# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-26-029987
**Filing Date:** 2026-3
**Character Count:** 371073
**Document Hash:** 5a55e1164e3c4156a6fb0c5dd9c23636
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-029987.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001410368-26-029987

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Funds
- **CENTRAL INDEX KEY:** 0001413594

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 26789689

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aberdeen Funds
- **DATE OF NAME CHANGE:** 20070926

## Series and Classes Contracts Data

### abrdn Emerging Markets Dividend Active ETF (Series ID: S000088603)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000254923 | abrdn Emerging Markets Dividend Active ETF |  |

## Nport-Ex

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.5%** | &nbsp;&nbsp;**COMMON STOCKS—96.5%** | &nbsp;&nbsp;**COMMON STOCKS—96.5%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.4%** | &nbsp;&nbsp;**AUSTRALIA—1.4%** | &nbsp;&nbsp;**AUSTRALIA—1.4%** | &nbsp;&nbsp;**AUSTRALIA—1.4%** |
| &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** |
| &nbsp;&nbsp;Rio Tinto PLC, ADR |  | 14700 | &nbsp;&nbsp;$1338141 |
| &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;Rumo SA |  | 364500 | &nbsp;&nbsp;&nbsp;&nbsp; 1022283 |
| &nbsp;&nbsp;**CHINA—2.1%** | &nbsp;&nbsp;**CHINA—2.1%** | &nbsp;&nbsp;**CHINA—2.1%** | &nbsp;&nbsp;**CHINA—2.1%** |
| &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | 14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129868 |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 18900 | &nbsp;&nbsp;&nbsp;&nbsp; 953639 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2083507** |
| &nbsp;&nbsp;**DENMARK—1.7%** | &nbsp;&nbsp;**DENMARK—1.7%** | &nbsp;&nbsp;**DENMARK—1.7%** | &nbsp;&nbsp;**DENMARK—1.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Pandora AS |  | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 348058 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Tryg AS |  | 36100 | &nbsp;&nbsp;&nbsp;&nbsp; 877339 |
| &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421592 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1646989** |
| &nbsp;&nbsp;**FRANCE—6.3%** | &nbsp;&nbsp;**FRANCE—6.3%** | &nbsp;&nbsp;**FRANCE—6.3%** | &nbsp;&nbsp;**FRANCE—6.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780939 |
| &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877631 |
| &nbsp;&nbsp;Pernod Ricard SA |  | &nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608033 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485664 |
| &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** |
| &nbsp;&nbsp;TotalEnergies SE |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013600 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Teleperformance SE |  | &nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652413 |
| &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152457 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053951 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206408 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6139024** |
| &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** |
| &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** |
| &nbsp;&nbsp;Deutsche Telekom AG |  | &nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986613 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848507 |
| &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212923 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;**3048043** |
| &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163266 |
| &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** |
| &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** |
| &nbsp;&nbsp;Energean PLC |  | &nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656377 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**JAPAN—1.4%** | &nbsp;&nbsp;**JAPAN—1.4%** | &nbsp;&nbsp;**JAPAN—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 79100 | &nbsp;&nbsp;$1432529 |
| &nbsp;&nbsp;**NETHERLANDS—6.5%** | &nbsp;&nbsp;**NETHERLANDS—6.5%** | &nbsp;&nbsp;**NETHERLANDS—6.5%** |
| &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** |
| &nbsp;&nbsp;Universal Music Group N.V. | 37600 | &nbsp;&nbsp;&nbsp;&nbsp; 921860 |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;ING Groep NV | 55100 | &nbsp;&nbsp;&nbsp;&nbsp; 1624948 |
| &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** |
| &nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1720686 |
| &nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012145 |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 1062858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795689 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6342497** |
| &nbsp;&nbsp;**TAIWAN—4.1%** | &nbsp;&nbsp;**TAIWAN—4.1%** | &nbsp;&nbsp;**TAIWAN—4.1%** |
| &nbsp;&nbsp;**Information Technology—4.1%** | &nbsp;&nbsp;**Information Technology—4.1%** | &nbsp;&nbsp;**Information Technology—4.1%** |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974651 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015926 |
| &nbsp;&nbsp;**UNITED KINGDOM—4.8%** | &nbsp;&nbsp;**UNITED KINGDOM—4.8%** | &nbsp;&nbsp;**UNITED KINGDOM—4.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Taylor Wimpey PLC | 632300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924398 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948107 |
| &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** |
| &nbsp;&nbsp;AstraZeneca PLC, ADR | &nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502874 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716679 |
| &nbsp;&nbsp;**Real Estate—0.7%** | &nbsp;&nbsp;**Real Estate—0.7%** | &nbsp;&nbsp;**Real Estate—0.7%** |
| &nbsp;&nbsp;UNITE Group PLC, REIT | &nbsp;&nbsp;84600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657967 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4750025** |
| &nbsp;&nbsp;**UNITED STATES—62.2%** | &nbsp;&nbsp;**UNITED STATES—62.2%** | &nbsp;&nbsp;**UNITED STATES—62.2%** |
| &nbsp;&nbsp;**Communication Services—4.8%** | &nbsp;&nbsp;**Communication Services—4.8%** | &nbsp;&nbsp;**Communication Services—4.8%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;10349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503447 |
| &nbsp;&nbsp;Array Digital Infrastructure, Inc. | &nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679283 |
| &nbsp;&nbsp;**Consumer Discretionary—5.2%** | &nbsp;&nbsp;**Consumer Discretionary—5.2%** | &nbsp;&nbsp;**Consumer Discretionary—5.2%** |
| &nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308594 |
| &nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917532 |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927150 |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213461 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050963 |
| &nbsp;&nbsp;**Consumer Staples—5.9%** | &nbsp;&nbsp;**Consumer Staples—5.9%** | &nbsp;&nbsp;**Consumer Staples—5.9%** |
| &nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144593 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960400 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993990 |
| &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011521 |
| &nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592822 |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768573 |
| &nbsp;&nbsp;**Energy—2.8%** | &nbsp;&nbsp;**Energy—2.8%** | &nbsp;&nbsp;**Energy—2.8%** |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013632 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Dynamic Dividend Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Energy (continued)** | &nbsp;&nbsp;**Energy (continued)** | &nbsp;&nbsp;**Energy (continued)** |
| &nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;$406392 |
| &nbsp;&nbsp;Williams Cos., Inc. | 19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718142 |
| &nbsp;&nbsp;**Financials—8.2%** | &nbsp;&nbsp;**Financials—8.2%** | &nbsp;&nbsp;**Financials—8.2%** |
| &nbsp;&nbsp;Bank of America Corp. | 23400 | &nbsp;&nbsp;&nbsp;&nbsp; 1244880 |
| &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 1096634 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156240 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | 14600 | &nbsp;&nbsp;&nbsp;&nbsp; 806650 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1309574 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 1407094 |
| &nbsp;&nbsp;MetLife, Inc. | 13300 | &nbsp;&nbsp;&nbsp;&nbsp; 1049104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070176 |
| &nbsp;&nbsp;**Health Care—7.5%** | &nbsp;&nbsp;**Health Care—7.5%** | &nbsp;&nbsp;**Health Care—7.5%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181953 |
| &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 976704 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804816 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050192 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146808 |
| &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182323 |
| &nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323762 |
| &nbsp;&nbsp;**Industrials—7.6%** | &nbsp;&nbsp;**Industrials—7.6%** | &nbsp;&nbsp;**Industrials—7.6%** |
| &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127875 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999666 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329172 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761064 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077588 |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118137 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458030 |
| &nbsp;&nbsp;**Information Technology—14.1%** | &nbsp;&nbsp;**Information Technology—14.1%** | &nbsp;&nbsp;**Information Technology—14.1%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922740 |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868564 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746112 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061864 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014830 |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433256 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939311 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793119 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Materials—1.3%** | &nbsp;&nbsp;**Materials—1.3%** | &nbsp;&nbsp;**Materials—1.3%** | &nbsp;&nbsp;**Materials—1.3%** |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;$1279516 |
| &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 914328 |
| &nbsp;&nbsp;Gaming & Leisure Properties, Inc., REIT |  | 17800 | &nbsp;&nbsp;&nbsp;&nbsp; 796550 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710878 |
| &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** |
| &nbsp;&nbsp;CMS Energy Corp. |  | 13800 | &nbsp;&nbsp;&nbsp;&nbsp; 986562 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | 21800 | &nbsp;&nbsp;&nbsp;&nbsp; 1032012 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | 11200 | &nbsp;&nbsp;&nbsp;&nbsp; 984480 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003054 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**60855496** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**94494103** |
| &nbsp;&nbsp;**PREFERRED STOCKS—2.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.6%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** |
| &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511032 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2511032** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(b)</sup> |  | 278116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278116 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**278116** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $65,937,668)—99.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $65,937,668)—99.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $65,937,668)—99.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**97283251** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574222 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$97857473** |

---

(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) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| EUR | Euro Currency |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |

---

As of January 31, 2026, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;7526016 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;$7611592 | &nbsp;&nbsp;$(85576) |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—86.3%** | &nbsp;&nbsp;**COMMON STOCKS—86.3%** | &nbsp;&nbsp;**COMMON STOCKS—86.3%** |  |
| &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** |
| &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;$10722 |
| &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** | &nbsp;&nbsp;**Real Estate—1.7%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | &nbsp;&nbsp;&nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp; 10709 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21431** |
| &nbsp;&nbsp;**CHINA—15.3%** | &nbsp;&nbsp;**CHINA—15.3%** | &nbsp;&nbsp;**CHINA—15.3%** | &nbsp;&nbsp;**CHINA—15.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.9%** | &nbsp;&nbsp;**Consumer Discretionary—1.9%** | &nbsp;&nbsp;**Consumer Discretionary—1.9%** | &nbsp;&nbsp;**Consumer Discretionary—1.9%** |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 12056 |
| &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** |
| &nbsp;&nbsp;Giant Biogene Holding Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 8553 |
| &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** |
| &nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 8364 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 3947 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12311 |
| &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 29517 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43190 |
| &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** | &nbsp;&nbsp;**Information Technology—3.0%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18436 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**94546** |
| &nbsp;&nbsp;**CZECH REPUBLIC—0.3%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.3%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.3%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.3%** |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;CSG NV<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 |
| &nbsp;&nbsp;**GREECE—3.6%** | &nbsp;&nbsp;**GREECE—3.6%** | &nbsp;&nbsp;**GREECE—3.6%** | &nbsp;&nbsp;**GREECE—3.6%** |
| &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19155 |
| &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** |
| &nbsp;&nbsp;GEK Terna SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 |
| &nbsp;&nbsp;**Total Greece** | &nbsp;&nbsp;**Total Greece** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22383** |
| &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12082 |
| &nbsp;&nbsp;**INDIA—10.6%** | &nbsp;&nbsp;**INDIA—10.6%** | &nbsp;&nbsp;**INDIA—10.6%** | &nbsp;&nbsp;**INDIA—10.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—4.0%** | &nbsp;&nbsp;**Consumer Discretionary—4.0%** | &nbsp;&nbsp;**Consumer Discretionary—4.0%** | &nbsp;&nbsp;**Consumer Discretionary—4.0%** |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24910 |
| &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** |
| &nbsp;&nbsp;ITC Ltd., GDR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757 |
| &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 |
| &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16560 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**65926** |
| &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** |
| &nbsp;&nbsp;**Communication Services—3.9%** | &nbsp;&nbsp;**Communication Services—3.9%** | &nbsp;&nbsp;**Communication Services—3.9%** | &nbsp;&nbsp;**Communication Services—3.9%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 112700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24091 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**KAZAKHSTAN—2.0%** | &nbsp;&nbsp;**KAZAKHSTAN—2.0%** | &nbsp;&nbsp;**KAZAKHSTAN—2.0%** | &nbsp;&nbsp;**KAZAKHSTAN—2.0%** |
| &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** | &nbsp;&nbsp;**Energy—2.0%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;$12659 |
| &nbsp;&nbsp;**MEXICO—10.2%** | &nbsp;&nbsp;**MEXICO—10.2%** | &nbsp;&nbsp;**MEXICO—10.2%** | &nbsp;&nbsp;**MEXICO—10.2%** |
| &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp; 14836 |
| &nbsp;&nbsp;**Materials—7.8%** | &nbsp;&nbsp;**Materials—7.8%** | &nbsp;&nbsp;**Materials—7.8%** | &nbsp;&nbsp;**Materials—7.8%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp; 48428 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**63264** |
| &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** |
| &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp; 8979 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;InPost SA<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 6896 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15875** |
| &nbsp;&nbsp;**SAUDI ARABIA—4.1%** | &nbsp;&nbsp;**SAUDI ARABIA—4.1%** | &nbsp;&nbsp;**SAUDI ARABIA—4.1%** | &nbsp;&nbsp;**SAUDI ARABIA—4.1%** |
| &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25672 |
| &nbsp;&nbsp;**SOUTH KOREA—14.5%** | &nbsp;&nbsp;**SOUTH KOREA—14.5%** | &nbsp;&nbsp;**SOUTH KOREA—14.5%** | &nbsp;&nbsp;**SOUTH KOREA—14.5%** |
| &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11028 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14608 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37309 |
| &nbsp;&nbsp;**Information Technology—8.5%** | &nbsp;&nbsp;**Information Technology—8.5%** | &nbsp;&nbsp;**Information Technology—8.5%** | &nbsp;&nbsp;**Information Technology—8.5%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52448 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**89757** |
| &nbsp;&nbsp;**TAIWAN—8.1%** | &nbsp;&nbsp;**TAIWAN—8.1%** | &nbsp;&nbsp;**TAIWAN—8.1%** | &nbsp;&nbsp;**TAIWAN—8.1%** |
| &nbsp;&nbsp;**Information Technology—8.1%** | &nbsp;&nbsp;**Information Technology—8.1%** | &nbsp;&nbsp;**Information Technology—8.1%** | &nbsp;&nbsp;**Information Technology—8.1%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13016 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15975 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50226 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.6%** |
| &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** | &nbsp;&nbsp;**Financials—3.6%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22151 |
| &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12765 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**34916** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**534711** |
| &nbsp;&nbsp;**PREFERRED STOCKS—16.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—16.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—16.9%** |  |
| &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** |
| &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;&nbsp;&nbsp;7288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18917 |
| &nbsp;&nbsp;**SOUTH KOREA—13.8%** | &nbsp;&nbsp;**SOUTH KOREA—13.8%** | &nbsp;&nbsp;**SOUTH KOREA—13.8%** | &nbsp;&nbsp;**SOUTH KOREA—13.8%** |
| &nbsp;&nbsp;**Information Technology—13.8%** | &nbsp;&nbsp;**Information Technology—13.8%** | &nbsp;&nbsp;**Information Technology—13.8%** | &nbsp;&nbsp;**Information Technology—13.8%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85780 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;**104697** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5996 | &nbsp;&nbsp;$5996 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5996** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $446,513)—104.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $446,513)—104.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $446,513)—104.2%** | &nbsp;&nbsp;&nbsp;**645404** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25876) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$619528** |

---

(a) Denotes a security issued under Regulation S or Rule 144A.

(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) Non-income producing security.

(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 6.7% of net
assets as of January 31, 2026.

(e) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

GDR Global Depositary Receipt

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets Dividend Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.4%** | &nbsp;&nbsp;**COMMON STOCKS—90.4%** |  |
| &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;Telefonica Brasil SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;255771 | &nbsp;&nbsp;$3626833 |
| &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** |
| &nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras, ADR | &nbsp;&nbsp; 297175 | &nbsp;&nbsp;&nbsp;&nbsp; 4267433 |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137065 | &nbsp;&nbsp;&nbsp;&nbsp; 1328002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595435 |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;421144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292381 |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;135871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459513 |
| &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** |
| &nbsp;&nbsp;Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;450550 | &nbsp;&nbsp;&nbsp;&nbsp; 962269 |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774952 |
| &nbsp;&nbsp;**Materials—0.5%** | &nbsp;&nbsp;**Materials—0.5%** | &nbsp;&nbsp;**Materials—0.5%** |
| &nbsp;&nbsp;Suzano SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;111046 | &nbsp;&nbsp;&nbsp;&nbsp; 1040501 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14459503** |
| &nbsp;&nbsp;**CHINA—19.9%** | &nbsp;&nbsp;**CHINA—19.9%** | &nbsp;&nbsp;**CHINA—19.9%** |
| &nbsp;&nbsp;**Communication Services—7.8%** | &nbsp;&nbsp;**Communication Services—7.8%** | &nbsp;&nbsp;**Communication Services—7.8%** |
| &nbsp;&nbsp;Autohome, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537027 |
| &nbsp;&nbsp;NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331801 |
| &nbsp;&nbsp;Tencent Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;184134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17934824 |
| &nbsp;&nbsp;**Consumer Discretionary—6.6%** | &nbsp;&nbsp;**Consumer Discretionary—6.6%** | &nbsp;&nbsp;**Consumer Discretionary—6.6%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336223 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135020 |
| &nbsp;&nbsp;Fu Shou Yuan International Group Ltd. | &nbsp;&nbsp;&nbsp;1101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363613 |
| &nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;424003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280826 |
| &nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839306 |
| &nbsp;&nbsp;Li Auto, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597549 |
| &nbsp;&nbsp;Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;822500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152033 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;171200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876996 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;358500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15116189 |
| &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257610 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691161 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;106547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973250 |
| &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051369 |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;533600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192604 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145787 |
| &nbsp;&nbsp;SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263458 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;$1190041 |
| &nbsp;&nbsp;Shanghai Huace Navigation Technology Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;110300 | &nbsp;&nbsp;&nbsp;&nbsp; 615908 |
| &nbsp;&nbsp;Silergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231745 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037694 |
| &nbsp;&nbsp;**Materials—0.3%** | &nbsp;&nbsp;**Materials—0.3%** | &nbsp;&nbsp;**Materials—0.3%** | &nbsp;&nbsp;**Materials—0.3%** |
| &nbsp;&nbsp;Chuangxin Industries Holdings Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp; 608031 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**45675976** |
| &nbsp;&nbsp;**GEORGIA—0.9%** | &nbsp;&nbsp;**GEORGIA—0.9%** | &nbsp;&nbsp;**GEORGIA—0.9%** | &nbsp;&nbsp;**GEORGIA—0.9%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Lion Finance Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245 | &nbsp;&nbsp;&nbsp;&nbsp; 1966758 |
| &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;207061 | &nbsp;&nbsp;&nbsp;&nbsp; 3660733 |
| &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** |
| &nbsp;&nbsp;**Consumer Staples—0.9%** | &nbsp;&nbsp;**Consumer Staples—0.9%** | &nbsp;&nbsp;**Consumer Staples—0.9%** | &nbsp;&nbsp;**Consumer Staples—0.9%** |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;1994104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965490 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;AIA Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173803 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;156500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133517 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6272810** |
| &nbsp;&nbsp;**INDIA—9.2%** | &nbsp;&nbsp;**INDIA—9.2%** | &nbsp;&nbsp;**INDIA—9.2%** | &nbsp;&nbsp;**INDIA—9.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Crompton Greaves Consumer Electricals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;166073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400345 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546549 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946894 |
| &nbsp;&nbsp;**Financials—5.5%** | &nbsp;&nbsp;**Financials—5.5%** | &nbsp;&nbsp;**Financials—5.5%** | &nbsp;&nbsp;**Financials—5.5%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814302 |
| &nbsp;&nbsp;Aptus Value Housing Finance India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;381986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146113 |
| &nbsp;&nbsp;Bajaj Holdings & Investment Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139210 |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;225629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305867 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12583741 |
| &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** |
| &nbsp;&nbsp;Container Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340875 |
| &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727430 |
| &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** |
| &nbsp;&nbsp;Mahanagar Gas Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051286 |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;841599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341702 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392988 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20991928** |
| &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 14748500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163217 |
| &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** |
| &nbsp;&nbsp;Map Aktif Adiperkasa PT |  | 19517500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813956 |
| &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** |
| &nbsp;&nbsp;Bank Mandiri Persero Tbk. PT |  | 13216900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795380 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk. PT |  | 10087100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289655 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085035 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**INDONESIA (continued)** | &nbsp;&nbsp;**INDONESIA (continued)** | &nbsp;&nbsp;**INDONESIA (continued)** | &nbsp;&nbsp;**INDONESIA (continued)** |
| &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** |
| &nbsp;&nbsp;Ciputra Development Tbk. PT |  | 10627700 | &nbsp;&nbsp;$525528 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10587736** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** |
| &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41460 | &nbsp;&nbsp;&nbsp;&nbsp; 3408012 |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | &nbsp;&nbsp;&nbsp;&nbsp; 587042 |
| &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** |
| &nbsp;&nbsp;Air Astana JSC, GDR<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40763 | &nbsp;&nbsp;&nbsp;&nbsp; 285341 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4280395** |
| &nbsp;&nbsp;**MACAO—0.9%** | &nbsp;&nbsp;**MACAO—0.9%** | &nbsp;&nbsp;**MACAO—0.9%** | &nbsp;&nbsp;**MACAO—0.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Sands China Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;992090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162708 |
| &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** |
| &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** |
| &nbsp;&nbsp;Telekom Malaysia Bhd. |  | &nbsp;&nbsp;&nbsp;&nbsp;857300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718080 |
| &nbsp;&nbsp;**MEXICO—7.0%** | &nbsp;&nbsp;**MEXICO—7.0%** | &nbsp;&nbsp;**MEXICO—7.0%** | &nbsp;&nbsp;**MEXICO—7.0%** |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;356034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013837 |
| &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627437 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616604 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244041 |
| &nbsp;&nbsp;**Materials—4.7%** | &nbsp;&nbsp;**Materials—4.7%** | &nbsp;&nbsp;**Materials—4.7%** | &nbsp;&nbsp;**Materials—4.7%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;971579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720393 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15978271** |
| &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472475 |
| &nbsp;&nbsp;**PHILIPPINES—0.5%** | &nbsp;&nbsp;**PHILIPPINES—0.5%** | &nbsp;&nbsp;**PHILIPPINES—0.5%** | &nbsp;&nbsp;**PHILIPPINES—0.5%** |
| &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** |
| &nbsp;&nbsp;Asian Terminals, Inc.<sup>(d)</sup> |  | &nbsp;&nbsp;1909600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139978 |
| &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Saudi National Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;260923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120752 |
| &nbsp;&nbsp;**SINGAPORE—1.1%** | &nbsp;&nbsp;**SINGAPORE—1.1%** | &nbsp;&nbsp;**SINGAPORE—1.1%** | &nbsp;&nbsp;**SINGAPORE—1.1%** |
| &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** |
| &nbsp;&nbsp;Capitaland India Trust, UNIT |  | &nbsp;&nbsp;2671400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603990 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** |
| &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** |
| &nbsp;&nbsp;Vodacom Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;153238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428245 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;322246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014817 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3443062** |
| &nbsp;&nbsp;**SOUTH KOREA—7.2%** | &nbsp;&nbsp;**SOUTH KOREA—7.2%** | &nbsp;&nbsp;**SOUTH KOREA—7.2%** | &nbsp;&nbsp;**SOUTH KOREA—7.2%** |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791305 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089 | &nbsp;&nbsp;$3185564 |
| &nbsp;&nbsp;KEPCO Plant Service & Engineering Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16662 | &nbsp;&nbsp;&nbsp;&nbsp; 648237 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1977324 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415294 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7226419 |
| &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8399124 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16416848** |
| &nbsp;&nbsp;**TAIWAN—17.7%** | &nbsp;&nbsp;**TAIWAN—17.7%** | &nbsp;&nbsp;**TAIWAN—17.7%** | &nbsp;&nbsp;**TAIWAN—17.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.2%** | &nbsp;&nbsp;**Consumer Discretionary—0.2%** | &nbsp;&nbsp;**Consumer Discretionary—0.2%** | &nbsp;&nbsp;**Consumer Discretionary—0.2%** |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42150 | &nbsp;&nbsp;&nbsp;&nbsp; 530391 |
| &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** |
| &nbsp;&nbsp;Sporton International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 500477 |
| &nbsp;&nbsp;**Information Technology—17.3%** | &nbsp;&nbsp;**Information Technology—17.3%** | &nbsp;&nbsp;**Information Technology—17.3%** | &nbsp;&nbsp;**Information Technology—17.3%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp; 2444709 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500953 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148713 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641881 |
| &nbsp;&nbsp;Quanta Computer, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587226 |
| &nbsp;&nbsp;Realtek Semiconductor Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628567 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378408 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25268510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39598967 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**40629835** |
| &nbsp;&nbsp;**THAILAND—1.3%** | &nbsp;&nbsp;**THAILAND—1.3%** | &nbsp;&nbsp;**THAILAND—1.3%** | &nbsp;&nbsp;**THAILAND—1.3%** |
| &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** |
| &nbsp;&nbsp;Digital Telecommunications Infrastructure Fund, Class F, UNIT |  | &nbsp;&nbsp;&nbsp;2311100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694101 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Krung Thai Bank PCL |  | &nbsp;&nbsp;2579500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315935 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3010036** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Americana Restaurants International PLC |  | &nbsp;&nbsp;&nbsp;2175259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924004 |
| &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** |
| &nbsp;&nbsp;ADNOC Drilling Co. PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;655917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951950 |
| &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** | &nbsp;&nbsp;**Real Estate—2.0%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;843974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203870 |
| &nbsp;&nbsp;Emaar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;576669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559223 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6435177** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**207027051** |
| &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—8.4%** | &nbsp;&nbsp;**SOUTH KOREA—8.4%** | &nbsp;&nbsp;**SOUTH KOREA—8.4%** | &nbsp;&nbsp;**SOUTH KOREA—8.4%** |
| &nbsp;&nbsp;**Information Technology—8.4%** | &nbsp;&nbsp;**Information Technology—8.4%** | &nbsp;&nbsp;**Information Technology—8.4%** | &nbsp;&nbsp;**Information Technology—8.4%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;235636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19218887 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19218887** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.2%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(e)</sup> |  | 2809590 | &nbsp;&nbsp;$2809590 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2809590** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $185,033,209)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $185,033,209)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $185,033,209)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**229055528** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94087) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$228961441** |

---

(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) 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 0.6% of net
assets as of January 31, 2026.

(e) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

ADR American Depositary Receipt <br> GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets ex-China Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—89.8%** | &nbsp;&nbsp;**COMMON STOCKS—89.8%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** |
| &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** |
| &nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22453 | &nbsp;&nbsp;$2048484 |
| &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1628025 |
| &nbsp;&nbsp;**Consumer Staples—1.1%** | &nbsp;&nbsp;**Consumer Staples—1.1%** | &nbsp;&nbsp;**Consumer Staples—1.1%** |
| &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;446018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2076375 |
| &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3910573 |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;217384 | &nbsp;&nbsp;&nbsp;&nbsp; 1998805 |
| &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;456046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2854431 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12468209** |
| &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** |
| &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219944 |
| &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** |
| &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** |
| &nbsp;&nbsp;CSG NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279207 |
| &nbsp;&nbsp;**GREECE—1.7%** | &nbsp;&nbsp;**GREECE—1.7%** | &nbsp;&nbsp;**GREECE—1.7%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;160058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825734 |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;GEK Terna SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505050 |
| &nbsp;&nbsp;**Total Greece** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3330784** |
| &nbsp;&nbsp;**INDIA—17.8%** | &nbsp;&nbsp;**INDIA—17.8%** | &nbsp;&nbsp;**INDIA—17.8%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795731 |
| &nbsp;&nbsp;**Consumer Discretionary—2.4%** | &nbsp;&nbsp;**Consumer Discretionary—2.4%** | &nbsp;&nbsp;**Consumer Discretionary—2.4%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034091 |
| &nbsp;&nbsp;ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130427 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629145 |
| &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** |
| &nbsp;&nbsp;ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;662244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322533 |
| &nbsp;&nbsp;**Financials—6.8%** | &nbsp;&nbsp;**Financials—6.8%** | &nbsp;&nbsp;**Financials—6.8%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857915 |
| &nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916433 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568828 |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;622108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288610 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13422672 |
| &nbsp;&nbsp;**Health Care—1.2%** | &nbsp;&nbsp;**Health Care—1.2%** | &nbsp;&nbsp;**Health Care—1.2%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797891 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385931 |
| &nbsp;&nbsp;**Industrials—1.4%** | &nbsp;&nbsp;**Industrials—1.4%** | &nbsp;&nbsp;**Industrials—1.4%** |
| &nbsp;&nbsp;Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173693 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;KEI Industries Ltd. |  | &nbsp;&nbsp; 17421 | &nbsp;&nbsp;$757155 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864196 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795044 |
| &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387279 |
| &nbsp;&nbsp;**Materials—0.9%** | &nbsp;&nbsp;**Materials—0.9%** | &nbsp;&nbsp;**Materials—0.9%** | &nbsp;&nbsp;**Materials—0.9%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790029 |
| &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60638 | &nbsp;&nbsp;&nbsp;&nbsp; 1040436 |
| &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** |
| &nbsp;&nbsp;NTPC Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;418025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611018 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35179818** |
| &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** |
| &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 12168800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2601205 |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 12397400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327523 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5928728** |
| &nbsp;&nbsp;**KAZAKHSTAN—3.2%** | &nbsp;&nbsp;**KAZAKHSTAN—3.2%** | &nbsp;&nbsp;**KAZAKHSTAN—3.2%** | &nbsp;&nbsp;**KAZAKHSTAN—3.2%** |
| &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744913 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641082 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6385995** |
| &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934316 |
| &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495459 |
| &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;565686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241773 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10671548** |
| &nbsp;&nbsp;**PERU—0.4%** | &nbsp;&nbsp;**PERU—0.4%** | &nbsp;&nbsp;**PERU—0.4%** | &nbsp;&nbsp;**PERU—0.4%** |
| &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817141 |
| &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** |
| &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;179075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088608 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;108267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696956 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2785564** |
| &nbsp;&nbsp;**SAUDI ARABIA—3.4%** | &nbsp;&nbsp;**SAUDI ARABIA—3.4%** | &nbsp;&nbsp;**SAUDI ARABIA—3.4%** | &nbsp;&nbsp;**SAUDI ARABIA—3.4%** |
| &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;187940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291942 |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145831 |
| &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** |
| &nbsp;&nbsp;Electrical Industries Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;335235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220399 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6658172** |
| &nbsp;&nbsp;**SOUTH AFRICA—2.0%** | &nbsp;&nbsp;**SOUTH AFRICA—2.0%** | &nbsp;&nbsp;**SOUTH AFRICA—2.0%** | &nbsp;&nbsp;**SOUTH AFRICA—2.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** |
| &nbsp;&nbsp;Naspers Ltd., Class N |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158190 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SOUTH AFRICA (continued)** | &nbsp;&nbsp;**SOUTH AFRICA (continued)** | &nbsp;&nbsp;**SOUTH AFRICA (continued)** | &nbsp;&nbsp;**SOUTH AFRICA (continued)** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;280754 | &nbsp;&nbsp;$1755391 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3913581** |
| &nbsp;&nbsp;**SOUTH KOREA—13.4%** | &nbsp;&nbsp;**SOUTH KOREA—13.4%** | &nbsp;&nbsp;**SOUTH KOREA—13.4%** | &nbsp;&nbsp;**SOUTH KOREA—13.4%** |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59766 | &nbsp;&nbsp;&nbsp;&nbsp; 3492948 |
| &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168628 |
| &nbsp;&nbsp;Samsung Episholdings Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218924 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387552 |
| &nbsp;&nbsp;**Industrials—5.7%** | &nbsp;&nbsp;**Industrials—5.7%** | &nbsp;&nbsp;**Industrials—5.7%** | &nbsp;&nbsp;**Industrials—5.7%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp; 2929055 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2916754 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp; 3654000 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398440 |
| &nbsp;&nbsp;**Information Technology—5.2%** | &nbsp;&nbsp;**Information Technology—5.2%** | &nbsp;&nbsp;**Information Technology—5.2%** | &nbsp;&nbsp;**Information Technology—5.2%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345303 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26624243** |
| &nbsp;&nbsp;**TAIWAN—26.3%** | &nbsp;&nbsp;**TAIWAN—26.3%** | &nbsp;&nbsp;**TAIWAN—26.3%** | &nbsp;&nbsp;**TAIWAN—26.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;146880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419886 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557336 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977222 |
| &nbsp;&nbsp;**Information Technology—25.3%** | &nbsp;&nbsp;**Information Technology—25.3%** | &nbsp;&nbsp;**Information Technology—25.3%** | &nbsp;&nbsp;**Information Technology—25.3%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447427 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705459 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005141 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380886 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329762 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32237512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50106187 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**52083409** |
| &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** |
| &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;&nbsp;&nbsp;484601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803298 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.4%** |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;502700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333979 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;703339 | &nbsp;&nbsp;$1838677 |
| &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | 3198012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532608 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6705264** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**177903389** |
| &nbsp;&nbsp;**PREFERRED STOCKS—9.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—9.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—9.9%** |  |
| &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Itausa SA |  | 1240265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3219233 |
| &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** |
| &nbsp;&nbsp;Localiza Rent a Car SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74128 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3293361** |
| &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** |
| &nbsp;&nbsp;**Information Technology—8.3%** | &nbsp;&nbsp;**Information Technology—8.3%** | &nbsp;&nbsp;**Information Technology—8.3%** | &nbsp;&nbsp;**Information Technology—8.3%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;202515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16403922 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19697283** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;548259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548259 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**548259** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $136,048,908)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $136,048,908)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $136,048,908)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**198148931** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47973) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$198100958** |

---

(a) Non-income producing security.

(b) Denotes a security issued under Regulation S or Rule 144A.

(c) 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 0.6% of net
assets as of January 31, 2026.

(d) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

ADR American Depositary Receipt <br> GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—86.9%** | &nbsp;&nbsp;**COMMON STOCKS—86.9%** | &nbsp;&nbsp;**COMMON STOCKS—86.9%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** |
| &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** |
| &nbsp;&nbsp;Rio Tinto PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;113878 | &nbsp;&nbsp;$10389580 |
| &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | 1316873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6130519 |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;798230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14168583 |
| &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | 1169868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7322303 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**27621405** |
| &nbsp;&nbsp;**CHINA—23.7%** | &nbsp;&nbsp;**CHINA—23.7%** | &nbsp;&nbsp;**CHINA—23.7%** | &nbsp;&nbsp;**CHINA—23.7%** |
| &nbsp;&nbsp;**Communication Services—7.0%** | &nbsp;&nbsp;**Communication Services—7.0%** | &nbsp;&nbsp;**Communication Services—7.0%** | &nbsp;&nbsp;**Communication Services—7.0%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp; 67023490 |
| &nbsp;&nbsp;**Consumer Discretionary—6.3%** | &nbsp;&nbsp;**Consumer Discretionary—6.3%** | &nbsp;&nbsp;**Consumer Discretionary—6.3%** | &nbsp;&nbsp;**Consumer Discretionary—6.3%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. |  | 1980900 | &nbsp;&nbsp;&nbsp;&nbsp; 42140822 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;853400 | &nbsp;&nbsp;&nbsp;&nbsp; 8525405 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;877300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615603 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60281830 |
| &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** |
| &nbsp;&nbsp;Giant Biogene Holding Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;1524200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485863 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481062 |
| &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;2172500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13273095 |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;2199975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554380 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22873264 |
| &nbsp;&nbsp;**Health Care—1.0%** | &nbsp;&nbsp;**Health Care—1.0%** | &nbsp;&nbsp;**Health Care—1.0%** | &nbsp;&nbsp;**Health Care—1.0%** |
| &nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;696600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826409 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;125497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415836 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9242245 |
| &nbsp;&nbsp;**Industrials—3.1%** | &nbsp;&nbsp;**Industrials—3.1%** | &nbsp;&nbsp;**Industrials—3.1%** | &nbsp;&nbsp;**Industrials—3.1%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;408481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20610754 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;2401779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687476 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29298230 |
| &nbsp;&nbsp;**Information Technology—1.8%** | &nbsp;&nbsp;**Information Technology—1.8%** | &nbsp;&nbsp;**Information Technology—1.8%** | &nbsp;&nbsp;**Information Technology—1.8%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;162396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088486 |
| &nbsp;&nbsp;Xiaomi Corp., B Shares<sup>(a)(b)</sup> |  | &nbsp;&nbsp;1486000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726482 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814968 |
| &nbsp;&nbsp;**Real Estate—0.7%** | &nbsp;&nbsp;**Real Estate—0.7%** | &nbsp;&nbsp;**Real Estate—0.7%** | &nbsp;&nbsp;**Real Estate—0.7%** |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;1729000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771085 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**226786174** |
| &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** | &nbsp;&nbsp;**CZECH REPUBLIC—0.1%** |
| &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** |
| &nbsp;&nbsp;CSG NV<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328779 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**GREECE—1.8%** | &nbsp;&nbsp;**GREECE—1.8%** | &nbsp;&nbsp;**GREECE—1.8%** | &nbsp;&nbsp;**GREECE—1.8%** |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;818418 | &nbsp;&nbsp;$14448708 |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;GEK Terna SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60776 | &nbsp;&nbsp;&nbsp;&nbsp; 2392247 |
| &nbsp;&nbsp;**Total Greece** | &nbsp;&nbsp;**Total Greece** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16840955** |
| &nbsp;&nbsp;**HONG KONG—2.1%** | &nbsp;&nbsp;**HONG KONG—2.1%** | &nbsp;&nbsp;**HONG KONG—2.1%** | &nbsp;&nbsp;**HONG KONG—2.1%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9749165 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;740500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10108934 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19858099** |
| &nbsp;&nbsp;**INDIA—14.5%** | &nbsp;&nbsp;**INDIA—14.5%** | &nbsp;&nbsp;**INDIA—14.5%** | &nbsp;&nbsp;**INDIA—14.5%** |
| &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** | &nbsp;&nbsp;**Communication Services—1.0%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;437657 | &nbsp;&nbsp;&nbsp;&nbsp; 9386888 |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. |  | 1312349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9612183 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;326844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12248710 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21860893 |
| &nbsp;&nbsp;**Financials—6.3%** | &nbsp;&nbsp;**Financials—6.3%** | &nbsp;&nbsp;**Financials—6.3%** | &nbsp;&nbsp;**Financials—6.3%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;344880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234870 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;531237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417987 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  | &nbsp;&nbsp;3395228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34320832 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;551280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12060135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60033824 |
| &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;170871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480456 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;240730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10351715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13832171 |
| &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** | &nbsp;&nbsp;**Industrials—0.1%** |
| &nbsp;&nbsp;Havells India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754908 |
| &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;255391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699534 |
| &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10097371 |
| &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;309293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306894 |
| &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** |
| &nbsp;&nbsp;NTPC Ltd. |  | &nbsp;&nbsp;2334896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998405 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;**138970888** |
| &nbsp;&nbsp;**INDONESIA—2.9%** | &nbsp;&nbsp;**INDONESIA—2.9%** | &nbsp;&nbsp;**INDONESIA—2.9%** | &nbsp;&nbsp;**INDONESIA—2.9%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 71913500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15372245 |
| &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 46037400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12356664 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**27728909** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** |
| &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6707849 |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558779 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9266628** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;855908 | &nbsp;&nbsp;$9649290 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;189541 | &nbsp;&nbsp;&nbsp;&nbsp; 6555520 |
| &nbsp;&nbsp;**Materials—3.6%** | &nbsp;&nbsp;**Materials—3.6%** | &nbsp;&nbsp;**Materials—3.6%** | &nbsp;&nbsp;**Materials—3.6%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | 3120269 | &nbsp;&nbsp;&nbsp;&nbsp; 34429015 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**50633825** |
| &nbsp;&nbsp;**POLAND—1.1%** | &nbsp;&nbsp;**POLAND—1.1%** | &nbsp;&nbsp;**POLAND—1.1%** | &nbsp;&nbsp;**POLAND—1.1%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;871701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5299122 |
| &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;304796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4777314 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10076436** |
| &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** |
| &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** |
| &nbsp;&nbsp;LUKOIL PJSC, ADR<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;Novatek PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;267284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;6211074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;**Total Russia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SAUDI ARABIA—1.9%** | &nbsp;&nbsp;**SAUDI ARABIA—1.9%** | &nbsp;&nbsp;**SAUDI ARABIA—1.9%** | &nbsp;&nbsp;**SAUDI ARABIA—1.9%** |
| &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;643248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18368779 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;1444962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034507 |
| &nbsp;&nbsp;**SOUTH KOREA—8.6%** | &nbsp;&nbsp;**SOUTH KOREA—8.6%** | &nbsp;&nbsp;**SOUTH KOREA—8.6%** | &nbsp;&nbsp;**SOUTH KOREA—8.6%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;223737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13076023 |
| &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10312037 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9432546 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33669764 |
| &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** | &nbsp;&nbsp;**Information Technology—3.7%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35322882 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**82068669** |
| &nbsp;&nbsp;**TAIWAN—16.3%** | &nbsp;&nbsp;**TAIWAN—16.3%** | &nbsp;&nbsp;**TAIWAN—16.3%** | &nbsp;&nbsp;**TAIWAN—16.3%** |
| &nbsp;&nbsp;**Information Technology—16.3%** | &nbsp;&nbsp;**Information Technology—16.3%** | &nbsp;&nbsp;**Information Technology—16.3%** | &nbsp;&nbsp;**Information Technology—16.3%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412207 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | 1150000 | &nbsp;&nbsp;$10691676 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp; 4421720 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp; 14730653 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17084925 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | 1839017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101690106 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156031287 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.6%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | 2395952 | &nbsp;&nbsp;&nbsp;&nbsp; 15890300 |
| &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | 3591006 | &nbsp;&nbsp;&nbsp;&nbsp; 9387649 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25277949** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**830282869** |
| &nbsp;&nbsp;**PREFERRED STOCKS—8.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.7%** |  |
| &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;5880713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15263985 |
| &nbsp;&nbsp;**SOUTH KOREA—7.1%** | &nbsp;&nbsp;**SOUTH KOREA—7.1%** | &nbsp;&nbsp;**SOUTH KOREA—7.1%** | &nbsp;&nbsp;**SOUTH KOREA—7.1%** |
| &nbsp;&nbsp;**Information Technology—7.1%** | &nbsp;&nbsp;**Information Technology—7.1%** | &nbsp;&nbsp;**Information Technology—7.1%** | &nbsp;&nbsp;**Information Technology—7.1%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;838168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67892467 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**83156452** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.8%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(f)</sup> |  | 46326426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46326426 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**46326426** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $724,991,871)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $724,991,871)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $724,991,871)—100.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**959765747** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3945786) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$955819961** |

---

---

| | |
|:---|:---|
| (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) | 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 0.0% of net assets as of January 31, 2026. |
| (e) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
| (f) | Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

ADR American Depositary Receipt <br> GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Focused U.S. Small Cap Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.9%** | &nbsp;&nbsp;**COMMON STOCKS—98.9%** |  |
| &nbsp;&nbsp;**BAHAMAS—2.0%** | &nbsp;&nbsp;**BAHAMAS—2.0%** | &nbsp;&nbsp;**BAHAMAS—2.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.0%** | &nbsp;&nbsp;**Consumer Discretionary—2.0%** | &nbsp;&nbsp;**Consumer Discretionary—2.0%** |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 12662 | &nbsp;&nbsp;$248808 |
| &nbsp;&nbsp;**CANADA—3.6%** | &nbsp;&nbsp;**CANADA—3.6%** | &nbsp;&nbsp;**CANADA—3.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.6%** | &nbsp;&nbsp;**Consumer Discretionary—1.6%** | &nbsp;&nbsp;**Consumer Discretionary—1.6%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206124 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243145 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449269** |
| &nbsp;&nbsp;**ISRAEL—2.6%** | &nbsp;&nbsp;**ISRAEL—2.6%** | &nbsp;&nbsp;**ISRAEL—2.6%** |
| &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 314893 |
| &nbsp;&nbsp;**UNITED STATES—90.7%** | &nbsp;&nbsp;**UNITED STATES—90.7%** | &nbsp;&nbsp;**UNITED STATES—90.7%** |
| &nbsp;&nbsp;**Communication Services—1.8%** | &nbsp;&nbsp;**Communication Services—1.8%** | &nbsp;&nbsp;**Communication Services—1.8%** |
| &nbsp;&nbsp;Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219607 |
| &nbsp;&nbsp;**Consumer Discretionary—5.5%** | &nbsp;&nbsp;**Consumer Discretionary—5.5%** | &nbsp;&nbsp;**Consumer Discretionary—5.5%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 325904 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677620 |
| &nbsp;&nbsp;**Consumer Staples—4.5%** | &nbsp;&nbsp;**Consumer Staples—4.5%** | &nbsp;&nbsp;**Consumer Staples—4.5%** |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245791 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553461 |
| &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295916 |
| &nbsp;&nbsp;**Financials—19.7%** | &nbsp;&nbsp;**Financials—19.7%** | &nbsp;&nbsp;**Financials—19.7%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396489 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;4958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306603 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218333 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187738 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;11258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376467 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212525 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337678 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431844 |
| &nbsp;&nbsp;**Health Care—14.9%** | &nbsp;&nbsp;**Health Care—14.9%** | &nbsp;&nbsp;**Health Care—14.9%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;14708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254448 |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;18779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278493 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260119 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123996 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323339 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362685 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840894 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—21.7%** | &nbsp;&nbsp;**Industrials—21.7%** | &nbsp;&nbsp;**Industrials—21.7%** | &nbsp;&nbsp;**Industrials—21.7%** |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;$337327 |
| &nbsp;&nbsp;AZZ, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp; 330363 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 305868 |
| &nbsp;&nbsp;Ducommun, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3007 | &nbsp;&nbsp;&nbsp;&nbsp; 340843 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335725 |
| &nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300158 |
| &nbsp;&nbsp;Griffon Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165832 |
| &nbsp;&nbsp;Helios Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp; 289437 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | 10108 | &nbsp;&nbsp;&nbsp;&nbsp; 273624 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679177 |
| &nbsp;&nbsp;**Information Technology—14.2%** | &nbsp;&nbsp;**Information Technology—14.2%** | &nbsp;&nbsp;**Information Technology—14.2%** | &nbsp;&nbsp;**Information Technology—14.2%** |
| &nbsp;&nbsp;Impinj, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177873 |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4561 | &nbsp;&nbsp;&nbsp;&nbsp; 249943 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> |  | 10148 | &nbsp;&nbsp;&nbsp;&nbsp; 245988 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251737 |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;22679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554728 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274653 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754922 |
| &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370590 |
| &nbsp;&nbsp;**Real Estate—3.0%** | &nbsp;&nbsp;**Real Estate—3.0%** | &nbsp;&nbsp;**Real Estate—3.0%** | &nbsp;&nbsp;**Real Estate—3.0%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369229 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11193260** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**12206230** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(b)</sup> |  | 197719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197719 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**197719** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $10,810,073)—100.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $10,810,073)—100.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $10,810,073)—100.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**12403949** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66683) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$12337266** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

PLC Public Limited Company <br> REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.8%** | &nbsp;&nbsp;**COMMON STOCKS—99.8%** | &nbsp;&nbsp;**COMMON STOCKS—99.8%** |  |
| &nbsp;&nbsp;**ARGENTINA—2.2%** | &nbsp;&nbsp;**ARGENTINA—2.2%** | &nbsp;&nbsp;**ARGENTINA—2.2%** | &nbsp;&nbsp;**ARGENTINA—2.2%** |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;$524628 |
| &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43400 | &nbsp;&nbsp;&nbsp;&nbsp; 500402 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1025030** |
| &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** | &nbsp;&nbsp;**AUSTRALIA—1.1%** |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Aurizon Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;205500 | &nbsp;&nbsp;&nbsp;&nbsp; 525664 |
| &nbsp;&nbsp;**BRAZIL—4.0%** | &nbsp;&nbsp;**BRAZIL—4.0%** | &nbsp;&nbsp;**BRAZIL—4.0%** | &nbsp;&nbsp;**BRAZIL—4.0%** |
| &nbsp;&nbsp;**Industrials—4.0%** | &nbsp;&nbsp;**Industrials—4.0%** | &nbsp;&nbsp;**Industrials—4.0%** | &nbsp;&nbsp;**Industrials—4.0%** |
| &nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA |  | &nbsp;&nbsp;&nbsp;&nbsp;291200 | &nbsp;&nbsp;&nbsp;&nbsp; 927369 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;347400 | &nbsp;&nbsp;&nbsp;&nbsp; 974324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901693 |
| &nbsp;&nbsp;**CANADA—4.4%** | &nbsp;&nbsp;**CANADA—4.4%** | &nbsp;&nbsp;**CANADA—4.4%** | &nbsp;&nbsp;**CANADA—4.4%** |
| &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** | &nbsp;&nbsp;**Energy—2.4%** |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156934 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936684 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2093618** |
| &nbsp;&nbsp;**CHINA—1.1%** | &nbsp;&nbsp;**CHINA—1.1%** | &nbsp;&nbsp;**CHINA—1.1%** | &nbsp;&nbsp;**CHINA—1.1%** |
| &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531811 |
| &nbsp;&nbsp;**FRANCE—9.4%** | &nbsp;&nbsp;**FRANCE—9.4%** | &nbsp;&nbsp;**FRANCE—9.4%** | &nbsp;&nbsp;**FRANCE—9.4%** |
| &nbsp;&nbsp;**Industrials—5.1%** | &nbsp;&nbsp;**Industrials—5.1%** | &nbsp;&nbsp;**Industrials—5.1%** | &nbsp;&nbsp;**Industrials—5.1%** |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697044 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021391 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690166 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408601 |
| &nbsp;&nbsp;**Utilities—4.3%** | &nbsp;&nbsp;**Utilities—4.3%** | &nbsp;&nbsp;**Utilities—4.3%** | &nbsp;&nbsp;**Utilities—4.3%** |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970333 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050539 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4459140** |
| &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** |
| &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447888 |
| &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** |
| &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk. PT |  | 11461500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358492 |
| &nbsp;&nbsp;**ITALY—2.3%** | &nbsp;&nbsp;**ITALY—2.3%** | &nbsp;&nbsp;**ITALY—2.3%** | &nbsp;&nbsp;**ITALY—2.3%** |
| &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506570 |
| &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** | &nbsp;&nbsp;**Utilities—1.2%** |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584247 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1090817** |
| &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Japan Airport Terminal Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917484 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**MEXICO—3.7%** | &nbsp;&nbsp;**MEXICO—3.7%** | &nbsp;&nbsp;**MEXICO—3.7%** |
| &nbsp;&nbsp;**Industrials—3.7%** | &nbsp;&nbsp;**Industrials—3.7%** | &nbsp;&nbsp;**Industrials—3.7%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;$511061 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 498042 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp; 719902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729005 |
| &nbsp;&nbsp;**NIGERIA—1.4%** | &nbsp;&nbsp;**NIGERIA—1.4%** | &nbsp;&nbsp;**NIGERIA—1.4%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677552 |
| &nbsp;&nbsp;**PHILIPPINES—3.7%** | &nbsp;&nbsp;**PHILIPPINES—3.7%** | &nbsp;&nbsp;**PHILIPPINES—3.7%** |
| &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** |
| &nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp; 1299019 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;Maynilad Water Services, Inc.<sup>(a)</sup> | 1482000 | &nbsp;&nbsp;&nbsp;&nbsp; 455570 |
| &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1754589** |
| &nbsp;&nbsp;**SPAIN—6.2%** | &nbsp;&nbsp;**SPAIN—6.2%** | &nbsp;&nbsp;**SPAIN—6.2%** |
| &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094927 |
| &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** |
| &nbsp;&nbsp;Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015582 |
| &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** |
| &nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838655 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2949164** |
| &nbsp;&nbsp;**TANZANIA—2.3%** | &nbsp;&nbsp;**TANZANIA—2.3%** | &nbsp;&nbsp;**TANZANIA—2.3%** |
| &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;465600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104858 |
| &nbsp;&nbsp;**THAILAND—0.9%** | &nbsp;&nbsp;**THAILAND—0.9%** | &nbsp;&nbsp;**THAILAND—0.9%** |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Airports of Thailand PCL | &nbsp;&nbsp;&nbsp;&nbsp;262100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418417 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.7%** | &nbsp;&nbsp;**UNITED KINGDOM—3.7%** | &nbsp;&nbsp;**UNITED KINGDOM—3.7%** |
| &nbsp;&nbsp;**Utilities—3.7%** | &nbsp;&nbsp;**Utilities—3.7%** | &nbsp;&nbsp;**Utilities—3.7%** |
| &nbsp;&nbsp;National Grid PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699214 |
| &nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732899 |
| &nbsp;&nbsp;**UNITED STATES—47.6%** | &nbsp;&nbsp;**UNITED STATES—47.6%** | &nbsp;&nbsp;**UNITED STATES—47.6%** |
| &nbsp;&nbsp;**Energy—10.8%** | &nbsp;&nbsp;**Energy—10.8%** | &nbsp;&nbsp;**Energy—10.8%** |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522944 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335462 |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879009 |
| &nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129697 |
| &nbsp;&nbsp;**Industrials—11.7%** | &nbsp;&nbsp;**Industrials—11.7%** | &nbsp;&nbsp;**Industrials—11.7%** |
| &nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776407 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437268 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269847 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931968 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316560 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5532114 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Real Estate—4.3%** | &nbsp;&nbsp;**Real Estate—4.3%** | &nbsp;&nbsp;**Real Estate—4.3%** | &nbsp;&nbsp;**Real Estate—4.3%** |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;$1111536 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 937548 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049084 |
| &nbsp;&nbsp;**Utilities—20.8%** | &nbsp;&nbsp;**Utilities—20.8%** | &nbsp;&nbsp;**Utilities—20.8%** | &nbsp;&nbsp;**Utilities—20.8%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 658762 |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219521 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 920808 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 921825 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 915072 |
| &nbsp;&nbsp;Duke Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 703830 |
| &nbsp;&nbsp;Essential Utilities, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217224 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 965736 |
| &nbsp;&nbsp;IDACORP, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 637392 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 1388820 |
| &nbsp;&nbsp;PPL Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 1065750 |
| &nbsp;&nbsp;TXNM Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925044 |
| &nbsp;&nbsp;XPLR Infrastructure LP<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295122 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834906 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**22545801** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**47263922** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119505 | &nbsp;&nbsp;$119505 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119505** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $33,809,321)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $33,809,321)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $33,809,321)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**47383427** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14941) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$47368486** |

---

(a) Non-income producing security.

(b) Denotes a security issued under Regulation S or Rule 144A.

(c) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

ADR American Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn International Small Cap Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—86.2%** | &nbsp;&nbsp;**COMMON STOCKS—86.2%** | &nbsp;&nbsp;**COMMON STOCKS—86.2%** |  |
| &nbsp;&nbsp;**AUSTRALIA—4.9%** | &nbsp;&nbsp;**AUSTRALIA—4.9%** | &nbsp;&nbsp;**AUSTRALIA—4.9%** | &nbsp;&nbsp;**AUSTRALIA—4.9%** |
| &nbsp;&nbsp;**Industrials—4.9%** | &nbsp;&nbsp;**Industrials—4.9%** | &nbsp;&nbsp;**Industrials—4.9%** | &nbsp;&nbsp;**Industrials—4.9%** |
| &nbsp;&nbsp;ALS Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;198663 | &nbsp;&nbsp;$3408674 |
| &nbsp;&nbsp;PT Ventia Services Group Pty Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;205287 | &nbsp;&nbsp;&nbsp;&nbsp; 826260 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234934 |
| &nbsp;&nbsp;**CHINA—2.0%** | &nbsp;&nbsp;**CHINA—2.0%** | &nbsp;&nbsp;**CHINA—2.0%** | &nbsp;&nbsp;**CHINA—2.0%** |
| &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** | &nbsp;&nbsp;**Health Care—2.0%** |
| &nbsp;&nbsp;Shanghai Conant Optical Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;219600 | &nbsp;&nbsp;&nbsp;&nbsp; 1758296 |
| &nbsp;&nbsp;**FRANCE—5.6%** | &nbsp;&nbsp;**FRANCE—5.6%** | &nbsp;&nbsp;**FRANCE—5.6%** | &nbsp;&nbsp;**FRANCE—5.6%** |
| &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp;&nbsp;&nbsp;21973 | &nbsp;&nbsp;&nbsp;&nbsp; 668332 |
| &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;19417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4177392 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4845724** |
| &nbsp;&nbsp;**GERMANY—5.5%** | &nbsp;&nbsp;**GERMANY—5.5%** | &nbsp;&nbsp;**GERMANY—5.5%** | &nbsp;&nbsp;**GERMANY—5.5%** |
| &nbsp;&nbsp;**Communication Services—3.4%** | &nbsp;&nbsp;**Communication Services—3.4%** | &nbsp;&nbsp;**Communication Services—3.4%** | &nbsp;&nbsp;**Communication Services—3.4%** |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA |  | &nbsp;&nbsp;&nbsp;&nbsp;34237 | &nbsp;&nbsp;&nbsp;&nbsp; 2879350 |
| &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** |
| &nbsp;&nbsp;Rational AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052000 |
| &nbsp;&nbsp;RENK Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;11999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820754 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4700104** |
| &nbsp;&nbsp;**ISRAEL—2.4%** | &nbsp;&nbsp;**ISRAEL—2.4%** | &nbsp;&nbsp;**ISRAEL—2.4%** | &nbsp;&nbsp;**ISRAEL—2.4%** |
| &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064858 |
| &nbsp;&nbsp;**ITALY—4.5%** | &nbsp;&nbsp;**ITALY—4.5%** | &nbsp;&nbsp;**ITALY—4.5%** | &nbsp;&nbsp;**ITALY—4.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** |
| &nbsp;&nbsp;Brunello Cucinelli SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834153 |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;FinecoBank Banca Fineco SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;51901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374990 |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Interpump Group SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;28496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651055 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3860198** |
| &nbsp;&nbsp;**JAPAN—15.5%** | &nbsp;&nbsp;**JAPAN—15.5%** | &nbsp;&nbsp;**JAPAN—15.5%** | &nbsp;&nbsp;**JAPAN—15.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** |
| &nbsp;&nbsp;Asics Corp. |  | &nbsp;&nbsp;&nbsp;126100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027019 |
| &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. |  | &nbsp;&nbsp;340600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560607 |
| &nbsp;&nbsp;Zenkoku Hosho Co. Ltd. |  | &nbsp;&nbsp;103800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061110 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621717 |
| &nbsp;&nbsp;**Industrials—7.8%** | &nbsp;&nbsp;**Industrials—7.8%** | &nbsp;&nbsp;**Industrials—7.8%** | &nbsp;&nbsp;**Industrials—7.8%** |
| &nbsp;&nbsp;BayCurrent, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466075 |
| &nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;337800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548035 |
| &nbsp;&nbsp;Sanwa Holdings Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166968 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703246 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;**13351982** |
| &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** |
| &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** |
| &nbsp;&nbsp;Regional SAB de CV |  | &nbsp;&nbsp;309808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778451 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**NORWAY—1.9%** | &nbsp;&nbsp;**NORWAY—1.9%** | &nbsp;&nbsp;**NORWAY—1.9%** | &nbsp;&nbsp;**NORWAY—1.9%** |
| &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** |
| &nbsp;&nbsp;Borregaard ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;79307 | &nbsp;&nbsp;$1595940 |
| &nbsp;&nbsp;**POLAND—1.7%** | &nbsp;&nbsp;**POLAND—1.7%** | &nbsp;&nbsp;**POLAND—1.7%** | &nbsp;&nbsp;**POLAND—1.7%** |
| &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451357 |
| &nbsp;&nbsp;**SOUTH KOREA—2.1%** | &nbsp;&nbsp;**SOUTH KOREA—2.1%** | &nbsp;&nbsp;**SOUTH KOREA—2.1%** | &nbsp;&nbsp;**SOUTH KOREA—2.1%** |
| &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** |
| &nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773223 |
| &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** |
| &nbsp;&nbsp;CIE Automotive SA |  | &nbsp;&nbsp;&nbsp;&nbsp;68765 | &nbsp;&nbsp;&nbsp;&nbsp; 2347504 |
| &nbsp;&nbsp;**SWEDEN—3.6%** | &nbsp;&nbsp;**SWEDEN—3.6%** | &nbsp;&nbsp;**SWEDEN—3.6%** | &nbsp;&nbsp;**SWEDEN—3.6%** |
| &nbsp;&nbsp;**Industrials—3.6%** | &nbsp;&nbsp;**Industrials—3.6%** | &nbsp;&nbsp;**Industrials—3.6%** | &nbsp;&nbsp;**Industrials—3.6%** |
| &nbsp;&nbsp;AddTech AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;67586 | &nbsp;&nbsp;&nbsp;&nbsp; 2206456 |
| &nbsp;&nbsp;Sweco AB, B Shares |  | &nbsp;&nbsp; 51101 | &nbsp;&nbsp;&nbsp;&nbsp; 846186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052642 |
| &nbsp;&nbsp;**TAIWAN—8.7%** | &nbsp;&nbsp;**TAIWAN—8.7%** | &nbsp;&nbsp;**TAIWAN—8.7%** | &nbsp;&nbsp;**TAIWAN—8.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** | &nbsp;&nbsp;**Consumer Discretionary—2.3%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;206720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006767 |
| &nbsp;&nbsp;**Information Technology—6.4%** | &nbsp;&nbsp;**Information Technology—6.4%** | &nbsp;&nbsp;**Information Technology—6.4%** | &nbsp;&nbsp;**Information Technology—6.4%** |
| &nbsp;&nbsp;Chenbro Micom Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610423 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276771 |
| &nbsp;&nbsp;Elite Material Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663489 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942310 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492993 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7499760** |
| &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** |
| &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** |
| &nbsp;&nbsp;Fabrinet<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533831 |
| &nbsp;&nbsp;**UNITED KINGDOM—16.4%** | &nbsp;&nbsp;**UNITED KINGDOM—16.4%** | &nbsp;&nbsp;**UNITED KINGDOM—16.4%** | &nbsp;&nbsp;**UNITED KINGDOM—16.4%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;Gamma Communications PLC |  | &nbsp;&nbsp;&nbsp;107760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340352 |
| &nbsp;&nbsp;**Consumer Discretionary—3.3%** | &nbsp;&nbsp;**Consumer Discretionary—3.3%** | &nbsp;&nbsp;**Consumer Discretionary—3.3%** | &nbsp;&nbsp;**Consumer Discretionary—3.3%** |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;12150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834640 |
| &nbsp;&nbsp;**Financials—3.3%** | &nbsp;&nbsp;**Financials—3.3%** | &nbsp;&nbsp;**Financials—3.3%** | &nbsp;&nbsp;**Financials—3.3%** |
| &nbsp;&nbsp;ICG PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;66830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659761 |
| &nbsp;&nbsp;Tatton Asset Management PLC |  | &nbsp;&nbsp;&nbsp;128424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194957 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854718 |
| &nbsp;&nbsp;**Industrials—6.3%** | &nbsp;&nbsp;**Industrials—6.3%** | &nbsp;&nbsp;**Industrials—6.3%** | &nbsp;&nbsp;**Industrials—6.3%** |
| &nbsp;&nbsp;Avon Technologies PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;32816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787612 |
| &nbsp;&nbsp;Chemring Group PLC |  | &nbsp;&nbsp;&nbsp;125538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856323 |
| &nbsp;&nbsp;Diploma PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;52287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806297 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450232 |
| &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** |
| &nbsp;&nbsp;Hill & Smith PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;54602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666137 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;**14146079** |
| &nbsp;&nbsp;**VIETNAM—2.6%** | &nbsp;&nbsp;**VIETNAM—2.6%** | &nbsp;&nbsp;**VIETNAM—2.6%** | &nbsp;&nbsp;**VIETNAM—2.6%** |
| &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** | &nbsp;&nbsp;**Information Technology—2.6%** |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;553606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230475 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**74225358** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn International Small Cap Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.5%** |  |
| &nbsp;&nbsp;iShares MSCI India Small-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;71847 | &nbsp;&nbsp;$4731843 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4731843** |
| &nbsp;&nbsp;**PREFERRED STOCKS—3.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—3.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—3.3%** |  |
| &nbsp;&nbsp;**GERMANY—3.3%** | &nbsp;&nbsp;**GERMANY—3.3%** | &nbsp;&nbsp;**GERMANY—3.3%** | &nbsp;&nbsp;**GERMANY—3.3%** |
| &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;65337 | &nbsp;&nbsp;&nbsp;&nbsp; 2819078 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2819078** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(c)</sup> |  | 3805057 | &nbsp;&nbsp;&nbsp;&nbsp; 3805057 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3805057** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $67,768,018)—99.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $67,768,018)—99.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $67,768,018)—99.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**85581336** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528303 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$86109639** |

---

(a) Non-income producing security.

(b) Denotes a security issued under Regulation S or Rule 144A.

(c) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

ETF Exchange-Traded Fund <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Real Estate Fund

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.6%** | &nbsp;&nbsp;**COMMON STOCKS—99.6%** |  |
| &nbsp;&nbsp;**UNITED STATES—99.6%** | &nbsp;&nbsp;**UNITED STATES—99.6%** | &nbsp;&nbsp;**UNITED STATES—99.6%** |
| &nbsp;&nbsp;**Data Center REITs—11.4%** |  |  |
| &nbsp;&nbsp;Digital Realty Trust, Inc., REIT | 10357 | &nbsp;&nbsp;$1718744 |
| &nbsp;&nbsp;Equinix, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 2120462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839206 |
| &nbsp;&nbsp;**Health Care REITs—29.7%** |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | 33451 | &nbsp;&nbsp;&nbsp;&nbsp; 1569186 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc., REIT | 26461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161109 |
| &nbsp;&nbsp;Ventas, Inc., REIT | 28409 | &nbsp;&nbsp;&nbsp;&nbsp; 2206527 |
| &nbsp;&nbsp;Welltower, Inc., REIT | 27210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5125276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10062098 |
| &nbsp;&nbsp;**Hotel & Resort REITs—1.4%** |  |  |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc., REIT | 25519 | &nbsp;&nbsp;&nbsp;&nbsp; 472867 |
| &nbsp;&nbsp;**Industrial REITs—10.7%** |  |  |
| &nbsp;&nbsp;Prologis, Inc., REIT | 27636 | &nbsp;&nbsp;&nbsp;&nbsp; 3608156 |
| &nbsp;&nbsp;**Multi-Family Residential REITs—6.4%** |  |  |
| &nbsp;&nbsp;AvalonBay Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp; 838070 |
| &nbsp;&nbsp;Camden Property Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560299 |
| &nbsp;&nbsp;Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167328 |
| &nbsp;&nbsp;**Office REITs—2.4%** |  |  |
| &nbsp;&nbsp;Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246494 |
| &nbsp;&nbsp;Kilroy Realty Corp., REIT | &nbsp;&nbsp;16457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813931 |
| &nbsp;&nbsp;**Other Specialized REITs—4.3%** |  |  |
| &nbsp;&nbsp;EPR Properties, REIT | &nbsp;&nbsp;12990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704578 |
| &nbsp;&nbsp;Iron Mountain, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;8035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444842 |
| &nbsp;&nbsp;**Retail REITs—24.4%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;23014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616545 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Curbline Properties Corp., REIT | 22980 | &nbsp;&nbsp;$557265 |
| &nbsp;&nbsp;InvenTrust Properties Corp., REIT | 19095 | &nbsp;&nbsp;&nbsp;&nbsp; 561202 |
| &nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp; 27141 | &nbsp;&nbsp;&nbsp;&nbsp; 1130965 |
| &nbsp;&nbsp;Realty Income Corp., REIT | 27760 | &nbsp;&nbsp;&nbsp;&nbsp; 1697802 |
| &nbsp;&nbsp;Regency Centers Corp., REIT | 14468 | &nbsp;&nbsp;&nbsp;&nbsp; 1054283 |
| &nbsp;&nbsp;Simon Property Group, Inc., REIT | 13748 | &nbsp;&nbsp;&nbsp;&nbsp; 2630130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248192 |
| &nbsp;&nbsp;**Self Storage REITs—7.3%** |  |  |
| &nbsp;&nbsp;CubeSmart, REIT | 14815 | &nbsp;&nbsp;&nbsp;&nbsp; 556007 |
| &nbsp;&nbsp;Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp; 1340627 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 18521 | &nbsp;&nbsp;&nbsp;&nbsp; 582300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478934 |
| &nbsp;&nbsp;**Single-Family Residential REITs—1.6%** |  |  |
| &nbsp;&nbsp;Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553174 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**33688728** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**33688728** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(a)</sup> | 159085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159085 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**159085** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $26,354,766)—100.1%** |  | &nbsp;&nbsp;**33847813** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26754) |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$33821059** |

---

(a) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn U.S. Small Cap Equity Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.6%** | &nbsp;&nbsp;**COMMON STOCKS—99.6%** |  |
| &nbsp;&nbsp;**BAHAMAS—2.0%** | &nbsp;&nbsp;**BAHAMAS—2.0%** | &nbsp;&nbsp;**BAHAMAS—2.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.0%** | &nbsp;&nbsp;**Consumer Discretionary—2.0%** | &nbsp;&nbsp;**Consumer Discretionary—2.0%** |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;360555 | &nbsp;&nbsp;$7084906 |
| &nbsp;&nbsp;**CANADA—3.2%** | &nbsp;&nbsp;**CANADA—3.2%** | &nbsp;&nbsp;**CANADA—3.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74322 | &nbsp;&nbsp;&nbsp;&nbsp; 5858319 |
| &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;182593 | &nbsp;&nbsp;&nbsp;&nbsp; 5189549 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11047868** |
| &nbsp;&nbsp;**ISRAEL—2.0%** | &nbsp;&nbsp;**ISRAEL—2.0%** | &nbsp;&nbsp;**ISRAEL—2.0%** |
| &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47931 | &nbsp;&nbsp;&nbsp;&nbsp; 7023329 |
| &nbsp;&nbsp;**UNITED STATES—92.4%** | &nbsp;&nbsp;**UNITED STATES—92.4%** | &nbsp;&nbsp;**UNITED STATES—92.4%** |
| &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** |
| &nbsp;&nbsp;Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142690 | &nbsp;&nbsp;&nbsp;&nbsp; 4623156 |
| &nbsp;&nbsp;**Consumer Discretionary—6.2%** | &nbsp;&nbsp;**Consumer Discretionary—6.2%** | &nbsp;&nbsp;**Consumer Discretionary—6.2%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7818138 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487599 |
| &nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;52157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001114 |
| &nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21795443 |
| &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** |
| &nbsp;&nbsp;Chefs' Warehouse, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379271 |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763427 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19021266 |
| &nbsp;&nbsp;**Energy—2.1%** | &nbsp;&nbsp;**Energy—2.1%** | &nbsp;&nbsp;**Energy—2.1%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;285034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271217 |
| &nbsp;&nbsp;**Financials—20.5%** | &nbsp;&nbsp;**Financials—20.5%** | &nbsp;&nbsp;**Financials—20.5%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;115416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9304838 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145612 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;71019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675233 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;136930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301930 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315022 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;289002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664227 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939523 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334956 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10670017 |
| &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;148995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71995804 |
| &nbsp;&nbsp;**Health Care—15.2%** | &nbsp;&nbsp;**Health Care—15.2%** | &nbsp;&nbsp;**Health Care—15.2%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;361945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261649 |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;487006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222299 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7504417 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482445 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;154872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763390 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679403 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;149901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583652 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655065 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406672 |
| &nbsp;&nbsp;OmniAb, Inc. 12.5 Earnout<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;OmniAb, Inc. 15.0 Earnout<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;102276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53484604 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—21.8%** | &nbsp;&nbsp;**Industrials—21.8%** | &nbsp;&nbsp;**Industrials—21.8%** | &nbsp;&nbsp;**Industrials—21.8%** |
| &nbsp;&nbsp;ArcBest Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;45538 | &nbsp;&nbsp;$4108438 |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;150916 | &nbsp;&nbsp;&nbsp;&nbsp; 8748601 |
| &nbsp;&nbsp;AZZ, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;74483 | &nbsp;&nbsp;&nbsp;&nbsp; 9257492 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;70256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7087425 |
| &nbsp;&nbsp;Ducommun, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp; 9464725 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;36170 | &nbsp;&nbsp;&nbsp;&nbsp; 8636673 |
| &nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;97522 | &nbsp;&nbsp;&nbsp;&nbsp; 8629722 |
| &nbsp;&nbsp;Griffon Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;57565 | &nbsp;&nbsp;&nbsp;&nbsp; 4688669 |
| &nbsp;&nbsp;Helios Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;131030 | &nbsp;&nbsp;&nbsp;&nbsp; 8488124 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;269904 | &nbsp;&nbsp;&nbsp;&nbsp; 7306301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76416170 |
| &nbsp;&nbsp;**Information Technology—12.4%** | &nbsp;&nbsp;**Information Technology—12.4%** | &nbsp;&nbsp;**Information Technology—12.4%** | &nbsp;&nbsp;**Information Technology—12.4%** |
| &nbsp;&nbsp;Impinj, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41996 | &nbsp;&nbsp;&nbsp;&nbsp; 5799648 |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp; 117655 | &nbsp;&nbsp;&nbsp;&nbsp; 6447494 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250100 | &nbsp;&nbsp;&nbsp;&nbsp; 6062424 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;113748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967065 |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;495414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12117826 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;81859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43699237 |
| &nbsp;&nbsp;**Materials—3.4%** | &nbsp;&nbsp;**Materials—3.4%** | &nbsp;&nbsp;**Materials—3.4%** | &nbsp;&nbsp;**Materials—3.4%** |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;27624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855504 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;73206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10122926 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11978430 |
| &nbsp;&nbsp;**Real Estate—3.3%** | &nbsp;&nbsp;**Real Estate—3.3%** | &nbsp;&nbsp;**Real Estate—3.3%** | &nbsp;&nbsp;**Real Estate—3.3%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;&nbsp;159309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473185 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. |  | &nbsp;&nbsp;&nbsp;134378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224844 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11698029 |
| &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;33343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652769 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**324636125** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**349792228** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(d)</sup> |  | 1265688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265688 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1265688** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $282,708,071)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $282,708,071)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $282,708,071)—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**351057916** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187455 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$351245371** |

---

(a) Non-income producing security.

(b) 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 0.0% of net
assets as of January 31, 2026.

(c) Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.

(d) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

PLC Public Limited Company <br> REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn U.S. Sustainable Leaders Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.0%** | &nbsp;&nbsp;**COMMON STOCKS—99.0%** |  |
| &nbsp;&nbsp;**NETHERLANDS—1.5%** | &nbsp;&nbsp;**NETHERLANDS—1.5%** | &nbsp;&nbsp;**NETHERLANDS—1.5%** |
| &nbsp;&nbsp;**Information Technology—1.5%** | &nbsp;&nbsp;**Information Technology—1.5%** | &nbsp;&nbsp;**Information Technology—1.5%** |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;20841 | &nbsp;&nbsp;$4712984 |
| &nbsp;&nbsp;**UNITED STATES—97.5%** | &nbsp;&nbsp;**UNITED STATES—97.5%** | &nbsp;&nbsp;**UNITED STATES—97.5%** |
| &nbsp;&nbsp;**Communication Services—5.4%** | &nbsp;&nbsp;**Communication Services—5.4%** | &nbsp;&nbsp;**Communication Services—5.4%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;50116 | &nbsp;&nbsp;&nbsp;&nbsp; 16965769 |
| &nbsp;&nbsp;**Consumer Discretionary—5.2%** | &nbsp;&nbsp;**Consumer Discretionary—5.2%** | &nbsp;&nbsp;**Consumer Discretionary—5.2%** |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66059 | &nbsp;&nbsp;&nbsp;&nbsp; 6500866 |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66093 | &nbsp;&nbsp;&nbsp;&nbsp; 9901393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16402259 |
| &nbsp;&nbsp;**Consumer Staples—2.1%** | &nbsp;&nbsp;**Consumer Staples—2.1%** | &nbsp;&nbsp;**Consumer Staples—2.1%** |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;43527 | &nbsp;&nbsp;&nbsp;&nbsp; 6606093 |
| &nbsp;&nbsp;**Energy—2.7%** | &nbsp;&nbsp;**Energy—2.7%** | &nbsp;&nbsp;**Energy—2.7%** |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;149091 | &nbsp;&nbsp;&nbsp;&nbsp; 8355060 |
| &nbsp;&nbsp;**Financials—16.4%** | &nbsp;&nbsp;**Financials—16.4%** | &nbsp;&nbsp;**Financials—16.4%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;30362 | &nbsp;&nbsp;&nbsp;&nbsp; 10692586 |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142211 | &nbsp;&nbsp;&nbsp;&nbsp; 7565625 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;16148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939512 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8694783 |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11519869 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51513951 |
| &nbsp;&nbsp;**Health Care—12.8%** | &nbsp;&nbsp;**Health Care—12.8%** | &nbsp;&nbsp;**Health Care—12.8%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613367 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747612 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999725 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549447 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803808 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600419 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40343449 |
| &nbsp;&nbsp;**Industrials—14.0%** | &nbsp;&nbsp;**Industrials—14.0%** | &nbsp;&nbsp;**Industrials—14.0%** |
| &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521563 |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;17908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293229 |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9499704 |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;184434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6945785 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Trane Technologies PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13706 | &nbsp;&nbsp;$5764470 |
| &nbsp;&nbsp;Veralto Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;32505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3217345 |
| &nbsp;&nbsp;Waste Management, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;29064 | &nbsp;&nbsp;&nbsp;&nbsp; 6459183 |
| &nbsp;&nbsp;Watsco, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp; 2380532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44081811 |
| &nbsp;&nbsp;**Information Technology—34.6%** | &nbsp;&nbsp;**Information Technology—34.6%** | &nbsp;&nbsp;**Information Technology—34.6%** | &nbsp;&nbsp;**Information Technology—34.6%** |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;24884 | &nbsp;&nbsp;&nbsp;&nbsp; 6560418 |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;16898 | &nbsp;&nbsp;&nbsp;&nbsp; 4955339 |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;20438 | &nbsp;&nbsp;&nbsp;&nbsp; 6353766 |
| &nbsp;&nbsp;Apple, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;13785 | &nbsp;&nbsp;&nbsp;&nbsp; 3576932 |
| &nbsp;&nbsp;Broadcom, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;41568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13771478 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;30689 | &nbsp;&nbsp;&nbsp;&nbsp; 9094992 |
| &nbsp;&nbsp;Marvell Technology, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;56083 | &nbsp;&nbsp;&nbsp;&nbsp; 4426070 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;65345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28117300 |
| &nbsp;&nbsp;NVIDIA Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;144180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27557123 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;37005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329955 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;108743373 |
| &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213421 |
| &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** | &nbsp;&nbsp;**Utilities—2.3%** |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;54679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060699 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**306285885** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**310998869** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(b)</sup> |  | 3552246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552246 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3552246** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $243,772,469)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $243,772,469)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $243,772,469)—100.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**314551115** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215160) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$314335955** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BANK LOANS—1.2%** | &nbsp;&nbsp;**BANK LOANS—1.2%** |  |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd., 2025 GBP Term Loan, 8.48%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;$891157 |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**891157** |
| &nbsp;&nbsp;**COMMON STOCKS—0.0%** | &nbsp;&nbsp;**COMMON STOCKS—0.0%** |  |
| &nbsp;&nbsp;**FRANCE—0.0%** | &nbsp;&nbsp;**FRANCE—0.0%** | &nbsp;&nbsp;**FRANCE—0.0%** |
| &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** |
| &nbsp;&nbsp;Luxco Co. Ltd.<sup>(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25880 |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25880** |
| &nbsp;&nbsp;**CORPORATE BONDS—93.8%** | &nbsp;&nbsp;**CORPORATE BONDS—93.8%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** |
| &nbsp;&nbsp;**Oil & Gas—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202354 |
| &nbsp;&nbsp;**BRAZIL—0.8%** | &nbsp;&nbsp;**BRAZIL—0.8%** | &nbsp;&nbsp;**BRAZIL—0.8%** |
| &nbsp;&nbsp;**Chemicals—0.3%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 8.00%, 10/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp; 209614 |
| &nbsp;&nbsp;**Food Products—0.5%** |  |  |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp; 374727 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**584341** |
| &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.2%** |  |  |
| &nbsp;&nbsp;Rogers Communications, Inc., (fixed rate to 02/14/2030, variable rate thereafter), VRN, 7.00%, 02/14/2030 | &nbsp;&nbsp;&nbsp;907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940806 |
| &nbsp;&nbsp;**Oil & Gas—0.3%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222002 |
| &nbsp;&nbsp;**Pharmaceutical—0.3%** |  |  |
| &nbsp;&nbsp;Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;4.88%, 06/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80474 |
| &nbsp;&nbsp;5.00%, 02/15/2029<sup>(e)</sup> | &nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239074 |
| &nbsp;&nbsp;**Retail—0.7%** |  |  |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 5.63%, 09/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513545 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1915427** |
| &nbsp;&nbsp;**CHINA—0.0%** | &nbsp;&nbsp;**CHINA—0.0%** | &nbsp;&nbsp;**CHINA—0.0%** |
| &nbsp;&nbsp;**Real Estate—0.0%** |  |  |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(b)(e)(g)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(b)(e)(g)</sup> | &nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 |
| &nbsp;&nbsp;**COLOMBIA—0.6%** | &nbsp;&nbsp;**COLOMBIA—0.6%** | &nbsp;&nbsp;**COLOMBIA—0.6%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.6%** |  |  |
| &nbsp;&nbsp;Ecopetrol SA, 8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427299 |
| &nbsp;&nbsp;**FRANCE—4.8%** | &nbsp;&nbsp;**FRANCE—4.8%** | &nbsp;&nbsp;**FRANCE—4.8%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.5%** |  |  |
| &nbsp;&nbsp;Forvia SE |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;5.38%, 03/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;$252376 |
| &nbsp;&nbsp;5.50%, 06/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 153669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406045 |
| &nbsp;&nbsp;**Commercial Banks—1.1%** |  |  |
| &nbsp;&nbsp;Societe Generale SA, (fixed rate to 05/26/2026, variable rate thereafter), VRN, 4.75%, 05/26/2026<sup>(e)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 809532 |
| &nbsp;&nbsp;**Cosmetics/Personal Care—0.8%** |  |  |
| &nbsp;&nbsp;Opal Bidco SAS, 5.50%, 03/31/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 592938 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;5.38%, 04/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;84604 | &nbsp;&nbsp;&nbsp;&nbsp; 96795 |
| &nbsp;&nbsp;5.63%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;214939 | &nbsp;&nbsp;&nbsp;&nbsp; 247946 |
| &nbsp;&nbsp;Iliad Holding SAS, 8.50%, 04/15/2031<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 428328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773069 |
| &nbsp;&nbsp;**Entertainment—0.8%** |  |  |
| &nbsp;&nbsp;Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp; 573561 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.6%** |  |  |
| &nbsp;&nbsp;Laboratoire Eimer SELAS, 5.00%, 02/01/2029<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442152 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3597297** |
| &nbsp;&nbsp;**GERMANY—0.9%** | &nbsp;&nbsp;**GERMANY—0.9%** | &nbsp;&nbsp;**GERMANY—0.9%** |
| &nbsp;&nbsp;**Commercial Banks—0.7%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 10/30/2029, variable rate thereafter), VRN, 8.13%, 10/30/2029<sup>(e)(h)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522125 |
| &nbsp;&nbsp;**Pharmaceutical—0.2%** |  |  |
| &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH, 6.75%, 02/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149674 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**671799** |
| &nbsp;&nbsp;**GREECE—0.8%** | &nbsp;&nbsp;**GREECE—0.8%** | &nbsp;&nbsp;**GREECE—0.8%** |
| &nbsp;&nbsp;**Commercial Banks—0.8%** |  |  |
| &nbsp;&nbsp;Eurobank SA, (fixed rate to 11/10/2033, variable rate thereafter), VRN, 6.25%, 11/10/2033<sup>(e)(h)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595168 |
| &nbsp;&nbsp;**HONG KONG—0.7%** | &nbsp;&nbsp;**HONG KONG—0.7%** | &nbsp;&nbsp;**HONG KONG—0.7%** |
| &nbsp;&nbsp;**Lodging—0.7%** |  |  |
| &nbsp;&nbsp;Melco Resorts Finance Ltd., 5.75%, 07/21/2028<sup>(e)</sup> | $&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533945 |
| &nbsp;&nbsp;**INDIA—0.3%** | &nbsp;&nbsp;**INDIA—0.3%** | &nbsp;&nbsp;**INDIA—0.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.3%** |  |  |
| &nbsp;&nbsp;Vedanta Resources Finance II PLC, 9.13%, 10/15/2032<sup>(e)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209507 |
| &nbsp;&nbsp;**IRELAND—4.0%** | &nbsp;&nbsp;**IRELAND—4.0%** | &nbsp;&nbsp;**IRELAND—4.0%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.1%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784496 |
| &nbsp;&nbsp;**Diversified Financial Services—2.4%** |  |  |
| &nbsp;&nbsp;GGAM Finance Ltd., 5.88%, 03/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382768 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**IRELAND (continued)** | &nbsp;&nbsp;**IRELAND (continued)** | &nbsp;&nbsp;**IRELAND (continued)** |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;$693793 |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp; 757300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833861 |
| &nbsp;&nbsp;**Media—0.5%** |  |  |
| &nbsp;&nbsp;Virgin Media O2 Vendor Financing Notes VII DAC, 8.88%, 07/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 406378 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3024735** |
| &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.3%** |  |  |
| &nbsp;&nbsp;Energean PLC, 5.63%, 05/12/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 208345 |
| &nbsp;&nbsp;**Pharmaceutical—1.6%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV |  |  |
| &nbsp;&nbsp;4.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp; 331009 |
| &nbsp;&nbsp;7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp; 232164 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 8.13%, 09/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp; 677962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241135 |
| &nbsp;&nbsp;**Total Israel** |  | &nbsp;&nbsp;&nbsp;**1449480** |
| &nbsp;&nbsp;**ITALY—0.9%** | &nbsp;&nbsp;**ITALY—0.9%** | &nbsp;&nbsp;**ITALY—0.9%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, Series 2033, 6.38%, 11/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346364 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.4%** |  |  |
| &nbsp;&nbsp;Gruppo San Donato SPA, 6.50%, 10/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323267 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**669631** |
| &nbsp;&nbsp;**JAMAICA—0.8%** | &nbsp;&nbsp;**JAMAICA—0.8%** | &nbsp;&nbsp;**JAMAICA—0.8%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.8%** |  |  |
| &nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605120 |
| &nbsp;&nbsp;**JAPAN—0.8%** | &nbsp;&nbsp;**JAPAN—0.8%** | &nbsp;&nbsp;**JAPAN—0.8%** |
| &nbsp;&nbsp;**Auto Manufacturers—0.8%** |  |  |
| &nbsp;&nbsp;Nissan Motor Co. Ltd., 6.38%, 07/17/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630645 |
| &nbsp;&nbsp;**JERSEY—0.5%** | &nbsp;&nbsp;**JERSEY—0.5%** | &nbsp;&nbsp;**JERSEY—0.5%** |
| &nbsp;&nbsp;**Retail—0.5%** |  |  |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392134 |
| &nbsp;&nbsp;**LUXEMBOURG—1.7%** | &nbsp;&nbsp;**LUXEMBOURG—1.7%** | &nbsp;&nbsp;**LUXEMBOURG—1.7%** |
| &nbsp;&nbsp;**Biotechnology—0.7%** |  |  |
| &nbsp;&nbsp;Cidron Aida Finco SARL, 7.00%, 10/27/2031<sup>(e)</sup> | &nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564423 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;SES SA, (fixed rate to 09/12/2029, variable rate thereafter), VRN, 5.50%, 09/12/2029<sup>(e)</sup> | &nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757450 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Machinery-Diversified—0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(b)(c)(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1321873** |
| &nbsp;&nbsp;**MEXICO—1.1%** | &nbsp;&nbsp;**MEXICO—1.1%** | &nbsp;&nbsp;**MEXICO—1.1%** |
| &nbsp;&nbsp;**Building Materials—0.7%** |  |  |
| &nbsp;&nbsp;Cemex SAB de CV |  |  |
| &nbsp;&nbsp;(fixed rate to 06/08/2026, variable rate thereafter), VRN, 5.13%, 06/08/2026<sup>(e)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp; 318481 |
| &nbsp;&nbsp;(fixed rate to 06/10/2030, variable rate thereafter), VRN, 7.20%, 06/10/2030<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 236961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555442 |
| &nbsp;&nbsp;**Electric Utilities—0.4%** |  |  |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp; 296646 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**852088** |
| &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** |
| &nbsp;&nbsp;**Food Products—0.6%** |  |  |
| &nbsp;&nbsp;Flora Food Management BV, 6.88%, 07/02/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 469073 |
| &nbsp;&nbsp;**Media—0.2%** |  |  |
| &nbsp;&nbsp;Ziggo Bond Co. BV, 5.13%, 02/28/2030<sup>(e)</sup> | $&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175526 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**644599** |
| &nbsp;&nbsp;**NIGERIA—0.4%** | &nbsp;&nbsp;**NIGERIA—0.4%** | &nbsp;&nbsp;**NIGERIA—0.4%** |
| &nbsp;&nbsp;**Engineering & Construction—0.4%** |  |  |
| &nbsp;&nbsp;IHS Holding Ltd., 7.88%, 05/29/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272809 |
| &nbsp;&nbsp;**SINGAPORE—0.5%** | &nbsp;&nbsp;**SINGAPORE—0.5%** | &nbsp;&nbsp;**SINGAPORE—0.5%** |
| &nbsp;&nbsp;**Diversified Financial Services—0.5%** |  |  |
| &nbsp;&nbsp;Avation Group S Pte. Ltd., 8.50%, 05/15/2031<sup>(e)</sup> | &nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401250 |
| &nbsp;&nbsp;**SLOVENIA—0.5%** | &nbsp;&nbsp;**SLOVENIA—0.5%** | &nbsp;&nbsp;**SLOVENIA—0.5%** |
| &nbsp;&nbsp;**Media—0.5%** |  |  |
| &nbsp;&nbsp;Summer BidCo BV, Series PIYC, 8.88%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390738 |
| &nbsp;&nbsp;**SWITZERLAND—1.2%** | &nbsp;&nbsp;**SWITZERLAND—1.2%** | &nbsp;&nbsp;**SWITZERLAND—1.2%** |
| &nbsp;&nbsp;**Chemicals—0.8%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;6.50%, 05/15/2026<sup>(e)</sup> | $&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394020 |
| &nbsp;&nbsp;12.00%, 02/15/2031<sup>(e)</sup> | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587197 |
| &nbsp;&nbsp;**Commercial Banks—0.4%** |  |  |
| &nbsp;&nbsp;UBS Group AG, (fixed rate to 01/08/2031, variable rate thereafter), VRN, Series .14a, 6.63%, 01/08/2031<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336877 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**924074** |
| &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.3%** |  |  |
| &nbsp;&nbsp;WE Soda Investments Holding PLC, 9.50%, 10/06/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219589 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.9%** | &nbsp;&nbsp;**UNITED KINGDOM—5.9%** | &nbsp;&nbsp;**UNITED KINGDOM—5.9%** |
| &nbsp;&nbsp;**Building Materials—0.7%** |  |  |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(e)</sup> | &nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493145 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Belron U.K. Finance PLC, 5.75%, 10/15/2029<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$305712 |
| &nbsp;&nbsp;**Diversified Financial Services—1.1%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC, 7.88%, 04/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp; 571643 |
| &nbsp;&nbsp;Sherwood Financing PLC, 9.63%, 12/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp; 234206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805849 |
| &nbsp;&nbsp;**Entertainment—0.7%** |  |  |
| &nbsp;&nbsp;Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, 01/15/2033<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 494078 |
| &nbsp;&nbsp;**Food Products—1.0%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC, 8.13%, 05/14/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 375162 |
| &nbsp;&nbsp;Market Bidco Finco PLC, 8.75%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp; 404445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779607 |
| &nbsp;&nbsp;**Internet—0.7%** |  |  |
| &nbsp;&nbsp;Very Group Funding PLC, 6.000% Cash or 7.250% PIK, 08/01/2027<sup>(e)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;363715 | &nbsp;&nbsp;&nbsp;&nbsp; 530450 |
| &nbsp;&nbsp;**Leisure Time—0.7%** |  |  |
| &nbsp;&nbsp;Deuce Finco PLC, 7.00%, 11/20/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 555441 |
| &nbsp;&nbsp;**Media—0.6%** |  |  |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC, 4.13%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124219 |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457494 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4421776** |
| &nbsp;&nbsp;**UNITED STATES—59.5%** | &nbsp;&nbsp;**UNITED STATES—59.5%** | &nbsp;&nbsp;**UNITED STATES—59.5%** |
| &nbsp;&nbsp;**Advertising—1.5%** |  |  |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(e)</sup> | $&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604442 |
| &nbsp;&nbsp;Neptune Bidco U.S., Inc. |  |  |
| &nbsp;&nbsp;10.38%, 05/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441949 |
| &nbsp;&nbsp;9.50%, 02/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112578 |
| &nbsp;&nbsp;**Aerospace & Defense—1.4%** |  |  |
| &nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;6.63%, 03/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028803 |
| &nbsp;&nbsp;6.75%, 01/31/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075379 |
| &nbsp;&nbsp;**Agriculture—0.6%** |  |  |
| &nbsp;&nbsp;Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(e)</sup> | &nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421546 |
| &nbsp;&nbsp;**Apparel—1.7%** |  |  |
| &nbsp;&nbsp;Levi Strauss & Co., 4.00%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594925 |
| &nbsp;&nbsp;Samsonite Finco SARL, 4.38%, 02/15/2033<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472449 |
| &nbsp;&nbsp;Under Armour, Inc., 7.25%, 07/15/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286947 |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.3%** |  |  |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;6.63%, 07/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;$77593 |
| &nbsp;&nbsp;5.63%, 04/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp; 174469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252062 |
| &nbsp;&nbsp;**Building Materials—4.0%** |  |  |
| &nbsp;&nbsp;Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp; 773263 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 322602 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171747 |
| &nbsp;&nbsp;JH North America Holdings, Inc., 5.88%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 315279 |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 318390 |
| &nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp; 329335 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp; 788211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018827 |
| &nbsp;&nbsp;**Chemicals—1.0%** |  |  |
| &nbsp;&nbsp;Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;7.33%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp; 582520 |
| &nbsp;&nbsp;7.05%, 11/15/2030<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 158693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741213 |
| &nbsp;&nbsp;**Commercial Services & Supplies—2.0%** |  |  |
| &nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;5.63%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357263 |
| &nbsp;&nbsp;6.00%, 08/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172630 |
| &nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83433 |
| &nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114402 |
| &nbsp;&nbsp;7.25%, 06/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281511 |
| &nbsp;&nbsp;United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(e)</sup> | &nbsp;&nbsp;459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479649 |
| &nbsp;&nbsp;**Diversified Financial Services—1.5%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392542 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252330 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;6.88%, 05/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121613 |
| &nbsp;&nbsp;6.88%, 02/15/2033<sup>(e)</sup> | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133689 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.6%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419648 |
| &nbsp;&nbsp;**Electric Utilities—1.3%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;6.00%, 02/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196703 |
| &nbsp;&nbsp;7.00%, 03/15/2033<sup>(e)</sup> | &nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443502 |
| &nbsp;&nbsp;6.25%, 11/01/2034<sup>(e)</sup> | &nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019018 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—0.9%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653553 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Energy Equipment & Services—1.6%** |  |  |
| &nbsp;&nbsp;Hess Midstream Operations LP, 4.25%, 02/15/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;$273505 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp; 309473 |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp; 644951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227929 |
| &nbsp;&nbsp;**Entertainment—3.1%** |  |  |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(e)</sup> | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp; 978600 |
| &nbsp;&nbsp;Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp; 470018 |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp; 295743 |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp; 90820 |
| &nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;4.69%, 05/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp; 124249 |
| &nbsp;&nbsp;5.05%, 03/15/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp; 406747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366177 |
| &nbsp;&nbsp;**Food Products—2.4%** |  |  |
| &nbsp;&nbsp;Darling Global Finance BV, 4.50%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp; 602385 |
| &nbsp;&nbsp;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(e)</sup> | $&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511866 |
| &nbsp;&nbsp;Post Holdings, Inc., 6.50%, 03/15/2036<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341308 |
| &nbsp;&nbsp;U.S. Foods, Inc., 5.75%, 04/15/2033<sup>(e)</sup> | &nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846198 |
| &nbsp;&nbsp;**Healthcare Providers & Services—3.8%** |  |  |
| &nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;4.25%, 12/15/2027 | &nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306169 |
| &nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458559 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;5.25%, 05/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83919 |
| &nbsp;&nbsp;10.88%, 01/15/2032<sup>(e)</sup> | &nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471524 |
| &nbsp;&nbsp;9.75%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246050 |
| &nbsp;&nbsp;IQVIA, Inc., 6.25%, 06/01/2032<sup>(e)</sup> | &nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314802 |
| &nbsp;&nbsp;National Mentor Holdings, Inc., 10.50%, 12/15/2030<sup>(e)</sup> | &nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319285 |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228893 |
| &nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;5.50%, 11/15/2032<sup>(e)</sup> | &nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367747 |
| &nbsp;&nbsp;6.00%, 11/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864864 |
| &nbsp;&nbsp;**Home Builders—0.5%** |  |  |
| &nbsp;&nbsp;Installed Building Products, Inc., 5.63%, 02/01/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312787 |
| &nbsp;&nbsp;K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404989 |
| &nbsp;&nbsp;**Home Furnishings—1.1%** |  |  |
| &nbsp;&nbsp;Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(e)</sup> | &nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321003 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Whirlpool Corp. |  |  |
| &nbsp;&nbsp;6.13%, 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;$180469 |
| &nbsp;&nbsp;6.50%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 300972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802444 |
| &nbsp;&nbsp;**Housewares—0.8%** |  |  |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp; 232913 |
| &nbsp;&nbsp;Newell Brands, Inc., 8.50%, 06/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 351229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584142 |
| &nbsp;&nbsp;**Insurance—0.4%** |  |  |
| &nbsp;&nbsp;Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, 12/31/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp; 298814 |
| &nbsp;&nbsp;**Internet—1.4%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2027<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;661000 | &nbsp;&nbsp;&nbsp;&nbsp; 657029 |
| &nbsp;&nbsp;6.50%, 07/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp; 370979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028008 |
| &nbsp;&nbsp;**Iron/Steel—0.7%** |  |  |
| &nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;5.75%, 11/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110820 |
| &nbsp;&nbsp;6.00%, 12/15/2035<sup>(e)</sup> | &nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518482 |
| &nbsp;&nbsp;**Leisure Time—3.0%** |  |  |
| &nbsp;&nbsp;Acushnet Co., 5.63%, 12/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390638 |
| &nbsp;&nbsp;Carnival Corp., 5.13%, 05/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380407 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(e)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049839 |
| &nbsp;&nbsp;NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;5.88%, 01/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154422 |
| &nbsp;&nbsp;6.25%, 09/15/2033<sup>(e)</sup> | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281991 |
| &nbsp;&nbsp;**Lodging—1.8%** |  |  |
| &nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611828 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371119 |
| &nbsp;&nbsp;**Machinery-Diversified—0.8%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 7.50%, 01/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407862 |
| &nbsp;&nbsp;King U.S. Bidco, Inc., FRN, 5.24%, 12/01/2032<sup>(a)(e)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645754 |
| &nbsp;&nbsp;**Media—4.9%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(e)</sup> | $&nbsp;&nbsp;829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603392 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;5.00%, 02/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238679 |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748000 |
| &nbsp;&nbsp;7.38%, 03/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79203 |
| &nbsp;&nbsp;7.00%, 02/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325110 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165559 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186044 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;11.75%, 01/31/2029<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;$191042 |
| &nbsp;&nbsp;5.75%, 01/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 104159 |
| &nbsp;&nbsp;4.13%, 12/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167974 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp; 357927 |
| &nbsp;&nbsp;Univision Communications, Inc., 8.50%, 07/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;523000 | &nbsp;&nbsp;&nbsp;&nbsp; 545414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712503 |
| &nbsp;&nbsp;**Oil & Gas—1.0%** |  |  |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, 05/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 558962 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp;&nbsp; 219634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778596 |
| &nbsp;&nbsp;**Oil & Gas Services—1.2%** |  |  |
| &nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;6.50%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp; 267338 |
| &nbsp;&nbsp;6.75%, 10/01/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp; 142592 |
| &nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 6.25%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp; 478134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888064 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.8%** |  |  |
| &nbsp;&nbsp;Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387826 |
| &nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;5.63%, 03/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95583 |
| &nbsp;&nbsp;5.88%, 03/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610747 |
| &nbsp;&nbsp;**Packaging & Containers—3.1%** |  |  |
| &nbsp;&nbsp;Ball Corp., 4.25%, 07/01/2032 | &nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785984 |
| &nbsp;&nbsp;Crown Americas LLC, 5.88%, 06/01/2033<sup>(e)</sup> | $&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398901 |
| &nbsp;&nbsp;Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(e)</sup> | 1153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350801 |
| &nbsp;&nbsp;**Paper & Forest Products—0.4%** |  |  |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284449 |
| &nbsp;&nbsp;**Pharmaceutical—2.4%** |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410503 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;6.75%, 05/15/2034<sup>(e)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396736 |
| &nbsp;&nbsp;7.88%, 05/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200227 |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 5.15%, 06/15/2030 | &nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290019 |
| &nbsp;&nbsp;Upjohn Finance BV, 1.91%, 06/23/2032<sup>(e)</sup> | &nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789209 |
| &nbsp;&nbsp;**Pipelines—3.9%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;953000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996671 |
| &nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 06/01/2029<sup>(e)</sup> | &nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457472 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;$259355 |
| &nbsp;&nbsp;Venture Global LNG, Inc., (fixed rate to 09/30/2029, variable rate thereafter), VRN, 9.00%, 09/30/2029<sup>(e)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 607889 |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;6.13%, 12/15/2030<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp; 91608 |
| &nbsp;&nbsp;6.50%, 01/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp; 123498 |
| &nbsp;&nbsp;6.50%, 06/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 248551 |
| &nbsp;&nbsp;6.75%, 01/15/2036<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp; 124743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909787 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.6%** |  |  |  |
| &nbsp;&nbsp;Iron Mountain, Inc., 4.75%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp; 422145 |
| &nbsp;&nbsp;**Retail—1.5%** |  |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp; 477728 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC, 7.38%, 08/01/2033<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp; 218586 |
| &nbsp;&nbsp;Men's Wearhouse LLC, 9.00%, 02/01/2031<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32241 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417619 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146174 |
| &nbsp;&nbsp;**Semiconductors—0.6%** |  |  |  |
| &nbsp;&nbsp;MKS, Inc., 4.25%, 02/15/2034<sup>(e)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449234 |
| &nbsp;&nbsp;**Software—0.9%** |  |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222150 |
| &nbsp;&nbsp;CoreWeave, Inc., 9.25%, 06/01/2030<sup>(e)</sup> |  | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665129 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**44861858** |
| &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** |
| &nbsp;&nbsp;**Metals & Mining—1.3%** |  |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |  |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370809 |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400222 |
| &nbsp;&nbsp;8.00%, 03/01/2033<sup>(e)</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214612 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985643 |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**70806751** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.0%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.0%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.0%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;20144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758220 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**758220** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(k)</sup> |  | 1860842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860842 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1860842** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $75,057,779)—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $75,057,779)—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $75,057,779)—98.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**74342850** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108893 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$75451743** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | |
|:---|:---|
| (a) | Variable or Floating Rate security. Rate disclosed is as of January 31, 2026. |
| (b) | 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 0.0% of net assets as of January 31, 2026. |
| (c) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
| (d) | Non-income producing security. |
| (e) | Denotes a security issued under Regulation S or Rule 144A. |
| (f) | Sinkable security. |
| (g) | Security is in default. |
| (h) | Perpetual maturity. Maturity date presented represents the next call date. |
| (i) | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
| (j) | Step bond. Rate disclosed is as of January 31, 2026. |
| (k) | Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| EUR | Euro Currency |
| FRN | Floating Rate Note |
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| PIK | Payment-In-Kind |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |
| VRN | Variable Rate Note |

---

As of January 31, 2026, the Fund held the following futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Short Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;United States Treasury Note 6%—5 Year | &nbsp;&nbsp;(83) | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;$(9067628) | &nbsp;&nbsp;$(9041164) | &nbsp;&nbsp;$26464 |

---

As of January 31, 2026, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;105169 | &nbsp;&nbsp;USD | &nbsp;&nbsp;142359 | &nbsp;&nbsp;$143894 | &nbsp;&nbsp;$1535 |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;126000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;150674 | &nbsp;&nbsp;&nbsp;&nbsp;149396 | &nbsp;&nbsp;&nbsp;(1278) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;222699 | &nbsp;&nbsp;USD | &nbsp;&nbsp;260947 | &nbsp;&nbsp;&nbsp;&nbsp;264858 | &nbsp;&nbsp;&nbsp;&nbsp;3911 |
| &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$558463** | &nbsp;&nbsp;**$4168** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39712 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29385 | &nbsp;&nbsp;&nbsp;&nbsp;$40205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(493) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;410648 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;299023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;526118 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;391348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;4021262 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;2973662 | &nbsp;&nbsp;&nbsp;&nbsp;4068604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47342) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;319253 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;266159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;528344 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;452165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9421) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;570038 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;488666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11138) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;9857794 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;8384416 | &nbsp;&nbsp;&nbsp;&nbsp;9971680 | &nbsp;&nbsp;&nbsp;&nbsp;(113886) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;452731 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;270059 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;229469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2851) |
| &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$17184523** | &nbsp;&nbsp;**$(188248)** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**$11658** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(195738)** |

---

\* Certain contracts with different trade dates and like characteristics have been shown net.

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—52.0%** | &nbsp;&nbsp;**CORPORATE BONDS—52.0%** |  |
| &nbsp;&nbsp;**GABON—4.9%** | &nbsp;&nbsp;**GABON—4.9%** | &nbsp;&nbsp;**GABON—4.9%** |
| &nbsp;&nbsp;**Diversified Financial Services—4.9%** |  |  |
| &nbsp;&nbsp;Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038<sup>(a)(b)</sup> | $1000000 | &nbsp;&nbsp;$1020805 |
| &nbsp;&nbsp;**GEORGIA—1.5%** | &nbsp;&nbsp;**GEORGIA—1.5%** | &nbsp;&nbsp;**GEORGIA—1.5%** |
| &nbsp;&nbsp;**Transportation—1.5%** |  |  |
| &nbsp;&nbsp;Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp; 320545 |
| &nbsp;&nbsp;**GUATEMALA—1.2%** | &nbsp;&nbsp;**GUATEMALA—1.2%** | &nbsp;&nbsp;**GUATEMALA—1.2%** |
| &nbsp;&nbsp;**Electric Utilities—1.2%** |  |  |
| &nbsp;&nbsp;Investment Energy Resources Ltd., 6.25%, 04/26/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp; 252633 |
| &nbsp;&nbsp;**IRELAND—0.8%** | &nbsp;&nbsp;**IRELAND—0.8%** | &nbsp;&nbsp;**IRELAND—0.8%** |
| &nbsp;&nbsp;**Diversified Financial Services—0.8%** |  |  |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161374 |
| &nbsp;&nbsp;**NETHERLANDS—2.8%** | &nbsp;&nbsp;**NETHERLANDS—2.8%** | &nbsp;&nbsp;**NETHERLANDS—2.8%** |
| &nbsp;&nbsp;**Media—2.8%** |  |  |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp; 580415 |
| &nbsp;&nbsp;**UNITED KINGDOM—2.3%** | &nbsp;&nbsp;**UNITED KINGDOM—2.3%** | &nbsp;&nbsp;**UNITED KINGDOM—2.3%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—2.3%** |  |  |
| &nbsp;&nbsp;Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486763 |
| &nbsp;&nbsp;**UNITED STATES—37.5%** | &nbsp;&nbsp;**UNITED STATES—37.5%** | &nbsp;&nbsp;**UNITED STATES—37.5%** |
| &nbsp;&nbsp;**Building Materials—1.1%** |  |  |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49433 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226940 |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134248 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.1%** |  |  |
| &nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22384 |
| &nbsp;&nbsp;**Diversified Financial Services—5.0%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238893 |
| &nbsp;&nbsp;Low Income Investment Fund, Series 2019, 3.39%, 07/01/2026 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035067 |
| &nbsp;&nbsp;**Electric Utilities—3.1%** |  |  |
| &nbsp;&nbsp;Vistra Corp., (fixed rate to 12/15/2026, variable rate thereafter), VRN, 7.00%, 12/15/2026<sup>(a)(c)</sup> | &nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644604 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—2.2%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454691 |
| &nbsp;&nbsp;**Energy Equipment & Services—2.5%** |  |  |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514903 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Engineering & Construction—3.4%** |  |  |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC, 3.80%, 12/31/2057<sup>(a)(b)</sup> | $1000000 | &nbsp;&nbsp;$703837 |
| &nbsp;&nbsp;**Entertainment—0.5%** |  |  |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp; 80657 |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106168 |
| &nbsp;&nbsp;**Healthcare Providers & Services—4.6%** |  |  |
| &nbsp;&nbsp;Toledo Hospital, 6.02%, 11/15/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967370 |
| &nbsp;&nbsp;**Internet—0.9%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178919 |
| &nbsp;&nbsp;**Machinery-Diversified—2.1%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp; 428492 |
| &nbsp;&nbsp;**Media—5.5%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153578 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp; 484008 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132779 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152305 |
| &nbsp;&nbsp;**Oil & Gas Services—0.5%** |  |  |
| &nbsp;&nbsp;Kodiak Gas Services LLC, 6.75%, 10/01/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102294 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.5%** |  |  |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 8.38%, 11/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104861 |
| &nbsp;&nbsp;**Packaging & Containers—1.9%** |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029<sup>(a)</sup> | &nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406688 |
| &nbsp;&nbsp;**Pipelines—2.3%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(a)</sup> | $&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358718 |
| &nbsp;&nbsp;Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490097 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.7%** |  |  |
| &nbsp;&nbsp;Iron Mountain, Inc., 4.75%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156136 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7830004** |
| &nbsp;&nbsp;**ZAMBIA—1.0%** | &nbsp;&nbsp;**ZAMBIA—1.0%** | &nbsp;&nbsp;**ZAMBIA—1.0%** |
| &nbsp;&nbsp;**Metals & Mining—1.0%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(a)</sup> | $&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210120 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**10862659** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —45.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —45.1%** |  |
| &nbsp;&nbsp;**CALIFORNIA—10.4%** | &nbsp;&nbsp;**CALIFORNIA—10.4%** | &nbsp;&nbsp;**CALIFORNIA—10.4%** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 10/01/2049 | $&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;$668980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 12.00%, 01/01/2065<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, (AG), Series B, 7.14%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765144 |
| &nbsp;&nbsp;City & County of San Francisco Community Facilities District No., Series B, 6.33%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 398923 |
| &nbsp;&nbsp;City of Los Angeles Department of Airports Customer Facility Charge Revenue, (AG), Series A, 4.24%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 260028 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2183075** |
| &nbsp;&nbsp;**FLORIDA—1.0%** | &nbsp;&nbsp;**FLORIDA—1.0%** | &nbsp;&nbsp;**FLORIDA—1.0%** |
| &nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.22%, 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206134 |
| &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** |
| &nbsp;&nbsp;Illinois Municipal Electric Agency, 7.29%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 300444 |
| &nbsp;&nbsp;**MARYLAND—2.3%** | &nbsp;&nbsp;**MARYLAND—2.3%** | &nbsp;&nbsp;**MARYLAND—2.3%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., 5.94%, 05/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471574 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority, 3.25%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 349687 |
| &nbsp;&nbsp;**NEW YORK—12.1%** | &nbsp;&nbsp;**NEW YORK—12.1%** | &nbsp;&nbsp;**NEW YORK—12.1%** |
| &nbsp;&nbsp;Dutchess County Local Development Corp., Series B, 5.92%, 07/01/2039 | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916606 |
| &nbsp;&nbsp;New York State Housing Finance Agency, VRDN, Series B, 3.63%, 11/01/2046<sup>(d)</sup> | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |
| &nbsp;&nbsp;New York Transportation Development Corp., Series B, 6.97%, 06/30/2051 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806764 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2523370** |
| &nbsp;&nbsp;**TEXAS—6.1%** | &nbsp;&nbsp;**TEXAS—6.1%** | &nbsp;&nbsp;**TEXAS—6.1%** |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series B, 10.00%, 07/01/2026<sup>(a)</sup> | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268668 |
| &nbsp;&nbsp;**WISCONSIN—10.1%** | &nbsp;&nbsp;**WISCONSIN—10.1%** | &nbsp;&nbsp;**WISCONSIN—10.1%** |
| &nbsp;&nbsp;County of Fond Du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.18%, 11/01/2042<sup>(a)</sup> | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.20%, 05/01/2054<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404295 |
| &nbsp;&nbsp;Public Finance Authority, Series 2025, 5.75%, 12/31/2065 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034107 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2111009** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9413961** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**WARRANTS—0.0%** | &nbsp;&nbsp;**WARRANTS—0.0%** | &nbsp;&nbsp;**WARRANTS—0.0%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |
| &nbsp;&nbsp;BL Train Holdings West LLC<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;**Total Warrants** | &nbsp;&nbsp;**Total Warrants** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;420415 | &nbsp;&nbsp;&nbsp;&nbsp; 420415 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**420415** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $20,413,879)—99.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,413,879)—99.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,413,879)—99.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**20697035** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.9% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.9% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182616 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$20879651** |

---

(a) Denotes a security issued under Regulation S or Rule 144A.

(b) Sinkable security.

(c) Perpetual maturity. Maturity date presented represents the next call date.

(d) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2026. 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) Non-income producing security.

(f) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026.

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| BAM | Build America Mutual Assurance Company |
| 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 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

As of January 31, 2026, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;5824 | &nbsp;&nbsp;USD | &nbsp;&nbsp;7803 | &nbsp;&nbsp;$7968 | &nbsp;&nbsp;$165 |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4272 | &nbsp;&nbsp;USD | &nbsp;&nbsp;5877 | &nbsp;&nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp;(32) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$13813** | &nbsp;&nbsp;**$133** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;497159 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;367683 | &nbsp;&nbsp;&nbsp;$503059 | &nbsp;&nbsp;$(5900) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1126719 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;958019 | &nbsp;&nbsp;&nbsp;&nbsp;1139314 | &nbsp;&nbsp;&nbsp;&nbsp;(12595) |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;13407 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1655930** | &nbsp;&nbsp;**$(18645)** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$165** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(18677)** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—0.7%** | &nbsp;&nbsp;**CORPORATE BONDS—0.7%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** |
| &nbsp;&nbsp;**Energy-Alternate Sources—0.0%** |  |  |
| &nbsp;&nbsp;Repower South Berkeley LLC, 1.00%, 02/01/2045<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;226254 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.7%** |  |  |
| &nbsp;&nbsp;Sunland Medical Foundation, 12.00%, 01/01/2050<sup>(a)(b)(c)</sup> | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 237546 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237546** |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237546** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —100.5%** | &nbsp;&nbsp;**MUNICIPAL BONDS —100.5%** |  |
| &nbsp;&nbsp;**ARIZONA—9.5%** | &nbsp;&nbsp;**ARIZONA—9.5%** | &nbsp;&nbsp;**ARIZONA—9.5%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 0.00%, 01/01/2059<sup>(e)</sup> | 1636309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857506 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2045 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 07/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600764 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3073527** |
| &nbsp;&nbsp;**ARKANSAS—2.6%** | &nbsp;&nbsp;**ARKANSAS—2.6%** | &nbsp;&nbsp;**ARKANSAS—2.6%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 |
| &nbsp;&nbsp;**CALIFORNIA—1.4%** | &nbsp;&nbsp;**CALIFORNIA—1.4%** | &nbsp;&nbsp;**CALIFORNIA—1.4%** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series B, 12.00%, 01/01/2065<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322500 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series A, 5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2043<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102625 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**435160** |
| &nbsp;&nbsp;**COLORADO—8.1%** | &nbsp;&nbsp;**COLORADO—8.1%** | &nbsp;&nbsp;**COLORADO—8.1%** |
| &nbsp;&nbsp;Colorado Health Facilities Authority, Series B-1, 3.50%, 05/15/2030 | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611145 |
| &nbsp;&nbsp;**FLORIDA—26.7%** | &nbsp;&nbsp;**FLORIDA—26.7%** | &nbsp;&nbsp;**FLORIDA—26.7%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority, Series B-1, 4.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250804 |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.25%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 06/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133152 |
| &nbsp;&nbsp;Capital Trust Agency, Inc., Series A, 3.00%, 12/15/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203918 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 06/15/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212742 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 6.13%, 07/01/2032<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 06/15/2040<sup>(d)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243652 |
| &nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, 5.00%, 07/01/2035<sup>(d)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023734 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Florida Local Government Finance Commission |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.70%, 11/15/2031<sup>(d)</sup> | &nbsp;&nbsp;$| 1000000 | &nbsp;&nbsp;$1015282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.45%, 11/15/2031<sup>(d)</sup> |  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827613 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;**8620228** |
| &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** |
| &nbsp;&nbsp;Chicago Board of Education, Series B, 5.25%, 12/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153460 |
| &nbsp;&nbsp;**INDIANA—1.7%** | &nbsp;&nbsp;**INDIANA—1.7%** | &nbsp;&nbsp;**INDIANA—1.7%** | &nbsp;&nbsp;**INDIANA—1.7%** |
| &nbsp;&nbsp;Indiana Finance Authority, Series A, 5.00%, 06/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 543681 |
| &nbsp;&nbsp;**IOWA—2.7%** | &nbsp;&nbsp;**IOWA—2.7%** | &nbsp;&nbsp;**IOWA—2.7%** | &nbsp;&nbsp;**IOWA—2.7%** |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 05/15/2053 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 05/15/2059 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93919 |
| &nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**886971** |
| &nbsp;&nbsp;**KANSAS—6.2%** | &nbsp;&nbsp;**KANSAS—6.2%** | &nbsp;&nbsp;**KANSAS—6.2%** | &nbsp;&nbsp;**KANSAS—6.2%** |
| &nbsp;&nbsp;Kansas Independent College Finance Authority, Series B, 8.50%, 05/01/2026 |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011863 |
| &nbsp;&nbsp;**MAINE—0.8%** | &nbsp;&nbsp;**MAINE—0.8%** | &nbsp;&nbsp;**MAINE—0.8%** | &nbsp;&nbsp;**MAINE—0.8%** |
| &nbsp;&nbsp;Finance Authority of Maine, Series R-3, 5.00%, 08/01/2035<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267658 |
| &nbsp;&nbsp;**MINNESOTA—0.9%** | &nbsp;&nbsp;**MINNESOTA—0.9%** | &nbsp;&nbsp;**MINNESOTA—0.9%** | &nbsp;&nbsp;**MINNESOTA—0.9%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 3.62%, 03/20/2027<sup>(d)(f)</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;**MISSISSIPPI—3.1%** | &nbsp;&nbsp;**MISSISSIPPI—3.1%** | &nbsp;&nbsp;**MISSISSIPPI—3.1%** | &nbsp;&nbsp;**MISSISSIPPI—3.1%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 4.38%, 02/01/2048<sup>(d)(f)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999909 |
| &nbsp;&nbsp;**NEW YORK—6.6%** | &nbsp;&nbsp;**NEW YORK—6.6%** | &nbsp;&nbsp;**NEW YORK—6.6%** | &nbsp;&nbsp;**NEW YORK—6.6%** |
| &nbsp;&nbsp;Build NYC Resource Corp., Series A, 5.00%, 06/01/2026<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430944 |
| &nbsp;&nbsp;Madison County Capital Resource Corp., Series A, 5.50%, 09/01/2022<sup>(a)(b)(g)</sup> |  | 2299688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961708 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2034 |  | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305892 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp., 3.00%, 12/01/2026<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263447 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2117528** |
| &nbsp;&nbsp;**OHIO—0.3%** | &nbsp;&nbsp;**OHIO—0.3%** | &nbsp;&nbsp;**OHIO—0.3%** | &nbsp;&nbsp;**OHIO—0.3%** |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, 5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102322 |
| &nbsp;&nbsp;**PENNSYLVANIA—3.1%** | &nbsp;&nbsp;**PENNSYLVANIA—3.1%** | &nbsp;&nbsp;**PENNSYLVANIA—3.1%** | &nbsp;&nbsp;**PENNSYLVANIA—3.1%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, VRDN, Series B, 5.25%, 12/01/2038<sup>(f)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005007 |
| &nbsp;&nbsp;**SOUTH CAROLINA—5.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—5.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—5.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—5.0%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2029<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798310 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1628180** |
| &nbsp;&nbsp;**TENNESSEE—1.5%** | &nbsp;&nbsp;**TENNESSEE—1.5%** | &nbsp;&nbsp;**TENNESSEE—1.5%** | &nbsp;&nbsp;**TENNESSEE—1.5%** |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.00%, 06/01/2044<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498408 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**TEXAS—6.0%** | &nbsp;&nbsp;**TEXAS—6.0%** | &nbsp;&nbsp;**TEXAS—6.0%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp., Series A, 5.00%, 08/15/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;$627356 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., 2.00% Cash or 2.00% PIK, Series B, , 11/15/2061<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;751960 | &nbsp;&nbsp;&nbsp;&nbsp; 323358 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.00%, 06/30/2058 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975723 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1926437** |
| &nbsp;&nbsp;**WASHINGTON—6.6%** | &nbsp;&nbsp;**WASHINGTON—6.6%** | &nbsp;&nbsp;**WASHINGTON—6.6%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 382455 |
| &nbsp;&nbsp;Washington State Housing Finance Commission, Series B-1, 2.50%, 07/01/2028<sup>(d)</sup> | 1765000 | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 |
| &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2147455** |
| &nbsp;&nbsp;**WISCONSIN—7.2%** | &nbsp;&nbsp;**WISCONSIN—7.2%** | &nbsp;&nbsp;**WISCONSIN—7.2%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 6.00%, 07/01/2060<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 07/15/2037<sup>(d)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.38%, 07/15/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487152 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2314432** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**32478371** |
| &nbsp;&nbsp;**WARRANTS—0.0%** | &nbsp;&nbsp;**WARRANTS—0.0%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |
| &nbsp;&nbsp;BL Train Holdings West LLC<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Warrants** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;$5437 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5437** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $34,990,312)—101.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $34,990,312)—101.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $34,990,312)—101.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**32721354** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383630) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$32337724** |

---

---

| | |
|:---|:---|
| (a) | 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 3.7% of net assets as of January 31, 2026. |
| (b) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
| (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) | Denotes a security issued under Regulation S or Rule 144A. |
| (e) | Step bond. Rate disclosed is as of January 31, 2026. |
| (f) | Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (g) | Security is in default. |
| (h) | Non-income producing security. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

PIK Payment-In-Kind <br> VRDN Variable Rate Demand Note

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.4%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.4%** |  |
| &nbsp;&nbsp;**ALABAMA—2.3%** | &nbsp;&nbsp;**ALABAMA—2.3%** | &nbsp;&nbsp;**ALABAMA—2.3%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, Series F, 5.00%, 12/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;$199308 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series E, 5.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93363 |
| &nbsp;&nbsp;Walker County Economic & Industrial Development Authority, VRDN, 3.30%, 08/01/2063<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**692671** |
| &nbsp;&nbsp;**ARIZONA—4.4%** | &nbsp;&nbsp;**ARIZONA—4.4%** | &nbsp;&nbsp;**ARIZONA—4.4%** |
| &nbsp;&nbsp;Chandler Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1, 5.00%, 09/01/2042<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2022-2, 5.00%, 09/01/2052<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020549 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1326653** |
| &nbsp;&nbsp;**CALIFORNIA—1.1%** | &nbsp;&nbsp;**CALIFORNIA—1.1%** | &nbsp;&nbsp;**CALIFORNIA—1.1%** |
| &nbsp;&nbsp;M-S-R Energy Authority, Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 345046 |
| &nbsp;&nbsp;**CONNECTICUT—3.7%** | &nbsp;&nbsp;**CONNECTICUT—3.7%** | &nbsp;&nbsp;**CONNECTICUT—3.7%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority, Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142527 |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—0.7%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—0.7%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—0.7%** |
| &nbsp;&nbsp;District of Columbia, VRDN, Series A, 3.25%, 08/15/2038<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;**FLORIDA—0.7%** | &nbsp;&nbsp;**FLORIDA—0.7%** | &nbsp;&nbsp;**FLORIDA—0.7%** |
| &nbsp;&nbsp;City of Venice, Series B-3, 4.25%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225615 |
| &nbsp;&nbsp;**GEORGIA—8.5%** | &nbsp;&nbsp;**GEORGIA—8.5%** | &nbsp;&nbsp;**GEORGIA—8.5%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 3.30%, 11/01/2062<sup>(a)</sup> | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| &nbsp;&nbsp;Development Authority of Floyd County, VRDN, 3.20%, 09/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Development Authority of Heard County, VRDN, 3.21%, 09/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251626 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2577411** |
| &nbsp;&nbsp;**IOWA—4.1%** | &nbsp;&nbsp;**IOWA—4.1%** | &nbsp;&nbsp;**IOWA—4.1%** |
| &nbsp;&nbsp;PEFA, Inc., VRDN, 5.00%, 09/01/2049<sup>(a)</sup> | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264805 |
| &nbsp;&nbsp;**KENTUCKY—1.4%** | &nbsp;&nbsp;**KENTUCKY—1.4%** | &nbsp;&nbsp;**KENTUCKY—1.4%** |
| &nbsp;&nbsp;Kentucky Public Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66457 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**434285** |
| &nbsp;&nbsp;**LOUISIANA—4.3%** | &nbsp;&nbsp;**LOUISIANA—4.3%** | &nbsp;&nbsp;**LOUISIANA—4.3%** |
| &nbsp;&nbsp;Parish of St. John the Baptist, VRDN, Series 2017B-2, 2.38%, 06/01/2037<sup>(a)</sup> | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297422 |
| &nbsp;&nbsp;**MARYLAND—1.1%** | &nbsp;&nbsp;**MARYLAND—1.1%** | &nbsp;&nbsp;**MARYLAND—1.1%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., Series A-1, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347148 |
| &nbsp;&nbsp;**MASSACHUSETTS—2.3%** | &nbsp;&nbsp;**MASSACHUSETTS—2.3%** | &nbsp;&nbsp;**MASSACHUSETTS—2.3%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency, VRDN, Series G, 3.10%, 07/01/2061<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MISSISSIPPI—8.8%** | &nbsp;&nbsp;**MISSISSIPPI—8.8%** | &nbsp;&nbsp;**MISSISSIPPI—8.8%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.30%, 05/01/2028<sup>(a)</sup> | $&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;$300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.41%, 11/01/2032<sup>(a)</sup> | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.38%, 05/01/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632243 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2672243** |
| &nbsp;&nbsp;**NEW YORK—18.5%** | &nbsp;&nbsp;**NEW YORK—18.5%** | &nbsp;&nbsp;**NEW YORK—18.5%** |
| &nbsp;&nbsp;Broome County Local Development Corp., 3.50%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 709950 |
| &nbsp;&nbsp;City of Buffalo, Series A, 4.00%, 09/30/2026 | &nbsp;&nbsp;1103750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115611 |
| &nbsp;&nbsp;City of Elmira City, Series B, 4.00%, 12/16/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008616 |
| &nbsp;&nbsp;City of New York, VRDN, Series G6, 3.27%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-2002D-2A-1, 3.25%, 11/01/2032<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;New York City Housing Development Corp., VRDN, (FHA), Series F-2A, 3.40%, 11/01/2062<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000297 |
| &nbsp;&nbsp;New York State Dormitory Authority, VRDN, Series C, 3.06%, 05/01/2044<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5634084** |
| &nbsp;&nbsp;**NORTH CAROLINA—3.4%** | &nbsp;&nbsp;**NORTH CAROLINA—3.4%** | &nbsp;&nbsp;**NORTH CAROLINA—3.4%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, VRDN, 3.13%, 12/01/2027<sup>(a)</sup> | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030840 |
| &nbsp;&nbsp;**OHIO—8.1%** | &nbsp;&nbsp;**OHIO—8.1%** | &nbsp;&nbsp;**OHIO—8.1%** |
| &nbsp;&nbsp;Ohio Air Quality Development Authority, VRDN, Series A, 4.25%, 11/01/2039<sup>(a)</sup> | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056626 |
| &nbsp;&nbsp;State of Ohio, VRDN, Series C, 2.55%, 01/15/2051<sup>(a)</sup> | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2456626** |
| &nbsp;&nbsp;**PENNSYLVANIA—2.3%** | &nbsp;&nbsp;**PENNSYLVANIA—2.3%** | &nbsp;&nbsp;**PENNSYLVANIA—2.3%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.40%, 08/01/2045<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.00%, 12/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115051 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 3.09%, 09/01/2045<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**715051** |
| &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority, (NPFG), Series V, 5.25%, 07/01/2026 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100176 |
| &nbsp;&nbsp;**SOUTH CAROLINA—4.3%** | &nbsp;&nbsp;**SOUTH CAROLINA—4.3%** | &nbsp;&nbsp;**SOUTH CAROLINA—4.3%** |
| &nbsp;&nbsp;County of Berkeley, VRDN, 2.55%, 09/01/2028<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, VRDN, Series A, 4.00%, 04/01/2033<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001175 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1301175** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**TENNESSEE—4.0%** | &nbsp;&nbsp;**TENNESSEE—4.0%** | &nbsp;&nbsp;**TENNESSEE—4.0%** |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series B, 5.63%, 09/01/2026 | $1200000 | &nbsp;&nbsp;$1215381 |
| &nbsp;&nbsp;**TEXAS—13.5%** | &nbsp;&nbsp;**TEXAS—13.5%** | &nbsp;&nbsp;**TEXAS—13.5%** |
| &nbsp;&nbsp;City of Houston Airport System Revenue, Series C, 5.00%, 07/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017623 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 2.73%, 11/15/2046<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp., Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp; 645973 |
| &nbsp;&nbsp;Mission Economic Development Corp., VRDN, Series A, 4.25%, 06/01/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 708004 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District, VRDN, Series D, 2.55%, 11/01/2040<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;San Antonio Water System, VRDN, Series D, 2.95%, 05/01/2055<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. VI, 5.00%, 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259013 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4105613** |
| &nbsp;&nbsp;**WISCONSIN—1.6%** | &nbsp;&nbsp;**WISCONSIN—1.6%** | &nbsp;&nbsp;**WISCONSIN—1.6%** |
| &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics, VRDN, Series B, 3.25%, 04/01/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**30284772** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;18331 | &nbsp;&nbsp;$18333 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18333** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $30,239,510)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $30,239,510)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $30,239,510)—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**30303105** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149432 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$30452537** |

---

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2026. 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.

FHA Federal Housing Administration <br> VRDN Variable Rate Demand Note

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.6%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.6%** |  |
| &nbsp;&nbsp;**ALABAMA—7.7%** | &nbsp;&nbsp;**ALABAMA—7.7%** | &nbsp;&nbsp;**ALABAMA—7.7%** |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 4.00%, 10/01/2052<sup>(a)</sup> | $20000000 | &nbsp;&nbsp;&nbsp;&nbsp;$20219138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C-1, 4.00%, 10/01/2052<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10109569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D1, 4.00%, 07/01/2052<sup>(a)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723770 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health, VRDN, Series B, 3.67%, 11/01/2042<sup>(a)</sup> | 25088000 | &nbsp;&nbsp;&nbsp; 25088000 |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, Series 2025-5088, 2.48%, 04/24/2026<sup>(a)(b)</sup> | 22300000 | &nbsp;&nbsp;&nbsp;&nbsp; 22300000 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series E, 5.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 933627 |
| &nbsp;&nbsp;Walker County Economic & Industrial Development Authority, VRDN, 3.30%, 08/01/2063<sup>(a)</sup> | 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp;West Jefferson Industrial Development Board, VRDN, 3.35%, 12/01/2038<sup>(a)</sup> | 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91805980** |
| &nbsp;&nbsp;**ARIZONA—2.9%** | &nbsp;&nbsp;**ARIZONA—2.9%** | &nbsp;&nbsp;**ARIZONA—2.9%** |
| &nbsp;&nbsp;Chandler Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1, 5.00%, 09/01/2042<sup>(a)</sup> | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2022-2, 5.00%, 09/01/2052<sup>(a)</sup> | 14475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772454 |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix Arizona, AMT, VRDN, Series D, 3.45%, 12/01/2035<sup>(a)</sup> | 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9211, 2.51%, 06/01/2054<sup>(a)(b)</sup> | &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9213, 2.51%, 06/26/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34487214** |
| &nbsp;&nbsp;**ARKANSAS—2.1%** | &nbsp;&nbsp;**ARKANSAS—2.1%** | &nbsp;&nbsp;**ARKANSAS—2.1%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority, VRDN, Series B-4, 3.67%, 09/01/2044<sup>(a)</sup> | 24314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24314000 |
| &nbsp;&nbsp;City of Lowell, VRDN, 2.45%, 10/01/2036<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25514000** |
| &nbsp;&nbsp;**CALIFORNIA—1.9%** | &nbsp;&nbsp;**CALIFORNIA—1.9%** | &nbsp;&nbsp;**CALIFORNIA—1.9%** |
| &nbsp;&nbsp;California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 12/01/2044<sup>(a)</sup> | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.25%, 07/01/2051<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500213 |
| &nbsp;&nbsp;California Pollution Control Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.80%, 07/01/2043<sup>(a)(b)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A-1, 3.25%, 11/01/2042<sup>(a)(b)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series A2, 3.25%, 11/01/2042<sup>(a)(b)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000064 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series XL0727, 2.53%, 04/01/2056<sup>(a)(b)</sup> | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23232833** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**COLORADO—0.1%** | &nbsp;&nbsp;**COLORADO—0.1%** | &nbsp;&nbsp;**COLORADO—0.1%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority, VRDN, Series A-12, 3.25%, 02/01/2038<sup>(a)</sup> | $&nbsp;&nbsp; 1175000 | &nbsp;&nbsp;$1175000 |
| &nbsp;&nbsp;**CONNECTICUT—0.5%** | &nbsp;&nbsp;**CONNECTICUT—0.5%** | &nbsp;&nbsp;**CONNECTICUT—0.5%** |
| &nbsp;&nbsp;Connecticut Housing Finance Authority, VRDN, Series B-2, 2.31%, 11/15/2039<sup>(a)</sup> | 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** |
| &nbsp;&nbsp;District of Columbia, VRDN, Series A, 2.29%, 04/01/2038<sup>(a)</sup> | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;**FLORIDA—5.4%** | &nbsp;&nbsp;**FLORIDA—5.4%** | &nbsp;&nbsp;**FLORIDA—5.4%** |
| &nbsp;&nbsp;Florida Housing Finance Corp., VRDN, (HUD), Series C, 3.08%, 12/01/2026<sup>(a)</sup> | 3425000 | &nbsp;&nbsp;&nbsp;&nbsp; 3425164 |
| &nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Inc., VRDN, Series A-2, 3.02%, 09/01/2032<sup>(a)</sup> | 25250000 | &nbsp;&nbsp;&nbsp;&nbsp; 25250000 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.45%, 11/01/2041<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B, 4.00%, 11/01/2048<sup>(a)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15016303 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, (AG), Series 2024-XG0577, 3.50%, 07/01/2044<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;7125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series ZF1933, 2.38%, 10/01/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;5555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series ZF1934, 2.38%, 10/01/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;6660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660000 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65037075** |
| &nbsp;&nbsp;**GEORGIA—1.6%** | &nbsp;&nbsp;**GEORGIA—1.6%** | &nbsp;&nbsp;**GEORGIA—1.6%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 3.30%, 11/01/2062<sup>(a)</sup> | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 |
| &nbsp;&nbsp;Bartow-Cartersville Joint Development Authority, VRDN, Series A, 2.51%, 08/01/2033<sup>(a)(b)</sup> | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
| &nbsp;&nbsp;Development Authority of Burke County, VRDN, Series 1ST, 3.25%, 07/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc., Series A, 5.00%, 05/15/2027 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590249 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18890249** |
| &nbsp;&nbsp;**INDIANA—2.1%** | &nbsp;&nbsp;**INDIANA—2.1%** | &nbsp;&nbsp;**INDIANA—2.1%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.45%, 05/01/2028<sup>(a)</sup> | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.55%, 08/01/2030<sup>(a)</sup> | 19900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900000 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25401258** |
| &nbsp;&nbsp;**IOWA—6.8%** | &nbsp;&nbsp;**IOWA—6.8%** | &nbsp;&nbsp;**IOWA—6.8%** |
| &nbsp;&nbsp;Crawford County Memorial Hospital, Inc., 5.00%, 06/15/2027 | &nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537359 |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.40%, 12/01/2047<sup>(a)</sup> | 11665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11665000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.30%, 08/01/2037<sup>(a)</sup> | 10525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.37%, 07/01/2038<sup>(a)</sup> | &nbsp;&nbsp;6630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.37%, 12/01/2046<sup>(a)</sup> | 25400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400000 |
| &nbsp;&nbsp;PEFA, Inc., VRDN, 5.00%, 09/01/2049<sup>(a)</sup> | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25296093 |
| &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**82053452** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**KANSAS—0.2%** | &nbsp;&nbsp;**KANSAS—0.2%** | &nbsp;&nbsp;**KANSAS—0.2%** |
| &nbsp;&nbsp;City of Dodge City, VRDN, 2.66%, 03/01/2027<sup>(a)</sup> | $1000000 | &nbsp;&nbsp;$1000000 |
| &nbsp;&nbsp;City of Liberal, VRDN, 2.66%, 02/01/2029<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2000000** |
| &nbsp;&nbsp;**KENTUCKY—2.1%** | &nbsp;&nbsp;**KENTUCKY—2.1%** | &nbsp;&nbsp;**KENTUCKY—2.1%** |
| &nbsp;&nbsp;County of Meade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series A-1, 3.65%, 08/01/2061<sup>(a)</sup> | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B-1, 3.65%, 08/01/2061<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24900000** |
| &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** |
| &nbsp;&nbsp;Parish of St. John the Baptist, VRDN, Series 2017B-2, 2.38%, 06/01/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp; 424157 |
| &nbsp;&nbsp;**MARYLAND—4.3%** | &nbsp;&nbsp;**MARYLAND—4.3%** | &nbsp;&nbsp;**MARYLAND—4.3%** |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority, VRDN, Series 2025C-1, 2.29%, 07/01/2055<sup>(a)</sup> | 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority, VRDN, 4.28%, 03/01/2030<sup>(a)</sup> | 49905000 | &nbsp;&nbsp;&nbsp; 49905000 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51905000** |
| &nbsp;&nbsp;**MASSACHUSETTS—1.2%** | &nbsp;&nbsp;**MASSACHUSETTS—1.2%** | &nbsp;&nbsp;**MASSACHUSETTS—1.2%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency, VRDN, Series G, 3.10%, 07/01/2061<sup>(a)</sup> | 14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 14300000 |
| &nbsp;&nbsp;**MICHIGAN—1.6%** | &nbsp;&nbsp;**MICHIGAN—1.6%** | &nbsp;&nbsp;**MICHIGAN—1.6%** |
| &nbsp;&nbsp;Michigan State Building Authority, VRDN, Series I, 2.38%, 04/15/2058<sup>(a)</sup> | 19445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19445000 |
| &nbsp;&nbsp;**MINNESOTA—2.6%** | &nbsp;&nbsp;**MINNESOTA—2.6%** | &nbsp;&nbsp;**MINNESOTA—2.6%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 3.62%, 03/20/2027<sup>(a)(b)</sup> | 31690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31690000 |
| &nbsp;&nbsp;**MISSISSIPPI—5.1%** | &nbsp;&nbsp;**MISSISSIPPI—5.1%** | &nbsp;&nbsp;**MISSISSIPPI—5.1%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.35%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.41%, 11/01/2032<sup>(a)</sup> | 55590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.38%, 05/01/2037<sup>(a)</sup> | &nbsp;&nbsp;4347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348673 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**60838673** |
| &nbsp;&nbsp;**MISSOURI—2.6%** | &nbsp;&nbsp;**MISSOURI—2.6%** | &nbsp;&nbsp;**MISSOURI—2.6%** |
| &nbsp;&nbsp;Citizens Memorial Hospital District, Series A, 5.00%, 12/01/2026 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040547 |
| &nbsp;&nbsp;Missouri Development Finance Board, VRDN, Series A, 3.75%, 06/01/2037<sup>(a)</sup> | 22300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300000 |
| &nbsp;&nbsp;**Total Missouri** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31340547** |
| &nbsp;&nbsp;**MONTANA—0.7%** | &nbsp;&nbsp;**MONTANA—0.7%** | &nbsp;&nbsp;**MONTANA—0.7%** |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series XF3447, 3.40%, 07/01/2065<sup>(a)(b)</sup> | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 |
| &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2001, 3.45%, 12/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502221 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**NEW JERSEY—1.8%** | &nbsp;&nbsp;**NEW JERSEY—1.8%** | &nbsp;&nbsp;**NEW JERSEY—1.8%** |
| &nbsp;&nbsp;City of Newark, Series B, 4.50%, 05/07/2026 | $3000000 | &nbsp;&nbsp;$3012797 |
| &nbsp;&nbsp;Township of Weehawken |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/29/2026 | 13927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13969770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/14/2026 | &nbsp;&nbsp;4395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409442 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21392009** |
| &nbsp;&nbsp;**NEW MEXICO—0.3%** | &nbsp;&nbsp;**NEW MEXICO—0.3%** | &nbsp;&nbsp;**NEW MEXICO—0.3%** |
| &nbsp;&nbsp;New Mexico Mortgage Finance Authority, VRDN, (GNMA/FNMA/FHLMC), Series G-2, 3.00%, 09/01/2057<sup>(a)</sup> | 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3450783 |
| &nbsp;&nbsp;**NEW YORK—7.3%** | &nbsp;&nbsp;**NEW YORK—7.3%** | &nbsp;&nbsp;**NEW YORK—7.3%** |
| &nbsp;&nbsp;City of Elmira City, Series B, 4.00%, 12/16/2026 | 3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 3414164 |
| &nbsp;&nbsp;City of Glen Cove, 4.50%, 06/04/2026 | 4272418 | &nbsp;&nbsp;&nbsp;&nbsp; 4290472 |
| &nbsp;&nbsp;City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2, 3.20%, 04/01/2042<sup>(a)</sup> | 10275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 3, 3.20%, 04/01/2042<sup>(a)</sup> | 13200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200000 |
| &nbsp;&nbsp;City of Poughkeepsie, 4.75%, 04/24/2026 | 6051378 | &nbsp;&nbsp;&nbsp;&nbsp; 6066408 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust, VRDN, Series 2025-MIZ9208, 2.51%, 08/10/2027<sup>(a)(b)</sup> | 8000000 | &nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;New York City Housing Development Corp., VRDN, (FHA), Series F-2A, 3.40%, 11/01/2062<sup>(a)</sup> | 3430000 | &nbsp;&nbsp;&nbsp;&nbsp; 3431018 |
| &nbsp;&nbsp;New York State Dormitory Authority, VRDN, Series C, 3.06%, 05/01/2044<sup>(a)</sup> | &nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 |
| &nbsp;&nbsp;New York State Housing Finance Agency, VRDN, Series A, 2.38%, 11/01/2039<sup>(a)</sup> | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series MS0041, 2.68%, 05/01/2026<sup>(a)(b)</sup> | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| &nbsp;&nbsp;Village of Johnson City, Series C, 4.30%, 06/18/2026 | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762606 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87839668** |
| &nbsp;&nbsp;**NORTH CAROLINA—1.4%** | &nbsp;&nbsp;**NORTH CAROLINA—1.4%** | &nbsp;&nbsp;**NORTH CAROLINA—1.4%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, VRDN, 3.13%, 12/01/2027<sup>(a)</sup> | 16040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16053084 |
| &nbsp;&nbsp;Fayetteville State University, (AG), 5.00%, 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471807 |
| &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16524891** |
| &nbsp;&nbsp;**OHIO—3.6%** | &nbsp;&nbsp;**OHIO—3.6%** | &nbsp;&nbsp;**OHIO—3.6%** |
| &nbsp;&nbsp;County of Allen Hospital Facilities Revenue, VRDN, Series C, 2.29%, 11/01/2050<sup>(a)</sup> | &nbsp;&nbsp;8400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400000 |
| &nbsp;&nbsp;State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.55%, 01/15/2045<sup>(a)</sup> | 17250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.55%, 01/15/2045<sup>(a)</sup> | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.53%, 01/15/2049<sup>(a)</sup> | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.55%, 01/15/2045<sup>(a)</sup> | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.55%, 01/15/2051<sup>(a)</sup> | &nbsp;&nbsp;2335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**43285000** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**OKLAHOMA—1.0%** | &nbsp;&nbsp;**OKLAHOMA—1.0%** | &nbsp;&nbsp;**OKLAHOMA—1.0%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.93%, 08/15/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;7780000 | &nbsp;&nbsp;&nbsp;&nbsp;$7780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.75%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350000 |
| &nbsp;&nbsp;**Total Oklahoma** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12130000** |
| &nbsp;&nbsp;**PENNSYLVANIA—8.6%** | &nbsp;&nbsp;**PENNSYLVANIA—8.6%** | &nbsp;&nbsp;**PENNSYLVANIA—8.6%** |
| &nbsp;&nbsp;Central Bradford Progress Authority, VRDN, Series D, 2.90%, 12/01/2041<sup>(a)</sup> | 21355000 | &nbsp;&nbsp;&nbsp;&nbsp; 21355000 |
| &nbsp;&nbsp;City of Philadelphia, VRDN, Series B, 2.19%, 08/01/2031<sup>(a)</sup> | 5000000 | &nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority, VRDN, Series D, 3.09%, 09/01/2050<sup>(a)</sup> | 12400000 | &nbsp;&nbsp;&nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.40%, 08/01/2045<sup>(a)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.25%, 04/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.88%, 08/01/2037<sup>(a)</sup> | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 06/01/2049<sup>(a)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15003315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.00%, 12/01/2030<sup>(a)</sup> | &nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B-1, 3.25%, 04/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B-2, 3.25%, 04/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125160 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 3.09%, 09/01/2045<sup>(a)</sup> | 26575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26575000 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development, VRDN, Series B, 3.09%, 09/01/2050<sup>(a)</sup> | &nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 |
| &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**103814390** |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** |
| &nbsp;&nbsp;County of Berkeley, VRDN, Series A, 2.85%, 03/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;4105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105000 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, VRDN, Series A, 4.00%, 04/01/2033<sup>(a)</sup> | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406343 |
| &nbsp;&nbsp;South Carolina Public Service Authority, VRDN, Series A, 2.53%, 01/01/2036<sup>(a)</sup> | 14755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14755000 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24266343** |
| &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** | &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** | &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** |
| &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority, VRDN, Series D-1, 2.30%, 07/01/2055<sup>(a)</sup> | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 |
| &nbsp;&nbsp;**TENNESSEE—5.2%** | &nbsp;&nbsp;**TENNESSEE—5.2%** | &nbsp;&nbsp;**TENNESSEE—5.2%** |
| &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board, VRDN, Series C, 2.45%, 05/01/2039<sup>(a)</sup> | 21450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21450000 |
| &nbsp;&nbsp;Public Building Authority of Blount County Tennessee, VRDN, Series C-1-A, 2.42%, 06/01/2029<sup>(a)</sup> | 17860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17860000 |
| &nbsp;&nbsp;Public Building Authority of Sevier County, VRDN, Series 6-A1, 2.42%, 06/01/2029<sup>(a)</sup> | 22715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715000 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**62025000** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TEXAS—10.0%** | &nbsp;&nbsp;**TEXAS—10.0%** | &nbsp;&nbsp;**TEXAS—10.0%** |
| &nbsp;&nbsp;City of Austin Airport System Revenue, 5.00%, 11/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;$916107 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 2.73%, 11/15/2046<sup>(a)</sup> | 43600000 | &nbsp;&nbsp;&nbsp; 43600000 |
| &nbsp;&nbsp;Mission Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 06/01/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 05/01/2050<sup>(a)</sup> | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.45%, 01/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.50%, 07/01/2029<sup>(a)(b)</sup> | 18200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.25%, 04/01/2040<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D, 2.55%, 11/01/2040<sup>(a)</sup> | 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series E, 2.47%, 11/01/2040<sup>(a)</sup> | 15450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450000 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., VRDN, Series C1, 2.35%, 07/01/2047<sup>(a)</sup> | 9360000 | &nbsp;&nbsp;&nbsp;&nbsp; 9360000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series XG0629, 3.40%, 02/01/2046<sup>(a)(b)</sup> | 5605000 | &nbsp;&nbsp;&nbsp;&nbsp; 5605000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I, Series D, 6.25%, 12/15/2026 | 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2604222 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. VI, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254509 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**120593445** |
| &nbsp;&nbsp;**VIRGINIA—0.1%** | &nbsp;&nbsp;**VIRGINIA—0.1%** | &nbsp;&nbsp;**VIRGINIA—0.1%** |
| &nbsp;&nbsp;Virginia Small Business Financing Authority, 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759542 |
| &nbsp;&nbsp;**WEST VIRGINIA—3.5%** | &nbsp;&nbsp;**WEST VIRGINIA—3.5%** | &nbsp;&nbsp;**WEST VIRGINIA—3.5%** |
| &nbsp;&nbsp;County of Ohio Special District Excise Tax Revenue, (AG), Series A, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528719 |
| &nbsp;&nbsp;West Virginia Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.34%, 02/01/2036<sup>(a)</sup> | &nbsp;&nbsp;7300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A-1, 2.55%, 11/01/2065<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority, VRDN, Series E, 2.90%, 06/01/2033<sup>(a)</sup> | 24275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275000 |
| &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42103719** |
| &nbsp;&nbsp;**WISCONSIN—0.8%** | &nbsp;&nbsp;**WISCONSIN—0.8%** | &nbsp;&nbsp;**WISCONSIN—0.8%** |
| &nbsp;&nbsp;Town of Red Cedar, AMT, VRDN, 2.44%, 09/01/2027<sup>(a)</sup> | &nbsp;&nbsp;9850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850000 |
| &nbsp;&nbsp;**WYOMING—0.7%** | &nbsp;&nbsp;**WYOMING—0.7%** | &nbsp;&nbsp;**WYOMING—0.7%** |
| &nbsp;&nbsp;County of Laramie, VRDN, Series A, 2.33%, 03/01/2027<sup>(a)</sup> | &nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300000 |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**1196427449** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2026 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95479 | &nbsp;&nbsp;$95488 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95488** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,196,042,271)—99.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,196,042,271)—99.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,196,042,271)—99.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**1196522937** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324184 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$1200847121** |

---

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2026. 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.

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| FHA | Federal Housing Administration |
| VRDN | Variable Rate Demand Note |

---

See accompanying Notes to Statement of Investments.

------

Notes to Statement of Investments <br> January 31, 2026 (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 Standards 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 ("U.S. 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 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, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated 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; in such case, the security is determined to be a Level 1 investment.

Long-term debt and other fixed income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, and the strategies employed by the Adviser as Valuation Designee generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, "odd lot" sizes. Odd lots may trade at lower or occasionally higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. 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 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.

**38** 

------

Notes to Statement of Investments (concluded)<br> January 31, 2026 (unaudited)

------

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 NYSE (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Valuation Designee 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 a 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 a Fund's own assumptions in determining the fair value of investments).

**39**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Funds

- **b. Investment Company Act file number:** 811-22132

- **c. CIK number of Registrant:** 0001413594

- **d. LEI of Registrant:** 549300U001OCRSJJXY43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Emerging Markets Dividend Active ETF

- **b. EDGAR series identifier (if any):** S000088603

- **c. LEI of Series:** 213800SKU9GX8TWAEI73

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $234160766.93

**Total Liabilities:** $962962.31

**Net Assets:** $233197804.62

**Cash Not Reported:** $229495.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254923 | -2.26%               | 2.94%                | 9.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1502830.19              | $-6486503.89                               |
| Month 2  | $349080.88               | $5199357.00                                |
| Month 3  | $621371.61               | $20292860.80                               |

### Schedule of Portfolio Investments

| Name                                                 | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIA Group Ltd                                        | AIA Group Ltd                                                | CUSIP: 001317205<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     47974 | NS      | $2214000.10   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                            | Alibaba Group Holding Ltd                                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     32053 | NS      | $5434906.68   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Autohome Inc                                         | Autohome Inc                                                 | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | KY        |     24816 | NS      | $546944.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                   | Grupo Financiero Banorte SAB de CV                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    362615 | NS      | $4088029.72   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV            | Grupo Aeroportuario del Sureste SAB de CV                    | CUSIP: 000000000<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     18158 | NS      | $628017.85    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                               | Grupo Mexico SAB de CV                                       | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    989538 | NS      | $10918551.87  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                                               | WEG SA                                                       | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     80355 | NS      | $789693.72    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                        | HDFC Bank Ltd                                                | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    229800 | NS      | $7440924.00   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                       | ICICI Bank Ltd                                               | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     40971 | NS      | $1200040.59   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                             | Itau Unibanco Holding SA                                     | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    138383 | NS      | $1188709.97   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                           | JD.com Inc                                                   | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     30015 | NS      | $854827.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                                         | Kaspi.KZ JSC                                                 | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      7849 | NS      | $597858.33    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                                          | Li Auto Inc                                                  | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |     36596 | NS      | $608591.48    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Terminals Inc                                  | Asian Terminals Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   1909600 | NS      | $1139977.41   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp                               | Accton Technology Corp                                       | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     70000 | NS      | $2480139.82   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp                           | Realtek Semiconductor Corp                                   | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |    108000 | NS      | $1659294.57   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Holdings & Investment Ltd                      | Bajaj Holdings & Investment Ltd                              | CUSIP: 000000000<br>LEI: 335800NL7NWD9IPOHL48 | Long             | EC               | CORP              | IN        |     18576 | NS      | $2178735.85   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc                                  | Quanta Computer Inc                                          | CUSIP: 000000000<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     67000 | NS      | $596123.29    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma ATE Inc                                       | Chroma ATE Inc                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     70000 | NS      | $2179853.83   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciputra Development Tbk PT                           | Ciputra Development Tbk PT                                   | CUSIP: 000000000<br>LEI: 2549000JMJUYB9U5Y204 | Long             | EC               | CORP              | ID        |  10824200 | NS      | $535244.92    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co Ltd                            | Sinbon Electronics Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     52000 | NS      | $385827.77    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                         | MediaTek Inc                                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     91000 | NS      | $5089291.39   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                          | NetEase Inc                                                  | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     26340 | NS      | $3393382.20   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sporton International Inc                            | Sporton International Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     92000 | NS      | $511598.35    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | HD Korea Shipbuilding & Offshore Engineering Co Ltd          | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     11294 | NS      | $3244455.33   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                         | SK hynix Inc                                                 | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     13546 | NS      | $8554476.87   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank PCL                                  | Krung Thai Bank PCL                                          | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |   2627200 | NS      | $2358760.53   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Poya International Co Ltd                            | Poya International Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     43150 | NS      | $542974.26    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                          | Bank Mandiri Persero Tbk PT                                  | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |  13461200 | NS      | $3865533.75   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                 | Bank Rakyat Indonesia Persero Tbk PT                         | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  10273600 | NS      | $2331987.85   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung E&A Co Ltd                                   | Samsung E&A Co Ltd                                           | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     67365 | NS      | $1441463.11   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                           | Samsung Electronics Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    239992 | NS      | $19574170.35  | 8.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Telekom Malaysia Bhd                                 | Telekom Malaysia Bhd                                         | CUSIP: 000000000<br>LEI: 254900SNFPTSDGGVEK77 | Long             | EC               | CORP              | MY        |    873100 | NS      | $1749743.78   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd            | Taiwan Semiconductor Manufacturing Co Ltd                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    456000 | NS      | $25719733.08  | 11.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                   | Petroleo Brasileiro SA - Petrobras                           | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    302668 | NS      | $4346312.48   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd              | Ping An Insurance Group Co of China Ltd                      | CUSIP: 72341E304<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    108516 | NS      | $2009716.32   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                         | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     20327 | NS      | $20326.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                         | State Street Institutional US Government Money Market Fund   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   2789263 | NS      | $2789263.09   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                       | Shinhan Financial Group Co Ltd                               | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     13817 | NS      | $805945.61    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                                            | Suzano SA                                                    | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    113099 | NS      | $1059737.63   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                                 | Telefonica Brasil SA                                         | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    260499 | NS      | $3693875.82   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                 | Tencent Holdings Ltd                                         | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    187538 | NS      | $14326027.82  | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                         | Silergy Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     54000 | NS      | $481315.54    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp                                     | Samsung C&T Corp                                             | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |      9615 | NS      | $2013979.78   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd                         | Yifeng Pharmacy Chain Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300CZZIF44N1EZO06 | Long             | EC               | CORP              | CN        |    126100 | NS      | $433550.98    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ASE Technology Holding Co Ltd                        | ASE Technology Holding Co Ltd                                | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    270000 | NS      | $2548141.09   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                           | National Bank of Greece SA                                   | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    210888 | NS      | $3728391.99   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptus Value Housing Finance India Ltd                | Aptus Value Housing Finance India Ltd                        | CUSIP: 000000000<br>LEI: 335800B5FZTE7UR3W714 | Long             | EC               | CORP              | IN        |    389047 | NS      | $1167299.60   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Drilling Co PJSC                               | ADNOC Drilling Co PJSC                                       | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    668041 | NS      | $969546.23    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Americana Restaurants International PLC - Foreign Co | Americana Restaurants International PLC - Foreign Co         | CUSIP: 000000000<br>LEI: 549300EYHRPEZ6UVAM64 | Long             | EC               | CORP              | AE        |   2215468 | NS      | $941083.75    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 ONE WAM Ltd                                      | 360 ONE WAM Ltd                                              | CUSIP: 000000000<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |     67567 | NS      | $829350.72    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                                   | Midea Group Co Ltd                                           | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    174400 | NS      | $1912079.98   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Chuangxin Industries Holdings Ltd                    | Chuangxin Industries Holdings Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    193500 | NS      | $619231.70    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd                         | Techtronic Industries Co Ltd                                 | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    159500 | NS      | $2174415.33   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                       | Li Ning Co Ltd                                               | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    837500 | NS      | $2191280.19   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                        | Tata Consultancy Services Ltd                                | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     81664 | NS      | $2777841.08   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                | Emaar Properties PJSC                                        | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    587329 | NS      | $2398893.12   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                           | Sanlam Ltd                                                   | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    328203 | NS      | $2052062.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                                | Aldar Properties PJSC                                        | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    859575 | NS      | $2244608.37   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd                              | Mahindra & Mahindra Ltd                                      | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     41670 | NS      | $1575126.00   | 0.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Odontoprev SA                                        | Odontoprev SA                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    458850 | NS      | $979996.01    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV       | Grupo Aeroportuario del Centro Norte SAB de CV               | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     43764 | NS      | $639030.53    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd                             | ANTA Sports Products Ltd                                     | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |    217150 | NS      | $2175085.76   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corp of India Ltd                         | Power Grid Corp of India Ltd                                 | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | CORP              | IN        |    857156 | NS      | $2384987.94   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitaland India Trust                               | Capitaland India Trust                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   2720800 | NS      | $2652143.70   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KEPCO Plant Service & Engineering Co Ltd             | KEPCO Plant Service & Engineering Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     16970 | NS      | $660219.54    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                      | Sands China Ltd                                              | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |   1010490 | NS      | $2202819.31   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd                   | SITC International Holdings Co Ltd                           | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    253000 | NS      | $943718.08    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongsheng Group Holdings Ltd                        | Zhongsheng Group Holdings Ltd                                | CUSIP: 000000000<br>LEI: 3003005VYMEBAJNJ2Y26 | Long             | EC               | CORP              | KY        |    365000 | NS      | $544315.87    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodacom Group Ltd                                    | Vodacom Group Ltd                                            | CUSIP: 000000000<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |    156071 | NS      | $1454649.83   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahanagar Gas Ltd                                    | Mahanagar Gas Ltd                                            | CUSIP: 000000000<br>LEI: 3358001GYZI2KS7FHN90 | Long             | EC               | CORP              | IN        |     93892 | NS      | $1070718.39   | 0.46%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                      | Telkom Indonesia Persero Tbk PT                              | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  15021100 | NS      | $3221683.65   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Centre Testing International Group Co Ltd            | Centre Testing International Group Co Ltd                    | CUSIP: 000000000<br>LEI: 8368009FQ1ZOBVGD5Y61 | Long             | EC               | CORP              | CN        |    533600 | NS      | $1192603.87   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Robam Appliances Co Ltd                     | Hangzhou Robam Appliances Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    346203 | NS      | $1045808.59   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd                               | Wuliangye Yibin Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    149400 | NS      | $2257609.56   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA Technology Group Co Ltd                        | NAURA Technology Group Co Ltd                                | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |     17400 | NS      | $1190041.30   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Crompton Greaves Consumer Electricals Ltd            | Crompton Greaves Consumer Electricals Ltd                    | CUSIP: 000000000<br>LEI: 335800DIIEEWMH3UDH51 | Long             | EC               | CORP              | IN        |    169143 | NS      | $407745.19    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lion Finance Group PLC                               | Lion Finance Group PLC                                       | CUSIP: 000000000<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |     14508 | NS      | $2003069.48   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Container Corp Of India Ltd                          | Container Corp Of India Ltd                                  | CUSIP: 000000000<br>LEI: 335800T2XH4HLGGQSJ32 | Long             | EC               | CORP              | IN        |     63510 | NS      | $347177.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Map Aktif Adiperkasa PT                              | Map Aktif Adiperkasa PT                                      | CUSIP: 000000000<br>LEI: 254900N3WK9AC24SVF17 | Long             | EC               | CORP              | ID        |  19517500 | NS      | $813955.91    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                          | B3 SA - Brasil Bolsa Balcao                                  | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    428944 | NS      | $1316316.68   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NAC Kazatomprom JSC                                  | NAC Kazatomprom JSC                                          | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |     42226 | NS      | $3470977.20   | 1.49%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fu Shou Yuan International Group Ltd                 | Fu Shou Yuan International Group Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1121000 | NS      | $370218.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Telecommunications Infrastructure Fund       | Digital Telecommunications Infrastructure Fund               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   2353800 | NS      | $706925.47    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd      | Shenzhen Mindray Bio-Medical Electronics Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     38600 | NS      | $1051368.78   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd               | Contemporary Amperex Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     42600 | NS      | $2145786.86   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                        | Budweiser Brewing Co APAC Ltd                                | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |   2031004 | NS      | $2001860.04   | 0.86%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Air Astana JSC                                       | Air Astana JSC                                               | CUSIP: 009063207<br>LEI: 2549000TO500ZGSE7T26 | Long             | EC               | CORP              | KZ        |     41516 | NS      | $290612.00    | 0.12%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shanghai Huace Navigation Technology Ltd             | Shanghai Huace Navigation Technology Ltd                     | CUSIP: 000000000<br>LEI: 836800GUQS7ZODYNC204 | Long             | EC               | CORP              | CN        |    110300 | NS      | $615908.47    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                              | Saudi National Bank/The                                      | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    260923 | NS      | $3120752.33   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                                       | PRIO SA/Brazil                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    139565 | NS      | $1352224.47   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                        | Credicorp Ltd                                                | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      7057 | NS      | $2518149.31   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-03

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer