000 | 425,347 | |
5.00%, 10/01/2024(a) | 440,000 | 458,820 | |
5.00%, 10/01/2025(a) | 660,000 | 698,163 | |
Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039(a) | 2,000,000 | 1,943,951 | |
Total Mississippi | 10,427,807 | ||
MISSOURI—0.9% | |||
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025(b)(c) | 675,000 | 303,750 | |
Plaza at Noah's Ark Community Improvement District Revenue Bonds | |||
3.00%, 05/01/2023 | 100,000 | 99,493 | |
3.00%, 05/01/2024 | 100,000 | 98,607 | |
3.00%, 05/01/2025 | 100,000 | 97,630 | |
3.00%, 05/01/2026 | 100,000 | 96,616 | |
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/2022 | 625,000 | 628,390 | |
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.) | |||
4.00%, 08/01/2029 | 385,000 | 389,421 | |
4.00%, 08/01/2031 | 310,000 | 310,505 | |
4.00%, 08/01/2036 | 275,000 | 269,794 | |
Total Missouri | 2,294,206 | ||
NEVADA—0.5% | |||
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare) | |||
Series A, 5.00%, 09/01/2027 | 605,000 | 671,203 | |
Series A, 5.00%, 09/01/2029 | 620,000 | 680,519 | |
Total Nevada | 1,351,722 | ||
NEW JERSEY—0.6% | |||
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024(a) | 70,000 | 70,797 | |
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.), AMT, Series B, 5.63%, 11/15/2030 | 455,000 | 469,931 | |
South Jersey Port Corp. Revenue Bonds | |||
Series B, 5.00%, 01/01/2026 | 300,000 | 320,298 | |
Series B, 5.00%, 01/01/2027 | 250,000 | 270,022 | |
Series B, 5.00%, 01/01/2028 | 255,000 | 278,318 | |
Total New Jersey | 1,409,366 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
NEW YORK—13.6% | |||
Albany Capital Resource Corp. (College of St Rose/The), 4.00%, 07/01/2028 | $ | 1,150,000 | $ 1,084,387 |
Amherst Development Corp. Revenue Bonds (Daemen College) | |||
5.00%, 10/01/2025 | 600,000 | 622,024 | |
5.00%, 10/01/2026 | 630,000 | 656,190 | |
4.00%, 10/01/2037 | 500,000 | 447,315 | |
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.), 5.00%, 11/01/2022 | 250,000 | 251,316 | |
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project) | |||
Series A, 5.00%, 06/01/2023(a) | 370,000 | 374,791 | |
Series A, 5.00%, 06/01/2024(a) | 390,000 | 399,361 | |
Series A, 5.00%, 06/01/2025(a) | 410,000 | 423,398 | |
Series A, 5.00%, 06/01/2026(a) | 430,000 | 446,346 | |
Series A, 5.00%, 06/01/2027(a) | 450,000 | 470,168 | |
Series A, 5.00%, 06/01/2032(a) | 500,000 | 512,679 | |
Build NYC Resource Corp. Revenue Bonds (Richmond Preparatory Charter School Project), Series A, 4.00%, 06/01/2031(a) | 650,000 | 624,664 | |
City of Elmira General Obligation Limited Bonds | |||
5.00%, 07/01/2025(a) | 845,000 | 910,162 | |
5.00%, 07/01/2033(a) | 2,635,000 | 2,885,554 | |
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 455,000 | 483,362 | |
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022 | 6,500,000 | 6,493,531 | |
New York City Industrial Development Agency Revenue Bonds (Yankee Stadium LLC), (AGM), Series A, 2.50%, 03/01/2037 | 3,000,000 | 2,493,444 | |
New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group), Series A, 4.00%, 01/01/2023 | 445,000 | 446,304 | |
New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.), Series R-1, 2.75%, 09/01/2050(f) | 1,000,000 | 959,291 | |
New York Transportation Development Corp. Revenue Bonds (American Airlines, Inc.) | |||
2.25%, 08/01/2026 | 670,000 | 638,954 | |
3.00%, 08/01/2031 | 530,000 | 499,881 | |
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, Series A, 5.00%, 01/01/2032 | 3,000,000 | 3,132,391 |
Principal Amount | Value | ||
Suffolk County Economic Development Corp. Revenue Bonds (St Johnland Assisted Living, Inc.), 4.63%, 11/01/2031(a) | $ | 1,020,000 | $ 932,326 |
Village of Johnson City General Obligation Limited Bonds, 5.00%, 10/01/2022 | 115,000 | 115,268 | |
Westchester County Local Development Corp. | |||
Series B, 3.60%, 07/01/2029(a) | 2,000,000 | 1,862,851 | |
Series C, 3.20%, 07/01/2028(a) | 1,675,000 | 1,552,514 | |
Series D, 2.88%, 07/01/2026(a) | 1,000,000 | 949,259 | |
Western Regional Off-Track Betting Corp. Revenue Bonds | |||
3.00%, 12/01/2026(a) | 1,175,000 | 1,097,066 | |
4.13%, 12/01/2041(a) | 1,900,000 | 1,567,576 | |
Total New York | 33,332,373 | ||
NORTH CAROLINA—0.3% | |||
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028 | 795,000 | 812,978 | |
OHIO—1.3% | |||
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028 | 205,000 | 214,440 | |
Ohio Air Quality Development Authority, Series B, 1.38%, 02/01/2026(f) | 1,000,000 | 951,125 | |
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project) | |||
Series A, 2.88%, 02/01/2026 | 1,000,000 | 976,767 | |
Series A, 3.25%, 09/01/2029 | 140,000 | 136,375 | |
VRN, Series C, 1.50%, 02/01/2026(f) | 1,000,000 | 932,420 | |
Total Ohio | 3,211,127 | ||
OREGON—1.7% | |||
Hospital Facilities Authority of Multnomah County Oregon Revenue Bonds | |||
0.95%, 06/01/2027 | 1,000,000 | 903,802 | |
Series B, 1.20%, 06/01/2028 | 1,800,000 | 1,595,661 | |
Yamhill County Hospital Authority Revenue Bonds (Friendsview Manor Obligated Group) | |||
Series A, 5.00%, 11/15/2036 | 875,000 | 835,357 | |
Series B-1, 2.50%, 11/15/2028 | 500,000 | 458,662 | |
Series B-2, 2.13%, 11/15/2027 | 500,000 | 458,637 | |
Total Oregon | 4,252,119 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
PENNSYLVANIA—6.8% | |||
Chester County Health And Education Facilities Authority Revenue Bonds (Simpson Senior Services Project) | |||
Series A, 4.00%, 12/01/2022 | $ | 575,000 | $575,857 |
Series A, 4.00%, 12/01/2023 | 660,000 | 662,947 | |
Series A, 4.00%, 12/01/2024 | 690,000 | 693,480 | |
Series A, 4.00%, 12/01/2025 | 360,000 | 360,541 | |
Series A, 4.00%, 12/01/2026 | 375,000 | 372,921 | |
Series A, 4.00%, 12/01/2027 | 395,000 | 388,651 | |
Series A, 4.00%, 12/01/2028 | 415,000 | 403,881 | |
Series A, 4.00%, 12/01/2029 | 435,000 | 417,321 | |
Series A, 4.00%, 12/01/2030 | 450,000 | 426,979 | |
City of Scranton PA General Obligation Bonds, 5.00%, 09/01/2023(a) | 1,000,000 | 1,021,260 | |
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project) | |||
4.00%, 10/15/2022(a) | 240,000 | 240,310 | |
5.00%, 10/15/2027(a) | 1,650,000 | 1,696,044 | |
5.00%, 10/15/2030(a) | 3,000,000 | 3,098,236 | |
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026(a) | 2,135,000 | 2,157,724 | |
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023 | 100,000 | 102,675 | |
Lehigh County Industrial Development Authority Revenue Bonds (Seven Generations Charter School), Series A, 4.00%, 05/01/2031 | 680,000 | 652,271 | |
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project) | |||
4.00%, 12/01/2027 | 180,000 | 192,282 | |
4.00%, 12/01/2028 | 200,000 | 213,435 | |
4.00%, 12/01/2029 | 100,000 | 106,489 | |
4.00%, 12/01/2035 | 300,000 | 312,108 | |
4.00%, 12/01/2036 | 100,000 | 103,779 | |
4.00%, 12/01/2038 | 300,000 | 309,959 | |
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024 | 2,000,000 | 2,126,409 | |
Total Pennsylvania | 16,635,559 | ||
PUERTO RICO—2.8% | |||
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 | 1,290,000 | 1,320,827 | |
Puerto Rico Electric Power Authority Revenue Bonds | |||
Series PP, 5.00%, 07/01/2023 | 205,000 | 205,486 | |
Series SS, 5.25%, 07/01/2023(g) | 2,340,000 | 2,355,967 | |
Series PP, 5.00%, 07/01/2024 | 835,000 | 836,979 | |
Series UU, 5.00%, 07/01/2024 | 300,000 | 305,329 |
Principal Amount | Value | ||
Puerto Rico Highway & Transportation Authority Revenue Bonds | |||
(AGM-CR), 5.50%, 07/01/2030 | $ | 1,000,000 | $1,041,707 |
Series D, 5.00%, 07/01/2027 | 145,000 | 145,994 | |
Series E, 5.50%, 07/01/2023 | 200,000 | 204,397 | |
Series L, 5.25%, 07/01/2023 | 520,000 | 523,548 | |
Total Puerto Rico | 6,940,234 | ||
RHODE ISLAND—0.5% | |||
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group) | |||
Series B, 5.00%, 09/01/2022 | 680,000 | 681,399 | |
Series B, 5.00%, 09/01/2023 | 500,000 | 512,729 | |
Total Rhode Island | 1,194,128 | ||
SOUTH CAROLINA—1.7% | |||
South Carolina Jobs-Economic Development Authority Revenue Bonds (Last Step Recycling LLC), AMT, Series A, 6.00%, 06/01/2031(a) | 2,915,000 | 2,628,968 | |
South Carolina Jobs-Economic Development Authority Revenue Bonds (Lowcountry Leadership Charter School), Series A, 4.00%, 12/01/2029(a) | 1,030,000 | 1,015,146 | |
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), Series A, 5.25%, 02/01/2027(a)(b)(c) | 1,060,000 | 424,000 | |
Total South Carolina | 4,068,114 | ||
TEXAS—7.2% | |||
Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools) | |||
4.00%, 08/15/2036 | 230,000 | 211,361 | |
Series A, 5.00%, 08/15/2022 | 55,000 | 55,034 | |
Series A, 5.00%, 08/15/2023 | 155,000 | 157,391 | |
Series A, 5.00%, 08/15/2024 | 195,000 | 200,234 | |
Series A, 5.00%, 08/15/2025 | 205,000 | 212,048 | |
Series A, 5.00%, 08/15/2026 | 190,000 | 197,589 | |
Series A, 5.00%, 08/15/2027 | 200,000 | 209,038 | |
Series A, 5.00%, 08/15/2028 | 80,000 | 83,597 | |
Series A, 4.00%, 08/15/2029 | 75,000 | 73,067 | |
Series A, 4.00%, 08/15/2030 | 80,000 | 77,274 | |
Series A, 4.00%, 08/15/2031 | 90,000 | 86,043 | |
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group), 5.00%, 07/15/2023 | 300,000 | 303,725 | |
Calhoun County Navigation Industrial Development Authority Revenue Bonds (Max Midstream Texas LLC), AMT, Series A, 3.63%, 07/01/2026(a) | 4,000,000 | 3,892,341 | |
Decatur Hospital Authority Revenue Bonds, Series A, 5.00%, 09/01/2022 | 150,000 | 150,373 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
TEXAS (continued) | |||
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023 | $ | 275,000 | $ 283,401 |
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027 | 895,000 | 905,922 | |
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.) | |||
Series C, 5.00%, 07/01/2023 | 300,000 | 150,000 | |
Series D, 6.00%, 07/01/2026 | 95,000 | 42,750 | |
New Hope Cultural Education Facilities Finance Corp.(Outlook at Windhaven Forefront Living Obligated Group), Series B-3, 4.25%, 10/01/2026 | 2,000,000 | 2,013,328 | |
New Hope Cultural Education Facilities Finance Corporation Education Revenue And Refunding Bonds (Jubilee Academic Center) | |||
4.00%, 08/15/2022(a) | 170,000 | 170,025 | |
4.00%, 08/15/2023(a) | 360,000 | 360,902 | |
4.00%, 08/15/2024(a) | 370,000 | 370,425 | |
4.00%, 08/15/2029(a) | 445,000 | 434,585 | |
4.00%, 08/15/2030(a) | 465,000 | 450,679 | |
4.00%, 08/15/2031(a) | 485,000 | 466,453 | |
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Gulf Coast Energy Project) | |||
AMT, Series A, 1.88%, 01/01/2026(a) | 500,000 | 461,723 | |
AMT, Series A, 2.00%, 01/01/2027(a) | 200,000 | 180,481 | |
AMT, Series A, 2.13%, 01/01/2028(a) | 200,000 | 176,423 | |
AMT, Series A, 2.25%, 01/01/2029(a) | 500,000 | 431,319 | |
AMT, Series A, 2.50%, 01/01/2030(a) | 350,000 | 298,690 | |
AMT, Series A, 2.63%, 01/01/2031(a) | 400,000 | 337,115 | |
SA Energy Acquisition Public Facility Corp. Revenue Bonds | |||
5.50%, 08/01/2022 | 80,000 | 80,000 | |
5.50%, 08/01/2023 | 50,000 | 51,447 | |
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds | |||
Series C, 2.68%, 12/15/2026(f)(g) | 1,500,000 | 1,438,459 | |
Series D, 6.25%, 12/15/2026 | 1,785,000 | 1,929,382 | |
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds | |||
5.00%, 12/15/2029 | 250,000 | 274,613 | |
5.00%, 12/15/2030 | 375,000 | 412,119 | |
Total Texas | 17,629,356 |
Principal Amount | Value | ||
U. S. VIRGIN ISLANDS—0.8% | |||
Matching Fund Special Purpose Securitization Corp. Revenue Bonds | |||
Series A, 5.00%, 10/01/2025 | $ | 1,000,000 | $1,041,216 |
Series A, 5.00%, 10/01/2026 | 1,000,000 | 1,049,777 | |
Total U. S. Virgin Islands | 2,090,993 | ||
UTAH—3.8% | |||
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School) | |||
Series A, 4.50%, 10/15/2028(a) | 500,000 | 499,702 | |
Series A, 4.63%, 10/15/2048(a)(f) | 1,000,000 | 989,873 | |
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), Series A, 3.25%, 06/15/2031(a) | 535,000 | 484,320 | |
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(f) | 3,000,000 | 2,973,204 | |
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048(a)(f) | 4,310,000 | 4,288,711 | |
Total Utah | 9,235,810 | ||
WASHINGTON—4.2% | |||
State Housing Finance Commission Revenue Bonds (Transforming Age Project) | |||
Series A, 5.00%, 01/01/2024(a) | 180,000 | 182,074 | |
Series A, 5.00%, 01/01/2028(a) | 440,000 | 449,390 | |
Series A, 5.00%, 01/01/2029(a) | 465,000 | 472,629 | |
Series A, 5.00%, 01/01/2034(a) | 745,000 | 747,126 | |
Washington State Housing Finance Commission Revenue Bonds (Mirabella), Series A, 6.00%, 10/01/2022(a) | 260,000 | 261,957 | |
Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy) | |||
Series A, 4.00%, 07/01/2025(a) | 355,000 | 356,445 | |
Series A, 4.00%, 07/01/2026(a) | 285,000 | 284,583 | |
Series A, 4.00%, 07/01/2027(a) | 295,000 | 293,302 | |
Series A, 4.00%, 07/01/2028(a) | 305,000 | 301,354 | |
Series A, 4.00%, 07/01/2029(a) | 320,000 | 313,738 | |
Washington State Housing Finance Commission Revenue Bonds(Eliseo Project) | |||
Series B-1, 2.50%, 07/01/2028(a) | 4,375,000 | 4,014,057 | |
Series B-2, 2.13%, 07/01/2027(a) | 2,750,000 | 2,553,624 | |
Total Washington | 10,230,279 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
WEST VIRGINIA—0.4% | |||
Glenville State College Board of Governors Revenue Bonds, 4.00%, 06/01/2027 | $ | 250,000 | $ 238,239 |
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023 | 840,000 | 830,030 | |
Total West Virginia | 1,068,269 | ||
WISCONSIN—7.9% | |||
Public Finance Authority Educational Facilities Revenue Refunding Bonds (The Methodist University) | |||
4.00%, 03/01/2023(a) | 480,000 | 481,246 | |
4.00%, 03/01/2024(a) | 505,000 | 507,370 | |
4.00%, 03/01/2025(a) | 540,000 | 541,958 | |
4.00%, 03/01/2026(a) | 755,000 | 753,484 | |
4.00%, 03/01/2027(a) | 795,000 | 789,395 | |
4.00%, 03/01/2028(a) | 840,000 | 825,546 | |
4.00%, 03/01/2029(a) | 890,000 | 867,342 | |
4.00%, 03/01/2030(a) | 950,000 | 915,605 | |
Public Finance Authority Revenue Bonds | |||
Series A, 5.00%, 10/01/2029(a) | 500,000 | 521,355 | |
Series A-1, 6.00%, 01/01/2027 | 4,100,000 | 4,008,458 | |
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.) | |||
Series B-1, 3.50%, 03/01/2027(a) | 4,000,000 | 3,866,516 | |
Series B-2, 3.00%, 03/01/2026(a) | 790,000 | 759,788 | |
Public Finance Authority Revenue Bonds (Washoe Barton Medical Clinic) | |||
Series A, 3.00%, 12/01/2026 | 250,000 | 249,475 | |
Series A, 4.00%, 12/01/2031 | 700,000 | 714,804 | |
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(a) | 1,000,000 | 933,045 | |
Wisconsin Health & Educational Facilities Authority Revenue Bond | |||
Series A, 5.00%, 11/01/2022 | 120,000 | 120,315 | |
Series A, 5.00%, 11/01/2023 | 360,000 | 364,534 | |
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College) | |||
5.00%, 01/01/2026 | 685,000 | 705,034 | |
5.00%, 01/01/2027 | 830,000 | 856,143 |
Principal Amount | Value | ||
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School) | |||
5.00%, 06/15/2024 | $ | 210,000 | $217,360 |
5.00%, 06/15/2026 | 230,000 | 243,732 | |
5.00%, 06/15/2027 | 160,000 | 171,380 | |
Total Wisconsin | 19,413,885 | ||
Total Municipal Bonds | 267,463,938 | ||
Total Investments (Cost $280,713,401)—108.7% | 267,463,938 | ||
Liabilities in Excess of Other Assets—(8.7%) | (21,493,403) | ||
Net Assets—100.0% | $245,970,535 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Security is in default. |
(c) | Illiquid security. |
(d) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(e) | Zero coupon bond. |
(f) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(g) | All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been issued. |
AMT | Alternative Minimum Tax |
FRN | Floating Rate Note |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —99.2% | |||
ALABAMA—6.8% | |||
Black Belt Energy Gas District Revenue Bonds, FRN, Series B-1, 2.05%, 12/01/2048(a) | $ | 20,000,000 | $ 19,778,628 |
Health Care Authority for Baptist Health Revenue Bonds | |||
Series B, 1.80%, 11/15/2037(a) | 5,675,000 | 5,675,000 | |
Series B, 1.71%, 11/01/2042(a) | 15,100,000 | 15,100,000 | |
Southeast Alabama Gas Supply District Revenue Bonds, VRN, Series A, 4.00%, 06/01/2049(a) | 5,895,000 | 6,018,768 | |
Walker County Economic & Industrial Development Authority Revenue Bonds, 1.98%, 12/01/2036(a) | 4,700,000 | 4,700,000 | |
Total Alabama | 51,272,396 | ||
ARIZONA—3.3% | |||
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 1.20%, 09/01/2024(a) | 6,100,000 | 6,095,728 | |
Industrial Development Authority of the City of Phoenix (The) Revenue Bonds (Republic Services, Inc.), AMT, FRN, Series D, 2.00%, 12/01/2035(a) | 15,000,000 | 15,000,000 | |
Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, 1.68%, 06/15/2050(a)(b) | 3,630,000 | 3,630,000 | |
Total Arizona | 24,725,728 | ||
ARKANSAS—2.1% | |||
Arkansas Development Finance Authority Revenue Bonds (Baptist Memorial Health Care Obligated Group), VRDN, Series B-4, 1.71%, 09/01/2044(a) | 15,500,000 | 15,500,000 | |
CALIFORNIA—8.3% | |||
California Health Facilities Financing Authority Revenue Bonds (Stanford Hospital Clinics), (Pre-refunded @ $100.000000, 08/15/2022), Series A, 5.00%, 08/15/2051 | 5,000,000 | 5,006,718 | |
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.), Series A, 2.00%, 08/01/2023(a)(b) | 33,000,000 | 32,998,680 | |
California Statewide Communities Development Authority Revenue Bonds (CommonSpirit Health Obligated Group), Series E, 1.70%, 07/01/2040(a) | 500,000 | 500,000 |
Shares or Principal Amount | Value | ||
Palomar Pomerado Health Care Certificates of Participation | |||
Series A, 2.00%, 11/01/2036(a) | $ | 4,675,000 | $4,675,000 |
Series B, 1.57%, 11/01/2036(a) | 1,525,000 | 1,525,000 | |
Series C, 2.05%, 11/01/2036(a) | 11,700,000 | 11,700,000 | |
State of California General Obligation Unlimited Bonds, VRDN, Series A, 1.82%, 05/01/2048(a) | 6,000,000 | 6,000,000 | |
Total California | 62,405,398 | ||
COLORADO—0.2% | |||
E-470 Public Highway Authority Revenue Bonds, FRN, Series B, 1.88%, 09/01/2039(a) | 1,500,000 | 1,487,799 | |
CONNECTICUT—0.5% | |||
City of West Haven General Obligation Unlimited Bonds | |||
4.00%, 09/15/2022 | 200,000 | 200,585 | |
2.00%, 09/29/2022 | 1,750,000 | 1,751,467 | |
East Hartford Conn Housing Authority Multi Family Housing Revenue Bonds (Veterans Terrace Project), 0.25%, 06/01/2023(a) | 2,100,000 | 2,096,213 | |
Total Connecticut | 4,048,265 | ||
FLORIDA—0.6% | |||
Miami-Dade County Industrial Development Authority Revenue Bonds (Waste Management, Inc.) | |||
AMT, FRN, Series A, 1.71%, 11/01/2033(a) | 3,000,000 | 2,911,714 | |
AMT, FRN, Series B, 1.71%, 11/01/2048(a) | 2,000,000 | 1,941,142 | |
Total Florida | 4,852,856 | ||
GEORGIA—0.1% | |||
Development Authority of Burke County, 2.00%, 11/01/2052(a) | 900,000 | 900,000 | |
ILLINOIS—1.4% | |||
State of Illinois General Obligation Unlimited Bonds, Series A, 5.00%, 10/01/2023 | 1,030,000 | 1,065,899 | |
Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, 1.68%, 11/01/2048(a)(b) | 9,805,000 | 9,805,000 | |
Total Illinois | 10,870,899 | ||
INDIANA—0.9% | |||
Indiana Finance Authority RevenueBonds (ArcelorMittal SA), 1.73%, 08/01/2030(a) | 6,900,000 | 6,900,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
KANSAS—0.3% | |||
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 1.61%, 03/01/2027(a) | $ | 1,000,000 | $ 1,000,000 |
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 1.61%, 02/01/2029(a) | 1,000,000 | 1,000,000 | |
Total Kansas | 2,000,000 | ||
KENTUCKY—4.5% | |||
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 2.22%, 07/01/2060(a) | 4,160,000 | 4,160,000 | |
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-2, 2.22%, 07/01/2060(a) | 12,400,000 | 12,400,000 | |
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, 2.22%, 08/01/2061(a) | 15,695,000 | 15,695,000 | |
Louisville Regional Airport Authority Revenue Bonds (City of Lowell General Obligation limited Bonds), Series B, 1.95%, 01/01/2029(a) | 400,000 | 400,000 | |
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 1.00%, 08/15/2023(a) | 1,400,000 | 1,393,427 | |
Total Kentucky | 34,048,427 | ||
LOUISIANA—4.3% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (American BioCarbon CT LLC), AMT, VRN, 2.13%, 12/01/2046(a) | 18,000,000 | 17,989,564 | |
Parish of St. James Revenue Bonds (Nucor Steel LA), VRDN, Series A1, 1.49%, 11/01/2040(a) | 14,715,000 | 14,715,000 | |
Total Louisiana | 32,704,564 | ||
MARYLAND—6.4% | |||
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George's Boulevard Obligated Group), 1.55%, 12/01/2033(a) | 5,115,000 | 5,115,000 |
Shares or Principal Amount | Value | ||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 2.92%, 03/01/2030(a) | $ | 42,405,000 | $ 42,405,000 |
Washington County Revenue Bonds (Conservit, Inc.), 1.66%, 02/01/2023(a) | 425,000 | 425,000 | |
Total Maryland | 47,945,000 | ||
MASSACHUSETTS—0.9% | |||
City of Lowell General Obligation limited Bonds, 3.00%, 09/16/2022 | 7,000,000 | 7,002,502 | |
MICHIGAN—0.8% | |||
Michigan Strategic Fund Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc.), AMT, VRN, 0.58%, 08/01/2027(a) | 500,000 | 473,736 | |
Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, 1.61%, 11/01/2028(a)(b) | 5,835,000 | 5,835,000 | |
Total Michigan | 6,308,736 | ||
MISSISSIPPI—9.7% | |||
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds, Series C, 2.00%, 05/01/2037(a) | 10,000,000 | 10,000,588 | |
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), 2.01%, 12/01/2027(a) | 1,400,000 | 1,400,000 | |
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 2.87%, 11/01/2032(a) | 62,000,000 | 62,000,000 | |
Total Mississippi | 73,400,588 | ||
MONTANA—0.8% | |||
Mizuho Floater/Residual Trust Revenue Bonds | |||
VRDN, 1.58%, 06/01/2034(a)(b) | 4,510,000 | 4,510,000 | |
VRDN, 1.58%, 06/01/2034(a)(b) | 1,110,000 | 1,110,000 | |
Total Montana | 5,620,000 | ||
NEVADA—1.0% | |||
Director Of The State Of Nevada Department Of Business And Industry Revenue Bonds Brightline West Passenger Rail Project, AMT, VRN, Series A, 0.85%, 01/01/2050(a)(b) | 7,500,000 | 7,425,477 | |
NEW JERSEY—2.9% | |||
City of East Orange NJ General Obligation Anticipation Notes, 1.00%, 10/25/2022 | 14,549,572 | 14,526,057 | |
City of Newark NJ General Obligation Notes, Series E, 1.25%, 10/03/2022 | 7,044,550 | 7,043,011 | |
Total New Jersey | 21,569,068 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
NEW YORK—17.6% | |||
City of Elmira General Obligation Limited Bonds | |||
2.00%, 05/01/2023 | $ | 455,000 | $455,619 |
4.00%, 05/01/2024 | 675,000 | 697,945 | |
City of New York General Obligation Limited Bonds, VRDN, 1.93%, 04/01/2042(a) | 18,000,000 | 18,000,000 | |
City of Newburgh General Obligation Limited Bonds, Series B, 4.00%, 12/29/2022 | 9,500,000 | 9,515,592 | |
County of Monroe Henriette Fire District New York Revenue Anticipation Notes, 1.00%, 08/10/2022 | 4,800,000 | 4,799,461 | |
Jasper-Troupsberg Central School District, New York Revenue Anticipation Notes, (State Aid Withholding), 1.00%, 09/23/2022 | 6,390,000 | 6,384,275 | |
Metropolitan Transportation Authority Revenue Bonds | |||
Series D-1, 5.00%, 09/01/2022 | 11,010,000 | 11,041,361 | |
FRN, Series D-1, 1.86%, 11/01/2035(a) | 4,750,000 | 4,637,386 | |
Series F, 5.00%, 11/15/2022 | 1,125,000 | 1,135,820 | |
Series F, 5.00%, 11/15/2022 | 1,530,000 | 1,545,294 | |
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series B, 5.00%, 11/15/2022 | 600,000 | 605,998 | |
New York City General Obligation Unlimited Bonds | |||
Series C-4, 1.75%, 10/01/2027(a) | 2,825,000 | 2,825,000 | |
Series J-2, 1.40%, 06/01/2036(a) | 4,525,000 | 4,525,000 | |
Series J-3, 1.37%, 06/01/2036(a) | 5,700,000 | 5,700,000 | |
New York Liberty Development Corp. Revenue Bonds | |||
VRDN, 1.68%, 10/01/2035(a)(b) | 2,750,000 | 2,750,000 | |
VRDN, 1.68%, 10/01/2035(a)(b) | 3,464,000 | 3,464,000 | |
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, Series A, 5.00%, 01/01/2024 | 1,500,000 | 1,534,666 | |
Rib Floater Trust Various States Revenue Bonds, VRDN, 1.73%, 11/01/2041(a)(b) | 25,000,000 | 25,000,000 | |
Sidney Central School District General Obligation Limited Bonds, (State Aid Withholding), 1.00%, 08/05/2022 | 4,126,600 | 4,126,296 |
Shares or Principal Amount | Value | ||
Triborough Bridge & Tunnel Authority Revenue Bonds | |||
VRDN, 1.80%, 01/01/2032(a) | $ | 7,000,000 | $7,000,000 |
Series B, 1.41%, 01/01/2032(a) | 3,955,000 | 3,877,086 | |
Village of Johnson City General Obligation Limited Bonds, Series B, 2.00%, 09/30/2022 | 13,263,294 | 13,270,228 | |
Total New York | 132,891,027 | ||
NORTH CAROLINA—0.2% | |||
Fayetteville State University Revenue Bonds | |||
(AGM), 5.00%, 04/01/2023 | 405,000 | 413,995 | |
(AGM), 5.00%, 04/01/2024 | 425,000 | 446,122 | |
(AGM), 5.00%, 04/01/2026 | 470,000 | 514,362 | |
Total North Carolina | 1,374,479 | ||
OHIO—1.6% | |||
State of Ohio Revenue Bonds (DesertXpress Enterprises LLC), VRDN, Series B, 1.53%, 01/15/2033(a) | 11,900,000 | 11,900,000 | |
OKLAHOMA—1.8% | |||
Oklahoma Development Finance Authority Revenue Bonds (Gilcrease Developers LLC), AMT, Series A, 1.63%, 07/06/2023 | 2,000,000 | 1,970,264 | |
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN, Series B, 1.59%, 08/15/2031(a) | 11,600,000 | 11,600,000 | |
Total Oklahoma | 13,570,264 | ||
OREGON—1.7% | |||
Port of Portland OR Airport Revenue Bonds, 1.73%, 07/01/2026(a) | 12,500,000 | 12,500,000 | |
PENNSYLVANIA—8.2% | |||
Central Bradford Progress Authority Revenue Bonds (The Guthrie Clinic Issue), VRDN, Series D, 1.61%, 12/01/2041(a) | 13,630,000 | 13,630,000 | |
Montgomery County Higher Education & Health Authority, VRDN, Series D, 1.55%, 09/01/2050(a)(c) | 3,030,000 | 3,030,000 | |
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 2.00%, 08/01/2045(a) | 37,500,000 | 37,499,422 | |
Tender Option Bond Trust Receipts/Certificates Revenue Bonds, AMT, VRDN, 1.68%, 01/01/2051(a)(b) | 7,500,000 | 7,500,000 | |
Total Pennsylvania | 61,659,422 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2022 (Unaudited)
July 31, 2022 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
SOUTH CAROLINA—2.6% | |||
Richland country Revenue Bond (International Paper Co.), AMT, Series A, 3.88%, 04/01/2023 | $ | 1,715,000 | $ 1,726,659 |
South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, Series C, 1.58%, 05/01/2048(a) | 17,725,000 | 17,725,000 | |
Total South Carolina | 19,451,659 | ||
TENNESSEE—0.2% | |||
Metropolitan Government Nashville & Davidson County Industrial Development Board, 0.58%, 08/01/2031(a) | 350,000 | 331,615 | |
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 1.68%, 06/01/2037(a) | 890,000 | 890,000 | |
Total Tennessee | 1,221,615 | ||
TEXAS—5.4% | |||
City of Houston TX Hotel Occupancy Tax & Revenue Bonds | |||
4.00%, 09/01/2022 | 180,000 | 180,345 | |
4.00%, 09/01/2023 | 180,000 | 184,229 | |
4.00%, 09/01/2025 | 425,000 | 449,207 | |
Mission Economic Development Corp. Revenue Bonds (Waste Management, Inc.) | |||
Series A, 2.10%, 05/01/2046(a) | 10,000,000 | 9,998,793 | |
Series B, 2.10%, 07/01/2040(a) | 1,375,000 | 1,374,834 | |
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN, Series A, 2.00%, 05/01/2050(a) | 5,000,000 | 4,999,800 | |
Port of Corpus Christi Authority of Nueces County Revenue Bonds (Flint Hills Resources LP), AMT, VRDN, Series A, 2.15%, 07/01/2029(a)(b) | 5,600,000 | 5,600,000 | |
Port of Port Arthur Navigation District Revenue Bonds, 2.00%, 04/01/2040(a) | 600,000 | 600,000 | |
Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises Class C), VRDN, 2.03%, 04/01/2040(a) | 1,600,000 | 1,600,000 | |
Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises LLC), VRDN, 2.00%, 04/01/2040(a) | 4,800,000 | 4,800,000 | |
State of Texas General Obligation Limited Bonds, VRDN, 1.29%, 06/01/2053(a) | 5,000,000 | 5,000,000 |
Shares or Principal Amount | Value | ||
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds | |||
5.00%, 12/15/2022 | $ | 1,150,000 | $1,160,147 |
5.00%, 12/15/2024 | 3,100,000 | 3,246,546 | |
5.00%, 12/15/2025 | 1,500,000 | 1,594,920 | |
Total Texas | 40,788,821 | ||
WEST VIRGINIA—0.3% | |||
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 1.56%, 06/01/2033(a) | 2,150,000 | 2,150,000 | |
WISCONSIN—3.8% | |||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series C, 1.61%, 02/15/2053(a) | 20,000,000 | 20,000,000 | |
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Marshfield Clinic Health System), VRDN, 1.61%, 02/15/2053(a) | 8,800,000 | 8,800,000 | |
Total Wisconsin | 28,800,000 | ||
Total Municipal Bonds | 747,294,990 | ||
SHORT-TERM INVESTMENTS—3.3% | |||
CERTIFICATES OF DEPOSIT—3.3% | |||
UNITED STATES—3.3% | |||
Mercer County Pollution Control Revenue | |||
1.55%, 08/15/2022 | 5,000,000 | 5,000,000 | |
1.65%, 09/15/2022 | 20,000,000 | 20,000,000 | |
Total United States | 25,000,000 | ||
Total Certificates of Deposit | 25,000,000 | ||
MONEY MARKET FUNDS—0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | 130,960 | 131,000 | |
Total Money Market Funds | 131,000 | ||
Total Short-Term Investments | 25,131,000 | ||
Total Investments (Cost $773,569,910)—102.5% | 772,425,990 | ||
Liabilities in Excess of Other Assets—(2.5%) | (19,077,876) | ||
Net Assets—100.0% | $753,348,114 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Illiquid security. |
AMT | Alternative Minimum Tax |
FRN | Floating Rate Note |
VRDN | Variable Rate Demand Note |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Notes to Statement of Investments
July 31, 2022 (unaudited)
July 31, 2022 (unaudited)
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Aberdeen Funds (the "Trust" and each of its series a “Fund,” or collectively, the “Funds”) in the preparation of their financial statements. The policies conform to accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.
a. Security Valuation:
The Funds value their securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Funds’ 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.
Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.
Foreign Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities.These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
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 approved by the Board of Trustees of the Trust (the “Board”). 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 Aberdeen generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, “odd lot” sizes. Odd lots may trade at lower or, occasionally, 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 for 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 Funds sweep 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 Investment Company Act of 1940, as amended, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value (“NAV”). Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures.
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 closed before the Valuation Time (as defined below)), the security is valued at fair value as determined by the Funds' Pricing Committee (the "Pricing Committee"), taking into account the relevant factors and surrounding circumstances using Valuation and Liquidity Procedures approved by the Board. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York
60 |
Notes to Statement of Investments (concluded)
July 31, 2022 (unaudited)
July 31, 2022 (unaudited)
Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.
61 |