Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn China A Share Equity Fund
Shares | Value | ||
COMMON STOCKS—96.1% | |||
CHINA—96.1% | |||
Consumer Discretionary—13.5% | |||
BYD Co. Ltd., A Shares (Stock Connect)(a) | 11,300 | $ 269,088 | |
BYD Co. Ltd., H Shares | 4,000 | 89,561 | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a) | 37,895 | 421,324 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(b) | 4,300 | 37,710 | |
Fuyao Glass Industry Group Co. Ltd., A Shares (Stock Connect)(a) | 147,038 | 779,355 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(a) | 90,142 | 730,543 | |
Zhejiang Shuanghuan Driveline Co. Ltd., A Shares (Stock Connect)(a) | 64,200 | 181,225 | |
2,508,806 | |||
Consumer Staples—18.5% | |||
By-health Co. Ltd., A Shares (Stock Connect)(a) | 39,688 | 83,063 | |
Chacha Food Co. Ltd., A Shares (Stock Connect)(a) | 45,900 | 194,783 | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares (Stock Connect)(a) | 52,571 | 248,718 | |
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares (Stock Connect)(a) | 79,000 | 297,951 | |
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a) | 7,963 | 1,779,878 | |
Proya Cosmetics Co. Ltd., A Shares (Stock Connect)(a) | 45,293 | 519,254 | |
Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)(a) | 3,337 | 58,822 | |
Yifeng Pharmacy Chain Co. Ltd. | 47,500 | 250,713 | |
3,433,182 | |||
Energy—0.0% | |||
G3 Exploration Ltd.(c)(d)(e)(f) | 53,000 | – | |
Financials—15.3% | |||
Bank of Ningbo Co. Ltd., A Shares (Stock Connect)(a) | 187,116 | 560,902 | |
China International Capital Corp. Ltd., A Shares (Stock Connect)(a) | 65,100 | 292,831 | |
China International Capital Corp. Ltd., H Shares(b) | 86,800 | 103,174 | |
China Merchants Bank Co. Ltd., A Shares (Stock Connect)(a) | 206,932 | 885,492 | |
Jiangsu Changshu Rural Commercial Bank Co. Ltd. | 271,200 | 259,347 | |
Ping An Bank Co. Ltd., A Shares (Stock Connect)(a) | 107,000 | 140,920 | |
Ping An Insurance Group Co. of China Ltd., A Shares (Stock Connect)(a) | 107,837 | 609,257 | |
2,851,923 | |||
Health Care—10.5% | |||
Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)(a) | 382,827 | 683,258 | |
Hangzhou Tigermed Consulting Co. Ltd., A Shares (Stock Connect)(a) | 53,467 | 301,909 | |
Hangzhou Tigermed Consulting Co. Ltd., H Shares(b) | 5,800 | 18,141 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares (Stock Connect)(a) | 43,255 | 225,891 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(a) | 19,610 | 733,130 | |
1,962,329 |
Shares | Value | ||
Industrials—22.8% | |||
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(a) | 310,688 | $ 507,949 | |
Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)(a) | 49,102 | 1,036,251 | |
Guangzhou Baiyun International Airport Co. Ltd., A Shares (Stock Connect)(a)(e) | 174,500 | 228,655 | |
Hefei Meiya Optoelectronic Technology, Inc., A Shares (Stock Connect)(a) | 65,230 | 140,511 | |
Jiangsu Hengli Hydraulic Co. Ltd. | 32,800 | 222,791 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(a) | 179,462 | 524,189 | |
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(a)(e) | 24,610 | 113,467 | |
Shanghai M&G Stationery, Inc., A Shares (Stock Connect)(a) | 82,580 | 351,961 | |
Shenzhen Inovance Technology Co. Ltd., A Shares (Stock Connect)(a) | 52,189 | 406,464 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(a) | 40,078 | 437,074 | |
Zhejiang Weixing New Building Materials Co. Ltd., A Shares (Stock Connect)(a) | 146,000 | 276,188 | |
4,245,500 | |||
Information Technology—12.8% | |||
Glodon Co. Ltd., A Shares (Stock Connect)(a) | 161,204 | 274,026 | |
Hundsun Technologies, Inc., A Shares (Stock Connect)(a) | 114,895 | 335,821 | |
LONGi Green Energy Technology Co. Ltd., A Shares (Stock Connect)(a) | 12,888 | 34,696 | |
Luxshare Precision Industry Co. Ltd., A Shares (Stock Connect)(a) | 92,070 | 326,040 | |
Maxscend Microelectronics Co. Ltd., A Shares (Stock Connect)(a) | 33,580 | 430,325 | |
SG Micro Corp., A Shares (Stock Connect)(a) | 39,313 | 339,853 | |
StarPower Semiconductor Ltd. | 11,200 | 198,168 | |
Venustech Group, Inc., A Shares (Stock Connect)(a) | 96,200 | 247,574 | |
Yonyou Network Technology Co. Ltd., A Shares (Stock Connect)(a) | 125,399 | 195,004 | |
2,381,507 | |||
Materials—2.7% | |||
Wanhua Chemical Group Co. Ltd., A Shares (Stock Connect)(a) | 51,217 | 498,403 | |
Total China | 17,881,650 | ||
Total Common Stocks | 17,881,650 | ||
EXCHANGE-TRADED FUNDS—2.2% | |||
KraneShares Bosera MSCI China A 50 Connect Index ETF | 20,915 | 400,941 | |
Total Exchange-Traded Funds | 400,941 | ||
SHORT-TERM INVESTMENT—2.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(g) | 458,316 | 458,316 | |
Total Short-Term Investment | 458,316 | ||
Total Investments (Cost $29,438,530)—100.8% | 18,740,907 | ||
Liabilities in Excess of Other Assets—(0.8%) | (141,548) | ||
Net Assets—100.0% | $18,599,359 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn China A Share Equity Fund
(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) | 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. |
(d) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(e) | Non-income producing security. |
(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 January 31, 2024. |
(g) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ETF | Exchange-Traded Fund |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS—97.4% | |||
AUSTRALIA—0.8% | |||
Materials—0.8% | |||
Rio Tinto PLC, ADR | 12,000 | $ 831,240 | |
BRAZIL—1.6% | |||
Industrials—0.9% | |||
CCR SA | 343,900 | 910,699 | |
Materials—0.7% | |||
Vale SA, ADR | 47,500 | 650,275 | |
Total Brazil | 1,560,974 | ||
CANADA—1.5% | |||
Energy—1.5% | |||
Enbridge, Inc. | 41,800 | 1,483,900 | |
CHINA—1.1% | |||
Financials—0.7% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 169,500 | 712,500 | |
Real Estate—0.4% | |||
China Vanke Co. Ltd., H Shares | 498,900 | 392,533 | |
Total China | 1,105,033 | ||
DENMARK—1.3% | |||
Financials—1.3% | |||
Tryg AS | 61,700 | 1,318,783 | |
EGYPT—0.6% | |||
Energy—0.6% | |||
Energean PLC | 47,900 | 575,544 | |
FINLAND—0.6% | |||
Information Technology—0.6% | |||
Nokia OYJ | 167,600 | 605,911 | |
FRANCE—6.7% | |||
Consumer Discretionary—1.0% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,210 | 1,006,791 | |
Consumer Staples—2.3% | |||
Danone SA | 19,900 | 1,325,810 | |
Pernod Ricard SA | 5,700 | 934,718 | |
2,260,528 | |||
Energy—1.3% | |||
TotalEnergies SE, ADR | 19,400 | 1,264,492 | |
Industrials—0.7% | |||
Teleperformance SE | 4,650 | 726,209 | |
Utilities—1.4% | |||
Engie SA | 84,700 | 1,352,868 | |
Total France | 6,610,888 | ||
GERMANY—2.8% | |||
Consumer Discretionary—0.5% | |||
Mercedes-Benz Group AG | 7,400 | 499,595 | |
Financials—1.0% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,300 | 979,153 | |
Utilities—1.3% | |||
RWE AG | 34,600 | 1,277,626 | |
Total Germany | 2,756,374 |
Shares | Value | ||
HONG KONG—0.8% | |||
Financials—0.8% | |||
Hong Kong Exchanges & Clearing Ltd. | 26,800 | $ 812,544 | |
JAPAN—1.9% | |||
Financials—1.2% | |||
Mitsubishi UFJ Financial Group, Inc. | 120,200 | 1,125,859 | |
Real Estate—0.7% | |||
GLP J-REIT | 800 | 714,267 | |
Total Japan | 1,840,126 | ||
NETHERLANDS—4.7% | |||
Financials—1.1% | |||
ING Groep NV | 72,900 | 1,035,797 | |
Information Technology—3.6% | |||
ASML Holding NV | 1,700 | 1,474,900 | |
BE Semiconductor Industries NV | 13,800 | 2,073,840 | |
3,548,740 | |||
Total Netherlands | 4,584,537 | ||
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 85,000 | 943,165 | |
SINGAPORE—1.2% | |||
Financials—1.2% | |||
Oversea-Chinese Banking Corp. Ltd. | 124,200 | 1,188,019 | |
SOUTH KOREA—0.9% | |||
Materials—0.9% | |||
LG Chem Ltd. | 2,600 | 843,140 | |
SPAIN—1.0% | |||
Consumer Discretionary—1.0% | |||
Amadeus IT Group SA | 14,600 | 1,023,173 | |
TAIWAN—1.4% | |||
Information Technology—1.4% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12,300 | 1,389,408 | |
UNITED KINGDOM—5.8% | |||
Communication Services—0.8% | |||
Vodafone Group PLC, ADR | 89,700 | 771,420 | |
Consumer Discretionary—1.1% | |||
Taylor Wimpey PLC | 562,200 | 1,049,623 | |
Financials—1.1% | |||
London Stock Exchange Group PLC | 9,400 | 1,063,272 | |
Health Care—1.3% | |||
AstraZeneca PLC, ADR | 19,100 | 1,272,824 | |
Industrials—1.0% | |||
Melrose Industries PLC | 140,200 | 1,044,979 | |
Materials—0.5% | |||
Mondi PLC | 26,700 | 478,462 | |
Total United Kingdom | 5,680,580 | ||
UNITED STATES—61.7% | |||
Communication Services—1.9% | |||
Alphabet, Inc., Class C(a) | 13,600 | 1,928,480 | |
Consumer Discretionary—5.4% | |||
Aptiv PLC(a) | 9,300 | 756,369 | |
Genuine Parts Co. | 8,500 | 1,191,955 | |
Las Vegas Sands Corp. | 15,100 | 738,692 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Lowe's Cos., Inc. | 6,000 | $ 1,277,040 | |
TJX Cos., Inc. | 14,000 | 1,328,740 | |
5,292,796 | |||
Consumer Staples—6.3% | |||
Coca-Cola Co. | 23,100 | 1,374,219 | |
Keurig Dr Pepper, Inc. | 30,800 | 968,352 | |
Mondelez International, Inc., Class A | 18,500 | 1,392,495 | |
Nestle SA | 9,300 | 1,059,740 | |
Target Corp. | 9,900 | 1,376,892 | |
6,171,698 | |||
Energy—1.1% | |||
Williams Cos., Inc. (The) | 32,400 | 1,122,984 | |
Financials—8.4% | |||
Bank of America Corp. | 31,100 | 1,057,711 | |
Blackstone, Inc. | 9,500 | 1,182,275 | |
CME Group, Inc. | 4,900 | 1,008,616 | |
Fidelity National Information Services, Inc. | 15,200 | 946,352 | |
Goldman Sachs Group, Inc. | 3,300 | 1,267,233 | |
Huntington Bancshares, Inc. | 76,400 | 972,572 | |
JPMorgan Chase & Co. | 7,500 | 1,307,700 | |
MetLife, Inc. | 7,900 | 547,628 | |
8,290,087 | |||
Health Care—11.0% | |||
AbbVie, Inc. | 8,400 | 1,380,960 | |
Baxter International, Inc. | 17,400 | 673,206 | |
Bristol-Myers Squibb Co. | 16,900 | 825,903 | |
CVS Health Corp. | 14,000 | 1,041,180 | |
Eli Lilly & Co. | 2,100 | 1,355,781 | |
Medtronic PLC | 11,600 | 1,015,464 | |
Merck & Co., Inc. | 10,600 | 1,280,268 | |
Roche Holding AG | 3,800 | 1,081,922 | |
Sanofi SA | 11,200 | 1,121,630 | |
UnitedHealth Group, Inc. | 2,000 | 1,023,480 | |
10,799,794 | |||
Industrials—6.6% | |||
FedEx Corp. | 4,900 | 1,182,321 | |
Ferrovial SE | 28,300 | 1,079,227 | |
Norfolk Southern Corp. | 4,400 | 1,035,056 | |
Schneider Electric SE | 6,200 | 1,217,990 | |
Stanley Black & Decker, Inc. | 8,400 | 783,720 | |
Waste Management, Inc. | 6,300 | 1,169,469 | |
6,467,783 | |||
Information Technology—13.4% | |||
Amdocs Ltd. | 14,300 | 1,311,024 | |
Analog Devices, Inc. | 6,800 | 1,308,048 |
Shares | Value | ||
Apple, Inc. | 18,800 | $ 3,466,720 | |
Broadcom, Inc. | 2,000 | 2,360,000 | |
Cisco Systems, Inc. | 25,200 | 1,264,536 | |
Microsoft Corp. | 8,700 | 3,458,946 | |
13,169,274 | |||
Materials—2.3% | |||
Linde PLC | 3,400 | 1,372,247 | |
Newmont Corp. | 25,300 | 873,103 | |
2,245,350 | |||
Real Estate—2.0% | |||
American Tower Corp., REIT | 5,100 | 997,815 | |
Gaming & Leisure Properties, Inc., REIT | 20,600 | 940,390 | |
1,938,205 | |||
Utilities—3.3% | |||
CMS Energy Corp. | 16,800 | 960,288 | |
FirstEnergy Corp. | 25,700 | 942,676 | |
NextEra Energy Partners LP | 16,500 | 492,525 | |
NextEra Energy, Inc. | 13,900 | 814,957 | |
3,210,446 | |||
Total United States | 60,636,897 | ||
Total Common Stocks | 95,790,236 | ||
PREFERRED STOCKS—1.3% | |||
SOUTH KOREA—1.3% | |||
Information Technology—1.3% | |||
Samsung Electronics Co. Ltd. | 28,800 | 1,260,169 | |
Total Preferred Stocks | 1,260,169 | ||
SHORT-TERM INVESTMENT—0.4% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(b) | 389,014 | 389,014 | |
Total Short-Term Investment | 389,014 | ||
Total Investments (Cost $78,597,933)—99.1% | 97,439,419 | ||
Other Assets in Excess of Liabilities—0.9% | 862,182 | ||
Net Assets—100.0% | $98,301,601 |
(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 January 31, 2024. |
ADR | American Depositary Receipt |
EUR | Euro Currency |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
At January 31, 2024, 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 | ||||||||
04/17/2024 | Citibank N.A. | USD | 8,794,305 | EUR | 8,000,000 | $8,673,254 | $121,051 |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn EM SMA Completion Fund
Shares | Value | ||
COMMON STOCKS—86.8% | |||
BRAZIL—10.4% | |||
Consumer Staples—4.2% | |||
Raia Drogasil SA | 2,396 | $ 12,235 | |
Energy—2.4% | |||
PRIO SA | 792 | 7,023 | |
Financials—3.8% | |||
B3 SA - Brasil Bolsa Balcao | 4,182 | 11,049 | |
Total Brazil | 30,307 | ||
CHINA—18.1% | |||
Consumer Discretionary—2.1% | |||
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a) | 534 | 5,945 | |
Health Care—7.0% | |||
Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)(a) | 3,900 | 6,970 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(a) | 358 | 13,403 | |
20,373 | |||
Industrials—5.6% | |||
NARI Technology Co. Ltd., A Shares (Stock Connect)(a) | 2,980 | 8,716 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(a) | 700 | 7,645 | |
16,361 | |||
Information Technology—0.9% | |||
Glodon Co. Ltd., A Shares (Stock Connect)(a) | 1,500 | 2,553 | |
Real Estate—2.5% | |||
China Resources Land Ltd. | 2,370 | 7,196 | |
Total China | 52,428 | ||
HONG KONG—1.9% | |||
Consumer Staples—1.9% | |||
Budweiser Brewing Co. APAC Ltd.(b) | 3,500 | 5,517 | |
INDIA—17.6% | |||
Consumer Staples—5.7% | |||
ITC Ltd., GDR(b) | 3,123 | 16,613 | |
Industrials—6.0% | |||
Larsen & Toubro Ltd., GDR(b) | 415 | 17,388 | |
Materials—5.9% | |||
UltraTech Cement Ltd., GDR(b)(c) | 140 | 17,141 | |
Total India | 51,142 | ||
INDONESIA—5.8% | |||
Communication Services—2.5% | |||
Telkom Indonesia Persero Tbk. PT | 29,300 | 7,349 | |
Financials—3.3% | |||
Bank Negara Indonesia Persero Tbk. PT | 26,200 | 9,532 | |
Total Indonesia | 16,881 | ||
MEXICO—8.5% | |||
Financials—5.4% | |||
Grupo Financiero Banorte SAB de CV, Class O | 1,555 | 15,820 | |
Materials—3.1% | |||
Grupo Mexico SAB de CV | 1,717 | 8,850 | |
Total Mexico | 24,670 |
Shares | Value | ||
SAUDI ARABIA—5.6% | |||
Energy—1.0% | |||
Saudi Arabian Oil Co.(b) | 364 | $ 2,965 | |
Financials—4.6% | |||
Al Rajhi Bank | 592 | 13,215 | |
Total Saudi Arabia | 16,180 | ||
SOUTH KOREA—9.1% | |||
Industrials—5.8% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 97 | 8,230 | |
Samsung Engineering Co. Ltd.(d) | 514 | 8,573 | |
16,803 | |||
Materials—3.3% | |||
LG Chem Ltd. | 30 | 9,729 | |
Total South Korea | 26,532 | ||
TAIWAN—7.9% | |||
Information Technology—7.9% | |||
Accton Technology Corp. | 666 | 11,204 | |
MediaTek, Inc. | 382 | 11,787 | |
22,991 | |||
UNITED ARAB EMIRATES—1.9% | |||
Consumer Discretionary—1.9% | |||
Americana Restaurants International PLC | 6,363 | 5,388 | |
Total Common Stocks | 252,036 | ||
PREFERRED STOCKS—22.9% | |||
BRAZIL—4.3% | |||
Financials—4.3% | |||
Itausa SA | 6,246 | 12,607 | |
SOUTH KOREA—18.6% | |||
Information Technology—18.6% | |||
Samsung Electronics Co. Ltd. | 1,231 | 53,863 | |
Total Preferred Stocks | 66,470 | ||
SHORT-TERM INVESTMENT—0.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(e) | 2,415 | 2,415 | |
Total Short-Term Investment | 2,415 | ||
Total Investments (Cost $353,146)—110.5% | 320,921 | ||
Liabilities in Excess of Other Assets—(10.5%) | (30,500) | ||
Net Assets—100.0% | $290,421 |
(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) | Illiquid security. |
(d) | Non-income producing security. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS—91.6% | |||
AUSTRALIA—1.1% | |||
Materials—1.1% | |||
BHP Group Ltd. | 20,049 | $ 618,008 | |
AUSTRIA—0.6% | |||
Materials—0.6% | |||
Mondi PLC | 18,192 | 327,022 | |
BRAZIL—8.8% | |||
Consumer Discretionary—1.2% | |||
MercadoLibre, Inc.(a) | 401 | 686,436 | |
Consumer Staples—2.1% | |||
Raia Drogasil SA | 235,520 | 1,202,700 | |
Energy—2.2% | |||
3R Petroleum Oleo E Gas SA(a) | 82,845 | 457,834 | |
PRIO SA | 92,600 | 821,072 | |
1,278,906 | |||
Financials—1.2% | |||
B3 SA - Brasil Bolsa Balcao | 268,077 | 708,285 | |
Industrials—2.1% | |||
Localiza Rent a Car SA | 114,530 | 1,251,083 | |
Total Brazil | 5,127,410 | ||
CHILE—0.8% | |||
Industrials—0.8% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 10,532 | 443,081 | |
FRANCE—2.0% | |||
Energy—2.0% | |||
TotalEnergies SE | 18,396 | 1,193,451 | |
INDIA—22.0% | |||
Communication Services—1.7% | |||
Bharti Airtel Ltd. | 40,480 | 571,544 | |
Info Edge India Ltd. | 6,564 | 397,969 | |
969,513 | |||
Consumer Discretionary—0.7% | |||
Maruti Suzuki India Ltd. | 3,435 | 420,237 | |
Consumer Staples—3.0% | |||
Hindustan Unilever Ltd. | 27,779 | 828,446 | |
ITC Ltd. | 172,530 | 917,599 | |
1,746,045 | |||
Financials—8.4% | |||
Cholamandalam Investment & Finance Co. Ltd. | 40,984 | 585,273 | |
HDFC Bank Ltd. | 71,053 | 1,249,613 | |
ICICI Bank Ltd. | 107,848 | 1,331,230 | |
Kotak Mahindra Bank Ltd. | 27,140 | 596,913 | |
SBI Life Insurance Co. Ltd.(b) | 68,391 | 1,160,407 | |
4,923,436 | |||
Industrials—1.3% | |||
Larsen & Toubro Ltd. | 18,763 | 785,574 | |
Information Technology—1.5% | |||
Tata Consultancy Services Ltd. | 19,141 | 876,414 | |
Materials—1.4% | |||
UltraTech Cement Ltd. | 6,700 | 817,421 | |
Real Estate—1.5% | |||
Godrej Properties Ltd.(a) | 30,044 | 855,611 |
Shares | Value | ||
Utilities—2.5% | |||
Power Grid Corp. of India Ltd. | 457,800 | $ 1,433,177 | |
Total India | 12,827,428 | ||
INDONESIA—3.6% | |||
Communication Services—0.9% | |||
Telkom Indonesia Persero Tbk. PT | 2,060,900 | 516,929 | |
Financials—2.7% | |||
Bank Negara Indonesia Persero Tbk. PT | 1,985,300 | 722,283 | |
Bank Rakyat Indonesia Persero Tbk. PT | 2,316,200 | 834,377 | |
1,556,660 | |||
Total Indonesia | 2,073,589 | ||
ISRAEL—1.5% | |||
Information Technology—1.5% | |||
Nova Ltd.(a) | 5,870 | 850,035 | |
ITALY—1.0% | |||
Consumer Staples—1.0% | |||
Coca-Cola HBC AG | 19,896 | 584,878 | |
KAZAKHSTAN—2.1% | |||
Financials—2.1% | |||
Kaspi.KZ JSC, GDR(b) | 13,558 | 1,247,336 | |
MEXICO—6.8% | |||
Consumer Staples—1.3% | |||
Fomento Economico Mexicano SAB de CV, ADR | 5,748 | 779,084 | |
Financials—1.6% | |||
Grupo Financiero Banorte SAB de CV, Class O | 90,743 | 922,693 | |
Industrials—1.0% | |||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 8,391 | 616,822 | |
Materials—2.9% | |||
Grupo Mexico SAB de CV | 143,791 | 741,199 | |
Southern Copper Corp. | 11,302 | 927,894 | |
1,669,093 | |||
Total Mexico | 3,987,692 | ||
NETHERLANDS—2.5% | |||
Information Technology—2.5% | |||
ASM International NV | 1,124 | 622,959 | |
ASML Holding NV | 927 | 804,254 | |
1,427,213 | |||
PERU—0.8% | |||
Financials—0.8% | |||
Credicorp Ltd. | 3,143 | 466,515 | |
PHILIPPINES—0.4% | |||
Financials—0.4% | |||
Bank of the Philippine Islands | 128,660 | 252,118 | |
POLAND—2.5% | |||
Consumer Staples—1.4% | |||
Dino Polska SA(a)(b) | 7,667 | 827,481 | |
Industrials—1.1% | |||
InPost SA(a) | 43,213 | 649,051 | |
Total Poland | 1,476,532 | ||
SAUDI ARABIA—4.5% | |||
Energy—1.8% | |||
Saudi Arabian Oil Co.(b) | 132,566 | 1,079,894 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets ex-China Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
SAUDI ARABIA (continued) | |||
Financials—2.7% | |||
Al Rajhi Bank | 39,500 | $ 881,755 | |
Saudi Tadawul Group Holding Co. | 12,189 | 671,240 | |
1,552,995 | |||
Total Saudi Arabia | 2,632,889 | ||
SOUTH AFRICA—1.8% | |||
Financials—0.8% | |||
Sanlam Ltd. | 117,734 | 449,178 | |
Materials—1.0% | |||
Anglo American Platinum Ltd. | 14,159 | 599,440 | |
Total South Africa | 1,048,618 | ||
SOUTH KOREA—9.4% | |||
Financials—0.9% | |||
KB Financial Group, Inc., ADR | 12,560 | 530,911 | |
Health Care—0.7% | |||
Samsung Biologics Co. Ltd.(a)(b) | 661 | 416,081 | |
Industrials—2.4% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 8,178 | 693,875 | |
Samsung Engineering Co. Ltd.(a) | 41,672 | 695,067 | |
1,388,942 | |||
Information Technology—4.0% | |||
Samsung Electronics Co. Ltd., GDR(b) | 1,472 | 1,610,208 | |
Samsung Electronics Co. Ltd., Preferred Shares, GDR(b) | 215 | 235,640 | |
Samsung SDI Co. Ltd. | 1,105 | 306,664 | |
Samsung SDI Co. Ltd., GDR(b) | 2,282 | 159,737 | |
2,312,249 | |||
Materials—1.4% | |||
LG Chem Ltd. | 2,613 | 847,357 | |
Total South Korea | 5,495,540 | ||
TAIWAN—15.9% | |||
Consumer Discretionary—2.6% | |||
Makalot Industrial Co. Ltd. | 52,000 | 596,503 | |
momo.com, Inc. | 21,760 | 302,050 | |
Poya International Co. Ltd. | 37,441 | 616,892 | |
1,515,445 | |||
Information Technology—13.3% | |||
Accton Technology Corp. | 43,000 | 723,370 | |
Chroma ATE, Inc. | 142,000 | 907,564 | |
Delta Electronics, Inc. | 58,000 | 519,018 | |
MediaTek, Inc. | 18,000 | 555,437 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 254,000 | 5,084,697 | |
7,790,086 | |||
Total Taiwan | 9,305,531 |
Shares | Value | ||
TURKEY—0.9% | |||
Consumer Staples—0.9% | |||
Coca-Cola Icecek AS | 30,394 | $ 536,181 | |
UNITED ARAB EMIRATES—0.7% | |||
Consumer Discretionary—0.7% | |||
Americana Restaurants International PLC | 478,041 | 406,643 | |
UNITED KINGDOM—0.5% | |||
Utilities—0.5% | |||
ReNew Energy Global PLC, Class A(a) | 46,482 | 314,683 | |
UNITED STATES—1.4% | |||
Information Technology—1.4% | |||
Globant SA(a) | 3,568 | 841,370 | |
Total Common Stocks | 53,483,763 | ||
PREFERRED STOCKS—5.2% | |||
BRAZIL—1.5% | |||
Financials—1.5% | |||
Itausa SA | 442,299 | 892,740 | |
SOUTH KOREA—3.7% | |||
Information Technology—3.7% | |||
Samsung Electronics Co. Ltd. | 48,855 | 2,137,692 | |
Total Preferred Stocks | 3,030,432 | ||
RIGHTS—0.0% | |||
Localiza Rent a Car SA(a) | 171 | 310 | |
Total Rights | 310 | ||
SHORT-TERM INVESTMENT—3.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(c) | 2,210,044 | 2,210,044 | |
Total Short-Term Investment | 2,210,044 | ||
Total Investments (Cost $55,787,584)—100.6% | 58,724,549 | ||
Liabilities in Excess of Other Assets—(0.6%) | (350,493) | ||
Net Assets—100.0% | $58,374,056 |
(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 January 31, 2024. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS—89.0% | |||
AUSTRIA—0.7% | |||
Materials—0.7% | |||
Mondi PLC | 673,978 | $ 12,115,058 | |
BRAZIL—5.1% | |||
Consumer Discretionary—1.3% | |||
MercadoLibre, Inc.(a) | 12,631 | 21,621,872 | |
Consumer Staples—1.6% | |||
Raia Drogasil SA | 5,104,347 | 26,065,715 | |
Energy—0.9% | |||
PRIO SA | 1,651,852 | 14,646,750 | |
Financials—1.3% | |||
B3 SA - Brasil Bolsa Balcao | 8,330,531 | 22,010,062 | |
Total Brazil | 84,344,399 | ||
CHILE—0.4% | |||
Industrials—0.4% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 159,331 | 6,703,055 | |
CHINA—20.2% | |||
Communication Services—5.4% | |||
Tencent Holdings Ltd. | 2,588,300 | 89,843,259 | |
Consumer Discretionary—7.5% | |||
Alibaba Group Holding Ltd. | 6,833,500 | 61,289,482 | |
ANTA Sports Products Ltd. | 1,470,400 | 12,410,843 | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b) | 546,482 | 6,084,314 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(c) | 992,800 | 8,706,658 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(b) | 3,592,011 | 29,151,272 | |
Zhongsheng Group Holdings Ltd. | 3,761,000 | 6,348,656 | |
123,991,225 | |||
Consumer Staples—1.9% | |||
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b) | 138,406 | 30,979,185 | |
Health Care—2.2% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(b) | 710,697 | 26,606,601 | |
Wuxi Biologics Cayman, Inc.(a)(c) | 3,621,000 | 9,528,786 | |
36,135,387 | |||
Industrials—2.2% | |||
NARI Technology Co. Ltd., A Shares (Stock Connect)(b) | 7,144,779 | 20,898,065 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(b) | 1,509,542 | 16,485,248 | |
37,383,313 | |||
Real Estate—1.0% | |||
China Resources Land Ltd. | 5,600,000 | 17,001,906 | |
Total China | 335,334,275 | ||
FRANCE—2.0% | |||
Energy—2.0% | |||
TotalEnergies SE | 505,726 | 32,809,270 | |
HONG KONG—4.4% | |||
Consumer Discretionary—0.8% | |||
Li Auto, Inc., A Shares(a) | 996,900 | 13,780,068 |
Shares | Value | ||
Consumer Staples—0.7% | |||
Budweiser Brewing Co. APAC Ltd.(c) | 6,863,600 | $ 10,818,004 | |
Financials—2.9% | |||
AIA Group Ltd. | 4,463,800 | 35,006,976 | |
Hong Kong Exchanges & Clearing Ltd. | 453,665 | 13,754,578 | |
48,761,554 | |||
Total Hong Kong | 73,359,626 | ||
INDIA—17.2% | |||
Communication Services—1.1% | |||
Bharti Airtel Ltd. | 1,225,481 | 17,302,781 | |
Consumer Discretionary—1.1% | |||
Maruti Suzuki India Ltd. | 142,612 | 17,447,125 | |
Consumer Staples—1.5% | |||
Hindustan Unilever Ltd. | 853,006 | 25,438,969 | |
Financials—7.4% | |||
Cholamandalam Investment & Finance Co. Ltd. | 594,253 | 8,486,242 | |
HDFC Bank Ltd. | 2,495,854 | 43,894,737 | |
Kotak Mahindra Bank Ltd. | 1,212,556 | 26,668,786 | |
SBI Life Insurance Co. Ltd.(c) | 2,564,863 | 43,518,679 | |
122,568,444 | |||
Information Technology—1.6% | |||
Tata Consultancy Services Ltd. | 588,376 | 26,940,121 | |
Materials—1.7% | |||
UltraTech Cement Ltd. | 231,448 | 28,237,383 | |
Real Estate—0.5% | |||
Godrej Properties Ltd.(a) | 306,530 | 8,729,544 | |
Utilities—2.3% | |||
Power Grid Corp. of India Ltd. | 12,117,735 | 37,935,464 | |
Total India | 284,599,831 | ||
INDONESIA—3.9% | |||
Communication Services—1.0% | |||
Telkom Indonesia Persero Tbk. PT | 65,527,400 | 16,436,032 | |
Financials—2.9% | |||
Bank Negara Indonesia Persero Tbk. PT | 50,455,000 | 18,356,306 | |
Bank Rakyat Indonesia Persero Tbk. PT | 81,699,344 | 29,430,988 | |
47,787,294 | |||
Total Indonesia | 64,223,326 | ||
KAZAKHSTAN—1.6% | |||
Financials—1.6% | |||
Kaspi.KZ JSC, GDR(c) | 291,850 | 26,850,200 | |
MEXICO—7.2% | |||
Consumer Staples—2.0% | |||
Fomento Economico Mexicano SAB de CV, ADR | 245,065 | 33,216,110 | |
Financials—1.9% | |||
Grupo Financiero Banorte SAB de CV, Class O | 3,037,729 | 30,888,241 | |
Industrials—1.0% | |||
Grupo Aeroportuario del Sureste SAB de CV, B Shares | 603,719 | 17,572,970 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
MEXICO (continued) | |||
Materials—2.3% | |||
Grupo Mexico SAB de CV | 1,739,504 | $ 8,966,609 | |
Southern Copper Corp. | 349,485 | 28,692,719 | |
37,659,328 | |||
Total Mexico | 119,336,649 | ||
NETHERLANDS—2.5% | |||
Information Technology—2.5% | |||
ASM International NV | 40,323 | 22,348,362 | |
ASML Holding NV | 21,024 | 18,240,167 | |
40,588,529 | |||
PERU—0.6% | |||
Financials—0.6% | |||
Credicorp Ltd. | 64,566 | 9,583,531 | |
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—2.4% | |||
Energy—0.9% | |||
Saudi Arabian Oil Co.(c) | 1,777,134 | 14,476,695 | |
Financials—1.5% | |||
Al Rajhi Bank | 1,149,367 | 25,657,215 | |
Total Saudi Arabia | 40,133,910 | ||
SOUTH AFRICA—2.0% | |||
Financials—1.2% | |||
Sanlam Ltd. | 5,326,677 | 20,322,315 | |
Materials—0.8% | |||
Anglo American Platinum Ltd. | 310,055 | 13,126,585 | |
Total South Africa | 33,448,900 | ||
SOUTH KOREA—3.3% | |||
Industrials—2.1% | |||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 208,968 | 17,730,210 | |
Samsung Engineering Co. Ltd.(a) | 1,051,753 | 17,542,691 | |
35,272,901 | |||
Materials—1.2% | |||
LG Chem Ltd. | 59,114 | 19,169,774 | |
Total South Korea | 54,442,675 | ||
TAIWAN—13.6% | |||
Information Technology—13.6% | |||
Accton Technology Corp. | 1,355,000 | 22,794,559 |
Shares | Value | ||
Delta Electronics, Inc. | 1,942,000 | $ 17,378,170 | |
MediaTek, Inc. | 859,000 | 26,506,695 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7,893,017 | 158,006,297 | |
224,685,721 | |||
UNITED ARAB EMIRATES—0.8% | |||
Consumer Discretionary—0.8% | |||
Americana Restaurants International PLC | 15,755,399 | 13,402,235 | |
UNITED STATES—1.1% | |||
Information Technology—1.1% | |||
Globant SA(a) | 78,662 | 18,549,286 | |
Total Common Stocks | 1,474,510,476 | ||
PREFERRED STOCKS—8.6% | |||
BRAZIL—1.7% | |||
Financials—1.7% | |||
Itausa SA | 13,599,692 | 27,449,725 | |
SOUTH KOREA—6.9% | |||
Information Technology—6.9% | |||
Samsung Electronics Co. Ltd. | 2,619,365 | 114,612,555 | |
Total Preferred Stocks | 142,062,280 | ||
SHORT-TERM INVESTMENT—1.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(f) | 26,177,919 | 26,177,919 | |
Total Short-Term Investment | 26,177,919 | ||
Total Investments (Cost $1,714,309,544)—99.2% | 1,642,750,675 | ||
Other Assets in Excess of Liabilities—0.8% | 13,589,578 | ||
Net Assets—100.0% | $1,656,340,253 |
(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 January 31, 2024. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—90.6% | |||
AUSTRIA—0.9% | |||
Materials—0.9% | |||
Mondi PLC | 36,142 | $ 649,665 | |
BRAZIL—7.1% | |||
Consumer Discretionary—1.6% | |||
MercadoLibre, Inc.(a) | 668 | 1,143,489 | |
Consumer Staples—2.7% | |||
Adecoagro SA | 87,191 | 891,964 | |
Raia Drogasil SA | 203,608 | 1,039,739 | |
1,931,703 | |||
Financials—0.8% | |||
B3 SA - Brasil Bolsa Balcao | 212,439 | 561,284 | |
Real Estate—1.1% | |||
Multiplan Empreendimentos Imobiliarios SA | 136,267 | 766,268 | |
Utilities—0.9% | |||
Equatorial Energia SA | 84,323 | 603,012 | |
Total Brazil | 5,005,756 | ||
CHILE—1.8% | |||
Financials—1.0% | |||
Banco Santander Chile, ADR | 39,838 | 728,239 | |
Industrials—0.8% | |||
Sociedad Quimica y Minera de Chile SA, ADR | 13,057 | 549,308 | |
Total Chile | 1,277,547 | ||
CHINA—20.3% | |||
Communication Services—4.8% | |||
Tencent Holdings Ltd. | 98,200 | 3,408,650 | |
Consumer Discretionary—7.3% | |||
Alibaba Group Holding Ltd. | 292,700 | 2,625,218 | |
China Tourism Group Duty Free Corp. Ltd., H Shares(b) | 37,700 | 330,621 | |
Midea Group Co. Ltd., A Shares (Stock Connect)(c) | 132,029 | 1,071,493 | |
Tongcheng Travel Holdings Ltd.(a)(b) | 415,600 | 847,763 | |
Zhongsheng Group Holdings Ltd. | 156,500 | 264,176 | |
5,139,271 | |||
Health Care—2.1% | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)(c) | 29,331 | 1,098,074 | |
Wuxi Biologics Cayman, Inc.(a)(b) | 153,500 | 403,941 | |
1,502,015 | |||
Industrials—3.6% | |||
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(c) | 253,180 | 414,502 | |
Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)(c) | 31,960 | 675,420 | |
NARI Technology Co. Ltd., A Shares (Stock Connect)(c) | 206,819 | 604,933 | |
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(c) | 77,800 | 849,630 | |
2,544,485 | |||
Information Technology—1.2% | |||
Glodon Co. Ltd., A Shares (Stock Connect)(c) | 159,656 | 271,771 | |
Hundsun Technologies, Inc., A Shares (Stock Connect)(c) | 186,926 | 547,115 | |
818,886 |
Shares | Value | ||
Real Estate—1.3% | |||
KE Holdings, Inc., A Shares(c) | 187,800 | $ 879,134 | |
Total China | 14,292,441 | ||
HONG KONG—3.9% | |||
Consumer Discretionary—0.8% | |||
Li Auto, Inc., A Shares(a) | 40,000 | 552,917 | |
Financials—3.1% | |||
AIA Group Ltd. | 185,100 | 1,451,631 | |
Hong Kong Exchanges & Clearing Ltd. | 24,900 | 754,938 | |
2,206,569 | |||
Total Hong Kong | 2,759,486 | ||
INDIA—16.6% | |||
Communication Services—1.1% | |||
Bharti Airtel Ltd. | 53,710 | 758,341 | |
Consumer Staples—1.8% | |||
Hindustan Unilever Ltd. | 43,284 | 1,290,847 | |
Financials—7.3% | |||
Cholamandalam Investment & Finance Co. Ltd. | 25,374 | 362,354 | |
HDFC Bank Ltd. | 102,148 | 1,796,483 | |
Kotak Mahindra Bank Ltd. | 50,460 | 1,109,810 | |
SBI Life Insurance Co. Ltd.(b) | 107,790 | 1,828,900 | |
5,097,547 | |||
Information Technology—1.7% | |||
Tata Consultancy Services Ltd. | 26,301 | 1,204,251 | |
Real Estate—0.7% | |||
Godrej Properties Ltd.(a) | 18,202 | 518,367 | |
Utilities—4.0% | |||
Power Grid Corp. of India Ltd. | 894,000 | 2,798,733 | |
Total India | 11,668,086 | ||
INDONESIA—4.2% | |||
Communication Services—1.1% | |||
Telkom Indonesia Persero Tbk. PT | 3,193,100 | 800,915 | |
Financials—3.1% | |||
Bank Negara Indonesia Persero Tbk. PT | 2,346,900 | 853,839 | |
Bank Rakyat Indonesia Persero Tbk. PT | 3,578,500 | 1,289,102 | |
2,142,941 | |||
Total Indonesia | 2,943,856 | ||
KAZAKHSTAN—1.8% | |||
Financials—1.8% | |||
Kaspi.KZ JSC, GDR(b) | 13,794 | 1,269,048 | |
MEXICO—5.0% | |||
Consumer Staples—2.3% | |||
Fomento Economico Mexicano SAB de CV, ADR | 11,995 | 1,625,803 | |
Financials—2.7% | |||
Grupo Financiero Banorte SAB de CV, Class O | 187,104 | 1,902,511 | |
Total Mexico | 3,528,314 | ||
NETHERLANDS—3.6% | |||
Information Technology—3.6% | |||
ASM International NV | 2,295 | 1,271,966 | |
ASML Holding NV | 1,414 | 1,226,769 | |
2,498,735 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Emerging Markets Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
PHILIPPINES—1.2% | |||
Real Estate—1.2% | |||
Ayala Land, Inc. | 1,338,200 | $ 808,682 | |
POLAND—2.6% | |||
Consumer Staples—1.0% | |||
Dino Polska SA(a)(b) | 6,214 | 670,662 | |
Industrials—1.6% | |||
InPost SA(a) | 75,607 | 1,135,604 | |
Total Poland | 1,806,266 | ||
SAUDI ARABIA—2.4% | |||
Financials—2.4% | |||
Al Rajhi Bank | 76,346 | 1,704,265 | |
SOUTH AFRICA—1.2% | |||
Financials—1.2% | |||
Sanlam Ltd. | 226,216 | 863,058 | |
SOUTH KOREA—1.4% | |||
Materials—1.4% | |||
LG Chem Ltd. | 2,919 | 946,587 | |
TAIWAN—15.0% | |||
Information Technology—15.0% | |||
Accton Technology Corp. | 56,000 | 942,063 | |
Chroma ATE, Inc. | 143,000 | 913,955 | |
MediaTek, Inc. | 43,000 | 1,326,878 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 369,000 | 7,386,823 | |
10,569,719 | |||
UNITED KINGDOM—0.9% | |||
Utilities—0.9% | |||
ReNew Energy Global PLC, Class A(a) | 88,889 | 601,779 | |
UNITED STATES—0.7% | |||
Information Technology—0.7% | |||
Globant SA(a) | 2,087 | 492,136 | |
Total Common Stocks | 63,685,426 |
Shares | Value | ||
PREFERRED STOCKS—8.4% | |||
BRAZIL—1.1% | |||
Financials—1.1% | |||
Itausa SA | 395,782 | $ 798,849 | |
SOUTH KOREA—7.3% | |||
Information Technology—7.3% | |||
Samsung Electronics Co. Ltd. | 116,866 | 5,113,572 | |
Total Preferred Stocks | 5,912,421 | ||
SHORT-TERM INVESTMENT—0.9% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(d) | 630,113 | 630,113 | |
Total Short-Term Investment | 630,113 | ||
Total Investments (Cost $81,741,900)—99.9% | 70,227,960 | ||
Other Assets in Excess of Liabilities—0.1% | 61,072 | ||
Net Assets—100.0% | $70,289,032 |
(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) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Global Equity Impact Fund
Shares | Value | ||
COMMON STOCKS—97.6% | |||
BRAZIL—2.6% | |||
Consumer Discretionary—1.6% | |||
MercadoLibre, Inc.(a) | 392 | $ 671,030 | |
Financials—1.0% | |||
Banco Bradesco SA | 159,996 | 441,778 | |
Total Brazil | 1,112,808 | ||
CHINA—1.0% | |||
Financials—1.0% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 107,500 | 451,881 | |
DENMARK—7.8% | |||
Health Care—5.6% | |||
Novo Nordisk AS, Class B | 21,132 | 2,415,480 | |
Industrials—2.2% | |||
Vestas Wind Systems AS(a) | 34,234 | 965,228 | |
Total Denmark | 3,380,708 | ||
INDIA—4.4% | |||
Financials—4.4% | |||
HDFC Bank Ltd. | 109,766 | 1,930,461 | |
INDONESIA—3.1% | |||
Financials—2.2% | |||
Bank Rakyat Indonesia Persero Tbk. PT | 2,623,195 | 944,967 | |
Health Care—0.9% | |||
Medikaloka Hermina Tbk. PT | 4,906,500 | 405,766 | |
Total Indonesia | 1,350,733 | ||
ISRAEL—0.8% | |||
Industrials—0.8% | |||
Kornit Digital Ltd.(a) | 19,417 | 332,225 | |
JAPAN—1.0% | |||
Consumer Discretionary—1.0% | |||
LITALICO, Inc. | 30,700 | 447,311 | |
MEXICO—2.4% | |||
Financials—2.4% | |||
Gentera SAB de CV | 766,067 | 1,040,176 | |
NETHERLANDS—4.2% | |||
Information Technology—4.2% | |||
ASML Holding NV | 2,117 | 1,836,684 | |
REPUBLIC OF IRELAND—2.2% | |||
Industrials—2.2% | |||
Kingspan Group PLC | 11,765 | 955,513 | |
SOUTH AFRICA—1.5% | |||
Consumer Staples—1.5% | |||
Clicks Group Ltd. | 41,912 | 673,681 | |
SOUTH KOREA—1.8% | |||
Information Technology—1.8% | |||
Samsung SDI Co. Ltd. | 2,763 | 766,798 | |
SWITZERLAND—2.7% | |||
Materials—2.7% | |||
DSM-Firmenich AG | 11,118 | 1,175,512 | |
TAIWAN—2.5% | |||
Industrials—1.0% | |||
Voltronic Power Technology Corp. | 9,610 | 410,951 |
Shares | Value | ||
Information Technology—1.5% | |||
Sinbon Electronics Co. Ltd. | 81,000 | $ 666,877 | |
Total Taiwan | 1,077,828 | ||
UNITED KINGDOM—9.3% | |||
Health Care—2.6% | |||
AstraZeneca PLC | 8,491 | 1,125,710 | |
Industrials—4.3% | |||
RELX PLC | 45,468 | 1,876,649 | |
Utilities—2.4% | |||
ReNew Energy Global PLC, Class A(a) | 77,433 | 524,221 | |
SSE PLC | 25,381 | 540,563 | |
1,064,784 | |||
Total United Kingdom | 4,067,143 | ||
UNITED STATES—50.3% | |||
Consumer Discretionary—2.3% | |||
Coursera, Inc.(a) | 51,581 | 987,260 | |
Financials—1.3% | |||
Remitly Global, Inc.(a) | 31,956 | 547,726 | |
Health Care—13.7% | |||
GSK PLC | 52,216 | 1,032,714 | |
Insulet Corp.(a) | 5,852 | 1,116,971 | |
Merck & Co., Inc. | 14,718 | 1,777,640 | |
UnitedHealth Group, Inc. | 3,976 | 2,034,679 | |
5,962,004 | |||
Industrials—18.5% | |||
Advanced Drainage Systems, Inc. | 6,700 | 873,814 | |
Hubbell, Inc. | 3,355 | 1,125,837 | |
MSA Safety, Inc. | 4,052 | 668,702 | |
Schneider Electric SE | 5,641 | 1,108,174 | |
Tetra Tech, Inc. | 13,010 | 2,057,922 | |
Veralto Corp. | 11,700 | 897,273 | |
Westinghouse Air Brake Technologies Corp. | 10,018 | 1,318,068 | |
8,049,790 | |||
Information Technology—2.8% | |||
Analog Devices, Inc. | 6,465 | 1,243,607 | |
Real Estate—6.5% | |||
Equinix, Inc., REIT | 1,692 | 1,403,971 | |
Prologis, Inc., REIT | 11,233 | 1,423,109 | |
2,827,080 | |||
Utilities—5.2% | |||
American Water Works Co., Inc. | 6,273 | 777,977 | |
NextEra Energy, Inc. | 25,417 | 1,490,199 | |
2,268,176 | |||
Total United States | 21,885,643 | ||
Total Common Stocks | 42,485,105 | ||
SHORT-TERM INVESTMENT—3.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(b) | 1,549,272 | 1,549,272 | |
Total Short-Term Investment | 1,549,272 | ||
Total Investments (Cost $40,389,401)—101.1% | 44,034,377 | ||
Liabilities in Excess of Other Assets—(1.1%) | (495,983) | ||
Net Assets—100.0% | $43,538,394 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Global Equity Impact Fund
(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 January 31, 2024. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS—100.1% | |||
ARGENTINA—1.8% | |||
Industrials—0.6% | |||
Corp. America Airports SA(a) | 16,400 | $ 258,300 | |
Materials—1.2% | |||
Loma Negra Cia Industrial Argentina SA, ADR | 72,600 | 514,734 | |
Total Argentina | 773,034 | ||
AUSTRALIA—1.2% | |||
Industrials—1.2% | |||
Aurizon Holdings Ltd. | 211,200 | 520,615 | |
BRAZIL—4.7% | |||
Industrials—3.6% | |||
CCR SA | 419,500 | 1,110,899 | |
Rumo SA | 95,900 | 446,362 | |
1,557,261 | |||
Utilities—1.1% | |||
Serena Energia SA(a) | 239,907 | 467,282 | |
Total Brazil | 2,024,543 | ||
CANADA—6.9% | |||
Energy—3.2% | |||
Enbridge, Inc. | 38,900 | 1,381,298 | |
Industrials—2.5% | |||
Canadian Pacific Kansas City Ltd. | 13,600 | 1,094,392 | |
Utilities—1.2% | |||
Algonquin Power & Utilities Corp. | 87,300 | 517,521 | |
Total Canada | 2,993,211 | ||
FRANCE—13.2% | |||
Industrials—7.8% | |||
Eiffage SA | 10,500 | 1,098,617 | |
Getlink SE | 54,200 | 933,925 | |
Vinci SA | 10,600 | 1,339,016 | |
3,371,558 | |||
Utilities—5.4% | |||
Engie SA | 74,700 | 1,193,144 | |
Veolia Environnement SA | 35,300 | 1,150,209 | |
2,343,353 | |||
Total France | 5,714,911 | ||
GERMANY—2.4% | |||
Utilities—2.4% | |||
RWE AG | 28,800 | 1,063,458 | |
HONG KONG—1.1% | |||
Utilities—1.1% | |||
CLP Holdings Ltd. | 62,500 | 497,090 | |
INDONESIA—0.8% | |||
Communication Services—0.8% | |||
Sarana Menara Nusantara Tbk PT | 5,845,200 | 328,790 | |
ITALY—4.3% | |||
Communication Services—1.7% | |||
Infrastrutture Wireless Italiane SpA(b) | 62,600 | 756,961 | |
Utilities—2.6% | |||
Enel SpA | 162,300 | 1,107,434 | |
Total Italy | 1,864,395 |
Shares | Value | ||
MALAYSIA—2.0% | |||
Industrials—2.0% | |||
Malaysia Airports Holdings Bhd | 529,800 | $ 861,503 | |
MEXICO—3.3% | |||
Industrials—3.3% | |||
Grupo Aeroportuario del Centro Norte SAB de CV | 65,400 | 597,744 | |
Promotora y Operadora de Infraestructura SAB de CV | 85,200 | 838,560 | |
1,436,304 | |||
NIGERIA—0.3% | |||
Communication Services—0.3% | |||
IHS Holding Ltd.(a) | 32,000 | 127,360 | |
PHILIPPINES—2.6% | |||
Industrials—2.6% | |||
International Container Terminal Services, Inc. | 256,400 | 1,108,675 | |
SPAIN—7.9% | |||
Communication Services—2.8% | |||
Cellnex Telecom SA(a)(b) | 31,900 | 1,227,428 | |
Industrials—3.2% | |||
Aena SME SA(b) | 7,800 | 1,379,876 | |
Utilities—1.9% | |||
EDP Renovaveis SA | 49,800 | 806,423 | |
Total Spain | 3,413,727 | ||
TANZANIA—1.7% | |||
Communication Services—1.7% | |||
Helios Towers PLC(a) | 724,844 | 726,609 | |
UNITED KINGDOM—5.2% | |||
Communication Services—0.9% | |||
Vodafone Group PLC | 446,700 | 379,758 | |
Industrials—1.1% | |||
Mobico Group PLC | 426,800 | 461,847 | |
Utilities—3.2% | |||
National Grid PLC, ADR | 8,100 | 546,993 | |
SSE PLC | 40,600 | 864,696 | |
1,411,689 | |||
Total United Kingdom | 2,253,294 | ||
UNITED STATES—40.7% | |||
Energy—6.9% | |||
Cheniere Energy, Inc. | 4,300 | 705,157 | |
Kinder Morgan, Inc. | 63,300 | 1,071,036 | |
Williams Cos., Inc. (The) | 35,000 | 1,213,100 | |
2,989,293 | |||
Industrials—11.1% | |||
CoreCivic, Inc., REIT(a) | 53,500 | 760,770 | |
Dycom Industries, Inc.(a) | 2,900 | 323,930 | |
Ferrovial SE | 38,700 | 1,475,833 | |
Norfolk Southern Corp. | 3,800 | 893,912 | |
Union Pacific Corp. | 2,800 | 683,004 | |
Waste Management, Inc. | 3,527 | 654,717 | |
4,792,166 | |||
Real Estate—5.3% | |||
American Tower Corp., REIT | 6,100 | 1,193,465 | |
Crown Castle, Inc., REIT | 10,200 | 1,104,150 | |
2,297,615 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Global Infrastructure Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Utilities—17.4% | |||
Altus Power, Inc.(a) | 47,000 | $ 253,330 | |
American Electric Power Co., Inc. | 9,400 | 734,516 | |
CenterPoint Energy, Inc. | 26,600 | 743,204 | |
Clearway Energy, Inc., Class C | 23,600 | 572,064 | |
CMS Energy Corp. | 15,400 | 880,264 | |
FirstEnergy Corp. | 15,700 | 575,876 | |
NextEra Energy Partners LP | 26,400 | 788,040 | |
NextEra Energy, Inc. | 21,300 | 1,248,819 | |
PPL Corp. | 30,000 | 786,000 | |
Vistra Corp. | 23,500 | 964,205 | |
7,546,318 | |||
Total United States | 17,625,392 | ||
Total Common Stocks | 43,332,911 | ||
Total Investments (Cost $37,605,526)—100.1% | 43,332,911 | ||
Liabilities in Excess of Other Assets—(0.1%) | (56,161) | ||
Net Assets—100.0% | $43,276,750 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS—95.3% | |||
AUSTRALIA—4.8% | |||
Financials—3.1% | |||
Steadfast Group Ltd. | 1,076,313 | $ 4,164,656 | |
Industrials—1.7% | |||
IPH Ltd. | 284,404 | 1,265,608 | |
Johns Lyng Group Ltd. | 224,626 | 991,434 | |
2,257,042 | |||
Total Australia | 6,421,698 | ||
BELGIUM—1.3% | |||
Industrials—1.3% | |||
Azelis Group NV | 82,088 | 1,690,260 | |
FRANCE—7.7% | |||
Consumer Staples—3.6% | |||
Interparfums SA | 92,062 | 4,871,025 | |
Energy—4.1% | |||
Gaztransport Et Technigaz SA | 38,962 | 5,462,377 | |
Total France | 10,333,402 | ||
GERMANY—4.0% | |||
Communication Services—4.0% | |||
CTS Eventim AG & Co. KGaA | 80,493 | 5,447,537 | |
IRELAND—1.6% | |||
Information Technology—1.6% | |||
Keywords Studios PLC | 105,828 | 2,213,059 | |
ISRAEL—7.5% | |||
Information Technology—7.5% | |||
CyberArk Software Ltd.(a) | 19,575 | 4,570,371 | |
Nova Ltd.(a) | 38,632 | 5,594,300 | |
10,164,671 | |||
ITALY—6.5% | |||
Consumer Discretionary—1.2% | |||
Brunello Cucinelli SpA | 15,701 | 1,556,548 | |
Financials—3.7% | |||
Azimut Holding SpA | 104,655 | 2,917,646 | |
FinecoBank Banca Fineco SpA | 143,538 | 2,069,583 | |
4,987,229 | |||
Industrials—1.6% | |||
Interpump Group SpA | 45,067 | 2,227,726 | |
Total Italy | 8,771,503 | ||
JAPAN—13.8% | |||
Consumer Discretionary—3.5% | |||
Asics Corp. | 153,000 | 4,649,076 | |
Health Care—2.6% | |||
JMDC, Inc. | 45,000 | 1,190,810 | |
Mani, Inc. | 170,800 | 2,372,792 | |
3,563,602 | |||
Industrials—7.7% | |||
Daiseki Co. Ltd. | 49,900 | 1,426,784 | |
Sanwa Holdings Corp. | 253,000 | 3,866,897 | |
SHO-BOND Holdings Co. Ltd. | 50,600 | 2,253,751 | |
TechnoPro Holdings, Inc. | 124,700 | 2,874,935 | |
10,422,367 | |||
Total Japan | 18,635,045 |
Shares | Value | ||
MEXICO—2.0% | |||
Financials—2.0% | |||
Regional SAB de CV | 299,263 | $ 2,769,637 | |
NETHERLANDS—3.0% | |||
Information Technology—3.0% | |||
BE Semiconductor Industries NV | 26,522 | 3,985,681 | |
NORWAY—1.2% | |||
Materials—1.2% | |||
Borregaard ASA | 96,921 | 1,653,248 | |
POLAND—3.5% | |||
Consumer Staples—3.5% | |||
Dino Polska SA(a)(b) | 43,561 | 4,701,434 | |
SOUTH AFRICA—1.2% | |||
Consumer Staples—1.2% | |||
Clicks Group Ltd. | 102,033 | 1,640,049 | |
SPAIN—1.6% | |||
Consumer Discretionary—1.6% | |||
CIE Automotive SA | 83,906 | 2,213,676 | |
SWEDEN—2.7% | |||
Industrials—2.7% | |||
AddTech AB, Class B | 176,303 | 3,637,079 | |
TAIWAN—10.1% | |||
Consumer Discretionary—2.4% | |||
Makalot Industrial Co. Ltd. | 286,000 | 3,280,766 | |
Health Care—1.0% | |||
Universal Vision Biotechnology Co. Ltd. | 146,500 | 1,284,891 | |
Industrials—1.3% | |||
Voltronic Power Technology Corp. | 40,500 | 1,731,894 | |
Information Technology—5.4% | |||
Chroma ATE, Inc. | 743,000 | 4,748,730 | |
Sinbon Electronics Co. Ltd. | 309,000 | 2,544,015 | |
7,292,745 | |||
Total Taiwan | 13,590,296 | ||
THAILAND—2.9% | |||
Information Technology—2.9% | |||
Fabrinet(a) | 18,339 | 3,915,560 | |
UNITED KINGDOM—16.1% | |||
Communication Services—4.2% | |||
Gamma Communications PLC | 226,316 | 3,424,515 | |
YouGov PLC | 157,389 | 2,323,699 | |
5,748,214 | |||
Consumer Discretionary—2.8% | |||
Games Workshop Group PLC | 30,540 | 3,833,567 | |
Financials—3.1% | |||
Intermediate Capital Group PLC | 183,887 | 4,145,750 | |
Health Care—2.4% | |||
CVS Group PLC | 87,259 | 1,866,647 | |
Genus PLC | 45,676 | 1,326,682 | |
3,193,329 | |||
Industrials—3.6% | |||
Diploma PLC | 118,034 | 4,865,566 | |
Total United Kingdom | 21,786,426 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn International Small Cap Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
VIETNAM—3.8% | |||
Information Technology—3.8% | |||
FPT Corp. | 1,298,051 | $ 5,073,699 | |
Total Common Stocks | 128,643,960 | ||
PREFERRED STOCKS—2.6% | |||
GERMANY—2.6% | |||
Industrials—2.6% | |||
Jungheinrich AG | 103,572 | 3,486,169 | |
Total Preferred Stocks | 3,486,169 | ||
SHORT-TERM INVESTMENT—1.3% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(c) | 1,739,593 | 1,739,593 | |
Total Short-Term Investment | 1,739,593 | ||
Total Investments (Cost $126,659,089)—99.2% | 133,869,722 | ||
Other Assets in Excess of Liabilities—0.8% | 1,125,353 | ||
Net Assets—100.0% | $134,995,075 |
(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 January 31, 2024. |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—101.0% | |||
AUSTRALIA—6.4% | |||
Financials—2.0% | |||
Steadfast Group Ltd. | 404,731 | $ 1,566,055 | |
Health Care—1.5% | |||
Cochlear Ltd. | 5,844 | 1,159,736 | |
Real Estate—2.9% | |||
Goodman Group, REIT | 135,459 | 2,248,507 | |
Total Australia | 4,974,298 | ||
BELGIUM—2.4% | |||
Industrials—2.4% | |||
Azelis Group NV | 91,829 | 1,890,835 | |
BRAZIL—2.3% | |||
Consumer Staples—2.3% | |||
Raia Drogasil SA | 349,836 | 1,786,463 | |
CHINA—0.5% | |||
Health Care—0.5% | |||
Wuxi Biologics Cayman, Inc.(a)(b) | 135,500 | 356,573 | |
DENMARK—9.2% | |||
Health Care—7.1% | |||
Genmab AS(b) | 5,178 | 1,431,831 | |
Novo Nordisk AS, Class B | 36,024 | 4,117,701 | |
5,549,532 | |||
Utilities—2.1% | |||
Orsted AS(a) | 28,598 | 1,611,919 | |
Total Denmark | 7,161,451 | ||
FRANCE—11.2% | |||
Consumer Discretionary—2.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 2,141 | 1,781,437 | |
Consumer Staples—4.3% | |||
L'Oreal SA | 7,066 | 3,381,463 | |
Financials—1.7% | |||
Edenred SE | 22,694 | 1,355,478 | |
Information Technology—2.9% | |||
Dassault Systemes SE | 42,726 | 2,214,842 | |
Total France | 8,733,220 | ||
GERMANY—1.7% | |||
Financials—1.7% | |||
Deutsche Boerse AG | 6,823 | 1,358,730 | |
HONG KONG—3.2% | |||
Financials—3.2% | |||
AIA Group Ltd. | 320,800 | 2,515,847 | |
INDIA—3.1% | |||
Financials—3.1% | |||
HDFC Bank Ltd. | 136,805 | 2,405,998 | |
INDONESIA—2.6% | |||
Financials—2.6% | |||
Bank Rakyat Indonesia Persero Tbk. PT | 5,574,300 | 2,008,060 | |
JAPAN—11.2% | |||
Consumer Discretionary—2.7% | |||
Sony Group Corp. | 21,200 | 2,079,048 | |
Health Care—3.4% | |||
Chugai Pharmaceutical Co. Ltd. | 74,800 | 2,690,573 |
Shares | Value | ||
Industrials—1.8% | |||
SHO-BOND Holdings Co. Ltd. | 30,800 | $ 1,371,848 | |
Information Technology—3.3% | |||
Keyence Corp. | 5,700 | 2,550,168 | |
Total Japan | 8,691,637 | ||
LATVIA—0.0% | |||
Financials—0.0% | |||
Parex Bank(b)(c)(d) | 1,424,182 | 2 | |
NETHERLANDS—11.7% | |||
Financials—2.6% | |||
Adyen NV(a)(b) | 1,584 | 1,986,631 | |
Industrials—4.3% | |||
Wolters Kluwer NV | 22,959 | 3,384,548 | |
Information Technology—4.8% | |||
ASML Holding NV | 4,290 | 3,721,952 | |
Total Netherlands | 9,093,131 | ||
NEW ZEALAND—1.9% | |||
Information Technology—1.9% | |||
Xero Ltd.(b) | 20,852 | 1,492,557 | |
POLAND—2.2% | |||
Consumer Staples—2.2% | |||
Dino Polska SA(a)(b) | 16,261 | 1,755,011 | |
SINGAPORE—3.3% | |||
Financials—3.3% | |||
DBS Group Holdings Ltd. | 109,200 | 2,586,433 | |
SOUTH AFRICA—1.8% | |||
Consumer Staples—1.8% | |||
Clicks Group Ltd. | 89,002 | 1,430,592 | |
SOUTH KOREA—1.3% | |||
Information Technology—1.3% | |||
Samsung SDI Co. Ltd. | 3,591 | 996,587 | |
SWEDEN—3.2% | |||
Industrials—3.2% | |||
Atlas Copco AB, A Shares | 156,364 | 2,495,478 | |
SWITZERLAND—2.6% | |||
Materials—2.6% | |||
DSM-Firmenich AG | 18,838 | 1,991,751 | |
TAIWAN—4.8% | |||
Information Technology—4.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 33,340 | 3,766,086 | |
UNITED KINGDOM—4.7% | |||
Financials—2.2% | |||
London Stock Exchange Group PLC | 15,111 | 1,709,266 | |
Health Care—2.5% | |||
AstraZeneca PLC | 14,585 | 1,933,633 | |
Total United Kingdom | 3,642,899 | ||
UNITED STATES—9.7% | |||
Health Care—1.8% | |||
ResMed, Inc. | 7,391 | 1,405,768 | |
Industrials—4.1% | |||
Schneider Electric SE | 16,164 | 3,175,418 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn International Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES (continued) | |||
Materials—3.8% | |||
Linde PLC | 7,282 | $ 2,939,031 | |
Total United States | 7,520,217 | ||
Total Common Stocks | 78,653,856 | ||
SHORT-TERM INVESTMENT—1.0% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(e) | 763,322 | 763,322 | |
Total Short-Term Investment | 763,322 | ||
Total Investments (Cost $86,864,529)—102.0% | 79,417,178 | ||
Liabilities in Excess of Other Assets—(2.0%) | (1,578,650) | ||
Net Assets—100.0% | $77,838,528 |
(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 January 31, 2024. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Realty Income & Growth Fund
Shares | Value | ||
COMMON STOCKS—99.6% | |||
UNITED STATES—99.6% | |||
Data Center REITs—14.7% | |||
Digital Realty Trust, Inc., REIT | 14,975 | $ 2,103,388 | |
Equinix, Inc., REIT | 4,180 | 3,468,439 | |
5,571,827 | |||
Health Care REITs—12.4% | |||
Omega Healthcare Investors, Inc., REIT | 24,258 | 703,482 | |
Sabra Health Care REIT, Inc. | 48,625 | 648,658 | |
Ventas, Inc., REIT | 22,529 | 1,045,120 | |
Welltower, Inc., REIT | 26,379 | 2,282,047 | |
4,679,307 | |||
Hotel & Resort REITs—3.7% | |||
DiamondRock Hospitality Co., REIT | 53,696 | 490,782 | |
Host Hotels & Resorts, Inc., REIT | 47,888 | 920,407 | |
1,411,189 | |||
Industrial REITs—17.0% | |||
Americold Realty Trust, Inc. | 24,474 | 673,035 | |
Prologis, Inc., REIT | 38,781 | 4,913,165 | |
STAG Industrial, Inc. | 22,233 | 821,287 | |
6,407,487 | |||
Multi-Family Residential REITs—6.7% | |||
AvalonBay Communities, Inc., REIT | 9,434 | 1,688,780 | |
Essex Property Trust, Inc. | 3,567 | 832,074 | |
2,520,854 | |||
Office REITs—6.4% | |||
Alexandria Real Estate Equities, Inc., REIT | 7,868 | 951,241 | |
Boston Properties, Inc., REIT | 12,321 | 819,346 | |
Hudson Pacific Properties, Inc., REIT | 27,950 | 228,911 | |
Kilroy Realty Corp., REIT | 12,222 | 437,059 | |
2,436,557 | |||
Other Specialized REITs—7.2% | |||
Gaming & Leisure Properties, Inc., REIT | 25,517 | 1,164,851 | |
VICI Properties, Inc., REIT | 51,887 | 1,562,837 | |
2,727,688 |
Shares | Value | ||
Retail REITs—16.2% | |||
Brixmor Property Group, Inc., REIT | 30,992 | $ 695,461 | |
Kimco Realty Corp. | 30,818 | 622,524 | |
NNN REIT, Inc. | 17,439 | 703,489 | |
Realty Income Corp., REIT | 29,493 | 1,604,124 | |
Regency Centers Corp., REIT | 9,457 | 592,670 | |
Simon Property Group, Inc., REIT | 13,797 | 1,912,402 | |
6,130,670 | |||
Self Storage REITs—8.0% | |||
Extra Space Storage, Inc., REIT | 5,228 | 755,132 | |
Public Storage, REIT | 7,987 | 2,261,839 | |
3,016,971 | |||
Single-Family Residential REITs—6.1% | |||
American Homes 4 Rent, Class A, REIT | 19,315 | 676,991 | |
Equity LifeStyle Properties, Inc., REIT | 12,018 | 813,498 | |
Invitation Homes, Inc. | 25,264 | 831,944 | |
2,322,433 | |||
Telecom Tower REITs—1.2% | |||
American Tower Corp., REIT | 2,317 | 453,321 | |
Total United States | 37,678,304 | ||
Total Common Stocks | 37,678,304 | ||
SHORT-TERM INVESTMENT—0.4% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(a) | 149,078 | 149,078 | |
Total Short-Term Investment | 149,078 | ||
Total Investments (Cost $31,284,199)—100.0% | 37,827,382 | ||
Liabilities in Excess of Other Assets—(0.0%) | (17,028) | ||
Net Assets—100.0% | $37,810,354 |
(a) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn U.S. Small Cap Equity Fund
Shares | Value | ||
COMMON STOCKS—98.7% | |||
CANADA—8.1% | |||
Consumer Discretionary—1.9% | |||
Aritzia, Inc.(a) | 325,370 | $ 7,916,139 | |
Financials—3.8% | |||
CI Financial Corp. | 629,949 | 7,684,305 | |
TMX Group Ltd. | 323,629 | 8,003,766 | |
15,688,071 | |||
Industrials—2.4% | |||
ATS Corp.(a) | 226,199 | 9,675,857 | |
Total Canada | 33,280,067 | ||
INDIA—2.9% | |||
Industrials—2.9% | |||
WNS Holdings Ltd., ADR(a) | 169,451 | 11,751,427 | |
ISRAEL—2.1% | |||
Information Technology—2.1% | |||
CyberArk Software Ltd.(a) | 37,290 | 8,706,469 | |
UNITED STATES—85.6% | |||
Communication Services—2.2% | |||
Integral Ad Science Holding Corp.(a) | 616,930 | 8,976,332 | |
Consumer Discretionary—7.6% | |||
Boot Barn Holdings, Inc.(a) | 113,350 | 8,131,729 | |
Dorman Products, Inc.(a) | 50,227 | 4,088,980 | |
LGI Homes, Inc.(a) | 34,236 | 4,040,191 | |
Steven Madden Ltd. | 176,643 | 7,397,809 | |
Stride, Inc.(a) | 126,074 | 7,558,136 | |
31,216,845 | |||
Consumer Staples—2.9% | |||
elf Beauty, Inc.(a) | 37,168 | 5,929,411 | |
Vita Coco Co., Inc.(a) | 303,114 | 5,968,315 | |
11,897,726 | |||
Energy—6.6% | |||
Callon Petroleum Co.(a) | 157,293 | 5,052,251 | |
ChampionX Corp. | 268,819 | 7,368,329 | |
Magnolia Oil & Gas Corp., Class A | 396,506 | 8,175,954 | |
SM Energy Co. | 169,192 | 6,273,639 | |
26,870,173 | |||
Financials—15.2% | |||
Banner Corp. | 157,513 | 7,336,955 | |
Donnelley Financial Solutions, Inc.(a) | 178,899 | 11,113,206 | |
First Interstate BancSystem, Inc., Class A | 320,456 | 8,818,949 | |
PJT Partners, Inc., Class A | 59,475 | 5,719,711 | |
Seacoast Banking Corp. of Florida | 384,998 | 9,455,551 | |
Wintrust Financial Corp. | 117,471 | 11,392,338 | |
WSFS Financial Corp. | 181,790 | 8,091,473 | |
61,928,183 | |||
Health Care—13.9% | |||
Alphatec Holdings, Inc.(a) | 442,420 | 7,118,538 | |
CONMED Corp. | 72,321 | 6,913,888 | |
Harmony Biosciences Holdings, Inc.(a) | 188,788 | 5,954,373 |
Shares | Value | ||
Integer Holdings Corp.(a) | 123,551 | $ 12,518,187 | |
Ligand Pharmaceuticals, Inc.(a) | 109,138 | 7,977,988 | |
Merit Medical Systems, Inc.(a) | 141,042 | 11,043,588 | |
OmniAb, Inc. 12.5 Earnout(a)(b) | 58,211 | – | |
OmniAb, Inc. 15.0 Earnout(a)(b) | 58,211 | – | |
Pacira BioSciences, Inc.(a) | 166,740 | 5,434,057 | |
56,960,619 | |||
Industrials—16.9% | |||
Ameresco, Inc., Class A(a) | 112,207 | 2,292,389 | |
ArcBest Corp. | 62,805 | 7,481,959 | |
Atkore, Inc.(a) | 69,728 | 10,635,612 | |
AZEK Co., Inc.(a) | 222,741 | 8,588,893 | |
Casella Waste Systems, Inc., Class A(a) | 103,115 | 8,799,834 | |
Enpro, Inc. | 65,923 | 9,847,578 | |
H&E Equipment Services, Inc. | 79,748 | 4,289,645 | |
Parsons Corp.(a) | 171,356 | 11,163,843 | |
Werner Enterprises, Inc. | 146,456 | 5,792,335 | |
68,892,088 | |||
Information Technology—11.6% | |||
Cohu, Inc.(a) | 257,409 | 8,201,051 | |
Onto Innovation, Inc.(a) | 74,890 | 12,094,735 | |
Perficient, Inc.(a) | 133,758 | 9,112,932 | |
Verint Systems, Inc.(a) | 217,220 | 6,449,262 | |
Workiva, Inc.(a) | 123,602 | 11,487,570 | |
47,345,550 | |||
Materials—4.6% | |||
Graphic Packaging Holding Co. | 390,703 | 9,966,833 | |
Materion Corp. | 75,035 | 8,776,844 | |
18,743,677 | |||
Real Estate—2.2% | |||
Terreno Realty Corp., REIT | 147,395 | 8,803,903 | |
Utilities—1.9% | |||
ONE Gas, Inc. | 126,995 | 7,793,683 | |
Total United States | 349,428,779 | ||
Total Common Stocks | 403,166,742 | ||
SHORT-TERM INVESTMENT—2.0% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(c) | 8,004,487 | 8,004,487 | |
Total Short-Term Investment | 8,004,487 | ||
Total Investments (Cost $389,237,255)—100.7% | 411,171,229 | ||
Liabilities in Excess of Other Assets—(0.7%) | (2,843,481) | ||
Net Assets—100.0% | $408,327,748 |
(a) | Non-income producing security. |
(b) | Illiquid security. |
(c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn U.S. Sustainable Leaders Fund
Shares | Value | ||
COMMON STOCKS—96.3% | |||
CANADA—7.5% | |||
Financials—2.1% | |||
CI Financial Corp. | 609,834 | $ 7,438,936 | |
Industrials—5.4% | |||
ATS Corp.(a) | 220,187 | 9,418,688 | |
Canadian Pacific Kansas City Ltd. | 127,807 | 10,284,629 | |
19,703,317 | |||
Total Canada | 27,142,253 | ||
ISRAEL—3.6% | |||
Information Technology—3.6% | |||
Nice Ltd., ADR(a) | 62,004 | 12,903,032 | |
UNITED STATES—85.2% | |||
Consumer Discretionary—6.1% | |||
Lululemon Athletica, Inc.(a) | 21,864 | 9,922,321 | |
TJX Cos., Inc. | 127,677 | 12,117,824 | |
22,040,145 | |||
Consumer Staples—3.2% | |||
Procter & Gamble Co. | 74,501 | 11,707,087 | |
Energy—1.6% | |||
New Fortress Energy, Inc. | 172,060 | 5,717,554 | |
Financials—14.3% | |||
American Express Co. | 58,362 | 11,715,588 | |
LPL Financial Holdings, Inc. | 45,814 | 10,958,250 | |
Mastercard, Inc., Class A | 47,329 | 21,261,607 | |
MSCI, Inc. | 12,855 | 7,695,260 | |
51,630,705 | |||
Health Care—18.2% | |||
Danaher Corp. | 36,296 | 8,707,773 | |
Eli Lilly & Co. | 24,558 | 15,854,890 | |
Integer Holdings Corp.(a) | 145,852 | 14,777,725 | |
Merck & Co., Inc. | 139,122 | 16,803,155 | |
UnitedHealth Group, Inc. | 18,720 | 9,579,773 | |
65,723,316 | |||
Industrials—12.6% | |||
Advanced Drainage Systems, Inc. | 34,197 | 4,459,973 |
Shares | Value | ||
Atkore, Inc.(a) | 54,631 | $ 8,332,866 | |
Hubbell, Inc. | 22,637 | 7,596,298 | |
Tetra Tech, Inc. | 64,279 | 10,167,652 | |
Trex Co., Inc.(a) | 83,641 | 6,815,069 | |
Veralto Corp. | 12,098 | 927,795 | |
Waste Management, Inc. | 40,436 | 7,506,135 | |
45,805,788 | |||
Information Technology—25.3% | |||
Accenture PLC, Class A | 25,518 | 9,285,490 | |
Amdocs Ltd. | 129,716 | 11,892,363 | |
Cadence Design Systems, Inc.(a) | 26,379 | 7,609,286 | |
Marvell Technology, Inc. | 179,616 | 12,160,003 | |
Microsoft Corp. | 127,194 | 50,569,791 | |
91,516,933 | |||
Utilities—3.9% | |||
American Water Works Co., Inc. | 56,070 | 6,953,802 | |
CenterPoint Energy, Inc. | 261,045 | 7,293,597 | |
14,247,399 | |||
Total United States | 308,388,927 | ||
Total Common Stocks | 348,434,212 | ||
SHORT-TERM INVESTMENT—3.8% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(b) | 13,667,542 | 13,667,542 | |
Total Short-Term Investment | 13,667,542 | ||
Total Investments (Cost $278,491,046)—100.1% | 362,101,754 | ||
Liabilities in Excess of Other Assets—(0.1%) | (285,248) | ||
Net Assets—100.0% | $361,816,506 |
(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 January 31, 2024. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn U.S. Sustainable Leaders Smaller Companies Fund
Shares | Value | ||
COMMON STOCKS—98.7% | |||
CANADA—11.0% | |||
Consumer Discretionary—2.6% | |||
Aritzia, Inc.(a) | 13,818 | $ 336,187 | |
Financials—6.4% | |||
CI Financial Corp. | 36,973 | 451,008 | |
TMX Group Ltd. | 15,817 | 391,175 | |
842,183 | |||
Industrials—2.0% | |||
ATS Corp.(a) | 6,316 | 270,173 | |
Total Canada | 1,448,543 | ||
ISRAEL—8.5% | |||
Information Technology—8.5% | |||
CyberArk Software Ltd.(a) | 2,876 | 671,489 | |
Nice Ltd., ADR(a) | 2,183 | 454,282 | |
1,125,771 | |||
UNITED STATES—79.2% | |||
Consumer Discretionary—1.0% | |||
Steven Madden Ltd. | 3,252 | 136,194 | |
Consumer Staples—5.7% | |||
Darling Ingredients, Inc.(a) | 7,683 | 332,674 | |
elf Beauty, Inc.(a) | 2,640 | 421,159 | |
753,833 | |||
Energy—3.4% | |||
New Fortress Energy, Inc. | 13,418 | 445,880 | |
Financials—9.5% | |||
First Interstate BancSystem, Inc., Class A | 10,839 | 298,289 | |
LPL Financial Holdings, Inc. | 1,616 | 386,531 | |
PJT Partners, Inc., Class A | 2,640 | 253,889 | |
Seacoast Banking Corp. of Florida | 12,593 | 309,284 | |
1,247,993 | |||
Health Care—15.1% | |||
CONMED Corp. | 4,786 | 457,542 | |
ICON PLC(a) | 1,429 | 372,783 | |
Inmode Ltd.(a) | 10,888 | 257,937 | |
Integer Holdings Corp.(a) | 5,439 | 551,079 | |
Merit Medical Systems, Inc.(a) | 4,486 | 351,254 | |
1,990,595 | |||
Industrials—23.7% | |||
Advanced Drainage Systems, Inc. | 2,363 | 308,182 |
Shares | Value | ||
Ameresco, Inc., Class A(a) | 4,502 | $ 91,976 | |
Atkore, Inc.(a) | 3,021 | 460,793 | |
Casella Waste Systems, Inc., Class A(a) | 3,080 | 262,847 | |
JB Hunt Transport Services, Inc. | 983 | 197,563 | |
MSA Safety, Inc. | 1,621 | 267,514 | |
Paylocity Holding Corp.(a) | 1,432 | 226,843 | |
Tetra Tech, Inc. | 3,114 | 492,573 | |
Trex Co., Inc.(a) | 4,711 | 383,852 | |
Vertiv Holdings Co. | 7,853 | 442,360 | |
3,134,503 | |||
Information Technology—11.6% | |||
Amdocs Ltd. | 5,913 | 542,104 | |
Onto Innovation, Inc.(a) | 3,408 | 550,392 | |
Perficient, Inc.(a) | 6,485 | 441,823 | |
1,534,319 | |||
Materials—6.0% | |||
Crown Holdings, Inc. | 5,247 | 464,359 | |
Graphic Packaging Holding Co. | 12,674 | 323,314 | |
787,673 | |||
Utilities—3.2% | |||
Essential Utilities, Inc. | 11,670 | 418,486 | |
Total United States | 10,449,476 | ||
Total Common Stocks | 13,023,790 | ||
SHORT-TERM INVESTMENT—1.4% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(b) | 179,415 | 179,415 | |
Total Short-Term Investment | 179,415 | ||
Total Investments (Cost $12,662,410)—100.1% | 13,203,205 | ||
Liabilities in Excess of Other Assets—(0.1%) | (10,773) | ||
Net Assets—100.0% | $13,192,432 |
(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 January 31, 2024. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Infrastructure Debt Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—38.1% | |||
CANADA—1.7% | |||
Electric Utilities—1.7% | |||
TransAlta Corp., 7.75%, 11/15/2029 | $ | 423,000 | $ 444,708 |
CHILE—1.2% | |||
Electric Utilities—1.2% | |||
Sociedad de Transmision Austral SA, 4.00%, 01/27/2032(a) | 340,000 | 300,560 | |
GEORGIA—1.2% | |||
Transportation—1.2% | |||
Georgian Railway JSC, 4.00%, 06/17/2028(a) | 336,000 | 306,986 | |
GUATEMALA—1.7% | |||
Electric Utilities—1.7% | |||
Investment Energy Resources Ltd., 6.25%, 04/26/2029(a) | 451,000 | 428,888 | |
MEXICO—2.3% | |||
Building Materials—2.3% | |||
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(b) | 558,000 | 594,114 | |
NETHERLANDS—1.9% | |||
Media—1.9% | |||
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a) | EUR | 515,000 | 484,208 |
PERU—1.2% | |||
Electric Utilities—1.2% | |||
Consorcio Transmantaro SA, 4.70%, 04/16/2034(a)(c) | $ | 316,000 | 297,740 |
SPAIN—1.8% | |||
Diversified Telecommunication Services—1.8% | |||
Telefonica Europe BV, (fixed rate to 02/03/2030, variable rate thereafter), 6.14%, 02/03/2030(a)(b) | EUR | 400,000 | 445,290 |
UNITED KINGDOM—2.5% | |||
Diversified Telecommunication Services—2.5% | |||
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/2031(a) | GBP | 596,000 | 648,722 |
UNITED STATES—22.6% | |||
Auto Manufacturers—0.5% | |||
Ford Motor Co., 3.25%, 02/12/2032 | $ | 163,000 | 134,935 |
Commercial Banks—1.8% | |||
Bank of America Corp., (fixed rate to 12/06/2024, variable rate thereafter), VRN, 1.53%, 12/06/2025 | 465,000 | 448,900 | |
Diversified Financial Services—6.8% | |||
Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038(a)(c) | 1,000,000 | 992,534 | |
Low Income Investment Fund, Series 2019, 3.39%, 07/01/2026 | 800,000 | 753,820 | |
1,746,354 |
Shares or Principal Amount | Value | ||
Electric Utilities—4.7% | |||
Clearway Energy Operating LLC, 3.75%, 01/15/2032(a) | $ | 551,000 | $ 467,991 |
NRG Energy, Inc., 7.00%, 03/15/2033(a) | 123,000 | 129,832 | |
Vistra Corp., (fixed rate to 12/15/2026, variable rate thereafter), VRN, 7.00%, 12/15/2026(a)(b) | 635,000 | 615,950 | |
1,213,773 | |||
Energy Equipment & Services—2.0% | |||
Venture Global LNG, Inc., 9.88%, 02/01/2032(a) | 487,000 | 512,142 | |
Engineering & Construction—2.6% | |||
LBJ Infrastructure Group LLC, 3.80%, 12/31/2057(a)(c) | 1,000,000 | 675,364 | |
Media—1.8% | |||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 01/15/2034(a) | 573,000 | 455,594 | |
Packaging & Containers—1.2% | |||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029(a) | EUR | 358,000 | 301,775 |
Real Estate Investment Trust (REIT) Funds—1.2% | |||
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/2031 | $ | 352,000 | 297,508 |
Total United States | 5,786,345 | ||
Total Corporate Bonds | 9,737,561 | ||
MUNICIPAL BONDS —60.6% | |||
CALIFORNIA—9.7% | |||
California Infrastructure & Economic Development Bank, 4.41%, 10/01/2049 | 900,000 | 716,696 | |
California Statewide Communities Development Authority, (AGM), Series B, 7.14%, 08/15/2047 | 750,000 | 812,242 | |
City & County of San Francisco Community Facilities District No., Series B, 6.33%, 09/01/2051 | 590,000 | 619,887 | |
San Marcos Unified School District, (AGM), 3.38%, 08/01/2040 | 415,000 | 338,114 | |
Total California | 2,486,939 | ||
FLORIDA—0.8% | |||
County of Miami-Dade Seaport Department, 6.22%, 11/01/2055 | 200,000 | 212,713 | |
HAWAII—2.6% | |||
State of Hawaii, Series GK, 6.20%, 10/01/2040 | 600,000 | 653,982 | |
ILLINOIS—8.7% | |||
City of Chicago, (AGM-CR), Series B, 6.31%, 01/01/2044 | 800,000 | 833,471 | |
City of Chicago Wastewater Transmission Revenue, Series B, 6.90%, 01/01/2040 | 435,000 | 500,796 | |
Illinois Municipal Electric Agency, Series A, 7.29%, 02/01/2035 | 800,000 | 898,567 | |
Total Illinois | 2,232,834 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Infrastructure Debt Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
KENTUCKY—2.8% | |||
Northern Kentucky University, (BAM ST INTERCEPT), Series A, 3.43%, 09/01/2050 | $ | 1,000,000 | $ 725,758 |
LOUISIANA—3.3% | |||
Louisiana Energy & Power Authority, (AGM), Series A, 2.33%, 06/01/2032 | 1,060,000 | 854,115 | |
MARYLAND—2.5% | |||
Maryland Health & Higher Educational Facilities Authority, Series C, 2.92%, 01/01/2031 | 750,000 | 631,656 | |
MASSACHUSETTS—2.8% | |||
Commonwealth of Massachusetts, Series B, 4.11%, 07/15/2031 | 725,370 | 717,028 | |
NEVADA—4.0% | |||
State of Nevada Department of Business & Industry, VRDN, Series A3, 8.13%, 01/01/2050(a)(d) | 1,000,000 | 1,012,667 | |
NEW HAMPSHIRE—2.6% | |||
New Hampshire Business Finance Authority, 3.25%, 04/01/2028 | 750,000 | 654,252 | |
NEW JERSEY—2.6% | |||
New Jersey Transportation Trust Fund Authority, Series B, 4.13%, 06/15/2042 | 800,000 | 678,435 | |
NEW YORK—8.5% | |||
Dutchess County Local Development Corp., Series B, 5.92%, 07/01/2039 | 1,000,000 | 988,391 | |
New York City Industrial Development Agency, (AGM), Series B, 2.68%, 03/01/2033 | 470,000 | 388,626 | |
New York Transportation Development Corp., Series B, 6.97%, 06/30/2051 | 800,000 | 793,955 | |
Total New York | 2,170,972 | ||
PENNSYLVANIA—2.3% | |||
Philadelphia Authority for Industrial Development, (AMBAC), Series B,0.00%, 04/15/2024(e) | 600,000 | 593,357 | |
TEXAS—1.8% | |||
Port Beaumont Navigation District, Series B, 6.00%, 01/01/2025(a) | 500,000 | 472,131 |
Shares or Principal Amount | Value | ||
UTAH—3.0% | |||
Intermountain Power Agency, Series B, 5.62%, 07/01/2045 | $ | 750,000 | $ 763,534 |
WISCONSIN—2.6% | |||
County of Fond Du Lac, (BAM CNTY GTD), 6.18%, 11/01/2042(a) | 650,000 | 663,941 | |
Total Municipal Bonds | 15,524,314 | ||
SHORT-TERM INVESTMENT—0.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(f) | 133,350 | 133,350 | |
Total Short-Term Investment | 133,350 | ||
Total Investments (Cost $24,698,346)—99.2% | 25,395,225 | ||
Other Assets in Excess of Liabilities—0.8% | 217,014 | ||
Net Assets—100.0% | $25,612,239 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Perpetual maturity. Maturity date presented represents the next call date. |
(c) | Sinkable security. |
(d) | Variable rate security. The Fund has the right to sell the security back to the issuer for the unpaid principal amount plus interest accrued upon a short notice period. The rate shown is the effective interest rate as of January 31, 2024 and resets periodically. 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. |
(e) | Zero coupon bond. Rate represents yield to maturity. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
EUR | Euro Currency |
GBP | British Pound Sterling |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
VRDN | Variable Rate Demand Note |
VRN | Variable Rate Note |
At January 31, 2024, 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) | |
British Pound/United States Dollar | ||||||||
04/17/2024 | Citibank N.A. | GBP | 14,959 | USD | 19,034 | $18,967 | $(67) | |
04/17/2024 | Morgan Stanley & Co. | GBP | 5,139 | USD | 6,503 | 6,516 | 13 | |
Euro/United States Dollar | ||||||||
04/17/2024 | UBS AG | EUR | 772,374 | USD | 844,032 | 837,355 | (6,677) | |
$862,838 | $(6,731) |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Infrastructure Debt Fund
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/British Pound | ||||||||
04/17/2024 | Barclays Bank PLC | USD | 679,612 | GBP | 533,854 | $676,888 | $2,724 | |
04/17/2024 | Morgan Stanley & Co. | USD | 7,979 | GBP | 6,274 | 7,955 | 24 | |
United States Dollar/Euro | ||||||||
04/17/2024 | Citibank N.A. | USD | 2,139,031 | EUR | 1,945,956 | 2,109,673 | 29,358 | |
$2,794,516 | $32,106 | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $32,119 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(6,744) |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—97.4% | |||
AUSTRIA—0.3% | |||
Holding Companies-Diversified Operations—0.3% | |||
Benteler International AG, 9.38%, 05/15/2028(a) | EUR | 200,000 | $ 231,000 |
BRAZIL—1.4% | |||
Chemicals—0.2% | |||
Braskem Netherlands Finance BV, 4.50%, 01/10/2028(a) | $ | 225,000 | 195,254 |
Food Products—0.5% | |||
Minerva Luxembourg SA, 8.88%, 09/13/2033(a) | 400,000 | 419,133 | |
Healthcare Providers & Services—0.4% | |||
Rede D'or Finance SARL, 4.95%, 01/17/2028(a) | 380,000 | 360,354 | |
Oil & Gas Services—0.3% | |||
Guara Norte SARL, 5.20%, 06/15/2034(a)(b) | 249,326 | 227,348 | |
Total Brazil | 1,202,089 | ||
CANADA—3.3% | |||
Aerospace & Defense—0.5% | |||
Bombardier, Inc., 8.75%, 11/15/2030(a) | 438,000 | 459,663 | |
Diversified Telecommunication Services—1.3% | |||
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082(a) | 1,134,000 | 1,079,931 | |
Machinery-Diversified—0.5% | |||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/2026(a) | 448,000 | 449,165 | |
Oil & Gas Services—1.0% | |||
Enerflex Ltd., 9.00%, 10/15/2027(a) | 869,000 | 873,553 | |
Total Canada | 2,862,312 | ||
CHINA—0.0% | |||
Real Estate—0.0% | |||
Country Garden Holdings Co. Ltd., 3.13%, 10/22/2025(a) | 200,000 | 15,102 | |
Kaisa Group Holdings Ltd. | |||
9.75%, 09/28/2023(a)(c) | 230,000 | 6,325 | |
9.38%, 06/30/2024(a)(c) | 495,000 | 13,613 | |
Zhenro Properties Group Ltd. | |||
7.88%, 04/14/2024(a)(c) | 200,000 | 1,500 | |
7.10%, 09/10/2024(a)(c) | 429,000 | 4,058 | |
40,598 | |||
COLOMBIA—0.3% | |||
Oil, Gas & Consumable Fuels—0.3% | |||
Ecopetrol SA, 6.88%, 04/29/2030 | 307,000 | 300,081 | |
CZECH REPUBLIC—0.3% | |||
Entertainment—0.3% | |||
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/2030(a) | EUR | 257,000 | 293,016 |
Shares or Principal Amount | Value | ||
FRANCE—5.2% | |||
Auto Parts & Equipment—0.4% | |||
Forvia SE, 2.38%, 06/15/2029(a) | EUR | 375,000 | $ 364,412 |
Diversified Telecommunication Services—0.6% | |||
Iliad Holding SASU, 6.50%, 10/15/2026(a) | $ | 532,000 | 521,497 |
Electric Utilities—0.6% | |||
Electricite de France SA | |||
(fixed rate to 01/29/2025, variable rate thereafter), 5.38%, 01/29/2025(a)(d) | EUR | 200,000 | 215,491 |
(fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026(a)(d) | 300,000 | 322,330 | |
537,821 | |||
Entertainment—1.4% | |||
Banijay Entertainment SASU, 8.13%, 05/01/2029(a) | $ | 752,000 | 777,566 |
Banijay Group SAS, 6.50%, 03/01/2026(a) | EUR | 400,000 | 436,063 |
1,213,629 | |||
Healthcare Providers & Services—1.1% | |||
CAB SELAS, 3.38%, 02/01/2028(a) | 400,000 | 392,337 | |
Cerba Healthcare SACA, 3.50%, 05/31/2028(a) | 387,000 | 365,952 | |
Chrome Holdco SAS, 5.00%, 05/31/2029(a) | 200,000 | 167,779 | |
926,068 | |||
Packaging & Containers—0.6% | |||
Verallia SA, 1.88%, 11/10/2031(a) | 500,000 | 464,303 | |
Retail—0.5% | |||
Mobilux Finance SAS, 4.25%, 07/15/2028(a) | 400,000 | 382,568 | |
Total France | 4,410,298 | ||
GERMANY—4.0% | |||
Apparel—0.6% | |||
CT Investment GmbH, 5.50%, 04/15/2026(a) | 490,000 | 523,400 | |
Auto Parts & Equipment—1.2% | |||
IHO Verwaltungs GmbH, PIK, 8.75%, 05/15/2028(a)(e) | 437,996 | 511,233 | |
ZF Europe Finance BV | |||
2.00%, 02/23/2026(a) | 200,000 | 205,063 | |
2.50%, 10/23/2027(a) | 300,000 | 300,705 | |
1,017,001 | |||
Building Materials—0.6% | |||
HT Troplast GmbH, 9.38%, 07/15/2028(a) | 476,000 | 528,089 | |
Commercial Banks—0.4% | |||
Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(d) | GBP | 300,000 | 357,047 |
Commercial Services & Supplies—0.5% | |||
Techem Verwaltungsgesellschaft 674 GmbH, 6.00%, 07/30/2026(a) | EUR | 395,639 | 425,900 |
Machinery-Diversified—0.4% | |||
TK Elevator Midco GmbH, 4.38%, 07/15/2027(a) | 276,000 | 290,220 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
GERMANY (continued) | |||
Pharmaceutical—0.3% | |||
Gruenenthal GmbH, 4.13%, 05/15/2028(a) | EUR | 230,000 | $ 244,632 |
Total Germany | 3,386,289 | ||
HONG KONG—0.6% | |||
Lodging—0.6% | |||
Melco Resorts Finance Ltd., 5.75%, 07/21/2028(a) | $ | 534,000 | 497,538 |
IRELAND—1.1% | |||
Commercial Services & Supplies—0.5% | |||
Cimpress PLC, 7.00%, 06/15/2026 | 419,000 | 412,715 | |
Diversified Financial Services—0.6% | |||
GGAM Finance Ltd., 8.00%, 02/15/2027(a) | 515,000 | 530,568 | |
Total Ireland | 943,283 | ||
ISRAEL—2.1% | |||
Pharmaceutical—2.1% | |||
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/2029 | EUR | 911,000 | 1,069,452 |
Teva Pharmaceutical Finance Netherlands III BV | |||
4.75%, 05/09/2027 | $ | 355,000 | 343,019 |
7.88%, 09/15/2029 | 326,000 | 351,628 | |
1,764,099 | |||
ITALY—2.1% | |||
Diversified Telecommunication Services—0.4% | |||
Telecom Italia Capital SA, 6.38%, 11/15/2033 | 400,000 | 387,697 | |
Entertainment—1.4% | |||
Lottomatica SpA | |||
7.13%, 06/01/2028(a) | EUR | 510,000 | 582,110 |
8.10%, 06/01/2028(a)(f) | 569,000 | 620,084 | |
1,202,194 | |||
Hand/Machine Tools—0.3% | |||
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/2028(a) | 231,000 | 239,861 | |
Total Italy | 1,829,752 | ||
LUXEMBOURG—4.7% | |||
Biotechnology—0.5% | |||
Cidron Aida Finco SARL | |||
5.00%, 04/01/2028(a) | 151,000 | 157,266 | |
6.25%, 04/01/2028(a) | GBP | 253,000 | 307,000 |
464,266 | |||
Chemicals—1.2% | |||
Ineos Finance PLC, 7.50%, 04/15/2029 | $ | 640,000 | 635,680 |
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a) | EUR | 330,000 | 369,862 |
1,005,542 | |||
Commercial Services & Supplies—0.6% | |||
Albion Financing 2 SARL, 8.75%, 04/15/2027(a) | $ | 519,000 | 518,452 |
Shares or Principal Amount | Value | ||
Diversified Telecommunication Services—0.7% | |||
Altice France Holding SA, 8.00%, 05/15/2027(a) | EUR | 633,000 | $ 357,889 |
Matterhorn Telecom SA, 3.13%, 09/15/2026(a) | 212,000 | 221,805 | |
579,694 | |||
Energy-Alternate Sources—0.4% | |||
Cullinan Holdco SCSp, 4.63%, 10/15/2026(a) | 362,000 | 334,508 | |
Entertainment—0.0% | |||
LHMC Finco 2 SARL, PIK, 7.25%, 10/02/2025(a)(e) | 12,166 | 13,124 | |
Healthcare Providers & Services—0.4% | |||
Ephios Subco 3 SARL, 7.88%, 01/31/2031(a) | 300,000 | 341,892 | |
Machinery-Diversified—0.0% | |||
Galapagos SA, 5.38%, 06/15/2021(a)(c)(g)(h) | 60,500 | – | |
Media—0.7% | |||
Altice Financing SA, 5.75%, 08/15/2029(a) | $ | 649,000 | 565,588 |
Packaging & Containers—0.2% | |||
ARD Finance SA, PIK, 5.00%, 06/30/2027(a)(e) | EUR | 299,844 | 156,350 |
Total Luxembourg | 3,979,416 | ||
MACAO—0.6% | |||
Lodging—0.6% | |||
MGM China Holdings Ltd., 4.75%, 02/01/2027(a) | $ | 274,000 | 255,816 |
Sands China Ltd., 3.10%, 03/08/2029 | 299,000 | 258,326 | |
514,142 | |||
MEXICO—1.3% | |||
Building Materials—0.6% | |||
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(d) | 497,000 | 529,166 | |
Chemicals—0.2% | |||
Braskem Idesa SAPI, 6.99%, 02/20/2032(a) | 200,000 | 130,453 | |
Oil, Gas & Consumable Fuels—0.5% | |||
Petroleos Mexicanos, 5.35%, 02/12/2028 | 500,000 | 438,464 | |
Total Mexico | 1,098,083 | ||
NETHERLANDS—4.9% | |||
Commercial Banks—0.5% | |||
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(d)(i) | EUR | 355,750 | 389,119 |
Commercial Services & Supplies—0.8% | |||
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV | |||
8.50%, 01/15/2031(a) | GBP | 279,000 | 379,462 |
8.50%, 01/15/2031(a) | 235,000 | 319,619 | |
699,081 | |||
Diversified Financial Services—0.3% | |||
LeasePlan Corp. NV, (fixed rate to 05/29/2024, variable rate thereafter), 7.38%, 05/29/2024(a)(d) | EUR | 200,000 | 216,140 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
NETHERLANDS (continued) | |||
Food Products—0.2% | |||
Sigma Holdco BV, 7.88%, 05/15/2026(a) | $ | 200,000 | $ 188,588 |
Home Furnishings—0.4% | |||
Versuni Group BV, 3.13%, 06/15/2028(a) | EUR | 340,000 | 321,753 |
Media—2.7% | |||
Summer BidCo BV | |||
PIK, , 9.00%, 11/15/2025(a)(e) | 444,046 | 480,480 | |
10.00%, 02/15/2029(a)(e) | 728,489 | 795,049 | |
Sunrise HoldCo IV BV, 5.50%, 01/15/2028(a) | $ | 600,000 | 573,792 |
VZ Vendor Financing II BV, 2.88%, 01/15/2029(a) | EUR | 335,000 | 314,970 |
Ziggo Bond Co. BV, 5.13%, 02/28/2030(a) | $ | 200,000 | 168,739 |
2,333,030 | |||
Total Netherlands | 4,147,711 | ||
NIGERIA—0.6% | |||
Engineering & Construction—0.6% | |||
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a) | 533,000 | 490,360 | |
PANAMA—0.5% | |||
Diversified Telecommunication Services—0.5% | |||
C&W Senior Financing DAC, 6.88%, 09/15/2027(a) | 436,000 | 413,110 | |
SOUTH AFRICA—0.3% | |||
Diversified Telecommunication Services—0.3% | |||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a) | 384,000 | 239,386 | |
SPAIN—2.7% | |||
Commercial Banks—1.4% | |||
Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025(d) | 600,000 | 586,483 | |
Banco de Sabadell SA | |||
(fixed rate to 06/16/2027, variable rate thereafter), 0.88%, 06/16/2028(a) | EUR | 200,000 | 196,242 |
(fixed rate to 02/07/2028, variable rate thereafter), 5.25%, 02/07/2029(a) | 200,000 | 224,414 | |
Unicaja Banco SA, (fixed rate to 11/15/2026, variable rate thereafter), 7.25%, 11/15/2027(a) | 200,000 | 229,993 | |
1,237,132 | |||
Diversified Telecommunication Services—0.9% | |||
Lorca Telecom Bondco SA, 4.00%, 09/18/2027(a) | 200,000 | 209,972 | |
Telefonica Europe BV, (fixed rate to 06/22/2026, variable rate thereafter), 3.88%, 06/22/2026(a)(d) | 500,000 | 527,738 | |
737,710 |
Shares or Principal Amount | Value | ||
Pharmaceutical—0.4% | |||
Grifols SA, 3.20%, 05/01/2025(a) | EUR | 300,000 | $ 308,748 |
Total Spain | 2,283,590 | ||
SWEDEN—0.7% | |||
Commercial Services & Supplies—0.7% | |||
Verisure Holding AB, 3.25%, 02/15/2027(a) | 333,000 | 345,730 | |
Verisure Midholding AB, 5.25%, 02/15/2029(a) | 275,000 | 283,210 | |
628,940 | |||
SWITZERLAND—1.5% | |||
Chemicals—0.6% | |||
Consolidated Energy Finance SA, 5.63%, 10/15/2028(a) | $ | 652,000 | 533,010 |
Commercial Banks—0.9% | |||
UBS Group AG, (fixed rate to 11/13/2028, variable rate thereafter), 9.25%, 11/13/2028(a)(d) | 670,000 | 716,692 | |
Total Switzerland | 1,249,702 | ||
TURKEY—0.2% | |||
Metals & Mining—0.2% | |||
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a) | 213,000 | 217,750 | |
UNITED KINGDOM—6.3% | |||
Chemicals—0.3% | |||
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/2029(a) | EUR | 240,000 | 274,608 |
Diversified Financial Services—1.1% | |||
Jerrold Finco PLC, 5.25%, 01/15/2027(a) | GBP | 306,000 | 360,672 |
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/2029(a) | $ | 548,000 | 568,588 |
929,260 | |||
Diversified Telecommunication Services—0.3% | |||
Vodafone Group PLC, (fixed rate to 07/03/2024, variable rate thereafter), 6.25%, 10/03/2078(a) | 260,000 | 258,976 | |
Entertainment—1.1% | |||
888 Acquisitions Ltd., 7.56%, 07/15/2027(a) | EUR | 300,000 | 310,314 |
Motion Finco SARL, 7.38%, 06/15/2030(a) | 250,000 | 278,918 | |
Pinewood Finance Co. Ltd., 3.25%, 09/30/2025(a) | GBP | 300,000 | 370,777 |
960,009 | |||
Food Products—0.8% | |||
Bellis Acquisition Co. PLC | |||
3.25%, 02/16/2026(a) | 278,000 | 332,932 | |
4.50%, 02/16/2026(a) | 106,000 | 128,249 | |
Iceland Bondco PLC, 10.88%, 12/15/2027(a) | 150,000 | 203,131 | |
664,312 | |||
Media—0.9% | |||
Virgin Media Vendor Financing Notes III DAC | |||
4.88%, 07/15/2028(a) | 544,000 | 629,088 | |
4.88%, 07/15/2028(a) | 100,000 | 115,641 | |
744,729 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED KINGDOM (continued) | |||
Oil, Gas & Consumable Fuels—0.7% | |||
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a) | $ | 581,000 | $ 578,434 |
Pharmaceutical—0.5% | |||
180 Medical, Inc., 3.88%, 10/15/2029(a) | 507,000 | 453,177 | |
Retail—0.6% | |||
B&M European Value Retail SA, 4.00%, 11/15/2028(a) | GBP | 400,000 | 471,436 |
Total United Kingdom | 5,334,941 | ||
UNITED STATES—50.7% | |||
Advertising—0.4% | |||
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a) | $ | 321,000 | 309,386 |
Aerospace & Defense—0.4% | |||
TransDigm, Inc., 6.75%, 08/15/2028(a) | 307,000 | 312,023 | |
Agriculture—0.8% | |||
Turning Point Brands, Inc., 5.63%, 02/15/2026(a) | 721,000 | 701,173 | |
Apparel—0.8% | |||
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a) | 872,000 | 702,658 | |
Auto Manufacturers—0.2% | |||
Ford Motor Credit Co. LLC, 4.54%, 03/06/2025 | GBP | 162,000 | 202,203 |
Auto Parts & Equipment—0.8% | |||
Adient Global Holdings Ltd. | |||
3.50%, 08/15/2024(a) | EUR | 45,284 | 48,477 |
7.00%, 04/15/2028(a) | $ | 79,000 | 80,768 |
Goodyear Europe BV, 2.75%, 08/15/2028(a) | EUR | 352,000 | 337,109 |
Goodyear Tire & Rubber Co. | |||
5.00%, 07/15/2029 | $ | 115,000 | 107,933 |
5.25%, 07/15/2031 | 152,000 | 138,355 | |
712,642 | |||
Building Materials—2.2% | |||
Builders FirstSource, Inc., 4.25%, 02/01/2032(a) | 510,000 | 456,065 | |
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a) | 758,000 | 673,748 | |
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(a) | 260,000 | 236,600 | |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028(a) | 503,000 | 483,282 | |
1,849,695 | |||
Coal—1.2% | |||
SunCoke Energy, Inc., 4.88%, 06/30/2029(a) | 1,153,000 | 1,041,297 | |
Commercial Services & Supplies—1.7% | |||
Neptune Bidco U.S., Inc., 9.29%, 04/15/2029(a) | 689,000 | 658,140 | |
Sabre GLBL, Inc. | |||
8.63%, 06/01/2027(a) | 196,000 | 183,260 | |
11.25%, 12/15/2027(a) | 576,000 | 576,720 | |
1,418,120 |
Shares or Principal Amount | Value | ||
Computers & Peripherals—0.7% | |||
NCR Atleos Corp., 9.50%, 04/01/2029(a) | $ | 532,000 | $ 570,623 |
Diversified Financial Services—0.4% | |||
Encore Capital Group, Inc., 5.38%, 02/15/2026(a) | GBP | 259,000 | 316,431 |
Diversified Telecommunication Services—1.2% | |||
Frontier Communications Holdings LLC | |||
6.00%, 01/15/2030(a) | $ | 416,000 | 352,755 |
8.75%, 05/15/2030(a) | 471,000 | 482,489 | |
8.63%, 03/15/2031(a) | 161,000 | 163,371 | |
998,615 | |||
Electric Utilities—2.1% | |||
Alexander Funding Trust II, 7.47%, 07/31/2028(a) | 100,000 | 105,592 | |
NRG Energy, Inc. | |||
3.38%, 02/15/2029(a) | 327,000 | 288,462 | |
7.00%, 03/15/2033(a) | 520,000 | 548,886 | |
Talen Energy Supply LLC, 8.63%, 06/01/2030(a) | 460,000 | 488,207 | |
Vistra Operations Co. LLC | |||
5.63%, 02/15/2027(a) | 170,000 | 167,460 | |
4.38%, 05/01/2029(a) | 221,000 | 202,924 | |
1,801,531 | |||
Electrical Components & Equipment—0.3% | |||
EnerSys, 6.63%, 01/15/2032(a) | 291,000 | 294,382 | |
Energy Equipment & Services—6.1% | |||
EnLink Midstream LLC, 6.50%, 09/01/2030(a) | 597,000 | 609,220 | |
Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, 01/15/2029 | 564,000 | 579,800 | |
Hess Midstream Operations LP, 4.25%, 02/15/2030(a) | 614,000 | 564,789 | |
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 488,000 | 426,858 | |
Venture Global Calcasieu Pass LLC | |||
3.88%, 08/15/2029(a) | 255,000 | 227,910 | |
4.13%, 08/15/2031(a) | 643,000 | 568,618 | |
3.88%, 11/01/2033(a) | 696,000 | 589,457 | |
Venture Global LNG, Inc. | |||
8.13%, 06/01/2028(a) | 843,000 | 852,011 | |
9.88%, 02/01/2032(a) | 765,000 | 804,495 | |
5,223,158 | |||
Entertainment—3.0% | |||
Affinity Interactive, 6.88%, 12/15/2027(a) | 792,000 | 716,718 | |
Caesars Entertainment, Inc. | |||
7.00%, 02/15/2030(a) | 494,000 | 507,659 | |
6.50%, 02/15/2032(a) | 54,000 | 54,597 | |
CCM Merger, Inc., 6.38%, 05/01/2026(a) | 843,000 | 832,530 | |
Six Flags Entertainment Corp., 7.25%, 05/15/2031(a) | 65,000 | 66,300 | |
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a) | 372,000 | 373,804 | |
2,551,608 | |||
Food Products—1.4% | |||
Fiesta Purchaser, Inc., 7.88%, 03/01/2031(a) | 300,000 | 302,250 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033 | $ | 452,000 | $ 447,507 |
TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 464,000 | 413,888 | |
1,163,645 | |||
Healthcare Providers & Services—2.0% | |||
CHS/Community Health Systems, Inc. | |||
8.00%, 03/15/2026(a) | 56,000 | 55,195 | |
5.25%, 05/15/2030(a) | 633,000 | 524,075 | |
10.88%, 01/15/2032(a) | 400,000 | 418,435 | |
Star Parent, Inc., 9.00%, 10/01/2030(a) | 665,000 | 699,250 | |
1,696,955 | |||
Home Builders—1.5% | |||
Adams Homes, Inc. | |||
7.50%, 02/15/2025(a) | 443,000 | 440,054 | |
9.25%, 10/15/2028(a) | 796,000 | 815,505 | |
1,255,559 | |||
Home Furnishings—1.0% | |||
Tempur Sealy International, Inc., 3.88%, 10/15/2031(a) | 1,017,000 | 858,196 | |
Iron/Steel—0.3% | |||
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(a) | 213,000 | 214,867 | |
Leisure Time—4.1% | |||
Acushnet Co., 7.38%, 10/15/2028(a) | 452,000 | 470,112 | |
Carnival Corp. | |||
7.63%, 03/01/2026(a) | 499,000 | 506,874 | |
6.00%, 05/01/2029(a) | 374,000 | 362,248 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a) | 891,000 | 753,671 | |
NCL Corp. Ltd. | |||
5.88%, 02/15/2027(a) | 299,000 | 294,573 | |
8.38%, 02/01/2028(a) | 115,000 | 120,738 | |
7.75%, 02/15/2029(a) | 504,000 | 508,886 | |
Royal Caribbean Cruises Ltd. | |||
5.50%, 04/01/2028(a) | 271,000 | 267,551 | |
8.25%, 01/15/2029(a) | 235,000 | 249,298 | |
3,533,951 | |||
Lodging—0.9% | |||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc., 6.63%, 01/15/2032(a) | 277,000 | 277,583 | |
Travel & Leisure Co., 4.63%, 03/01/2030(a) | 570,000 | 513,194 | |
790,777 | |||
Machinery-Diversified—0.7% | |||
Chart Industries, Inc. | |||
7.50%, 01/01/2030(a) | 333,000 | 341,831 | |
9.50%, 01/01/2031(a) | 209,000 | 222,904 | |
564,735 | |||
Media—5.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp. | |||
4.25%, 02/01/2031(a) | 1,717,000 | 1,451,803 | |
4.25%, 01/15/2034(a) | 817,000 | 649,599 |
Shares or Principal Amount | Value | ||
CSC Holdings LLC | |||
11.25%, 05/15/2028(a) | $ | 200,000 | $ 202,655 |
11.75%, 01/31/2029(a) | 262,000 | 266,121 | |
6.50%, 02/01/2029(a) | 807,000 | 686,001 | |
5.75%, 01/15/2030(a) | 728,000 | 385,323 | |
Directv Financing LLC, 8.88%, 02/01/2030(a) | 73,000 | 74,464 | |
Univision Communications, Inc. | |||
8.00%, 08/15/2028(a) | 369,000 | 375,484 | |
7.38%, 06/30/2030(a) | 415,000 | 406,867 | |
4,498,317 | |||
Metals & Mining—0.6% | |||
Novelis Corp., 3.25%, 11/15/2026(a) | 403,000 | 377,339 | |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/2029(a) | EUR | 142,000 | 143,057 |
520,396 | |||
Oil & Gas—0.8% | |||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029(a) | $ | 31,000 | 29,200 |
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026(a) | 385,000 | 383,568 | |
Nabors Industries, Inc., 9.13%, 01/31/2030(a) | 267,000 | 271,686 | |
684,454 | |||
Oil & Gas Services—0.5% | |||
Kodiak Gas Services LLC, 7.25%, 02/15/2029(a) | 418,000 | 423,000 | |
Oil, Gas & Consumable Fuels—2.3% | |||
Civitas Resources, Inc. | |||
8.38%, 07/01/2028(a) | 417,000 | 438,564 | |
8.63%, 11/01/2030(a) | 134,000 | 142,919 | |
8.75%, 07/01/2031(a) | 202,000 | 214,747 | |
Southwestern Energy Co., 4.75%, 02/01/2032 | 569,000 | 527,028 | |
Vital Energy, Inc., 9.75%, 10/15/2030 | 623,000 | 661,866 | |
1,985,124 | |||
Packaging & Containers—2.2% | |||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | |||
6.00%, 06/15/2027(a) | 620,000 | 612,982 | |
3.00%, 09/01/2029(a) | EUR | 400,000 | 337,178 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.13%, 08/15/2026(a) | $ | 613,000 | 550,590 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a) | 382,000 | 383,937 | |
1,884,687 | |||
Pharmaceutical—1.4% | |||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, 04/30/2031(a) | 958,000 | 823,043 | |
Perrigo Finance Unlimited Co., 4.65%, 06/15/2030 | 421,000 | 385,634 | |
1,208,677 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Real Estate Investment Trust (REIT) Funds—1.3% | |||
Iron Mountain, Inc., 5.00%, 07/15/2028(a) | $ | 481,000 | $ 460,165 |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028(a) | 674,000 | 686,099 | |
1,146,264 | |||
Retail—1.3% | |||
Academy Ltd., 6.00%, 11/15/2027(a) | 711,000 | 702,460 | |
Macy's Retail Holdings LLC, 5.88%, 03/15/2030(a) | 91,000 | 86,291 | |
Staples, Inc., 7.50%, 04/15/2026(a) | 309,000 | 289,238 | |
1,077,989 | |||
Software—0.8% | |||
Consensus Cloud Solutions, Inc. | |||
6.00%, 10/15/2026(a) | 215,000 | 203,670 | |
6.50%, 10/15/2028(a) | 574,000 | 515,536 | |
719,206 | |||
Total United States | 43,232,344 | ||
ZAMBIA—1.7% | |||
Metals & Mining—1.7% | |||
First Quantum Minerals Ltd. | |||
6.88%, 03/01/2026(a) | 839,000 | 799,184 | |
6.88%, 10/15/2027(a) | 350,000 | 316,922 | |
8.63%, 06/01/2031(a) | 345,000 | 319,987 | |
1,436,093 | |||
Total Corporate Bonds | 83,025,923 | ||
EXCHANGE-TRADED FUNDS—0.7% | |||
iShares iBoxx $ High Yield Corporate Bond ETF | 7,461 | 578,079 | |
Total Exchange-Traded Funds | 578,079 |
Shares or Principal Amount | Value | ||
SHORT-TERM INVESTMENT—2.4% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(j) | 2,037,407 | $ 2,037,407 | |
Total Short-Term Investment | 2,037,407 | ||
Total Investments (Cost $88,075,235)—100.5% | 85,641,409 | ||
Liabilities in Excess of Other Assets—(0.5%) | (395,994) | ||
Net Assets—100.0% | $85,245,415 |
(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) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(f) | Variable or Floating Rate security. Rate disclosed is as of January 31, 2024. |
(g) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(h) | 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 January 31, 2024. |
(i) | Step bond. Rate disclosed is as of January 31, 2024. |
(j) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ETF | Exchange-Traded Fund |
EUR | Euro Currency |
GBP | British Pound Sterling |
PIK | Payment-In-Kind |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
At January 31, 2024, 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) | |
British Pound/United States Dollar | ||||||||
04/17/2024 | Morgan Stanley & Co. | GBP | 237,759 | USD | 301,616 | $301,478 | $(138) | |
04/17/2024 | Royal Bank of Canada | GBP | 436,401 | USD | 555,552 | 553,356 | (2,196) | |
Euro/United States Dollar | ||||||||
04/17/2024 | Goldman Sachs & Co. | EUR | 652,545 | USD | 713,094 | 707,462 | (5,632) | |
$1,562,296 | $(7,966) |
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/British Pound | ||||||||
04/17/2024 | Citibank N.A. | USD | 5,073,487 | GBP | 3,985,714 | $5,053,877 | $19,610 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn High Income Opportunities Fund
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/Euro | ||||||||
04/17/2024 | Barclays Bank PLC | USD | 159,109 | EUR | 145,594 | $157,847 | $1,262 | |
04/17/2024 | Deutsche Bank AG | USD | 15,962,860 | EUR | 14,524,514 | 15,746,850 | 216,010 | |
04/17/2024 | Royal Bank of Canada | USD | 939,117 | EUR | 862,686 | 935,287 | 3,830 | |
$21,893,861 | $240,712 | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $240,712 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(7,966) |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Intermediate Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —99.5% | |||
ALABAMA—0.4% | |||
Black Belt Energy Gas District, VRDN, Series D-1, 5.50%, 06/01/2049(a) | $ | 145,000 | $ 155,292 |
ARIZONA—0.2% | |||
Maricopa County Industrial Development Authority, Series B, 5.00%, 07/01/2049(b) | 100,000 | 94,632 | |
CALIFORNIA—5.7% | |||
Bay Area Toll Authority, VRDN, Series A, 2.95%, 04/01/2047(a) | 335,000 | 328,952 | |
California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054(a) | 1,000,000 | 1,057,178 | |
California School Finance Authority, 5.50%, 08/01/2047(b) | 100,000 | 101,180 | |
M-S-R Energy Authority | |||
Series A, 6.50%, 11/01/2039 | 500,000 | 647,805 | |
Series B, 6.13%, 11/01/2029 | 405,000 | 436,699 | |
Total California | 2,571,814 | ||
COLORADO—0.3% | |||
Colorado Educational & Cultural Facilities Authority, 4.00%, 05/01/2041 | 170,000 | 153,727 | |
CONNECTICUT—3.5% | |||
Connecticut State Health & Educational Facilities Authority, Series F, 5.00%, 07/01/2027 | 1,135,000 | 1,141,867 | |
State of Connecticut, Series B, 3.00%, 06/01/2040 | 500,000 | 435,867 | |
Total Connecticut | 1,577,734 | ||
DISTRICT OF COLUMBIA—1.2% | |||
Washington Convention & Sports Authority, Series A, 5.00%, 10/01/2030 | 500,000 | 536,730 | |
FLORIDA—4.6% | |||
Capital Projects Finance Authority, Series A-1, 5.00%, 11/01/2048 | 315,000 | 319,290 | |
County of Palm Beach, Series A, 5.00%, 06/01/2057(b) | 600,000 | 524,741 | |
Florida Development Finance Corp. | |||
Series A, 5.00%, 12/15/2039(b) | 500,000 | 504,814 | |
Series A, 4.00%, 06/30/2041(b) | 765,000 | 608,836 | |
Polk County Industrial Development Authority, Series A, 5.00%, 01/01/2039 | 160,000 | 155,891 | |
Total Florida | 2,113,572 | ||
GEORGIA—2.0% | |||
Development Authority of Appling County, VRDN, 3.70%, 09/01/2041(a) | 400,000 | 400,000 | |
Main Street Natural Gas, Inc. | |||
Series A, 5.00%, 05/15/2035 | 250,000 | 271,372 | |
Series B, 5.00%, 06/01/2026 | 250,000 | 255,152 | |
Total Georgia | 926,524 | ||
INDIANA—3.4% | |||
Indiana Finance Authority | |||
Series A, 5.00%, 06/01/2053 | 450,000 | 460,157 | |
Series A, 5.13%, 06/01/2058 | 1,050,000 | 1,075,639 | |
Total Indiana | 1,535,796 |
Shares or Principal Amount | Value | ||
KENTUCKY—0.4% | |||
County of Meade, AMT, VRDN, Series B-1, 4.05%, 08/01/2061(a) | $ | 200,000 | $ 200,000 |
LOUISIANA—0.0% | |||
Louisiana Public Facilities Authority, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | 10,000 | 10,003 | |
MASSACHUSETTS—1.0% | |||
Massachusetts Development Finance Agency | |||
Series N, 5.25%, 10/01/2036 | 130,000 | 141,194 | |
Series N, 5.25%, 10/01/2037 | 135,000 | 145,309 | |
Series N, 5.25%, 10/01/2038 | 145,000 | 154,716 | |
Total Massachusetts | 441,219 | ||
MICHIGAN—3.9% | |||
Flint Hospital Building Authority | |||
4.00%, 07/01/2035 | 1,000,000 | 970,629 | |
4.00%, 07/01/2038 | 750,000 | 702,201 | |
Michigan Finance Authority, 3.25%, 02/01/2024 | 90,000 | 90,000 | |
Total Michigan | 1,762,830 | ||
MISSISSIPPI—4.2% | |||
Mississippi Business Finance Corp., VRDN, Series A, 5.70%, 11/01/2032(a) | 1,910,000 | 1,910,000 | |
NEVADA—3.3% | |||
State of Nevada Department of Business & Industry, VRDN, Series A3, 8.13%, 01/01/2050(a)(b) | 1,500,000 | 1,519,000 | |
NEW HAMPSHIRE—1.7% | |||
New Hampshire Business Finance Authority, Series A, 5.25%, 07/01/2048 | 250,000 | 257,179 | |
New Hampshire Health & Education Facilities Authority Act | |||
Series A, 5.00%, 08/01/2035 | 250,000 | 263,204 | |
Series A, 5.00%, 08/01/2036 | 245,000 | 256,987 | |
Total New Hampshire | 777,370 | ||
NEW JERSEY—6.1% | |||
New Jersey Educational Facilities Authority | |||
(Pre-refunded @ $100.000000, 07/01/2026), Series F, 4.00%, 07/01/2033 | 70,000 | 71,897 | |
Series F, 4.00%, 07/01/2033 | 30,000 | 30,460 | |
New Jersey Transportation Trust Fund Authority, Series A, 5.00%, 12/15/2034 | 2,000,000 | 2,170,514 | |
Newark Housing Authority, 4.00%, 01/01/2037 | 500,000 | 509,152 | |
Total New Jersey | 2,782,023 | ||
NEW YORK—17.4% | |||
Build NYC Resource Corp. | |||
5.25%, 07/01/2052 | 100,000 | 104,100 | |
Series A, 4.75%, 06/15/2053 | 850,000 | 842,296 | |
City of Elmira | |||
5.00%, 07/01/2025(b) | 85,000 | 86,782 | |
5.00%, 07/01/2033(b) | 625,000 | 660,762 | |
City of Poughkeepsie, 5.00%, 06/01/2031 | 145,000 | 148,183 | |
Hudson Yards Infrastructure Corp., Series A, 5.00%, 02/15/2042 | 1,000,000 | 1,042,275 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Intermediate Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
NEW YORK (continued) | |||
Metropolitan Transportation Authority | |||
Series A-1, 5.00%, 11/15/2027 | $ | 695,000 | $ 720,920 |
Series C-1, 5.00%, 11/15/2027 | 1,150,000 | 1,181,444 | |
Nassau County Local Economic Assistance Corp., 5.00%, 07/01/2030 | 1,000,000 | 1,004,851 | |
New York City Municipal Water Finance Authority, Series EE, 5.00%, 06/15/2037 | 295,000 | 313,739 | |
New York Transportation Development Corp. | |||
AMT, 4.00%, 10/31/2034 | 250,000 | 247,951 | |
Series A, 5.25%, 01/01/2050 | 1,000,000 | 1,000,910 | |
Port Authority of New York & New Jersey, 5.00%, 10/15/2042 | 560,000 | 586,266 | |
Total New York | 7,940,479 | ||
OHIO—5.7% | |||
Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00%, 06/01/2055 | 1,605,000 | 1,515,316 | |
Ohio Air Quality Development Authority, Series A, 3.25%, 09/01/2029 | 135,000 | 129,508 | |
Ohio Higher Educational Facility Commission, Series B, 4.00%, 07/01/2046 | 1,085,000 | 965,583 | |
Total Ohio | 2,610,407 | ||
PENNSYLVANIA—4.8% | |||
Montgomery County Industrial Development Authority, 4.00%, 12/01/2037 | 300,000 | 300,830 | |
Pennsylvania Turnpike Commission Registration Fee Revenue, (AGM), Series A, 5.25%, 07/15/2029 | 850,000 | 966,187 | |
School District of the City of Erie, (AGM ST AID WITHHLDG), Series A, 5.00%, 04/01/2034 | 825,000 | 906,550 | |
Total Pennsylvania | 2,173,567 | ||
PUERTO RICO—0.2% | |||
Puerto Rico Electric Power Authority, (NATL), Series VV, 5.25%, 07/01/2026 | 100,000 | 99,048 | |
SOUTH CAROLINA—2.2% | |||
South Carolina Jobs-Economic Development Authority, Series A, 5.00%, 12/01/2039(b) | 1,000,000 | 1,006,531 | |
TENNESSEE—2.2% | |||
Knox County Health Educational & Housing Facility Board | |||
5.00%, 09/01/2036 | 500,000 | 507,860 | |
(BAM), Series A-1, 5.00%, 07/01/2064 | 105,000 | 109,510 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 5.00%, 10/01/2034 | 360,000 | 371,959 | |
Total Tennessee | 989,329 | ||
TEXAS—18.2% | |||
Arlington Higher Education Finance Corp. | |||
(PSF-GTD), 4.00%, 08/15/2050 | 1,000,000 | 967,387 | |
VRDN, Series A, 4.88%, 06/15/2056(a)(b) | 190,000 | 191,053 | |
Clifton Higher Education Finance Corp., Series A, 6.25%, 06/15/2053(b) | 600,000 | 605,224 | |
Harris County Cultural Education Facilities Finance Corp., 4.00%, 12/01/2045 | 1,250,000 | 1,171,887 |
Shares or Principal Amount | Value | ||
Harris County Health Facilities Development Corp., Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | $ | 1,185,000 | $ 1,240,880 |
Harris County Industrial Development Corp., VRDN, 4.05%, 11/01/2050(a) | 500,000 | 509,008 | |
Matagorda County Navigation District No. 1, Series B-1, 4.00%, 06/01/2030 | 1,000,000 | 997,608 | |
Port Beaumont Navigation District, Series A, 4.00%, 01/01/2050(b) | 1,000,000 | 732,386 | |
Tarrant County Cultural Education Facilities Finance Corp. | |||
Series A, 5.00%, 11/15/2029 | 800,000 | 833,759 | |
Series A, 4.00%, 02/15/2036 | 1,000,000 | 1,014,138 | |
Total Texas | 8,263,330 | ||
UTAH—1.5% | |||
City of Salt Lake City Airport Revenue, Series B, 5.00%, 07/01/2042 | 100,000 | 104,100 | |
Utah Charter School Finance Authority, VRDN, Series A, 5.88%, 04/15/2048(a)(b) | 570,000 | 575,644 | |
Total Utah | 679,744 | ||
WASHINGTON—0.5% | |||
Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | 225,000 | 237,807 | |
WISCONSIN—4.9% | |||
Public Finance Authority | |||
5.00%, 06/15/2029 | 530,000 | 544,695 | |
5.00%, 06/15/2034 | 425,000 | 435,431 | |
Series A, 5.00%, 07/01/2038 | 1,000,000 | 1,005,074 | |
Wisconsin Health & Educational Facilities Authority, Series 2017 A, 5.00%, 04/01/2035 | 250,000 | 262,493 | |
Total Wisconsin | 2,247,693 | ||
Total Municipal Bonds | 45,316,201 | ||
SHORT-TERM INVESTMENT—0.2% | |||
BlackRock Liquidity Funds MuniCash, Institutional shares | 101,378 | 101,388 | |
Total Short-Term Investment | 101,388 | ||
Total Investments (Cost $45,863,537)—99.7% | 45,417,589 | ||
Other Assets in Excess of Liabilities—0.3% | 124,004 | ||
Net Assets—100.0% | $45,541,593 |
(a) | Variable rate security. The Fund has the right to sell the security back to the issuer for the unpaid principal amount plus interest accrued upon a short notice period. The rate shown is the effective interest rate as of January 31, 2024 and resets periodically. 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 |
VRDN | Variable Rate Demand Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —99.1% | |||
ALABAMA—0.3% | |||
Black Belt Energy Gas District, VRDN, Series D-1, 5.50%, 06/01/2049(a) | $ | 285,000 | $ 305,229 |
ARIZONA—6.2% | |||
Arizona Industrial Development Authority | |||
Series A, 4.00%, 07/15/2028(b) | 185,000 | 180,275 | |
Series A, 4.00%, 07/15/2029(b) | 200,000 | 193,418 | |
Series A, 4.00%, 07/15/2030(b) | 215,000 | 206,882 | |
Series A, 4.00%, 07/15/2031(b) | 215,000 | 205,729 | |
Series A, 4.00%, 07/15/2032(b) | 225,000 | 213,525 | |
Series A, 4.00%, 07/15/2034(b) | 185,000 | 172,423 | |
Series A, 4.00%, 07/15/2037(b) | 275,000 | 241,882 | |
Series A, 5.00%, 07/15/2040(b) | 415,000 | 417,394 | |
Series A, 4.00%, 07/15/2041(b) | 135,000 | 112,422 | |
Series C, 5.13%, 01/01/2034(b) | 775,000 | 440,868 | |
Series C, 5.13%, 01/01/2035(b) | 815,000 | 463,561 | |
Industrial Development Authority of the City of Phoenix, Series A, 5.00%, 07/01/2059 | 1,500,000 | 1,471,511 | |
Maricopa County Industrial Development Authority | |||
4.00%, 07/01/2026(b) | 770,000 | 760,742 | |
5.00%, 10/01/2026(b) | 195,000 | 195,834 | |
5.13%, 10/01/2030(b) | 425,000 | 437,654 | |
Series B, 5.00%, 07/01/2049(b) | 635,000 | 600,915 | |
Total Arizona | 6,315,035 | ||
CALIFORNIA—4.1% | |||
California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054(a) | 1,000,000 | 1,057,178 | |
California Municipal Finance Authority, Series A, 5.00%, 10/01/2026(b) | 30,000 | 30,021 | |
California Public Finance Authority, Series B-1, 3.13%, 05/15/2029(b) | 3,075,000 | 2,950,659 | |
California School Finance Authority, 5.50%, 08/01/2043(b) | 100,000 | 102,226 | |
Total California | 4,140,084 | ||
COLORADO—8.0% | |||
Colorado Educational & Cultural Facilities Authority | |||
4.00%, 05/01/2030 | 115,000 | 114,356 | |
4.00%, 05/01/2036 | 175,000 | 169,758 | |
Colorado Health Facilities Authority | |||
Series B-1, 3.50%, 05/15/2030 | 6,950,000 | 6,329,932 | |
Series B-2, 2.63%, 05/15/2029 | 1,705,000 | 1,571,181 | |
Total Colorado | 8,185,227 | ||
CONNECTICUT—0.5% | |||
Connecticut State Health & Educational Facilities Authority, Series A, 5.00%, 01/01/2030(b) | 500,000 | 488,977 | |
FLORIDA—6.9% | |||
Capital Projects Finance Authority, Series A-1, 5.00%, 11/01/2048 | 685,000 | 694,330 |
Shares or Principal Amount | Value | ||
Capital Trust Agency, Inc. | |||
Series A, 3.00%, 12/15/2029(b) | $ | 360,000 | $ 323,581 |
Series A, 6.00%, 05/01/2043(b) | 2,000,000 | 2,006,814 | |
Series A-1, 4.50%, 01/01/2035(b) | 300,000 | 276,076 | |
Celebration Pointe Community Development District No. 1, 4.75%, 05/01/2024 | 10,000 | 10,014 | |
County of Palm Beach, Series A, 5.00%, 06/01/2057(b) | 400,000 | 349,827 | |
Florida Development Finance Corp. | |||
VRDN, 6.13%, 07/01/2032(a)(b) | 500,000 | 506,764 | |
Series A, 5.00%, 06/15/2024(b) | 100,000 | 99,256 | |
Series A, 4.00%, 06/30/2027(b) | 150,000 | 144,389 | |
Series A, 4.00%, 06/30/2028(b) | 195,000 | 185,948 | |
Series A, 4.00%, 06/30/2029(b) | 205,000 | 193,796 | |
Series A, 4.00%, 12/15/2029(b) | 795,000 | 779,640 | |
Series A, 4.00%, 06/30/2030(b) | 215,000 | 201,413 | |
Series A, 4.00%, 06/30/2031(b) | 225,000 | 208,430 | |
Series A, 4.00%, 06/30/2036(b) | 625,000 | 537,893 | |
Series A, 5.00%, 12/15/2039(b) | 305,000 | 307,936 | |
Polk County Industrial Development Authority, Series A, 5.00%, 01/01/2029 | 250,000 | 253,088 | |
Total Florida | 7,079,195 | ||
GEORGIA—0.2% | |||
Bartow County Development Authority, VRDN, 3.70%, 11/01/2062(a) | 200,000 | 200,000 | |
IDAHO—0.5% | |||
Idaho Housing & Finance Association, Series A, 4.00%, 12/01/2026(b) | 500,000 | 490,930 | |
ILLINOIS—6.0% | |||
Cook County School District No. 144 Prairie Hills, (BAM), Series A, 4.00%, 12/01/2033 | 600,000 | 613,064 | |
Governors State University, (BAM), 5.00%, 07/01/2026 | 400,000 | 418,201 | |
Illinois Finance Authority | |||
5.00%, 02/01/2024 | 55,000 | 55,000 | |
4.00%, 10/01/2027(b) | 405,000 | 395,805 | |
5.00%, 12/01/2028 | 250,000 | 259,291 | |
4.00%, 10/01/2029(b) | 910,000 | 880,796 | |
5.00%, 12/01/2029 | 315,000 | 326,768 | |
4.00%, 10/01/2030(b) | 630,000 | 605,335 | |
Series A, 5.00%, 02/15/2028 | 400,000 | 408,693 | |
Series A, 5.00%, 02/15/2029 | 520,000 | 531,643 | |
Series A, 5.00%, 02/15/2030 | 335,000 | 342,390 | |
Series A, 5.00%, 02/15/2031 | 370,000 | 378,041 | |
Series A, 5.00%, 02/15/2032 | 225,000 | 229,668 | |
Village of Matteson | |||
(BAM), 5.00%, 12/01/2026 | 150,000 | 159,041 | |
(BAM), 5.00%, 12/01/2027 | 150,000 | 161,375 | |
(BAM), 5.00%, 12/01/2028 | 350,000 | 378,951 | |
Total Illinois | 6,144,062 | ||
INDIANA—0.6% | |||
Indiana Finance Authority | |||
Series A, 5.00%, 06/01/2043 | 100,000 | 104,129 | |
Series A, 5.00%, 06/01/2053 | 550,000 | 562,413 | |
Total Indiana | 666,542 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
KENTUCKY—0.9% | |||
County of Meade, AMT, VRDN, Series A-1, 4.21%, 08/01/2061(a) | $ | 900,000 | $ 900,000 |
LOUISIANA—4.1% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority | |||
Series A, 5.00%, 01/01/2025 | 370,000 | 365,131 | |
Series A, 5.50%, 11/15/2025 | 100,000 | 99,756 | |
Series A, 5.00%, 01/01/2026 | 390,000 | 379,335 | |
Series A, 5.00%, 01/01/2027 | 410,000 | 391,904 | |
Series A, 5.00%, 01/01/2028 | 430,000 | 403,904 | |
Series A, 5.00%, 01/01/2029 | 450,000 | 415,376 | |
Series A, 5.00%, 07/01/2029(b) | 950,000 | 920,204 | |
Series A, 5.00%, 07/01/2039(b) | 1,000,000 | 857,886 | |
Louisiana Public Facilities Authority, Series A, 5.00%, 04/01/2030(b) | 400,000 | 393,113 | |
Total Louisiana | 4,226,609 | ||
MARYLAND—0.0% | |||
Anne Arundel County Consolidated Special Taxing District, 4.20%, 07/01/2024 | 25,000 | 25,009 | |
MASSACHUSETTS—1.1% | |||
Massachusetts Development Finance Agency | |||
Series N, 5.25%, 10/01/2036 | 370,000 | 401,859 | |
Series N, 5.25%, 10/01/2037 | 265,000 | 285,236 | |
Series N, 5.25%, 10/01/2038 | 405,000 | 432,139 | |
Total Massachusetts | 1,119,234 | ||
MICHIGAN—2.1% | |||
Calhoun County Hospital Finance Authority, 5.00%, 02/15/2024 | 445,000 | 445,127 | |
Flint Hospital Building Authority, Series B, 4.75%, 07/01/2028 | 1,000,000 | 984,802 | |
Michigan Finance Authority, 4.00%, 02/01/2029 | 700,000 | 668,079 | |
Total Michigan | 2,098,008 | ||
MINNESOTA—4.5% | |||
City of Shakopee Senior Housing Revenue, VRDN, 5.85%, 11/01/2058(a)(b) | 4,425,000 | 4,304,090 | |
JPMorgan Chase Putters/Drivers Trust, VRDN, 3.70%, 03/20/2024(a)(b) | 300,000 | 300,000 | |
Total Minnesota | 4,604,090 | ||
MISSISSIPPI—3.8% | |||
Mississippi Business Finance Corp., VRDN, Series MISS, 3.70%, 11/01/2052(a) | 1,100,000 | 1,100,000 | |
Mississippi Development Bank | |||
5.00%, 10/01/2024(b) | 440,000 | 441,855 | |
5.00%, 10/01/2025(b) | 660,000 | 666,244 | |
4.55%, 11/01/2039(b) | 1,710,000 | 1,716,412 | |
Total Mississippi | 3,924,511 | ||
MISSOURI—0.2% | |||
Industrial Development Authority Of The County Of Platte County Missouri, (CNTY APPROP), 5.00%, 12/01/2025(c)(d) | 675,000 | 216,000 |
Shares or Principal Amount | Value | ||
NEVADA—3.0% | |||
State of Nevada Department of Business & Industry, VRDN, Series A3, 8.13%, 01/01/2050(a)(b) | $ | 3,000,000 | $ 3,038,000 |
NEW JERSEY—0.2% | |||
New Jersey Economic Development Authority, Series A, 4.75%, 08/01/2024(b) | 25,000 | 24,988 | |
Passaic County Improvement Authority, 5.25%, 07/01/2043 | 200,000 | 208,035 | |
Total New Jersey | 233,023 | ||
NEW YORK—17.2% | |||
Amherst Development Corp. | |||
5.00%, 10/01/2025 | 600,000 | 606,156 | |
5.00%, 10/01/2026 | 630,000 | 641,050 | |
4.00%, 10/01/2037 | 500,000 | 464,680 | |
Build NYC Resource Corp. | |||
Series A, 5.00%, 06/01/2024(b) | 390,000 | 390,522 | |
Series A, 5.00%, 06/01/2025(b) | 410,000 | 413,068 | |
Series A, 5.00%, 06/01/2026(b) | 430,000 | 437,250 | |
Series A, 5.00%, 06/01/2027(b) | 450,000 | 462,323 | |
Series A, 5.00%, 06/01/2032(b) | 500,000 | 514,162 | |
Series A, 4.50%, 06/15/2043 | 690,000 | 690,243 | |
City of Elmira | |||
5.00%, 07/01/2025(b) | 550,000 | 561,528 | |
5.00%, 07/01/2033(b) | 2,635,000 | 2,785,772 | |
City of Poughkeepsie, 5.00%, 06/01/2031 | 455,000 | 464,988 | |
Madison County Capital Resource Corp., Series A, 5.50%, 09/01/2022(c)(d) | 6,500,000 | 3,770,000 | |
Westchester County Local Development Corp. | |||
Series B, 3.60%, 07/01/2029(b) | 2,000,000 | 1,935,513 | |
Series C, 3.20%, 07/01/2028(b) | 1,675,000 | 1,636,331 | |
Series D, 2.88%, 07/01/2026(b) | 1,000,000 | 986,959 | |
Western Regional Off-Track Betting Corp., 3.00%, 12/01/2026(b) | 820,000 | 770,785 | |
Total New York | 17,531,330 | ||
OHIO—0.2% | |||
Cleveland-Cuyahoga County Port Authority, 5.00%, 12/01/2028 | 155,000 | 157,913 | |
OREGON—2.0% | |||
Hospital Facilities Authority of Multnomah County Oregon | |||
0.95%, 06/01/2027 | 310,000 | 278,895 | |
Series B, 1.20%, 06/01/2028 | 1,800,000 | 1,574,445 | |
Yamhill County Hospital Authority, Series B-2, 2.13%, 11/15/2027 | 240,000 | 230,532 | |
Total Oregon | 2,083,872 | ||
PENNSYLVANIA—0.6% | |||
Lehigh County Industrial Development Authority, Series A, 4.00%, 05/01/2031 | 680,000 | 641,018 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
SOUTH CAROLINA—1.9% | |||
South Carolina Jobs-Economic Development Authority | |||
Series A, 5.25%, 02/01/2027(b)(c)(d)(e) | $ | 1,060,000 | $ 106,000 |
Series A, 4.00%, 12/01/2029(b) | 1,030,000 | 1,008,538 | |
Series A, 5.00%, 12/01/2039(b) | 795,000 | 800,192 | |
Total South Carolina | 1,914,730 | ||
TENNESSEE—0.2% | |||
Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | 195,000 | 203,375 | |
TEXAS—11.6% | |||
Arlington Higher Education Finance Corp. | |||
Series A, 5.00%, 08/15/2028 | 80,000 | 81,230 | |
Series A, 4.00%, 08/15/2029 | 75,000 | 72,679 | |
Series A, 4.00%, 08/15/2030 | 80,000 | 76,966 | |
Series A, 4.00%, 08/15/2031 | 90,000 | 85,874 | |
VRDN, Series A, 4.88%, 06/15/2056(a)(b) | 560,000 | 563,103 | |
Calhoun County Navigation Industrial Development Authority, AMT, Series A, 3.63%, 07/01/2026(b) | 4,000,000 | 3,729,832 | |
Clifton Higher Education Finance Corp. | |||
Series A, 6.00%, 06/15/2048(b) | 1,000,000 | 998,644 | |
Series A, 6.25%, 06/15/2053(b) | 200,000 | 201,741 | |
New Hope Cultural Education Facilities Finance Corp. | |||
VRN, Series B, 2.00%, 11/15/2061(a) | 722,622 | 274,244 | |
Series B-3, 4.25%, 10/01/2026 | 2,000,000 | 1,969,745 | |
Series D, 6.00%, 07/01/2026(c)(d) | 95,000 | 28,500 | |
Sunland Medical Foundation, 12.00%, 02/29/2024(d)(f) | 2,499,739 | 2,499,739 | |
Texas Private Activity Bond Surface Transportation Corp., 5.50%, 06/30/2043 | 1,150,000 | 1,230,568 | |
Total Texas | 11,812,865 | ||
UTAH—1.9% | |||
Utah Charter School Finance Authority | |||
Series A, 4.50%, 10/15/2028(b) | 500,000 | 484,436 | |
Series A, 3.25%, 06/15/2031(b) | 535,000 | 456,123 | |
VRDN, Series A, 4.63%, 10/15/2048(a)(b) | 1,000,000 | 991,482 | |
Total Utah | 1,932,041 | ||
WASHINGTON—7.2% | |||
Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | 375,000 | 396,346 |
Shares or Principal Amount | Value | ||
Washington State Housing Finance Commission | |||
Series A, 4.00%, 07/01/2028(b) | $ | 305,000 | $ 279,309 |
Series A, 4.00%, 07/01/2029(b) | 320,000 | 288,298 | |
Series B-1, 2.50%, 07/01/2028(b) | 4,375,000 | 3,907,931 | |
Series B-2, 2.13%, 07/01/2027(b) | 2,715,000 | 2,481,531 | |
Total Washington | 7,353,415 | ||
WISCONSIN—3.1% | |||
Public Finance Authority | |||
Series A, 5.13%, 07/15/2037(b) | 600,000 | 601,958 | |
Series A, 5.38%, 07/15/2047(b) | 500,000 | 489,869 | |
Series A-1, 6.00%, 01/01/2027(c)(d) | 4,100,000 | 2,050,000 | |
Total Wisconsin | 3,141,827 | ||
Total Municipal Bonds | 101,172,151 | ||
SHORT-TERM INVESTMENT—0.0% | |||
BlackRock Liquidity Funds MuniCash, Institutional shares | 12,684 | 12,685 | |
Total Short-Term Investment | 12,685 | ||
Total Investments (Cost $112,688,090)—99.1% | 101,184,836 | ||
Other Assets in Excess of Liabilities—0.9% | 942,723 | ||
Net Assets—100.0% | $102,127,559 |
(a) | Variable rate security. The Fund has the right to sell the security back to the issuer for the unpaid principal amount plus interest accrued upon a short notice period. The rate shown is the effective interest rate as of January 31, 2024 and resets periodically. 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) | Security is in forbearance as of January 31, 2024. |
(f) | 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. |
AMT | Alternative Minimum Tax |
VRDN | Variable Rate Demand Note |
VRN | Variable Rate Note |
See accompanying Notes to Statement of Investments.
Statement of Investments
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS —96.3% | |||
ALABAMA—4.8% | |||
Chatom Industrial Development Board, VRDN, Series A, 4.00%, 08/01/2037(a) | $ | 3,100,000 | $ 3,100,000 |
Health Care Authority for Baptist Health, VRDN, Series B, 5.97%, 11/01/2042(a) | 15,657,000 | 15,657,000 | |
Industrial Development Board of the City of Mobile Alabama, Series A, 3.50%, 04/01/2031(a) | 600,000 | 600,000 | |
Tender Option Bond Trust Receipts/Certificates, VRDN, Series 2022-XM1062, 4.21%, 01/01/2053(a)(b) | 5,000,000 | 5,000,000 | |
Walker County Economic & Industrial Development Authority | |||
VRDN, 3.50%, 08/01/2063(a) | 3,400,000 | 3,400,000 | |
VRDN, 3.70%, 08/01/2063(a) | 3,200,000 | 3,200,000 | |
West Jefferson Industrial Development Board, VRDN, 3.50%, 12/01/2038(a) | 400,000 | 400,000 | |
Total Alabama | 31,357,000 | ||
ARIZONA—3.8% | |||
Chandler Industrial Development Authority, VRDN, 5.00%, 06/01/2049(a) | 12,500,000 | 12,531,095 | |
Cochise County Pollution Control Corp., VRDN, 4.38%, 09/01/2024(a) | 2,200,000 | 2,200,298 | |
Industrial Development Authority of the City of Phoenix Arizona, AMT, VRDN, Series D, 4.90%, 12/01/2035(a) | 10,000,000 | 10,000,000 | |
Total Arizona | 24,731,393 | ||
ARKANSAS—3.9% | |||
Arkansas Development Finance Authority, VRDN, Series B-4, 5.99%, 09/01/2044(a) | 25,462,000 | 25,462,000 | |
CALIFORNIA—5.3% | |||
California Community Choice Financing Authority, Series C, 5.00%, 10/01/2024 | 290,000 | 291,374 | |
California Infrastructure & Economic Development Bank, Series A, 3.95%, 01/01/2050(a)(b) | 3,000,000 | 3,000,257 | |
California Municipal Finance Authority | |||
4.00%, 12/15/2042(a)(b) | 3,500,000 | 3,497,782 | |
VRDN, Series A, 4.70%, 07/01/2041(a) | 3,000,000 | 2,999,959 | |
VRDN, Series A, 4.25%, 12/01/2044(a) | 3,500,000 | 3,489,908 | |
VRDN, Series B, 4.00%, 07/01/2051(a) | 3,000,000 | 3,000,211 | |
California Pollution Control Financing Authority, VRDN, 4.25%, 07/01/2043(a)(b) | 3,000,000 | 2,999,274 | |
California Statewide Communities Development Authority | |||
(AGM), Series D, 4.00%, 07/01/2041(a) | 2,675,000 | 2,675,000 | |
(AGM), Series E, 4.00%, 07/01/2040(a) | 11,200,000 | 11,200,000 | |
(AGM), Series F, 4.00%, 07/01/2040(a) | 1,275,000 | 1,275,000 | |
Total California | 34,428,765 | ||
COLORADO—0.2% | |||
E-470 Public Highway Authority, FRN, Series B, 3.91%, 09/01/2039(a) | 1,500,000 | 1,496,534 | |
CONNECTICUT—1.0% | |||
City of West Haven, Series B, 5.13%, 02/15/2024(b) | 6,555,000 | 6,555,974 |
Shares or Principal Amount | Value | ||
FLORIDA—2.3% | |||
Florida Insurance Assistance Interlocal Agency, Inc., VRDN, Series A-2, 5.44%, 09/01/2032(a) | $ | 10,000,000 | $ 10,000,000 |
Miami-Dade County Industrial Development Authority | |||
AMT, FRN, Series A, 4.93%, 11/01/2033(a) | 3,000,000 | 2,986,889 | |
AMT, FRN, Series B, 4.93%, 11/01/2048(a) | 2,000,000 | 1,991,259 | |
Total Florida | 14,978,148 | ||
GEORGIA—2.7% | |||
Bartow County Development Authority, VRDN, 3.70%, 11/01/2062(a) | 4,200,000 | 4,200,000 | |
Bartow-Cartersville Joint Development Authority, VRDN, Series A, 5.29%, 08/01/2033(a)(b) | 7,000,000 | 7,000,000 | |
Development Authority of Burke County, VRDN, 3.70%, 11/01/2052(a) | 6,400,000 | 6,400,000 | |
Total Georgia | 17,600,000 | ||
ILLINOIS—1.5% | |||
Tender Option Bond Trust Receipts/Certificates, (AGM), Series 2022-XM1038, 4.80%, 01/01/2030(a)(b) | 10,000,000 | 10,000,000 | |
INDIANA—4.0% | |||
Indiana Finance Authority, VRDN, 4.00%, 08/01/2030(a) | 26,400,000 | 26,400,000 | |
IOWA—4.6% | |||
Iowa Finance Authority, VRDN, Series B, 3.82%, 12/01/2046(a) | 30,000,000 | 30,000,000 | |
KANSAS—0.7% | |||
City of Seneca, 5.00%, 09/01/2025 | 4,330,000 | 4,364,879 | |
KENTUCKY—5.8% | |||
County of Meade | |||
AMT, VRDN, Series A-1, 4.21%, 08/01/2061(a) | 23,900,000 | 23,900,000 | |
AMT, VRDN, Series B-1, 4.05%, 08/01/2061(a) | 100,000 | 100,000 | |
Kentucky Public Energy Authority, VRDN, Series A, 4.00%, 04/01/2048(a) | 14,000,000 | 14,018,498 | |
Total Kentucky | 38,018,498 | ||
MARYLAND—7.6% | |||
Maryland Industrial Development Financing Authority, VRDN, 5.64%, 03/01/2030(a) | 49,905,000 | 49,905,000 | |
MICHIGAN—0.1% | |||
Michigan Strategic Fund, AMT, VRDN, 0.58%, 08/01/2027(a) | 500,000 | 490,945 | |
MINNESOTA—2.3% | |||
JPMorgan Chase Putters/Drivers Trust, VRDN, 3.70%, 03/20/2024(a)(b) | 15,000,000 | 15,000,000 | |
MISSISSIPPI—10.1% | |||
Mississippi Business Finance Corp. | |||
VRDN, 3.65%, 12/01/2027(a) | 4,600,000 | 4,600,000 | |
VRDN, Series MISS, 3.70%, 11/01/2052(a) | 100,000 | 100,000 | |
VRDN, Series A, 5.70%, 11/01/2032(a) | 61,150,000 | 61,150,000 | |
Total Mississippi | 65,850,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (continued)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
MISSOURI—1.4% | |||
Citizens Memorial Hospital District, Series A, 5.00%, 12/01/2026 | $ | 9,000,000 | $ 8,964,253 |
NEVADA—0.6% | |||
State of Nevada Department of Business & Industry | |||
4.00%, 01/01/2050(a)(b) | 1,500,000 | 1,500,018 | |
VRDN, Series 2001, 4.50%, 12/01/2026(a)(b) | 2,200,000 | 2,200,157 | |
Total Nevada | 3,700,175 | ||
NEW JERSEY—1.9% | |||
City of Camden, 4.50%, 04/26/2024 | 2,275,000 | 2,277,627 | |
Township of Belleville, 5.00%, 07/10/2024 | 10,000,000 | 10,046,539 | |
Total New Jersey | 12,324,166 | ||
NEW YORK—6.5% | |||
City of Elmira City, 4.00%, 05/01/2024 | 675,000 | 675,869 | |
City of Long Beach, Series A, 4.00%, 02/16/2024 | 10,000,000 | 9,999,446 | |
City of New York | |||
(AGC), Series C-4, 3.80%, 10/01/2027(a) | 4,425,000 | 4,425,000 | |
(AGM), Series J-2, 4.44%, 06/01/2036(a) | 2,350,000 | 2,350,000 | |
(AGM), Series J-3, 5.05%, 06/01/2036(a) | 8,950,000 | 8,950,000 | |
Metropolitan Transportation Authority, FRN, Series D-1, 3.89%, 11/01/2035(a) | 4,220,000 | 4,217,657 | |
Town of Clarendon, 5.75%, 04/18/2024 | 1,629,600 | 1,634,058 | |
Village of Johnson City, Series C, 4.50%, 09/27/2024 | 10,000,000 | 10,022,154 | |
Total New York | 42,274,184 | ||
NORTH CAROLINA—0.1% | |||
Fayetteville State University | |||
(AGM), 5.00%, 04/01/2024 | 425,000 | 425,840 | |
(AGM), 5.00%, 04/01/2026 | 470,000 | 487,174 | |
Total North Carolina | 913,014 | ||
OHIO—0.1% | |||
State of Ohio, VRDN, Series B, 4.85%, 01/15/2049(a) | 1,000,000 | 1,000,000 | |
OKLAHOMA—1.5% | |||
Oklahoma Development Finance Authority, VRDN, Series B, 5.19%, 08/15/2031(a) | 9,735,000 | 9,735,000 | |
PENNSYLVANIA—13.5% | |||
Central Bradford Progress Authority, VRDN, Series D, 5.17%, 12/01/2041(a) | 23,030,000 | 23,030,000 | |
Montgomery County Higher Education & Health Authority, VRDN, Series D, 5.20%, 09/01/2050(a) | 2,200,000 | 2,200,000 | |
Pennsylvania Economic Development Financing Authority | |||
VRDN, 4.88%, 08/01/2045(a) | 7,000,000 | 7,000,000 | |
VRDN, Series A, 4.00%, 04/01/2034(a) | 3,000,000 | 3,000,088 | |
VRDN, Series B, 3.75%, 12/01/2030(a) | 1,000,000 | 999,698 | |
VRDN, Series C, 4.90%, 12/01/2037(a) | 30,000,000 | 30,000,000 |
Shares or Principal Amount | Value | ||
Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 5.20%, 09/01/2045(a) | $ | 18,500,000 | $ 18,500,000 |
Philadelphia Authority for Industrial Development, VRDN, Series B, 5.21%, 09/01/2050(a) | 3,200,000 | 3,200,000 | |
Total Pennsylvania | 87,929,786 | ||
SOUTH CAROLINA—3.5% | |||
County of Berkeley, VRDN, Series A, 4.35%, 03/01/2029(a) | 4,105,000 | 4,105,000 | |
South Carolina Jobs-Economic Development Authority, VRDN, Series C, 5.23%, 05/01/2048(a) | 18,825,000 | 18,825,000 | |
Total South Carolina | 22,930,000 | ||
TENNESSEE—0.0% | |||
Metropolitan Government Nashville & Davidson County Industrial Development Board, VRDN, 0.58%, 08/01/2031(a) | 350,000 | 342,827 | |
TEXAS—4.4% | |||
City of Houston Hotel Occupancy Tax & Special Revenue, 4.00%, 09/01/2025 | 425,000 | 430,154 | |
Mission Economic Development Corp. | |||
VRDN, 4.90%, 01/01/2026(a) | 4,000,000 | 4,000,000 | |
AMT, FRN, Series A, 4.90%, 05/01/2050(a) | 1,000,000 | 1,000,000 | |
VRDN, Series B, 4.50%, 07/01/2040(a) | 3,000,000 | 2,999,873 | |
Port of Corpus Christi Authority of Nueces County | |||
VRDN, 4.20%, 01/01/2030(a)(b) | 1,200,000 | 1,200,000 | |
VRDN, Series A, 4.15%, 07/01/2029(a)(b) | 1,700,000 | 1,700,000 | |
Port of Port Arthur Navigation District, VRDN, 4.00%, 04/01/2040(a) | 2,650,000 | 2,650,000 | |
Tender Option Bond Trust Receipts/Certificates, VRDN, Series 2021-MS0002, 2.20%, 06/15/2056(a)(b) | 7,000,000 | 7,000,000 | |
Texas Department of Housing & Community Affairs, VRN, (HUD SECT 8), 4.00%, 06/01/2038(a) | 3,000,000 | 3,000,272 | |
Texas Municipal Gas Acquisition & Supply Corp. III | |||
5.00%, 12/15/2024 | 3,100,000 | 3,123,874 | |
5.00%, 12/15/2025 | 1,500,000 | 1,526,348 | |
Total Texas | 28,630,521 | ||
VIRGINIA—0.2% | |||
Charles City County Economic Development Authority, VRDN, Series A, 3.95%, 08/01/2027(a) | 1,250,000 | 1,247,966 | |
WASHINGTON—1.0% | |||
Tender Option Bond Trust Receipts/Certificates, Series 2015-XF0150, 4.75%, 10/01/2042(a)(b) | 6,415,000 | 6,415,000 | |
WEST VIRGINIA—0.3% | |||
West Virginia Hospital Finance Authority, VRDN, Series E, 5.16%, 06/01/2033(a) | 1,835,000 | 1,835,000 |
See accompanying Notes to Statement of Investments.
Statement of Investments (concluded)
January 31, 2024 (Unaudited)
January 31, 2024 (Unaudited)
abrdn Ultra Short Municipal Income Fund
Shares or Principal Amount | Value | ||
MUNICIPAL BONDS (continued) | |||
WISCONSIN—0.6% | |||
Wisconsin Health & Educational Facilities Authority | |||
VRDN, Series A, 6.23%, 02/15/2053(a) | $ | 2,000,000 | $ 2,000,000 |
VRDN, Series C, 6.23%, 02/15/2053(a) | 2,000,000 | 2,000,000 | |
Total Wisconsin | 4,000,000 | ||
Total Municipal Bonds | 628,881,028 | ||
SHORT-TERM INVESTMENT—2.6% | |||
BlackRock Liquidity Funds MuniCash, Institutional shares | 17,325,097 | 17,326,830 | |
Total Short-Term Investment | 17,326,830 | ||
Total Investments (Cost $646,374,083)—98.9% | 646,207,858 | ||
Other Assets in Excess of Liabilities—1.1% | 7,154,331 | ||
Net Assets—100.0% | $653,362,189 |
(a) | Variable rate security. The Fund has the right to sell the security back to the issuer for the unpaid principal amount plus interest accrued upon a short notice period. The rate shown is the effective interest rate as of January 31, 2024 and resets periodically. 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
January 31, 2024 (unaudited)
January 31, 2024 (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 or deemed unreliable.
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 generally 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.
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. 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)
January 31, 2024 (unaudited)
January 31, 2024 (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.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
Open-end mutual funds are valued at the respective net asset value (“NAV”) as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
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