# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-23-000891
**Filing Date:** 2023-2
**Character Count:** 32700
**Document Hash:** 91ec82af95e78c0d053fad4fc2326247
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-000891.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001133228-23-000891

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Funds
- **CENTRAL INDEX KEY:** 0001413594
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 23687496

**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 Global Absolute Return Strategies Fund (Series ID: S000025401)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000075913 | Institutional Class         | AGCIX           |
| C000076084 | Class A                     | CUGAX           |
| C000076087 | Institutional Service Class | CGFIX           |

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| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp198img001.jpg) |
| **abrdn Global Absolute Return Strategies Fund** | ![](sp198img001.jpg) |
| February 28, 2023 | ![](sp198img001.jpg) |
| ![](sp198img001.jpg) |  |

---

**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and** **its risks. You can find the Fund's Prospectus, Statement of Additional Information, shareholder reports and other** **information about the Fund online at https://www.abrdn.com/en-us/us/investor/fund-centre#literature. You can also** **get this information at no cost by e-mailing a request to Investor.Services.US@abrdn.com, calling (866) 667-9231 or** **asking your financial advisor. The Fund's Prospectus and Statement of Additional Information, both dated** **February 28,** **2023, and the independent registered public accounting firm's report and financial statements in the Fund's annual** **report, dated** **October 31, 2022, are incorporated by reference into this summary prospectus.**

**Fund Tickers**

Class A – CUGAX ■ Institutional Class – AGCIX ■ Institutional Service Class – CGFIX

**Objective**

The abrdn Global Absolute Return Strategies Fund (the "GARS<sup>®</sup> Fund" or the "Fund") seeks to generate a positive absolute return over the medium to long term (3-5 years or more) irrespective of market conditions, while seeking to reduce the risk of loss.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. More information about these and other discounts is available from your financial advisor and in the "Reduction and Waiver of Class A and Class A1 Sales Charges" and "Broker-Defined Sales Charge Waiver Policies" sections on pages 160 and 216 of the Fund's prospectus, respectively, and in the "Additional Information on Purchases and Sales — Waiver of Class A Sales and Class A1 Charges" and "Reduction of Sales Charges" sections on pages 115 and 116 of the Fund's Statement of Additional Information, respectively. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Fund Summary - abrdn Global Absolute Return Strategies Fund 1

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Fund Summary - abrdn Global Absolute Return Strategies Fund

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees (fees paid directly from your investment)** | **Class A**<br>**Shares** | **Institutional** **Service**<br>**Class** **Shares** | **Institutional**<br>**Class Shares** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price) | 3.00<br> %<br>|  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) | 1.00<br> %<br> <sup>(1)</sup><br>|  |  |
| &nbsp;&nbsp; Small Account Fee<sup>(2)</sup> | $20<br>| $20<br>| $20<br>|

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| &nbsp;&nbsp; Management Fees | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | 0.25<br> %<br>|  |  |
| &nbsp;&nbsp; Other Expenses | 1.01<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>|
| &nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>(3)</sup> | 0.05<br> %<br>| 0.05<br> %<br>| 0.05<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>(4)</sup> | 1.91<br> %<br>| 1.63<br> %<br>| 1.65<br> %<br>|
| &nbsp;&nbsp; Less: Amount of Fee Limitations/Expense Reimbursements<sup>(5)</sup> | 0.82<br> %<br>| 0.93<br> %<br>| 0.82<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements<sup>(4)</sup> | 1.09<br> %<br>| 0.70<br> %<br>| 0.83<br> %<br>|

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(1) Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

(2) Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed.

(3) Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds.

(4) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements do not correlate to the Fund's Ratio of Expenses (Prior to Reimbursements) to Average Net Assets and Ratio of Expenses to Average Net Assets, respectively, included in the Fund's Financial Highlights in the Fund's prospectus, as those ratios do not reflect indirect expenses, such as Acquired Fund Fees and Expenses.

(5) abrdn Funds (the "Trust") and abrdn Inc. (the "Adviser") have entered into a written contract limiting operating expenses to 0.65% for all classes of the Fund. This contractual limitation may not be terminated before February 29, 2024 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. It assumes a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class A Shares | $408 | $805 | $1227 | $2401 |
| &nbsp;&nbsp; Institutional Class Shares | $72 | $423 | $799 | $1854 |
| &nbsp;&nbsp; Institutional Service Class Shares | $85 | $440 | $820 | $1886 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 180.82% of the average value of its portfolio.

**Principal Strategies**

The GARS<sup>®</sup> Fund employs an "absolute return" investment approach. This means that in pursuing the Fund's investment objective, the Fund benchmarks itself to an index of cash instruments, rather than a stock or bond market index, and seeks to achieve positive long term returns irrespective of broad movements in the bond and equity markets. As an "absolute return" fund, the GARS<sup>®</sup> Fund employs investment management techniques that may differ from traditional mutual funds. The GARS<sup>®</sup> Fund may use an extensive range of investment strategies and invest in a wide spectrum of

2 Fund Summary - abrdn Global Absolute Return Strategies Fund

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Fund Summary - abrdn Global Absolute Return Strategies Fund

equity and fixed-income securities and derivative instruments in pursuing its investment objective. The GARS<sup>®</sup> Fund also may hold significant amounts of cash and/or invest significantly in cash equivalents and short-term investments, including money market funds.

The GARS<sup>®</sup> Fund may invest in equity and fixed-income securities of companies and government and supranational entities around the world, including in emerging markets. The GARS<sup>®</sup> Fund is not subject to any maturity, market capitalization, or credit quality restrictions and may invest in high-yield below-investment-grade bonds (junk bonds) without limitation.

The Adviser seeks to maximize risk-adjusted absolute return by using multiple strategies across listed equity, equity–related, and debt securities, derivatives, or other instruments as part of a diversified global portfolio. These strategies include exploiting market cyclicality and a diverse array of inefficiencies across and within global markets.

The Adviser manages the GARS<sup>®</sup> Fund's investment strategies dynamically over time, and will actively modify investment strategies and develop new strategies in response to additional research, changing market conditions or other factors.

The GARS<sup>®</sup> Fund may invest in securities of any market sector and may hold a significant amount of securities of companies within a single sector. The Fund currently anticipates that it will have significant exposure to the financials sector, in large part due to holding cash equivalents, which are generally issued by financial institutions.

The GARS<sup>®</sup> Fund also invests extensively in derivative instruments, which may relate to equity securities, fixed-income securities, interest rates, total return rates, currencies or currency exchange rates, or indexes. Derivatives, including futures, options, swaps (including credit default and variance swaps), and foreign currency forward contracts, may be used for both investment and hedging purposes.

Under normal market conditions, the GARS<sup>®</sup> Fund will invest significantly (at least 40%–unless market conditions are not deemed favorable by the Adviser, in which case the GARS<sup>®</sup> Fund would invest at least 30%) in non-U.S. issuers. A company is considered a non-U.S. issuer if Fund management determines that the company meets one or more of the following criteria:

● the company is organized under the laws of or has its principal office in a country outside the U.S.;

● the company has its principal securities trading market in a country outside the U.S.; and/or

● the company derives the majority of its annual revenue or earnings or assets from goods produced, sales made or services performed in a country outside the U.S.

Under normal market conditions, the GARS<sup>®</sup> Fund invests in securities from at least three different countries.

The Adviser considers and evaluates ESG (Environmental, Social and Governance) factors as part of the investment analysis process. The Adviser considers the the most material potential ESG risks and opportunities impacting equity, government bond and credit issuers, alongside other non-ESG factors. The relevance of ESG factors to the investment process varies across issuers and instrument types.

The Fund's investment strategies and current asset levels may result in a portfolio turnover rate calculation in excess of 100% on an annual basis.

**Principal Risks**

The GARS<sup>®</sup> Fund cannot guarantee that it will achieve its investment objective.

As with any fund, the value of the GARS<sup>®</sup> Fund's investments – and therefore, the value of Fund shares – may fluctuate. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first four risks).

**Absolute Return Strategy Risk** – Absolute return funds employ certain techniques that are intended to reduce risk and volatility in the portfolio and provide protection against a decline in the fund's assets. They are not designed to outperform stocks and bonds in strong markets and there is no guarantee of positive returns or that the Fund's objective will be achieved.

**Market Risk –** Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in those markets in which the Fund invests.

**Derivatives Risk (including Options, Futures and Swaps) –** Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options, futures and derivatives strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.

*Speculative Exposure Risk* – To the extent that a derivative or practice is not used as a hedge, the Fund is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential losses from writing uncovered call options and from speculative short sales are unlimited.

Fund Summary - abrdn Global Absolute Return Strategies Fund 3

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Fund Summary - abrdn Global Absolute Return Strategies Fund

*Hedged Exposure Risk* – Losses generated by a derivative or practice used by the Fund for hedging purposes should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

*Correlation Risk* – The Fund is exposed to the risk that changes in the value of a hedging instrument will not match those of the investment being hedged.

*Counterparty Risk* – Derivative transactions depend on the creditworthiness of the counterparty and the counterparty's ability to fulfill its contractual obligations.

*Other Derivatives Risks* – Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives investments. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

**Management Risk** – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

**Credit Default Swap Risk** – The Fund may buy or sell credit default swaps. Credit default swap contracts, a type of derivative instrument, particularly selling credit default swaps, involve special risks and may result in losses to the Fund.

**Cybersecurity Risk –** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.

**Emerging Markets Risk –** A magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less established markets.

**Equity Securities Risk –** The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).

**Fixed Income Securities Risk –** Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.

**Foreign Currency Exposure Risk –** The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

**Foreign Securities Risk –** Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

**High-Yield Bonds and Other Lower-Rated Securities Risk –** The Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

**Interest Rate Risk –** The Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund's net assets. Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund

4 Fund Summary - abrdn Global Absolute Return Strategies Fund

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Fund Summary - abrdn Global Absolute Return Strategies Fund

with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates. The Fund may be subject to increased interest rate risk due to recent interest rate hikes. It is not possible to determine if, and for how long, interest rate hikes will continue.

**Issuer Risk –** The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Non-Hedging Foreign Currency Trading Risk –** Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Adviser's expectations may produce significant losses to the Fund.

**Portfolio Turnover Risk** – The Fund's strategies and current asset levels may result in a portfolio turnover ratio calculation in excess of 100%. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.

**Sector Risk –** To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Financials Sector Risk*. To the extent that the financials sector represents a significant portion of the Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, decreased liquidity in credit markets as well as cyber-attacks.

**Sovereign Debt Risk –** Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of a foreign government's debt securities held by the Fund and impact an issuer's ability and willingness to pay interest or repay principal when due. The Fund may have limited recourse to compel payment in the event of a default. A foreign government's default on its debt securities may cause the value of securities held by the Fund to decline significantly.

**U.S. Government Securities Risk** – Securities issued by U.S. Government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. The U.S. Government does not guaranty the net asset value of a Fund's shares.

**Valuation Risk –** The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

If the value of the Fund's investments decreases, you may lose money.<br>For additional information regarding the above identified risks, see "Fund Details: Additional Information about Investments, Investment Techniques and Risks" in the prospectus.

**Performance**

The bar chart and table below can help you evaluate potential risks of the Fund. The bar chart shows how the Fund's annual total returns for Institutional Service Class have varied from year to year. The returns in the bar chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. The table compares the Fund's average annual total returns to the returns of the ICE BofA Merrill Lynch 3-Month US Treasury Note Index, a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit https://www.abrdn.com/en-us/us/investor/fund-centre#literature or call 866-667-9231.

The Fund changed its investment objective and strategies effective November 15, 2019 and August 15, 2016. Performance information for periods prior to November 15, 2019 and August 15, 2016 reflect different investment strategies. In connection with the change in investment objective and strategy on November 15, 2019, the Fund changed its name from Aberdeen Global Unconstrained Fixed Income Fund to Aberdeen Global Absolute Return Strategies Fund. In connection with the change in investment objective and strategy on August 15, 2016, the Fund changed its name from Aberdeen Global Fixed Income Fund to Aberdeen Global Unconstrained Fixed Income Fund.

Fund Summary - abrdn Global Absolute Return Strategies Fund 5

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Fund Summary - abrdn Global Absolute Return Strategies Fund

**Annual Total Returns – Institutional Service Class Shares**<br>**(Years Ended Dec. 31)**

<br>![](sp198img002.jpg)

Highest Return: 5.19% - 1st quarter 2016

Lowest Return: -5.24% - 1st quarter 2022

After-tax returns are shown in the following table for Institutional Service Class shares only and will vary for other classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.

**Average Annual Total Returns as of December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class A shares – Before Taxes | -13.06<br> %<br>| -0.61<br> %<br>| -0.13<br> %<br>|
| &nbsp;&nbsp; Institutional Class shares – Before Taxes | -9.91<br> %<br>| 0.33<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Institutional Service Class shares – Before Taxes | -9.99<br> %<br>| 0.25<br> %<br>| 0.35<br> %<br>|
| &nbsp;&nbsp; Institutional Service Class shares – After Taxes on Distributions | -9.99<br> %<br>| -0.77<br> %<br>| -0.38<br> %<br>|
| &nbsp;&nbsp; Institutional Service Class shares – After Taxes on Distributions and Sales of Shares<sup>(1)</sup> | -5.91<br> %<br>| -0.19<br> %<br>| -0.02<br> %<br>|
| &nbsp;&nbsp; ICE BofA Merrill Lynch 3-Month US Treasury Note Index (reflects no deduction for fees, expenses or taxes) | 1.49<br> %<br>| 1.31<br> %<br>| 0.79<br> %<br>|

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<sup>(1)</sup> Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes.

**Investment Adviser**

abrdn Inc. (the "Adviser") serves as the GARS<sup>®</sup> Fund's investment adviser and abrdn Investments Limited ("AIL") serves as the Fund's sub-adviser.

6 Fund Summary - abrdn Global Absolute Return Strategies Fund

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Fund Summary - abrdn Global Absolute Return Strategies Fund

**Portfolio Managers**

The GARS<sup>®</sup> Fund is managed using a team-based approach, with the following team members being jointly and primarily responsible for the day-to-day management of the GARS<sup>®</sup> Fund:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | **Title** | **Served on the Fund Since** |
| &nbsp;&nbsp; Thomas Maxwell, CFA<sup>®</sup> | Investment Director | 2020<br>|
| &nbsp;&nbsp; Scott Smith, CFA<sup>®</sup> | Head of Absolute Return | 2019<br>|
| &nbsp;&nbsp; Alistair Veitch | Investment Director | 2021<br>|
| &nbsp;&nbsp; Carl Jones, CFA<sup>®</sup> | Senior Investment Director | 2023<br>|

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**Purchase and Sale of Fund Shares**

The Fund's minimum investment requirements are as follows:

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| | |
|:---|:---|
| **CLASS A SHARES** | **CLASS A SHARES** |
| &nbsp;&nbsp; To open an account | $1000 |
| &nbsp;&nbsp; To open an IRA account | $1000 |
| &nbsp;&nbsp; Additional investments | $50 |
| &nbsp;&nbsp; To start an Automatic Investment Plan | $1000 |
| &nbsp;&nbsp; Additional Investments (Automatic Investment Plan) | $50 |
| **INSTITUTIONAL CLASS SHARES** | **INSTITUTIONAL CLASS SHARES** |
| &nbsp;&nbsp; To open an account | $1000000 |
| &nbsp;&nbsp; Additional investments | No Minimum |
| **INSTITUTIONAL SERVICE CLASS SHARES** | **INSTITUTIONAL SERVICE CLASS SHARES** |
| &nbsp;&nbsp; To open an account | $1000000 |
| &nbsp;&nbsp; Additional investments | No Minimum |

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The Fund reserves the right to apply or waive investment minimums under certain circumstances as described in the prospectus under the "Choosing a Share Class" section.

Fund shares may be redeemed on each day that the New York Stock Exchange is open. Fund shares may be sold by mail or fax, by telephone or on-line.

**Tax Information**

The Fund's dividends and distributions are subject to federal income taxes and will be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or invest through a qualified employee benefit plan, retirement plan or other tax-deferred account, in which case your withdrawals from such account may be taxed as ordinary income.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

Fund Summary - abrdn Global Absolute Return Strategies Fund 7