Portfolio of Investments (unaudited)
As of January 31, 2024
As of January 31, 2024
abrdn Income Credit Strategies Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS—128.5% | |||
AUSTRIA—1.5% | |||
Benteler International AG | |||
9.38%, 05/15/2028(a)(b) | EUR | 2,000,000 | $ 2,309,997 |
10.50%, 05/15/2028(a)(b) | $ | 2,919,000 | 3,115,133 |
Total Austria | 5,425,130 | ||
BERMUDA—0.4% | |||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 9.00%, 05/25/2027 | 1,482,497 | 1,400,960 | |
BRAZIL—1.1% | |||
Minerva Luxembourg SA, 8.88%, 09/13/2033(a)(b) | 3,711,000 | 3,888,508 | |
CANADA—4.3% | |||
Bellatrix Exploration Ltd. PIK, 12.50%, 12/15/2023(b)(c)(d)(e)(f) | 456,000 | – | |
Enerflex Ltd., 9.00%, 10/15/2027(a)(b) | 7,301,000 | 7,339,257 | |
Husky III Holding Ltd. PIK, 13.00%, 02/15/2025(a)(b)(g) | 1,495,000 | 1,495,719 | |
Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082(a)(b) | 5,477,000 | 5,215,859 | |
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/2026(a)(b) | 1,954,000 | 1,959,080 | |
Total Canada | 16,009,915 | ||
CHINA—0.0% | |||
Kaisa Group Holdings Ltd., 9.38%, 06/30/2024(a)(b)(c) | 3,609,000 | 99,247 | |
FRANCE—5.2% | |||
Altice France SA | |||
8.13%, 02/01/2027(a)(b) | 2,659,000 | 2,376,638 | |
5.13%, 07/15/2029(a)(b) | 866,000 | 633,128 | |
5.50%, 10/15/2029(a)(b) | 469,000 | 345,542 | |
Chrome Holdco SAS, 5.00%, 05/31/2029(a)(b) | EUR | 8,500,000 | 7,130,595 |
Picard Bondco SA, 5.38%, 07/01/2027(a)(b) | 4,000,000 | 4,106,229 | |
Societe Generale SA VRN, (fixed rate to 11/22/2027, variable rate thereafter), 9.38%, 11/22/2027(a)(h) | $ | 4,420,000 | 4,586,767 |
Total France | 19,178,899 | ||
GEORGIA—0.1% | |||
Bank of Georgia JSC VRN, (fixed rate to 06/28/2024, variable rate thereafter), 11.13%, 06/28/2024(a)(h) | 526,000 | 527,473 | |
GERMANY—10.6% | |||
Cerdia Finanz GmbH, 10.50%, 02/15/2027(a)(b) | 1,155,000 | 1,184,428 | |
HT Troplast GmbH, 9.38%, 07/15/2028(a)(b) | EUR | 7,884,000 | 8,746,743 |
IHO Verwaltungs GmbH PIK, 8.75%, 05/15/2028(a)(b)(g) | 3,000,000 | 3,501,631 | |
Kirk Beauty SUN GmbH PIK, 8.25%, 10/01/2026(a)(b)(g) | 4,700,000 | 5,027,787 |
Shares or Principal Amount | Value | ||
PrestigeBidCo GmbH | |||
FRN, 9.94%, 07/15/2027(a)(b)(i) | EUR | 2,176,000 | $ 2,398,636 |
FRN, 9.94%, 07/15/2027(a)(b)(i) | 4,500,000 | 4,960,414 | |
Standard Profil Automotive GmbH | |||
6.25%, 04/30/2026(a)(b) | 3,500,000 | 3,097,827 | |
6.25%, 04/30/2026(a)(b) | 2,141,000 | 1,894,985 | |
TK Elevator Holdco GmbH, 6.63%, 07/15/2028(a)(b) | 7,762,500 | 8,041,415 | |
Total Germany | 38,853,866 | ||
IRELAND—1.3% | |||
AerCap Holdings NV VRN, (fixed rate to 10/10/2024, variable rate thereafter), 5.88%, 10/10/2079(b) | $ | 2,239,000 | 2,223,847 |
Cimpress PLC, 7.00%, 06/15/2026(b) | 2,536,000 | 2,497,960 | |
Total Ireland | 4,721,807 | ||
JAMAICA—0.0% | |||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.00%, 12/31/2026(a)(b)(c) | 120,811 | 2,416 | |
LUXEMBOURG—18.5% | |||
Albion Financing 2 SARL, 8.75%, 04/15/2027(a)(b) | 9,785,000 | 9,774,666 | |
Altice Financing SA, 5.75%, 08/15/2029(a)(b) | 2,086,000 | 1,817,900 | |
Altice Finco SA, 4.75%, 01/15/2028(a)(b) | EUR | 5,000,000 | 4,541,621 |
Altice France Holding SA | |||
10.50%, 05/15/2027(a)(b) | $ | 7,282,000 | 4,184,527 |
6.00%, 02/15/2028(a)(b) | 10,000,000 | 4,464,214 | |
ARD Finance SA | |||
PIK, 5.00%, 06/30/2027(a)(b)(g) | EUR | 6,000,000 | 3,128,627 |
PIK, 6.50%, 06/30/2027(a)(b)(g) | $ | 610,732 | 295,100 |
Cidron Aida Finco SARL | |||
5.00%, 04/01/2028(a)(b) | EUR | 1,510,000 | 1,572,654 |
6.25%, 04/01/2028(a)(b) | GBP | 5,993,000 | 7,272,146 |
Cullinan Holdco SCSp, 4.63%, 10/15/2026(a)(b) | EUR | 4,031,000 | 3,724,874 |
Ephios Subco 3 SARL, 7.88%, 01/31/2031(a)(b) | 1,940,000 | 2,210,901 | |
Herens Midco SARL, 5.25%, 05/15/2029(a)(b) | 1,000,000 | 748,925 | |
HSE Finance SARL | |||
5.63%, 10/15/2026(a)(b) | 1,210,000 | 794,526 | |
FRN, 9.75%, 10/15/2026(a)(b)(i) | 1,690,000 | 1,178,930 | |
LHMC Finco 2 SARL | |||
PIK, 7.25%, 10/02/2025(a)(b)(g) | 256,281 | 276,464 | |
PIK, 7.25%, 10/02/2025(a)(b)(g) | 4,600,000 | 4,962,273 | |
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a)(b) | 9,260,000 | 10,378,554 | |
Summer BC Holdco A SARL, 9.25%, 10/31/2027(a)(b) | 6,397,474 | 6,677,646 | |
Total Luxembourg | 68,004,548 | ||
MEXICO—1.8% | |||
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(b) | $ | 1,079,000 | 703,796 |
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, 02/15/2039(a)(f) | 843,000 | 870,785 |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2024
As of January 31, 2024
abrdn Income Credit Strategies Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
MEXICO (continued) | |||
Cemex SAB de CV, (fixed rate to 03/14/2028, variable rate thereafter), 9.13%, 03/14/2028(a)(h) | $ | 4,448,000 | $ 4,735,879 |
Unifin Financiera SAB de CV | |||
(fixed rate to 01/29/2025, variable rate thereafter), 8.88%, 01/29/2025(a)(c)(d)(h) | 2,000,000 | 200 | |
8.38%, 01/27/2028(a)(b)(c)(d) | 3,000,000 | 225,000 | |
Total Mexico | 6,535,660 | ||
NETHERLANDS—10.5% | |||
LeasePlan Corp. NV, (fixed rate to 05/29/2024, variable rate thereafter), 7.38%, 05/29/2024(a)(h) | EUR | 2,803,000 | 3,029,203 |
Sigma Holdco BV, 7.88%, 05/15/2026(a)(b) | $ | 4,500,000 | 4,243,237 |
Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049(a)(h)(j) | EUR | 5,000,000 | 5,468,991 |
Summer BidCo BV | |||
PIK, 9.00%, 11/15/2025(a)(b)(g) | 3,362,062 | 3,637,923 | |
PIK, 9.00%, 11/15/2025(a)(b)(g) | 4,347,575 | 4,705,003 | |
10.00%, 02/15/2029(a)(b) | 8,611,511 | 9,398,317 | |
Versuni Group BV, 3.13%, 06/15/2028(a)(b) | 3,300,000 | 3,122,897 | |
Ziggo Bond Co. BV, 5.13%, 02/28/2030(a)(b) | $ | 6,000,000 | 5,062,172 |
Total Netherlands | 38,667,743 | ||
NIGERIA—0.7% | |||
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a)(b) | 2,860,000 | 2,631,200 | |
SPAIN—1.0% | |||
Grifols SA, 3.20%, 05/01/2025(a)(b) | EUR | 3,500,000 | 3,602,066 |
SWEDEN—2.0% | |||
DDM Debt AB, 9.00%, 04/19/2026(a)(b) | 3,000,000 | 2,204,628 | |
Intrum AB, 3.50%, 07/15/2026(a)(b) | 3,200,000 | 2,593,681 | |
Verisure Midholding AB, 5.25%, 02/15/2029(a)(b) | 2,500,000 | 2,574,633 | |
Total Sweden | 7,372,942 | ||
SWITZERLAND—1.1% | |||
UBS Group AG, (fixed rate to 11/13/2028, variable rate thereafter), 9.25%, 11/13/2028(a)(h) | $ | 3,867,000 | 4,136,487 |
TURKEY—1.3% | |||
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(b) | 3,622,000 | 3,702,771 | |
Yapi ve Kredi Bankasi AS VRN, (fixed rate to 01/22/2026, variable rate thereafter), 7.88%, 01/22/2031(a)(b) | 983,000 | 984,248 | |
Total Turkey | 4,687,019 | ||
UNITED ARAB EMIRATES—0.0% | |||
Emirates Reit Sukuk II Ltd., 11.00%, 12/12/2024(a) | 162,000 | 152,482 |
Shares or Principal Amount | Value | ||
UNITED KINGDOM—23.5% | |||
888 Acquisitions Ltd., 7.56%, 07/15/2027(a)(b) | EUR | 7,200,000 | $ 7,447,546 |
Barclays PLC VRN, (fixed rate to 12/15/2025, variable rate thereafter), 6.13%, 12/15/2025(h) | $ | 1,240,000 | 1,175,259 |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/2028(a)(b) | EUR | 2,600,000 | 2,602,596 |
BCP V Modular Services Finance PLC, 6.75%, 11/30/2029(a)(b) | 5,000,000 | 4,512,140 | |
Constellation Automotive Financing PLC, 4.88%, 07/15/2027(a)(b) | GBP | 2,330,000 | 2,468,206 |
Deuce Finco PLC, 5.50%, 06/15/2027(a)(b) | 2,000,000 | 2,385,693 | |
EnQuest PLC, 11.63%, 11/01/2027(a)(b) | $ | 5,950,000 | 5,641,759 |
Galaxy Finco Ltd., 9.25%, 07/31/2027(a)(b) | GBP | 6,300,000 | 7,450,661 |
Iceland Bondco PLC, 10.88%, 12/15/2027(a)(b) | 4,000,000 | 5,416,815 | |
INEOS Quattro Finance 2 PLC | |||
8.50%, 03/15/2029(a)(b) | EUR | 4,530,000 | 5,183,236 |
9.63%, 03/15/2029(a)(b) | $ | 1,519,000 | 1,595,132 |
Intu Properties PLC, 11.00%, 12/04/2024(d)(e) | GBP | 4,405,966 | 5,533,428 |
Ithaca Energy North Sea PLC, 9.00%, 07/15/2026(a)(b) | $ | 2,636,000 | 2,624,359 |
Jerrold Finco PLC, 5.25%, 01/15/2027(a)(b) | GBP | 4,000,000 | 4,714,661 |
Market Bidco Finco PLC, 5.50%, 11/04/2027(a)(b) | 4,600,000 | 5,348,641 | |
Motion Finco SARL, 7.38%, 06/15/2030(a)(b) | EUR | 3,500,000 | 3,904,851 |
Punch Finance PLC, 6.13%, 06/30/2026(a)(b) | GBP | 2,740,000 | 3,337,916 |
Sherwood Financing PLC, 6.00%, 11/15/2026(a)(b) | 6,000,000 | 6,954,133 | |
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a)(b) | 7,000,000 | 8,094,880 | |
Total United Kingdom | 86,391,912 | ||
UNITED STATES—42.2% | |||
Adams Homes, Inc. | |||
7.50%, 02/15/2025(a)(b) | $ | 2,417,000 | 2,400,928 |
9.25%, 10/15/2028(a)(b) | 4,161,000 | 4,262,957 | |
Affinity Interactive, 6.88%, 12/15/2027(a)(b) | 6,881,000 | 6,226,936 | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029(a)(b) | EUR | 5,000,000 | 4,214,731 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/2027(a)(b) | GBP | 955,000 | 895,966 |
Carnival Corp. | |||
7.63%, 03/01/2026(a)(b) | $ | 3,514,000 | 3,569,447 |
5.75%, 03/01/2027(a)(b) | 1,750,000 | 1,724,104 | |
6.00%, 05/01/2029(a)(b) | 445,000 | 431,017 | |
CHS/Community Health Systems, Inc. | |||
5.25%, 05/15/2030(a)(b) | 4,860,000 | 4,023,707 | |
10.88%, 01/15/2032(a)(b) | 875,000 | 915,327 | |
Civitas Resources, Inc., 8.63%, 11/01/2030(a)(b) | 2,956,000 | 3,152,750 |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2024
As of January 31, 2024
abrdn Income Credit Strategies Fund
Shares or Principal Amount | Value | ||
CORPORATE BONDS (continued) | |||
UNITED STATES (continued) | |||
Consensus Cloud Solutions, Inc. | |||
6.00%, 10/15/2026(a)(b) | $ | 1,574,000 | $ 1,491,058 |
6.50%, 10/15/2028(a)(b) | 3,281,000 | 2,946,818 | |
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a)(b) | 6,037,000 | 5,365,987 | |
CSC Holdings LLC | |||
7.50%, 04/01/2028(a)(b) | 4,000,000 | 2,662,711 | |
11.25%, 05/15/2028(a)(b) | 2,452,000 | 2,484,553 | |
11.75%, 01/31/2029(a)(b) | 1,596,000 | 1,621,105 | |
5.75%, 01/15/2030(a)(b) | 4,900,000 | 2,593,521 | |
4.50%, 11/15/2031(a)(b) | 619,000 | 444,164 | |
5.00%, 11/15/2031(a)(b) | 862,000 | 433,890 | |
Directv Financing LLC, 8.88%, 02/01/2030(a)(b) | 675,000 | 688,538 | |
Encore Capital Group, Inc., 5.38%, 02/15/2026(a)(b) | GBP | 3,899,000 | 4,763,567 |
Frontier Communications Holdings LLC | |||
5.00%, 05/01/2028(a)(b) | $ | 280,000 | 258,405 |
6.75%, 05/01/2029(a)(b) | 830,000 | 735,566 | |
5.88%, 11/01/2029(b) | 895,605 | 758,922 | |
6.00%, 01/15/2030(a)(b) | 2,883,000 | 2,444,697 | |
8.75%, 05/15/2030(a)(b) | 2,464,000 | 2,524,102 | |
8.63%, 03/15/2031(a)(b) | 1,944,000 | 1,972,623 | |
ITT Holdings LLC, 6.50%, 08/01/2029(a)(b) | 3,321,000 | 2,904,912 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(b) | 7,573,000 | 6,405,779 | |
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(a)(b) | 1,139,000 | 1,040,237 | |
Moss Creek Resources Holdings, Inc. | |||
7.50%, 01/15/2026(a)(b) | 3,827,000 | 3,812,769 | |
10.50%, 05/15/2027(a)(b) | 548,000 | 563,915 | |
Nabors Industries, Inc., 9.13%, 01/31/2030(a)(b) | 2,961,000 | 3,012,966 | |
NCL Corp. Ltd. | |||
5.88%, 03/15/2026(a)(b) | 721,000 | 703,025 | |
7.75%, 02/15/2029(a)(b) | 5,212,000 | 5,262,528 | |
NCL Finance Ltd., 6.13%, 03/15/2028(a)(b) | 1,803,000 | 1,724,350 | |
NCR Atleos Corp., 9.50%, 04/01/2029(a)(b) | 5,011,000 | 5,374,799 | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/2029(a)(b) | 5,112,000 | 4,883,035 | |
New Cotai LLC, 5.00%, 02/02/2027(d)(e) | 1,143,673 | 2,870,162 | |
Sabre GLBL, Inc., 11.25%, 12/15/2027(a)(b) | 6,715,000 | 6,723,394 | |
Sanchez Energy Corp., 7.25%, 07/15/2023(c)(d) | 257,000 | 17,990 | |
Staples, Inc. | |||
7.50%, 04/15/2026(a)(b) | 2,836,000 | 2,654,629 | |
10.75%, 04/15/2027(a)(b) | 2,510,000 | 1,945,250 | |
Star Parent, Inc., 9.00%, 10/01/2030(a)(b) | 3,887,000 | 4,087,194 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/2028(a)(b) | 4,024,000 | 4,096,235 | |
Univision Communications, Inc., 8.00%, 08/15/2028(a)(b) | 2,768,000 | 2,816,634 | |
Venture Global LNG, Inc., 9.88%, 02/01/2032(a)(b) | 7,311,000 | 7,688,445 |
Shares or Principal Amount | Value | ||
Viking Cruises Ltd., 5.88%, 09/15/2027(a)(b) | $ | 2,870,000 | $ 2,766,163 |
Vistra Corp. | |||
VRN, (fixed rate to 10/15/2026, variable rate thereafter), 8.00%, 10/15/2026(a)(h) | 1,340,000 | 1,336,177 | |
VRN, (fixed rate to 12/15/2026, variable rate thereafter), 7.00%, 12/15/2026(a)(h) | 3,625,000 | 3,516,250 | |
Vital Energy, Inc. | |||
10.13%, 01/15/2028(b) | 1,161,000 | 1,215,929 | |
9.75%, 10/15/2030(b) | 6,238,000 | 6,627,156 | |
Wolverine World Wide, Inc., 4.00%, 08/15/2029(a)(b) | 6,485,000 | 5,225,613 | |
Total United States | 155,283,633 | ||
ZAMBIA—1.4% | |||
First Quantum Minerals Ltd. | |||
6.88%, 10/15/2027(a)(b) | 2,493,000 | 2,257,387 | |
8.63%, 06/01/2031(a)(b) | 2,941,000 | 2,727,777 | |
Total Zambia | 4,985,164 | ||
Total Corporate Bonds | 472,559,077 | ||
COMMON STOCKS—1.8% | |||
AUSTRALIA—0.0% | |||
BIS Industries Ltd.(d)(e)(k) | 804,308 | 1 | |
HONG KONG—0.5% | |||
Studio City International Holdings Ltd.(d)(k) | 183,525 | 1,227,782 | |
Studio City International Holdings Ltd., ADR(d)(k) | 98,050 | 655,954 | |
Total Hong Kong | 1,883,736 | ||
UNITED STATES—1.3% | |||
Foresight Energy LLC(d)(e)(k) | 74,057 | 1,579,646 | |
Kca Kelly Topco(d)(e) | 11,090 | 604,405 | |
Larchmont Intermediate Holdco LLC(d)(e) | 1,661 | 25,290 | |
New Cotai LLC(d)(e)(k) | 971,487 | 971,487 | |
True Religion Common(d)(e)(k) | 61 | 1,423,540 | |
Total United States | 4,604,368 | ||
Total Common Stocks | 6,488,105 | ||
BANK LOANS—0.9% | |||
UNITED KINGDOM—0.8% | |||
Impala Bidco 0 Ltd. GBP Term Loan, 9.94%, 12/01/2028(i) | GBP | 1,000,000 | 1,224,529 |
Constellation Automotive Ltd. GBP 2nd Lien Term Loan B, 12.68%, 07/27/2029(i) | 2,000,000 | 1,839,182 | |
Total United Kingdom | 3,063,711 | ||
UNITED STATES—0.1% | |||
MLN U.S. HoldCo LLC | |||
12.11%, 11/01/2027(d)(i) | $ | 1,928,718 | 289,308 |
2022 Third Out Term Loan, 14.66%, 10/18/2027(i) | 971,200 | 97,120 | |
Total United States | 386,428 | ||
Total Bank Loans | 3,450,139 |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (continued)
As of January 31, 2024
As of January 31, 2024
abrdn Income Credit Strategies Fund
Shares or Principal Amount | Value | ||
PREFERRED STOCKS—0.1% | |||
UNITED STATES—0.1% | |||
True Religion Preferred(d)(e)(k) | 64 | $ 318,675 | |
Total Preferred Stocks | 318,675 | ||
SHORT-TERM INVESTMENT—6.5% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(l) | 23,815,436 | 23,815,436 | |
Total Short-Term Investment | 23,815,436 | ||
Total Investments (Cost $534,030,704)—137.8% | 506,631,432 | ||
Liabilities in Excess of Other Assets—(37.8%) | (139,058,871) | ||
Net Assets—100.0% | $367,572,561 |
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | The maturity date presented for these instruments represents the next call/put date. |
(c) | Security is in default. |
(d) | Illiquid security. |
(e) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
(f) | Sinkable security. |
(g) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(h) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date. |
(i) | Variable or Floating Rate security. Rate disclosed is as of January 31, 2024. |
(j) | Step bond. Rate disclosed is as of January 31, 2024. |
(k) | Non-income producing security. |
(l) | 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 |
FRN | Floating Rate Note |
GBP | British Pound Sterling |
HKD | Hong Kong Dollar |
PIK | Payment-In-Kind |
PLC | Public Limited Company |
USD | U.S. Dollar |
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 | ||||||||
02/15/2024 | Citibank N.A. | GBP | 5,638,764 | USD | 7,169,877 | $7,146,731 | $(23,146) | |
02/15/2024 | Morgan Stanley & Co. | GBP | 3,552,497 | USD | 4,505,133 | 4,502,537 | (2,596) | |
Euro/United States Dollar | ||||||||
02/05/2024 | UBS AG | EUR | 5,159,650 | USD | 5,593,742 | 5,576,727 | (17,015) | |
02/15/2024 | Citibank N.A. | EUR | 2,356,583 | USD | 2,569,260 | 2,548,134 | (21,126) | |
Hong Kong Dollar/United States Dollar | ||||||||
02/15/2024 | Citibank N.A. | HKD | 322,924 | USD | 41,292 | 41,322 | 30 | |
02/15/2024 | Citibank N.A. | HKD | 109,423 | USD | 14,005 | 14,002 | (3) | |
02/15/2024 | HSBC Bank PLC | HKD | 225,788 | USD | 28,891 | 28,893 | 2 | |
02/15/2024 | HSBC Bank PLC | HKD | 397,559 | USD | 50,879 | 50,873 | (6) | |
02/15/2024 | Royal Bank of Canada | HKD | 193,009 | USD | 24,710 | 24,698 | (12) | |
02/15/2024 | UBS AG | HKD | 261,027 | USD | 33,389 | 33,402 | 13 | |
$19,967,319 | $(63,859) |
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/British Pound | ||||||||
02/15/2024 | Citibank N.A. | USD | 78,726,513 | GBP | 61,681,783 | $78,177,263 | $549,250 | |
02/15/2024 | Goldman Sachs & Co. | USD | 946,367 | GBP | 741,930 | 940,343 | 6,024 | |
02/15/2024 | UBS AG | USD | 1,187,944 | GBP | 931,500 | 1,180,610 | 7,334 |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited) (concluded)
As of January 31, 2024
As of January 31, 2024
abrdn Income Credit Strategies Fund
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/Euro | ||||||||
02/15/2024 | Citibank N.A. | USD | 2,711,315 | EUR | 2,502,798 | $2,706,235 | $5,080 | |
02/15/2024 | Goldman Sachs & Co. | USD | 953,536 | EUR | 866,562 | 936,999 | 16,537 | |
02/15/2024 | Morgan Stanley & Co. | USD | 149,827,257 | EUR | 136,311,936 | 147,391,882 | 2,435,375 | |
02/15/2024 | Royal Bank of Canada | USD | 769,166 | EUR | 700,951 | 757,927 | 11,239 | |
02/15/2024 | ROYAL BANK OF CANADA (UK) | USD | 1,186,960 | EUR | 1,091,285 | 1,179,989 | 6,971 | |
02/15/2024 | UBS AG | USD | 9,175,519 | EUR | 8,444,536 | 9,130,940 | 44,579 | |
United States Dollar/Hong Kong Dollar | ||||||||
02/15/2024 | Citibank N.A. | USD | 18,821 | HKD | 147,049 | 18,817 | 4 | |
02/15/2024 | Goldman Sachs & Co. | USD | 82,194 | HKD | 642,083 | 82,163 | 31 | |
02/15/2024 | Goldman Sachs & Co. | USD | 52,947 | HKD | 413,831 | 52,955 | (8) | |
02/15/2024 | HSBC Bank PLC | USD | 4,386 | HKD | 34,249 | 4,383 | 3 | |
02/15/2024 | HSBC Bank PLC | USD | 54,106 | HKD | 422,926 | 54,119 | (13) | |
02/15/2024 | UBS AG | USD | 673,350 | HKD | 5,260,831 | 673,193 | 157 | |
$243,287,818 | $3,082,563 | |||||||
Unrealized appreciation on forward foreign currency exchange contracts | $3,082,629 | |||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(63,925) |
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments
January 31, 2024 (unaudited)
January 31, 2024 (unaudited)
1. Summary of Significant Accounting Policies
a. Security Valuation:
The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's 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 1940 Act, the Board designated abrdn Investments Limited (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.
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 Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or 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 of 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 Fund sweeps 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.
Senior loans are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institutional-size trading in similar groups of securities and other market data.
Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the 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. 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). 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 Fund discloses the fair value of its 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.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
6 |
Notes to Portfolio of Investments (concluded)
January 31, 2024 (unaudited)
January 31, 2024 (unaudited)
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).
7 |