Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn China A Share Equity Fund
Shares | Value | ||
COMMON STOCKS—98.2% | |||
CHINA—98.2% | |||
Consumer Discretionary—12.1% | |||
BYD Co. Ltd., A Shares(a) | 12,100 | $ 461,861 | |
BYD Co. Ltd., H Shares(b) | 8,500 | 302,753 | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a)(b) | 61,895 | 1,093,952 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(b)(c) | 12,300 | 197,589 | |
Fuyao Glass Industry Group Co. Ltd., A Shares(a) | 173,241 | 919,590 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(a) | 133,642 | 1,110,722 | |
4,086,467 | |||
Consumer Staples—18.4% | |||
By-health Co. Ltd., A Shares(a) | 130,688 | 387,042 | |
Chacha Food Co. Ltd., A Shares(a) | 83,100 | 477,391 | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(a)(b) | 99,571 | 646,613 | |
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares(a) | 131,300 | 527,354 | |
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a) | 10,763 | 2,840,616 | |
Proya Cosmetics Co. Ltd., A Shares(a) | 50,793 | 803,048 | |
Wuliangye Yibin Co. Ltd., A Shares(a) | 21,037 | 534,321 | |
6,216,385 | |||
Energy—0.0% | |||
G3 Exploration Ltd.(b)(d)(e)(f) | 53,000 | – | |
Financials—16.9% | |||
Bank of Ningbo Co. Ltd., A Shares(a) | 261,216 | 1,066,114 | |
China International Capital Corp. Ltd., A Shares(a) | 92,300 | 516,623 | |
China International Capital Corp. Ltd., H Shares(c) | 168,400 | 372,692 | |
China Merchants Bank Co. Ltd., A Shares(a) | 340,432 | 1,698,900 | |
Ping An Bank Co. Ltd., A Shares(a) | 398,800 | 688,706 | |
Ping An Insurance Group Co. of China Ltd., A Shares(a) | 188,837 | 1,395,147 | |
5,738,182 | |||
Health Care—11.4% | |||
Aier Eye Hospital Group Co. Ltd., A Shares(a) | 471,627 | 1,330,714 | |
Hangzhou Tigermed Consulting Co. Ltd., A Shares(a) | 85,167 | 820,747 | |
Hangzhou Tigermed Consulting Co. Ltd., H Shares(c) | 14,800 | 96,218 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares(a) | 84,355 | 526,985 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(a) | 26,010 | 1,079,318 | |
3,853,982 | |||
Industrials—20.0% | |||
Centre Testing International Group Co. Ltd., A Shares(a) | 445,188 | 1,252,869 | |
Contemporary Amperex Technology Co. Ltd., A Shares(a) | 48,102 | 1,603,576 | |
Guangzhou Baiyun International Airport Co. Ltd., A Shares(a)(b) | 200,400 | 404,056 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 35,030 | 129,449 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(a) | 160,362 | 546,105 | |
Shanghai International Airport Co. Ltd., A Shares(a)(b) | 32,910 | 218,738 | |
Shanghai M&G Stationery, Inc., A Shares(a) | 127,280 | 797,455 |
Shares | Value | ||
Shenzhen Inovance Technology Co. Ltd., A Shares(a) | 58,889 | $ 585,786 | |
Sungrow Power Supply Co. Ltd., A Shares(a) | 40,578 | 634,070 | |
Zhejiang Weixing New Building Materials Co. Ltd., A Shares(a) | 201,500 | 611,959 | |
6,784,063 | |||
Information Technology—14.1% | |||
Glodon Co. Ltd., A Shares(a) | 216,004 | 977,703 | |
Hundsun Technologies, Inc., A Shares(a) | 164,595 | 948,729 | |
LONGi Green Energy Technology Co. Ltd., A Shares(a) | 87,088 | 364,894 | |
Luxshare Precision Industry Co. Ltd., A Shares(a) | 134,270 | 608,283 | |
Maxscend Microelectronics Co. Ltd., A Shares(a) | 36,080 | 608,610 | |
SG Micro Corp., A Shares(a) | 31,213 | 368,878 | |
Venustech Group, Inc., A Shares(a) | 109,900 | 450,369 | |
Yonyou Network Technology Co. Ltd., A Shares(a) | 175,799 | 464,777 | |
4,792,243 | |||
Materials—3.8% | |||
Wanhua Chemical Group Co. Ltd., A Shares(a)(b) | 53,917 | 739,061 | |
Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(a)(b) | 39,620 | 535,983 | |
1,275,044 | |||
Real Estate—1.5% | |||
China Vanke Co. Ltd., A Shares(a) | 235,573 | 503,476 | |
Total China | 33,249,842 | ||
Total Common Stocks | 33,249,842 | ||
EXCHANGE-TRADED FUNDS—1.1% | |||
KraneShares Bosera MSCI China A 50 Connect Index ETF | 14,591 | 364,200 | |
Total Exchange-Traded Funds | 364,200 | ||
SHORT-TERM INVESTMENT—0.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(g) | 291,088 | 291,088 | |
Total Short-Term Investment | 291,088 | ||
Total Investments (Cost $44,225,095)—100.2% | 33,905,130 | ||
Liabilities in Excess of Other Assets—(0.2%) | (67,151) | ||
Net Assets—100.0% | $33,837,979 |
(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) | Non-income producing security. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used. |
(e) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(f) | 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, 2023. |
(g) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023. |
ETF | Exchange-Traded Fund |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS—97.9% | |||
AUSTRALIA—0.8% | |||
Materials—0.8% | |||
BHP Group Ltd., ADR | 12,800 | $ 801,920 | |
BRAZIL—1.7% | |||
Industrials—1.0% | |||
CCR SA | 383,700 | 1,078,376 | |
Materials—0.7% | |||
Vale SA, ADR | 48,100 | 703,703 | |
Total Brazil | 1,782,079 | ||
CANADA—1.2% | |||
Energy—1.2% | |||
Enbridge, Inc. | 35,200 | 1,295,360 | |
CHINA—1.9% | |||
Financials—1.2% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 169,500 | 1,235,102 | |
Real Estate—0.7% | |||
China Vanke Co. Ltd., H Shares | 498,900 | 707,116 | |
Total China | 1,942,218 | ||
DENMARK—1.2% | |||
Financials—1.2% | |||
Tryg A/S | 64,700 | 1,277,424 | |
EGYPT—0.7% | |||
Energy—0.7% | |||
Energean PLC | 47,900 | 711,851 | |
FINLAND—0.6% | |||
Information Technology—0.6% | |||
Nokia OYJ | 167,600 | 658,825 | |
FRANCE—6.7% | |||
Consumer Discretionary—1.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,210 | 1,123,809 | |
Consumer Staples—1.2% | |||
Danone SA | 21,000 | 1,282,401 | |
Energy—1.1% | |||
TotalEnergies SE, ADR | 19,400 | 1,180,490 | |
Industrials—1.7% | |||
Alstom SA | 36,300 | 1,111,515 | |
Teleperformance | 4,650 | 674,430 | |
1,785,945 | |||
Utilities—1.6% | |||
Engie SA | 101,700 | 1,668,422 | |
Total France | 7,041,067 | ||
GERMANY—2.4% | |||
Financials—1.0% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,800 | 1,054,048 | |
Utilities—1.4% | |||
RWE AG(a) | 34,600 | 1,489,137 | |
Total Germany | 2,543,185 | ||
HONG KONG—1.1% | |||
Financials—1.1% | |||
Hong Kong Exchanges & Clearing Ltd. | 26,800 | 1,129,942 |
Shares | Value | ||
JAPAN—2.1% | |||
Financials—1.3% | |||
Mitsubishi UFJ Financial Group, Inc. | 170,900 | $ 1,376,129 | |
Real Estate—0.8% | |||
GLP J-REIT | 800 | 788,131 | |
Total Japan | 2,164,260 | ||
NETHERLANDS—6.3% | |||
Consumer Staples—1.0% | |||
Heineken NV | 10,400 | 1,017,967 | |
Financials—1.2% | |||
ING Groep NV, Series N | 85,000 | 1,240,716 | |
Industrials—1.3% | |||
Ferrovial SE | 40,610 | 1,345,773 | |
Information Technology—2.8% | |||
ASML Holding NV | 1,700 | 1,217,657 | |
BE Semiconductor Industries NV | 14,900 | 1,779,039 | |
2,996,696 | |||
Total Netherlands | 6,601,152 | ||
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 92,700 | 992,348 | |
SINGAPORE—1.2% | |||
Financials—1.2% | |||
Oversea-Chinese Banking Corp. Ltd. | 129,500 | 1,296,004 | |
SPAIN—1.0% | |||
Consumer Discretionary—1.0% | |||
Amadeus IT Group SA(a) | 14,600 | 1,047,347 | |
TAIWAN—1.3% | |||
Information Technology—1.3% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13,700 | 1,358,355 | |
UNITED KINGDOM—7.3% | |||
Communication Services—0.8% | |||
Vodafone Group PLC, ADR | 89,700 | 862,914 | |
Consumer Discretionary—0.8% | |||
Taylor Wimpey PLC | 534,486 | 784,550 | |
Energy—0.6% | |||
Capricorn Energy PLC(a) | 255,524 | 581,086 | |
Financials—1.1% | |||
London Stock Exchange Group PLC | 10,200 | 1,107,667 | |
Health Care—2.5% | |||
AstraZeneca PLC, ADR | 19,100 | 1,369,470 | |
Dechra Pharmaceuticals PLC | 27,000 | 1,287,155 | |
2,656,625 | |||
Industrials—1.1% | |||
Melrose Industries PLC | 175,666 | 1,195,506 | |
Utilities—0.4% | |||
SSE PLC | 18,056 | 390,427 | |
Total United Kingdom | 7,578,775 | ||
UNITED STATES—59.4% | |||
Communication Services—1.9% | |||
Alphabet, Inc., Class C(a) | 14,600 | 1,943,406 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Consumer Discretionary—5.7% | |||
Aptiv PLC(a) | 9,300 | $ 1,018,257 | |
Genuine Parts Co. | 7,000 | 1,090,040 | |
Las Vegas Sands Corp.(a) | 15,100 | 903,131 | |
Lowe's Cos., Inc. | 6,300 | 1,475,901 | |
TJX Cos., Inc. (The) | 17,300 | 1,496,969 | |
5,984,298 | |||
Consumer Staples—6.0% | |||
Coca-Cola Co. (The) | 24,500 | 1,517,285 | |
Keurig Dr Pepper, Inc. | 30,800 | 1,047,508 | |
Mondelez International, Inc., Class A | 18,500 | 1,371,405 | |
Nestle SA | 9,300 | 1,139,428 | |
Target Corp. | 8,900 | 1,214,583 | |
6,290,209 | |||
Energy—1.4% | |||
Williams Cos., Inc. (The) | 43,600 | 1,502,020 | |
Financials—7.4% | |||
Bank of America Corp. | 33,900 | 1,084,800 | |
Blackstone, Inc., Class A | 9,500 | 995,505 | |
CME Group, Inc. | 5,800 | 1,153,968 | |
Fidelity National Information Services, Inc. | 15,200 | 917,776 | |
Goldman Sachs Group, Inc. (The) | 3,800 | 1,352,306 | |
Huntington Bancshares, Inc. | 76,400 | 935,136 | |
JPMorgan Chase & Co. | 8,500 | 1,342,660 | |
7,782,151 | |||
Health Care—10.8% | |||
AbbVie, Inc. | 9,200 | 1,376,136 | |
Baxter International, Inc. | 17,400 | 787,002 | |
Bristol-Myers Squibb Co. | 18,000 | 1,119,420 | |
CVS Health Corp. | 14,000 | 1,045,660 | |
Eli Lilly & Co. | 2,900 | 1,318,195 | |
Medtronic PLC | 11,900 | 1,044,344 | |
Merck & Co., Inc. | 9,200 | 981,180 | |
Roche Holding AG | 4,200 | 1,302,216 | |
Sanofi | 11,800 | 1,258,877 | |
UnitedHealth Group, Inc. | 2,000 | 1,012,740 | |
11,245,770 | |||
Industrials—4.7% | |||
FedEx Corp. | 5,500 | 1,484,725 | |
Norfolk Southern Corp. | 4,400 | 1,027,796 | |
Schneider Electric SE | 7,900 | 1,409,139 | |
Stanley Black & Decker, Inc. | 9,600 | 952,992 | |
4,874,652 |
Shares | Value | ||
Information Technology—12.8% | |||
Amdocs Ltd. | 15,200 | $ 1,423,328 | |
Analog Devices, Inc. | 6,800 | 1,356,804 | |
Apple, Inc. | 21,500 | 4,223,675 | |
Broadcom, Inc. | 2,000 | 1,797,300 | |
Cisco Systems, Inc. | 25,200 | 1,311,408 | |
Microsoft Corp. | 9,600 | 3,224,832 | |
13,337,347 | |||
Materials—3.2% | |||
Air Products & Chemicals, Inc. | 3,400 | 1,038,122 | |
Linde PLC | 3,600 | 1,396,899 | |
Newmont Corp. | 21,700 | 931,364 | |
3,366,385 | |||
Real Estate—2.1% | |||
American Tower Corp. | 6,100 | 1,160,891 | |
Gaming and Leisure Properties, Inc., REIT | 22,800 | 1,082,088 | |
2,242,979 | |||
Utilities—3.4% | |||
CMS Energy Corp. | 16,800 | 1,025,976 | |
FirstEnergy Corp. | 25,700 | 1,012,323 | |
NextEra Energy Partners LP | 8,700 | 473,715 | |
NextEra Energy, Inc. | 13,900 | 1,018,870 | |
3,530,884 | |||
Total United States | 62,100,101 | ||
Total Common Stocks | 102,322,213 | ||
PREFERRED STOCKS—1.2% | |||
SOUTH KOREA—1.2% | |||
Information Technology—1.2% | |||
Samsung Electronics Co. Ltd. | 28,800 | 1,297,174 | |
Total Preferred Stocks | 1,297,174 | ||
Total Investments (Cost $82,866,062)—99.1% | 103,619,387 | ||
Other Assets in Excess of Liabilities—0.9% | 907,100 | ||
Net Assets—100.0% | $104,526,487 |
(a) | Non-income producing security. |
ADR | American Depositary Receipt |
EUR | Euro Currency |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
At July 31, 2023, the Fund held the following forward foreign currency contracts: |
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/Euro | ||||||||
10/18/2023 | Royal Bank of Canada | USD | 8,891,849 | EUR | 8,000,000 | $8,829,120 | $62,729 |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn EM SMA Completion Fund
Shares | Value | ||
COMMON STOCKS—88.7% | |||
AUSTRIA—2.7% | |||
Materials—2.7% | |||
Mondi PLC | 441 | $ 7,737 | |
BRAZIL—8.2% | |||
Consumer Staples—3.8% | |||
Raia Drogasil SA | 1,801 | 11,033 | |
Financials—4.4% | |||
B3 SA - Brasil Bolsa Balcao | 3,987 | 12,563 | |
Total Brazil | 23,596 | ||
CHINA—23.8% | |||
Consumer Discretionary—3.7% | |||
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a) | 600 | 10,606 | |
Financials—2.8% | |||
China International Capital Corp. Ltd., H Shares(b) | 3,700 | 8,188 | |
Health Care—7.5% | |||
Aier Eye Hospital Group Co. Ltd., A Shares(a) | 3,200 | 9,030 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(a) | 300 | 12,450 | |
21,480 | |||
Industrials—3.8% | |||
NARI Technology Co. Ltd., A Shares (Stock Connect)(a) | 3,180 | 10,831 | |
Information Technology—2.2% | |||
Glodon Co. Ltd., A Shares(a) | 1,400 | 6,338 | |
Real Estate—3.8% | |||
China Resources Land Ltd. | 2,370 | 11,059 | |
Total China | 68,502 | ||
HONG KONG—3.2% | |||
Consumer Staples—3.2% | |||
Budweiser Brewing Co. APAC Ltd.(b) | 3,800 | 9,269 | |
INDIA—11.6% | |||
Consumer Staples—4.8% | |||
ITC Ltd., GDR(b) | 2,436 | 13,779 | |
Industrials—5.2% | |||
Larsen & Toubro Ltd., GDR(b)(c) | 461 | 15,075 | |
Materials—1.6% | |||
UltraTech Cement Ltd., GDR | 44 | 4,450 | |
Total India | 33,304 | ||
INDONESIA—7.1% | |||
Communication Services—2.7% | |||
Telkom Indonesia Persero Tbk PT | 32,400 | 7,983 | |
Financials—4.4% | |||
Bank Central Asia Tbk PT | 20,800 | 12,597 | |
Total Indonesia | 20,580 | ||
KAZAKHSTAN—3.4% | |||
Financials—3.4% | |||
Kaspi.KZ JSC, GDR(b) | 107 | 9,812 | |
MEXICO—5.9% | |||
Financials—5.9% | |||
Grupo Financiero Banorte SAB de CV, Class O | 1,778 | 16,859 |
Shares | Value | ||
SAUDI ARABIA—4.7% | |||
Energy—1.3% | |||
Saudi Arabian Oil Co.(b) | 452 | $ 3,906 | |
Financials—3.4% | |||
Al Rajhi Bank | 492 | 9,780 | |
Total Saudi Arabia | 13,686 | ||
SOUTH KOREA—11.9% | |||
Industrials—5.7% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(c) | 41 | 3,968 | |
Samsung Engineering Co. Ltd.(c) | 429 | 12,444 | |
16,412 | |||
Materials—6.2% | |||
LG Chem Ltd. | 35 | 17,805 | |
Total South Korea | 34,217 | ||
TAIWAN—3.5% | |||
Information Technology—3.5% | |||
MediaTek, Inc. | 461 | 10,144 | |
UNITED ARAB EMIRATES—2.7% | |||
Consumer Discretionary—2.7% | |||
Americana Restaurants International PLC | 7,419 | 7,757 | |
Total Common Stocks | 255,463 | ||
PREFERRED STOCKS—19.5% | |||
BRAZIL—1.5% | |||
Financials—1.5% | |||
Itausa SA | 2,114 | 4,390 | |
SOUTH KOREA—18.0% | |||
Information Technology—18.0% | |||
Samsung Electronics Co. Ltd. | 1,150 | 51,797 | |
Total Preferred Stocks | 56,187 | ||
SHORT-TERM INVESTMENT—2.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(d) | 8,419 | 8,419 | |
Total Short-Term Investment | 8,419 | ||
Total Investments (Cost $326,238)—111.1% | 320,069 | ||
Liabilities in Excess of Other Assets—(11.1%) | (32,012) | ||
Net Assets—100.0% | $288,057 |
(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) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Non-income producing security. |
(d) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023. |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS—88.6% | |||
AUSTRALIA—1.3% | |||
Materials—1.3% | |||
BHP Group Ltd. | 15,644 | $ 486,436 | |
AUSTRIA—0.9% | |||
Materials—0.9% | |||
Mondi PLC | 19,598 | 343,845 | |
BRAZIL—8.4% | |||
Consumer Discretionary—0.9% | |||
MercadoLibre, Inc.(a) | 269 | 333,035 | |
Consumer Staples—3.0% | |||
Raia Drogasil SA | 137,664 | 843,379 | |
Sendas Distribuidora SA | 106,760 | 304,109 | |
1,147,488 | |||
Energy—0.9% | |||
3R Petroleum Oleo E Gas SA(a) | 48,013 | 360,954 | |
Financials—1.4% | |||
B3 SA - Brasil Bolsa Balcao | 165,165 | 520,425 | |
Industrials—2.2% | |||
Localiza Rent a Car SA(a) | 36,996 | 525,905 | |
WEG SA | 40,258 | 339,857 | |
865,762 | |||
Total Brazil | 3,227,664 | ||
CHILE—0.8% | |||
Industrials—0.8% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 4,377 | 322,541 | |
FRANCE—1.8% | |||
Energy—1.8% | |||
TotalEnergies SE | 11,631 | 706,659 | |
INDIA—20.6% | |||
Consumer Discretionary—0.8% | |||
Maruti Suzuki India Ltd. | 2,496 | 298,044 | |
Consumer Staples—3.1% | |||
Hindustan Unilever Ltd. | 19,168 | 596,815 | |
ITC Ltd. | 108,271 | 612,914 | |
1,209,729 | |||
Financials—7.5% | |||
HDFC Bank Ltd. | 49,743 | 997,919 | |
ICICI Bank Ltd. | 59,208 | 720,656 | |
Kotak Mahindra Bank Ltd. | 21,018 | 475,078 | |
SBI Life Insurance Co. Ltd.(b) | 43,197 | 673,363 | |
2,867,016 | |||
Health Care—1.3% | |||
Syngene International Ltd.(b) | 51,476 | 499,182 | |
Industrials—1.1% | |||
Larsen & Toubro Ltd.(a) | 12,416 | 405,216 | |
Information Technology—1.4% | |||
Infosys Ltd. | 19,932 | 329,678 | |
Tata Consultancy Services Ltd. | 5,271 | 219,170 | |
548,848 | |||
Materials—1.7% | |||
Asian Paints Ltd. | 5,801 | 238,138 | |
UltraTech Cement Ltd. | 4,016 | 405,922 | |
644,060 |
Shares | Value | ||
Real Estate—1.2% | |||
Godrej Properties Ltd.(a) | 22,234 | $ 471,946 | |
Utilities—2.5% | |||
Power Grid Corp. of India Ltd. | 225,131 | 728,915 | |
ReNew Energy Global PLC, Class A(a) | 40,329 | 250,040 | |
978,955 | |||
Total India | 7,922,996 | ||
INDONESIA—3.1% | |||
Communication Services—0.8% | |||
Telkom Indonesia Persero Tbk PT | 1,318,900 | 324,945 | |
Financials—2.3% | |||
Bank Central Asia Tbk PT | 583,300 | 353,264 | |
Bank Rakyat Indonesia Persero Tbk PT | 1,403,700 | 525,551 | |
878,815 | |||
Total Indonesia | 1,203,760 | ||
ISRAEL—0.9% | |||
Information Technology—0.9% | |||
Nova Ltd.(a) | 2,929 | 363,020 | |
ITALY—1.2% | |||
Consumer Staples—1.2% | |||
Coca-Cola HBC AG(a) | 15,172 | 446,405 | |
KAZAKHSTAN—1.3% | |||
Financials—1.3% | |||
Kaspi.KZ JSC, GDR(b) | 5,498 | 504,167 | |
MEXICO—5.8% | |||
Consumer Staples—1.1% | |||
Fomento Economico Mexicano SAB de CV, ADR | 3,871 | 438,391 | |
Financials—1.7% | |||
Grupo Financiero Banorte SAB de CV, Class O | 67,372 | 638,837 | |
Industrials—1.1% | |||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 4,775 | 432,615 | |
Materials—1.9% | |||
Southern Copper Corp. | 8,237 | 720,243 | |
Total Mexico | 2,230,086 | ||
NETHERLANDS—2.1% | |||
Information Technology—2.1% | |||
ASM International NV | 815 | 387,190 | |
ASML Holding NV | 613 | 439,073 | |
826,263 | |||
PERU—0.9% | |||
Financials—0.9% | |||
Credicorp Ltd. | 2,234 | 350,850 | |
PHILIPPINES—0.6% | |||
Financials—0.6% | |||
Bank of the Philippine Islands | 111,280 | 232,036 | |
POLAND—2.1% | |||
Consumer Staples—1.1% | |||
Dino Polska SA(a)(b) | 3,794 | 422,500 | |
Industrials—1.0% | |||
InPost SA(a) | 32,010 | 382,513 | |
Total Poland | 805,013 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
SAUDI ARABIA—4.1% | |||
Energy—1.8% | |||
Saudi Arabian Oil Co.(a)(b) | 80,123 | $ 692,405 | |
Financials—2.3% | |||
Al Rajhi Bank | 24,576 | 488,511 | |
Saudi Tadawul Group Holding Co. | 7,410 | 397,712 | |
886,223 | |||
Total Saudi Arabia | 1,578,628 | ||
SOUTH AFRICA—1.4% | |||
Financials—0.9% | |||
Sanlam Ltd. | 91,060 | 334,886 | |
Materials—0.5% | |||
Anglo American Platinum Ltd. | 4,134 | 206,614 | |
Total South Africa | 541,500 | ||
SOUTH KOREA—11.1% | |||
Financials—0.8% | |||
KB Financial Group, Inc., ADR | 7,953 | 319,472 | |
Health Care—0.9% | |||
Samsung Biologics Co. Ltd.(a)(b) | 571 | 342,867 | |
Industrials—2.1% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 1,262 | 122,158 | |
Samsung Engineering Co. Ltd.(a) | 23,476 | 680,969 | |
803,127 | |||
Information Technology—5.5% | |||
Samsung Electronics Co. Ltd., GDR(b) | 1,444 | 1,631,808 | |
Samsung SDI Co. Ltd.(a) | 357 | 186,356 | |
Samsung SDI Co. Ltd., GDR(b) | 2,282 | 296,666 | |
2,114,830 | |||
Materials—1.8% | |||
LG Chem Ltd. | 1,352 | 687,770 | |
Total South Korea | 4,268,066 | ||
TAIWAN—16.5% | |||
Consumer Discretionary—2.6% | |||
Makalot Industrial Co. Ltd. | 36,000 | 357,656 | |
momo.com, Inc. | 11,600 | 221,551 | |
Poya International Co. Ltd. | 25,441 | 414,385 | |
993,592 | |||
Information Technology—13.9% | |||
Chroma ATE, Inc. | 66,000 | 581,364 | |
Delta Electronics, Inc. | 37,000 | 431,927 | |
Hon Hai Precision Industry Co. Ltd. | 206,000 | 712,828 | |
MediaTek, Inc. | 15,000 | 330,074 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 182,000 | 3,286,483 | |
5,342,676 | |||
Total Taiwan | 6,336,268 |
Shares | Value | ||
THAILAND—1.0% | |||
Energy—0.8% | |||
PTT Exploration & Production PCL, Foreign Shares | 64,400 | $ 300,732 | |
Financials—0.2% | |||
Kasikornbank PCL, Foreign Shares | 23,200 | 85,512 | |
Total Thailand | 386,244 | ||
TURKEY—0.8% | |||
Consumer Staples—0.8% | |||
Coca-Cola Icecek AS | 27,105 | 316,840 | |
UNITED ARAB EMIRATES—0.9% | |||
Consumer Discretionary—0.9% | |||
Americana Restaurants International PLC | 355,364 | 363,376 | |
UNITED STATES—1.0% | |||
Information Technology—1.0% | |||
Globant SA(a) | 2,110 | 368,680 | |
Total Common Stocks | 34,131,343 | ||
PREFERRED STOCKS—3.5% | |||
BRAZIL—0.9% | |||
Financials—0.9% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 98,933 | 349,234 | |
SOUTH KOREA—2.6% | |||
Information Technology—2.6% | |||
Samsung Electronics Co. Ltd. | 21,347 | 961,485 | |
Samsung Electronics Co. Ltd., Preferred Shares, GDR(b) | 28 | 31,640 | |
993,125 | |||
Total Preferred Stocks | 1,342,359 | ||
SHORT-TERM INVESTMENT—3.3% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 1,271,349 | 1,271,349 | |
Total Short-Term Investment | 1,271,349 | ||
Total Investments (Cost $34,077,406)—95.4% | 36,745,051 | ||
Other Assets in Excess of Liabilities—4.6% | 1,785,279 | ||
Net Assets—100.0% | $38,530,330 |
(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, 2023. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS—90.2% | |||
AUSTRIA—0.9% | |||
Materials—0.9% | |||
Mondi PLC | 1,128,442 | $ 19,798,430 | |
BRAZIL—5.6% | |||
Consumer Discretionary—1.0% | |||
MercadoLibre, Inc.(a) | 17,953 | 22,226,712 | |
Consumer Staples—1.4% | |||
Raia Drogasil SA | 5,042,240 | 30,890,551 | |
Financials—1.6% | |||
B3 SA - Brasil Bolsa Balcao | 11,355,733 | 35,781,215 | |
Industrials—1.6% | |||
Rumo SA | 3,943,205 | 19,379,346 | |
WEG SA | 1,889,467 | 15,950,838 | |
35,330,184 | |||
Total Brazil | 124,228,662 | ||
CHILE—0.6% | |||
Industrials—0.6% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 191,207 | 14,090,044 | |
CHINA—25.0% | |||
Communication Services—6.1% | |||
Tencent Holdings Ltd. | 2,973,200 | 136,651,604 | |
Consumer Discretionary—11.1% | |||
Alibaba Group Holding Ltd.(a) | 8,456,600 | 108,070,081 | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b) | 676,582 | 11,959,544 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(a)(c) | 992,800 | 15,948,522 | |
Li Auto, Inc., A Shares(a)(b) | 1,401,400 | 30,083,883 | |
Meituan, Class B(a)(c) | 1,642,970 | 31,364,487 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(b) | 4,245,011 | 35,285,221 | |
Zhongsheng Group Holdings Ltd. | 3,761,000 | 13,214,099 | |
245,925,837 | |||
Consumer Staples—1.8% | |||
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b) | 156,306 | 41,257,847 | |
Financials—1.0% | |||
China International Capital Corp. Ltd., H Shares(c) | 9,715,200 | 21,501,057 | |
Health Care—2.5% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(b) | 830,497 | 34,466,635 | |
Wuxi Biologics Cayman, Inc.(a)(c) | 3,568,500 | 20,593,084 | |
55,059,719 | |||
Industrials—1.2% | |||
NARI Technology Co. Ltd., A Shares (Stock Connect)(b) | 7,743,779 | 26,374,213 | |
Real Estate—1.3% | |||
China Resources Land Ltd. | 6,084,000 | 28,389,323 | |
Total China | 555,159,600 | ||
FRANCE—2.0% | |||
Energy—2.0% | |||
TotalEnergies SE | 710,269 | 43,153,463 |
Shares | Value | ||
HONG KONG—4.1% | |||
Consumer Staples—0.9% | |||
Budweiser Brewing Co. APAC Ltd.(c) | 7,840,200 | $ 19,123,170 | |
Financials—3.2% | |||
AIA Group Ltd. | 4,841,600 | 48,438,928 | |
Hong Kong Exchanges & Clearing Ltd. | 540,265 | 22,778,654 | |
71,217,582 | |||
Total Hong Kong | 90,340,752 | ||
INDIA—15.2% | |||
Consumer Discretionary—1.2% | |||
Maruti Suzuki India Ltd. | 220,994 | 26,388,599 | |
Consumer Staples—1.6% | |||
Hindustan Unilever Ltd. | 1,113,151 | 34,659,078 | |
Financials—7.9% | |||
HDFC Bank Ltd. | 4,262,981 | 85,521,778 | |
Kotak Mahindra Bank Ltd. | 1,700,830 | 38,444,482 | |
SBI Life Insurance Co. Ltd.(c) | 3,310,662 | 51,607,231 | |
175,573,491 | |||
Information Technology—1.4% | |||
Tata Consultancy Services Ltd. | 736,602 | 30,628,225 | |
Materials—1.3% | |||
UltraTech Cement Ltd. | 290,020 | 29,314,080 | |
Utilities—1.8% | |||
Power Grid Corp. of India Ltd. | 12,517,007 | 40,526,817 | |
Total India | 337,090,290 | ||
INDONESIA—3.8% | |||
Communication Services—0.8% | |||
Telkom Indonesia Persero Tbk PT | 72,244,000 | 17,799,169 | |
Financials—3.0% | |||
Bank Central Asia Tbk PT | 39,039,300 | 23,643,423 | |
Bank Rakyat Indonesia Persero Tbk PT | 116,405,944 | 43,582,842 | |
67,226,265 | |||
Total Indonesia | 85,025,434 | ||
KAZAKHSTAN—1.1% | |||
Financials—1.1% | |||
Kaspi.KZ JSC, GDR(c) | 263,927 | 24,202,106 | |
MEXICO—6.4% | |||
Consumer Staples—1.9% | |||
Fomento Economico Mexicano SAB de CV, ADR | 360,965 | 40,879,286 | |
Financials—1.9% | |||
Grupo Financiero Banorte SAB de CV, Class O | 4,466,126 | 42,348,850 | |
Industrials—0.9% | |||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 735,717 | 20,873,361 | |
Materials—1.7% | |||
Southern Copper Corp. | 422,204 | 36,917,518 | |
Total Mexico | 141,019,015 | ||
NETHERLANDS—2.1% | |||
Information Technology—2.1% | |||
ASM International NV | 54,570 | 25,925,133 | |
ASML Holding NV | 28,302 | 20,271,839 | |
46,196,972 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
PERU—0.6% | |||
Financials—0.6% | |||
Credicorp Ltd. | 88,980 | $ 13,974,309 | |
RUSSIA—0.0% | |||
Energy—0.0% | |||
LUKOIL PJSC, ADR(a)(d)(e) | 986,507 | – | |
Novatek PJSC(d)(e) | 3,278,243 | – | |
– | |||
Financials—0.0% | |||
Sberbank of Russia PJSC(d)(e) | 6,211,074 | – | |
Total Russia | – | ||
SAUDI ARABIA—2.2% | |||
Energy—0.9% | |||
Saudi Arabian Oil Co.(c) | 2,460,353 | 21,261,835 | |
Financials—1.3% | |||
Al Rajhi Bank | 1,413,020 | 28,087,377 | |
Total Saudi Arabia | 49,349,212 | ||
SOUTH AFRICA—2.2% | |||
Financials—1.4% | |||
Sanlam Ltd. | 8,150,756 | 29,975,549 | |
Materials—0.8% | |||
Anglo American Platinum Ltd. | 356,550 | 17,820,059 | |
Total South Africa | 47,795,608 | ||
SOUTH KOREA—3.9% | |||
Industrials—1.9% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 77,136 | 7,466,545 | |
Samsung Engineering Co. Ltd.(a) | 1,220,862 | 35,413,574 | |
42,880,119 | |||
Materials—2.0% | |||
LG Chem Ltd. | 87,055 | 44,285,384 | |
Total South Korea | 87,165,503 | ||
TAIWAN—12.2% | |||
Information Technology—12.2% | |||
Delta Electronics, Inc. | 2,326,000 | 27,153,037 | |
Hon Hai Precision Industry Co. Ltd. | 7,841,000 | 27,132,452 | |
MediaTek, Inc. | 1,218,000 | 26,801,981 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 10,545,017 | 190,417,687 | |
271,505,157 | |||
THAILAND—0.3% | |||
Financials—0.3% | |||
Kasikornbank PCL, Foreign Shares | 1,810,800 | 6,674,324 |
Shares | Value | ||
UNITED ARAB EMIRATES—1.1% | |||
Consumer Discretionary—1.1% | |||
Americana Restaurants International PLC | 22,834,399 | $ 23,349,238 | |
UNITED STATES—0.9% | |||
Information Technology—0.9% | |||
Globant SA(a) | 117,022 | 20,447,254 | |
Total Common Stocks | 2,000,565,373 | ||
PREFERRED STOCKS—7.6% | |||
BRAZIL—1.4% | |||
Financials—1.4% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 6,123,379 | 21,615,528 | |
Itausa SA | 4,908,707 | 10,193,709 | |
31,809,237 | |||
SOUTH KOREA—6.2% | |||
Information Technology—6.2% | |||
Samsung Electronics Co. Ltd. | 3,019,999 | 136,023,022 | |
Total Preferred Stocks | 167,832,259 | ||
SHORT-TERM INVESTMENT—2.3% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(f) | 50,027,339 | 50,027,339 | |
Total Short-Term Investment | 50,027,339 | ||
Total Investments (Cost $2,078,037,884)—100.1% | 2,218,424,971 | ||
Liabilities in Excess of Other Assets—(0.1%) | (1,283,713) | ||
Net Assets—100.0% | $2,217,141,258 |
(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) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements 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, 2023. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—91.4% | |||
AUSTRIA—1.0% | |||
Materials—1.0% | |||
Mondi PLC | 48,669 | $ 853,894 | |
BRAZIL—7.9% | |||
Consumer Discretionary—1.3% | |||
MercadoLibre, Inc.(a) | 837 | 1,036,248 | |
Consumer Staples—3.6% | |||
Adecoagro SA | 93,946 | 1,042,801 | |
Raia Drogasil SA | 221,080 | 1,354,414 | |
Sendas Distribuidora SA | 220,690 | 628,643 | |
3,025,858 | |||
Financials—0.9% | |||
B3 SA - Brasil Bolsa Balcao | 240,809 | 758,774 | |
Industrials—1.1% | |||
WEG SA | 103,806 | 876,328 | |
Real Estate—1.0% | |||
Multiplan Empreendimentos Imobiliarios SA | 149,390 | 834,341 | |
Total Brazil | 6,531,549 | ||
CHILE—2.0% | |||
Financials—1.1% | |||
Banco Santander Chile, ADR | 43,869 | 925,636 | |
Industrials—0.9% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 9,381 | 691,286 | |
Total Chile | 1,616,922 | ||
CHINA—26.8% | |||
Communication Services—5.8% | |||
Tencent Holdings Ltd. | 104,800 | 4,816,725 | |
Consumer Discretionary—10.9% | |||
Alibaba Group Holding Ltd.(a) | 325,300 | 4,157,132 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(a)(b) | 37,700 | 605,620 | |
Li Auto, Inc., A Shares(a)(c) | 44,300 | 950,989 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(c) | 165,129 | 1,372,579 | |
Tongcheng Travel Holdings Ltd.(a) | 525,600 | 1,275,427 | |
Zhongsheng Group Holdings Ltd. | 188,500 | 662,286 | |
9,024,033 | |||
Financials—1.0% | |||
China International Capital Corp. Ltd., H Shares(b) | 364,000 | 805,581 | |
Health Care—2.8% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(c) | 33,131 | 1,374,977 | |
Wuxi Biologics Cayman, Inc.(a)(b) | 162,000 | 934,869 | |
2,309,846 | |||
Industrials—3.3% | |||
Centre Testing International Group Co. Ltd., A Shares(c) | 253,180 | 712,596 | |
Contemporary Amperex Technology Co. Ltd., A Shares(c) | 36,360 | 1,212,277 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(c) | 249,019 | 848,123 | |
2,772,996 |
Shares | Value | ||
Information Technology—2.2% | |||
Glodon Co. Ltd., A Shares(c) | 159,656 | $ 722,740 | |
Hundsun Technologies, Inc., A Shares(c) | 186,926 | 1,077,573 | |
1,800,313 | |||
Real Estate—0.8% | |||
China Vanke Co. Ltd., H Shares | 496,100 | 703,148 | |
Total China | 22,232,642 | ||
HONG KONG—3.3% | |||
Financials—3.3% | |||
AIA Group Ltd. | 173,700 | 1,737,823 | |
Hong Kong Exchanges & Clearing Ltd. | 23,200 | 978,158 | |
2,715,981 | |||
INDIA—15.9% | |||
Consumer Staples—1.6% | |||
Hindustan Unilever Ltd. | 43,284 | 1,347,691 | |
Financials—7.5% | |||
HDFC Bank Ltd. | 151,011 | 3,029,507 | |
Kotak Mahindra Bank Ltd. | 56,817 | 1,284,255 | |
SBI Life Insurance Co. Ltd.(b) | 122,037 | 1,902,336 | |
6,216,098 | |||
Health Care—1.5% | |||
Syngene International Ltd.(b) | 123,780 | 1,200,341 | |
Information Technology—1.6% | |||
Tata Consultancy Services Ltd. | 31,202 | 1,297,393 | |
Utilities—3.7% | |||
Power Grid Corp. of India Ltd. | 740,732 | 2,398,298 | |
ReNew Energy Global PLC, Class A(a) | 112,741 | 698,994 | |
3,097,292 | |||
Total India | 13,158,815 | ||
INDONESIA—4.1% | |||
Communication Services—1.1% | |||
Telkom Indonesia Persero Tbk PT(d) | 3,610,000 | 889,417 | |
Financials—3.0% | |||
Bank Central Asia Tbk PT(d) | 1,446,200 | 875,864 | |
Bank Rakyat Indonesia Persero Tbk PT | 4,380,500 | 1,640,076 | |
2,515,940 | |||
Total Indonesia | 3,405,357 | ||
KAZAKHSTAN—1.4% | |||
Financials—1.4% | |||
Kaspi.KZ JSC, GDR(b)(d) | 12,728 | 1,166,702 | |
MEXICO—4.6% | |||
Consumer Staples—1.8% | |||
Fomento Economico Mexicano SAB de CV, ADR | 13,273 | 1,503,167 | |
Financials—2.8% | |||
Grupo Financiero Banorte SAB de CV, Class O | 242,339 | 2,297,915 | |
Total Mexico | 3,801,082 | ||
NETHERLANDS—2.6% | |||
Information Technology—2.6% | |||
ASM International NV | 2,453 | 1,165,372 | |
ASML Holding NV | 1,414 | 1,012,804 | |
2,178,176 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
PHILIPPINES—1.0% | |||
Real Estate—1.0% | |||
Ayala Land, Inc. | 1,723,300 | $ 860,538 | |
POLAND—1.5% | |||
Industrials—1.5% | |||
InPost SA(a) | 101,561 | 1,213,635 | |
SAUDI ARABIA—1.8% | |||
Financials—1.8% | |||
Al Rajhi Bank | 75,968 | 1,510,058 | |
SOUTH AFRICA—1.2% | |||
Financials—1.2% | |||
Sanlam Ltd. | 280,455 | 1,031,413 | |
SOUTH KOREA—2.2% | |||
Materials—2.2% | |||
LG Chem Ltd. | 3,577 | 1,819,641 | |
TAIWAN—13.3% | |||
Information Technology—13.3% | |||
Chroma ATE, Inc. | 146,000 | 1,286,048 | |
Hon Hai Precision Industry Co. Ltd. | 346,000 | 1,197,274 | |
MediaTek, Inc. | 49,000 | 1,078,241 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 414,000 | 7,475,846 | |
11,037,409 | |||
UNITED STATES—0.8% | |||
Information Technology—0.8% | |||
Globant SA(a) | 3,956 | 691,232 | |
Total Common Stocks | 75,825,046 | ||
PREFERRED STOCKS—7.7% | |||
BRAZIL—1.3% | |||
Financials—1.3% | |||
Banco Bradesco SA, Preferred Shares, ADR, 1.94% | 230,861 | 814,939 | |
Itausa SA | 154,221 | 320,265 | |
1,135,204 |
Shares | Value | ||
SOUTH KOREA—6.4% | |||
Information Technology—6.4% | |||
Samsung Electronics Co. Ltd. | 117,723 | $ 5,302,332 | |
Total Preferred Stocks | 6,437,536 | ||
SHORT-TERM INVESTMENT—1.1% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(e) | 875,615 | 875,615 | |
Total Short-Term Investment | 875,615 | ||
Total Investments (Cost $91,828,795)—100.2% | 83,138,197 | ||
Liabilities in Excess of Other Assets—(0.2%) | (159,042) | ||
Net Assets—100.0% | $82,979,155 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | 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. |
(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, 2023. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Equity Impact Fund
Shares | Value | ||
COMMON STOCKS—102.6% | |||
BRAZIL—2.1% | |||
Consumer Discretionary—1.0% | |||
MercadoLibre, Inc.(a) | 416 | $ 515,029 | |
Financials—1.1% | |||
Banco Bradesco SA | 173,554 | 545,023 | |
Total Brazil | 1,060,052 | ||
CHINA—1.7% | |||
Financials—1.7% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 121,000 | 881,695 | |
DENMARK—6.1% | |||
Health Care—4.0% | |||
Novo Nordisk AS, Class B | 12,670 | 2,043,065 | |
Industrials—1.2% | |||
Vestas Wind Systems AS(a) | 22,630 | 605,272 | |
Utilities—0.9% | |||
Orsted AS(b) | 5,270 | 458,593 | |
Total Denmark | 3,106,930 | ||
FRANCE—3.4% | |||
Financials—3.4% | |||
AXA SA | 56,774 | 1,745,167 | |
HONG KONG—3.8% | |||
Financials—3.8% | |||
AIA Group Ltd. | 193,100 | 1,931,914 | |
INDIA—5.8% | |||
Financials—4.7% | |||
HDFC Bank Ltd. | 119,068 | 2,388,682 | |
Utilities—1.1% | |||
ReNew Energy Global PLC, Class A(a) | 91,343 | 566,327 | |
Total India | 2,955,009 | ||
INDONESIA—3.1% | |||
Financials—2.1% | |||
Bank Rakyat Indonesia Persero Tbk PT | 2,844,895 | 1,065,140 | |
Health Care—1.0% | |||
Medikaloka Hermina Tbk PT | 5,321,900 | 527,602 | |
Total Indonesia | 1,592,742 | ||
ISRAEL—1.3% | |||
Industrials—1.3% | |||
Kornit Digital Ltd.(a) | 21,056 | 667,265 | |
JAPAN—0.8% | |||
Consumer Discretionary—0.8% | |||
LITALICO, Inc.(a) | 27,800 | 437,328 | |
MEXICO—2.2% | |||
Financials—2.2% | |||
Gentera SAB de CV | 872,896 | 1,135,364 | |
NETHERLANDS—3.2% | |||
Information Technology—3.2% | |||
ASML Holding NV | 2,290 | 1,640,256 | |
REPUBLIC OF IRELAND—2.0% | |||
Industrials—2.0% | |||
Kingspan Group PLC | 12,756 | 1,023,842 |
Shares | Value | ||
SOUTH AFRICA—1.1% | |||
Consumer Staples—1.1% | |||
Clicks Group Ltd. | 37,004 | $ 580,435 | |
SOUTH KOREA—3.0% | |||
Information Technology—3.0% | |||
Samsung SDI Co. Ltd. | 2,989 | 1,560,272 | |
SWITZERLAND—1.0% | |||
Materials—1.0% | |||
DSM-Firmenich AG(a) | 4,523 | 499,791 | |
TAIWAN—3.2% | |||
Industrials—1.4% | |||
Voltronic Power Technology Corp. | 12,610 | 703,645 | |
Information Technology—1.8% | |||
Sinbon Electronics Co. Ltd. | 85,000 | 911,570 | |
Total Taiwan | 1,615,215 | ||
UNITED KINGDOM—9.1% | |||
Health Care—4.5% | |||
AstraZeneca PLC | 16,145 | 2,319,652 | |
Industrials—3.4% | |||
RELX PLC | 50,889 | 1,712,756 | |
Utilities—1.2% | |||
SSE PLC | 27,527 | 595,220 | |
Total United Kingdom | 4,627,628 | ||
UNITED STATES—49.7% | |||
Consumer Discretionary—1.7% | |||
Coursera, Inc.(a) | 55,948 | 877,824 | |
Consumer Staples—1.5% | |||
Darling Ingredients, Inc.(a) | 10,749 | 744,368 | |
Health Care—12.6% | |||
GSK PLC | 56,637 | 1,008,204 | |
Insulet Corp.(a) | 4,588 | 1,269,729 | |
Merck & Co., Inc. | 15,959 | 1,702,027 | |
UnitedHealth Group, Inc. | 4,891 | 2,476,656 | |
6,456,616 | |||
Industrials—16.6% | |||
Johnson Controls International PLC | 20,309 | 1,412,491 | |
Schneider Electric SE(a) | 13,457 | 2,400,352 | |
Shoals Technologies Group, Inc., Class A(a) | 31,830 | 826,307 | |
Tetra Tech, Inc. | 14,973 | 2,533,581 | |
Westinghouse Air Brake Technologies Corp. | 10,861 | 1,286,377 | |
8,459,108 | |||
Information Technology—3.3% | |||
Analog Devices, Inc. | 8,563 | 1,708,576 | |
Materials—3.0% | |||
Crown Holdings, Inc. | 16,510 | 1,531,468 | |
Real Estate—7.1% | |||
American Tower Corp. | 5,828 | 1,109,127 | |
Equinix, Inc., REIT | 1,117 | 904,680 | |
Prologis, Inc., REIT | 12,932 | 1,613,267 | |
3,627,074 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Equity Impact Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Utilities—3.9% | |||
American Water Works Co., Inc. | 6,798 | $ 1,002,229 | |
NextEra Energy, Inc. | 13,220 | 969,026 | |
1,971,255 | |||
Total United States | 25,376,289 | ||
Total Common Stocks | 52,437,194 | ||
SHORT-TERM INVESTMENT—0.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 372,085 | 372,085 | |
Total Short-Term Investment | 372,085 | ||
Total Investments (Cost $46,151,752)—103.4% | 52,809,279 | ||
Liabilities in Excess of Other Assets—(3.4%) | (1,713,342) | ||
Net Assets—100.0% | $51,095,937 |
(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, 2023. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS—99.2% | |||
ARGENTINA—1.6% | |||
Industrials—0.5% | |||
Corp. America Airports SA(a) | 18,000 | $ 254,340 | |
Materials—1.1% | |||
Loma Negra Cia Industrial Argentina SA, ADR | 79,600 | 530,136 | |
Total Argentina | 784,476 | ||
AUSTRALIA—1.1% | |||
Industrials—1.1% | |||
Aurizon Holdings Ltd. | 219,000 | 561,256 | |
BRAZIL—5.3% | |||
Industrials—3.9% | |||
CCR SA | 454,100 | 1,276,234 | |
Rumo SA | 135,000 | 663,473 | |
1,939,707 | |||
Utilities—1.4% | |||
Omega Energia SA(a) | 294,907 | 730,290 | |
Total Brazil | 2,669,997 | ||
CANADA—6.5% | |||
Energy—2.7% | |||
Enbridge, Inc. | 37,000 | 1,360,301 | |
Industrials—2.4% | |||
Canadian Pacific Kansas City Ltd. | 14,500 | 1,193,205 | |
Utilities—1.4% | |||
Algonquin Power & Utilities Corp. | 87,300 | 720,300 | |
Total Canada | 3,273,806 | ||
CHINA—0.3% | |||
Information Technology—0.3% | |||
GDS Holdings Ltd., ADR(a) | 10,400 | 138,112 | |
FRANCE—12.6% | |||
Industrials—7.1% | |||
Eiffage SA | 11,000 | 1,144,413 | |
Getlink SE | 57,100 | 1,003,667 | |
Vinci SA | 12,200 | 1,432,858 | |
3,580,938 | |||
Utilities—5.5% | |||
Engie SA | 93,100 | 1,527,336 | |
Veolia Environnement SA | 37,000 | 1,204,681 | |
2,732,017 | |||
Total France | 6,312,955 | ||
GERMANY—2.6% | |||
Utilities—2.6% | |||
RWE AG(a) | 30,000 | 1,291,159 | |
HONG KONG—1.1% | |||
Utilities—1.1% | |||
CLP Holdings Ltd. | 66,000 | 537,975 | |
INDONESIA—0.8% | |||
Communication Services—0.8% | |||
Sarana Menara Nusantara Tbk PT | 5,845,200 | 393,389 | |
ITALY—6.1% | |||
Communication Services—2.0% | |||
Infrastrutture Wireless Italiane SpA(b) | 78,500 | 984,452 |
Shares | Value | ||
Materials—1.3% | |||
Buzzi Unicem SpA | 23,300 | $ 662,136 | |
Utilities—2.8% | |||
Enel SpA | 203,500 | 1,403,173 | |
Total Italy | 3,049,761 | ||
LUXEMBOURG—0.8% | |||
Communication Services—0.8% | |||
SES SA | 59,000 | 382,231 | |
MALAYSIA—1.7% | |||
Industrials—1.7% | |||
Malaysia Airports Holdings Bhd | 550,100 | 841,817 | |
MEXICO—3.6% | |||
Industrials—3.6% | |||
Grupo Aeroportuario del Centro Norte SAB de CV | 70,900 | 799,229 | |
Promotora y Operadora de Infraestructura SAB de CV | 96,400 | 1,002,744 | |
1,801,973 | |||
NETHERLANDS—3.3% | |||
Industrials—3.3% | |||
Ferrovial SE | 50,505 | 1,673,682 | |
NIGERIA—0.5% | |||
Communication Services—0.5% | |||
IHS Holding Ltd.(a) | 32,000 | 259,200 | |
PHILIPPINES—2.2% | |||
Industrials—2.2% | |||
International Container Terminal Services, Inc. | 284,600 | 1,124,740 | |
SPAIN—7.5% | |||
Communication Services—2.5% | |||
Cellnex Telecom SA(a)(b) | 31,100 | 1,270,095 | |
Industrials—3.0% | |||
Aena SME SA(a)(b) | 9,400 | 1,501,106 | |
Utilities—2.0% | |||
EDP Renovaveis SA(a) | 51,600 | 985,607 | |
Total Spain | 3,756,808 | ||
TANZANIA—1.5% | |||
Communication Services—1.5% | |||
Helios Towers PLC(a) | 634,700 | 734,999 | |
UNITED KINGDOM—4.7% | |||
Communication Services—1.2% | |||
Vodafone Group PLC | 646,700 | 615,180 | |
Industrials—0.7% | |||
Mobico Group PLC | 295,500 | 354,287 | |
Utilities—2.8% | |||
National Grid PLC, ADR | 11,200 | 754,656 | |
SSE PLC | 29,396 | 635,634 | |
1,390,290 | |||
Total United Kingdom | 2,359,757 | ||
UNITED STATES—35.4% | |||
Communication Services—1.0% | |||
DISH Network Corp., Class A(a) | 15,200 | 120,536 | |
Verizon Communications, Inc. | 11,000 | 374,880 | |
495,416 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Energy—7.7% | |||
Cheniere Energy, Inc. | 4,700 | $ 760,742 | |
Kinder Morgan, Inc. | 83,400 | 1,477,014 | |
Williams Cos., Inc. (The) | 47,000 | 1,619,150 | |
3,856,906 | |||
Industrials—6.8% | |||
CoreCivic, Inc., REIT(a) | 58,200 | 564,540 | |
Dycom Industries, Inc.(a) | 4,000 | 398,320 | |
Norfolk Southern Corp. | 3,400 | 794,206 | |
Union Pacific Corp. | 4,400 | 1,020,888 | |
Waste Connections, Inc. | 4,400 | 621,148 | |
3,399,102 | |||
Real Estate—4.5% | |||
American Tower Corp. | 6,000 | 1,141,860 | |
Crown Castle, Inc., REIT | 10,200 | 1,104,558 | |
2,246,418 | |||
Utilities—15.4% | |||
Altus Power, Inc.(a) | 47,000 | 320,070 | |
American Electric Power Co., Inc. | 8,500 | 720,290 | |
CenterPoint Energy, Inc. | 27,800 | 836,502 | |
Clearway Energy, Inc., Class C | 20,100 | 530,841 | |
CMS Energy Corp. | 14,100 | 861,087 | |
FirstEnergy Corp. | 22,300 | 878,397 |
Shares | Value | ||
NextEra Energy Partners LP | 15,000 | $ 816,750 | |
NextEra Energy, Inc. | 15,500 | 1,136,150 | |
PPL Corp. | 26,800 | 737,804 | |
Vistra Corp. | 32,000 | 897,920 | |
7,735,811 | |||
Total United States | 17,733,653 | ||
Total Common Stocks | 49,681,746 | ||
SHORT-TERM INVESTMENT—0.7% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 353,037 | 353,037 | |
Total Short-Term Investment | 353,037 | ||
Total Investments (Cost $42,437,869)—99.9% | 50,034,783 | ||
Other Assets in Excess of Liabilities—0.1% | 57,414 | ||
Net Assets—100.0% | $50,092,197 |
(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, 2023. |
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, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS—95.6% | |||
AUSTRALIA—4.4% | |||
Financials—3.5% | |||
Steadfast Group Ltd. | 1,474,185 | $ 5,783,591 | |
Industrials—0.9% | |||
IPH Ltd. | 284,404 | 1,513,945 | |
Total Australia | 7,297,536 | ||
BELGIUM—1.8% | |||
Industrials—1.8% | |||
Azelis Group NV | 116,318 | 3,007,489 | |
CANADA—1.2% | |||
Consumer Staples—1.2% | |||
Jamieson Wellness, Inc.(a) | 89,082 | 2,052,335 | |
FRANCE—6.4% | |||
Consumer Staples—3.5% | |||
Interparfums SA | 78,816 | 5,688,810 | |
Energy—2.9% | |||
Gaztransport Et Technigaz SA | 38,962 | 4,751,932 | |
Total France | 10,440,742 | ||
GERMANY—3.8% | |||
Communication Services—3.8% | |||
CTS Eventim AG & Co. KGaA | 92,178 | 6,290,777 | |
INDIA—5.6% | |||
Health Care—3.1% | |||
Syngene International Ltd.(a) | 521,658 | 5,058,713 | |
Industrials—2.5% | |||
WNS Holdings Ltd., ADR(b) | 58,712 | 4,057,586 | |
Total India | 9,116,299 | ||
ISRAEL—6.4% | |||
Information Technology—6.4% | |||
CyberArk Software Ltd.(b) | 24,209 | 4,018,936 | |
Nova Ltd.(b) | 52,621 | 6,521,847 | |
10,540,783 | |||
ITALY—3.6% | |||
Financials—2.1% | |||
FinecoBank Banca Fineco SpA | 225,477 | 3,501,035 | |
Industrials—1.5% | |||
Interpump Group SpA | 45,067 | 2,452,043 | |
Total Italy | 5,953,078 | ||
JAPAN—16.9% | |||
Consumer Discretionary—3.5% | |||
Asics Corp. | 181,200 | 5,715,987 | |
Health Care—2.8% | |||
JMDC, Inc. | 62,400 | 2,385,077 | |
Mani, Inc. | 170,800 | 2,196,408 | |
4,581,485 | |||
Industrials—10.6% | |||
Daiseki Co. Ltd. | 111,300 | 3,751,050 | |
Nabtesco Corp. | 179,900 | 3,815,930 | |
Sanwa Holdings Corp. | 288,800 | 3,927,718 |
Shares | Value | ||
SHO-BOND Holdings Co. Ltd. | 59,900 | $ 2,432,838 | |
TechnoPro Holdings, Inc. | 138,600 | 3,588,361 | |
17,515,897 | |||
Total Japan | 27,813,369 | ||
MEXICO—2.8% | |||
Industrials—2.8% | |||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 160,489 | 4,553,306 | |
NETHERLANDS—2.8% | |||
Information Technology—2.8% | |||
BE Semiconductor Industries NV | 39,106 | 4,669,201 | |
NORWAY—1.0% | |||
Materials—1.0% | |||
Borregaard ASA | 96,921 | 1,581,783 | |
POLAND—3.0% | |||
Consumer Staples—3.0% | |||
Dino Polska SA(a)(b) | 43,561 | 4,850,954 | |
REPUBLIC OF IRELAND—1.5% | |||
Information Technology—1.5% | |||
Keywords Studios PLC | 105,828 | 2,393,048 | |
SOUTH AFRICA—1.6% | |||
Consumer Staples—1.6% | |||
Clicks Group Ltd. | 163,182 | 2,559,632 | |
SPAIN—1.6% | |||
Consumer Discretionary—1.6% | |||
CIE Automotive SA | 83,906 | 2,629,662 | |
SWEDEN—3.1% | |||
Financials—2.1% | |||
Nordnet AB publ | 226,082 | 3,354,442 | |
Industrials—1.0% | |||
AddTech AB, Class B | 90,246 | 1,681,266 | |
Total Sweden | 5,035,708 | ||
SWITZERLAND—2.8% | |||
Health Care—2.8% | |||
SKAN Group AG | 50,485 | 4,627,305 | |
TAIWAN—11.2% | |||
Health Care—1.3% | |||
Universal Vision Biotechnology Co. Ltd. | 175,000 | 2,183,628 | |
Industrials—3.0% | |||
Voltronic Power Technology Corp. | 88,500 | 4,938,347 | |
Information Technology—6.9% | |||
Chroma ATE, Inc. | 743,000 | 6,544,753 | |
Sinbon Electronics Co. Ltd. | 440,000 | 4,718,717 | |
11,263,470 | |||
Total Taiwan | 18,385,445 | ||
UNITED KINGDOM—11.2% | |||
Communication Services—3.0% | |||
Gamma Communications PLC | 204,200 | 2,913,212 | |
YouGov PLC | 157,389 | 1,959,255 | |
4,872,467 | |||
Consumer Discretionary—3.8% | |||
Games Workshop Group PLC | 41,722 | 6,237,697 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED KINGDOM (continued) | |||
Health Care—2.3% | |||
CVS Group PLC | 63,280 | $ 1,671,995 | |
Genus PLC | 68,696 | 2,172,972 | |
3,844,967 | |||
Industrials—2.1% | |||
Diploma PLC | 83,537 | 3,474,492 | |
Total United Kingdom | 18,429,623 | ||
VIETNAM—2.9% | |||
Information Technology—2.9% | |||
FPT Corp. | 1,298,051 | 4,693,988 | |
Total Common Stocks | 156,922,063 | ||
PREFERRED STOCKS—2.4% | |||
GERMANY—2.4% | |||
Industrials—2.4% | |||
Jungheinrich AG | 103,572 | 3,875,012 | |
Total Preferred Stocks | 3,875,012 |
Shares | Value | ||
SHORT-TERM INVESTMENT—2.0% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 3,315,105 | $ 3,315,105 | |
Total Short-Term Investment | 3,315,105 | ||
Total Investments (Cost $155,581,466)—100.0% | 164,112,180 | ||
Other Assets in Excess of Liabilities—0.0% | 39,976 | ||
Net Assets—100.0% | $164,152,156 |
(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, 2023. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—102.2% | |||
AUSTRALIA—7.9% | |||
Financials—1.9% | |||
Steadfast Group Ltd. | 425,220 | $ 1,668,243 | |
Health Care—2.8% | |||
Cochlear Ltd. | 14,798 | 2,380,589 | |
Real Estate—3.2% | |||
Goodman Group, REIT | 198,267 | 2,741,468 | |
Total Australia | 6,790,300 | ||
BELGIUM—2.9% | |||
Industrials—2.9% | |||
Azelis Group NV | 96,477 | 2,494,485 | |
CHINA—1.0% | |||
Health Care—1.0% | |||
Wuxi Biologics Cayman, Inc.(a)(b) | 143,000 | 825,224 | |
DENMARK—8.6% | |||
Health Care—6.9% | |||
Genmab AS(b) | 5,437 | 2,241,129 | |
Novo Nordisk AS, Class B | 22,672 | 3,655,910 | |
5,897,039 | |||
Utilities—1.7% | |||
Orsted AS(a) | 17,012 | 1,480,375 | |
Total Denmark | 7,377,414 | ||
FRANCE—10.5% | |||
Consumer Discretionary—2.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 2,245 | 2,085,083 | |
Consumer Staples—4.4% | |||
L'Oreal SA | 8,134 | 3,783,200 | |
Financials—1.5% | |||
Edenred | 19,538 | 1,269,000 | |
Information Technology—2.2% | |||
Dassault Systemes SE | 44,888 | 1,918,452 | |
Total France | 9,055,735 | ||
GERMANY—1.6% | |||
Financials—1.6% | |||
Deutsche Boerse AG | 7,165 | 1,372,825 | |
HONG KONG—3.9% | |||
Financials—3.9% | |||
AIA Group Ltd. | 337,000 | 3,371,596 | |
INDIA—5.2% | |||
Financials—3.4% | |||
HDFC Bank Ltd. | 143,730 | 2,883,439 | |
Materials—1.8% | |||
Asian Paints Ltd. | 37,795 | 1,551,531 | |
Total India | 4,434,970 | ||
INDONESIA—2.6% | |||
Financials—2.6% | |||
Bank Rakyat Indonesia Persero Tbk PT | 5,856,400 | 2,192,659 | |
JAPAN—8.7% | |||
Consumer Discretionary—2.4% | |||
Sony Group Corp. | 22,100 | 2,070,024 | |
Health Care—2.7% | |||
Chugai Pharmaceutical Co. Ltd. | 78,600 | 2,339,233 |
Shares | Value | ||
Industrials—1.5% | |||
SHO-BOND Holdings Co. Ltd. | 32,300 | $ 1,311,864 | |
Information Technology—2.1% | |||
Keyence Corp. | 4,000 | 1,794,968 | |
Total Japan | 7,516,089 | ||
LATVIA—0.0% | |||
Financials—0.0% | |||
Parex Bank(b)(c)(d) | 1,424,182 | – | |
NETHERLANDS—9.5% | |||
Financials—2.3% | |||
Adyen NV(a)(b) | 1,079 | 2,002,642 | |
Industrials—3.9% | |||
Wolters Kluwer NV | 26,548 | 3,333,791 | |
Information Technology—3.3% | |||
ASML Holding NV | 3,887 | 2,784,137 | |
Total Netherlands | 8,120,570 | ||
NEW ZEALAND—2.1% | |||
Information Technology—2.1% | |||
Xero Ltd.(b) | 21,905 | 1,800,622 | |
POLAND—2.2% | |||
Consumer Staples—2.2% | |||
Dino Polska SA(a)(b) | 17,083 | 1,902,363 | |
SINGAPORE—3.4% | |||
Financials—3.4% | |||
DBS Group Holdings Ltd. | 114,800 | 2,961,500 | |
SOUTH AFRICA—1.7% | |||
Consumer Staples—1.7% | |||
Clicks Group Ltd. | 93,506 | 1,466,712 | |
SOUTH KOREA—2.3% | |||
Information Technology—2.3% | |||
Samsung SDI Co. Ltd. | 3,770 | 1,967,957 | |
SWEDEN—2.7% | |||
Industrials—2.7% | |||
Atlas Copco AB, A Shares | 164,278 | 2,333,714 | |
SWITZERLAND—2.5% | |||
Materials—2.5% | |||
DSM-Firmenich AG(b) | 19,791 | 2,186,901 | |
TAIWAN—4.8% | |||
Information Technology—4.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 41,323 | 4,097,175 | |
UNITED KINGDOM—9.6% | |||
Financials—1.5% | |||
London Stock Exchange Group PLC | 12,056 | 1,309,218 | |
Health Care—5.7% | |||
AstraZeneca PLC | 15,321 | 2,201,263 | |
Dechra Pharmaceuticals PLC | 56,631 | 2,699,737 | |
4,901,000 | |||
Materials—2.4% | |||
Croda International PLC | 27,137 | 2,054,628 | |
Total United Kingdom | 8,264,846 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES—8.5% | |||
Health Care—2.0% | |||
ResMed, Inc. | 7,763 | $ 1,726,103 | |
Industrials—3.0% | |||
Schneider Electric SE | 14,476 | 2,582,114 | |
Materials—3.5% | |||
Linde PLC | 7,649 | 2,968,022 | |
Total United States | 7,276,239 | ||
Total Common Stocks | 87,809,896 | ||
SHORT-TERM INVESTMENT—0.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(e) | 389,179 | 389,179 | |
Total Short-Term Investment | 389,179 | ||
Total Investments (Cost $94,419,894)—102.7% | 88,199,075 | ||
Liabilities in Excess of Other Assets—(2.7%) | (2,320,341) | ||
Net Assets—100.0% | $85,878,734 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Non-income producing security. |
(c) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(d) | 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, 2023. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023. |
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, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Realty Income & Growth Fund
Shares | Value | ||
COMMON STOCKS—100.4% | |||
UNITED STATES—100.4% | |||
Data Center REITs—15.0% | |||
Digital Realty Trust, Inc. | 17,061 | $ 2,126,142 | |
Equinix, Inc. | 4,869 | 3,943,500 | |
6,069,642 | |||
Health Care REITs—11.9% | |||
Omega Healthcare Investors, Inc. | 19,217 | 613,022 | |
Sabra Health Care REIT, Inc. | 49,920 | 648,461 | |
Ventas, Inc. | 22,529 | 1,093,107 | |
Welltower, Inc. | 29,596 | 2,431,312 | |
4,785,902 | |||
Hotel & Resort REITs—4.1% | |||
DiamondRock Hospitality Co. | 70,304 | 597,584 | |
Host Hotels & Resorts, Inc. | 58,188 | 1,070,659 | |
1,668,243 | |||
Industrial REITs—16.5% | |||
Americold Realty Trust, Inc. | 25,466 | 825,608 | |
Prologis, Inc. | 40,378 | 5,037,155 | |
STAG Industrial, Inc. | 22,233 | 807,058 | |
6,669,821 | |||
Multi-Family Residential REITs—7.5% | |||
AvalonBay Communities, Inc. | 9,434 | 1,779,724 | |
UDR, Inc. | 30,643 | 1,252,686 | |
3,032,410 | |||
Office REITs—5.6% | |||
Alexandria Real Estate Equities, Inc. | 7,868 | 988,850 | |
Boston Properties, Inc. | 12,321 | 820,948 | |
Equity Commonwealth | 23,616 | 462,638 | |
2,272,436 | |||
Other Specialized REITs—7.6% | |||
Gaming and Leisure Properties, Inc. | 25,517 | 1,211,037 | |
VICI Properties, Inc. | 58,866 | 1,853,102 | |
3,064,139 |
Shares | Value | ||
Retail REITs—18.4% | |||
Brixmor Property Group, Inc. | 30,992 | $ 704,758 | |
Kimco Realty Corp. | 37,442 | 758,575 | |
NNN REIT, Inc. | 25,108 | 1,071,609 | |
Realty Income Corp. | 37,870 | 2,308,934 | |
Regency Centers Corp. | 8,165 | 535,052 | |
Simon Property Group, Inc. | 10,056 | 1,252,978 | |
Spirit Realty Capital, Inc. | 19,476 | 785,467 | |
7,417,373 | |||
Self Storage REITs—7.9% | |||
Extra Space Storage, Inc. | 6,852 | 956,334 | |
Public Storage | 7,987 | 2,250,337 | |
3,206,671 | |||
Single-Family Residential REITs—5.2% | |||
American Homes 4 Rent, Class A | 33,057 | 1,238,977 | |
Equity LifeStyle Properties, Inc. | 12,018 | 855,441 | |
2,094,418 | |||
Telecom Tower REITs—0.7% | |||
American Tower Corp. | 1,542 | 293,458 | |
Total United States | 40,574,513 | ||
Total Common Stocks | 40,574,513 | ||
Total Investments (Cost $33,179,944)—100.4% | 40,574,513 | ||
Liabilities in Excess of Other Assets—(0.4%) | (152,085) | ||
Net Assets—100.0% | $40,422,428 |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn U.S. Small Cap Equity Fund
Shares | Value | ||
COMMON STOCKS—99.3% | |||
CANADA—9.0% | |||
Consumer Discretionary—1.2% | |||
Aritzia, Inc.(a) | 323,482 | $ 6,154,903 | |
Consumer Staples—1.2% | |||
SunOpta, Inc.(a) | 932,614 | 6,183,231 | |
Financials—3.8% | |||
CI Financial Corp. | 874,129 | 11,057,121 | |
TMX Group Ltd. | 392,533 | 8,721,963 | |
19,779,084 | |||
Industrials—2.8% | |||
ATS Corp.(a) | 317,948 | 14,418,754 | |
Total Canada | 46,535,972 | ||
INDIA—1.9% | |||
Industrials—1.9% | |||
WNS Holdings Ltd., ADR(a) | 143,334 | 9,905,813 | |
ISRAEL—2.9% | |||
Information Technology—2.9% | |||
CyberArk Software Ltd.(a) | 92,063 | 15,283,378 | |
UNITED STATES—85.5% | |||
Communication Services—0.3% | |||
Cogent Communications Holdings, Inc. | 25,206 | 1,543,615 | |
Consumer Discretionary—11.7% | |||
Boot Barn Holdings, Inc.(a) | 113,614 | 10,668,354 | |
Dorman Products, Inc.(a) | 125,020 | 10,587,944 | |
LCI Industries | 69,345 | 9,449,643 | |
LGI Homes, Inc.(a) | 48,885 | 6,782,794 | |
Monro, Inc. | 178,355 | 6,536,711 | |
National Vision Holdings, Inc.(a) | 338,579 | 7,323,464 | |
Stride, Inc.(a) | 234,735 | 8,969,224 | |
60,318,134 | |||
Consumer Staples—4.8% | |||
elf Beauty, Inc.(a) | 108,381 | 12,650,230 | |
Hostess Brands, Inc.(a) | 501,522 | 12,056,589 | |
24,706,819 | |||
Energy—4.4% | |||
ChampionX Corp. | 415,056 | 14,775,994 | |
Magnolia Oil & Gas Corp., Class A | 364,614 | 8,076,200 | |
22,852,194 | |||
Financials—14.1% | |||
American Equity Investment Life Holding Co.(a) | 101,940 | 5,471,120 | |
Banner Corp. | 147,162 | 7,006,383 | |
Donnelley Financial Solutions, Inc.(a) | 257,813 | 12,194,555 | |
First Interstate BancSystem, Inc., Class A | 310,089 | 8,908,857 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 182,939 | 4,776,537 | |
PJT Partners, Inc., Class A | 145,846 | 11,567,046 | |
PRA Group, Inc.(a) | 389,039 | 9,282,471 | |
Seacoast Banking Corp. of Florida | 260,919 | 6,447,308 | |
Wintrust Financial Corp. | 87,577 | 7,387,996 | |
73,042,273 | |||
Health Care—11.6% | |||
Alphatec Holdings, Inc.(a) | 286,631 | 5,064,770 |
Shares | Value | ||
CONMED Corp. | 87,715 | $ 10,617,901 | |
CryoPort, Inc.(a) | 239,660 | 3,851,336 | |
Harmony Biosciences Holdings, Inc.(a) | 200,678 | 7,097,981 | |
Integer Holdings Corp.(a) | 138,306 | 12,790,539 | |
Ligand Pharmaceuticals, Inc.(a) | 132,378 | 8,860,059 | |
Merit Medical Systems, Inc.(a) | 85,143 | 6,357,628 | |
OmniAb, Inc.(a) | 116,422 | – | |
Pacira BioSciences, Inc.(a) | 155,656 | 5,658,095 | |
60,298,309 | |||
Industrials—18.8% | |||
Ameresco, Inc., Class A(a) | 268,345 | 15,620,362 | |
ArcBest Corp. | 88,128 | 10,251,049 | |
Atkore, Inc.(a) | 92,968 | 14,751,233 | |
AZEK Co., Inc. (The)(a) | 312,186 | 9,740,203 | |
Casella Waste Systems, Inc., Class A(a) | 105,436 | 8,507,631 | |
EnPro Industries, Inc. | 92,492 | 12,836,040 | |
Parsons Corp.(a) | 208,601 | 10,309,061 | |
Shyft Group, Inc. (The) | 305,467 | 4,407,889 | |
Werner Enterprises, Inc. | 229,480 | 10,790,150 | |
97,213,618 | |||
Information Technology—11.8% | |||
Cohu, Inc.(a) | 312,215 | 13,628,185 | |
Onto Innovation, Inc.(a) | 118,246 | 14,700,343 | |
Perficient, Inc.(a) | 162,240 | 10,349,289 | |
Verint Systems, Inc.(a) | 263,470 | 9,845,874 | |
Workiva, Inc.(a) | 120,174 | 12,653,120 | |
61,176,811 | |||
Materials—4.6% | |||
Graphic Packaging Holding Co. | 526,804 | 12,748,657 | |
Materion Corp. | 91,006 | 10,842,455 | |
23,591,112 | |||
Real Estate—2.0% | |||
Terreno Realty Corp., REIT | 178,781 | 10,608,865 | |
Utilities—1.4% | |||
ONE Gas, Inc. | 90,361 | 7,150,266 | |
Total United States | 442,502,016 | ||
Total Common Stocks | 514,227,179 | ||
SHORT-TERM INVESTMENT—1.0% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(b) | 5,313,735 | 5,313,735 | |
Total Short-Term Investment | 5,313,735 | ||
Total Investments (Cost $514,463,678)—100.3% | 519,540,914 | ||
Liabilities in Excess of Other Assets—(0.3%) | (1,736,458) | ||
Net Assets—100.0% | $517,804,456 |
(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, 2023. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn U.S. Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—98.8% | |||
CANADA—10.8% | |||
Consumer Staples—2.8% | |||
Jamieson Wellness, Inc.(a) | 446,372 | $ 10,283,837 | |
Financials—2.2% | |||
CI Financial Corp. | 619,365 | 7,834,534 | |
Industrials—5.8% | |||
ATS Corp.(b) | 223,629 | 10,141,443 | |
Canadian Pacific Kansas City Ltd. | 129,805 | 10,681,653 | |
20,823,096 | |||
Total Canada | 38,941,467 | ||
ISRAEL—3.8% | |||
Information Technology—3.8% | |||
Nice Ltd., ADR(b) | 62,974 | 13,718,886 | |
UNITED STATES—84.2% | |||
Communication Services—1.2% | |||
Cable One, Inc. | 5,903 | 4,273,418 | |
Consumer Discretionary—5.4% | |||
Lululemon Athletica, Inc.(b) | 22,205 | 8,405,258 | |
TJX Cos., Inc. (The) | 129,673 | 11,220,605 | |
19,625,863 | |||
Consumer Staples—5.2% | |||
Darling Ingredients, Inc.(b) | 100,656 | 6,970,428 | |
Procter & Gamble Co. (The) | 75,666 | 11,826,596 | |
18,797,024 | |||
Energy—1.4% | |||
New Fortress Energy, Inc. | 174,750 | 4,989,112 | |
Financials—11.9% | |||
American Express Co. | 59,275 | 10,010,362 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 131,722 | 3,439,262 | |
LPL Financial Holdings, Inc. | 46,531 | 10,672,350 | |
Mastercard, Inc., Class A | 48,068 | 18,952,251 | |
43,074,225 | |||
Health Care—13.3% | |||
Danaher Corp. | 36,864 | 9,402,532 | |
Integer Holdings Corp.(b) | 148,132 | 13,699,247 | |
Merck & Co., Inc. | 141,297 | 15,069,325 | |
UnitedHealth Group, Inc. | 19,012 | 9,627,107 | |
47,798,211 |
Shares | Value | ||
Industrials—14.9% | |||
Advanced Drainage Systems, Inc. | 34,732 | $ 4,236,957 | |
Atkore, Inc.(b) | 55,485 | 8,803,805 | |
Emerson Electric Co. | 103,198 | 9,427,137 | |
Johnson Controls International PLC | 108,172 | 7,523,362 | |
Tetra Tech, Inc. | 65,284 | 11,046,706 | |
Trex Co., Inc.(b) | 84,949 | 5,873,374 | |
Waste Management, Inc. | 41,069 | 6,726,691 | |
53,638,032 | |||
Information Technology—23.5% | |||
Accenture PLC, Class A | 25,917 | 8,198,843 | |
Amdocs Ltd. | 131,744 | 12,336,508 | |
Marvell Technology, Inc. | 182,423 | 11,881,210 | |
Microsoft Corp. | 135,549 | 45,533,620 | |
SolarEdge Technologies, Inc.(b) | 27,696 | 6,687,476 | |
84,637,657 | |||
Materials—2.9% | |||
Crown Holdings, Inc. | 114,143 | 10,587,905 | |
Utilities—4.5% | |||
American Water Works Co., Inc. | 56,947 | 8,395,696 | |
CenterPoint Energy, Inc. | 265,126 | 7,977,642 | |
16,373,338 | |||
Total United States | 303,794,785 | ||
Total Common Stocks | 356,455,138 | ||
SHORT-TERM INVESTMENT—1.3% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 4,542,078 | 4,542,078 | |
Total Short-Term Investment | 4,542,078 | ||
Total Investments (Cost $319,151,738)—100.1% | 360,997,216 | ||
Liabilities in Excess of Other Assets—(0.1%) | (300,896) | ||
Net Assets—100.0% | $360,696,320 |
(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, 2023. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn U.S. Sustainable Leaders Smaller Companies Fund
Shares | Value | ||
COMMON STOCKS—99.7% | |||
CANADA—10.5% | |||
Consumer Discretionary—1.2% | |||
Aritzia, Inc.(a) | 9,436 | $ 179,539 | |
Consumer Staples—1.5% | |||
SunOpta, Inc.(a) | 31,756 | 210,542 | |
Financials—5.4% | |||
CI Financial Corp. | 34,348 | 434,478 | |
TMX Group Ltd. | 14,693 | 326,474 | |
760,952 | |||
Industrials—2.4% | |||
ATS Corp.(a) | 7,466 | 338,579 | |
Total Canada | 1,489,612 | ||
ISRAEL—7.0% | |||
Information Technology—7.0% | |||
CyberArk Software Ltd.(a) | 3,343 | 554,971 | |
Nice Ltd., ADR(a) | 2,029 | 442,018 | |
996,989 | |||
UNITED STATES—82.2% | |||
Communication Services—0.3% | |||
Cogent Communications Holdings, Inc. | 667 | 40,847 | |
Consumer Discretionary—2.1% | |||
Burlington Stores, Inc.(a) | 1,691 | 300,355 | |
Consumer Staples—2.7% | |||
Darling Ingredients, Inc.(a) | 5,523 | 382,468 | |
Energy—1.4% | |||
New Fortress Energy, Inc. | 6,939 | 198,108 | |
Financials—10.1% | |||
First Interstate BancSystem, Inc., Class A | 9,155 | 263,023 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 8,064 | 210,551 | |
LPL Financial Holdings, Inc. | 1,502 | 344,499 | |
PJT Partners, Inc., Class A | 5,363 | 425,340 | |
Seacoast Banking Corp. of Florida | 7,634 | 188,636 | |
1,432,049 | |||
Health Care—13.5% | |||
CONMED Corp. | 4,447 | 538,309 | |
CryoPort, Inc.(a) | 8,707 | 139,922 | |
ICON PLC(a) | 1,328 | 333,872 | |
Inmode Ltd.(a) | 10,114 | 433,992 | |
Integer Holdings Corp.(a) | 5,052 | 467,209 | |
1,913,304 |
Shares | Value | ||
Industrials—29.1% | |||
Advanced Drainage Systems, Inc. | 2,196 | $ 267,890 | |
Ameresco, Inc., Class A(a) | 8,171 | 475,634 | |
Atkore, Inc.(a) | 2,807 | 445,387 | |
Casella Waste Systems, Inc., Class A(a) | 2,861 | 230,854 | |
Chart Industries, Inc.(a) | 1,698 | 309,308 | |
JB Hunt Transport Services, Inc. | 1,738 | 354,448 | |
Paylocity Holding Corp.(a) | 1,331 | 301,937 | |
Shyft Group, Inc. (The) | 13,109 | 189,163 | |
Tetra Tech, Inc. | 2,894 | 489,694 | |
Trex Co., Inc.(a) | 4,376 | 302,556 | |
Vertiv Holdings Co. | 29,022 | 754,862 | |
4,121,733 | |||
Information Technology—13.8% | |||
Amdocs Ltd. | 5,493 | 514,364 | |
Onto Innovation, Inc.(a) | 4,659 | 579,207 | |
Perficient, Inc.(a) | 6,024 | 384,271 | |
SolarEdge Technologies, Inc.(a) | 1,063 | 256,672 | |
Wolfspeed, Inc.(a) | 3,431 | 226,103 | |
1,960,617 | |||
Materials—5.9% | |||
Crown Holdings, Inc. | 4,875 | 452,205 | |
Graphic Packaging Holding Co. | 15,913 | 385,095 | |
837,300 | |||
Utilities—3.3% | |||
Essential Utilities, Inc. | 10,841 | 458,466 | |
Total United States | 11,645,247 | ||
Total Common Stocks | 14,131,848 | ||
SHORT-TERM INVESTMENT—0.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(b) | 77,174 | 77,174 | |
Total Short-Term Investment | 77,174 | ||
Total Investments (Cost $14,651,199)—100.2% | 14,209,022 | ||
Liabilities in Excess of Other Assets—(0.2%) | (32,125) | ||
Net Assets—100.0% | $14,176,897 |
(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, 2023. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Shares or Principal Amount | Value | ||
COMMON STOCKS—17.5% | |||
CANADA—0.6% | |||
Consumer Staples—0.3% | |||
Saputo, Inc. | 4,361 | $ 92,072 | |
Industrials—0.3% | |||
Canadian National Railway Co. | 750 | 90,911 | |
Total Canada | 182,983 | ||
CHINA—2.3% | |||
Communication Services—0.2% | |||
Kingsoft Corp. Ltd. | 6,600 | 28,407 | |
Tencent Holdings Ltd. | 500 | 22,981 | |
51,388 | |||
Consumer Discretionary—0.5% | |||
Alibaba Group Holding Ltd.(a) | 1,700 | 21,725 | |
China Meidong Auto Holdings Ltd. | 10,000 | 10,970 | |
H World Group Ltd., ADR(a) | 496 | 23,828 | |
JD.com, Inc., A Shares | 800 | 16,563 | |
Meituan, Class B(a)(b) | 1,100 | 20,999 | |
Minth Group Ltd. | 8,000 | 25,609 | |
Yum China Holdings, Inc. | 409 | 24,957 | |
144,651 | |||
Consumer Staples—0.1% | |||
Hengan International Group Co. Ltd. | 5,000 | 20,566 | |
Vinda International Holdings Ltd. | 9,000 | 18,185 | |
38,751 | |||
Financials—0.5% | |||
China CITIC Bank Corp. Ltd., H Shares | 51,000 | 24,663 | |
China Pacific Insurance Group Co. Ltd., H Shares | 8,600 | 23,185 | |
China Taiping Insurance Holdings Co. Ltd. | 17,000 | 18,963 | |
Far East Horizon Ltd. | 27,000 | 20,308 | |
Huatai Securities Co. Ltd., H Shares(b) | 19,000 | 27,111 | |
New China Life Insurance Co. Ltd., H Shares | 8,600 | 24,940 | |
139,170 | |||
Health Care—0.2% | |||
China Traditional Chinese Medicine Holdings Co. Ltd. | 52,000 | 24,040 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 7,500 | 19,793 | |
Wuxi Biologics Cayman, Inc.(a)(b) | 3,000 | 17,312 | |
61,145 | |||
Industrials—0.4% | |||
Air China Ltd., H Shares(a) | 26,000 | 21,321 | |
BOC Aviation Ltd.(b) | 2,900 | 24,308 | |
China Southern Airlines Co. Ltd., H Shares(a) | 36,000 | 22,564 | |
CRRC Corp. Ltd., H Shares | 55,000 | 30,355 | |
Jiangsu Expressway Co. Ltd., H Shares | 24,000 | 22,009 | |
120,557 | |||
Information Technology—0.3% | |||
BYD Electronic International Co. Ltd. | 7,000 | 27,024 | |
Chinasoft International Ltd.(a) | 28,000 | 17,539 | |
ZTE Corp., H Shares | 9,800 | 35,866 | |
80,429 |
Shares or Principal Amount | Value | ||
Utilities—0.1% | |||
Beijing Enterprises Holdings Ltd. | 7,500 | $ 29,830 | |
Total China | 665,921 | ||
DENMARK—0.3% | |||
Materials—0.3% | |||
Chr Hansen Holding AS | 1,281 | 96,797 | |
FRANCE—0.3% | |||
Consumer Staples—0.3% | |||
Danone SA | 1,578 | 96,363 | |
IRELAND—0.3% | |||
Consumer Staples—0.3% | |||
Kerry Group PLC, Class A | 972 | 96,569 | |
JAPAN—0.9% | |||
Communication Services—0.3% | |||
KDDI Corp. | 2,900 | 85,352 | |
Consumer Staples—0.6% | |||
Nissin Foods Holdings Co., Ltd. | 1,100 | 92,747 | |
Yakult Honsha Co. Ltd. | 1,500 | 83,229 | |
175,976 | |||
Total Japan | 261,328 | ||
MACAO—0.2% | |||
Consumer Discretionary—0.2% | |||
Galaxy Entertainment Group Ltd.(a) | 4,000 | 29,198 | |
Sands China Ltd.(a) | 6,400 | 24,656 | |
53,854 | |||
NETHERLANDS—0.3% | |||
Consumer Staples—0.3% | |||
Koninklijke Ahold Delhaize NV | 2,750 | 94,789 | |
NORWAY—0.3% | |||
Consumer Staples—0.3% | |||
Mowi ASA | 5,371 | 94,421 | |
PORTUGAL—0.3% | |||
Consumer Staples—0.3% | |||
Jeronimo Martins SGPS SA | 3,285 | 89,437 | |
SWITZERLAND—0.3% | |||
Health Care—0.3% | |||
Novartis AG | 906 | 94,855 | |
UNITED STATES—11.4% | |||
Communication Services—0.5% | |||
AT&T, Inc. | 5,491 | 79,729 | |
Verizon Communications, Inc. | 2,377 | 81,008 | |
160,737 | |||
Consumer Staples—4.6% | |||
Campbell Soup Co. | 2,086 | 95,580 | |
Coca-Cola Co. (The) | 1,458 | 90,294 | |
Conagra Brands, Inc. | 2,864 | 93,968 | |
Darling Ingredients, Inc.(a) | 1,477 | 102,282 | |
Dollar General Corp. | 458 | 77,338 | |
Ingredion, Inc. | 873 | 97,130 | |
Kraft Heinz Co. (The) | 2,665 | 96,420 | |
Kroger Co. (The) | 1,987 | 96,648 | |
Lamb Weston Holdings, Inc. | 848 | 87,878 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Shares or Principal Amount | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Mondelez International, Inc., Class A | 1,213 | $ 89,920 | |
Nestle SA | 748 | 91,644 | |
PepsiCo, Inc. | 476 | 89,231 | |
Procter & Gamble Co. (The) | 584 | 91,279 | |
Sysco Corp. | 1,241 | 94,701 | |
US Foods Holding Corp.(a) | 2,150 | 91,869 | |
1,386,182 | |||
Financials—1.6% | |||
BlackRock, Inc. | 130 | 96,051 | |
Intercontinental Exchange, Inc. | 789 | 90,577 | |
Marsh & McLennan Cos., Inc. | 477 | 89,877 | |
PayPal Holdings, Inc.(a) | 1,354 | 102,660 | |
Visa, Inc., A Shares | 373 | 88,673 | |
467,838 | |||
Health Care—2.5% | |||
Abbott Laboratories | 832 | 92,627 | |
Bristol-Myers Squibb Co. | 1,458 | 90,673 | |
CVS Health Corp. | 1,195 | 89,254 | |
Danaher Corp. | 381 | 97,178 | |
Johnson & Johnson | 548 | 91,806 | |
Medtronic PLC | 1,033 | 90,656 | |
Thermo Fisher Scientific, Inc. | 173 | 94,918 | |
UnitedHealth Group, Inc. | 188 | 95,198 | |
742,310 | |||
Industrials—0.6% | |||
AGCO Corp. | 704 | 93,702 | |
John Bean Technologies Corp. | 780 | 96,416 | |
190,118 | |||
Information Technology—1.3% | |||
Accenture PLC, Class A | 290 | 91,742 | |
Adobe, Inc.(a) | 184 | 100,495 | |
Cisco Systems, Inc. | 1,741 | 90,602 | |
Microsoft Corp. | 261 | 87,675 | |
370,514 | |||
Utilities—0.3% | |||
NextEra Energy, Inc. | 1,205 | 88,327 | |
Total United States | 3,406,026 | ||
Total Common Stocks | 5,233,343 | ||
GOVERNMENT BONDS—20.0% | |||
BRAZIL—7.7% | |||
Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, 01/01/2027 | BRL | 10,913,000 | 2,291,625 |
ITALY—5.2% | |||
Italy Buoni Poliennali Del Tesoro, Series 7Y, 0.65%, 10/15/2023(b) | EUR | 1,433,000 | 1,565,834 |
MEXICO—7.1% | |||
Mexico Bonos, Series M, 7.50%, 05/26/2033 | MXN | 39,004,700 | 2,127,474 |
Total Government Bonds | 5,984,933 | ||
Total Purchased Options (see detail below) | 517,741 |
Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS—56.5% | |||
CERTIFICATES OF DEPOSIT—24.5% | |||
HONG KONG—8.2% | |||
Bank of Montreal, 5.10%, 08/01/2023 | $ | 1,365,918 | $ 1,365,918 |
ING Bank NV, 5.10%, 08/01/2023 | 1,077,868 | 1,077,868 | |
Total Hong Kong | 2,443,786 | ||
NETHERLANDS—4.0% | |||
Rabobank Nederland, 5.25%, 08/01/2023 | 1,179,746 | 1,179,746 | |
UNITED KINGDOM—3.4% | |||
BNP Paribas SA, 5.15%, 08/01/2023 | 1,024,387 | 1,024,387 | |
UNITED STATES—8.9% | |||
Credit Agricole CIB, 5.30%, 08/01/2023 | 1,381,694 | 1,381,694 | |
Societe Generale, 5.20%, 08/01/2023 | 1,284,117 | 1,284,117 | |
Total United States | 2,665,811 | ||
Total Certificates of Deposit | 7,313,730 | ||
MONEY MARKET FUNDS—18.7% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(c) | 5,576,542 | 5,576,542 | |
Total Money Market Funds | 5,576,542 | ||
U.S. TREASURIES—13.3% | |||
U.S. Treasury Bills, 4.92%, 08/01/2023(d) | 1,000,000 | 1,000,000 | |
U.S. Treasury Inflation-Indexed Notes, 1.13%, 01/15/2033(e) | 3,123,239 | 2,983,975 | |
Total U.S. Treasuries | 3,983,975 | ||
Total Short-Term Investments | 16,874,247 | ||
Total Investments (Cost $28,071,190)—95.7% | 28,610,264 | ||
Other Assets in Excess of Liabilities—4.3% | 1,291,419 | ||
Net Assets—100.0% | $29,901,683 |
(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, 2023. |
(d) | The rate shown is the discount yield at the time of purchase. |
(e) | Inflation linked security. |
ADR | American Depositary Receipt |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNY | Chinese Yuan Renminbi |
DKK | Denmark Krone |
EUR | Euro Currency |
GBP | British Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israel Shekel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PLC | Public Limited Company |
PLN | Polish Zloty |
SEK | Swedish Krona |
THB | Thai Baht |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
At July 31, 2023, 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 | |||||
ICE U.S. MSCI Emerging Markets EM Index | 46 | 9/15/2023 | $2,330,650 | $2,424,890 | $94,240 |
Ultra United States Treasury Note 10 Year | 70 | 9/20/2023 | 8,316,235 | 8,188,906 | (127,329) |
$(33,089) | |||||
Short Contract Positions | |||||
ICE U.S. mini MSCI EAFE Index | (22) | 9/15/2023 | $(2,353,402) | $(2,426,380) | $(72,978) |
S&P 500 E-Mini | (14) | 9/15/2023 | (3,057,843) | (3,230,150) | (172,307) |
$(245,285) | |||||
$(278,374) |
At July 31, 2023, the Fund held the following forward foreign currency contracts: |
Purchase Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
Australian Dollar/United States Dollar | ||||||||
08/10/2023 | Morgan Stanley & Co. | AUD | 80,000 | USD | 52,882 | $53,750 | $868 | |
09/05/2023 | Goldman Sachs & Co. | AUD | 89,700 | USD | 61,769 | 60,321 | (1,448) | |
Brazilian Real/United States Dollar | ||||||||
08/10/2023 | HSBC Bank PLC | BRL | 431,206 | USD | 91,204 | 91,051 | (153) | |
08/10/2023 | JPMorgan Chase Bank N.A. | BRL | 13,470,844 | USD | 2,849,682 | 2,844,432 | (5,250) | |
08/14/2023 | Barclays Bank PLC | BRL | 1,179,300 | USD | 242,537 | 248,843 | 6,306 | |
08/16/2023 | Barclays Bank PLC | BRL | 7,890,000 | USD | 1,628,617 | 1,664,292 | 35,675 | |
08/16/2023 | Goldman Sachs & Co. | BRL | 3,491,959 | USD | 722,194 | 736,583 | 14,389 | |
British Pound/United States Dollar | ||||||||
08/10/2023 | Barclays Bank PLC | GBP | 180,000 | USD | 227,214 | 231,011 | 3,797 | |
08/10/2023 | Citibank N.A. | GBP | 130,000 | USD | 166,494 | 166,841 | 347 | |
08/10/2023 | HSBC Bank PLC | GBP | 280,000 | USD | 350,723 | 359,350 | 8,627 | |
08/10/2023 | JPMorgan Chase Bank N.A. | GBP | 428,000 | USD | 539,657 | 549,292 | 9,635 | |
08/10/2023 | Morgan Stanley & Co. | GBP | 509,000 | USD | 635,149 | 653,247 | 18,098 | |
08/14/2023 | Citibank N.A. | GBP | 192,000 | USD | 246,746 | 246,416 | (330) | |
Canadian Dollar/United States Dollar | ||||||||
08/09/2023 | JPMorgan Chase Bank N.A. | CAD | 223,000 | USD | 170,122 | 169,133 | (989) | |
08/10/2023 | Morgan Stanley & Co. | CAD | 310,000 | USD | 227,330 | 235,121 | 7,791 | |
08/14/2023 | Goldman Sachs & Co. | CAD | 322,000 | USD | 243,304 | 244,237 | 933 | |
08/16/2023 | JPMorgan Chase Bank N.A. | CAD | 86,836 | USD | 65,757 | 65,867 | 110 | |
08/16/2023 | Morgan Stanley & Co. | CAD | 22,256 | USD | 16,766 | 16,882 | 116 | |
09/05/2023 | Goldman Sachs & Co. | CAD | 65,400 | USD | 49,850 | 49,621 | (229) | |
Danish Krone/United States Dollar | ||||||||
08/10/2023 | UBS AG | DKK | 300,000 | USD | 44,516 | 44,286 | (230) |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
Euro/United States Dollar | ||||||||
08/08/2023 | HSBC Bank PLC | EUR | 49,551 | USD | 53,169 | $54,497 | $1,328 | |
08/10/2023 | Barclays Bank PLC | EUR | 518,000 | USD | 572,322 | 569,751 | (2,571) | |
08/10/2023 | Morgan Stanley & Co. | EUR | 1,399,000 | USD | 1,508,290 | 1,538,768 | 30,478 | |
08/16/2023 | Morgan Stanley & Co. | EUR | 28,699 | USD | 32,307 | 31,575 | (732) | |
Hong Kong Dollar/United States Dollar | ||||||||
08/10/2023 | Morgan Stanley & Co. | HKD | 1,588 | USD | 203 | 204 | 1 | |
08/10/2023 | UBS AG | HKD | 29,000 | USD | 3,710 | 3,719 | 9 | |
08/16/2023 | HSBC Bank PLC | HKD | 600,976 | USD | 76,928 | 77,068 | 140 | |
08/16/2023 | UBS AG | HKD | 666,068 | USD | 85,349 | 85,415 | 66 | |
Hungarian Forint/United States Dollar | ||||||||
08/14/2023 | UBS AG | HUF | 250,190,000 | USD | 723,812 | 708,713 | (15,099) | |
Indian Rupee/United States Dollar | ||||||||
08/18/2023 | Citibank N.A. | INR | 134,000,000 | USD | 1,630,339 | 1,629,807 | (532) | |
Indonesian Rupiah/United States Dollar | ||||||||
08/16/2023 | HSBC Bank PLC | IDR | 23,000,000,000 | USD | 1,507,110 | 1,524,348 | 17,238 | |
Israeli Shekel/United States Dollar | ||||||||
08/10/2023 | Barclays Bank PLC | ILS | 16,000 | USD | 4,416 | 4,353 | (63) | |
Japanese Yen/United States Dollar | ||||||||
08/10/2023 | HSBC Bank PLC | JPY | 12,000,000 | USD | 84,463 | 84,454 | (9) | |
08/10/2023 | JPMorgan Chase Bank N.A. | JPY | 42,000,000 | USD | 313,745 | 295,590 | (18,155) | |
08/14/2023 | Morgan Stanley & Co. | JPY | 35,200,000 | USD | 244,754 | 247,886 | 3,132 | |
08/16/2023 | Morgan Stanley & Co. | JPY | 188,705,232 | USD | 1,332,830 | 1,329,313 | (3,517) | |
Mexican Peso/United States Dollar | ||||||||
08/14/2023 | Morgan Stanley & Co. | MXN | 8,316,000 | USD | 482,693 | 495,652 | 12,959 | |
08/16/2023 | Barclays Bank PLC | MXN | 1,584,660 | USD | 93,419 | 94,416 | 997 | |
08/16/2023 | JPMorgan Chase Bank N.A. | MXN | 28,100,000 | USD | 1,649,812 | 1,674,229 | 24,417 | |
New Taiwan Dollar/United States Dollar | ||||||||
08/16/2023 | HSBC Bank PLC | TWD | 20,000,000 | USD | 650,407 | 636,288 | (14,119) | |
New Zealand Dollar/United States Dollar | ||||||||
08/14/2023 | Citibank N.A. | NZD | 399,000 | USD | 246,978 | 247,818 | 840 | |
09/05/2023 | Goldman Sachs & Co. | NZD | 106,000 | USD | 67,539 | 65,839 | (1,700) | |
Norwegian Krone/United States Dollar | ||||||||
08/16/2023 | HSBC Bank PLC | NOK | 878,931 | USD | 87,426 | 86,769 | (657) | |
09/05/2023 | Goldman Sachs & Co. | NOK | 991,000 | USD | 99,277 | 97,899 | (1,378) | |
Polish Zloty/United States Dollar | ||||||||
08/14/2023 | Goldman Sachs & Co. | PLN | 996,400 | USD | 242,170 | 248,601 | 6,431 | |
South African Rand/United States Dollar | ||||||||
08/30/2023 | Morgan Stanley & Co. | ZAR | 2,580,000 | USD | 142,599 | 143,910 | 1,311 | |
South Korean Won/United States Dollar | ||||||||
08/10/2023 | Goldman Sachs & Co. | KRW | 1,610,000,000 | USD | 1,263,188 | 1,261,460 | (1,728) | |
08/14/2023 | Citibank N.A. | KRW | 639,860,000 | USD | 502,186 | 501,436 | (750) | |
09/07/2023 | Morgan Stanley & Co. | KRW | 134,000,000 | USD | 106,032 | 105,135 | (897) | |
Swedish Krona/United States Dollar | ||||||||
08/16/2023 | Citibank N.A. | SEK | 7,740,000 | USD | 757,642 | 735,800 | (21,842) | |
09/05/2023 | Goldman Sachs & Co. | SEK | 685,000 | USD | 67,204 | 65,184 | (2,020) | |
Swiss Franc/United States Dollar | ||||||||
08/10/2023 | HSBC Bank PLC | CHF | 280,000 | USD | 315,945 | 321,323 | 5,378 | |
08/14/2023 | Citibank N.A. | CHF | 219,000 | USD | 251,952 | 251,429 | (523) | |
08/16/2023 | UBS AG | CHF | 38,647 | USD | 43,641 | 44,379 | 738 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
Thai Baht/United States Dollar | ||||||||
08/15/2023 | Goldman Sachs & Co. | THB | 17,270,000 | USD | 504,927 | $505,145 | $218 | |
08/16/2023 | Goldman Sachs & Co. | THB | 4,344,732 | USD | 127,749 | 127,095 | (654) | |
$24,625,844 | $116,798 |
Sale Contracts Settlement Date* | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/Australian Dollar | ||||||||
09/05/2023 | Morgan Stanley & Co. | USD | 672,015 | AUD | 1,010,000 | $679,201 | $(7,186) | |
United States Dollar/Brazilian Real | ||||||||
08/10/2023 | Barclays Bank PLC | USD | 2,650,244 | BRL | 13,470,844 | 2,844,432 | (194,188) | |
08/10/2023 | Morgan Stanley & Co. | USD | 91,204 | BRL | 454,333 | 95,935 | (4,731) | |
08/14/2023 | JPMorgan Chase Bank N.A. | USD | 249,389 | BRL | 1,179,300 | 248,843 | 546 | |
08/16/2023 | HSBC Bank PLC | USD | 91,204 | BRL | 431,616 | 91,044 | 160 | |
08/16/2023 | JPMorgan Chase Bank N.A. | USD | 2,846,983 | BRL | 13,470,844 | 2,841,498 | 5,485 | |
08/24/2023 | Goldman Sachs & Co. | USD | 79,869 | BRL | 395,169 | 83,241 | (3,372) | |
United States Dollar/British Pound | ||||||||
08/10/2023 | Barclays Bank PLC | USD | 250,412 | GBP | 192,000 | 246,411 | 4,001 | |
08/10/2023 | Barclays Bank PLC | USD | 104,990 | GBP | 83,000 | 106,522 | (1,532) | |
08/10/2023 | HSBC Bank PLC | USD | 271,115 | GBP | 210,000 | 269,512 | 1,603 | |
08/10/2023 | JPMorgan Chase Bank N.A. | USD | 996,201 | GBP | 786,000 | 1,008,747 | (12,546) | |
08/14/2023 | JPMorgan Chase Bank N.A. | USD | 242,543 | GBP | 192,000 | 246,416 | (3,873) | |
United States Dollar/Canadian Dollar | ||||||||
08/09/2023 | Citibank N.A. | USD | 1,720,719 | CAD | 2,300,000 | 1,744,422 | (23,703) | |
08/10/2023 | Goldman Sachs & Co. | USD | 88,503 | CAD | 120,000 | 91,015 | (2,512) | |
08/10/2023 | Morgan Stanley & Co. | USD | 308,476 | CAD | 420,656 | 319,048 | (10,572) | |
08/14/2023 | JPMorgan Chase Bank N.A. | USD | 243,051 | CAD | 322,000 | 244,237 | (1,186) | |
09/05/2023 | JPMorgan Chase Bank N.A. | USD | 669,926 | CAD | 897,000 | 680,586 | (10,660) | |
United States Dollar/Chinese Renminbi | ||||||||
08/14/2023 | HSBC Bank PLC | USD | 1,588,886 | CNY | 11,300,000 | 1,588,143 | 743 | |
United States Dollar/Danish Krone | ||||||||
08/10/2023 | UBS AG | USD | 97,484 | DKK | 656,961 | 96,980 | 504 | |
United States Dollar/Euro | ||||||||
08/10/2023 | Barclays Bank PLC | USD | 3,559,746 | EUR | 3,221,869 | 3,543,752 | 15,994 | |
08/10/2023 | JPMorgan Chase Bank N.A. | USD | 193,412 | EUR | 180,000 | 197,983 | (4,571) | |
United States Dollar/Hong Kong Dollar | ||||||||
08/10/2023 | UBS AG | USD | 837,858 | HKD | 6,549,631 | 839,881 | (2,023) | |
United States Dollar/Hungarian Forint | ||||||||
08/14/2023 | Goldman Sachs & Co. | USD | 713,830 | HUF | 250,190,000 | 708,713 | 5,117 | |
United States Dollar/Japanese Yen | ||||||||
08/10/2023 | Barclays Bank PLC | USD | 86,548 | JPY | 12,000,000 | 84,454 | 2,094 | |
08/10/2023 | JPMorgan Chase Bank N.A. | USD | 1,591,645 | JPY | 213,068,186 | 1,499,543 | 92,102 | |
08/14/2023 | Goldman Sachs & Co. | USD | 247,646 | JPY | 35,200,000 | 247,886 | (240) | |
08/16/2023 | Morgan Stanley & Co. | USD | 93,505 | JPY | 13,039,707 | 91,857 | 1,648 | |
United States Dollar/Mexican Peso | ||||||||
08/10/2023 | Morgan Stanley & Co. | USD | 2,055,000 | MXN | 37,029,874 | 2,208,632 | (153,632) | |
08/14/2023 | Morgan Stanley & Co. | USD | 496,865 | MXN | 8,316,000 | 495,652 | 1,213 | |
United States Dollar/New Taiwan Dollar | ||||||||
08/16/2023 | HSBC Bank PLC | USD | 3,876,424 | TWD | 119,200,000 | 3,792,274 | 84,150 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Sale Contracts Settlement Date* | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/New Zealand Dollar | ||||||||
08/14/2023 | Morgan Stanley & Co. | USD | 242,558 | NZD | 399,000 | $247,818 | $(5,260) | |
09/05/2023 | Barclays Bank PLC | USD | 669,423 | NZD | 1,100,000 | 683,231 | (13,808) | |
United States Dollar/Norwegian Krone | ||||||||
08/10/2023 | UBS AG | USD | 207,721 | NOK | 2,221,072 | 219,220 | (11,499) | |
09/05/2023 | Citibank N.A. | USD | 666,431 | NOK | 7,330,000 | 724,115 | (57,684) | |
United States Dollar/Polish Zloty | ||||||||
08/14/2023 | Morgan Stanley & Co. | USD | 248,959 | PLN | 996,400 | 248,601 | 358 | |
United States Dollar/South African Rand | ||||||||
08/30/2023 | Morgan Stanley & Co. | USD | 1,298,416 | ZAR | 25,360,000 | 1,414,557 | (116,141) | |
United States Dollar/South Korean Won | ||||||||
08/10/2023 | HSBC Bank PLC | USD | 1,212,267 | KRW | 1,610,000,000 | 1,261,460 | (49,193) | |
08/14/2023 | UBS AG | USD | 485,206 | KRW | 639,860,000 | 501,436 | (16,230) | |
08/16/2023 | Goldman Sachs & Co. | USD | 1,263,594 | KRW | 1,610,000,000 | 1,261,822 | 1,772 | |
09/07/2023 | UBS AG | USD | 1,345,068 | KRW | 1,750,000,000 | 1,373,029 | (27,961) | |
United States Dollar/Swedish Krona | ||||||||
08/16/2023 | Morgan Stanley & Co. | USD | 2,315,137 | SEK | 23,900,000 | 2,272,045 | 43,092 | |
09/05/2023 | Citibank N.A. | USD | 667,862 | SEK | 7,150,000 | 680,389 | (12,527) | |
United States Dollar/Swiss Franc | ||||||||
08/10/2023 | Barclays Bank PLC | USD | 90,859 | CHF | 78,000 | 89,511 | 1,348 | |
08/10/2023 | HSBC Bank PLC | USD | 199,048 | CHF | 176,402 | 202,436 | (3,388) | |
08/14/2023 | JPMorgan Chase Bank N.A. | USD | 244,009 | CHF | 219,000 | 251,429 | (7,420) | |
United States Dollar/Thai Baht | ||||||||
08/10/2023 | UBS AG | USD | 128,739 | THB | 4,344,732 | 127,021 | 1,718 | |
08/15/2023 | UBS AG | USD | 488,585 | THB | 17,270,000 | 505,145 | (16,560) | |
$39,300,125 | $(510,550) |
At July 31, 2023, 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) | ||
Australian Dollar / New Zealand Dollar | ||||||||
08/16/2023 | Morgan Stanley & Co. | AUD | 2,618,645 | NZD | 2,850,000 | $1,771,383 | $1,761,028 | $(10,355) |
Australian Dollar/New Zealand Dollar | ||||||||
08/02/2023 | JPMorgan Chase Bank N.A. | AUD | 2,605,423 | NZD | 2,850,000 | 1,755,144 | 1,735,072 | (20,072) |
British Pound / Euro | ||||||||
08/08/2023 | Citibank N.A. | GBP | 1,090,000 | EUR | 1,266,040 | 1,357,104 | 1,363,595 | 6,491 |
08/08/2023 | UBS AG | GBP | 1,250,000 | EUR | 1,435,025 | 1,577,562 | 1,603,545 | 25,983 |
Euro / British Pound | ||||||||
08/08/2023 | Citibank N.A. | EUR | 2,651,514 | GBP | 2,340,000 | 2,918,389 | 2,831,418 | (86,971) |
New Zealand Dollar / Australian Dollar | ||||||||
08/02/2023 | Morgan Stanley & Co. | NZD | 2,850,000 | AUD | 2,619,825 | 1,774,125 | 1,784,523 | 10,398 |
$11,079,181 | $(74,526) | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $518,893 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(987,171) |
* | Certain contracts with different trade dates and like characteristics have been shown net. |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
At July 31, 2023, the Fund 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) |
Sell Protection: | ||||||||
06/20/2028 | 9,500,000 | CDX.NA.IG.S40 | Equal to 1.00% | N/A | Quarterly | $45,189 | $164,029 | $118,840 |
$45,189 | $164,029 | $118,840 |
* | 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, 2023, 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 | 482,000,000 | 04/19/2033 | Citigroup | Receive | 12-Month TONA | 0.72% | Annually | $- | $(1,673) | $(1,673) |
$- | $(1,673) | $(1,673) | ||||||||
AUD | 7,270,000 | 02/17/2033 | Morgan Stanley & Co. | Pay | 6-month BBSW | 4.64% | Semi-annual | - | 7,825 | 7,825 |
GBP | 32,000,000 | 09/14/2025 | Morgan Stanley & Co. | Pay | 12-month SONIA | 5.48% | Annually | - | (68,558) | (68,558) |
JPY | 177,760,000 | 07/11/2053 | Morgan Stanley & Co. | Pay | 12-Month TONA | 1.08% | Annually | - | (59,659) | (59,659) |
$- | $(120,392) | $(120,392) | ||||||||
$- | $(122,065) | $(122,065) |
At July 31, 2023, 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 | (1,269,573) | 08/17/2023 | Pay | Korea Stock Exchange KOSPI 200 Index | 1-month SOFR | Monthly | $(13,302) | $(13,302) |
USD | (1,566,057) | 10/05/2023 | Pay | S&P 500 Low Volatility Net Total Return Index | 1-month SOFR | Monthly | 5,211 | 5,211 |
USD | 1,879,019 | 09/05/2023 | Receive | MSCI Daily TR World Gross Consumer Staples | 1-month SOFR | Monthly | (39,987) | (39,987) |
USD | 2,568,948 | 10/02/2023 | Receive | MSCI LTD World Index | 1-month SOFR | Monthly | (66,392) | (66,392) |
USD | (2,772,238) | 05/10/2024 | Receive | Shiller Barclays CAPE US Core Mid-Month Sector Market Hedged Gross ER Index | Monthly | 36,151 | 36,151 | |
$(78,319) |
At July 31, 2023, the Fund held the following purchased options: |
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value | Unrealized Value |
Call Options Purchased 0.3% | |||||||
Currency Options 0.0% | |||||||
USD/GBP | 10/09/2023 | 0.89 | N/A | 4,050,000 | $36,138 | $6,349 | $(29,789) |
USD/GBP | 01/12/2024 | 0.90 | N/A | 1,410,000 | 9,577 | 6,208 | (3,369) |
45,715 | $12,557 | $(33,158) |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value | Unrealized Value |
Index Options 0.3% | |||||||
CBOE Volatility Index | 08/16/2023 | 23.00 | 120 | 276,000 | $39,180 | $2,640 | $(36,540) |
CBOE Volatility Index | 09/20/2023 | 23.00 | 122 | 280,600 | 45,325 | 10,736 | (34,589) |
DAX Index | 08/18/2023 | 17,550.00 | 77 | 6,756,750 | 7,618 | 2,032 | (5,586) |
Swiss Market Index | 08/18/2023 | 12,400.00 | 53 | 6,572,000 | 4,744 | 243 | (4,501) |
S&P 500 Index | 08/18/2023 | 4,725.00 | 16 | 7,560,000 | 5,784 | 7,840 | 2,056 |
CBOE Volatility Index | 10/18/2023 | 20.00 | 285 | 570,000 | 83,197 | 48,735 | (34,462) |
FTSE 100 Index | 09/15/2023 | 7,950.00 | 65 | 5,167,500 | 6,321 | 22,523 | 16,202 |
Swiss Market Index | 09/15/2023 | 11,900.00 | 49 | 5,831,000 | 5,227 | 8,120 | 2,893 |
$102,869 | $(94,527) |
Description | Expiration Date | Pay | Receive | Notional Amount | Cost | Value | Unrealized Value |
Swaptions 0.0% | |||||||
Interest Rate Swap Call | 09/05/2023 | 3.86% | 6M Euribor | 31,100,000 | $52,477 | $9,062 | $(43,415) |
Interest Rate Swap Call | 08/07/2023 | 3.04% | SOFR | 1,730,000 | 9,169 | 21 | (9,148) |
$9,083 | $(52,563) |
Description | Expiration Date | Exercise Price | Contracts | Notional Amount | Cost | Value | Unrealized Value |
Put Options Purchased 1.4% | |||||||
Index Options 0.1% | |||||||
S&P 500 Index | 09/29/2023 | 4,130.00 | 15 | 6,195,000 | $75,927 | $19,950 | $(55,977) |
Description | Expiration Date | Pay | Receive | Notional Amount | Cost | Value | Unrealized Value |
Swaptions 1.3% | |||||||
Interest Rate Swap Put | 09/20/2023 | SOFR | 4.24% | 7,436,106 | $39,039 | $70,851 | $31,812 |
Interest Rate Swap Put | 09/21/2023 | SOFR | 4.45% | 20,231,947 | 98,125 | 131,634 | 33,509 |
Interest Rate Swap Put | 09/22/2023 | SOFR | 4.52% | 20,231,947 | 85,986 | 111,994 | 26,008 |
Interest Rate Swap Put | 09/05/2023 | 6M Euribor | 3.86% | 31,100,000 | 52,477 | 54,295 | 1,818 |
Interest Rate Swap Put | 08/07/2023 | SOFR | 3.44% | 1,730,000 | 9,515 | 4,508 | (5,007) |
$373,282 | $88,140 |
At July 31, 2023 the Fund held the following written options: | |||||||
Description | Expiration Date | Pay | Receive | Notional Amount | Cost | Value | Unrealized Value |
Call Options Written 0.0% | |||||||
Swaptions 0.0% | |||||||
Interest Rate Swap Call | 08/07/2023 | 3.24% | SOFR | (1,730,000) | $(30,448) | $(2,113) | $28,335 |
Description | Expiration Date | Exercise Price | Contracts | Unrealized Value | Value | Unrealized Value | |
Put Options Written 0.2% | |||||||
Currency Options 0.1% | |||||||
USD/BRL | 08/02/2023 | 4.75 | N/A | (1,450,000) | $(3,045) | $(8,556) | $(5,511) |
USD/MXN | 08/02/2023 | 16.92 | N/A | (1,450,000) | (4,205) | (16,446) | (12,241) |
(7,250) | $(25,002) | $(17,752) |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global Absolute Return Strategies Fund
Description | Expiration Date | Pay | Receive | Notional Amount | Cost | Value | Unrealized Value |
Swaptions 0.1% | |||||||
Interest Rate Swap Put | 08/07/2023 | SOFR | 3.24% | (1,730,000) | $(30,448) | $(40,966) | $(10,518) |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—91.6% | |||
AUSTRIA—0.9% | |||
Holding Companies-Diversified Operations—0.9% | |||
Benteler International AG | |||
9.38%, 05/15/2028(a) | EUR | 240,000 | $ 267,917 |
9.38%, 05/15/2028(a) | 200,000 | 223,265 | |
10.50%, 05/15/2028(a) | $ | 400,000 | 406,034 |
897,216 | |||
BELGIUM—0.5% | |||
Media—0.5% | |||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028(a) | 600,000 | 548,520 | |
BRAZIL—1.2% | |||
Chemicals—0.4% | |||
Braskem Netherlands Finance BV, 4.50%, 01/10/2028(a) | 425,000 | 390,192 | |
Healthcare Providers & Services—0.6% | |||
Rede D'or Finance Sarl | |||
4.95%, 01/17/2028(a) | 380,000 | 352,702 | |
4.50%, 01/22/2030(a) | 204,000 | 177,181 | |
529,883 | |||
Oil & Gas Services—0.2% | |||
Guara Norte Sarl, 5.20%, 06/15/2034(a)(b) | 257,320 | 229,658 | |
Total Brazil | 1,149,733 | ||
CANADA—3.0% | |||
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 | 543,318 | |
Environmental Control—0.3% | |||
GFL Environmental, Inc., 4.75%, 06/15/2029(a) | 285,000 | 259,966 | |
Machinery-Diversified—0.5% | |||
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026(a) | 543,000 | 504,355 | |
Metals & Mining—0.8% | |||
Teck Resources Ltd., 3.90%, 07/15/2030 | 898,000 | 810,835 | |
Oil & Gas Services—0.9% | |||
Enerflex Ltd., 9.00%, 10/15/2027(a) | 869,000 | 874,384 | |
Total Canada | 2,992,858 | ||
CHINA—0.1% | |||
Real Estate—0.1% | |||
Country Garden Holdings Co. Ltd., 3.13%, 10/22/2025(a) | 200,000 | 37,695 | |
Kaisa Group Holdings Ltd. | |||
9.75%, 09/28/2023(a) | 230,000 | 9,816 | |
9.38%, 06/30/2024(a)(c) | 495,000 | 21,081 | |
Zhenro Properties Group Ltd. | |||
7.88%, 04/14/2024(a)(c) | 200,000 | 5,000 | |
7.10%, 09/10/2024(a)(c) | 429,000 | 10,725 | |
84,317 |
Shares or Principal Amount | Value | ||
COLOMBIA—0.3% | |||
Oil, Gas & Consumable Fuels—0.3% | |||
Ecopetrol SA, 6.88%, 04/29/2030 | $ | 307,000 | $ 289,285 |
CZECH REPUBLIC—0.3% | |||
Entertainment—0.3% | |||
Allwyn Entertainment Financing UK PLC, 7.25%, 04/30/2030(a) | EUR | 257,000 | 287,904 |
FRANCE—2.8% | |||
Auto Parts & Equipment—0.4% | |||
Forvia, 2.38%, 06/15/2029(a) | 375,000 | 347,900 | |
Diversified Telecommunication Services—0.5% | |||
Iliad Holding SASU, 6.50%, 10/15/2026(a) | $ | 532,000 | 509,849 |
Electric Utilities—0.5% | |||
Electricite de France SA | |||
(fixed rate to 01/29/2025, variable rate thereafter), 5.38%, 01/29/2025(a)(d)(e) | EUR | 200,000 | 215,130 |
(fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(d)(e) | 300,000 | 318,035 | |
533,165 | |||
Healthcare Providers & Services—0.9% | |||
CAB SELAS, 3.38%, 02/01/2028(a) | 400,000 | 374,930 | |
Chrome Bidco SASU, 3.50%, 05/31/2028(a) | 587,000 | 559,890 | |
934,820 | |||
Packaging & Containers—0.5% | |||
Verallia SA, 1.88%, 11/10/2031(a) | 500,000 | 454,369 | |
Total France | 2,780,103 | ||
GERMANY—4.2% | |||
Apparel—0.5% | |||
CT Investment GmbH, 5.50%, 04/15/2026(a) | 490,000 | 502,896 | |
Auto Parts & Equipment—1.6% | |||
IHO Verwaltungs GmbH, PIK, 8.75%, 05/15/2028(a)(f) | 437,996 | 504,452 | |
Schaeffler AG | |||
2.88%, 03/26/2027(a) | 350,000 | 367,508 | |
3.38%, 10/12/2028(a) | 200,000 | 202,968 | |
ZF Europe Finance BV | |||
2.00%, 02/23/2026(a) | 200,000 | 203,606 | |
2.50%, 10/23/2027(a) | 300,000 | 296,453 | |
1,574,987 | |||
Building Materials—0.5% | |||
HT Troplast GmbH, 9.38%, 07/15/2028(a) | 476,000 | 522,567 | |
Commercial Banks—0.5% | |||
Deutsche Bank AG | |||
2.63%, 12/16/2024(a) | GBP | 100,000 | 121,266 |
(fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(d) | 300,000 | 328,623 | |
449,889 | |||
Commercial Services & Supplies—0.4% | |||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/2026(a) | EUR | 395,639 | 427,936 |
Machinery-Diversified—0.3% | |||
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a) | 276,000 | 276,113 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
GERMANY (continued) | |||
Pharmaceutical—0.4% | |||
Gruenenthal GmbH | |||
3.63%, 11/15/2026(a) | EUR | 199,000 | $ 208,408 |
4.13%, 05/15/2028(a) | 230,000 | 239,236 | |
447,644 | |||
Total Germany | 4,202,032 | ||
HONG KONG—0.5% | |||
Lodging—0.5% | |||
Melco Resorts Finance Ltd., 5.75%, 07/21/2028(a) | $ | 534,000 | 475,322 |
ISRAEL—1.8% | |||
Pharmaceutical—1.8% | |||
Teva Pharmaceutical Finance Netherlands II BV | |||
3.75%, 05/09/2027 | EUR | 200,000 | 199,040 |
7.38%, 09/15/2029 | 911,000 | 1,019,775 | |
Teva Pharmaceutical Finance Netherlands III BV | |||
3.15%, 10/01/2026 | $ | 227,000 | 205,359 |
7.88%, 09/15/2029 | 326,000 | 339,361 | |
1,763,535 | |||
ITALY—2.0% | |||
Commercial Services & Supplies—0.3% | |||
Autostrade per l'Italia SpA, 2.00%, 12/04/2028(a) | EUR | 250,000 | 242,611 |
Diversified Telecommunication Services—0.3% | |||
Telecom Italia Capital SA, 6.38%, 11/15/2033 | $ | 400,000 | 338,531 |
Entertainment—1.2% | |||
Lottomatica SpA | |||
7.13%, 06/01/2028(a) | EUR | 510,000 | 575,678 |
3 mo. Euribor + 4.125%, 7.59%, 06/01/2028(a)(e) | 569,000 | 628,677 | |
1,204,355 | |||
Hand/Machine Tools—0.2% | |||
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/2028(a) | 231,000 | 231,075 | |
Total Italy | 2,016,572 | ||
LUXEMBOURG—4.3% | |||
Biotechnology—0.4% | |||
Cidron Aida Finco Sarl | |||
5.00%, 04/01/2028(a) | 151,000 | 150,700 | |
6.25%, 04/01/2028(a) | GBP | 253,000 | 283,290 |
433,990 | |||
Chemicals—1.3% | |||
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a) | EUR | 1,230,000 | 1,324,461 |
Shares or Principal Amount | Value | ||
Commercial Services & Supplies—0.8% | |||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026(a) | EUR | 246,000 | $ 259,999 |
Albion Financing 2Sarl, 8.75%, 04/15/2027(a) | $ | 519,000 | 480,859 |
740,858 | |||
Diversified Telecommunication Services—1.0% | |||
Altice France Holding SA, 8.00%, 05/15/2027(a) | EUR | 633,000 | 267,954 |
Matterhorn Telecom SA, 3.13%, 09/15/2026(a) | 712,000 | 737,831 | |
1,005,785 | |||
Energy-Alternate Sources—0.4% | |||
Cullinan Holdco Scsp, 4.63%, 10/15/2026(a) | 462,000 | 419,837 | |
Entertainment—0.0% | |||
LHMC Finco 2 Sarl, PIK, 7.25%, 10/02/2025(a)(f) | 12,166 | 13,189 | |
Machinery-Diversified—0.0% | |||
Galapagos SA, 5.38%, 06/15/2021(a)(c)(g)(h)(i) | 60,500 | – | |
Media—0.4% | |||
Altice Financing SA, 5.75%, 08/15/2029(a) | $ | 449,000 | 336,714 |
Total Luxembourg | 4,274,834 | ||
MACAO—0.5% | |||
Lodging—0.5% | |||
MGM China Holdings Ltd., 4.75%, 02/01/2027(a) | 274,000 | 251,587 | |
Sands China Ltd., 3.35%, 03/08/2029 | 299,000 | 257,351 | |
508,938 | |||
MEXICO—1.8% | |||
Building Materials—0.5% | |||
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(j) | 497,000 | 516,902 | |
Chemicals—0.1% | |||
Braskem Idesa SAPI, 6.99%, 02/20/2032(a) | 200,000 | 128,975 | |
Diversified Telecommunication Services—0.3% | |||
Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025(a) | 354,000 | 322,805 | |
Oil, Gas & Consumable Fuels—0.9% | |||
Petroleos Mexicanos, 5.35%, 02/12/2028 | 1,030,000 | 845,088 | |
Total Mexico | 1,813,770 | ||
NETHERLANDS—2.3% | |||
Chemicals—0.2% | |||
OCI NV, 3.63%, 10/15/2025(a) | EUR | 247,500 | 264,371 |
Commercial Banks—0.4% | |||
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(d)(k) | 355,750 | 368,465 | |
Home Furnishings—0.3% | |||
Nobel Bidco BV, 3.13%, 06/15/2028(a) | 340,000 | 298,410 | |
Media—1.4% | |||
Summer BidCo BV, PIK, 9.00%, 11/15/2025(a)(f) | 367,062 | 367,774 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
NETHERLANDS (continued) | |||
UPC Holding BV, 5.50%, 01/15/2028(a) | $ | 400,000 | $ 356,000 |
UPCB Finance VII Ltd., 3.63%, 06/15/2029(a) | EUR | 200,000 | 196,456 |
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a) | 335,000 | 295,818 | |
Ziggo Bond Co. BV, 5.13%, 02/28/2030(a) | $ | 200,000 | 158,007 |
1,374,055 | |||
Total Netherlands | 2,305,301 | ||
NIGERIA—0.7% | |||
Engineering & Construction—0.7% | |||
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a) | 760,000 | 691,934 | |
PANAMA—0.4% | |||
Diversified Telecommunication Services—0.4% | |||
C&W Senior Financing DAC, 6.88%, 09/15/2027(a) | 436,000 | 395,766 | |
REPUBLIC OF IRELAND—0.7% | |||
Commercial Services & Supplies—0.7% | |||
Cimpress PLC, 7.00%, 06/15/2026 | 699,000 | 659,681 | |
SLOVENIA—0.1% | |||
Internet—0.1% | |||
United Group BV, 5.25%, 02/01/2030(a) | EUR | 123,000 | 108,818 |
SOUTH AFRICA—0.3% | |||
Diversified Telecommunication Services—0.3% | |||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a) | $ | 384,000 | 255,744 |
SPAIN—3.6% | |||
Commercial Banks—1.2% | |||
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(j) | 600,000 | 571,320 | |
Banco de Sabadell SA | |||
(fixed rate to 06/16/2027, variable rate thereafter), FRN, 0.88%, 06/16/2028(a)(e) | EUR | 200,000 | 188,481 |
(fixed rate to 02/07/2028, variable rate thereafter), FRN, 5.25%, 02/07/2029(a)(e) | 200,000 | 219,935 | |
Unicaja Banco SA, (fixed rate to 11/15/2026, variable rate thereafter), FRN, 7.25%, 11/15/2027(a)(e) | 200,000 | 225,864 | |
1,205,600 | |||
Commercial Services & Supplies—0.4% | |||
Arena Luxembourg Finance Sarl, 1.88%, 02/01/2028(a) | 400,000 | 365,768 | |
Diversified Telecommunication Services—1.0% | |||
Lorca Telecom Bondco SA, 4.00%, 09/18/2027(a) | 500,000 | 514,726 | |
Telefonica Europe BV, (fixed rate to 06/22/2026, variable rate thereafter), 3.88%, 06/22/2026(a)(d) | 500,000 | 512,642 | |
1,027,368 |
Shares or Principal Amount | Value | ||
Engineering & Construction—1.0% | |||
Abertis Infraestructuras Finance BV, (fixed rate to 11/24/2025, variable rate thereafter), VRN, 3.25%, 11/24/2025(a)(d) | EUR | 500,000 | $ 501,647 |
Cellnex Finance Co. SA | |||
1.00%, 09/15/2027(a) | 100,000 | 95,975 | |
1.50%, 06/08/2028(a) | 100,000 | 95,817 | |
2.00%, 09/15/2032(a) | 300,000 | 263,884 | |
957,323 | |||
Total Spain | 3,556,059 | ||
SWEDEN—0.6% | |||
Commercial Services & Supplies—0.6% | |||
Verisure Holding AB, 3.25%, 02/15/2027(a) | 333,000 | 330,931 | |
Verisure Midholding AB, 5.25%, 02/15/2029(a) | 275,000 | 264,522 | |
595,453 | |||
SWITZERLAND—0.6% | |||
Chemicals—0.6% | |||
Consolidated Energy Finance SA, 5.63%, 10/15/2028(a) | $ | 652,000 | 562,826 |
TURKEY—0.4% | |||
Diversified Telecommunication Services—0.4% | |||
Turk Telekomunikasyon AS, 4.88%, 06/19/2024(a) | 410,000 | 397,003 | |
UNITED KINGDOM—6.0% | |||
Aerospace & Defense—0.7% | |||
Rolls-Royce PLC, 4.63%, 02/16/2026(a) | EUR | 680,000 | 744,856 |
Commercial Banks—0.4% | |||
HSBC Bank Capital Funding Sterling 1 LP, (fixed rate to 11/05/2031, variable rate thereafter), FRN, 5.84%, 11/05/2031(a)(d) | GBP | 320,000 | 411,288 |
Diversified Financial Services—0.5% | |||
Jerrold Finco PLC | |||
4.88%, 01/15/2026(a) | 134,000 | 150,214 | |
5.25%, 01/15/2027(a) | 306,000 | 326,883 | |
477,097 | |||
Diversified Telecommunication Services—0.5% | |||
TalkTalk Telecom Group Ltd., 3.88%, 02/20/2025(a) | 188,000 | 203,511 | |
Vodafone Group PLC, (fixed rate to 07/03/2024, variable rate thereafter), 6.25%, 10/03/2078(a) | $ | 260,000 | 256,490 |
460,001 | |||
Entertainment—0.6% | |||
Pinewood Finance Co. Ltd., 3.25%, 09/30/2025(a) | GBP | 500,000 | 590,341 |
Food Products—0.4% | |||
Bellis Acquisition Co. PLC | |||
3.25%, 02/16/2026(a) | 278,000 | 305,937 | |
4.50%, 02/16/2026(a) | 106,000 | 119,303 | |
425,240 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED KINGDOM (continued) | |||
Media—0.7% | |||
Virgin Media Vendor Financing Notes III DAC | |||
4.88%, 07/15/2028(a) | GBP | 544,000 | $ 568,265 |
4.88%, 07/15/2028(a) | 100,000 | 104,461 | |
672,726 | |||
Oil, Gas & Consumable Fuels—0.6% | |||
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a) | $ | 581,000 | 551,937 |
Pharmaceutical—1.2% | |||
180 Medical, Inc., 3.88%, 10/15/2029(a) | 1,345,000 | 1,177,591 | |
Retail—0.4% | |||
B&M European Value Retail SA, 4.00%, 11/15/2028(a) | GBP | 400,000 | 436,924 |
Total United Kingdom | 5,948,001 | ||
UNITED STATES—50.2% | |||
Advertising—0.3% | |||
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a) | $ | 321,000 | 273,368 |
Aerospace & Defense—1.8% | |||
Howmet Aerospace, Inc. | |||
6.88%, 05/01/2025 | 43,000 | 43,655 | |
3.00%, 01/15/2029 | 455,000 | 397,189 | |
5.95%, 02/01/2037 | 804,000 | 817,417 | |
TransDigm, Inc., 6.75%, 08/15/2028(a) | 517,000 | 518,543 | |
1,776,804 | |||
Agriculture—1.1% | |||
Darling Ingredients, Inc., 6.00%, 06/15/2030(a) | 461,000 | 454,071 | |
Turning Point Brands, Inc., 5.63%, 02/15/2026(a) | 721,000 | 670,300 | |
1,124,371 | |||
Apparel—0.2% | |||
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a) | 282,000 | 221,525 | |
Auto Manufacturers—1.7% | |||
Ford Motor Co. | |||
9.63%, 04/22/2030 | 422,000 | 492,520 | |
6.10%, 08/19/2032 | 296,000 | 286,372 | |
Ford Motor Credit Co. LLC | |||
4.54%, 03/06/2025 | GBP | 162,000 | 198,547 |
4.95%, 05/28/2027 | $ | 364,000 | 345,419 |
2.90%, 02/16/2028 | 396,000 | 340,734 | |
1,663,592 | |||
Auto Parts & Equipment—1.6% | |||
Adient Global Holdings Ltd. | |||
3.50%, 08/15/2024(a) | EUR | 41,645 | 44,991 |
7.00%, 04/15/2028(a) | $ | 79,000 | 79,568 |
8.25%, 04/15/2031(a) | 326,000 | 335,128 | |
Clarios Global LP / Clarios US Finance Co., 6.75%, 05/15/2028(a) | 219,000 | 219,977 | |
Goodyear Europe BV, 2.75%, 08/15/2028(a) | EUR | 352,000 | 343,329 |
Goodyear Tire & Rubber Co. (The) | |||
9.50%, 05/31/2025 | $ | 285,000 | 292,125 |
Shares or Principal Amount | Value | ||
5.00%, 07/15/2029 | $ | 115,000 | $ 106,042 |
5.25%, 07/15/2031 | 152,000 | 135,282 | |
1,556,442 | |||
Building Materials—2.2% | |||
Builders FirstSource, Inc., 4.25%, 02/01/2032(a) | 378,000 | 328,000 | |
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a) | 548,000 | 453,470 | |
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030(a) | 930,000 | 785,850 | |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a) | 672,000 | 624,960 | |
2,192,280 | |||
Chemicals—0.2% | |||
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028(a) | 272,000 | 202,640 | |
Coal—1.0% | |||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 1,153,000 | 992,861 | |
Commercial Services & Supplies—0.8% | |||
Neptune Bidco US, Inc., 9.29%, 04/15/2029(a) | 486,000 | 447,049 | |
Sabre GLBL, Inc., 11.25%, 12/15/2027(a) | 380,000 | 336,186 | |
783,235 | |||
Diversified Financial Services—0.5% | |||
Encore Capital Group, Inc., 4.88%, 10/15/2025(a) | EUR | 500,000 | 516,853 |
Diversified Telecommunication Services—1.8% | |||
Frontier Communications Holdings LLC | |||
6.00%, 01/15/2030(a) | $ | 286,000 | 207,746 |
8.75%, 05/15/2030(a) | 256,000 | 246,985 | |
8.63%, 03/15/2031(a) | 57,000 | 54,540 | |
Level 3 Financing, Inc., 10.50%, 05/15/2030(a) | 397,000 | 411,238 | |
Sprint Capital Corp. | |||
6.88%, 11/15/2028 | 169,000 | 179,148 | |
8.75%, 03/15/2032 | 563,000 | 678,348 | |
1,778,005 | |||
Electric Utilities—2.3% | |||
NRG Energy, Inc. | |||
3.38%, 02/15/2029(a) | 1,035,000 | 854,460 | |
3.63%, 02/15/2031(a) | 241,000 | 189,131 | |
7.00%, 03/15/2033(a) | 271,000 | 270,374 | |
Palomino Funding Trust I, 7.23%, 05/17/2028(a) | 329,000 | 332,318 | |
Talen Energy Supply LLC, 8.63%, 06/01/2030(a) | 302,000 | 313,440 | |
Vistra Operations Co. LLC | |||
5.63%, 02/15/2027(a) | 170,000 | 164,378 | |
4.38%, 05/01/2029(a) | 221,000 | 195,066 | |
2,319,167 | |||
Energy Equipment & Services—5.1% | |||
Cheniere Energy Partners LP | |||
4.50%, 10/01/2029 | 595,000 | 553,165 | |
4.00%, 03/01/2031 | 177,000 | 157,507 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
EnLink Midstream LLC, 6.50%, 09/01/2030(a) | $ | 597,000 | $ 600,899 |
EnLink Midstream Partners LP, 5.45%, 06/01/2047 | 300,000 | 248,154 | |
Howard Midstream Energy Partners LLC, 8.88%, 07/15/2028(a) | 306,000 | 312,916 | |
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 688,000 | 588,409 | |
Venture Global Calcasieu Pass LLC | |||
3.88%, 08/15/2029(a) | 255,000 | 220,806 | |
6.25%, 01/15/2030(a) | 106,000 | 103,649 | |
4.13%, 08/15/2031(a) | 643,000 | 545,414 | |
3.88%, 11/01/2033(a) | 410,000 | 332,726 | |
Venture Global LNG, Inc. | |||
8.13%, 06/01/2028(a) | 333,000 | 338,455 | |
8.38%, 06/01/2031(a) | 333,000 | 337,901 | |
Western Midstream Operating LP | |||
3.95%, 06/01/2025 | 263,000 | 253,609 | |
4.65%, 07/01/2026 | 156,000 | 151,359 | |
6.15%, 04/01/2033 | 289,000 | 293,112 | |
5,038,081 | |||
Entertainment—2.2% | |||
Affinity Interactive, 6.88%, 12/15/2027(a) | 727,000 | 643,163 | |
Caesars Entertainment, Inc., 7.00%, 02/15/2030(a) | 18,000 | 18,180 | |
CCM Merger, Inc., 6.38%, 05/01/2026(a) | 511,000 | 497,840 | |
International Game Technology PLC, 3.50%, 06/15/2026(a) | EUR | 547,000 | 581,880 |
Six Flags Entertainment Corp., 7.25%, 05/15/2031(a) | $ | 65,000 | 62,094 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a) | 372,000 | 372,909 | |
2,176,066 | |||
Environmental Control—0.4% | |||
Clean Harbors, Inc. | |||
4.88%, 07/15/2027(a) | 237,000 | 227,330 | |
6.38%, 02/01/2031(a) | 129,000 | 129,617 | |
356,947 | |||
Food Products—1.5% | |||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033(a) | 948,000 | 911,045 | |
Post Holdings, Inc., 5.50%, 12/15/2029(a) | 600,000 | 557,207 | |
1,468,252 | |||
Healthcare Providers & Services—1.6% | |||
HCA, Inc., 5.63%, 09/01/2028 | 588,000 | 590,252 | |
IQVIA, Inc. | |||
1.75%, 03/15/2026(a) | EUR | 315,000 | 322,133 |
6.50%, 05/15/2030(a) | $ | 200,000 | 201,948 |
Tenet Healthcare Corp. | |||
6.13%, 10/01/2028 | 345,000 | 328,644 | |
6.13%, 06/15/2030 | 111,000 | 107,864 | |
1,550,841 | |||
Home Builders—0.4% | |||
Adams Homes, Inc., 7.50%, 02/15/2025(a) | 443,000 | 435,169 |
Shares or Principal Amount | Value | ||
Home Furnishings—0.5% | |||
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a) | $ | 614,000 | $ 496,952 |
Internet—0.9% | |||
Netflix, Inc. | |||
4.63%, 05/15/2029 | EUR | 341,000 | 382,743 |
6.38%, 05/15/2029 | $ | 465,000 | 491,667 |
874,410 | |||
Iron/Steel—0.2% | |||
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a) | 213,000 | 207,206 | |
Leisure Time—2.0% | |||
Carnival Corp., 6.00%, 05/01/2029(a) | 374,000 | 336,184 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a) | 683,000 | 558,732 | |
NCL Corp. Ltd. | |||
5.88%, 02/15/2027(a) | 299,000 | 291,174 | |
8.38%, 02/01/2028(a) | 115,000 | 119,891 | |
7.75%, 02/15/2029(a) | 325,000 | 311,176 | |
Royal Caribbean Cruises Ltd. | |||
11.50%, 06/01/2025(a) | 105,000 | 111,239 | |
5.50%, 04/01/2028(a) | 271,000 | 255,417 | |
1,983,813 | |||
Lodging—0.6% | |||
Travel & Leisure Co., 4.63%, 03/01/2030(a) | 705,000 | 608,748 | |
Machinery-Diversified—0.8% | |||
Chart Industries, Inc. | |||
7.50%, 01/01/2030(a) | 333,000 | 341,275 | |
9.50%, 01/01/2031(a) | 453,000 | 485,842 | |
827,117 | |||
Media—4.7% | |||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||
4.25%, 02/01/2031(a) | 1,717,000 | 1,411,532 | |
4.25%, 01/15/2034(a) | 1,452,000 | 1,116,037 | |
CSC Holdings LLC | |||
6.50%, 02/01/2029(a) | 296,000 | 251,338 | |
5.75%, 01/15/2030(a) | 519,000 | 268,674 | |
DISH Network Corp., 11.75%, 11/15/2027(a) | 466,000 | 469,065 | |
Sirius XM Radio, Inc., 4.13%, 07/01/2030(a) | 605,000 | 498,260 | |
Univision Communications, Inc. | |||
8.00%, 08/15/2028(a) | 26,000 | 26,195 | |
7.38%, 06/30/2030(a) | 603,000 | 586,910 | |
4,628,011 | |||
Metals & Mining—0.7% | |||
Arsenal AIC Parent LLC, 8.00%, 10/01/2030(a) | 15,000 | 15,300 | |
Novelis Corp., 3.25%, 11/15/2026(a) | 769,000 | 698,773 | |
714,073 | |||
Oil & Gas Services—0.6% | |||
Weatherford International Ltd., 8.63%, 04/30/2030(a) | 606,000 | 621,076 | |
Oil, Gas & Consumable Fuels—3.7% | |||
Civitas Resources, Inc. | |||
8.38%, 07/01/2028(a) | 202,000 | 207,769 | |
8.75%, 07/01/2031(a) | 202,000 | 209,070 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Crescent Energy Finance LLC, 9.25%, 02/15/2028(a) | $ | 430,000 | $ 437,396 |
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029(a) | 357,000 | 330,225 | |
Northern Oil & Gas, Inc., 8.75%, 06/15/2031(a) | 334,000 | 336,521 | |
Occidental Petroleum Corp. | |||
6.63%, 09/01/2030 | 298,000 | 312,534 | |
6.45%, 09/15/2036 | 578,000 | 606,813 | |
Southwestern Energy Co., 4.75%, 02/01/2032 | 902,000 | 801,460 | |
Viper Energy Partners LP, 5.38%, 11/01/2027(a) | 435,000 | 417,600 | |
3,659,388 | |||
Packaging & Containers—2.7% | |||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027(a) | 620,000 | 611,800 | |
Ball Corp. | |||
2.88%, 08/15/2030 | 152,000 | 125,395 | |
3.13%, 09/15/2031 | 316,000 | 259,415 | |
Graphic Packaging International LLC | |||
2.63%, 02/01/2029(a) | EUR | 114,000 | 109,121 |
3.50%, 03/01/2029(a) | $ | 375,000 | 326,622 |
3.75%, 02/01/2030(a) | 666,000 | 579,420 | |
OI European Group BV, 6.25%, 05/15/2028(a) | EUR | 200,000 | 226,626 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a) | $ | 382,000 | 388,196 |
Trident TPI Holdings, Inc., 12.75%, 12/31/2028(a) | 11,000 | 11,648 | |
2,638,243 | |||
Pharmaceutical—2.4% | |||
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028(a) | EUR | 502,000 | 486,308 |
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030 | $ | 756,000 | 677,502 |
Viatris, Inc., 2.70%, 06/22/2030 | 1,425,000 | 1,164,478 | |
2,328,288 | |||
Real Estate Investment Trust (REIT) Funds—1.7% | |||
GLP Capital, LP/GLP Financing II, Inc. REIT, 5.75%, 06/01/2028 | 541,000 | 530,090 | |
Iron Mountain, Inc., 5.00%, 07/15/2028(a) | 481,000 | 445,413 | |
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 10.50%, 02/15/2028(a) | 674,000 | 669,970 | |
1,645,473 | |||
Retail—1.3% | |||
Academy Ltd., 6.00%, 11/15/2027(a) | 593,000 | 572,986 | |
Macy's Retail Holdings LLC | |||
5.88%, 04/01/2029(a) | 308,000 | 286,117 | |
5.88%, 03/15/2030(a) | 246,000 | 222,163 | |
Staples, Inc., 7.50%, 04/15/2026(a) | 309,000 | 255,278 | |
1,336,544 |
Shares or Principal Amount | Value | ||
Software—0.7% | |||
Consensus Cloud Solutions, Inc. | |||
6.00%, 10/15/2026(a) | $ | 215,000 | $ 198,808 |
6.50%, 10/15/2028(a) | 607,000 | 525,057 | |
723,865 | |||
Total United States | 49,719,706 | ||
ZAMBIA—1.5% | |||
Metals & Mining—1.5% | |||
First Quantum Minerals Ltd. | |||
6.88%, 03/01/2026(a) | 839,000 | 827,464 | |
6.88%, 10/15/2027(a) | 350,000 | 344,127 | |
8.63%, 06/01/2031(a) | 266,000 | 272,317 | |
1,443,908 | |||
Total Corporate Bonds | 90,725,139 | ||
EXCHANGE-TRADED FUNDS—4.3% | |||
iShares iBoxx High Yield Corporate Bond ETF | 56,654 | 4,277,377 | |
Total Exchange-Traded Funds | 4,277,377 | ||
U.S. TREASURIES—0.6% | |||
U.S. Treasury Note, 3.88%, 12/31/2029 | 645,200 | 636,203 | |
Total U.S. Treasuries | 636,203 | ||
SHORT-TERM INVESTMENT—2.3% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.19%(l) | 2,263,346 | 2,263,346 | |
Total Short-Term Investment | 2,263,346 | ||
Total Investments (Cost $104,059,745)—98.8% | 97,902,065 | ||
Other Assets in Excess of Liabilities—1.2% | 1,140,619 | ||
Net Assets—100.0% | $99,042,684 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Sinkable security. |
(c) | Security is in default. |
(d) | Perpetual maturity. Maturity date presented represents the next call date. |
(e) | Variable or Floating Rate security. Rate disclosed is as of July 31, 2023. |
(f) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(g) | The maturity date presented for these instruments represents the next call/put date. |
(h) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(i) | 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, 2023. |
(j) | 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. |
(k) | Step bond. Rate disclosed is as of July 31, 2023. |
(l) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2023. |
ETF | Exchange-Traded Fund |
EUR | Euro Currency |
FRN | Floating Rate Note |
GBP | British Pound Sterling |
PIK | Payment-In-Kind |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Global High Income Fund
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
VRN | Variable Rate Note |
At July 31, 2023, the Fund held the following forward foreign currency contracts: |
Purchase Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
Euro/United States Dollar | ||||||||
10/18/2023 | Goldman Sachs & Co. | EUR | 352,496 | USD | 397,623 | $389,029 | $(8,594) | |
10/18/2023 | JPMorgan Chase Bank N.A. | EUR | 72,398 | USD | 81,666 | 79,901 | (1,765) | |
10/18/2023 | Royal Bank of Canada | EUR | 265,425 | USD | 294,975 | 292,934 | (2,041) | |
$761,864 | $(12,400) |
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/British Pound | ||||||||
10/18/2023 | Deutsche Bank AG | USD | 4,114,574 | GBP | 3,172,979 | $4,072,951 | $41,623 | |
10/18/2023 | Morgan Stanley & Co. | USD | 43,758 | GBP | 33,983 | 43,622 | 136 | |
10/18/2023 | UBS AG | USD | 112,807 | GBP | 86,811 | 111,434 | 1,373 | |
United States Dollar/Euro | ||||||||
10/18/2023 | Citibank N.A. | USD | 20,752,386 | EUR | 18,674,495 | 20,609,920 | 142,466 | |
10/18/2023 | Deutsche Bank AG | USD | 680,176 | EUR | 608,405 | 671,460 | 8,716 | |
10/18/2023 | Royal Bank of Canada | USD | 217,816 | EUR | 193,042 | 213,049 | 4,767 | |
$25,722,436 | $199,081 | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $199,081 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(12,400) |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Intermediate Municipal Income Fund
Principal Amount | Value | ||
MUNICIPAL BONDS —101.1% | |||
ALABAMA—0.3% | |||
The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds, VRN, Series D-1, 5.50%, 06/01/2049(a) | $ | 145,000 | $ 152,671 |
ARIZONA—0.2% | |||
The Industrial Developement Authority Of The County Of Maricopa Education Revenue Bonds (Legacy Traditional Schools Projects), Series B, 5.00%, 07/01/2049(b) | 100,000 | 90,478 | |
CALIFORNIA—6.5% | |||
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047(a) | 335,000 | 328,068 | |
California Community Choice Financing Authority Revenue Bonds (Clean Energy Project), Series C, 5.25%, 01/01/2054(a) | 1,000,000 | 1,044,424 | |
California School Finance Authority Charter School Refunding Revenue Bonds (Partnerships To Uplift Communities Project) (Social Bonds), 5.50%, 08/01/2047(b) | 100,000 | 99,735 | |
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029 | 400,000 | 416,153 | |
M-S-R Energy Authority Gas Revenue Bonds | |||
Series A, 6.50%, 11/01/2039(c) | 500,000 | 609,353 | |
Series B, 6.13%, 11/01/2029(c) | 440,000 | 472,624 | |
Total California | 2,970,357 | ||
COLORADO—0.3% | |||
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy), 4.00%, 05/01/2041 | 170,000 | 147,927 | |
CONNECTICUT—3.4% | |||
Connecticut State Health & Educational Facilities Authority Revenue Bonds (Masonicare Corp Obligated Group), Series F, 5.00%, 07/01/2027 | 1,135,000 | 1,139,832 | |
State Of Connecticut General Obligation Bonds, Series B, 3.00%, 06/01/2040 | 500,000 | 419,994 | |
Total Connecticut | 1,559,826 | ||
DISTRICT OF COLUMBIA—1.2% | |||
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030 | 500,000 | 537,930 | |
FLORIDA—4.9% | |||
Florida Development Finance Corp. Revenue Bonds (Glenridge On Palmer Ranch), 5.00%, 06/01/2035(b) | 225,000 | 211,378 | |
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter AC), Series A, 4.00%, 06/30/2041(b) | 765,000 | 612,817 | |
Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward), Series A, 5.00%, 12/15/2039(b) | 500,000 | 491,389 | |
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057(b) | 600,000 | 513,484 |
Principal Amount | Value | ||
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), Series A, 5.00%, 01/01/2039 | $ | 160,000 | $ 149,227 |
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023 | 250,000 | 250,699 | |
Total Florida | 2,228,994 | ||
GEORGIA—1.1% | |||
Main Street Natural Gas, Inc. Revenue Bonds | |||
Series A, 5.00%, 05/15/2035 | 250,000 | 259,390 | |
Series B, 5.00%, 06/01/2026 | 250,000 | 253,636 | |
Total Georgia | 513,026 | ||
INDIANA—3.3% | |||
Indiana Finance Authority (Chf - Tippecanoe, L.L.C. - Student Housing Project) Student Housing Revenue Bonds | |||
Series A, 5.00%, 06/01/2053 | 450,000 | 455,550 | |
Series A, 5.13%, 06/01/2058 | 1,050,000 | 1,069,005 | |
Total Indiana | 1,524,555 | ||
LOUISIANA—1.8% | |||
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | 10,000 | 9,944 | |
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), (AGM), 5.00%, 01/01/2028 | 500,000 | 535,867 | |
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), (AGM), Series B, 5.00%, 10/01/2027 | 250,000 | 269,282 | |
Total Louisiana | 815,093 | ||
MASSACHUSETTS—2.0% | |||
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Obligated Group), Series A, 5.00%, 07/01/2036 | 500,000 | 507,841 | |
Massachusetts Development Finance Agency Revenue Bonds Simmons University Issue | |||
Series N, 5.25%, 10/01/2036 | 130,000 | 135,911 | |
Series N, 5.25%, 10/01/2037 | 135,000 | 139,790 | |
Series N, 5.25%, 10/01/2038 | 145,000 | 149,421 | |
Total Massachusetts | 932,963 | ||
MICHIGAN—3.7% | |||
Flint Hospital Building Authority Revenue Bonds | |||
4.00%, 07/01/2035 | 1,000,000 | 947,207 | |
4.00%, 07/01/2038 | 750,000 | 669,543 | |
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024(c) | 90,000 | 89,297 | |
Total Michigan | 1,706,047 | ||
MISSISSIPPI—8.6% | |||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 5.27%, 11/01/2032(a) | 3,940,000 | 3,940,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Intermediate Municipal Income Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
NEW HAMPSHIRE—1.1% | |||
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College) | |||
Series A, 5.00%, 08/01/2035 | $ | 250,000 | $ 262,944 |
Series A, 5.00%, 08/01/2036 | 245,000 | 256,226 | |
Total New Hampshire | 519,170 | ||
NEW JERSEY—6.0% | |||
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey) | |||
(Pre-refunded @ $100, 07/01/2026), Series F, 4.00%, 07/01/2033 | 70,000 | 71,935 | |
Series F, 4.00%, 07/01/2033 | 30,000 | 30,358 | |
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034 | 2,000,000 | 2,156,479 | |
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037 | 500,000 | 504,987 | |
Total New Jersey | 2,763,759 | ||
NEW YORK—17.3% | |||
Build NYC Resource Corp. Revenue Bonds (Classical Charter Schools Project), Series A, 4.75%, 06/15/2053 | 850,000 | 809,532 | |
Build NYC Resource Corporation Revenue Bonds (Kipp NYC Public School Facilities - Canal West Project), 5.25%, 07/01/2052 | 100,000 | 101,507 | |
City of Elmira General Obligation Limited Bonds | |||
5.00%, 07/01/2025(b)(c) | 85,000 | 87,016 | |
5.00%, 07/01/2033(b) | 625,000 | 661,477 | |
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 145,000 | 148,170 | |
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042 | 1,000,000 | 1,045,775 | |
Metropolitan Transportation Authority Revenue Bonds | |||
Series A-1, 5.00%, 11/15/2027 | 695,000 | 718,513 | |
Series C-1, 5.00%, 11/15/2027 | 1,150,000 | 1,184,603 | |
Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030 | 1,000,000 | 1,014,443 | |
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037 | 295,000 | 313,893 | |
New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034 | 250,000 | 246,465 | |
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), Series A, 5.25%, 01/01/2050 | 1,000,000 | 1,000,356 | |
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042 | 560,000 | 588,726 | |
Total New York | 7,920,476 | ||
OHIO—3.6% | |||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, Series B-2, 5.00%, 06/01/2055 | 605,000 | 562,300 |
Principal Amount | Value | ||
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029(c) | $ | 135,000 | $ 127,214 |
State Of Ohio Healthcare Facility Revenue Bonds, Series B, 4.00%, 07/01/2046 | 1,085,000 | 967,957 | |
Total Ohio | 1,657,471 | ||
PENNSYLVANIA—4.7% | |||
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward), 4.00%, 12/01/2037 | 300,000 | 291,180 | |
Pennsylvania Turnpike Commission Revenue Bonds, (AGM), Series A, 5.25%, 07/15/2029 | 850,000 | 974,306 | |
School Dist. of the City of Erie, General Obligation Limited Bonds, (AGM ST AID WITHHLDG), Series A, 5.00%, 04/01/2034 | 825,000 | 903,417 | |
Total Pennsylvania | 2,168,903 | ||
PUERTO RICO—0.2% | |||
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 | 100,000 | 98,608 | |
RHODE ISLAND—1.1% | |||
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 | 515,000 | 507,403 | |
SOUTH CAROLINA—2.1% | |||
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue Bonds (Lowcountry Leadership Charter School Project), Series A, 5.00%, 12/01/2039(b) | 1,000,000 | 948,922 | |
TENNESSEE—3.0% | |||
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036 | 500,000 | 513,308 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 5.00%, 10/01/2034 | 360,000 | 371,372 | |
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023 | 500,000 | 500,375 | |
Total Tennessee | 1,385,055 | ||
TEXAS—17.9% | |||
Arlington Higher Education Finance Corp. Education Revenue Bonds, Trinity Basin Preparatory, Inc., (PSF-GTD), 4.00%, 08/15/2050 | 1,000,000 | 926,234 | |
Arlington Higher Education Finance Corp. Revenue Bonds, (Basis Texas Charter Schools, Inc.), Series A, 4.88%, 06/15/2056(a)(b) | 190,000 | 189,964 | |
Clifton Higher Education Finance Corporation Education Revenue Bonds (Valor Education), Series A, 6.25%, 06/15/2053(b) | 600,000 | 600,682 | |
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Houston Methodist Hospital), 4.00%, 12/01/2045 | 1,250,000 | 1,189,210 | |
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | 1,185,000 | 1,247,116 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Intermediate Municipal Income Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
TEXAS (continued) | |||
Harris County Industrial Development Corp. Marine Terminal Refunding Revenue Bonds (Energy Transfer Lp Project), VRN, 4.05%, 11/01/2050(a) | $ | 500,000 | $ 502,587 |
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030 | 1,000,000 | 994,611 | |
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 4.00%, 01/01/2050(b) | 1,000,000 | 712,814 | |
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), Series A, 5.00%, 11/15/2029 | 800,000 | 839,934 | |
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036 | 1,000,000 | 1,000,688 | |
Total Texas | 8,203,840 | ||
UTAH—1.5% | |||
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042 | 100,000 | 103,480 | |
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b) | 570,000 | 568,876 | |
Total Utah | 672,356 | ||
WASHINGTON—0.4% | |||
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024(b) | 180,000 | 179,269 |
Principal Amount | Value | ||
WISCONSIN—4.9% | |||
Public Finance Authority Revenue Bonds | |||
5.00%, 06/15/2029 | $ | 530,000 | $ 548,252 |
5.00%, 06/15/2034 | 425,000 | 438,433 | |
Series A, 5.00%, 07/01/2038 | 1,000,000 | 1,003,618 | |
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035 | 250,000 | 263,586 | |
Total Wisconsin | 2,253,889 | ||
Total Municipal Bonds | 46,398,988 | ||
Total Investments (Cost $47,474,832)—101.1% | 46,398,988 | ||
Liabilities in Excess of Other Assets—(1.1%) | (491,828) | ||
Net Assets—100.0% | $45,907,160 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2023. 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) | Sinkable security. |
AMT | Alternative Minimum Tax |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS —100.4% | |||
ALABAMA—0.4% | |||
Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026 | $ | 180,000 | $ 173,760 |
The Black Belt Energy Gas District Gas Project Revenue Refunding Bonds, VRN, Series D-1, 5.50%, 06/01/2049(a) | 285,000 | 300,077 | |
Total Alabama | 473,837 | ||
ARIZONA—5.7% | |||
Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier) | |||
Series C, 5.13%, 01/01/2034(b) | 775,000 | 484,116 | |
Series C, 5.13%, 01/01/2035(b) | 815,000 | 494,867 | |
Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), Series A, 3.00%, 12/15/2031(b) | 655,000 | 562,620 | |
Arizona Industrial Development Authority Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) | |||
Series A, 4.00%, 07/15/2026(b) | 125,000 | 121,505 | |
Series A, 4.00%, 07/15/2027(b) | 125,000 | 120,868 | |
Series A, 4.00%, 07/15/2028(b) | 185,000 | 178,067 | |
Series A, 4.00%, 07/15/2029(b) | 200,000 | 191,596 | |
Series A, 4.00%, 07/15/2030(b) | 215,000 | 204,563 | |
Series A, 4.00%, 07/15/2031(b) | 215,000 | 203,055 | |
Series A, 4.00%, 07/15/2032(b) | 225,000 | 210,306 | |
Series A, 4.00%, 07/15/2033(b) | 185,000 | 171,040 | |
Series A, 4.00%, 07/15/2034(b) | 185,000 | 168,661 | |
Series A, 4.00%, 07/15/2035(b) | 255,000 | 228,008 | |
Series A, 4.00%, 07/15/2036(b) | 250,000 | 219,173 | |
Series A, 4.00%, 07/15/2037(b) | 275,000 | 236,381 | |
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026(b) | 330,000 | 333,602 | |
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University) | |||
5.00%, 10/01/2026(b) | 245,000 | 244,842 | |
5.13%, 10/01/2030(b) | 425,000 | 427,120 | |
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.), 4.00%, 07/01/2026(b) | 770,000 | 754,021 | |
The Industrial Developement Authority Of The County Of Maricopa Education Revenue Bonds (Legacy Traditional Schools Projects), Series B, 5.00%, 07/01/2049(b) | 635,000 | 574,533 | |
The Industrial Development Authority Of The City Of Phoenix, Student Housing Revenue Bonds (Downtown Phoenix Student Housing II LLC - Arizona State University Project), Series A, 5.00%, 07/01/2059 | 1,500,000 | 1,475,341 | |
Total Arizona | 7,604,285 | ||
ARKANSAS—1.1% | |||
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A, 5.00%, 09/01/2026 | 1,490,000 | 1,534,601 |
Principal Amount | Value | ||
CALIFORNIA—4.2% | |||
California Community Choice Financing Authority Revenue Bonds (Clean Energy Project), Series C, 5.25%, 01/01/2054(a) | $ | 2,500,000 | $ 2,611,061 |
California Municipal Finance Authority Revenue Bonds (Simpson University), Series A, 5.00%, 10/01/2026(b) | 40,000 | 39,743 | |
California Public Finance Authority Revenue Bonds (Kendal at Sonoma Obligated Group), Series B-1, 3.13%, 05/15/2029(b) | 3,075,000 | 2,920,309 | |
California School Finance Authority Charter School Refunding Revenue Bonds (Partnerships To Uplift Communities Project) (Social Bonds), 5.50%, 08/01/2043(b) | 100,000 | 100,918 | |
Total California | 5,672,031 | ||
COLORADO—6.2% | |||
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy, Inc.) | |||
4.00%, 05/01/2024 | 150,000 | 148,974 | |
4.00%, 05/01/2027 | 65,000 | 63,819 | |
4.00%, 05/01/2029 | 145,000 | 141,889 | |
4.00%, 05/01/2030 | 120,000 | 117,063 | |
4.00%, 05/01/2036 | 175,000 | 163,112 | |
Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge) | |||
Series B-1, 3.50%, 05/15/2030 | 6,950,000 | 6,102,575 | |
Series B-2, 2.63%, 05/15/2029 | 1,705,000 | 1,519,507 | |
Total Colorado | 8,256,939 | ||
CONNECTICUT—3.2% | |||
City of West Haven General Obligation Unlimited Bonds | |||
Series A, 5.00%, 11/01/2025 | 325,000 | 336,278 | |
Series A, 5.00%, 11/01/2026 | 325,000 | 342,422 | |
Series A, 5.00%, 11/01/2027 | 635,000 | 680,371 | |
Series B, 5.00%, 11/01/2025 | 240,000 | 248,328 | |
Series B, 5.00%, 11/01/2026 | 200,000 | 210,721 | |
Series B, 5.00%, 11/01/2027 | 200,000 | 214,290 | |
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group), Series A, 5.00%, 01/01/2030(b) | 500,000 | 488,151 | |
State Health & Educational Facilities Authority Revenue Bond (University of Hartford) | |||
Series N, 5.00%, 07/01/2025 | 400,000 | 400,199 | |
Series N, 5.00%, 07/01/2026 | 575,000 | 576,983 | |
Series N, 5.00%, 07/01/2027 | 430,000 | 433,018 | |
Series N, 5.00%, 07/01/2029 | 300,000 | 304,279 | |
Total Connecticut | 4,235,040 | ||
FLORIDA—6.7% | |||
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(b) | 300,000 | 271,908 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
FLORIDA (continued) | |||
Capital Trust Authority Educational Facilities Revenue Refunding Bonds (Southeastern University, Inc. Project), Series A, 6.00%, 05/01/2043(b) | $ | 2,000,000 | $ 1,990,622 |
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024 | 10,000 | 10,039 | |
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project) | |||
Series A, 4.00%, 12/15/2029(b) | 530,000 | 513,964 | |
Series A, 5.00%, 12/15/2034(b) | 530,000 | 537,383 | |
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024(b) | 100,000 | 98,415 | |
Florida Development Finance Corp. Revenue Bonds (Glenridge on Palmer Ranch Obligated Group), 4.00%, 06/01/2024(b) | 105,000 | 103,999 | |
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter Academy Obligated Group) | |||
Series A, 4.00%, 06/30/2027(b) | 150,000 | 144,210 | |
Series A, 4.00%, 06/30/2028(b) | 195,000 | 185,533 | |
Series A, 4.00%, 06/30/2029(b) | 205,000 | 193,009 | |
Series A, 4.00%, 06/30/2030(b) | 215,000 | 200,055 | |
Series A, 4.00%, 06/30/2031(b) | 225,000 | 206,699 | |
Series A, 4.00%, 06/30/2036(b) | 625,000 | 535,479 | |
Florida Development Finance Corp. Revenue Bonds (Mayflower Retirement Center, Inc. Obligated Group) | |||
Series B-1, 2.38%, 06/01/2027(b) | 835,000 | 802,158 | |
Series B-2, 1.75%, 06/01/2026(b) | 440,000 | 439,895 | |
Florida Development Finance Corporation Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), VRN, 6.13%, 07/01/2032(a)(b) | 500,000 | 503,301 | |
Lee County Industrial Development Authority Refunding Revenue Bonds (Shell Point Obligated Group), 4.00%, 11/15/2030 | 5,000 | 4,849 | |
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057(b) | 400,000 | 342,323 | |
Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029(b) | 1,315,000 | 1,338,370 | |
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project) | |||
Series A, 5.00%, 01/01/2029 | 315,000 | 314,101 | |
Series A, 5.00%, 01/01/2039 | 240,000 | 223,841 | |
Total Florida | 8,960,153 |
Principal Amount | Value | ||
IDAHO—0.4% | |||
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026(b) | $ | 600,000 | $ 591,062 |
ILLINOIS—5.6% | |||
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033 | 600,000 | 612,610 | |
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026 | 400,000 | 419,056 | |
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024 | 55,000 | 55,003 | |
Illinois Finance Authority Revenue Bonds (Acero Charter Schools, Inc. Obligated Group) | |||
4.00%, 10/01/2027(b) | 405,000 | 385,098 | |
4.00%, 10/01/2028(b) | 580,000 | 546,541 | |
4.00%, 10/01/2029(b) | 910,000 | 848,883 | |
4.00%, 10/01/2030(b) | 630,000 | 581,668 | |
Illinois Finance Authority Revenue Bonds (Benedictine University) | |||
5.00%, 10/01/2028 | 120,000 | 120,913 | |
5.00%, 10/01/2029 | 200,000 | 202,133 | |
5.00%, 10/01/2030 | 100,000 | 101,162 | |
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC) | |||
Series A, 5.00%, 02/15/2027 | 420,000 | 424,735 | |
Series A, 5.00%, 02/15/2028 | 400,000 | 405,678 | |
Series A, 5.00%, 02/15/2029 | 520,000 | 527,955 | |
Series A, 5.00%, 02/15/2030 | 335,000 | 340,125 | |
Series A, 5.00%, 02/15/2031 | 370,000 | 375,661 | |
Series A, 5.00%, 02/15/2032 | 225,000 | 228,111 | |
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation) | |||
5.00%, 12/01/2028 | 250,000 | 258,526 | |
5.00%, 12/01/2029 | 315,000 | 325,713 | |
Village of Matteson Revenue Bonds | |||
5.00%, 12/01/2026 | 150,000 | 159,362 | |
5.00%, 12/01/2027 | 150,000 | 162,096 | |
5.00%, 12/01/2028 | 350,000 | 382,556 | |
Total Illinois | 7,463,585 | ||
INDIANA—0.5% | |||
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024 | 70,000 | 70,751 | |
Indiana Finance Authority (Chf - Tippecanoe, L.L.C. - Student Housing Project) Student Housing Revenue Bonds | |||
Series A, 5.00%, 06/01/2043 | 100,000 | 102,255 | |
Series A, 5.00%, 06/01/2053 | 550,000 | 556,783 | |
Total Indiana | 729,789 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
KANSAS—0.6% | |||
City of Manhattan Revenue Bonds (Meadowlark Hills Retirement Community Obligated Group) | |||
Series B-1, 2.88%, 06/01/2028 | $ | 375,000 | $ 347,250 |
Series B-2, 2.38%, 06/01/2027 | 430,000 | 403,940 | |
Total Kansas | 751,190 | ||
LOUISIANA—3.3% | |||
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(b) | 950,000 | 909,610 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025 | 155,000 | 154,231 | |
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project) | |||
Series A, 5.00%, 01/01/2024 | 180,000 | 178,812 | |
Series A, 5.00%, 01/01/2025 | 370,000 | 361,578 | |
Series A, 5.00%, 01/01/2026 | 390,000 | 375,006 | |
Series A, 5.00%, 01/01/2027 | 410,000 | 386,636 | |
Series A, 5.00%, 01/01/2028 | 430,000 | 397,796 | |
Series A, 5.00%, 01/01/2029 | 450,000 | 408,479 | |
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(b) | 1,000,000 | 842,903 | |
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030(b) | 400,000 | 386,127 | |
Total Louisiana | 4,401,178 | ||
MARYLAND—1.7% | |||
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024 | 25,000 | 24,973 | |
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University) | |||
Series A, 5.00%, 09/01/2027(b) | 1,495,000 | 1,495,199 | |
Series A, 5.00%, 09/01/2032(b) | 740,000 | 742,405 | |
Total Maryland | 2,262,577 | ||
MASSACHUSETTS—3.8% | |||
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023(b) | 230,000 | 229,430 |
Principal Amount | Value | ||
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.) | |||
4.00%, 10/01/2025(b) | $ | 500,000 | $ 490,338 |
4.00%, 10/01/2026(b) | 500,000 | 485,507 | |
4.00%, 10/01/2027(b) | 450,000 | 432,430 | |
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024 | 1,500,000 | 1,507,137 | |
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue) | |||
Series A, 5.00%, 07/01/2033 | 500,000 | 514,921 | |
Series A, 5.00%, 07/01/2034 | 300,000 | 308,370 | |
Massachusetts Development Finance Agency Revenue Bonds Simmons University Issue | |||
Series N, 5.25%, 10/01/2036 | 370,000 | 386,824 | |
Series N, 5.25%, 10/01/2037 | 265,000 | 274,403 | |
Series N, 5.25%, 10/01/2038 | 405,000 | 417,349 | |
Total Massachusetts | 5,046,709 | ||
MICHIGAN—1.6% | |||
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024 | 500,000 | 501,871 | |
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023 | 20,000 | 19,933 | |
Flint Hospital Building Authority Revenue Bonds (Hurley Medical Center), Series B, 4.75%, 07/01/2028 | 1,000,000 | 970,265 | |
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029 | 700,000 | 663,167 | |
Total Michigan | 2,155,236 | ||
MINNESOTA—3.3% | |||
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058(a)(b) | 4,465,000 | 4,393,760 | |
MISSISSIPPI—2.5% | |||
Mississippi Development Bank Obligation Bonds (Mangolia Regional Health Centre) | |||
5.00%, 10/01/2023(b) | 415,000 | 415,175 | |
5.00%, 10/01/2024(b) | 440,000 | 442,292 | |
5.00%, 10/01/2025(b) | 660,000 | 665,275 | |
Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039(b) | 1,865,000 | 1,850,075 | |
Total Mississippi | 3,372,817 | ||
MISSOURI—0.4% | |||
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025(c)(d) | 675,000 | 303,750 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
MISSOURI (continued) | |||
Plaza at Noah's Ark Community Improvement District Revenue Bonds | |||
3.00%, 05/01/2024 | $ | 100,000 | $ 98,798 |
3.00%, 05/01/2025 | 100,000 | 97,208 | |
3.00%, 05/01/2026 | 100,000 | 95,687 | |
Total Missouri | 595,443 | ||
NEW JERSEY—0.2% | |||
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024(b) | 50,000 | 49,865 | |
Passaic County Improvement Authority Charter School Revenue Bonds (Paterson Arts and Science Charter School Project), 5.25%, 07/01/2043 | 200,000 | 202,540 | |
Total New Jersey | 252,405 | ||
NEW YORK—15.0% | |||
Amherst Development Corp. Revenue Bonds (Daemen College) | |||
5.00%, 10/01/2025 | 600,000 | 603,445 | |
5.00%, 10/01/2026 | 630,000 | 636,999 | |
4.00%, 10/01/2037 | 500,000 | 441,101 | |
Build NYC Resource Corp. Revenue Bonds (Classical Charter Schools Project), Series A, 4.50%, 06/15/2043 | 690,000 | 660,862 | |
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project) | |||
Series A, 5.00%, 06/01/2024(b) | 390,000 | 391,422 | |
Series A, 5.00%, 06/01/2025(b) | 410,000 | 411,251 | |
Series A, 5.00%, 06/01/2026(b) | 430,000 | 431,207 | |
Series A, 5.00%, 06/01/2027(b) | 450,000 | 451,057 | |
Series A, 5.00%, 06/01/2032(b) | 500,000 | 492,955 | |
City of Elmira General Obligation Limited Bonds | |||
5.00%, 07/01/2025(b) | 550,000 | 563,047 | |
5.00%, 07/01/2033(b) | 2,635,000 | 2,788,785 | |
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 455,000 | 464,947 | |
Madison County Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022(c)(d)(e) | 6,500,000 | 4,550,000 | |
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), Series A, 5.25%, 01/01/2050 | 1,000,000 | 1,000,356 | |
New York Transportation Development Corp. Speciality Facility Revenue Bonds, 3.00%, 08/01/2031 | 1,000,000 | 887,141 |
Principal Amount | Value | ||
Westchester County Local Development Corporation Revenue Bonds (Purchase Senior Learning Community Inc. Project) | |||
Series B, 3.60%, 07/01/2029(b) | $ | 2,000,000 | $ 1,808,291 |
Series C, 3.20%, 07/01/2028(b) | 1,675,000 | 1,566,721 | |
Series D, 2.88%, 07/01/2026(b) | 1,000,000 | 953,729 | |
Western Regional Off-Track Betting Corp. Revenue Bonds, 3.00%, 12/01/2026(b) | 940,000 | 870,130 | |
Total New York | 19,973,446 | ||
OHIO—0.8% | |||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, Series B-2, 5.00%, 06/01/2055 | 990,000 | 920,128 | |
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028 | 180,000 | 181,432 | |
Total Ohio | 1,101,560 | ||
OREGON—2.8% | |||
Hospital Facilities Authority of Multnomah County Oregon Revenue Bonds | |||
0.95%, 06/01/2027 | 1,000,000 | 874,414 | |
Series B, 1.20%, 06/01/2028 | 1,800,000 | 1,526,324 | |
Yamhill County Hospital Authority Revenue Bonds (Friendsview Manor Obligated Group), Series B-2, 2.13%, 11/15/2027 | 1,500,000 | 1,356,475 | |
Total Oregon | 3,757,213 | ||
PENNSYLVANIA—2.4% | |||
City of Scranton PA General Obligation Bonds, 5.00%, 09/01/2023(b) | 1,000,000 | 999,513 | |
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026(b) | 1,610,000 | 1,580,684 | |
Lehigh County Industrial Development Authority Revenue Bonds (Seven Generations Charter School), Series A, 4.00%, 05/01/2031 | 680,000 | 637,138 | |
Total Pennsylvania | 3,217,335 | ||
PUERTO RICO—0.8% | |||
HTA HRRB Assured Custodial Trust CTFS Revenue Bonds, 5.50%, 07/01/2030 | 1,000,000 | 1,027,098 | |
RHODE ISLAND—0.4% | |||
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B, 5.00%, 09/01/2023 | 500,000 | 499,955 | |
SOUTH CAROLINA—1.6% | |||
South Carolina Jobs-Economic Development Authority Educational Facilities Revenue Bonds (Lowcountry Leadership Charter School Project), Series A, 5.00%, 12/01/2039(b) | 795,000 | 754,393 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
SOUTH CAROLINA (continued) | |||
South Carolina Jobs-Economic Development Authority Revenue Bonds (Lowcountry Leadership Charter School), Series A, 4.00%, 12/01/2029(b) | $ | 1,030,000 | $ 969,148 |
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), Series A, 5.25%, 02/01/2027(b)(c)(d)(f) | 1,060,000 | 424,000 | |
Total South Carolina | 2,147,541 | ||
TEXAS—6.6% | |||
Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools) | |||
Series A, 5.00%, 08/15/2023 | 155,000 | 154,975 | |
Series A, 5.00%, 08/15/2028 | 80,000 | 80,352 | |
Series A, 4.00%, 08/15/2029 | 75,000 | 71,170 | |
Series A, 4.00%, 08/15/2030 | 80,000 | 75,302 | |
Series A, 4.00%, 08/15/2031 | 90,000 | 83,932 | |
Arlington Higher Education Finance Corp. Revenue Bonds, (Basis Texas Charter Schools, Inc.), Series A, 4.88%, 06/15/2056(a)(b) | 560,000 | 559,894 | |
Calhoun County Navigation Industrial Development Authority Revenue Bonds (Max Midstream Texas LLC), AMT, Series A, 3.63%, 07/01/2026(b) | 4,000,000 | 3,663,250 | |
Change Desertexpress Enterprises LLC to Brightline West Passenger Rail Project, VRN, Series B, 2.00%, 11/15/2061(a) | 715,466 | 286,406 | |
Clifton Higher Education Finance Corporation Education Revenue Bonds (Valor Education) | |||
Series A, 6.00%, 06/15/2048(b) | 1,000,000 | 982,179 | |
Series A, 6.25%, 06/15/2053(b) | 200,000 | 200,228 | |
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023 | 275,000 | 274,975 | |
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.), Series D, 6.00%, 07/01/2026(c) | 95,000 | 38,000 | |
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 | 1,965,079 | |
New Hope Cultural Education Facilities Finance Corporation Education Revenue And Refunding Bonds (Jubilee Academic Center), 4.00%, 08/15/2023(b) | 360,000 | 359,801 | |
SA Energy Acquisition Public Facility Corp. Revenue Bonds, 5.50%, 08/01/2023 | 50,000 | 50,000 | |
Total Texas | 8,845,543 |
Principal Amount | Value | ||
UTAH—1.4% | |||
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School) | |||
Series A, 4.50%, 10/15/2028(b) | $ | 500,000 | $ 478,609 |
Series A, 4.63%, 10/15/2048(a)(b) | 1,000,000 | 971,300 | |
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), Series A, 3.25%, 06/15/2031(b) | 535,000 | 474,360 | |
Total Utah | 1,924,269 | ||
WASHINGTON—5.9% | |||
Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy) | |||
Series A, 4.00%, 07/01/2025(b) | 355,000 | 349,218 | |
Series A, 4.00%, 07/01/2026(b) | 285,000 | 278,934 | |
Series A, 4.00%, 07/01/2027(b) | 295,000 | 287,583 | |
Series A, 4.00%, 07/01/2028(b) | 305,000 | 295,979 | |
Series A, 4.00%, 07/01/2029(b) | 320,000 | 309,182 | |
Washington State Housing Finance Commission Revenue Bonds(Eliseo Project) | |||
Series B-1, 2.50%, 07/01/2028(b) | 4,375,000 | 3,856,218 | |
Series B-2, 2.13%, 07/01/2027(b) | 2,750,000 | 2,479,316 | |
Total Washington | 7,856,430 | ||
WEST VIRGINIA—0.3% | |||
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023 | 425,000 | 424,156 | |
WISCONSIN—11.0% | |||
Public Finance Authority Educational Facilities Revenue Refunding Bonds (The Methodist University) | |||
4.00%, 03/01/2029(b) | 890,000 | 812,526 | |
4.00%, 03/01/2030(b) | 950,000 | 853,175 | |
Public Finance Authority Revenue Bonds | |||
Series A, 5.00%, 10/01/2029(b) | 500,000 | 506,846 | |
Series A-1, 6.00%, 01/01/2027(c) | 4,100,000 | 3,648,581 | |
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.) | |||
Series B-1, 3.50%, 03/01/2027(b) | 4,000,000 | 3,777,812 | |
Series B-2, 3.00%, 03/01/2026(b) | 790,000 | 766,650 | |
Public Finance Authority Revenue Bonds (Washoe Barton Medical Clinic) | |||
Series A, 3.00%, 12/01/2026 | 250,000 | 237,443 | |
Series A, 4.00%, 12/01/2031 | 700,000 | 670,461 | |
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(b) | 990,000 | 897,297 | |
Wisconsin Health & Educational Facilities Authority Revenue Bond, Series A, 5.00%, 11/01/2023 | 360,000 | 359,145 | |
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College) | |||
5.00%, 01/01/2026 | 685,000 | 685,685 | |
5.00%, 01/01/2027 | 830,000 | 832,995 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
WISCONSIN (continued) | |||
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School) | |||
5.00%, 06/15/2024 | $ | 210,000 | $ 210,646 |
5.00%, 06/15/2026 | 230,000 | 232,814 | |
5.00%, 06/15/2027 | 160,000 | 163,174 | |
Total Wisconsin | 14,655,250 | ||
Total Municipal Bonds | 134,182,433 | ||
Total Investments (Cost $146,762,956)—100.4% | 134,182,433 | ||
Liabilities in Excess of Other Assets—(0.4%) | (578,736) | ||
Net Assets—100.0% | $133,603,697 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2023. 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) | Security is in default. |
(d) | Illiquid security. |
(e) | Level 3 security. Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. |
(f) | Security is in forbearance as of July 31, 2023. |
AMT | Alternative Minimum Tax |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —98.6% | |||
ALABAMA—7.5% | |||
Black Belt Energy Gas District Revenue Bonds, FRN, Series B-1, 4.39%, 12/01/2048(a) | $ | 20,000,000 | $ 19,989,604 |
Chatom Industrial Development Board Revenue Bonds Powersouth Energy Coop., Inc. F/K/A Alabama Elec Coop, Inc., VRN, Series A, 3.25%, 08/01/2037(a) | 3,100,000 | 3,085,817 | |
Health Care Authority for Baptist Health Revenue Bonds, Series B, 5.27%, 11/01/2042(a) | 15,925,000 | 15,925,000 | |
Tender Opt Bd Tr Rcpts / Ctfs Var Sts Ctfs, VRDN, Series 2022-XM1062, 4.21%, 01/01/2053(a)(b) | 5,000,000 | 5,000,000 | |
The Industrial Development Board of the Town of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 4.70%, 12/01/2038(a) | 2,770,000 | 2,770,000 | |
Total Alabama | 46,770,421 | ||
ARIZONA—2.7% | |||
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 4.25%, 09/01/2024(a) | 4,200,000 | 4,198,912 | |
The Industrial Development Authority of the City of Chandler, Arizona Industrial Development Revenue Bonds | |||
VRN, 2.40%, 12/01/2035(a) | 500,000 | 499,694 | |
AMT, VRN, 2.70%, 12/01/2037(a) | 2,250,000 | 2,248,577 | |
The Industrial Development Authority of the City of Phoenix, Arizona Solid Waste Disposal Revenue Bonds (Republic Services, Inc. Project), AMT, FRN, Series D, 3.88%, 12/01/2035(a) | 10,000,000 | 10,000,000 | |
Total Arizona | 16,947,183 | ||
ARKANSAS—4.1% | |||
Arkansas Development Finance Authority Revenue Bonds (Baptist Memorial Health Care Obligated Group), VRDN, Series B-4, 5.27%, 09/01/2044(a) | 25,462,000 | 25,462,000 | |
CALIFORNIA—7.7% | |||
California Community Choice Financing Authority Revenue Bonds (Clean Energy Project), Series C, 5.00%, 10/01/2024 | 290,000 | 291,707 | |
California Infrastructure and Economic Development Bank Brightline West Passenger Rail Project Series Revenue Bonds, FRN, Series A, 3.65%, 01/01/2050(a)(b) | 20,000,000 | 19,914,840 | |
California Municipal Finance Authority Solid Waste Disposal Facilities Revenue Refunding Bonds (Republic Services, Inc. Project), Series A, 4.10%, 07/01/2041(a) | 1,000,000 | 999,669 |
Shares or Principal Amount | Value | ||
California Pollution Control Financing Authorit Solid Waste Disposal Refunding Revenue Bonds (Republic Services, Inc. Project), FRN, 4.25%, 07/01/2043(a)(b) | $ | 3,000,000 | $ 2,999,483 |
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.), Series A, 3.88%, 08/01/2023(b) | 6,000,000 | 6,000,000 | |
California Statewide Communities Development Authority Revenue Bonds (CommonSpirit Health Obligated Group), (AGM), Series E, 4.64%, 07/01/2040(a) | 11,150,000 | 11,150,000 | |
Change Commonspirit Health to Dignity Health | |||
(AGM), Series D, 4.08%, 07/01/2041(a) | 3,975,000 | 3,975,000 | |
(AGM), Series F, 4.08%, 07/01/2040(a) | 2,750,000 | 2,750,000 | |
Total California | 48,080,699 | ||
COLORADO—0.2% | |||
E-470 Public Highway Authority Revenue Bonds, FRN, Series B, 3.90%, 09/01/2039(a) | 1,500,000 | 1,495,447 | |
CONNECTICUT—1.1% | |||
City of West Have, Connecticut General Obligation Bond Anticipation Notes, 5.00%, 09/28/2023 | 6,530,000 | 6,528,775 | |
FLORIDA—0.8% | |||
Miami-Dade County Industrial Development Authority Revenue Bonds (Waste Management, Inc.) | |||
AMT, FRN, Series A, 4.36%, 11/01/2033(a) | 3,000,000 | 2,946,261 | |
AMT, FRN, Series B, 4.36%, 11/01/2048(a) | 2,000,000 | 1,963,451 | |
Total Florida | 4,909,712 | ||
GEORGIA—0.5% | |||
Appling County (Georgia) Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN, 4.80%, 09/01/2041(a) | 3,400,000 | 3,400,000 | |
ILLINOIS—0.2% | |||
State of Illinois General Obligation Unlimited Bonds, Series A, 5.00%, 10/01/2023 | 1,030,000 | 1,032,116 | |
INDIANA—4.3% | |||
Indiana Finance Authority RevenueBonds (ArcelorMittal SA), 3.45%, 08/01/2030(a) | 26,400,000 | 26,400,000 | |
KANSAS—0.7% | |||
City of Seneca, Kansas Hospital Revenue Bonds, 5.00%, 09/01/2025 | 4,330,000 | 4,359,172 | |
KENTUCKY—5.7% | |||
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-1, 5.45%, 07/01/2060(a) | 460,000 | 460,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
KENTUCKY (continued) | |||
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-1, 5.45%, 08/01/2061(a) | $ | 25,900,000 | $ 25,900,000 |
County of Meade, Kentucky Industrial Building Revenue Bonds (Nucor Steel Brandenburg Project) (Green Bonds), AMT, VRDN, Series B-1, 5.40%, 08/01/2061(a) | 600,000 | 600,000 | |
Kentucky Economic Development Finance Authority Solid Waste Refunding Revenue Bonds (Republic Services, Inc. Project), AMT, FRN, Series A, AMT, FRN, 4.05%, 04/01/2031(a) | 3,000,000 | 2,998,855 | |
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a) | 5,000,000 | 4,996,608 | |
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 4.00%, 08/15/2023 | 700,000 | 700,176 | |
Total Kentucky | 35,655,639 | ||
MARYLAND—8.0% | |||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 5.77%, 03/01/2030(a) | 49,905,000 | 49,905,000 | |
MICHIGAN—0.1% | |||
Michigan Strategic Fund Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc.), AMT, VRN, 0.58%, 08/01/2027(a) | 500,000 | 483,067 | |
MINNESOTA—2.4% | |||
J P Morgan Chase Putters / Drivers Tr Var Sts Ctfs 5028, VRDN, 5.20%, 03/20/2024(a)(b) | 14,900,000 | 14,900,000 | |
MISSISSIPPI—11.6% | |||
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 4.88%, 12/01/2049(a) | 10,000,000 | 10,000,000 | |
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 5.27%, 11/01/2032(a) | 62,075,000 | 62,075,000 | |
Total Mississippi | 72,075,000 | ||
NEBRASKA—1.9% | |||
Central Plains Energy Project Gas Project Revenue Bonds (Project No. 4), VRN, 5.00%, 03/01/2050(a) | 12,000,000 | 12,038,951 | |
NEVADA—1.0% | |||
Director Of The State Of Nevada Department Of Business And Industry Variable Rate Demand Solid Waste Disposal Revenue Bonds (Republic Services, Inc. Project), FRN, Series 2001, 4.13%, 12/01/2026(a)(b) | 6,000,000 | 5,997,545 |
Shares or Principal Amount | Value | ||
NEW HAMPSHIRE—1.1% | |||
National Finance Authority Solid Waste Disposal Refunding Revenue Bonds (Waste Management, Inc. Project), FRN, Series A3, 4.00%, 04/01/2024(a) | $ | 7,000,000 | $ 6,999,030 |
NEW JERSEY—2.0% | |||
City Of Camden, In The County Of Camden, New Jersey Bond Anticipation Note, 4.50%, 04/26/2024 | 2,275,000 | 2,281,205 | |
Township Of Belleville In The County Of Essex, New Jersey Notes, Consisting Of A General Improvement Bond Anticipation Note, And Water Utility Bond Anticipation Note, 5.00%, 07/10/2024 | 10,000,000 | 10,085,416 | |
Total New Jersey | 12,366,621 | ||
NEW YORK—6.5% | |||
City of Elmira General Obligation Limited Bonds, 4.00%, 05/01/2024 | 675,000 | 676,866 | |
City of Long Beach New York Anticipation Notes, Series A, 4.00%, 02/16/2024 | 10,000,000 | 9,990,339 | |
Liberty New York Development Corp. Revenue CTFS, VRDN, Series 2015-XM0106, 4.33%, 10/01/2035(a)(b) | 3,750,000 | 3,750,000 | |
Metropolitan Transportation Authority Revenue Bonds, FRN, Series D-1, 3.88%, 11/01/2035(a) | 4,490,000 | 4,478,326 | |
New York City General Obligation Unlimited Bonds | |||
(AGC), Series C-4, 4.40%, 10/01/2027(a) | 4,825,000 | 4,825,000 | |
(AGM), Series J-2, 4.59%, 06/01/2036(a) | 1,125,000 | 1,125,000 | |
(AGM), Series J-3, 4.73%, 06/01/2036(a) | 5,575,000 | 5,575,000 | |
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, Series A, 5.00%, 01/01/2024 | 1,500,000 | 1,504,473 | |
Triborough Bridge & Tunnel Authority Revenue Bonds, Series B, 3.94%, 01/01/2032(a) | 3,915,000 | 3,893,736 | |
Village Of Johnson City Broome County, New York Bond Anticipation Notes, Series C, 5.25%, 09/29/2023 | 4,550,000 | 4,550,518 | |
Total New York | 40,369,258 | ||
NORTH CAROLINA—0.1% | |||
Fayetteville State University Revenue Bonds | |||
(AGM), 5.00%, 04/01/2024 | 425,000 | 428,021 | |
(AGM), 5.00%, 04/01/2026 | 470,000 | 487,973 | |
Total North Carolina | 915,994 | ||
OHIO—0.8% | |||
State of Ohio Hospital (University Hospitals Health System, Inc.) Revenue Bonds, VRDN, Series C, 4.50%, 01/15/2045(a) | 5,000,000 | 5,000,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
OKLAHOMA—2.0% | |||
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN, Series B, 4.46%, 08/15/2031(a) | $ | 10,680,000 | $ 10,680,000 |
The Oklahoma Development Finance Authority Health System Revenue Refunding Bonds (Integris Obigated Group), Series A, 5.00%, 08/15/2023 | 1,500,000 | 1,500,395 | |
Total Oklahoma | 12,180,395 | ||
OREGON—0.3% | |||
State of Oregon Business Development Commission Recovery Zone Facility Bonds, VRN, Series 232, 2.40%, 12/01/2040(a) | 2,000,000 | 1,998,775 | |
PENNSYLVANIA—9.1% | |||
Central Bradford Progress Authority Revenue Bonds (The Guthrie Clinic Issue), VRDN, Series D, 4.48%, 12/01/2041(a) | 23,805,000 | 23,805,000 | |
Montgomery County Higher Education And Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, Series D, 4.42%, 09/01/2050(a) | 2,200,000 | 2,200,000 | |
Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds (PPL Energy Supply, LLC Project), VRDN, Series C, 5.20%, 12/01/2037(a) | 30,000,000 | 30,000,000 | |
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 3.88%, 08/01/2045(a) | 300,000 | 300,000 | |
Total Pennsylvania | 56,305,000 | ||
SOUTH CAROLINA—3.2% | |||
Berkeley Cnty S C Indl Dev Rev Adj Rt Nucor Corp Proj 1996 A, VRDN, Series A, 5.03%, 03/01/2029(a) | 1,100,000 | 1,100,000 | |
South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, Series C, 4.45%, 05/01/2048(a) | 18,825,000 | 18,825,000 | |
Total South Carolina | 19,925,000 | ||
TENNESSEE—0.1% | |||
The Industrial Development Board Of The Metropolitan Government Of Nashville And Davidson County Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc. Of Tennessee Project), 0.58%, 08/01/2031(a) | 350,000 | 338,147 | |
TEXAS—7.7% | |||
City of Houston TX Hotel Occupancy Tax & Revenue Bonds | |||
4.00%, 09/01/2023 | 180,000 | 180,016 | |
4.00%, 09/01/2025 | 425,000 | 429,223 |
Shares or Principal Amount | Value | ||
Port of Corpus Christi Authority of Nueces County Revenue Bonds (Flint Hills Resources LP), AMT, VRDN, Series A, 4.95%, 07/01/2029(a)(b) | $ | 9,900,000 | $ 9,900,000 |
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP), AMT, VRDN, Series F, 5.05%, 01/01/2032(a) | 12,050,000 | 12,050,000 | |
Port Of Port Arthur Navigation District Of Jefferson County, Texas Environmental Facilities Revenue Bonds (Motiva Enterprises Llc Project), VRDN, Series D, 3.75%, 11/01/2040(a) | 10,000,000 | 10,000,000 | |
Port of Port Arthur Navigation District Revenue Bonds, 5.25%, 04/01/2040(a) | 2,600,000 | 2,600,000 | |
Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises LLC), VRDN, Series M, 4.14%, 12/01/2027(a) | 6,000,000 | 6,000,000 | |
Texas Department Of Housing And Community Affairs Multifamily Housing Revenue Bonds (Fishpond At Corpus Christi Apartments), VRN, (HUD SECT 8), Series REMK, 4.00%, 06/01/2038(a) | 2,000,000 | 2,000,138 | |
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds | |||
5.00%, 12/15/2024 | 3,100,000 | 3,123,348 | |
5.00%, 12/15/2025 | 1,500,000 | 1,516,913 | |
Total Texas | 47,799,638 | ||
VIRGINIA—0.2% | |||
Industrial Development Authority Of The County Of Charles City Variable Rate Demand Solid Waste Disposal Revenue Bonds, (Waste Management Of Virginia, Inc. Project), VRN, Series A, 3.95%, 08/01/2027(a) | 1,250,000 | 1,249,068 | |
WEST VIRGINIA—0.3% | |||
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 4.43%, 06/01/2033(a) | 1,835,000 | 1,835,000 | |
WISCONSIN—4.7% | |||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series C, 5.27%, 02/15/2053(a) | 2,000,000 | 2,000,000 | |
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Marshfield Clinic Health System), VRDN, Series A, 5.27%, 02/15/2053(a) | 27,000,000 | 27,000,000 | |
Total Wisconsin | 29,000,000 | ||
Total Municipal Bonds | 612,722,653 | ||
SHORT-TERM INVESTMENTS—1.6% | |||
CERTIFICATES OF DEPOSIT—1.6% | |||
UNITED STATES—1.6% | |||
County of Mercer, 3.80%, 09/06/2023 | 9,750,000 | 9,750,000 | |
Total Certificates of Deposit | 9,750,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENTS (continued) | |||
MONEY MARKET FUNDS—0.0% | |||
BlackRock Liquidity Funds MuniCash, Institutional Shares | 80,436 | $ 80,436 | |
Total Money Market Funds | 80,436 | ||
Total Short-Term Investments | 9,830,436 | ||
Total Investments (Cost $623,169,446)—100.2% | 622,553,089 | ||
Liabilities in Excess of Other Assets—(0.2%) | (1,494,645) | ||
Net Assets—100.0% | $621,058,444 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2023. 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. |
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, 2023 (unaudited)
July 31, 2023 (unaudited)
1. Summary of Significant Accounting Policies
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("GAAP") in the United States of America. 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. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Directors (the "Board") designated abrdn Inc. ("abrdn" or the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.
Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing 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. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, and the strategies employed by the Adviser as Valuation Designee 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 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Registered investment companies are valued at their NAV as reported by such company. 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). Exchange-traded options are valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the
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Notes to Statement of Investments (concluded)
July 31, 2023 (unaudited)
July 31, 2023 (unaudited)
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 closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.
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