# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001104659-23-002211
**Filing Date:** 2023-1
**Character Count:** 2039641
**Document Hash:** 4a83f97bc1fb06fadea92a96b95c637e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-002211.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001104659-23-002211

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 23517905

**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 China A Share Equity Fund (Series ID: S000020289)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000056926 | Class A                     | GOPAX           |
| C000056928 | Class C                     | GOPCX           |
| C000056929 | Class R                     | GOPRX           |
| C000056930 | Institutional Class         | GOPIX           |
| C000056931 | Institutional Service Class | GOPSX           |

### abrdn Emerging Markets Sustainable Leaders Fund (Series ID: S000020291)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000056938 | Class A                     | GIGAX           |
| C000056940 | Class C                     | GIGCX           |
| C000056941 | Class R                     | GIRRX           |
| C000056942 | Institutional Class         | GIGIX           |
| C000056943 | Institutional Service Class | GIGSX           |

### abrdn U.S. Small Cap Equity Fund (Series ID: S000020297)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000056974 | Class A                     | GSXAX           |
| C000056976 | Class C                     | GSXCX           |
| C000056977 | Class R                     | GNSRX           |
| C000056978 | Institutional Class         | GSCIX           |
| C000056979 | Institutional Service Class | GSXIX           |

### abrdn Emerging Markets Ex-China Fund (Series ID: S000020309)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000057046 | Class A                     | GLLAX           |
| C000057048 | Class C                     | GLLCX           |
| C000057049 | Class R                     | GWLRX           |
| C000057050 | Institutional Class         | GWLIX           |
| C000057051 | Institutional Service Class | GLLSX           |

### abrdn U.S. Sustainable Leaders Smaller Companies Fund (Series ID: S000020312)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000057064 | Class A                     | MLSAX           |
| C000057067 | Class R                     | GLSRX           |
| C000057068 | Institutional Class         | GGUIX           |
| C000057069 | Institutional Service Class | AELSX           |

### abrdn Intermediate Municipal Income Fund (Series ID: S000020313)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000057070 | Class A                     | NTFAX           |
| C000057072 | Class C                     | GTICX           |
| C000123602 | Institutional Class         | ABEIX           |
| C000123603 | Institutional Service Class | ABESX           |

### abrdn Global Absolute Return Strategies Fund (Series ID: S000025401)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075913 | Institutional Class | AGCIX           |
| C000076084 | Class A             | CUGAX           |
| C000076085 | Class C             | CGBCX           |
| C000076086 | Class R             |  |

### abrdn International Small Cap Fund (Series ID: S000025402)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075914 | Institutional Class | ABNIX           |
| C000076089 | Class C             | CPVCX           |
| C000076090 | Class R             | WPVAX           |
| C000076092 | Class A             | WVCCX           |

### abrdn Emerging Markets Fund (Series ID: S000026307)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000079068 | Institutional Class         | ABEMX           |
| C000081085 | Institutional Service Class | AEMSX           |
| C000111352 | Class A                     | GEGAX           |
| C000111353 | Class C                     | GEGCX           |
| C000111354 | Class R                     | GEMRX           |

### abrdn U.S. Sustainable Leaders Fund (Series ID: S000033658)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000103444 | Class A                     | GXXAX           |
| C000103445 | Class C                     | GXXCX           |
| C000103447 | Institutional Class         | GGLIX           |
| C000103448 | Institutional Service Class | GXXIX           |

### abrdn Emerging Markets Debt Fund (Series ID: S000038161)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000117691 | Class A                     | AKFAX           |
| C000117692 | Class C                     | AKFCX           |
| C000117693 | Class R                     | AKFRX           |
| C000117694 | Institutional Class         | AKFIX           |
| C000117695 | Institutional Service Class | AKFSX           |

### abrdn Dynamic Dividend Fund (Series ID: S000061517)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199209 | Class A             | ADAVX           |
| C000199210 | Institutional Class | ADVDX           |

### abrdn Global Infrastructure Fund (Series ID: S000061518)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199211 | Class A             | AIAFX           |
| C000199212 | Institutional Class | AIFRX           |

### abrdn Short Duration High Yield Municipal Fund (Series ID: S000061519)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199213 | Class A             | AAHMX           |
| C000199214 | Institutional Class | AHYMX           |
| C000224176 | Class C             | ACHMX           |

### abrdn Realty Income & Growth Fund (Series ID: S000061521)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199217 | Institutional Class | AIGYX           |
| C000199218 | Class A             | AIAGX           |

### abrdn Ultra Short Municipal Income Fund (Series ID: S000061523)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199221 | Class A             | ATOAX           |
| C000199222 | Institutional Class | ATOIX           |
| C000210496 | Class A1            | ATOBX           |

### abrdn Global Equity Impact Fund (Series ID: S000072754)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229254 | Institutional Class | JETIX           |
| C000229255 | Class A             | JETAX           |

### abrdn Global High Income Fund (Series ID: S000072755)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229256 | Institutional Class | JHYIX           |
| C000229257 | Class A             | BJBHX           |

### abrdn International Sustainable Leaders Fund (Series ID: S000072756)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229258 | Institutional Class | JIEIX           |
| C000229259 | Class A             | BJBIX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22132 |
| Exact name of registrant as specified in charter: | abrdn Funds |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Ms. Andrea Melia |
|  | abrdn Inc. |
|  | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 866-667-9231 |
| Date of fiscal year end: | October 31 |
| Date of reporting period: | October 31, 2022 |

---

**Item 1. Reports to Shareholders.**

## abrdn Funds<br> Equity Series
Annual Report

October 31, 2022

#### abrdn China A Share Equity Fund (formerly, Aberdeen China A Share Equity Fund)
Class A - GOPAX ■ Class C - GOPCX■ Class R - GOPRX■ Institutional Class - GOPIX■ Institutional Service Class - GOPSX

#### abrdn Dynamic Dividend Fund (formerly, Aberdeen Dynamic Dividend Fund)
Class A - ADAVX ■ Institutional Class - ADVDX

#### abrdn Emerging Markets ex-China Fund (formerly, Aberdeen Global Equity Fund)
Class A - GLLAX ■ Class C - GLLCX■ Class R - GWLRX■ Institutional Class - GWLIX■ Institutional Service Class - GLLSX

#### abrdn Emerging Markets Fund (formerly, Aberdeen Emerging Markets Fund)
Class A - GEGAX ■ Class C - GEGCX■ Class R - GEMRX■ Institutional Class - ABEMX■ Institutional Service Class - AEMSX

#### abrdn Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund)
Class A - GIGAX ■ Class C - GIGCX■ Class R - GIRRX■ Institutional Class - GIGIX■ Institutional Service Class - GIGSX

#### abrdn Global Equity Impact Fund (formerly, Aberdeen Global Equity Impact Fund)
Class A - JETAX ■ Institutional Class - JETIX

#### abrdn Global Infrastructure Fund (formerly, Aberdeen Global Infrastructure Fund)
Class A - AIAFX ■ Institutional Class - AIFRX

#### abrdn International Small Cap Fund (formerly, Aberdeen International Small Cap Fund)
Class A - WVCCX ■ Class C - CPVCX■ Class R - WPVAX■ Institutional Class - ABNIX

#### abrdn International Sustainable Leaders Fund (formerly, Aberdeen International Sustainable Leaders Fund)
Class A - BJBIX ■ Institutional Class - JIEIX

#### abrdn Realty Income & Growth Fund (formerly, Aberdeen Realty Income & Growth Fund)
Class A - AIAGX ■ Institutional Class - AIGYX

#### abrdn U.S. Small Cap Equity Fund (formerly, Aberdeen U.S. Small Cap Equity Fund)
Class A - GSXAX ■ Class C - GSXCX■ Class R - GNSRX■ Institutional Class - GSCIX■ Institutional Service Class - GSXIX

#### abrdn U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Sustainable Leaders Fund)
Class A - GXXAX ■ Class C - GXXCX■ Institutional Class - GGLIX■ Institutional Service Class - GXXIX

#### abrdn U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen U.S. Sustainable Leaders Smaller Companies Fund)
Class A - MLSAX ■ Class R - GLSRX■ Institutional Class - GGUIX■ Institutional Service Class - AELSX

![](img932344b41.jpg)

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**Table of Contents**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Market Review](#xx_5824ce4f-1053-409c-b96c-a4749eaa560a_1)<br>| &nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn China A Share Equity Fund](#xx_db3a155d-b160-4879-b97d-7399fc4b0998_1)<br>| &nbsp;&nbsp;Page 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Dynamic Dividend Fund](#xx_c876895f-e4f6-453d-bd61-8430558c0044_1)<br>| &nbsp;&nbsp;Page 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets ex-China Fund](#xx_58d3df51-f23d-48e5-8b07-1af5fd033a10_1)<br>| &nbsp;&nbsp;Page 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets Fund](#xx_5e309f21-a590-499f-86bc-2771dc94c640_1)<br>| &nbsp;&nbsp;Page 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets Sustainable Leaders Fund](#xx_4cba9df2-9316-4e18-8c13-eaae9ea117a9_1)<br>| &nbsp;&nbsp;Page 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Global Equity Impact Fund](#xx_26db1187-7587-4b1e-a2b2-3b19afb52e1b_1)<br>| &nbsp;&nbsp;Page 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Global Infrastructure Fund](#xx_2ca54be3-c0cd-4b6f-8afa-3f86ebd08990_1)<br>| &nbsp;&nbsp;Page 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn International Small Cap Fund](#xx_d03f06dc-c069-4090-b0b3-cf6bbbeb33da_1)<br>| &nbsp;&nbsp;Page 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn International Sustainable Leaders Fund](#xx_fbb7e061-2260-4d38-8ef2-755dd6436cd4_1)<br>| &nbsp;&nbsp;Page 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Realty Income & Growth Fund](#xx_5fdd8493-c124-4dac-aed3-031112d0e946_1)<br>| &nbsp;&nbsp;Page 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn U.S. Small Cap Equity Fund](#xx_f9caca90-2852-4567-b925-6921351048fd_1)<br>| &nbsp;&nbsp;Page 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn U.S. Sustainable Leaders Fund](#xx_83e9ec83-5b50-4e7e-9682-2b6ba0271ab4_1)<br>| &nbsp;&nbsp;Page 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn U.S. Sustainable Leaders Smaller Companies Fund](#xx_27564330-932e-4eef-b6c1-59ee0c3d6ba0_1)<br>| &nbsp;&nbsp;Page 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Statements](#xx_31b06351-3882-434c-a2ba-fa1a627c4493_1)<br>| &nbsp;&nbsp;Page 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_02d91015-e628-41fd-8c9e-7997382c6372_1)<br>| Page 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#xx_c5aa0ebc-fa25-4946-aa17-59d9ab2cce0d_1)<br>| &nbsp;&nbsp;Page 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Tax Information](#xx_6f43087b-9a62-41bf-8129-a77bf2de7d3d_1)<br>| Page 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Examples](#xx_6102209f-ac00-40aa-b056-114324390918_1)<br>| Page 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Supplemental Information](#xx_031479c0-0d80-4c3c-abff-263efd178791_1)<br>| Page 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management of the Funds](#xx_696b8192-0273-4140-b53e-a8f9e6567263_1)<br>| Page 169 |

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*Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.abrdn.com/en-us/investor/fund-centre/fund-literature. Please read it carefully before investing any money.*

Investing in mutual funds involves risk, including possible loss of principal.

abrdn Funds is distributed by **Aberdeen Fund Distributors LLC**, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

abrdn Inc. (formerly known as Aberdeen Standard Investments Inc.) (AI) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.

The complete schedule of portfolio holdings for each fund of abrdn Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. abrdn Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders upon request without charge by calling 1-866-667-9231.

#### Statement Regarding Availability of Proxy Voting Record.
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at *https://www.abrdn.com/en-us/investor/fund-centre/fund-literature* and on the Commission's website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.

#### abrdn
abrdn plc, formerly known as Standard Life Aberdeen plc, was renamed on September 27, 2021. In connection with this re-branding, the entities within abrdn plc group, including investment advisory entities, have been or will be renamed in the near future. In addition, the fund names are anticipated to be re-branded over the next year.

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Market Review <br>

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Global stock and bond markets fell heavily over the 12-month reporting period ended October 31, 2022 after an extremely challenging calendar year to date for financial markets and the global economy. The MSCI AC World Index<sup>1</sup> returned -19.96% for the period.

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. These inflationary pressures were made far worse by Russia's invasion of Ukraine in February. The conflict and resulting sanctions against Russia caused energy and food prices to spiral even higher, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by raising interest rates in an increasingly aggressive fashion.

Global financial markets lurched downwards from the start of 2022, with stocks and bonds both under acute pressure since the turn of the year. Prices of shares and bonds fell heavily in January on worries that interest rates in Western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility and fears for the global economic outlook after energy and other commodity prices surged.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets, amid hopes that a slowing global economy would enable central banks to reverse recent interest rate hikes in 2023. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock and bond markets, as central banks continued to battle high inflation with rate increases. Global bond and share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

Emerging market (EM) equities retreated over the reporting period. The MSCI Emerging Markets Index<sup>2</sup> returned -31.03% for the period. Markets sold off towards the end of 2021 after the so-called "Powell Pivot", where the Fed abruptly moved towards monetary policy<sup>3</sup> tightening. That led to a rotation out of growth stocks<sup>4</sup> into value, and the trend continued going into 2022, where value stocks held up and opened a big lead in relative terms over quality and growth plays. Further compounding the headwinds was Russia's unexpected invasion of Ukraine in late-February, which accelerated the rise of energy and other commodity prices on fears of supply disruption. In turn, that exacerbated global inflationary pressures. Investor sentiment turned increasingly pessimistic as central banks, including the Fed, ramped up their monetary policy tightening trajectories, triggering fears of a global recession. Moreover, the Fed's aggressive moves on interest rates boosted the U.S. dollar's strength versus peers, which further dented sentiment towards EMs. Also keeping markets on edge was China, which became a focal point as rising COVID-19 cases prompted authorities to implement stringent lockdowns in major cities like Shanghai. When the rate of new infection cases declined, the restrictions were gradually eased and the market outperformed, driven by strong fiscal and monetary support to stabilise the economy. However, subsequent developments added to investor concerns, including geopolitical tensions with the U.S., an

ongoing property crisis and the resurgence of COVID-19, which sparked fears of more stringent lockdowns. The outcome of China's 20<sup>th</sup> party congress in October, where President Xi Jinping consolidated power and secured a third term as leader, failed to inspire investor confidence. Oil and other commodity prices took a breather after their outperformance earlier in the year as concerns mounted that a potential global slowdown could dent demand. Investors turned even more 'risk-off' from July onwards as a result of higher-than-expected U.S. inflation and a more hawkish Fed. Compounding investor concerns were worries over China's growth outlook, a further deterioration of U.S.-China relations and an escalation in the Russia-Ukraine conflict.

After a turbulent calendar year to date, global government bonds recorded an unprecedented 12-month performance. The JPM Global Government Bond Index<sup>5</sup> returned -21.22%. After years of record-low interest rates, many central banks hiked rates, often in an increasingly aggressive fashion, as they tried to contain soaring inflation. Coupled with an end to bond-buying stimulus programs this has caused a major sell-off in government bonds in the year to date. For perspective, U.S. government bonds suffered their worst first half of a calendar year since 1788<sup>6</sup>.

As well as winding down its bond-buying program over the period, the Fed adopted an increasingly aggressive approach to its interest rate policy. Starting with a 0.25 percentage point increase in March 2022, its first rate hike since 2018, it soon followed with a 0.50 percentage point increase in May and (previously unusually large) 0.75 percentage point hikes in June, July and September.

The Bank of England (BoE) was the first major central bank to raise rates since the pandemic. It increased its base rate from 0.10% to 0.25% in December 2021 and followed with six more consecutive rate increases, as United Kingdom (U.K.) annual consumer price inflation continued to climb, hitting a 40-year high of 10.1%. In September, U.K. bond yields climbed rapidly in the immediate wake of an ill-fated mini-Budget from the new Truss government. In highly volatile market conditions, the BoE bought UK government bonds (gilts) in a bid to restore market stability. October's swift reversal of the mini-Budget and Rishi Sunak's appointment as prime minister settled nerves and caused gilt prices to recover some ground. The European Central Bank kept its main interest rate unchanged at emergency negative levels, before finally raising rates by 0.50 percentage points in July and following with back-to-back 0.75 percentage points hikes in September and October. In contrast, the Bank of Japan maintained its ultra-loose monetary policy, arguing that underlying demand in the Japanese economy remains too weak for it to begin raising rates.

After a mixed performance, by region, for corporate bonds in the final quarter of 2021, corporate bond prices have fallen substantially in the year to date in one of the worst periods in history for the bond markets. U.S. corporate bonds, as measured by the Barclays U.S. Corporate Investment Grade Index<sup>7</sup>, returned -19.57%. Meanwhile, the ICE BofA Global High Yield Constrained Index<sup>8</sup>, returned -13.84%.

U.K. and European investment-grade and riskier high-yield (HY) bonds have particularly struggled. A backdrop of rising interest rates and stubbornly high inflation across the region, accompanied by a worsening economic outlook, have created tough market conditions.

2022 Annual Report<sub>1</sub>

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Market Review (concluded)<br>

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The European HY market experienced one of its worst months on record in June. In September, U.K. corporate bonds suffered a particularly difficult month amid unprecedented turbulence in U.K. financial markets. This was after a badly received mini-Budget from the new Truss cabinet. A program of tax cuts and the reversal of previously planned tax reductions added to existing investor fears about the UK's public finances. In October, the speedy reversal of the mini-Budget and Rishi Sunak's subsequent appointment as prime minister created calmer bond market conditions and eased fears about the country's public finances. Prices of U.K. corporate bonds rose significantly as a result.

Global listed real estate fell over the reporting period, underperforming the broader equity markets. Underlying real estate fundamentals remained healthy throughout the reporting period with record occupancy levels and healthy demand for most property types driving strong market rent growth, supporting double-digit earnings and cash flow growth. That said, these positive results were more than offset by concerns about the future outlook for asset prices as the cost of capital rose due to rising interest rates, aimed at combating inflationary pressures globally. The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/NAREIT) Global Index<sup>9</sup> and the Morgan Stanley Capital International (MSCI) U.S. REIT Index<sup>10</sup> returned -25.36% and -18.78%, respectively, over the period.

The U.S. real estate investment trust (REIT) market posted very strong gains at the beginning of the period, significantly outperforming both the broader equity market and the global real estate index. However, from the first quarter of 2022 onwards, markets were unable to avoid the downside volatility in the broader equity markets as a result of inflation and interest-rate hikes. This resulted in downward pressures in the market as investors began to price in a higher cost of capital and risks of slower-than-expected economic growth. Towards the end of the period, the U.S. REIT market dropped sharply due to less-supportive commentary from the Fed, higher-than-expected consumer price index readings and aggressive global rate increases.

#### Outlook
We believe equity markets are likely to remain volatile, given rising inflation, higher interest rates, the slowdown in China and geopolitical worries. The Russia-Ukraine conflict has added to the challenging global macroeconomic backdrop and exacerbated inflationary pressures via higher energy and other commodity prices. Concerns also remain about the U.K.'s stretched fiscal position given a slowing economy. On the plus side, the People's Bank of China has, in contrast to other major central banks, maintained an accommodative policy stance.

Within fixed income, investor attention will likely focus on the effectiveness of central-bank measures to control inflation. Further less-supportive comments and interest-rate hikes from the U.S. Federal Reserve have led to expectations of additional, substantial rate increases in 2022. The European Central Bank has also begun raising rates. Meanwhile, the BoE is expected to further tighten monetary policy. However, the reduction in fiscal stimulus since Rishi Sunak succeeded Liz Truss as prime minister should help contain inflationary pressures.

#### abrdn<br>

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| 1 | The MSCI AC World Index captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |

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| 2 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 Emerging Markets (EM) countries. With 832 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. |

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| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

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4 Growth stock – A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

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|:---|:---|
| 5 | The JP Morgan Global Government Bond Index measures the performance of leading Government bond markets based on total return in U.S. currency. It is calculated by JP Morgan, and reflects reinvestment of all applicable dividends, capital gains and interest. |

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| | |
|:---|:---|
| 6 | Kollmeyer, Barbara. "250 years of history is telling investors to bet on Treasury bonds in 2023, Bank of America says." Market Watch, October 29, 2022. <u>https://www.marketwatch.com/story/250-years-of-history-is-telling-investors-<br> to-bet-on-treasury-bonds-in-2023-bank-of-america-says-11666958942?mod=<br> livecoverage_web.</u> |

---

7 The Barclays U.S. Corporate Investment Grade Index is an unmanaged index considered representative of publicly issued, fixed-rate, nonconvertible, investment-grade debt securities.

8 The ICE BofA Global High Yield Constrained Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets.

9 The FTSE EPRA/Nareit Global Real Estate Index is a free-float adjusted, market capitalization-weighted index designed to track the performance of listed real estate companies in both developed and emerging countries worldwide.

---

| | |
|:---|:---|
| 10 | The MSCI U.S. REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. |

---

---

| | |
|:---|:---|
| **2** | 2022 Annual Report |

---

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn China A Share Equity Fund (Unaudited) <br>

------

Market review

Mainland Chinese stock markets endured a tough period in what also proved to be a turbulent time for global financial markets and the world economy. But unlike the major Western economies, buffeted by inflation and rising interest rates, China experienced a mix of unique domestic and external challenges that caused its economy to stumble and its stock markets to fall heavily. These pressures were compounded by the difficult global economic backdrop.

Central to the country's domestic challenges has been the Chinese government's 'zero-COVID' policy. This strict approach to containment of the COVID-19 virus proved economically disruptive, as major cities such as Shanghai were locked down for weeks at a time to stop the spread of the virus. Regular COVID-19 flare-ups dented share prices and hit consumer confidence, while investor sentiment jumped at any suggestions of an easing of controls.

Another domestic headwind came in the form of a slowdown in China's large and highly indebted property sector. The slowdown followed the government's earlier imposition of its 'three red lines' financial controls on property developers. Coupled with a high-profile mortgage payment strike by citizens worried about unfinished housing projects, this added to the pressures on China's economy and stock markets. Elsewhere on the home front, regulatory tightening in the technology and e-commerce sectors weighed on this area of the stock market.

On the external front, geopolitics played a role in the country's weak stock market performance. Tensions with the U.S. over key technologies and Taiwan, including a contentious visit by the Speaker of the U.S. House of Representatives that saw China react with high-profile military drills, added to the list of issues facing Chinese investors.

In October, Chinese stock markets fell further after investors were disappointed by the outcome of October's 20th Communist party congress. Prior hopes for a weakening in the government's 'zero-COVID' strategy were dashed, while markets reacted warily to the strengthening of President Xi's position after his re-election.

#### Fund Performance Review
The abrdn China A Share Equity Fund (Institutional Class shares, net of fees) returned -37.99% for the 12-month reporting period ended October 31, 2022, versus the -34.78% return of its benchmark, the Morgan Stanley Capital International (MSCI) China A Onshore Index (Net Dividends), over the same period.

The Fund underperformed relative to its benchmark, the MSCI China A Onshore Index, over the 12-month review period. In terms of broad headwinds for the Fund, economic and geopolitical concerns have trumped stock fundamentals. Positive developments at companies in which the Fund invests were often largely ignored by investors more

concerned about bigger economic themes or threats. A rotation in investment style factors, which saw 'value' stocks favored over 'growth' stocks<sup>1</sup>, also posed a challenge.

On a more granular level, the bulk of the Fund's underperformance stemmed from negative stock selection effects, most prominently within the financial sector and to a lesser degree in the materials sector. Sector allocation effects were also a headwind. The Fund's zero exposure to the strong-performing energy sector detracted from relative performance; we found few quality stocks in a sector dominated by state-owned enterprises that we do not view as long-term structural winners.

Elsewhere, being overweight<sup>2</sup> to the consumer discretionary<sup>3</sup> sector hurt relative performance, although being underweight<sup>4</sup> to the materials sector was helpful.

Turning to individual stocks, Proya Cosmetics added value to the Fund's performance during the reporting period. The company was able to grow its business over the year, navigating lockdown effects and expanding in lower-tier cities. Ownership of medical equipment-maker Shenzhen Mindray Biomedical Electronics also added value to the Fund's performance during the reporting period. China's difficulties in dealing with the COVID-19 pandemic have highlighted its need to invest in domestic healthcare. The stock also benefited from expectations of easing COVID-19 restrictions. Finally, the Fund's holdings in Shanghai International Airport and Guangzhou Baiyun International Airport continued their recovery since the lows of mid-2021.The steady relaxing of international travel restrictions has helped both stocks recover and further reopening would see a sharper recovery.

In terms of laggards, China Merchants Bank and Ping An Bank have been under pressure due to the property slowdown and related mortgage payment suspensions, as well as the 'zero-COVID' policy. We continue to believe they have the quality characteristics, conservative risk management, and capital positions to emerge from this year in a stronger competitive position. Meanwhile, non-retail and state-owned banks, which we typically avoid for quality reasons, have outperformed.

Elsewhere, Hangzhou Tigermed Consulting was initially hurt by weak sentiment towards the biotechnology sector stemming from rumours saying that the U.S. might place Chinese biotechnology companies on its entity list – a trade restriction list published by the Department of Commerce's Bureau of Industry and Security and consisting of certain foreign persons, entities, or governments. It also sold off later on negative sentiment towards Chinese contract drug researchers and developers following President Biden's executive order aimed at onshoring U.S. capacity in biomanufacturing, even though the order does not explicitly target Chinese operators. Tigermed's core clinical

{foots1}

1 A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

{foots1}

---

| | |
|:---|:---|
| 2 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

{foots1}

3 Sector/companies associated with goods and services that rely upon consumers and are sensitive to changes in the economy. Examples include retailers and media companies.

{foots1}

4 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

2022 Annual Report<sub>3</sub>

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn China A Share Equity Fund (Unaudited) (continued)<br>

------

research business is less relevant to biomanufacturing and the majority of its clinical projects are still in China.

Select holdings in the information technology sector also weighed on returns. China's I.T. hardware companies, such as Maxscend Microelectronics, were buffeted by fears that the economic slowdown would undermine demand for handsets and, more recently, by U.S. restrictions on trade in key technologies.

In portfolio activity, we initiated a position in Maxscend Microelectronics, a hardware component maker for customers in the automotive, smartphone, and infrastructure sectors. This added to the Fund's exposure to the 'digital' theme, an area where we continue to see good opportunities for growth. We also established positions in SG Micro and NAURA Technology Group. Both are leaders in China's semiconductor industry, on which we have a positive long-term view.

In terms of sales, we sold out of Beijing Sinnet in April. The company's execution was below expectations and considering the opportunity cost given the lack of visibility on its potential growth turnaround, we decided to exit the position. We invested the cash into other companies with better track records and growth visibility within technology.

#### Outlook
Looking ahead, we see reasons for cautious optimism. Despite the market disappointment over the outcome of October's 20<sup>th</sup> Communist party congress, we expect a gradual unwinding of the 'zero-COVID' policy, with positive signs seen in recent weeks. Meanwhile, the government's approach to tackling virus outbreaks has become more targeted and now allows the bulk of economic activity to continue.

On the property front, the government has been proactive in its support of the sector and has sought to prevent a disorderly unwind of the large debts troubling the sector. With a consolidated Communist party leadership following the recent congress, future help for the sector will potentially be faster and more significant.

The outlook for company profits also provides encouragement. Despite the challenges facing the Chinese economy, consensus earnings growth forecasts for the Chinese mainland stock market in 2022 remain robust.

On a broader note, we see a bright future for companies that are able to adapt to changing regulatory frameworks and align with government policy objectives in areas such as digital innovation, green technology, access to affordable healthcare, and improved livelihoods. To that end, we believe there is strong long-term potential in our five portfolio themes: aspiration, digitalization, green, health, and wealth (as described below).

**Aspiration: We expect consumer companies to fare well as China strives for a self-sufficient economic model. Premiumization — positioning goods and services as high-quality, in part to gain pricing power — is an ugly word but a powerful consumer trend. We believe urbanization and rising middle-class wealth will drive demand for premium goods and services in the long run.**

**Digital: This theme aligns with the government's objectives of localization, improving productivity, lowering costs, increasing innovation and helping to propel economic growth. Our holdings in this segment are primarily software-related names. Chinese companies have advantages in software, given their knowledge of the domestic market and preference for localization in areas such as cybersecurity and cloud services.**

**Green: This theme aligns with government policy on decarbonization and net-zero emissions by 2060. China dominates global manufacturing capacity for renewable energy and storage, accounting for 90% of solar and 75% of battery capacity. Decarbonizing economies requires huge investment in renewable energy and storage, leaving China poised to benefit. Other industries also need to decarbonise, so we expect greater investment in upgrading machinery and increasing energy efficiency. Our holdings include solar wafer-producers, component-makers, battery and related component-makers and automation-related firms.**

**Health: We are overweight healthcare services, including companies providing innovative research and clinical trial services that bring high-quality therapies to market cheaply and quickly. Our holdings align with policy objectives to make healthcare cheaper and more accessible. This is particularly relevant in view of China's rapidly ageing society.**

**Wealth: This theme aligns with the government's objective of China becoming a moderately prosperous society by 2035. The financial services sector plays a key role in creating and protecting wealth. Our holdings here contribute to the creation of strong financial and capital markets and also include software companies that support the development of capital markets, such as trading and portfolio management. The adoption of insurance services remains low in China relative to the rest of the world. We see a large addressable market in terms of life and health insurance, especially given China's ageing population.**

#### Portfolio Management:
Asia Pacific Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

---

| | |
|:---|:---|
| **4** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn China A Share Equity Fund (Unaudited) (continued)<br>

------

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and currency exchange rate, political and economic risks. The Fund focuses its investments in China and Hong Kong, which may subject the Fund to more volatility and greater risk

of loss than geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks.

The risks that apply to foreign investments 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.

Please read the prospectus for more detailed information regarding these and other risks.

2022 Annual Report<sub>5</sub>

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn China A Share Equity Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(38.20%) | &nbsp;&nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;&nbsp;2.87% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(41.75%) | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(38.62%) | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.16% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(39.21%) | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp; Class R<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(38.37%) | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(38.07%) | &nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.99%) | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;3.18% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategies effective June 13, 2019. Performance information for periods prior to June 13, 2019 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen China Opportunities Fund to Aberdeen China A Share Equity Fund. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img1c2497852.jpg)

\* Minimum initial investment

Performance of $1,000,000 invested in Institutional Class shares of the abrdn China A Share Equity Fund, MSCI China A (Onshore) Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The MSCI China A (Onshore) Index captures large- and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **6** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn China A Share Equity Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.8% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.6%) |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;20.6% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;17.2% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;10.5% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.6%) |
|  | &nbsp;&nbsp;100.0% |

---

Amounts listed as "–" are 0% or round to 0%.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Glodon Co. Ltd. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Hundsun Technologies, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. | &nbsp;&nbsp;3.4% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;98.8% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.6%) |
|  | &nbsp;&nbsp;100.0% |

---

2022 Annual Report<sub>7</sub>

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn China A Share Equity Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.8%** | &nbsp;&nbsp;**COMMON STOCKS—98.8%** |  |
| &nbsp;&nbsp;**CHINA—98.8%** | &nbsp;&nbsp;**CHINA—98.8%** | &nbsp;&nbsp;**CHINA—98.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—10.0%** |  |  |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares<sup>(a)(b)(c)</sup> | 12300 | &nbsp;&nbsp;$243347 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | 50595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105916 |
| &nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd., A Shares<sup>(b)</sup> | 152941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697161 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | 186942 | &nbsp;&nbsp;&nbsp;&nbsp; 1024441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070865 |
| &nbsp;&nbsp;**Consumer Staples—17.2%** |  |  |
| &nbsp;&nbsp;By-health Co. Ltd., A Shares<sup>(b)</sup> | 156488 | &nbsp;&nbsp;&nbsp;&nbsp; 374364 |
| &nbsp;&nbsp;Chacha Food Co. Ltd., A Shares<sup>(b)</sup> | 83100 | &nbsp;&nbsp;&nbsp;&nbsp; 501877 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares<sup>(b)</sup> | 77993 | &nbsp;&nbsp;&nbsp;&nbsp; 635875 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd., A Shares<sup>(b)</sup> | 180600 | &nbsp;&nbsp;&nbsp;&nbsp; 622496 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | 10963 | &nbsp;&nbsp;&nbsp;&nbsp; 2021386 |
| &nbsp;&nbsp;Proya Cosmetics Co. Ltd., A Shares<sup>(b)</sup> | 31040 | &nbsp;&nbsp;&nbsp;&nbsp; 707467 |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares<sup>(b)</sup> | 24237 | &nbsp;&nbsp;&nbsp;&nbsp; 441905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305370 |
| &nbsp;&nbsp;**Energy—0.0%** |  |  |
| &nbsp;&nbsp;G3 Exploration Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—14.9%** |  |  |
| &nbsp;&nbsp;Bank of Ningbo Co. Ltd., A Shares<sup>(b)</sup> | 247816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804588 |
| &nbsp;&nbsp;China International Capital Corp. Ltd., A Shares<sup>(b)</sup> | &nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193146 |
| &nbsp;&nbsp;China International Capital Corp. Ltd., H Shares<sup>(a)</sup> | 322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447489 |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., A Shares<sup>(b)</sup> | 384432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410901 |
| &nbsp;&nbsp;Ping An Bank Co. Ltd., A Shares<sup>(b)</sup> | 478400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675551 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., A Shares<sup>(b)</sup> | 214837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592765 |
| &nbsp;&nbsp;**Health Care—10.5%** |  |  |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares<sup>(b)</sup> | 234011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789970 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., A Shares<sup>(b)</sup> | &nbsp;&nbsp;58367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663498 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., H Shares<sup>(a)</sup> | &nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100513 |
| &nbsp;&nbsp;Jiangsu Hengrui Medicine Co. Ltd., A Shares<sup>(b)</sup> | 100895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553984 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;25310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233456 |
| &nbsp;&nbsp;**Industrials—18.0%** |  |  |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares<sup>(b)</sup> | 483188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234711 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares<sup>(b)</sup> | &nbsp;&nbsp;23979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224146 |
| &nbsp;&nbsp;Guangzhou Baiyun International Airport Co. Ltd., A Shares<sup>(b)(c)</sup> | 200400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380001 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | 180052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601548 |
| &nbsp;&nbsp;Shanghai International Airport Co. Ltd., A Shares<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;32910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239552 |
| &nbsp;&nbsp;Shanghai M&G Stationery, Inc., A Shares<sup>(b)</sup> | 139080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765517 |
| &nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., A Shares<sup>(b)</sup> | &nbsp;&nbsp;53489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487491 |
| &nbsp;&nbsp;Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> | &nbsp;&nbsp;33778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536659 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Information Technology—20.6%** |  |  |  |
| &nbsp;&nbsp;Glodon Co. Ltd., A Shares<sup>(b)</sup> |  | 175989 | &nbsp;&nbsp;$1186365 |
| &nbsp;&nbsp;Hundsun Technologies, Inc., A Shares<sup>(b)</sup> |  | 187595 | &nbsp;&nbsp;&nbsp;&nbsp; 1068694 |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(b)</sup> |  | 177788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167989 |
| &nbsp;&nbsp;Luxshare Precision Industry Co. Ltd., A Shares<sup>(b)</sup> |  | 123870 | &nbsp;&nbsp;&nbsp;&nbsp; 479426 |
| &nbsp;&nbsp;Maxscend Microelectronics Co. Ltd., A Shares<sup>(b)</sup> |  | 29480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371154 |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 270874 |
| &nbsp;&nbsp;SG Micro Corp., A Shares<sup>(b)</sup> |  | 20410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417293 |
| &nbsp;&nbsp;Venustech Group, Inc., A Shares<sup>(b)</sup> |  | 198300 | &nbsp;&nbsp;&nbsp;&nbsp; 687589 |
| &nbsp;&nbsp;Yonyou Network Technology Co. Ltd., A Shares<sup>(b)</sup> |  | 201999 | &nbsp;&nbsp;&nbsp;&nbsp; 675096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324480 |
| &nbsp;&nbsp;**Materials—5.8%** |  |  |  |
| &nbsp;&nbsp;Anhui Conch Cement Co. Ltd., A Shares<sup>(b)</sup> |  | 132656 | &nbsp;&nbsp;&nbsp;&nbsp; 439906 |
| &nbsp;&nbsp;Wanhua Chemical Group Co. Ltd., A Shares<sup>(b)</sup> |  | 47817 | &nbsp;&nbsp;&nbsp;&nbsp; 524964 |
| &nbsp;&nbsp;Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | 40020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807371 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772241 |
| &nbsp;&nbsp;**Real Estate—1.8%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., A Shares<sup>(b)</sup> |  | 305073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562505 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;**30398341** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**30398341** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—0.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—0.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—0.5%** |  |
| &nbsp;&nbsp;KraneShares Bosera MSCI China A 50 Connect Index ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;5675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151636 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**151636** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(e)</sup> |  | 380882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380882 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**380882** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $48,734,831)<sup>(f)</sup>—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $48,734,831)<sup>(f)</sup>—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $48,734,831)<sup>(f)</sup>—100.6%** | &nbsp;&nbsp;&nbsp;**30930859** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169665) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$30761194** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> 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.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(e)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ETF Exchange-Traded Fund

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Dynamic Dividend Fund (Unaudited) <br>

------

Market review

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. Global financial markets lurched downwards from the start of 2022, with stocks under acute pressure since the turn of the year. Share prices fell heavily in January on worries that interest rates in Western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility<sup>1</sup> and fears for the global economic outlook after energy and other commodity prices surged. Central banks responded to multi-decade-high inflation levels in Western economies by raising interest rates in an increasingly aggressive fashion.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock markets, amid hopes that a slowing global economy would enable central banks to reverse recent interest rate hikes next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock markets, as central banks continued to battle high inflation with rate increases. Global share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

#### Fund performance review
abrdn Dynamic Dividend Fund (Institutional Class shares, net of fees) returned -16.12% for the 12-month period ended October 31, 2022, versus the -19.96% return of its benchmark, the Morgan Stanley Capital International (MSCI) All Country (AC) World Index (Net Dividends), during the same period.

The Fund posted a negative total return but outperformed its benchmark during the reporting period. Asset allocation and, to a lesser extent, stock selection supported performance. The Fund's underweight<sup>2</sup> exposures to the communication services and information technology sectors were beneficial. Also, stock selection was positive in the consumer discretionary<sup>3</sup> and healthcare sectors. By region, stock selection was beneficial in North America and Europe (excluding the U.K.).

At the individual stock level, key contributors to Fund performance included holdings in U.S.-based Genuine Parts Company, a distributor of automotive and industrial replacement parts, and pharmaceutical company Bristol-Myers Squibb. Another leading contributor was the absence of a position in Meta Platforms, the owner of social media platform Facebook, which the Fund does not own because the company does not pay a dividend.

Genuine Parts Company posted solid earnings across both its automotive and industrial segments and raised its full-year guidance during the reporting period. The automotive unit has recovered since the pandemic due to increased mobilization. In addition, the CEO recently announced a plan to increase the company's margins. Pharmaceutical company Bristol-Myers Squibb provided a tailwind for Fund performance. The company reported solid results that were driven by strong sales from Revlimid, one of its cancer treatments. We believe the stock benefitted from investor anticipation that some of Bristol Myers' pipeline would come to fruition in 2023.

Conversely, stock selection was negative in the energy and industrials sectors. The Fund's overweight<sup>4</sup> exposure to the real estate sector also slightly detracted from performance. By region, stock selection was detrimental in Asia-Pacific excluding Japan.

The largest detractor from performance were the Fund's positions in U.S.-based companies Stanley Black & Decker, a manufacturer of hand and power tools, and Dechra Pharmaceuticals. A lack of exposure to integrated oil and gas company ExxonMobil was also detrimental.

Shares of industrial and household tools manufacturer Stanley Black & Decker detracted from performance as management cut their guidance several times during the year. Falling consumer demand, high inventory levels and rising interest rates have all contributed to the company's disappointing results. Shares of Dechra Pharmaceuticals moved lower due to a combination of the market rotation away from higher-growth companies and a post COVID-19 slowdown in the veterinary pharmaceutical market. On an operational basis, however, Dechra continues to perform well. In our view, several deals completed during the year seem to be strategically sound and have enabled the company to add commercial-stage drugs to its portfolio. The Fund's lack of exposure to oil and gas major ExxonMobil detracted from performance as prices of the commodities rose over the period, particularly after Russia's invasion of Ukraine in February.

Regarding the use of derivatives, we continued to hedge a portion of the Fund's currency exposure to the euro during the reporting period. The derivatives positions were additive to the Fund's absolute return for the reporting period.

The Fund earns income through a combination of investing in companies that pay dividends and implementing a dividend-capture strategy. In a dividend-capture trade, the Fund sells a stock on or shortly after the stock's ex-dividend<sup>5</sup> date and reinvests the sales proceeds into one or more other stocks that are expected to pay dividends before the next dividend payment on the stock that it is selling. While employing this strategy, the Fund purchases companies

{foots1}

1 If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

2 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

{foots1}

3 Industries associated with goods and services that rely upon consumers and are sensitive to changes in the economy. Examples include retailers and media companies.

{foots1}

---

| | |
|:---|:---|
| 4 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

{foots1}

---

| | |
|:---|:---|
| 5 | Also abbreviated as 'xd', this is a share sold without the right to receive the declared dividend payment which is marked as due to those shareholders who are on the share register. The stock market authorities usually specify the date on which a share will begin trading 'xd'. The share price invariably drops when the share goes 'xd' taking the known income of the dividend out of the share price. |

---

2022 Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Dynamic Dividend Fund (Unaudited) (continued)<br>

------

that pay regular and/or special dividends. Over the 12-month period ended October 31, 2022, the Fund issued total distributions of $1.20 per share.

#### Outlook
Global capital markets continue to face numerous headwinds. As consumers' spending power increasingly comes under pressure from higher inflation, negative real incomes and the cost-of-living crisis, the outlook for global economic growth has arguably become very opaque. Whether central banks worldwide successfully manage the trade-off between rising inflation and slowing growth remains a critical factor. The recent trajectory of economic data means investors are no longer asking "if" recessions will occur but when they will occur and the depth of them. Other risks include enormous debt burdens in a world of rising interest rates, unsustainable trade and current account deficits, and the ongoing conflict in Ukraine. Against such a challenging backdrop, the portfolio will remain diversified, defensive and focused on businesses best positioned to manage financial pressures through to times of greater market stability. Periods of market weakness represent an opportunity for the long-term investor. We reiterate the importance of a diversified portfolio, with a 'bottom-up' investment approach focused on attractively valued companies that pay dividends and can potentially grow them in the future.

#### Portfolio Management:
Global Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and currency exchange rate, political and economic risks.

The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

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.

Favorable U.S. federal tax treatment of Fund distributions may be adversely affected, changed or repealed by future changes in tax laws.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **10** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Dynamic Dividend Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)<sup>2</sup>** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(16.34%) | &nbsp;&nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;&nbsp;6.99% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(21.16%) | &nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;6.37% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(16.12%) | &nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;7.26% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | Performance shown for periods after February 28, 2022 reflects the effects of an accrued liability relating to withholding tax refunds that the Fund previously received and recorded which are being contested by the local tax authority. The accrued liability resulted in a decrease in net assets of approximately 0.87% as of October 31, 2022. |
| 3 | A 5.75% front-end sales charge was deducted. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](imgd7a2f3443.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Dynamic Dividend Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net

Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

The MSCI ACWI Index, MSCI's flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. DM countries in the Index are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

2022 Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Dynamic Dividend Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;95.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;15.1% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Alphabet, Inc. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;TotalEnergies SE, ADR | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;TJX Cos., Inc. (The) | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1.6% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;54.2% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **12** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Dynamic Dividend Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—95.6%** | &nbsp;&nbsp;**COMMON STOCKS—95.6%** | &nbsp;&nbsp;**COMMON STOCKS—95.6%** |  |
| &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** |
| &nbsp;&nbsp;**Materials—0.9%** |  |  |  |
| &nbsp;&nbsp;BHP Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;$894234 |
| &nbsp;&nbsp;**BRAZIL—2.2%** | &nbsp;&nbsp;**BRAZIL—2.2%** | &nbsp;&nbsp;**BRAZIL—2.2%** | &nbsp;&nbsp;**BRAZIL—2.2%** |
| &nbsp;&nbsp;**Industrials—1.4%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | &nbsp;&nbsp;&nbsp;&nbsp;555600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393975 |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;Vale SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857922 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2251897** |
| &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519050 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Barrick Gold Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 973944 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2492994** |
| &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** |
| &nbsp;&nbsp;**Financials—0.7%** |  |  |  |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736624 |
| &nbsp;&nbsp;**Real Estate—0.7%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., H Shares |  | &nbsp;&nbsp;498900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640252 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1376876** |
| &nbsp;&nbsp;**DENMARK—1.1%** | &nbsp;&nbsp;**DENMARK—1.1%** | &nbsp;&nbsp;**DENMARK—1.1%** | &nbsp;&nbsp;**DENMARK—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Tryg A/S |  | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066321 |
| &nbsp;&nbsp;**FINLAND—2.0%** | &nbsp;&nbsp;**FINLAND—2.0%** | &nbsp;&nbsp;**FINLAND—2.0%** | &nbsp;&nbsp;**FINLAND—2.0%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Nordea Bank Abp |  | &nbsp;&nbsp;&nbsp;121400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159676 |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Nokia OYJ |  | &nbsp;&nbsp;&nbsp;181800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807903 |
| &nbsp;&nbsp;**Total Finland** | &nbsp;&nbsp;**Total Finland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1967579** |
| &nbsp;&nbsp;**FRANCE—7.1%** | &nbsp;&nbsp;**FRANCE—7.1%** | &nbsp;&nbsp;**FRANCE—7.1%** | &nbsp;&nbsp;**FRANCE—7.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135790 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282247 |
| &nbsp;&nbsp;**Energy—1.6%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615715 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Sanofi |  | &nbsp;&nbsp;&nbsp;&nbsp;12767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098700 |
| &nbsp;&nbsp;**Industrials—2.0%** |  |  |  |
| &nbsp;&nbsp;Alstom SA |  | &nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788714 |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977403 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7109855** |
| &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Deutsche Boerse AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300957 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164458 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—1.4%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;37900 | &nbsp;&nbsp;$1458966 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3924381** |
| &nbsp;&nbsp;**HONG KONG—0.5%** | &nbsp;&nbsp;**HONG KONG—0.5%** | &nbsp;&nbsp;**HONG KONG—0.5%** | &nbsp;&nbsp;**HONG KONG—0.5%** |
| &nbsp;&nbsp;**Financials—0.5%** |  |  |  |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 496365 |
| &nbsp;&nbsp;**ITALY—1.5%** | &nbsp;&nbsp;**ITALY—1.5%** | &nbsp;&nbsp;**ITALY—1.5%** | &nbsp;&nbsp;**ITALY—1.5%** |
| &nbsp;&nbsp;**Utilities—1.5%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518898 |
| &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp; 942408 |
| &nbsp;&nbsp;**Real Estate—0.8%** |  |  |  |
| &nbsp;&nbsp;GLP J-REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 829666 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1772074** |
| &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** |
| &nbsp;&nbsp;**Consumer Staples—1.2%** |  |  |  |
| &nbsp;&nbsp;Heineken NV |  | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219599 |
| &nbsp;&nbsp;**Information Technology—2.0%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891265 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090646 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981911 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3201510** |
| &nbsp;&nbsp;**NORWAY—0.8%** | &nbsp;&nbsp;**NORWAY—0.8%** | &nbsp;&nbsp;**NORWAY—0.8%** | &nbsp;&nbsp;**NORWAY—0.8%** |
| &nbsp;&nbsp;**Communication Services—0.8%** |  |  |  |
| &nbsp;&nbsp;Telenor ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;92700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842445 |
| &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347701 |
| &nbsp;&nbsp;**SOUTH KOREA—1.1%** | &nbsp;&nbsp;**SOUTH KOREA—1.1%** | &nbsp;&nbsp;**SOUTH KOREA—1.1%** | &nbsp;&nbsp;**SOUTH KOREA—1.1%** |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114650 |
| &nbsp;&nbsp;**SPAIN—1.3%** | &nbsp;&nbsp;**SPAIN—1.3%** | &nbsp;&nbsp;**SPAIN—1.3%** | &nbsp;&nbsp;**SPAIN—1.3%** |
| &nbsp;&nbsp;**Industrials—1.3%** |  |  |  |
| &nbsp;&nbsp;Ferrovial SA |  | &nbsp;&nbsp;&nbsp;&nbsp;54242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325585 |
| &nbsp;&nbsp;**SWITZERLAND—3.8%** | &nbsp;&nbsp;**SWITZERLAND—3.8%** | &nbsp;&nbsp;**SWITZERLAND—3.8%** | &nbsp;&nbsp;**SWITZERLAND—3.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.2%** |  |  |  |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197447 |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Zurich Insurance Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342448 |
| &nbsp;&nbsp;**Health Care—1.3%** |  |  |  |
| &nbsp;&nbsp;Roche Holding AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327192 |
| &nbsp;&nbsp;**Total Switzerland** | &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3867087** |
| &nbsp;&nbsp;**TAIWAN—0.8%** | &nbsp;&nbsp;**TAIWAN—0.8%** | &nbsp;&nbsp;**TAIWAN—0.8%** | &nbsp;&nbsp;**TAIWAN—0.8%** |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843235 |
| &nbsp;&nbsp;**UNITED KINGDOM—4.2%** | &nbsp;&nbsp;**UNITED KINGDOM—4.2%** | &nbsp;&nbsp;**UNITED KINGDOM—4.2%** | &nbsp;&nbsp;**UNITED KINGDOM—4.2%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Vodafone Group PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059357 |
| &nbsp;&nbsp;**Consumer Discretionary—0.5%** |  |  |  |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | &nbsp;&nbsp;&nbsp;480100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516169 |

---

See accompanying Notes to Financial Statements.

2022 Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Dynamic Dividend Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Health Care—1.8%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;$1258534 |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 526089 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784623 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Melrose Industries PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;640726 | &nbsp;&nbsp;&nbsp;&nbsp; 859459 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4219608** |
| &nbsp;&nbsp;**UNITED STATES—54.2%** | &nbsp;&nbsp;**UNITED STATES—54.2%** | &nbsp;&nbsp;**UNITED STATES—54.2%** | &nbsp;&nbsp;**UNITED STATES—54.2%** |
| &nbsp;&nbsp;**Communication Services—1.7%** |  |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1666016 |
| &nbsp;&nbsp;**Consumer Discretionary—8.7%** |  |  |  |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 919807 |
| &nbsp;&nbsp;Genuine Parts Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 1618526 |
| &nbsp;&nbsp;Hanesbrands Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp;&nbsp; 413292 |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216320 |
| &nbsp;&nbsp;Lowe's Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462125 |
| &nbsp;&nbsp;Target Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543950 |
| &nbsp;&nbsp;TJX Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789060 |
| &nbsp;&nbsp;**Consumer Staples—4.2%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592010 |
| &nbsp;&nbsp;Kraft Heinz Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050231 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216129 |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;Williams Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;46600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525218 |
| &nbsp;&nbsp;**Financials—6.7%** |  |  |  |
| &nbsp;&nbsp;Bank of America Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221756 |
| &nbsp;&nbsp;Blackstone, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865830 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309138 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159752 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108612 |
| &nbsp;&nbsp;JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735068 |
| &nbsp;&nbsp;**Health Care—10.2%** |  |  |  |
| &nbsp;&nbsp;AbbVie, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625040 |
| &nbsp;&nbsp;Baxter International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945690 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394460 |
| &nbsp;&nbsp;CVS Health Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136400 |
| &nbsp;&nbsp;Eli Lilly & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556987 |
| &nbsp;&nbsp;Medtronic PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187824 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032240 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10211001 |
| &nbsp;&nbsp;**Industrials—2.8%** |  |  |  |
| &nbsp;&nbsp;FedEx Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009764 |
| &nbsp;&nbsp;Norfolk Southern Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003508 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766776 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Information Technology—12.1%** |  |  |  |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;$1113399 |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 1083912 |
| &nbsp;&nbsp;Apple, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 3649492 |
| &nbsp;&nbsp;Broadcom, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 1269324 |
| &nbsp;&nbsp;Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217524 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 1261448 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 2553430 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12148529 |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 851360 |
| &nbsp;&nbsp;**Real Estate—2.4%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 1263859 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406595 |
| &nbsp;&nbsp;**Utilities—3.1%** |  |  |  |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021195 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969147 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139250 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129592 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**54445344** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**96078639** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.2%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.2%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.2%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—1.2%** | &nbsp;&nbsp;**SOUTH KOREA—1.2%** | &nbsp;&nbsp;**SOUTH KOREA—1.2%** | &nbsp;&nbsp;**SOUTH KOREA—1.2%** |
| &nbsp;&nbsp;**Information Technology—1.2%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195900 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1195900** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(b)</sup> |  | 2895263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895263 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2895263** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $91,182,871)<sup>(c)</sup>—99.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $91,182,871)<sup>(c)</sup>—99.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $91,182,871)<sup>(c)</sup>—99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**100169802** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286626 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$100456428** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(c)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Dynamic Dividend Fund<br>

------

At October 31, 2022, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<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;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;2548940 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;$2586418 | &nbsp;&nbsp;$(37478) |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets ex-China Fund (Unaudited) <br>

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Market review

Emerging market equities retreated over the 12 months under review. Markets sold off towards the end of 2021 after the so-called "Powell Pivot", where the U.S. Federal Reserve (Fed) abruptly moved towards monetary policy tightening. That led to a rotation out of growth stocks into value, and the trend continued going into 2022, where value stocks held up and opened a big lead in relative terms over quality and growth stocks<sup>1</sup>.

Compounding the headwinds was Russia's unexpected invasion of Ukraine in late-February 2022, which accelerated the rise of commodity and energy prices on fears of supply disruption. That, in turn, exacerbated global inflation pressures. Investor sentiment turned increasingly pessimistic as central banks, including the Fed, ramped up their monetary policy<sup>2</sup> tightening trajectories, triggering fears of a global recession. Moreover, the Fed's aggressive moves on interest rates boosted the US dollar's strength versus peers, which further dented sentiment towards emerging markets.

Developments in China also kept investors on edge, including geopolitical tensions with the U.S., a slowdown in the property sector and Beijing's dynamic zero-COVID policy that led to stringent lockdowns and created uncertainty in the market.

Oil and commodity prices took a breather following their outperformance earlier in the year as concerns mounted that a potential global slowdown could dent commodities demand. Investors turned even more risk-off from July as a result of higher-than-expected U.S. inflation and a more hawkish Fed. Adding to market concerns were further deterioration of U.S.-China relations and an escalation in Ukraine after Russia partially mobilized troops and annexed parts of Ukraine.

#### Fund performance review
Effective February 28, 2022, the Aberdeen Global Equity Fund changed its name to abrdn Emerging Markets ex-China Fund and changed its principal investment strategies. The Fund seeks to achieve its investment objective of seeking long-term capital growth<sup>3</sup> by investing in equity securities of emerging market (excluding China) companies. In addition, effective February 28, 2022, the Fund's benchmark changed from the Morgan Stanley Capital International (MSCI) All Country World Index to the MSCI Emerging Markets ex-China Index.

The abrdn Emerging Markets ex-China Fund (Institutional Class shares, net of fees) returned -23.57% for the 12-month period ended October 31, 2022, versus the -21.89% return of its benchmark, the MSCI Emerging Markets ex-China Index.

Turning to key Fund activity, we divested from holdings that no longer fit the investment strategy given the shift in focus towards emerging market companies excluding China. Hence, we built positions in India, which is the largest consumer market outside the US and China with favorable demographics, a business-friendly government and

encouraging signs of resilient long-term growth. We also invested in East Asia, where South Korea and Taiwan are home to some of the most crucial technology powerhouses in the world. Within Southeast Asia, Indonesia has a large consumption market and is well-endowed with natural resources, while in Latin America, Mexico and Brazil have well-run companies and resilient domestic consumer markets as well as proximity to the U.S.

As such, we exited the likes of Diageo, AstraZeneca, Amazon, Microsoft and Nike, and reinvested the proceeds into long-held emerging market holdings such as Samsung Electronics, Delta Electronics, Grupo Mexico, Grupo Financiero Banorte, Banco Bradesco, Hindustan Unilever and Bank Rakyat Indonesia. These are world-class quality companies with superior financials, attractive industry characteristics, effective management teams, and sustainable competitive advantages. Despite the volatility seen in emerging markets since the beginning of 2022, the Fund's portfolio holdings have delivered resilient returns against the benchmark and the broader asset class.

#### Outlook
Looking ahead, emerging markets face risks from persistently high inflation, a tight financial environment and a potential slowdown in global growth. As the U.S. continues to unwind years of loose monetary policies, emerging market central banks have been well ahead of the curve. This cycle, the larger emerging economies' currency reserves and current account positions are also in much better shape than before, and their central banks are closer to ending their tightening cycles. Moreover, developments in November raised hopes that the Fed may slow the pace of interest rate hikes in the coming months. U.S. inflation data for October came in weaker than expected and Fed chair Jerome Powell indicated that smaller interest rate hikes may be in the offing.

The Fund remains focused on businesses with discernible quality characteristics, including sustainable free cash flow generation and earnings growth, pricing power and low debt levels. Such characteristics should help businesses manage this period of supply disruption and cost pressure.

#### Portfolio Management:
Global Emerging Markets Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

{foots1}

1 A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

{foots1}

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| | |
|:---|:---|
| 2 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

3 A rise in the value of an investment.

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|:---|:---|
| **16** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets ex-China Fund (Unaudited) (continued)<br>

------

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The risks that apply to foreign investments are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less<br> established markets.

To the extent the Fund invests a substantial amount of its assets in India, the Fund may be subject to additional risks, and may make it

significantly more volatile than geographically diverse mutual funds. The value of the Fund's assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

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|:---|:---|
| 2022 Annual Report | **17** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets ex-China Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.84%) | &nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.31% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(28.22%) | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.32%) | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;3.64% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24.99%) | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp; Class R<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.12%) | &nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.62%) | &nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.57%) | &nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;4.66% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategies effective February 28, 2022. Performance information for periods prior to February 28, 2022 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen Global Equity Fund to abrdn Emerging Markets ex-China Fund. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](img3458bdaa4.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn Emerging Markets ex-China Fund, Morgan Stanley Capital International (MSCI) Emerging Markets ex-China Index (Net<br> Dividends), MSCI All Country World Index (ACWI) (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Effective February 28, 2022, the MSCI Emerging<br> Markets ex-China Index (Net Dividends) replaced the MSCI ACWI (Net Dividends) as the Fund's primary benchmark in connection with the change in the Fund's investment strategy. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

The MSCI Emerging Markets ex China Index (Net Dividends) captures large- and mid-cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 663 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The MSCI ACWI Index, MSCI's flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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|:---|:---|
| **18** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets ex-China Fund (Unaudited) (continued)<br>

------

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

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| | |
|:---|:---|
| 2022 Annual Report | **19** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets ex-China Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;95.7% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;25.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp;&nbsp;&nbsp;*9.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp;&nbsp;&nbsp;*6.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment, Instruments & Components* | &nbsp;&nbsp;&nbsp;&nbsp;*6.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*IT Services* | &nbsp;&nbsp;&nbsp;&nbsp;*3.2%* |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;24.4% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Hindustan Unilever Ltd. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;2.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;11.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

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|:---|:---|
| **20** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Emerging Markets ex-China Fund<br>

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—95.7%** | &nbsp;&nbsp;**COMMON STOCKS—95.7%** | &nbsp;&nbsp;**COMMON STOCKS—95.7%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.3%** | &nbsp;&nbsp;**AUSTRALIA—1.3%** | &nbsp;&nbsp;**AUSTRALIA—1.3%** | &nbsp;&nbsp;**AUSTRALIA—1.3%** |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;BHP Group Ltd. |  | 13100 | &nbsp;&nbsp;$313192 |
| &nbsp;&nbsp;**AUSTRIA—1.4%** | &nbsp;&nbsp;**AUSTRIA—1.4%** | &nbsp;&nbsp;**AUSTRIA—1.4%** | &nbsp;&nbsp;**AUSTRIA—1.4%** |
| &nbsp;&nbsp;**Materials—1.4%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | 20717 | &nbsp;&nbsp;&nbsp;&nbsp; 353919 |
| &nbsp;&nbsp;**BRAZIL—8.9%** | &nbsp;&nbsp;**BRAZIL—8.9%** | &nbsp;&nbsp;**BRAZIL—8.9%** | &nbsp;&nbsp;**BRAZIL—8.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 246142 |
| &nbsp;&nbsp;**Consumer Staples—2.4%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | 115545 | &nbsp;&nbsp;&nbsp;&nbsp; 588518 |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;3R Petroleum Oleo E Gas SA<sup>(a)</sup> |  | 41275 | &nbsp;&nbsp;&nbsp;&nbsp; 371559 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | 100862 | &nbsp;&nbsp;&nbsp;&nbsp; 293672 |
| &nbsp;&nbsp;**Industrials—2.8%** |  |  |  |
| &nbsp;&nbsp;Localiza Rent a Car SA<sup>(a)</sup> |  | 24999 | &nbsp;&nbsp;&nbsp;&nbsp; 341386 |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;43708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340830 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682216 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2182107** |
| &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;14368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207330 |
| &nbsp;&nbsp;**INDIA—22.7%** | &nbsp;&nbsp;**INDIA—22.7%** | &nbsp;&nbsp;**INDIA—22.7%** | &nbsp;&nbsp;**INDIA—22.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;Maruti Suzuki India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259489 |
| &nbsp;&nbsp;**Consumer Staples—3.8%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;17810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551119 |
| &nbsp;&nbsp;ITC Ltd. |  | 90480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381767 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932886 |
| &nbsp;&nbsp;**Energy—1.0%** |  |  |  |
| &nbsp;&nbsp;Reliance Industries Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238106 |
| &nbsp;&nbsp;**Financials—7.3%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;24330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727495 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;23596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543186 |
| &nbsp;&nbsp;Piramal Enterprises Ltd. |  | &nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100784 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;27979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800223 |
| &nbsp;&nbsp;**Health Care—1.6%** |  |  |  |
| &nbsp;&nbsp;Piramal Pharma Ltd.<sup>(a)</sup> |  | 39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78776 |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;41064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313072 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391848 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Larsen & Toubro Ltd. |  | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275343 |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;Infosys Ltd. |  | &nbsp;&nbsp;13054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243554 |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;9624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613464 |
| &nbsp;&nbsp;**Materials—2.1%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241171 |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524279 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Real Estate—0.4%** |  |  |  |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;$104090 |
| &nbsp;&nbsp;**Utilities—1.9%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | 168102 | &nbsp;&nbsp;&nbsp;&nbsp; 462586 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5602314** |
| &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT |  | 869000 | &nbsp;&nbsp;&nbsp;&nbsp; 244059 |
| &nbsp;&nbsp;**Financials—2.8%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT |  | 699400 | &nbsp;&nbsp;&nbsp;&nbsp; 395355 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 951600 | &nbsp;&nbsp;&nbsp;&nbsp; 283894 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679249 |
| &nbsp;&nbsp;**Utilities—0.6%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(a)</sup> |  | 27438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159415 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1082723** |
| &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** |
| &nbsp;&nbsp;**Information Technology—0.6%** |  |  |  |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137616 |
| &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola HBC AG |  | &nbsp;&nbsp;&nbsp;&nbsp;17715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386954 |
| &nbsp;&nbsp;**MEXICO—6.3%** | &nbsp;&nbsp;**MEXICO—6.3%** | &nbsp;&nbsp;**MEXICO—6.3%** | &nbsp;&nbsp;**MEXICO—6.3%** |
| &nbsp;&nbsp;**Consumer Staples—1.2%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311261 |
| &nbsp;&nbsp;**Financials—2.8%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;85691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697577 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242326 |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;87185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314056 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1565220** |
| &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** |
| &nbsp;&nbsp;**Information Technology—1.6%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150429 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251431 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401860 |
| &nbsp;&nbsp;**PERU—1.2%** | &nbsp;&nbsp;**PERU—1.2%** | &nbsp;&nbsp;**PERU—1.2%** | &nbsp;&nbsp;**PERU—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294330 |
| &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Bank of the Philippine Islands |  | &nbsp;&nbsp;141110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234675 |
| &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** |
| &nbsp;&nbsp;**Consumer Staples—1.1%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257108 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;43576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277780 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**534888** |
| &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;**Energy—1.9%** |  |  |  |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;52079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483320 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Emerging Markets ex-China Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** |
| &nbsp;&nbsp;**Financials—2.2%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | 11035 | &nbsp;&nbsp;$250228 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;&nbsp;&nbsp; 283076 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533304 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1016624** |
| &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** | &nbsp;&nbsp;**SOUTH AFRICA—2.5%** |
| &nbsp;&nbsp;**Communication Services—0.7%** |  |  |  |
| &nbsp;&nbsp;Vodacom Group, Ltd. |  | 24690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168176 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | 67015 | &nbsp;&nbsp;&nbsp;&nbsp; 195345 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Anglo American Platinum Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 246841 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**610362** |
| &nbsp;&nbsp;**SOUTH KOREA—13.6%** | &nbsp;&nbsp;**SOUTH KOREA—13.6%** | &nbsp;&nbsp;**SOUTH KOREA—13.6%** | &nbsp;&nbsp;**SOUTH KOREA—13.6%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;KB Financial Group, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319167 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271625 |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Samsung Engineering Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;23032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384756 |
| &nbsp;&nbsp;**Information Technology—8.0%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676212 |
| &nbsp;&nbsp;Samsung SDI Co. Ltd., GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288289 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964501 |
| &nbsp;&nbsp;**Materials—1.7%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419091 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3359140** |
| &nbsp;&nbsp;**TAIWAN—14.7%** | &nbsp;&nbsp;**TAIWAN—14.7%** | &nbsp;&nbsp;**TAIWAN—14.7%** | &nbsp;&nbsp;**TAIWAN—14.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.5%** |  |  |  |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216731 |
| &nbsp;&nbsp;momo.com, Inc. |  | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158148 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;19190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618785 |
| &nbsp;&nbsp;**Information Technology—12.2%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223845 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493322 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539933 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 119400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752429 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009529 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3628314** |
| &nbsp;&nbsp;**THAILAND—4.8%** | &nbsp;&nbsp;**THAILAND—4.8%** | &nbsp;&nbsp;**THAILAND—4.8%** | &nbsp;&nbsp;**THAILAND—4.8%** |
| &nbsp;&nbsp;**Energy—2.5%** |  |  |  |
| &nbsp;&nbsp;PTT Exploration & Production PCL, Foreign Shares |  | 129400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618695 |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Shares |  | 86800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333982 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;SCG Packaging PCL, Foreign Shares |  | 177500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242757 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1195434** |
| &nbsp;&nbsp;**TURKEY—1.3%** | &nbsp;&nbsp;**TURKEY—1.3%** | &nbsp;&nbsp;**TURKEY—1.3%** | &nbsp;&nbsp;**TURKEY—1.3%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;33694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311206 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** |
| &nbsp;&nbsp;**Information Technology—0.7%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;$164152 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**23582360** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** |  |
| &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | 113019 | &nbsp;&nbsp;&nbsp;&nbsp; 428342 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**428342** |
| &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, 3.01%<sup>(d)</sup> |  | 610605 | &nbsp;&nbsp;&nbsp;&nbsp; 610605 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**610605** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $27,397,865)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $27,397,865)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $27,397,865)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**24621307** |
| &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;25219 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$24646526** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> Illiquid security.

<sup>(d)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(e)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **22** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Fund (Unaudited) <br>

------

Market review

Emerging market equities retreated over the 12 months under review. Markets sold off towards the end of 2021 after the so-called "Powell Pivot", where the U.S. Federal Reserve (Fed) abruptly moved towards monetary policy<sup>1</sup> tightening. That led to a rotation out of growth into value, and the trend continued going into 2022, where value stocks held up and opened a big lead in relative terms over quality and growth stocks<sup>2</sup>, which proved to be a clear headwind for our performance.

Further compounding the headwinds was Russia's unexpected invasion of Ukraine in late-February, which accelerated the rise of commodity and energy prices on fears of supply disruption. In turn, that exacerbated global inflation pressures. Investor sentiment turned increasingly pessimistic as central banks, including the Fed, ramped up their monetary policy tightening trajectories, triggering fears of a global recession. Moreover, the Fed's aggressive moves on interest rates boosted the U.S. dollar's strength versus peers, which further dented sentiment towards emerging markets.

Also keeping markets on edge was China, which became a focal point as rising COVID-19 cases prompted authorities to implement stringent lockdowns in major cities like Shanghai. When the rate of new infection cases declined, the restrictions were gradually eased and the market outperformed, driven by strong fiscal and monetary support to stabilize the economy. However, subsequent developments added to investor concerns, including geopolitical tensions with the U.S., an ongoing property crisis and a resurgence of COVID-19, which sparked fears of more stringent lockdowns. The outcome of China's 20<sup>th</sup> party congress in October, where President Xi Jinping consolidated power and secured a third term as leader, failed to inspire market confidence.

Oil and commodity prices took a breather following their outperformance earlier in the year as concerns mounted that a potential global slowdown could dent commodities demand. Investors turned even more risk-off from July onwards as a result of higher-than-expected U.S. inflation and a more hawkish Fed. Compounding market concerns were worries over China's growth outlook, further deterioration of U.S.-China relations and an escalation in Ukraine after Russia partially mobilised troops and annexed parts of Ukraine.

#### Fund performance review
The abrdn Emerging Markets Fund (Institutional Class shares, net of fees) returned -37.26% for the 12-month period ending October 31, 2022, versus the -31.03% return of its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index<sup>3</sup>.

The Fund underperformed the benchmark during the reporting period, but the bulk of the underperformance occurred between January and April 2022. Drilling into the attributions, stock selection in Russia and China were among the main reasons for the underperformance.

Revaluing our Russian holdings in Lukoil and Novatek to zero in the wake of Russia's invasion of Ukraine weighed on returns. We took that decision due to stringent capital controls that were implemented in Russia following stiff Western sanctions on Moscow, which made it impossible to realize any value from our investments. Not holding former index heavyweight Gazprom was positive.

With Russia, the Fund also lost its exposure to energy names at a time when oil prices climbed to record levels. Hence, not having exposure to oil-exporting countries in the Middle East in subsequent months also weighed on relative returns as they benefitted from higher energy prices. In October, however, we introduced Saudi bank Al Rajhi to the Fund – it is the largest Islamic bank in the world by assets and the leading retail bank in Saudi Arabia. Like other Saudi banks, the trickle-down effect of higher oil prices to the real economy, tighter monetary policy and Saudi Arabia's U.S. dollar peg is set to provide a welcome tailwind, as would rising foreign participation in the country's capital market. Meanwhile, the energy trade has lost some of its shine in recent months, as investors have become uncertain around the demand outlook due to growing fears of a U.S. recession over the coming quarters. We, therefore, remain underweight<sup>4</sup> to energy.

Similarly, China also weighed on returns for several reasons: strict COVID-19 lockdowns of major cities earlier this year dampened investor sentiment and led to heavy selling of Chinese equities despite decent underlying fundamentals. Performance improved over May and June, as restrictions were gradually eased, before new headwinds around geopolitics, real estate and COVID-19 resurgence emerged. In addition, power cuts and power rationing in provinces hit by severe weather conditions further dented sentiment. In more positive developments, a raft of good news emerged at the time of writing in November 2022, including direct support for the property sector from the central government and the loosening of China's dynamic COVID-19 policy, which is in line with our expectations for a gradual reopening into 2023.

Among our holdings in China, contract drug maker Wuxi Biologics came under pressure in September following U.S. President Joe Biden's launch of a national biotechnology and biomanufacturing initiative through an executive order, despite limited impact on the company's near-term fundamentals. Apparel maker Shenzhou International also detracted. We exited the company on falling conviction, following a lack of revenue visibility. Elsewhere, China Merchants Bank sold off after its president was removed from his post, and subject to a probe from China's anticorruption watchdog, likely related to a prior tenure. Tencent and Alibaba also detracted due to a broad de-rating of Chinese internet names on the back of the weak economic outlook.

Elsewhere, global recession fears led to concerns around slowing demand for e-commerce, consumer electronics and semiconductor

{foots1}

---

| | |
|:---|:---|
| 1 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

2 A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

{foots1}

3 The MSCI Emerging Markets Index is an unmanaged index considered representative of growth stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

{foots1}

4 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

---

| | |
|:---|:---|
| 2022 Annual Report | **23** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Fund (Unaudited) (continued)<br>

------

chips. As a result, a number of our internet and tech holdings were affected, including digital consumer names like Sea, Allegro and Prosus – we exited all three companies over the 12 months. Our core semiconductor holdings in Samsung Electronics, Taiwan Semiconductor Manufacturing Co and ASM International also underperformed, but we believe they are best positioned to ride through the industry downcycle.

On a positive note, the Fund's exposure to Indonesia was a bright spot as the economy benefitted from the post-COVID-19 reopening play and from higher commodity and energy prices. Our exposures to Bank Central Asia and Bank Rakyat were positive as both lenders benefitted from rising interest rates in the country. Strong trade also allowed the Indonesian rupiah to stay relatively resilient against the U.S. dollar. Elsewhere, while stock selection in India was negative, several of the Fund's holdings there performed well, including SBI Life Insurance, which was buoyed by robust results. HDFC and Hindustan Unilever share prices also recovered from previous lows, supported by an improving credit cycle outlook and resilient margin as well as demand growth, respectively.

Meanwhile, in Latin America, the Fund benefitted from the overweight<sup>5</sup> to Mexico and from stock selection in Brazil. Fundamentals in Latin America remain strong and leading indicators point to improvements in economic activities. The Fund's holdings in lenders Banorte and Bradesco added to performance as their share prices rallied on the back of higher interest rates and domestic consumption strength. Brazilian stock exchange operator, B3, and railroad operator, Rumo, also did well, adding to relative performance.

Over the review period, we took steps to reposition and refresh the portfolio to keep up with shifting market trends, while staying true to our philosophy of investing in the highest quality companies across emerging markets. As such, we have refocused on companies that are best placed to weather rising input costs and have the pricing power to pass on costs, where our conviction remains high and is backed by solid fundamentals.

In China, we initiated leading food seasonings manufacturer Foshan Haitian Flavouring & Food, e-commerce player JD.com, medical device maker Shenzhen Mindray Bio-Medical Electronics, software company Yonyou Network Technology, and participated in China Tourism Group Duty Free's Hong Kong initial public offering. We also bought South Korea-based Samsung Engineering, a leading engineering construction and management services business that is set to benefit from a rising hydrocarbon investment cycle. Within Southeast Asia, we introduced Indonesia's largest telecommunications player, Telkom Indonesia. In Thailand, we added oil and gas exploration and production operator PTT Exploration and Production, as well as lender Kasikornbank. Meanwhile, in India, we initiated the country's central transmission utility, Power Grid Corporation of India. Further, we took a position in South African multi-line insurer Sanlam. We bought Chilean lender Banco Santander Chile as well as Brazilian pharmaceutical retailer, Raia Drogasil.

Against this, we exited Allegro, Bank of the Philippine Islands, China Conch Venture, China Resources Gas, GDS Holdings, Hangzhou

Tigermed Consulting, ITC, Kakao, Li Ning, Meituan, Samsung SDI, Sands China, Sea, Shenzhou International, Vale and Vodacom Group. We divested LG Energy Solution on the back of its significant price appreciation following its IPO, given our small allocation. We also sold Prosus and rotated exposure into our direct holding in Tencent. Further, we divested most of our Russian holdings prior to the start of the invasion.

#### Outlook
After a rough start to the year, dominated by Russia's invasion of Ukraine, and the subsequent supply shock in markets, emerging markets face risks from persistently high inflation, a tight financial environment and a potential global recession. While the U.S. continues to unwind years of loose monetary policies, emerging market central banks have been well ahead of the curve. This cycle, the larger emerging economies' currency reserves and current account positions are also in much better shape than before, and their central banks are closer to ending their tightening cycle.

Meanwhile, the potential for a counter-cyclical recovery in China remains. Policymakers have room to stimulate the economy, while President Xi's expected consolidation of power could pave the way for better, more coordinated policy execution. It is clear that the economic weakness in China has not gone unnoticed by the regime – in fact, it is notable that direct policy support in the struggling property sector has now shifted from local governments to the central government, signaling to the market that Beijing is prepared to intervene more thoroughly and directly to achieve stability in the sector.

Separately, increasing investments into renewables should benefit emerging market companies, which dominate much of the renewable energy supply chain.

The portfolio remains focused on businesses with discernible quality characteristics, including sustainable free cash flow generation and earnings growth, pricing power and low debt levels. Such characteristics should help businesses manage this period of supply disruption and cost pressure.

#### Portfolio Management:
Global Emerging Markets Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

---

| | |
|:---|:---|
| 5 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

---

| | |
|:---|:---|
| **24** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Fund (Unaudited) (continued)<br>

------

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The risks that apply to foreign investments 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. To the extent the Fund invests a substantial amount of its assets in China and Hong Kong, the Fund may be subject to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| 2022 Annual Report | **25** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.61%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(41.20%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.72%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01%) |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.87%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.07%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(38.43%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.07%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98%) |
| &nbsp;&nbsp; Class R<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.71%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) |
| &nbsp;&nbsp; Institutional Service Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.23%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16%) |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.26%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.10%) | &nbsp;&nbsp;&nbsp;&nbsp;0.01% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | A 5.75% front-end sales charge was deducted. |
| 2 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img65eee2845.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Emerging Markets Fund, Morgan Stanley

Capital International (MSCI) Emerging Markets Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,386 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **26** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;88.6% |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;28.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks* | &nbsp;&nbsp;&nbsp;&nbsp;*16.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance* | &nbsp;&nbsp;&nbsp;&nbsp;*5.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services* | &nbsp;&nbsp;&nbsp;&nbsp;*3.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Capital Markets* | &nbsp;&nbsp;&nbsp;&nbsp;*2.3%* |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;21.6% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;2.3% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;16.8% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Emerging Markets Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—88.6%** | &nbsp;&nbsp;**COMMON STOCKS—88.6%** | &nbsp;&nbsp;**COMMON STOCKS—88.6%** |  |
| &nbsp;&nbsp;**AUSTRIA—1.5%** | &nbsp;&nbsp;**AUSTRIA—1.5%** | &nbsp;&nbsp;**AUSTRIA—1.5%** | &nbsp;&nbsp;**AUSTRIA—1.5%** |
| &nbsp;&nbsp;**Materials—1.5%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;1937779 | &nbsp;&nbsp;$33104051 |
| &nbsp;&nbsp;**BRAZIL—5.7%** | &nbsp;&nbsp;**BRAZIL—5.7%** | &nbsp;&nbsp;**BRAZIL—5.7%** | &nbsp;&nbsp;**BRAZIL—5.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25842 | &nbsp;&nbsp;&nbsp;&nbsp; 23299664 |
| &nbsp;&nbsp;**Consumer Staples—1.1%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;4780456 | &nbsp;&nbsp;&nbsp;&nbsp; 24348814 |
| &nbsp;&nbsp;**Financials—1.5%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | 11774398 | &nbsp;&nbsp;&nbsp;&nbsp; 34282634 |
| &nbsp;&nbsp;**Industrials—2.1%** |  |  |  |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;6019289 | &nbsp;&nbsp;&nbsp;&nbsp; 25799450 |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2623162 | &nbsp;&nbsp;&nbsp;&nbsp; 20455128 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46254578 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**128185690** |
| &nbsp;&nbsp;**CHILE—0.9%** | &nbsp;&nbsp;**CHILE—0.9%** | &nbsp;&nbsp;**CHILE—0.9%** | &nbsp;&nbsp;**CHILE—0.9%** |
| &nbsp;&nbsp;**Financials—0.9%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1419852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20488464 |
| &nbsp;&nbsp;**CHINA—24.1%** | &nbsp;&nbsp;**CHINA—24.1%** | &nbsp;&nbsp;**CHINA—24.1%** | &nbsp;&nbsp;**CHINA—24.1%** |
| &nbsp;&nbsp;**Communication Services—3.9%** |  |  |  |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3370100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88555353 |
| &nbsp;&nbsp;**Consumer Discretionary—8.2%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;10186300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79197532 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12889485 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17207403 |
| &nbsp;&nbsp;JD.com, Inc., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2061219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37535851 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3684716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20298602 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;4590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184549333 |
| &nbsp;&nbsp;**Consumer Staples—3.2%** |  |  |  |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;14281300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30058179 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2091524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17141968 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26469653 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73669800 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;8197500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26837793 |
| &nbsp;&nbsp;**Health Care—2.1%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27102990 |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;4532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20392379 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47495369 |
| &nbsp;&nbsp;**Industrials—2.2%** |  |  |  |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7644311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25673944 |
| &nbsp;&nbsp;Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1295384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23273556 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48947500 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Information Technology—1.8%** |  |  |  |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp; 4312717 | &nbsp;&nbsp;$28481911 |
| &nbsp;&nbsp;Yonyou Network Technology Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp; 3757310 | &nbsp;&nbsp;&nbsp;&nbsp; 12623377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41105288 |
| &nbsp;&nbsp;**Materials—0.6%** |  |  |  |
| &nbsp;&nbsp;Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732674 | &nbsp;&nbsp;&nbsp;&nbsp; 14858967 |
| &nbsp;&nbsp;**Real Estate—0.9%** |  |  |  |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;6344000 | &nbsp;&nbsp;&nbsp;&nbsp; 19849000 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**545868403** |
| &nbsp;&nbsp;**HONG KONG—2.6%** | &nbsp;&nbsp;**HONG KONG—2.6%** | &nbsp;&nbsp;**HONG KONG—2.6%** | &nbsp;&nbsp;**HONG KONG—2.6%** |
| &nbsp;&nbsp;**Financials—2.6%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;5341000 | &nbsp;&nbsp;&nbsp;&nbsp; 40456955 |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721065 | &nbsp;&nbsp;&nbsp;&nbsp; 19139659 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59596614 |
| &nbsp;&nbsp;**INDIA—16.8%** | &nbsp;&nbsp;**INDIA—16.8%** | &nbsp;&nbsp;**INDIA—16.8%** | &nbsp;&nbsp;**INDIA—16.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;Maruti Suzuki India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24055894 |
| &nbsp;&nbsp;**Consumer Staples—2.0%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1502472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46493002 |
| &nbsp;&nbsp;**Financials—8.9%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2931489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87654983 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2271830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52298087 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;4050948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62077879 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202030949 |
| &nbsp;&nbsp;**Information Technology—1.9%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1095742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42116116 |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30268528 |
| &nbsp;&nbsp;**Utilities—1.6%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;12835978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35322288 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**380286777** |
| &nbsp;&nbsp;**INDONESIA—5.2%** | &nbsp;&nbsp;**INDONESIA—5.2%** | &nbsp;&nbsp;**INDONESIA—5.2%** | &nbsp;&nbsp;**INDONESIA—5.2%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT |  | &nbsp;&nbsp;92079900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25860713 |
| &nbsp;&nbsp;**Financials—4.1%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT |  | &nbsp;&nbsp;99442800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56212763 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 119373344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35613019 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91825782 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**117686495** |
| &nbsp;&nbsp;**MEXICO—7.8%** | &nbsp;&nbsp;**MEXICO—7.8%** | &nbsp;&nbsp;**MEXICO—7.8%** | &nbsp;&nbsp;**MEXICO—7.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39277267 |
| &nbsp;&nbsp;**Financials—3.2%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;8737247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71126562 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;1044593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24514430 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **28** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Emerging Markets Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &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 (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** |
| &nbsp;&nbsp;**Materials—1.8%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp; 11264317 | &nbsp;&nbsp;$40576102 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**175494361** |
| &nbsp;&nbsp;**NETHERLANDS—1.5%** | &nbsp;&nbsp;**NETHERLANDS—1.5%** | &nbsp;&nbsp;**NETHERLANDS—1.5%** | &nbsp;&nbsp;**NETHERLANDS—1.5%** |
| &nbsp;&nbsp;**Information Technology—1.5%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70370 | &nbsp;&nbsp;&nbsp;&nbsp; 15567230 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40482 | &nbsp;&nbsp;&nbsp;&nbsp; 18989564 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34556794 |
| &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** |
| &nbsp;&nbsp;**Financials—0.6%** |  |  |  |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13023113 |
| &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** |
| &nbsp;&nbsp;**Financials—0.6%** |  |  |  |
| &nbsp;&nbsp;Bank of the Philippine Islands |  | &nbsp;&nbsp;&nbsp;&nbsp;7436934 | &nbsp;&nbsp;&nbsp;&nbsp; 12368089 |
| &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;LUKOIL PJSC, ADR<sup>(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Novatek PJSC<sup>(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3278243 | &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;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** |  |  |  |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&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;– |
| &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;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22670358 |
| &nbsp;&nbsp;**SOUTH AFRICA—2.9%** | &nbsp;&nbsp;**SOUTH AFRICA—2.9%** | &nbsp;&nbsp;**SOUTH AFRICA—2.9%** | &nbsp;&nbsp;**SOUTH AFRICA—2.9%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;8312114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24229327 |
| &nbsp;&nbsp;**Materials—1.8%** |  |  |  |
| &nbsp;&nbsp;Anglo American Platinum Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41984660 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66213987** |
| &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Samsung Engineering Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2020173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33747590 |
| &nbsp;&nbsp;**Materials—2.2%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50131599 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83879189** |
| &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** |
| &nbsp;&nbsp;**Information Technology—9.5%** |  |  |  |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;3282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26114257 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;11365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36096109 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;12710017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152802407 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215012773 |
| &nbsp;&nbsp;**THAILAND—3.3%** | &nbsp;&nbsp;**THAILAND—3.3%** | &nbsp;&nbsp;**THAILAND—3.3%** | &nbsp;&nbsp;**THAILAND—3.3%** |
| &nbsp;&nbsp;**Energy—2.3%** |  |  |  |
| &nbsp;&nbsp;PTT Exploration & Production PCL, Foreign Shares |  | &nbsp;&nbsp;10710200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51208265 |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;5960700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935090 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74143355** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**UNITED STATES—0.9%** | &nbsp;&nbsp;**UNITED STATES—0.9%** | &nbsp;&nbsp;**UNITED STATES—0.9%** | &nbsp;&nbsp;**UNITED STATES—0.9%** |
| &nbsp;&nbsp;**Information Technology—0.9%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106981 | &nbsp;&nbsp;$20185175 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**2002763688** |
| &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** |  |
| &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** |
| &nbsp;&nbsp;**Financials—1.8%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | 10736866 | &nbsp;&nbsp;&nbsp;&nbsp; 40692722 |
| &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** |
| &nbsp;&nbsp;**Information Technology—6.0%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3625053 | &nbsp;&nbsp;&nbsp;&nbsp; 135475080 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176167802** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(f)</sup> |  | 71047744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71047744 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71047744** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $2,591,401,681)<sup>(g)</sup>—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $2,591,401,681)<sup>(g)</sup>—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $2,591,401,681)<sup>(g)</sup>—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**2249979234** |
| &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;&nbsp;&nbsp;11534667 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$2261513901** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> 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.

<sup>(d)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<sup>(e)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(f)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(g)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **29** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Sustainable Leaders Fund (Unaudited) <br>

------

Market review

Emerging market equities retreated over the period. The COVID-19 pandemic and its repercussions dominated sentiment at the beginning of the period, while the "Powell Pivot" at the end of 2021 saw the U.S. Federal Reserve (Fed) change its stance on inflation. This shift towards monetary policy<sup>1</sup> tightening resulted in multiple interest rate hikes by the Fed, beginning in March 2022. Investors rotated out of growth<sup>2</sup> into value stocks, with low-quality, highly leveraged businesses dominating the market early the new year.

Compounding investors' concerns was Russia's invasion of Ukraine in late February, which sent already elevated energy and commodity prices surging on fears of supply disruption, exacerbating inflation. Sentiment turned increasingly pessimistic as central banks ramped up their monetary policy<sup>3</sup> tightening trajectories, triggering fears of a global recession. The Fed's aggressive policy boosted the U.S. dollar, which further dented sentiment towards emerging markets.

Also keeping markets on edge were several negative developments in China, including regulatory scrutiny across sectors, tensions with the U.S., an ongoing property crisis and temporary lockdowns of major cities amid fresh coronavirus outbreaks. The outcome of China's 20th party congress, where President Xi Jinping consolidated his control of the Chinese Communist Party, failed to inspire market confidence, as some investors grew concerned around checks and balances within the party leadership. The lack of clarity around Beijing's zero-COVID policy also undermined risk appetite.

Against this backdrop, commodity exporters, aside from Russia, were broadly resilient. Resource-rich Latin America and Middle Eastern oil-producing nations outperformed, though gains were pared on mounting growth risks. Conversely, Russian valuations collapsed following the invasion as the effect of sanctions made the market effectively uninvestable for foreigners. In emerging Asia, Chinese equities lagged, but losses were mitigated by strong policy support, easing COVID-related restrictions as the period progressed and relatively contained inflation. Technology-heavy markets in South Korea and Taiwan slumped on higher interest rates and growing recession fears.

#### Fund performance review
The abrdn Emerging Markets Sustainable Leaders Fund (Institutional Class shares, net of fees) returned -36.78% for the 12-month reporting period ended October 31, 2022, versus the -31.03% return of its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net Dividends)<sup>4</sup>.

The Fund underperformed its benchmark during the review period, driven by negative stock selection. Our Russian holdings weighed on

returns, particularly lender Sberbank and food retailer X5 which were sold shortly before the conflict in Ukraine started. Not holding former index heavyweights Gazprom and Lukoil proved positive, however.

Several of our holdings in China were among the top detractors from performance. Internet data center operator GDS Holdings suffered heavy losses. Contract drug maker Wuxi Biologics came under pressure towards the period-end amid weak sentiment following U.S. President Joe Biden's launch of a national biotechnology and biomanufacturing initiative through an executive order, despite limited effects on the company's near-term fundamentals. However, this move highlighted the risks for Chinese exporters with technological leadership and we continue to prefer domestically driven Chinese companies. Another major detractor was China Merchants Bank, which sold off after its president was removed from his post and subject to a probe from China's antigraft watchdog, likely related to his tenure at a prior bank. The lender's share price was also dragged down by concerns related to weakness in retail banking and mortgage lending, following news that various property developers were unable to complete their projects; the bank's exposure to such projects is minimal.

Elsewhere, digital consumer names Sea and Prosus were hurt by the rotation out of growth into value stocks. We exited both companies over the 12 months. Also working against the Fund was the underweight<sup>5</sup> to oil-exporting nations in the Middle East, as they benefited from elevated energy prices and U.S. dollar strength. The region's major oil exporters peg their currencies to the U.S. dollar, creating a dual tailwind over the year. We initiated a position in Saudi Arabia-based Al Rajhi Bank towards the end of the review period.

On a more positive note, the Fund benefited from the overweight<sup>6</sup> to Brazil and Mexico where fundamentals remained strong and leading indicators pointed to improvements in economic activity. Lenders Banorte and Bradesco rallied on the back of the higher interest-rate environment and domestic consumption strength. Bottling company Arca Continental, shopping mall operator Multiplan and electric equipment producer WEG were other notable outperformers.

In India, Power Grid Corp of India made strong gains, supported by its historically stable and regulated returns. Mortgage lender HDFC also outperformed thanks to an improving credit cycle outlook. Fast-moving consumer goods giant Hindustan Unilever's share price recovered from earlier lows, helped by a resilient margin and demand growth.

Turning to portfolio activity, we established a number of new positions in China. Hundsun Technologies is an attractively valued

{foots1}

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| | |
|:---|:---|
| 1 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

2 A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

{foots1}

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| | |
|:---|:---|
| 3 | Monetary policy decisions are those made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

4 The MSCI Emerging Markets Index (Net Dividends) is an unmanaged index considered representative of growth stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

{foots1}

5 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio. (See also overweight.)

{foots1}

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| | |
|:---|:---|
| 6 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

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| | |
|:---|:---|
| **30** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Sustainable Leaders Fund (Unaudited) (continued)<br>

------

software business that specialises in applications for financial services businesses, where increased regulation is expected to stimulate demand. Power grid technology company NARI Technology manufactures and sells products that improve the energy efficiency of China's grid, allowing greater connection to renewable energy projects. Domestically driven medical device maker Shenzhen Mindray Bio-Medical Electronics has a premium brand, an established distribution network and solid commitment to research and development. At the same time, we participated in China Tourism Group Duty Free's Hong Kong initial public offering (IPO).

Elsewhere in Asia, we introduced Telkom Indonesia, who is currently, the biggest and strongest player in the country's key telecommunications growth areas. We also initiated Crompton Greaves, a high-quality Indian consumer electrical manufacturer, providing exposure to the recovering property market there and a rerating opportunity versus peers in the sector.

Two new holdings were added in Latin America. Argentinian agriculture and ethanol firm Adecoagro benefits from the development of alternative fuels and demand for agricultural commodities. Brazilian pharmacy business Raia Drogasil is growing through expansion into underpenetrated regions, higher spending on pharmaceuticals and investment in digital healthcare.

In Europe, the Middle East and Africa, we bought Sanlam, a high-quality South African life assurance business with attractive growth potential in other African markets. We also introduced CTP, a real-estate business that is focused on the warehouse and logistics sector in Eastern Europe. The company has a strong development pipeline and high-quality environmental, social and governance credentials. Another addition was Al Rajhi Bank, as mentioned above. The world's largest Islamic bank by assets and the leading retail bank in Saudi Arabia, Al Rajhi Bank is well-positioned to benefit from the country's strong mortgage loan growth.

Besides our Russian holdings, other divestments included Ace Hardware, Aegis Logistics, Allegro, China Conch Environment Protection, Hangzhou Tigermed Consulting, Kakao, Logo, NotreDame Intermedica, Prosus, Rumo, Samsung SDI and Sea. We also sold LG Energy Solution and Nykaa (FSN) on the back of their significant price appreciation following their IPOs, given our small allocations.

#### Outlook
After a rough start to the year, dominated by Russia's invasion of Ukraine, and the subsequent supply shock in markets, emerging markets face risks from persistently high inflation, a tight financial environment and a potential global recession. While the U.S. continues to unwind years of loose monetary policies, emerging market central banks have been well ahead of the curve. This cycle, the larger emerging economies' currency reserves and current account positions are also in much better shape than before, and their central banks are closer to ending their tightening cycle.

Meanwhile, the potential for a counter-cyclical recovery in China remains. Policymakers have room to stimulate the economy, while President Xi's expected consolidation of power could pave the way for better, more coordinated policy execution. Separately, increasing

investments into renewables should benefit emerging market companies, which dominate much of the renewable energy supply chain.

The portfolio remains focused on businesses with discernible quality characteristics, including sustainable free-cash flow-generation and earnings growth, pricing power and low debt levels. Such characteristics should help businesses manage this period of supply disruption and cost pressure.

#### Portfolio Management:
Global Emerging Markets Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to the Fund's Sustainable Leaders strategy, including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.

The risks that apply to foreign investments 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. To the extent the Fund invests a substantial amount of its assets in China and Hong Kong, the Fund may be subject to additional risks, and may make it significantly more volatile

---

| | |
|:---|:---|
| 2022 Annual Report | **31** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Sustainable Leaders Fund (Unaudited) (continued)<br>

------

than geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or

other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **32** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Sustainable Leaders Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.00%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.84%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(40.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.98%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.41%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(37.89%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.46%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71%) |
| &nbsp;&nbsp; Class R<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(37.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(36.80%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.52%) | &nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(36.78%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.49%) | &nbsp;&nbsp;&nbsp;&nbsp;0.31% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen International Equity Fund to Aberdeen Emerging Markets Sustainable Leaders Fund. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgfaf99eb86.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn Emerging Markets Sustainable Leaders Fund, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ending October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The MSCI ACWI ex-US Index captures large- and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 2,271 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates

The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,386 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **33** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Emerging Markets Sustainable Leaders Fund (Unaudited) <br>

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Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;90.3% |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;24.4% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;LG Chem Ltd. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;WEG SA | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;2.3% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;26.8% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

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| | |
|:---|:---|
| **34** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Emerging Markets Sustainable Leaders Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.3%** | &nbsp;&nbsp;**COMMON STOCKS—90.3%** | &nbsp;&nbsp;**COMMON STOCKS—90.3%** |  |
| &nbsp;&nbsp;**AUSTRIA—1.6%** | &nbsp;&nbsp;**AUSTRIA—1.6%** | &nbsp;&nbsp;**AUSTRIA—1.6%** | &nbsp;&nbsp;**AUSTRIA—1.6%** |
| &nbsp;&nbsp;**Materials—1.6%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;108883 | &nbsp;&nbsp;$1860103 |
| &nbsp;&nbsp;**BRAZIL—8.1%** | &nbsp;&nbsp;**BRAZIL—8.1%** | &nbsp;&nbsp;**BRAZIL—8.1%** | &nbsp;&nbsp;**BRAZIL—8.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 1053994 |
| &nbsp;&nbsp;**Consumer Staples—3.2%** |  |  |  |
| &nbsp;&nbsp;Adecoagro SA |  | &nbsp;&nbsp; 151123 | &nbsp;&nbsp;&nbsp;&nbsp; 1308725 |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;440016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549906 |
| &nbsp;&nbsp;**Industrials—2.3%** |  |  |  |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;&nbsp;&nbsp;338310 | &nbsp;&nbsp;&nbsp;&nbsp; 2638104 |
| &nbsp;&nbsp;**Real Estate—1.7%** |  |  |  |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | &nbsp;&nbsp;&nbsp;&nbsp;382815 | &nbsp;&nbsp;&nbsp;&nbsp; 1953539 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9195543** |
| &nbsp;&nbsp;**CHILE—1.7%** | &nbsp;&nbsp;**CHILE—1.7%** | &nbsp;&nbsp;**CHILE—1.7%** | &nbsp;&nbsp;**CHILE—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;&nbsp;134218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936766 |
| &nbsp;&nbsp;**CHINA—26.8%** | &nbsp;&nbsp;**CHINA—26.8%** | &nbsp;&nbsp;**CHINA—26.8%** | &nbsp;&nbsp;**CHINA—26.8%** |
| &nbsp;&nbsp;**Communication Services—3.6%** |  |  |  |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;153100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022974 |
| &nbsp;&nbsp;**Consumer Discretionary—7.8%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;485300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773162 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236520 |
| &nbsp;&nbsp;JD.com, Inc., A Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;75650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377625 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;247229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361951 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131002 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880260 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;396500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298101 |
| &nbsp;&nbsp;**Health Care—2.5%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;33231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485509 |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(c)</sup> |  | &nbsp;&nbsp;299500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347643 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833152 |
| &nbsp;&nbsp;**Industrials—6.9%** |  |  |  |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;401680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031837 |
| &nbsp;&nbsp;China Conch Venture Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;327500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483028 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447216 |
| &nbsp;&nbsp;Estun Automation Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;679094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826340 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;300916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010647 |
| &nbsp;&nbsp;Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;71942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292548 |
| &nbsp;&nbsp;Xinjiang Goldwind Science & Technology Co. Ltd., H Shares |  | &nbsp;&nbsp;866800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751089 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842705 |
| &nbsp;&nbsp;**Information Technology—4.2%** |  |  |  |
| &nbsp;&nbsp;GDS Holdings Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;315400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352034 |
| &nbsp;&nbsp;Glodon Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;174040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179408 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Hundsun Technologies, Inc., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;331626 | &nbsp;&nbsp;$1899165 |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;208887 | &nbsp;&nbsp;&nbsp;&nbsp; 1379525 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810132 |
| &nbsp;&nbsp;**Real Estate—0.6%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;563500 | &nbsp;&nbsp;&nbsp;&nbsp; 723155 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**30410479** |
| &nbsp;&nbsp;**HONG KONG—4.3%** | &nbsp;&nbsp;**HONG KONG—4.3%** | &nbsp;&nbsp;**HONG KONG—4.3%** | &nbsp;&nbsp;**HONG KONG—4.3%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** |  |  |  |
| &nbsp;&nbsp;Vitasoy International Holdings Ltd.<sup>(a)</sup> |  | 1024000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748610 |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;264100 | &nbsp;&nbsp;&nbsp;&nbsp; 2000502 |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 1077670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078172 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4826782** |
| &nbsp;&nbsp;**INDIA—16.9%** | &nbsp;&nbsp;**INDIA—16.9%** | &nbsp;&nbsp;**INDIA—16.9%** | &nbsp;&nbsp;**INDIA—16.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;Crompton Greaves Consumer Electricals Ltd. |  | &nbsp;&nbsp;&nbsp;370858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623170 |
| &nbsp;&nbsp;**Consumer Staples—2.0%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;72584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246064 |
| &nbsp;&nbsp;**Financials—7.0%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;151046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516454 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;72610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671500 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;117286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7985278 |
| &nbsp;&nbsp;**Health Care—1.4%** |  |  |  |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;208519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589748 |
| &nbsp;&nbsp;**Information Technology—1.9%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;57260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200855 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;35468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336541 |
| &nbsp;&nbsp;**Utilities—2.0%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;803235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210357 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19192013** |
| &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT<sup>(d)</sup> |  | 4594100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290257 |
| &nbsp;&nbsp;**Financials—2.3%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT<sup>(d)</sup> |  | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543748 |
| &nbsp;&nbsp;**Utilities—0.7%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;136209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791374 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4625379** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370031 |
| &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** |
| &nbsp;&nbsp;**Consumer Staples—2.7%** |  |  |  |
| &nbsp;&nbsp;Arca Continental SAB de CV |  | &nbsp;&nbsp;&nbsp;373038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047491 |
| &nbsp;&nbsp;**Financials—4.1%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;574586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677483 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7724974** |

---

See accompanying Notes to Financial Statements.

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| | |
|:---|:---|
| 2022 Annual Report | **35** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Emerging Markets Sustainable Leaders Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**NETHERLANDS—2.8%** | &nbsp;&nbsp;**NETHERLANDS—2.8%** | &nbsp;&nbsp;**NETHERLANDS—2.8%** | &nbsp;&nbsp;**NETHERLANDS—2.8%** |
| &nbsp;&nbsp;**Information Technology—1.9%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 | &nbsp;&nbsp;$1008541 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp; 1069048 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077589 |
| &nbsp;&nbsp;**Real Estate—0.9%** |  |  |  |
| &nbsp;&nbsp;CTP NV<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;99768 | &nbsp;&nbsp;&nbsp;&nbsp; 1034798 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3112387** |
| &nbsp;&nbsp;**PHILIPPINES—1.1%** | &nbsp;&nbsp;**PHILIPPINES—1.1%** | &nbsp;&nbsp;**PHILIPPINES—1.1%** | &nbsp;&nbsp;**PHILIPPINES—1.1%** |
| &nbsp;&nbsp;**Real Estate—1.1%** |  |  |  |
| &nbsp;&nbsp;Ayala Land, Inc. |  | 2773500 | &nbsp;&nbsp;&nbsp;&nbsp; 1230850 |
| &nbsp;&nbsp;**POLAND—0.5%** | &nbsp;&nbsp;**POLAND—0.5%** | &nbsp;&nbsp;**POLAND—0.5%** | &nbsp;&nbsp;**POLAND—0.5%** |
| &nbsp;&nbsp;**Industrials—0.5%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;81689 | &nbsp;&nbsp;&nbsp;&nbsp; 520736 |
| &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146514 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;542661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581825 |
| &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** |
| &nbsp;&nbsp;**Materials—2.5%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855522 |
| &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** | &nbsp;&nbsp;**TAIWAN—9.5%** |
| &nbsp;&nbsp;**Information Technology—9.5%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343070 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921526 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525898 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790494 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**102380398** |
| &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—8.4%** |  |
| &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** | &nbsp;&nbsp;**BRAZIL—1.8%** |
| &nbsp;&nbsp;**Financials—1.8%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | &nbsp;&nbsp;550302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085645 |
| &nbsp;&nbsp;**SOUTH KOREA—6.6%** | &nbsp;&nbsp;**SOUTH KOREA—6.6%** | &nbsp;&nbsp;**SOUTH KOREA—6.6%** | &nbsp;&nbsp;**SOUTH KOREA—6.6%** |
| &nbsp;&nbsp;**Information Technology—6.6%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;198874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432297 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9517942** |
| &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, 3.01%<sup>(e)</sup> |  | 1312096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312096 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1312096** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $160,153,023)<sup>(f)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $160,153,023)<sup>(f)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $160,153,023)<sup>(f)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**113210436** |
| &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;122019 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$113332455** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(d)</sup> Illiquid security.

<sup>(e)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **36** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Equity Impact Fund (Unaudited) <br>

------

Market review

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. Global financial markets lurched downwards from the start of 2022, with stocks under acute pressure since the turn of the year. Share prices fell heavily in January on worries that interest rates in western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility<sup>1</sup> and fears for the global economic outlook after energy and other commodity prices surged. Central banks responded to multi-decade-high inflation levels in western economies by raising interest rates in an increasingly aggressive fashion.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock markets, amid hopes that a slowing global economy will enable central banks to reverse recent interest rate hikes next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock markets, as central banks continued to battle high inflation with rate increases. Global share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

#### Fund performance review
The abrdn Global Equity Impact Fund (Institutional Class shares, net of fees)returned -28.99% for the 12-month reporting period ended October 31, 2022, versus the -19.96% return of its benchmark, the MSCI AC World Index (Net Dividends), during the same period.

In terms of individual stock detractors, eco-friendly printer manufacturer Kornit Digital's results were ahead of expectations. However, its revenue outlook was taken negatively given near-term macroeconomic headwinds and the decline in consumable demand (for inks) from non-strategic customers. Nonetheless, the company remains well-positioned to benefit from disrupting the fashion industry. Its digital waterless printing technology eliminates water from the printing process and enables 'just in time' printing, removing the need to hold excess inventory. Growth from e-commerce, and increasing garment personalization, should drive continued demand for Kornit's products and provide confidence for the long term. China-based pharmaceutical research outsourcing business WuXi Biologics' share price fell due to weak sentiment towards sector peers after President Biden launched a national biotechnology and biomanufacturing initiative through an executive order. WuXi continues to deliver stellar results, which underpins confidence in the company's execution, and it should further benefit from demand for biomedical research and development globally. Another negative for Fund performance was not owning technology company Apple, a large benchmark constituent that performed relatively well over the period but does not meet the Fund's impact criteria.

On the positive side, UnitedHealth Group, the U.S.-listed health insurance company, posted strong results; the rise in utilization and costs that many feared due to the reduction in COVID-19 cases and, therefore, the return to somewhat normal healthcare procedures, did not materialize. While we do expect a return to a more normalized cost base at some stage in the future, we continue to see UnitedHealth Group as well-positioned to drive more value-based initiatives through its Optum division. UK-based pharmaceutical company AstraZeneca enhanced the strength of its pipeline with a number of positive data points, most notably Lynparza (a breast cancer drug). Investors are also getting more comfortable with the large Alexion deal it announced last year.

In terms of activity, we initiated a new holding in SSE, the UK-based utility. SSE sits in the energy pillar, with the company being a leader in the provision of affordable and clean-energy generation and infrastructure. This position is a key driver of the investment case, with the business well-positioned for the energy transition. Network assets should benefit from the additional investment required for net-zero commitments, and the company is well placed given its renewable development portfolio. We also initiated a position in Clicks Group, the South African retail pharmacy operator. A positive meeting with management confirmed to us the business' competitive advantage over its peers, with the company's higher-quality service levels and further footprint opportunities expanding its moat.<sup>2</sup> Clicks sits within our health and social care pillar, with a focus on educating pharmacies, which are undersupplied in South Africa and play a vital role in expanding access to healthcare. Another new holding was Analog Devices, a leading developer of semiconductors. We see scope for margin expansion and an improving cash return as the company absorbs the recent Maxim acquisition. We also initiated a position in Darling Ingredients, the industry leader in the production of renewable diesel, with best-in-class margins. Darling sits within the sustainable energy pillar for the renewable diesel operations, though its rendering business is also complimentary with the circular economy<sup>3</sup> pillar. The company controls 15% of the world's waste fats and greases and has exposure to complimentary specialty ingredients, selling key products across the healthcare, food, pet food, and energy additive segments. There are opportunities for further capital allocation in rendering, while the company is also paying down debt. There is a strong demand environment for renewable diesel, with the company's sites close to fully committed.

We sold our position in Autodesk, as the company has cut guidance and struggled with cyclical end-markets. We are concerned that consensus free cash flow forecasts out to 2024 remain too high, as the transition from three-year contracts to annual contracts has not been well explained by the management team. We also sold our position in Azure, the Indian renewables business, after a delay to the publication of its financial results and confirmation at our meeting that the business lacks an expected time of delivery for them. We view Azure's

{foots1}

1 If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

2 A competitive advantage that a company has over its peers in the same industry.

{foots1}

3 An economy in which products and materials are continuously reused in order to minimize waste.

---

| | |
|:---|:---|
| 2022 Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Equity Impact Fund (Unaudited) (continued)<br>

------

governance and oversight as a key risk to both the company's financial performance and its delivery of positive impact. In addition, we sold our holding in Umicore, the Belgian recycling and electric vehicle (EV) supply chain business, due to a lack of confidence in management's capital expenditure plan and the company's ability to innovate in the right areas. While we like the pillar alignment to our circular economy theme, we fear there are risks to earnings in both the recycling business and the EV battery materials business. We also sold our position in Countryside. We lost confidence in management after an extremely poor meeting with the chairman, who fired the CEO and admitted the company had no idea why performance had suffered through the end of 2021. Countryside continues to focus on low-income and affordable housing. However, the company's governance and execution of its strategy calls into question our previous view on how strong Countryside's ESG risk management is, so we sold the position.

#### Outlook
Global capital markets continue to face numerous headwinds. As consumers' disposable incomes increasingly come under pressure from higher inflation, negative real incomes and the cost-of-living crisis, the outlook for global economic growth has, arguably, become very opaque. Whether central banks worldwide successfully manage the trade-off between rising inflation and slowing growth remains a critical factor. The current trajectory seems to suggest not "if" recessions will occur, but when and how deep. Other risks include enormous debt burdens in a world of rising interest rates, unsustainable trade and current account deficits, and the ongoing conflict in Ukraine. Against such a challenging backdrop, the portfolio will remain diversified, defensive and focused on businesses best positioned to manage financial pressures through to times of greater market stability. Periods of market weakness represent an opportunity for the long-term investor. We reiterate the importance of a diversified portfolio, with a 'bottom-up' investment approach focused on quality characteristics.

#### Portfolio Management:
Global Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the**

#### performance shown above, please call 866-667-9231 or go to https://www.abrdn.com/en-us/us/investor/fund-centre.
Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The risks that apply to foreign investments 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.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

In implementing the Fund's impact investment strategy, the Adviser may select or exclude securities of issuers in certain industries, sectors, regions or countries for reasons other than the issuer's investment performance. For this reason, the Fund's impact strategy could cause it to perform differently compared to funds that do not have such strategy. The Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that the Adviser's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **38** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Equity Impact Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)<sup>2</sup>** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(29.14%) | &nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;4.38% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(32.72%) | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(28.99%) | &nbsp;&nbsp;&nbsp;&nbsp;3.71% | &nbsp;&nbsp;&nbsp;&nbsp;4.64% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to December 3, 2021 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | Performance shown for periods after February 1, 2017 reflect the Fund's receipt of payment from some European jurisdictions related to prior years in accordance with European Union law under Article 63 of the Treaty on the Functioning of the European Union (the "Article 63 EU Tax Reclaims"). The receipt of these extraordinary payments and accrual of anticipated payments increased the Fund's performance for all periods that include February 2017, October 2017, August 2018, February 2019, September 2019, June 2022, and October 2022 in a manner that may not recur in the future, and the Fund's performance was significantly higher than it would have been absent receipt of the Article 63 EU Tax Reclaims. At the time of receipt or accrual of the income and related taxes, including any adjustment in taxes previously estimated for similar payments, those payments and accruals resulted in an increase in net assets of approximately 3.1%, 0.3%, 0.9%, and 2.6%, in 2017, 2018, 2019, and 2022, respectively. Past returns would have been higher had the Fund not originally paid the withholding taxes that relate to the EU reclaims that are now being returned. There can be no assurance that the Fund will receive additional Article 63 EU Tax Reclaim payments or maintain this level of performance in the future. |
| 3 | A 5.75% front-end sales charge was deducted. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](img163310a67.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn Global Equity Impact Fund, Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended

October 31, 2022. Unlike the Fund's returns, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.

The MSCI ACWI is an unmanaged index considered representative of developed and emerging market stock markets.

The MSCI ACWI Index, MSCI's flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **39** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Equity Impact Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.2% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;19.6% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Samsung SDI Co. Ltd. | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Novo Nordisk AS | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Prologis, Inc., REIT | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;3.2% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;43.9% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **40** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Global Equity Impact Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.2%** | &nbsp;&nbsp;**COMMON STOCKS—98.2%** | &nbsp;&nbsp;**COMMON STOCKS—98.2%** |  |
| &nbsp;&nbsp;**AUSTRALIA—2.2%** | &nbsp;&nbsp;**AUSTRALIA—2.2%** | &nbsp;&nbsp;**AUSTRALIA—2.2%** | &nbsp;&nbsp;**AUSTRALIA—2.2%** |
| &nbsp;&nbsp;**Real Estate—2.2%** |  |  |  |
| &nbsp;&nbsp;Goodman Group, REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;95132 | &nbsp;&nbsp;$1035103 |
| &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;Banco Bradesco SA |  | &nbsp;&nbsp;&nbsp;&nbsp;235155 | &nbsp;&nbsp;&nbsp;&nbsp; 757522 |
| &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** |
| &nbsp;&nbsp;**Health Care—1.4%** |  |  |  |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;145500 | &nbsp;&nbsp;&nbsp;&nbsp; 654698 |
| &nbsp;&nbsp;**DENMARK—6.0%** | &nbsp;&nbsp;**DENMARK—6.0%** | &nbsp;&nbsp;**DENMARK—6.0%** | &nbsp;&nbsp;**DENMARK—6.0%** |
| &nbsp;&nbsp;**Health Care—4.3%** |  |  |  |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;18268 | &nbsp;&nbsp;&nbsp;&nbsp; 1986302 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Vestas Wind Systems AS |  | &nbsp;&nbsp;&nbsp;&nbsp;20715 | &nbsp;&nbsp;&nbsp;&nbsp; 408369 |
| &nbsp;&nbsp;**Utilities—0.8%** |  |  |  |
| &nbsp;&nbsp;Orsted AS<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp; 397183 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2791854** |
| &nbsp;&nbsp;**FRANCE—6.7%** | &nbsp;&nbsp;**FRANCE—6.7%** | &nbsp;&nbsp;**FRANCE—6.7%** | &nbsp;&nbsp;**FRANCE—6.7%** |
| &nbsp;&nbsp;**Financials—2.6%** |  |  |  |
| &nbsp;&nbsp;AXA SA |  | &nbsp;&nbsp;&nbsp;&nbsp;47936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183774 |
| &nbsp;&nbsp;**Industrials—4.1%** |  |  |  |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;15017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898994 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;**3082768** |
| &nbsp;&nbsp;**HONG KONG—3.3%** | &nbsp;&nbsp;**HONG KONG—3.3%** | &nbsp;&nbsp;**HONG KONG—3.3%** | &nbsp;&nbsp;**HONG KONG—3.3%** |
| &nbsp;&nbsp;**Financials—3.3%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;204300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547530 |
| &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** |
| &nbsp;&nbsp;**Financials—4.2%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;64910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940886 |
| &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** |
| &nbsp;&nbsp;**Financials—2.5%** |  |  |  |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 3928695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172060 |
| &nbsp;&nbsp;**Utilities—1.4%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;112100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651301 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1823361** |
| &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Kornit Digital Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514974 |
| &nbsp;&nbsp;**KENYA—1.8%** | &nbsp;&nbsp;**KENYA—1.8%** | &nbsp;&nbsp;**KENYA—1.8%** | &nbsp;&nbsp;**KENYA—1.8%** |
| &nbsp;&nbsp;**Communication Services—1.8%** |  |  |  |
| &nbsp;&nbsp;Safaricom PLC |  | 4104241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843847 |
| &nbsp;&nbsp;**MEXICO—1.9%** | &nbsp;&nbsp;**MEXICO—1.9%** | &nbsp;&nbsp;**MEXICO—1.9%** | &nbsp;&nbsp;**MEXICO—1.9%** |
| &nbsp;&nbsp;**Financials—1.9%** |  |  |  |
| &nbsp;&nbsp;Gentera SAB de CV |  | &nbsp;&nbsp;849057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870784 |
| &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** | &nbsp;&nbsp;**NETHERLANDS—3.2%** |
| &nbsp;&nbsp;**Information Technology—2.1%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979453 |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Koninklijke DSM NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485813 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;**1465266** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.5%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.5%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.5%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.5%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Kingspan Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13726 | &nbsp;&nbsp;$692019 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.1%** | &nbsp;&nbsp;**SOUTH AFRICA—1.1%** | &nbsp;&nbsp;**SOUTH AFRICA—1.1%** | &nbsp;&nbsp;**SOUTH AFRICA—1.1%** |
| &nbsp;&nbsp;**Consumer Staples—1.1%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 503253 |
| &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** |
| &nbsp;&nbsp;**Information Technology—5.3%** |  |  |  |
| &nbsp;&nbsp;Samsung SDI Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | &nbsp;&nbsp;&nbsp;&nbsp; 2428928 |
| &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Voltronic Power Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;13610 | &nbsp;&nbsp;&nbsp;&nbsp; 551805 |
| &nbsp;&nbsp;**UNITED KINGDOM—7.9%** | &nbsp;&nbsp;**UNITED KINGDOM—7.9%** | &nbsp;&nbsp;**UNITED KINGDOM—7.9%** | &nbsp;&nbsp;**UNITED KINGDOM—7.9%** |
| &nbsp;&nbsp;**Health Care—4.2%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;16673 | &nbsp;&nbsp;&nbsp;&nbsp; 1956278 |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;RELX PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;46603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251779 |
| &nbsp;&nbsp;**Utilities—1.0%** |  |  |  |
| &nbsp;&nbsp;SSE PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;24801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443216 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3651273** |
| &nbsp;&nbsp;**UNITED STATES—43.9%** | &nbsp;&nbsp;**UNITED STATES—43.9%** | &nbsp;&nbsp;**UNITED STATES—43.9%** | &nbsp;&nbsp;**UNITED STATES—43.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;Coursera, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660419 |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771537 |
| &nbsp;&nbsp;**Financials—3.5%** |  |  |  |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;34901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948609 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;20164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654725 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603334 |
| &nbsp;&nbsp;**Health Care—12.0%** |  |  |  |
| &nbsp;&nbsp;GSK PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;49149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805114 |
| &nbsp;&nbsp;Insulet Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971314 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;14607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478228 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318306 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572962 |
| &nbsp;&nbsp;**Industrials—8.6%** |  |  |  |
| &nbsp;&nbsp;Johnson Controls International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;18589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075188 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;29211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675066 |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;16025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264012 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014266 |
| &nbsp;&nbsp;**Information Technology—2.4%** |  |  |  |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117000 |
| &nbsp;&nbsp;**Materials—2.4%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;16088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103476 |
| &nbsp;&nbsp;**Real Estate—9.4%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103494 |
| &nbsp;&nbsp;Equinix, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353225 |
| &nbsp;&nbsp;Prologis, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;17342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377346 |
| &nbsp;&nbsp;**Utilities—2.5%** |  |  |  |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;14766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144365 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**20364705** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**45520576** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **41** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Global Equity Impact Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &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, 3.01%<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;161466 | &nbsp;&nbsp;$161466 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161466** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $45,600,870)<sup>(d)</sup>—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $45,600,870)<sup>(d)</sup>—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $45,600,870)<sup>(d)</sup>—98.5%** | &nbsp;&nbsp;&nbsp;**45682042** |
| &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;&nbsp;688254 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$46370296** |

---

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **42** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Infrastructure Fund (Unaudited) <br>

------

Market review

Global equities suffered a miserable 12-month period that has left most global indices in bear market territory (i.e., greater than a 20% fall). Despite the decline in infrastructure stocks, the infrastructure sector has outperformed broader global indices and the U.S. stock market over the past year.

Initially, optimism largely dominated the global equity markets in the final quarter of 2021. Boosted by vaccine rollouts across more advanced economies, stimulative government policies and strong company results, developed markets rallied in the final weeks of 2021 and in early 2022. However, market sentiment turned south as January progressed. The confidence surrounding the reopening of the global economy after the pandemic was soon replaced by acute worries over soaring prices around the world. Inflation was initially stoked by labor shortages, supply-chain issues and resurgent post-pandemic demand. These pressures were made much worse by Russia's invasion of Ukraine in February. Energy and mining shares have benefited from high commodity prices, particularly after the outbreak of war in Eastern Europe. Nonetheless, due to the conflict and resulting sanctions against Russia, energy and food prices increased, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by increasing interest rates, which meant headwinds for stock prices.

There was a major sell-off in equity markets in June 2022. This decline was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets as investors contemplated how a slowing global economy would enable central banks to reverse course on interest rate increases next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. Adding to the global unease was domestic political and financial turmoil in the U.K. as well as COVID-related lockdowns in China. Thus, September brought another major sell-off in global stock and bond markets, while central banks continued to battle high inflation with rate increases. As a result, the third quarter of 2022 proved to be a particularly challenging period.

Yet, global equities mostly rose in October, rebounding from falls earlier in the year. The U.S. was one of the top-performing markets, with the Dow Jones Industrial Average<sup>1</sup>posting its best monthly gain since 1987, having risen for four consecutive weeks. However, weak corporate results from major technology companies indicated a slowing economic landscape. In the third quarter, U.S. real gross domestic product (GDP) increased at an annual rate of 2.6%<sup>2</sup>, after posting slightly negative growth rates for the first two quarters of the year. Given the expectation for a global recession, markets have been pricing in significant declines in earnings and cash flow growth.

Finally, the strength in the U.S. dollar has meant more pressure for many U.S. corporations. Over the reporting period, the U.S. dollar index has gone up by around 15%. Due to currency translation effects, non-U.S. revenues and profits are negatively affected as well.

In terms of listed infrastructure stocks, the past 12 months have also been volatile. In November 2021, U.S. President Joe Biden signed the bipartisan Infrastructure Deal into law. The $1 trillion plan will see the U.S. invest in utilities, transportation, and telecommunications. Therefore, in the final weeks of 2021, many infrastructure stocks benefitted from the tailwinds of the new spending program. But, in 2022, as a result of rising interest rates and the volatility<sup>3</sup> in energy prices, investors chose to de-risk their portfolios and moved out of infrastructure shares as well. Given the expectation for a global recession, markets have been pricing in significant declines in earnings and cash flow growth. Finally, the strength in the U.S. dollar has meant more pressure for many U.S. corporations. In the past 12 months, the U.S. dollar index has gone up by around 16%. Due to currency translation effects, non-U.S. revenues and profits are affected negatively as well.

#### Fund performance review
The abrdn Global Infrastructure Fund (Institutional Class shares, net of fees) returned -10.78% for the 12-month period ended October 31, 2022, versus the -19.96% return of its primary benchmark, the Morgan Stanley Capital International (MSCI) All Country (AC) World Index (Net Dividends), and the -5.43% return of its secondary benchmark, the S&P Global Infrastructure Index (Net Dividends), during the same period.

During the reporting period, infrastructure sector returns have reflected the developments in the global markets overall. The benchmark S&P Global Infrastructure Index gives exposure to three main infrastructure segments: energy, transportation and utilities. The Fund concentrates primarily on utilities, transportation, telecommunications, energy and real estate. In the past year, the Fund's energy holdings contributed positively to performance. Nonetheless, an underweight<sup>4</sup> allocation to the energy sector (relative to the S&P Global Infrastructure Index) weighed on Fund performance for the reporting period. Meanwhile, holdings in communication services and real estate detracted from returns.

At a stock level, the Fund's positions in two Brazilian companies, namely CCR SA, which provides urban mobility infrastructure services, and Rumo SA, which offers logistics services, contributed positively. CCR SA benefited from increasing traffic on its roads as mobility restrictions in Brazil are easing. In addition, significant shareholder Andrade Gutierrez agreed to sell their stake in the company to Itausa and Votorantim; investors generally viewed this as a positive change of ownership. Rumo's transported volumes increased during the

{foots1}

1 The Dow Jones Industrial Average is an unmanaged index that tracks 30 blue-chip US Stocks. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

2 Data was released by the Bureau of Economic Analysis (https://www.bea.gov/news/2022/gross-domestic-product-third-quarter-2022-advance-estimate).

{foots1}

3 If the price of a fund or asset moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

4 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

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|:---|:---|
| 2022 Annual Report | **43** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Infrastructure Fund (Unaudited) (continued)<br>

------

reporting period due to a stronger harvest, specifically a record corn crop. In addition, as diesel prices increased during the period, rail had a competitive advantage versus truckers. Meanwhile, an underweight position in Aena, a leading airport operator, relative to the secondary benchmark, the S&P Global Infrastructure Index, benefited performance. Despite traffic and subsequent revenue rebounding throughout the year, rising energy prices and wage inflation caused operating margins to disappoint market expectations.

On the other hand, the Fund's overweight<sup>5</sup> position in the Spain-based wireless telecommunications infrastructure company Cellnex Telecom detracted from returns. Shares underperformed during the reporting period amid investors' worries about rising bond yields, regulatory concerns over future tower consolidation, and headwinds from possible consolidation in the European telecom sector. The lack of exposure to Cheniere Energy weighed on relative performance as well. The company's shares rallied after Russia invaded Ukraine, as it is the leading exporter of LNG in the U.S. Cheniere Energy reported very strong earnings throughout the year as they have benefited from high LNG prices. In addition, management announced a new capital allocation plan that included buying back $4 billion of shares over three years and expanding their Corpus Christi liquefaction plant. Finally, shares of Dish Network underperformed after the company posted relatively disappointing third-quarter results and delayed the launch of its 5G service in Las Vegas.

#### Outlook
Given the tightening policy backdrop and inflationary challenges coupled with the implications of the conflict in Ukraine, investor worries over a global recession are increasing. Therefore, long-term growth in earnings is still not going to be easy to come by. This was already an issue for many companies entering a post-COVID-19 world, now exacerbated by the events in Ukraine. Without a clear Fed pivot away from contractionary monetary policy, slower economic growth, as well as other uncertainties, are likely to keep U.S. and global stocks under pressure.

#### Portfolio Management:
Global Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

#### The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end
**sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The Fund is subject to the risk of concentrating investments in infrastructure-related companies, which makes it more susceptible to factors adversely affecting issuers within that industry than would a fund investing in a more diversified portfolio of securities. These risks include high interest costs in connection with capital construction programs and the costs associated with environmental and other regulations.

The risks that apply to foreign investments 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.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

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| | |
|:---|:---|
| 5 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

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|:---|:---|
| **44** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Infrastructure Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(11.04%) | &nbsp;&nbsp;&nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;&nbsp;6.79% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(16.17%) | &nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;6.16% |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.78%) | &nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;7.06% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img5d46445f8.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Global Infrastructure Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net Dividends), S&P Global Infrastructure Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

The MSCI ACWI Index, MSCI's flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

S&P Global Infrastructure Index is a total return index that is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. Net Total Return (NTR) indexes include reinvestments of all dividends minus taxes.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

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|:---|:---|
| 2022 Annual Report | **45** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Global Infrastructure Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;38.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Infrastructure* | &nbsp;&nbsp;&nbsp;*16.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Road & Rail* | &nbsp;&nbsp;&nbsp;*10.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction & Engineering* | &nbsp;&nbsp;&nbsp;&nbsp;*9.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services & Supplies* | &nbsp;&nbsp;&nbsp;&nbsp;*2.3%* |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Independent Power Producers & Energy Traders* | &nbsp;&nbsp;&nbsp;*10.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Multi-Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;*9.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities* | &nbsp;&nbsp;&nbsp;&nbsp;*9.3%* |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.8% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Canadian Pacific Railway Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;RWE AG | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Ferrovial SA | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;CCR SA | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Engie SA | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;2.5% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;34.3% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
|  | &nbsp;&nbsp;100.0% |

---

Amounts listed as "–" are 0% or round to 0%.

---

| | |
|:---|:---|
| **46** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Global Infrastructure Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** |  |
| &nbsp;&nbsp;**ARGENTINA—2.5%** | &nbsp;&nbsp;**ARGENTINA—2.5%** | &nbsp;&nbsp;**ARGENTINA—2.5%** | &nbsp;&nbsp;**ARGENTINA—2.5%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;90300 | &nbsp;&nbsp;$709758 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;66800 | &nbsp;&nbsp;&nbsp;&nbsp; 450232 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1159990** |
| &nbsp;&nbsp;**BRAZIL—6.2%** | &nbsp;&nbsp;**BRAZIL—6.2%** | &nbsp;&nbsp;**BRAZIL—6.2%** | &nbsp;&nbsp;**BRAZIL—6.2%** |
| &nbsp;&nbsp;**Industrials—4.9%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | &nbsp;&nbsp;&nbsp;&nbsp;511400 | &nbsp;&nbsp;&nbsp;&nbsp; 1283079 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;237100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016241 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299320 |
| &nbsp;&nbsp;**Utilities—1.3%** |  |  |  |
| &nbsp;&nbsp;Omega Energia SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;294907 | &nbsp;&nbsp;&nbsp;&nbsp; 613736 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2913056** |
| &nbsp;&nbsp;**CANADA—6.2%** | &nbsp;&nbsp;**CANADA—6.2%** | &nbsp;&nbsp;**CANADA—6.2%** | &nbsp;&nbsp;**CANADA—6.2%** |
| &nbsp;&nbsp;**Energy—3.1%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 1441597 |
| &nbsp;&nbsp;**Industrials—3.1%** |  |  |  |
| &nbsp;&nbsp;Canadian Pacific Railway Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467453 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2909050** |
| &nbsp;&nbsp;**CHINA—1.0%** | &nbsp;&nbsp;**CHINA—1.0%** | &nbsp;&nbsp;**CHINA—1.0%** | &nbsp;&nbsp;**CHINA—1.0%** |
| &nbsp;&nbsp;**Industrials—0.8%** |  |  |  |
| &nbsp;&nbsp;COSCO SHIPPING Ports Ltd. |  | &nbsp;&nbsp;&nbsp;733775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361855 |
| &nbsp;&nbsp;**Information Technology—0.2%** |  |  |  |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89752 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**451607** |
| &nbsp;&nbsp;**COLOMBIA—0.7%** | &nbsp;&nbsp;**COLOMBIA—0.7%** | &nbsp;&nbsp;**COLOMBIA—0.7%** | &nbsp;&nbsp;**COLOMBIA—0.7%** |
| &nbsp;&nbsp;**Communication Services—0.7%** |  |  |  |
| &nbsp;&nbsp;Millicom International Cellular SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;29410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319199 |
| &nbsp;&nbsp;**FRANCE—10.4%** | &nbsp;&nbsp;**FRANCE—10.4%** | &nbsp;&nbsp;**FRANCE—10.4%** | &nbsp;&nbsp;**FRANCE—10.4%** |
| &nbsp;&nbsp;**Industrials—5.9%** |  |  |  |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994639 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595001 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804528 |
| &nbsp;&nbsp;**Utilities—4.5%** |  |  |  |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209681 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102321 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;**4906849** |
| &nbsp;&nbsp;**GERMANY—5.2%** | &nbsp;&nbsp;**GERMANY—5.2%** | &nbsp;&nbsp;**GERMANY—5.2%** | &nbsp;&nbsp;**GERMANY—5.2%** |
| &nbsp;&nbsp;**Communication Services—1.3%** |  |  |  |
| &nbsp;&nbsp;Vantage Towers AG |  | &nbsp;&nbsp;&nbsp;&nbsp;21845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614380 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419935 |
| &nbsp;&nbsp;**Utilities—3.0%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424320 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2458635** |
| &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk PT |  | 5845200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432688 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**ITALY—5.5%** | &nbsp;&nbsp;**ITALY—5.5%** | &nbsp;&nbsp;**ITALY—5.5%** | &nbsp;&nbsp;**ITALY—5.5%** |
| &nbsp;&nbsp;**Communication Services—1.7%** |  |  |  |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;92200 | &nbsp;&nbsp;$813772 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Atlantia SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 401535 |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Buzzi Unicem SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp; 517820 |
| &nbsp;&nbsp;**Utilities—1.8%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;191200 | &nbsp;&nbsp;&nbsp;&nbsp; 854157 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2587284** |
| &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** |
| &nbsp;&nbsp;**Industrials—0.7%** |  |  |  |
| &nbsp;&nbsp;East Japan Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 325041 |
| &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;SES SA |  | &nbsp;&nbsp;&nbsp;&nbsp;74100 | &nbsp;&nbsp;&nbsp;&nbsp; 525587 |
| &nbsp;&nbsp;**MALAYSIA—1.5%** | &nbsp;&nbsp;**MALAYSIA—1.5%** | &nbsp;&nbsp;**MALAYSIA—1.5%** | &nbsp;&nbsp;**MALAYSIA—1.5%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Malaysia Airports Holdings Bhd<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;550100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695528 |
| &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;70900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565396 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290549 |
| &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Telenor ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420768 |
| &nbsp;&nbsp;**PHILIPPINES—2.0%** | &nbsp;&nbsp;**PHILIPPINES—2.0%** | &nbsp;&nbsp;**PHILIPPINES—2.0%** | &nbsp;&nbsp;**PHILIPPINES—2.0%** |
| &nbsp;&nbsp;**Industrials—2.0%** |  |  |  |
| &nbsp;&nbsp;International Container Terminal Services, Inc. |  | &nbsp;&nbsp;&nbsp;318200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953858 |
| &nbsp;&nbsp;**SPAIN—9.6%** | &nbsp;&nbsp;**SPAIN—9.6%** | &nbsp;&nbsp;**SPAIN—9.6%** | &nbsp;&nbsp;**SPAIN—9.6%** |
| &nbsp;&nbsp;**Communication Services—2.4%** |  |  |  |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152104 |
| &nbsp;&nbsp;**Industrials—5.1%** |  |  |  |
| &nbsp;&nbsp;Aena SME SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987264 |
| &nbsp;&nbsp;Ferrovial SA |  | &nbsp;&nbsp;&nbsp;&nbsp;56791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387879 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375143 |
| &nbsp;&nbsp;**Utilities—2.1%** |  |  |  |
| &nbsp;&nbsp;EDP Renovaveis SA |  | &nbsp;&nbsp;&nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995309 |
| &nbsp;&nbsp;**Total Spain** | &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;**4522556** |
| &nbsp;&nbsp;**TANZANIA—1.6%** | &nbsp;&nbsp;**TANZANIA—1.6%** | &nbsp;&nbsp;**TANZANIA—1.6%** | &nbsp;&nbsp;**TANZANIA—1.6%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> |  | &nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754316 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.4%** | &nbsp;&nbsp;**UNITED KINGDOM—5.4%** | &nbsp;&nbsp;**UNITED KINGDOM—5.4%** | &nbsp;&nbsp;**UNITED KINGDOM—5.4%** |
| &nbsp;&nbsp;**Communication Services—1.8%** |  |  |  |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247755 |
| &nbsp;&nbsp;Vodafone Group PLC |  | &nbsp;&nbsp;502900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587086 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834841 |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;National Express Group PLC<sup>(a)</sup> |  | &nbsp;&nbsp;295500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572830 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **47** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Global Infrastructure Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Utilities—2.4%** |  |  |  |
| &nbsp;&nbsp;National Grid PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;$611744 |
| &nbsp;&nbsp;SSE PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;28900 | &nbsp;&nbsp;&nbsp;&nbsp; 516468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128212 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2535883** |
| &nbsp;&nbsp;**UNITED STATES—34.3%** | &nbsp;&nbsp;**UNITED STATES—34.3%** | &nbsp;&nbsp;**UNITED STATES—34.3%** | &nbsp;&nbsp;**UNITED STATES—34.3%** |
| &nbsp;&nbsp;**Communication Services—1.4%** |  |  |  |
| &nbsp;&nbsp;DISH Network Corp., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 226632 |
| &nbsp;&nbsp;Verizon Communications, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411070 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637702 |
| &nbsp;&nbsp;**Energy—6.8%** |  |  |  |
| &nbsp;&nbsp;Kinder Morgan, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;91700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661605 |
| &nbsp;&nbsp;Williams Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538310 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199915 |
| &nbsp;&nbsp;**Industrials—7.1%** |  |  |  |
| &nbsp;&nbsp;CoreCivic, Inc., REIT<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp; 324570 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638172 |
| &nbsp;&nbsp;Norfolk Southern Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775438 |
| &nbsp;&nbsp;Union Pacific Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867416 |
| &nbsp;&nbsp;Waste Connections, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751887 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357483 |
| &nbsp;&nbsp;**Real Estate—4.1%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056669 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT, REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852864 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909533 |
| &nbsp;&nbsp;**Utilities—14.9%** |  |  |  |
| &nbsp;&nbsp;American Electric Power Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835240 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984184 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715644 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907095 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995544 |
| &nbsp;&nbsp;NextEra Energy Partners LP |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651816 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170250 |
| &nbsp;&nbsp;Vistra Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994813 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**16099446** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**46261890** |
| &nbsp;&nbsp;**RIGHTS—0.0%** | &nbsp;&nbsp;**RIGHTS—0.0%** | &nbsp;&nbsp;**RIGHTS—0.0%** |  |
| &nbsp;&nbsp;Omega Energia SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;45781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;**Total Rights** | &nbsp;&nbsp;**Total Rights** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**177** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;314397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314397 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**314397** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $43,229,281)<sup>(d)</sup>—99.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $43,229,281)<sup>(d)</sup>—99.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $43,229,281)<sup>(d)</sup>—99.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**46576464** |
| &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;418432 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$46994896** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **48** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Small Cap Fund (Unaudited) <br>

------

Market review

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. Global financial markets lurched downwards from the start of 2022, with stocks under acute pressure since the turn of the year. Share prices fell heavily in January on worries that interest rates in western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility<sup>1</sup> and fears for the global economic outlook after energy and other commodity prices surged. Central banks responded to multi-decade-high inflation levels in western economies by raising interest rates in an increasingly aggressive fashion.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock markets, amid hopes that a slowing global economy would enable central banks to reverse recent interest rate rises next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock markets, as central banks continued to battle high inflation along with interest rate increases. Global share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

#### Fund performance review
The abrdn International Small Cap Fund (Institutional Class shares, net of fees) returned -39.97% for the 12-month reporting period ended October 31, 2022, versus the -27.75% return of its benchmark, the MSCI AC World (ex-USA) Small Cap Index (Net Dividends), during the same period.

In terms of individual stock detractors, eco-friendly printer manufacturer Kornit Digital's results were ahead of expectations. However, its revenue outlook was taken negatively given near-term macroeconomic headwinds and the decline in consumable demand (for inks) from non-strategic customers. Nonetheless, the company remains on track for transforming the fashion industry. Growth from e-commerce and increasing garment personalization, as well as supply-chain improvements, provide confidence for the long term. The share price of German mortgage information platform Hypoport fell as the mortgage market in Germany slowed materially given the challenging macroeconomic backdrop. Genus, the biotechnology company focused on livestock farming and food production, was weighed down by continued low Chinese pig prices, causing producers to cut back on orders, which affected revenues and earnings. The business also has a 10% operating profit exposure to Russia.

In terms of individual stock contributors, Grupo Aeroportuario del Sureste, the Mexican airport operator, reported strong traffic growth. While the company acknowledged the current economic pressures, it is confident that pent-up demand can continue to lead to above-trend traffic growth. The Fund's holding in Pacific Basin

Shipping also added to performance. The company has benefitted from an upswing in cyclical demand as the global economy has reopened, while supply has been constrained by the need to reduce emissions. This has been positive for pricing. Indian advertising technology company Affle reported strong results, with revenue growth beating expectations.

In terms of activity, we initiated a new position in IDP Education, an Australian education business that has two business lines. It is the world's recognised leader in English language testing but also helps to place students internationally, a service that should come back into demand after the COVID-19 pandemic. We also initiated a position in WNS Holdings, an attractively valued outsourcing business that we think stands to benefit from businesses' increased efforts to digitise and become more efficient. FPT was another purchase during the period. The Vietnamese information technology outsourcing company stands to benefit from continued demand for digitization services; this will become an increasingly important part of the business mix and support improvements in the growth outlook and the multiple.<sup>2</sup>

We sold our position in Kornit Digital given slowing demand from its key customers. Two stocks that had held up well, despite our concerns around their place in the portfolio, were Abcam and Arezzo. Therefore, we took the opportunity to sell our holdings in these stocks.

#### Outlook
Global equity markets continue to face a number of headwinds, from rising inflation and tightening monetary policy<sup>3</sup> to supply-chain disruptions and high commodity prices, not to mention the ongoing impact of Russia's war with Ukraine. While COVID-19 remains present, it is hoped that the world can gradually learn to live with the virus this year. Whether central banks can successfully manage the trade-off between rising inflation and slowing growth is also key going forward.

Through all of these macroeconomic-related uncertainties, we continue to focus on 'bottom-up', fundamental research. We are finding companies with enduring competitive advantages and healthy balance sheets that are doing business sustainably, and which we believe are best positioned to manage financial pressures through to times of greater market stability. Periods of market weakness represent an opportunity for the long-term investor. We reiterate the importance of a diversified portfolio, with a 'bottom-up' investment approach focused on quality characteristics.

#### Portfolio Management:
Global Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth**

{foots1}

1 If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

2 A ratio that reflects the valuation of a target company in relation to a specific financial metric to facilitate the comparison of two different companies.

{foots1}

---

| | |
|:---|:---|
| 3 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **49** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Small Cap Fund (Unaudited) (continued)<br>

------

**more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.

The risks that apply to foreign investments 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.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **50** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Small Cap Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(40.19%) | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;4.61% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(43.63%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(40.57%) | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;3.91% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(41.12%) | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp; Class R<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(40.36%) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;4.30% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(39.97%) | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;4.96% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategy effective February 29, 2016. Performance information for periods prior to February 29, 2016 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](img30c15d2a9.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn International Small Cap Fund, Morgan Stanley Capital Index (MSCI) All Country World (ACWI) ex-USA Small Cap Index (Net

Dividends) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 4,376 constituents, the index covers approximately 14% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **51** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Small Cap Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;97.6% |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services & Supplies* | &nbsp;&nbsp;&nbsp;&nbsp;*5.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation Infrastructure* | &nbsp;&nbsp;&nbsp;&nbsp;*5.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Life Sciences Tools & Services* | &nbsp;&nbsp;&nbsp;&nbsp;*3.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Services* | &nbsp;&nbsp;&nbsp;&nbsp;*3.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction & Engineering* | &nbsp;&nbsp;&nbsp;&nbsp;*3.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment* | &nbsp;&nbsp;&nbsp;&nbsp;*2.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Trading Companies & Distributors* | &nbsp;&nbsp;&nbsp;&nbsp;*2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Life Sciences Tools & Services* | &nbsp;&nbsp;&nbsp;&nbsp;*1.5%* |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;17.4% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.7% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Jamieson Wellness, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Interparfums SA | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Affle India Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Daiseki Co Ltd | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;3.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;11.5% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;11.4% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
|  | &nbsp;&nbsp;100.0% |

---

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| | |
|:---|:---|
| **52** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn International Small Cap Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—97.6%** | &nbsp;&nbsp;**COMMON STOCKS—97.6%** | &nbsp;&nbsp;**COMMON STOCKS—97.6%** |  |
| &nbsp;&nbsp;**AUSTRALIA—6.3%** | &nbsp;&nbsp;**AUSTRALIA—6.3%** | &nbsp;&nbsp;**AUSTRALIA—6.3%** | &nbsp;&nbsp;**AUSTRALIA—6.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.6%** |  |  |  |
| &nbsp;&nbsp;IDP Education Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;239400 | &nbsp;&nbsp;$4516709 |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | 1489195 | &nbsp;&nbsp;&nbsp;&nbsp; 4824613 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;IPH Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;287300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827172 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11168494** |
| &nbsp;&nbsp;**BELGIUM—2.6%** | &nbsp;&nbsp;**BELGIUM—2.6%** | &nbsp;&nbsp;**BELGIUM—2.6%** | &nbsp;&nbsp;**BELGIUM—2.6%** |
| &nbsp;&nbsp;**Industrials—2.6%** |  |  |  |
| &nbsp;&nbsp;Azelis Group NV |  | &nbsp;&nbsp;&nbsp;&nbsp;200218 | &nbsp;&nbsp;&nbsp;&nbsp; 4582374 |
| &nbsp;&nbsp;**CANADA—6.0%** | &nbsp;&nbsp;**CANADA—6.0%** | &nbsp;&nbsp;**CANADA—6.0%** | &nbsp;&nbsp;**CANADA—6.0%** |
| &nbsp;&nbsp;**Consumer Staples—3.4%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;247521 | &nbsp;&nbsp;&nbsp;&nbsp; 6055621 |
| &nbsp;&nbsp;**Industrials—2.6%** |  |  |  |
| &nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71845 | &nbsp;&nbsp;&nbsp;&nbsp; 4693511 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10749132** |
| &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** |
| &nbsp;&nbsp;**Consumer Staples—3.3%** |  |  |  |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp;&nbsp;&nbsp;124201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987634 |
| &nbsp;&nbsp;**Energy—2.6%** |  |  |  |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578851 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10566485** |
| &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** |
| &nbsp;&nbsp;**Communication Services—3.2%** |  |  |  |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724800 |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Hypoport SE<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855834 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7580634** |
| &nbsp;&nbsp;**HONG KONG—1.5%** | &nbsp;&nbsp;**HONG KONG—1.5%** | &nbsp;&nbsp;**HONG KONG—1.5%** | &nbsp;&nbsp;**HONG KONG—1.5%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Pacific Basin Shipping Ltd. |  | 10745800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601589 |
| &nbsp;&nbsp;**INDIA—11.5%** | &nbsp;&nbsp;**INDIA—11.5%** | &nbsp;&nbsp;**INDIA—11.5%** | &nbsp;&nbsp;**INDIA—11.5%** |
| &nbsp;&nbsp;**Communication Services—3.1%** |  |  |  |
| &nbsp;&nbsp;Affle India Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5581662 |
| &nbsp;&nbsp;**Health Care—5.2%** |  |  |  |
| &nbsp;&nbsp;Sanofi India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205177 |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;654970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993488 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198665 |
| &nbsp;&nbsp;**Information Technology—3.2%** |  |  |  |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668626 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**20448953** |
| &nbsp;&nbsp;**INDONESIA—1.1%** | &nbsp;&nbsp;**INDONESIA—1.1%** | &nbsp;&nbsp;**INDONESIA—1.1%** | &nbsp;&nbsp;**INDONESIA—1.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;Ace Hardware Indonesia Tbk PT |  | 55980500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026354 |
| &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.3%** |  |  |  |
| &nbsp;&nbsp;Maytronics Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;222025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393991 |
| &nbsp;&nbsp;**Information Technology—2.2%** |  |  |  |
| &nbsp;&nbsp;Nova Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918129 |
| &nbsp;&nbsp;**Total Israel** | &nbsp;&nbsp;**Total Israel** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6312120** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**JAPAN—11.4%** | &nbsp;&nbsp;**JAPAN—11.4%** | &nbsp;&nbsp;**JAPAN—11.4%** | &nbsp;&nbsp;**JAPAN—11.4%** |
| &nbsp;&nbsp;**Industrials—11.4%** |  |  |  |
| &nbsp;&nbsp;Daiseki Co Ltd |  | &nbsp;&nbsp;&nbsp;&nbsp;177400 | &nbsp;&nbsp;$5481564 |
| &nbsp;&nbsp;Nabtesco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;225500 | &nbsp;&nbsp;&nbsp;&nbsp; 4789709 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;123400 | &nbsp;&nbsp;&nbsp;&nbsp; 5338292 |
| &nbsp;&nbsp;TechnoPro Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;&nbsp; 4807666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20417231 |
| &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** |
| &nbsp;&nbsp;**Industrials—5.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;379803 | &nbsp;&nbsp;&nbsp;&nbsp; 8913188 |
| &nbsp;&nbsp;**NETHERLANDS—1.2%** | &nbsp;&nbsp;**NETHERLANDS—1.2%** | &nbsp;&nbsp;**NETHERLANDS—1.2%** | &nbsp;&nbsp;**NETHERLANDS—1.2%** |
| &nbsp;&nbsp;**Information Technology—1.2%** |  |  |  |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167837 |
| &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** | &nbsp;&nbsp;**POLAND—2.6%** |
| &nbsp;&nbsp;**Consumer Staples—2.6%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp; 71711 | &nbsp;&nbsp;&nbsp;&nbsp; 4680742 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.6%** | &nbsp;&nbsp;**SOUTH AFRICA—1.6%** | &nbsp;&nbsp;**SOUTH AFRICA—1.6%** | &nbsp;&nbsp;**SOUTH AFRICA—1.6%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;164844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793206 |
| &nbsp;&nbsp;**SOUTH KOREA—5.1%** | &nbsp;&nbsp;**SOUTH KOREA—5.1%** | &nbsp;&nbsp;**SOUTH KOREA—5.1%** | &nbsp;&nbsp;**SOUTH KOREA—5.1%** |
| &nbsp;&nbsp;**Materials—5.1%** |  |  |  |
| &nbsp;&nbsp;Chunbo Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273038 |
| &nbsp;&nbsp;Hansol Chemical Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746140 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019178 |
| &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Hemnet Group AB |  | &nbsp;&nbsp;&nbsp;&nbsp;143785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786311 |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Nordnet AB publ |  | &nbsp;&nbsp;&nbsp;&nbsp;251835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119687 |
| &nbsp;&nbsp;**Total Sweden** | &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4905998** |
| &nbsp;&nbsp;**SWITZERLAND—2.3%** | &nbsp;&nbsp;**SWITZERLAND—2.3%** | &nbsp;&nbsp;**SWITZERLAND—2.3%** | &nbsp;&nbsp;**SWITZERLAND—2.3%** |
| &nbsp;&nbsp;**Health Care—2.3%** |  |  |  |
| &nbsp;&nbsp;SKAN Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064062 |
| &nbsp;&nbsp;**TAIWAN—6.0%** | &nbsp;&nbsp;**TAIWAN—6.0%** | &nbsp;&nbsp;**TAIWAN—6.0%** | &nbsp;&nbsp;**TAIWAN—6.0%** |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Voltronic Power Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;120500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885566 |
| &nbsp;&nbsp;**Information Technology—3.3%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;1074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863646 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10749212** |
| &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Future PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627642 |
| &nbsp;&nbsp;**Consumer Discretionary—2.5%** |  |  |  |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389618 |
| &nbsp;&nbsp;**Health Care—5.1%** |  |  |  |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;162629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888994 |
| &nbsp;&nbsp;Genus PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;146057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268592 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9157586 |
| &nbsp;&nbsp;**Information Technology—1.9%** |  |  |  |
| &nbsp;&nbsp;Endava PLC, ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381930 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18556776** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **53** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn International Small Cap Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &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—5.2%** | &nbsp;&nbsp;**UNITED STATES—5.2%** | &nbsp;&nbsp;**UNITED STATES—5.2%** | &nbsp;&nbsp;**UNITED STATES—5.2%** |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Inmode Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56878 | &nbsp;&nbsp;$1952053 |
| &nbsp;&nbsp;**Information Technology—4.1%** |  |  |  |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7372573 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9324626** |
| &nbsp;&nbsp;**VIETNAM—1.5%** | &nbsp;&nbsp;**VIETNAM—1.5%** | &nbsp;&nbsp;**VIETNAM—1.5%** | &nbsp;&nbsp;**VIETNAM—1.5%** |
| &nbsp;&nbsp;**Information Technology—1.5%** |  |  |  |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;856140 | &nbsp;&nbsp;&nbsp;&nbsp; 2605100 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**174233291** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.1%** |  |
| &nbsp;&nbsp;**GERMANY—1.1%** | &nbsp;&nbsp;**GERMANY—1.1%** | &nbsp;&nbsp;**GERMANY—1.1%** | &nbsp;&nbsp;**GERMANY—1.1%** |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81488 | &nbsp;&nbsp;&nbsp;&nbsp; 2025063 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2025063** |
| &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, 3.01%<sup>(c)</sup> |  | 1947367 | &nbsp;&nbsp;&nbsp;&nbsp; 1947367 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1947367** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $222,202,021)<sup>(d)</sup>—99.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $222,202,021)<sup>(d)</sup>—99.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $222,202,021)<sup>(d)</sup>—99.8%** | &nbsp;&nbsp;&nbsp;&nbsp;**178205721** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.2% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.2% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277447 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$178483168** |

---

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **54** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Sustainable Leaders Fund (Unaudited) <br>

------

Market review

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. Share prices fell heavily in January 2022 on worries that interest rates in Western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility<sup>1</sup> and additional fears for the global economic outlook, after energy and other commodity prices surged. Central banks responded to multi-decade-high inflation levels in Western economies by raising interest rates in an increasingly aggressive fashion.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock markets, amid hopes that a slowing global economy will enable central banks to reverse recent interest rate hikes next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock markets, as central banks continued to battle high inflation with rate increases. Global share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

#### Fund performance review
The abrdn International Sustainable Leaders Fund (Institutional Class shares, net of fees) returned -36.37% for the 12-month reporting period ended October 31, 2022, versus the -24.73% return of its benchmark, the MSCI AC World (ex-USA) Index (Net Dividends)<sup>2</sup>, during the same period.

The Fund's positioning in high-quality stocks relative to the index drove the underperformance. These were held into a rising interest rate environment, with notable underweights to the energy sector and other low-quality sectors that outperformed during the period.

In terms of individual stock detractors, eco-friendly printer manufacturer Kornit Digital's results were ahead of expectations. However, its revenue outlook was taken negatively given near-term macroeconomic headwinds and the decline in consumable demand (for inks) from non-strategic customers. China-based pharmaceutical research outsourcing business WuXi Biologics' share price fell due to weak sentiment towards sector peers after President Biden launched a national biotechnology and biomanufacturing initiative through an executive order. Outdoor sports equipment and luggage manufacturer Thule Group's share price weakened on fears that COVID-19 recovery-driven demand is unwinding, along with the threat of a recession, which would further limit customer purchasing power. Despite the company's plans to expand into two new categories, as well as its mass affluent client base and health focus, the shares de-rated sharply. We sold the position during the period.

In terms of contributors to performance, Brazilian drugstore operator Raia Drogasil reported strong results as it took advantage of drug price hikes, a more rational competitive environment and its leading market share to invest in inventories and secure better supplying terms. The company remains confident in its ability to grow the top line, both digitally as well as by expanding its store footprint. In September, Raia Drogasil announced the acquisition of eLoopz to enable it to monetize its active client base and drive greater integration of its offline and online marketing strategies. DBS, the Singaporean bank, was also accretive to performance. It is the most interest-rate-sensitive bank in the region and stands to benefit disproportionately from the rise in interest rates. South Korea-based electric vehicle battery maker Samsung SDI continued to produce strong results, leading to upgrades of analysts' earnings estimates for future periods.

In terms of activity, we added a new position in Novo Nordisk (Novo). We have greater confidence in the prospects for obesity/non-alcoholic steatohepatitis care and Novo's ability to sustain attractive top-line and earnings growth. Novo's Alzheimer's pipeline is a potential positive, while its focus on priority healthcare concerns aligns with the United Nations Sustainable Development Goals, making Novo a key solution provider of healthcare services. Another new holding was Clicks Group, the South African retail pharmacy operator. The company has a solid balance sheet and a strong track record. It also has a relatively inelastic demand profile. We also initiated a position in Bank Rakyat Indonesia (BRI), which is attractively positioned for growth within the highly profitable microfinancing industry as loan growth accelerates, costs reduce and returns expand. BRI has average internal management of key ESG factors, but we expect to see improvement as the bank improves disclosure. We will continue to engage with management on company culture after recent acquisitions, sales practices, and employee training.

We sold our position in Kornit Digital after a profit warning from the company. We see a greater downside to its near-term numbers given e-commerce weakness and delays to customer orders. With a lack of visibility for any recovery, we sold the position to reinvest in higher conviction companies. We switched Fisher & Paykel Healthcare into Resmed, a healthcare company addressing respiratory disorders, which fits into our Solutions provider category. Resmed has a good runway for growth and it has fewer issues than Fisher & Paykel Healthcare regarding bulk selling around consumables, so margin pressure should be less of an issue. Further, the company still has upside potential from the Philips recall, as well as a sizeable patient backlog over the next 18 months. We also sold Brunello Cucinelli, as the company failed our in-house socially responsible investing (SRI) measures.

{foots1}

1 If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

2 Index considered representative of developed and emerging market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

---

| | |
|:---|:---|
| 2022 Annual Report | **55** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Sustainable Leaders Fund (Unaudited) (continued)<br>

------

#### Outlook
Global equity markets continue to face a number of headwinds, from high inflation and tightening monetary policy<sup>3</sup> to supply-chain disruption and high commodity prices, not to mention the ongoing impact of Russia's war with Ukraine. While COVID-19 remains present, it is hoped that the world can gradually learn to live with the virus over time. Whether central banks can successfully manage the trade-off between rising inflation and slowing growth is also key going forward.

Through all of these macroeconomic-related uncertainties, we continue to focus on 'bottom-up', fundamental research. We are finding companies with enduring competitive advantages and healthy balance sheets that are doing business in a sustainable fashion, and which we believe are best positioned to manage financial pressures through to times of greater market stability. Periods of market weakness represent an opportunity for the long-term investor. We reiterate the importance of a diversified portfolio, with a 'bottom-up' investment approach focused on quality characteristics.

#### Portfolio Management:
Global Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to the Fund's Sustainable Leaders strategy, including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.

The risks that apply to foreign investments 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.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

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| | |
|:---|:---|
| 3 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

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| | |
|:---|:---|
| **56** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Sustainable Leaders Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)<sup>2</sup>** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(36.53%) | &nbsp;&nbsp;&nbsp;&nbsp;(2.50%) | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(39.88%) | &nbsp;&nbsp;&nbsp;&nbsp;(3.64%) | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(36.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(2.44%) | &nbsp;&nbsp;&nbsp;&nbsp;1.14% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to December 3, 2021 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | Performance shown for periods after December 16, 2016 reflect the Fund's receipt of payment from some European jurisdictions related to prior years in accordance with European Union law under Article 63 of the Treaty on the Functioning of the European Union (the "Article 63 EU Tax Reclaims"). The receipt of these extraordinary payments and accrual of anticipated payments increased the Fund's performance for all periods that include December 2016, February 2017, July 2017, October 2017, February 2019, March 2019, September 2019, June 2022, and October 2022 in a manner that may not recur in the future, and the Fund's performance was significantly higher than it would have been absent receipt of the Article 63 EU Tax Reclaims. At the time of receipt or accrual of the income and related taxes, including any adjustments to taxes previously estimated for similar payments, those payments and accruals resulted in an increase in net assets of approximately 5.4%, 2.1%, and 1.4%, in 2017, 2019, and 2022, respectively. Past returns would have been higher had the Fund not originally paid the withholding taxes that relate to the EU reclaims that are now being returned. There can be no assurance that the Fund will receive additional Article 63 EU Tax Reclaim payments or maintain this level of performance in the future. |
| 3 | A 5.75% front-end sales charge was deducted. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgae03eb9910.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn International Sustainable Leaders Fund, Morgan Stanley Capital International (MSCI) All Country World ex-USA Index (ACWI ex-USA) (Net Dividends) and the Consumer Price Index (CPI) over a

10-year period ended October 31, 2022. Unlike the Fund's returns, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.

The MSCI ACWI ex-US Index (Net Dividends) captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States (U.S.) and 24 Emerging Markets (EM) countries). With 2,271 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The MSCI ACWI ex-US Index (Net Dividends) is calculated net of withholding taxes to which the Fund is generally subject.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **57** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn International Sustainable Leaders Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;96.8% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;20.4% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Genmab AS | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Cochlear Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Novo Nordisk AS | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Koninklijke DSM NV | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;3.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **58** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn International Sustainable Leaders Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.8%** | &nbsp;&nbsp;**COMMON STOCKS—96.8%** | &nbsp;&nbsp;**COMMON STOCKS—96.8%** |  |
| &nbsp;&nbsp;**AUSTRALIA—8.9%** | &nbsp;&nbsp;**AUSTRALIA—8.9%** | &nbsp;&nbsp;**AUSTRALIA—8.9%** | &nbsp;&nbsp;**AUSTRALIA—8.9%** |
| &nbsp;&nbsp;**Financials—2.1%** |  |  |  |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;520999 | &nbsp;&nbsp;$1687904 |
| &nbsp;&nbsp;**Health Care—4.0%** |  |  |  |
| &nbsp;&nbsp;Cochlear Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;25829 | &nbsp;&nbsp;&nbsp;&nbsp; 3299490 |
| &nbsp;&nbsp;**Real Estate—2.8%** |  |  |  |
| &nbsp;&nbsp;Goodman Group, REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;208932 | &nbsp;&nbsp;&nbsp;&nbsp; 2273327 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7260721** |
| &nbsp;&nbsp;**BELGIUM—1.0%** | &nbsp;&nbsp;**BELGIUM—1.0%** | &nbsp;&nbsp;**BELGIUM—1.0%** | &nbsp;&nbsp;**BELGIUM—1.0%** |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Azelis Group NV |  | &nbsp;&nbsp;&nbsp;&nbsp;35310 | &nbsp;&nbsp;&nbsp;&nbsp; 808137 |
| &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.5%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1262268 |
| &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;99316 | &nbsp;&nbsp;&nbsp;&nbsp; 994363 |
| &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** |
| &nbsp;&nbsp;**Health Care—1.8%** |  |  |  |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;323500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455636 |
| &nbsp;&nbsp;**DENMARK—12.1%** | &nbsp;&nbsp;**DENMARK—12.1%** | &nbsp;&nbsp;**DENMARK—12.1%** | &nbsp;&nbsp;**DENMARK—12.1%** |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;Tryg A/S |  | &nbsp;&nbsp;&nbsp;103128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230580 |
| &nbsp;&nbsp;**Health Care—7.6%** |  |  |  |
| &nbsp;&nbsp;Genmab AS<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437592 |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;25209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741006 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178598 |
| &nbsp;&nbsp;**Utilities—1.8%** |  |  |  |
| &nbsp;&nbsp;Orsted AS<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478833 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9888011** |
| &nbsp;&nbsp;**FRANCE—8.3%** | &nbsp;&nbsp;**FRANCE—8.3%** | &nbsp;&nbsp;**FRANCE—8.3%** | &nbsp;&nbsp;**FRANCE—8.3%** |
| &nbsp;&nbsp;**Consumer Staples—3.6%** |  |  |  |
| &nbsp;&nbsp;L'Oreal SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945673 |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;17702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238529 |
| &nbsp;&nbsp;**Information Technology—2.0%** |  |  |  |
| &nbsp;&nbsp;Dassault Systemes SE |  | &nbsp;&nbsp;&nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585438 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;**6769640** |
| &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** |
| &nbsp;&nbsp;**Materials—2.8%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313390 |
| &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** |
| &nbsp;&nbsp;**Financials—3.6%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;386800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929929 |
| &nbsp;&nbsp;**INDIA—5.5%** | &nbsp;&nbsp;**INDIA—5.5%** | &nbsp;&nbsp;**INDIA—5.5%** | &nbsp;&nbsp;**INDIA—5.5%** |
| &nbsp;&nbsp;**Financials—3.9%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;107323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209085 |
| &nbsp;&nbsp;**Materials—1.6%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284991 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**4494076** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**INDONESIA—1.5%** | &nbsp;&nbsp;**INDONESIA—1.5%** | &nbsp;&nbsp;**INDONESIA—1.5%** | &nbsp;&nbsp;**INDONESIA—1.5%** |
| &nbsp;&nbsp;**Financials—1.5%** |  |  |  |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 4085800 | &nbsp;&nbsp;$1218929 |
| &nbsp;&nbsp;**JAPAN—8.5%** | &nbsp;&nbsp;**JAPAN—8.5%** | &nbsp;&nbsp;**JAPAN—8.5%** | &nbsp;&nbsp;**JAPAN—8.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.9%** |  |  |  |
| &nbsp;&nbsp;Sony Group Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 1564483 |
| &nbsp;&nbsp;**Health Care—2.5%** |  |  |  |
| &nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;89600 | &nbsp;&nbsp;&nbsp;&nbsp; 2076198 |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp; 1206956 |
| &nbsp;&nbsp;**Information Technology—2.6%** |  |  |  |
| &nbsp;&nbsp;Keyence Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 2149271 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;**6996908** |
| &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** |
| &nbsp;&nbsp;**Financials—0.0%** |  |  |  |
| &nbsp;&nbsp;AS Parex Banka<sup>(a)(c)(d)</sup> |  | 1424182 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**NETHERLANDS—7.5%** | &nbsp;&nbsp;**NETHERLANDS—7.5%** | &nbsp;&nbsp;**NETHERLANDS—7.5%** | &nbsp;&nbsp;**NETHERLANDS—7.5%** |
| &nbsp;&nbsp;**Information Technology—4.5%** |  |  |  |
| &nbsp;&nbsp;Adyen NV<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618897 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119802 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738699 |
| &nbsp;&nbsp;**Materials—3.0%** |  |  |  |
| &nbsp;&nbsp;Koninklijke DSM NV |  | &nbsp;&nbsp;&nbsp;&nbsp;20854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453063 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6191762** |
| &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** |
| &nbsp;&nbsp;**Information Technology—1.4%** |  |  |  |
| &nbsp;&nbsp;Xero Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;23080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146122 |
| &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** |
| &nbsp;&nbsp;**Consumer Staples—1.4%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174902 |
| &nbsp;&nbsp;**SINGAPORE—3.0%** | &nbsp;&nbsp;**SINGAPORE—3.0%** | &nbsp;&nbsp;**SINGAPORE—3.0%** | &nbsp;&nbsp;**SINGAPORE—3.0%** |
| &nbsp;&nbsp;**Financials—3.0%** |  |  |  |
| &nbsp;&nbsp;DBS Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441807 |
| &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 Staples—2.0%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;98534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669613 |
| &nbsp;&nbsp;**SOUTH KOREA—2.7%** | &nbsp;&nbsp;**SOUTH KOREA—2.7%** | &nbsp;&nbsp;**SOUTH KOREA—2.7%** | &nbsp;&nbsp;**SOUTH KOREA—2.7%** |
| &nbsp;&nbsp;**Information Technology—2.7%** |  |  |  |
| &nbsp;&nbsp;Samsung SDI Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243714 |
| &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** | &nbsp;&nbsp;**SWEDEN—2.7%** |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Atlas Copco AB, A Shares |  | &nbsp;&nbsp;&nbsp;210968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251714 |
| &nbsp;&nbsp;**SWITZERLAND—4.0%** | &nbsp;&nbsp;**SWITZERLAND—4.0%** | &nbsp;&nbsp;**SWITZERLAND—4.0%** | &nbsp;&nbsp;**SWITZERLAND—4.0%** |
| &nbsp;&nbsp;**Consumer Staples—4.0%** |  |  |  |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;30051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271316 |
| &nbsp;&nbsp;**TAIWAN—3.3%** | &nbsp;&nbsp;**TAIWAN—3.3%** | &nbsp;&nbsp;**TAIWAN—3.3%** | &nbsp;&nbsp;**TAIWAN—3.3%** |
| &nbsp;&nbsp;**Information Technology—3.3%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;43544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680133 |
| &nbsp;&nbsp;**UNITED KINGDOM—9.8%** | &nbsp;&nbsp;**UNITED KINGDOM—9.8%** | &nbsp;&nbsp;**UNITED KINGDOM—9.8%** | &nbsp;&nbsp;**UNITED KINGDOM—9.8%** |
| &nbsp;&nbsp;**Health Care—2.2%** |  |  |  |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;59675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793965 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **59** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn International Sustainable Leaders Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Industrials—2.2%** |  |  |  |
| &nbsp;&nbsp;Spirax-Sarco Engineering PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;14541 | &nbsp;&nbsp;$1791938 |
| &nbsp;&nbsp;**Information Technology—2.7%** |  |  |  |
| &nbsp;&nbsp;AVEVA Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;62507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237013 |
| &nbsp;&nbsp;**Materials—2.7%** |  |  |  |
| &nbsp;&nbsp;Croda International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;28594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215164 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;**8038080** |
| &nbsp;&nbsp;**UNITED STATES—2.3%** | &nbsp;&nbsp;**UNITED STATES—2.3%** | &nbsp;&nbsp;**UNITED STATES—2.3%** | &nbsp;&nbsp;**UNITED STATES—2.3%** |
| &nbsp;&nbsp;**Health Care—2.3%** |  |  |  |
| &nbsp;&nbsp;ResMed, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429 | &nbsp;&nbsp;&nbsp;&nbsp; 1885483 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**79386654** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(e)</sup> |  | 2185046 | &nbsp;&nbsp;&nbsp;&nbsp; 2185046 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2185046** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $107,613,276)<sup>(f)</sup>—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $107,613,276)<sup>(f)</sup>—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $107,613,276)<sup>(f)</sup>—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**81571700** |
| &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;441785 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$82013485** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<sup>(d)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(e)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **60** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Realty Income & Growth Fund (Unaudited) <br>

------

Market review

The U.S. REIT market started the period well, significantly outperforming the broader equity market as low interest rates supported continued asset price appreciation and cash flow growth continued to rebound for all property types as business activity returned to pre-pandemic levels. However, from the first quarter of 2022 onwards, the real estate sector was unable to avoid the downside volatility<sup>1</sup> in the broader equity markets stemming from inflation and interest rate hikes. This resulted in downward pressures in the market as investors began to price in a higher cost of capital and risks of slower-than-expected economic growth for both demand and rents. Though the general trend in the market was typically downward for most of the year, there were several bear market rallies spurred by hopes that the U.S. Federal Reserve (Fed) would reach peak interest rates sooner than previously expected due to economic weakness. Unfortunately, each of these rallies was thwarted by a combination of stubbornly high Consumer Price Index<sup>2</sup> readings and hawkish commentary from the Fed, emphasizing taming inflation at the expense of near-term economic growth.

While general equity market performance was weak, underlying real estate operating fundamentals remained robust throughout the year. Occupancy levels across most property types, except for the office sector, which remains in flux due to changing work trends, are at or close to all-time highs. This supported strong rental rates and cash flow growth and offset some of the downward pressure on asset prices implied by the sharp rise in the cost of capital.

#### Fund performance Review
The abrdn Realty Income & Growth Fund (Institutional Share Class, net of fees) returned -19.24% for the 12-month reporting period ended October 31, 2022, versus the -18.78% return of the Morgan Stanley Capital International (MSCI) US REIT Index during the same period. The U.S. REIT market underperformed the -14.61% return of the broader equity market, as measured by the S&P 500, as rising interest rates weighed on income-oriented sectors such as REITs, but outperformed the -25.36% return of the global real estate index, as measured by the FTSE EPRA/NAREIT Global Index.<sup>3</sup>

Strong stock selection in the healthcare sector benefited the Fund's relative performance. Our position in skilled nursing REIT, Omega Healthcare, and an underweight<sup>4</sup> position in HealthPeak were the main drivers here. HealthPeak underperformed after delaying a large life science development project due to weaker than expected demand, while Omega Healthcare benefited from increased occupancy in the skilled nursing sector. Elsewhere, overweight<sup>5</sup> allocations to the self-storage and hotel sectors added value. Both sectors benefited from the ability to push rents aggressively, allowing for double-digit earnings and cash flow growth. Our underweight allocation to regional malls aided relative returns as concerns about weakening discretionary spending weighed on the sector.

Conversely, stock selection in the office sector and an overweight allocation to the cell tower sector were the largest detractors from the Fund's relative performance. A lack of market rent growth and rising capital expenditures more than offset discounted valuations in the office sector, leading to significant underperformance, particularly in companies like SL Green and Hudson Pacific with large exposures to New York City and tech tenants in California, respectively. Fears of rising interest rates and elevated earnings multiples drove the underperformance in the cell tower sector.

#### Outlook
Inflation and rising interest rates present new challenges for global real estate portfolios. Indeed, with financing costs on the rise, investors may require a greater return on their investments, resulting in some outward movement in cap rates. Nonetheless, underlying real estate fundamentals remain strong, and real estate historically has served as a good inflation hedge due to an ability to increase rents in conjunction with rising prices, given lower levels of new construction stemming from rising input costs.

Consequently, we feel that net operating income growth can mitigate some of this impact on asset prices thanks to the continued pricing power enjoyed by landlords. Accordingly, we are focusing on those sectors and companies with the ability to increase rents both in the near term and with structural tailwinds that can support outsized growth into the future, even if economic activity remains relatively weak. We believe these factors will help to identify those companies best positioned to maintain and grow underlying asset values and increase dividends.

We have increased the defensive positioning in the Fund over the last few months, favoring regions and sectors with more predictable cash-flow outlooks. We have reduced the Fund's exposure to rent-sensitive and economically sensitive segments of the market. Despite the Fund's weak recent performance, we think that listed real estate could see fewer downward earnings revisions than the broader equity market over the next 12-18 months, providing some support for relative valuations.

#### Portfolio Management:
Global Real Estate Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the**

{foots1}

1 If the price of a fund or market moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

2 Consumer Price Index (CPI) – a measure of inflation. An index of the cost of all goods and services to a typical consumer.

{foots1}

3 The FTSE EPRA/NAREIT Global Index is an unmanaged index considered representative of real estate companies and REITs. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

4 A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

{foots1}

---

| | |
|:---|:---|
| 5 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **61** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Realty Income & Growth Fund (Unaudited) (continued)<br>

------

#### performance shown above, please call 866-667-9231 or go to https://www.abrdn.com/en-us/us/investor/fund-centre.
Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Investments in REITs and real estate securities may involve greater risk and volatility including greater exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates, tax and other laws.

The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

The Fund's strategy of concentrating in companies in a specific industry means that its performance will be closely tied to the performance of a particular market segment, which may present more risks than if it were broadly diversified over numerous industries and sectors of the economy.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **62** | 2022 Annual Report |

---

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Realty Income & Growth Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(19.45%) | &nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;6.67% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24.09%) | &nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;6.04% |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(19.24%) | &nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;6.94% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](imge4d237dc11.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Realty Income and Growth Fund, the Morgan Stanley Capital International (MSCI) US REIT Index, the S&P 500® Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these

unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. With 131 constituents, it represents about 99% of the US REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS®), have core real estate exposure (i.e., only selected Specialized REITs are eligible) and carry REIT tax status. This index reinvests as much as possible of a company's dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits.

The S&P 500® Index represents large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available U.S. market capitalization.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **63** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn Realty Income & Growth Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;96.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.4%) |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sub-industries.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sub-Industries** | |
| &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;27.8% |
| &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;17.4% |
| &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;15.6% |
| &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.4%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Prologis, Inc., REIT | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Equinix, Inc., REIT | &nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;3.1% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;96.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.4%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **64** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn Realty Income & Growth Fund<br>

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.4%** | &nbsp;&nbsp;**COMMON STOCKS—96.4%** |  |
| &nbsp;&nbsp;**UNITED STATES—96.4%** | &nbsp;&nbsp;**UNITED STATES—96.4%** | &nbsp;&nbsp;**UNITED STATES—96.4%** |
| &nbsp;&nbsp;**Health Care REITs—9.2%** |  |  |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;$854882 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47313 | &nbsp;&nbsp;&nbsp;&nbsp; 646296 |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21353 | &nbsp;&nbsp;&nbsp;&nbsp; 835543 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25158 | &nbsp;&nbsp;&nbsp;&nbsp; 1535644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872365 |
| &nbsp;&nbsp;**Hotel & Resort REITs—4.4%** |  |  |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;66633 | &nbsp;&nbsp;&nbsp;&nbsp; 622352 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831427 |
| &nbsp;&nbsp;**Industrial REITs—15.0%** |  |  |
| &nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24136 | &nbsp;&nbsp;&nbsp;&nbsp; 585298 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007672 |
| &nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22233 | &nbsp;&nbsp;&nbsp;&nbsp; 702340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295310 |
| &nbsp;&nbsp;**Office REITs—7.0%** |  |  |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083647 |
| &nbsp;&nbsp;Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848918 |
| &nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290276 |
| &nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950089 |
| &nbsp;&nbsp;**Residential REITs—15.6%** |  |  |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681089 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366461 |
| &nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728504 |
| &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;20972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321656 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296501 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558239 |
| &nbsp;&nbsp;**Retail REITs—17.4%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748173 |
| &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016085 |
| &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055289 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235057 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038688 |
| &nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435529 |
| &nbsp;&nbsp;Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285074 |
| &nbsp;&nbsp;**Specialized REITs—27.8%** |  |  |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572673 |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009117 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060709 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373386 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212152 |
| &nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685450 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640928 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327119 |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11668026 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**40460530** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**40460530** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(a)</sup> | 1696494 | &nbsp;&nbsp;$1696494 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1696494** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $35,675,219)<sup>(b)</sup>—100.4%** |  | &nbsp;&nbsp;&nbsp;**42157024** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167697) |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$41989327** |

---

<sup>(a)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022. <br> <sup>(b)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **65** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Small Cap Equity Fund (Unaudited) <br>

------

Market review

Global equities suffered a miserable 12-month period that has left most global indices in bear market territory (i.e., greater than a 20% fall). Broader U.S. markets, including shares of U.S. small-cap companies, as represented by the Russell 2000 Index, also came under significant pressure. The Russell 2000 Index is a subset of the Russell 3000 Index and represents approximately 10% of the U.S. market.

Initially, optimism largely dominated the global equity markets in the final quarter of 2021. Boosted by vaccine rollouts across more advanced economies, stimulative government policies and strong company results, developed market shares rallied in the final weeks of 2021 and in early 2022. However, market sentiment turned south as January progressed. Yet, the confidence surrounding the reopening of the global economy after the pandemic was soon replaced by acute worries over soaring prices around the world. Inflation was initially stoked by labor shortages, supply-chain issues and resurgent post-pandemic demand. These pressures were made much worse by Russia's invasion of Ukraine in February. Energy and mining shares have benefited from high commodity prices, particularly after the outbreak of war in Eastern Europe. Nonetheless, due to the conflict and resulting sanctions against Russia, energy and food prices increased, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by increasing interest rates, which meant headwinds for stock prices.

There was a major sell-off in equity markets in June 2022. This decline was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets as investors contemplated how a slowing global economy would enable central banks to reverse course on interest rate increases next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. Adding to the global unease were domestic political and financial turmoil in the U.K. as well as COVID-related lockdowns in China. Thus, September brought another major sell-off in global stock and bond markets, while central banks continued to battle high inflation with rate increases. As a result, the third quarter of 2022 proved to be a particularly challenging period. Yet, global equities mostly rose in October, rebounding from falls earlier in the year. The U.S. was one of the top-performing markets, with the Dow Jones Industrial Average<sup>1</sup>posting its best monthly gain since 1987, having risen for four consecutive weeks. However, weak corporate results from major technology companies indicated a slowing economic landscape. In the third quarter, U.S. real gross domestic product (GDP) increased at an annual rate of 2.6%<sup>2</sup>, after posting slightly negative growth rates for the first two quarters of the year. Given the expectation for a global recession, markets have been pricing in significant declines in

earnings and cash flow growth. Finally, the strength in the U.S. dollar has meant more pressure for many U.S. corporations. In the past 12 months, the U.S. dollar index has gone up by around 15%. Due to currency translation effects, non-U.S. revenues and profits are negatively affected as well.

The Russell 2000 Index declined over approximately -18.5% in the reporting period, underperforming the approximately -16% return of large-cap stocks, as measured by the S&P 500 Index<sup>3</sup>. However, unlike large-cap stocks, small-cap stocks did not reach a new low in the third quarter of 2022, as the mid-June low in small-cap stocks held despite the volatility. Compared to the large-cap asset class, the small-cap asset class typically offers a different exposure to the various U.S. sectors. Thus, the Russell 2000 Index has a higher weight toward the financial sector, for example, as well as the health care and industrial sectors. During the reporting period, there was also a divergence in the performance of small-cap value and growth stocks. As measured by the Russell 2000 Value Index<sup>4</sup>, shares of U.S. small-cap value companies declined more than approximately -13% over the reporting period. On the other hand, the Russell 2000 Growth Index<sup>5</sup> declined over approximately -24%. Finally, nine of the eleven sectors in the Russell 2000 Index declined in the past 12 months. The communication services, health care, information technology and consumer discretionary sectors were the primary market laggards. However, the energy sector returned 43.53% and the utilities sector returned 3.66%.

#### Fund performance review
The abrdn U.S. Small Cap Equity Fund returned -23.54% (Institutional Share class, net of fees) for the 12-month reporting period ended October 31, 2022, versus the -18.54% return of its benchmark, the Russell 2000 Index.

During the reporting period, the volatility in the returns of the Fund have reflected the developments in global markets and small-cap stocks overall. During the reporting period, an overweight allocation and stock selection in the consumer staples sector contributed positively to returns. Similarly, stock selection in the communication services and consumer discretionary sectors had a positive effect. On the other hand, the Fund's underweight allocation to the energy and utilities sectors weighed on Fund performance. Meanwhile, holdings in the health care, financials and information technology sectors detracted from returns.

At the stock level, among the positive contributors were the cosmetics company e.l.f. Beauty, Materion, which produces engineered products, and Graphic Packaging, providing consumer packaging solutions. On the other hand, negatively contributing to returns were Heska, which produces veterinary diagnostic products,

{foots1}

1 The Dow Jones Industrial Average is an unmanaged index that tracks 30 blue-chip U.S. Stocks. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

2 Data was released by the Bureau of Economic Analysis (https://www.bea.gov/news/2022/gross-domestic-product-third-quarter-2022-advance-estimate).

{foots1}

3 The S&P 500 Index is an unmanaged index considered representative of the broader U.S. stock market.

{foots1}

4 The Russell 2000 Value Index is an unmanaged index considered representative of small-cap value stocks.

{foots1}

5 The Russell 2000 Growth Index is an unmanaged index considered representative of small-cap growth stocks.

---

| | |
|:---|:---|
| **66** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Small Cap Equity Fund (Unaudited) (continued)<br>

------

Live Oak Bancshares and Cryoport, which offers temperature-controlled supply-chain solutions.

In terms of Fund activity, we initiated new positions in several companies, including ATS Automation Tooling Systems, which focuses on automated manufacturing and assembly systems, Brady Corporation, supplying identification solutions and workplace safety products, and Monro, which operates retail tire and automotive repair stores. We also added to existing positions in a number of holdings, including the global digital consultancy Perficient as well as TMX Group, which operates exchanges for equity, derivatives and fixed income markets. On the other hand, the Fund trimmed holdings in the medical technology company Conmed and logistics company Werner Enterprises. Finally, we exited our positions in the aerospace and defense technology company Mercury Systems, logistics management company Hub Group and Kaiser Aluminum, which manufactures specialty aluminum mill products.

#### Outlook
The outlook for the rest of 2022 continues to be challenging on a geopolitical and economic front. Given the tightening policy backdrop and inflationary challenges coupled with the implications of the conflict in Ukraine, investor worries over a global recession are increasing. Therefore, long-term growth in earnings is still not going to be easy to come by. This was already an issue for many companies entering a post-COVID world, now exacerbated by the events in Ukraine. Without a clear Fed pivot away from contractionary monetary policy, slower economic growth as well as other uncertainties are likely to keep U.S. and global stocks under pressure.

We retain a cautious stance given the uncertainty, with the outlook now a bit more balanced when compared to the past few years. Yet, notwithstanding the deep drawdown year to date, small-cap stocks offer diversification in long-term portfolios. In a scenario in 2023 where inflation starts to decline in trend, small-cap shares may show improved returns.

Against this backdrop, we remain committed to our fundamental analysis-based stock-picking strategies. This is supported by our proprietary research platform, currently staffed by an experienced team that has successfully navigated many past crises. Consequently, we continue to seek attractively valued companies that, in our view,

have resilient, well-run businesses that are adapting well to the changing landscape, and are poised for the growth recovery.

#### Portfolio Management:
North American Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| 2022 Annual Report | **67** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Small Cap Equity Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.82%) | &nbsp;&nbsp;&nbsp;&nbsp;6.76% | &nbsp;&nbsp;&nbsp;&nbsp;12.04% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(28.19%) | &nbsp;&nbsp;&nbsp;&nbsp;5.51% | &nbsp;&nbsp;&nbsp;&nbsp;11.38% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.30%) | &nbsp;&nbsp;&nbsp;&nbsp;6.06% | &nbsp;&nbsp;&nbsp;&nbsp;11.28% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(24.86%) | &nbsp;&nbsp;&nbsp;&nbsp;6.06% | &nbsp;&nbsp;&nbsp;&nbsp;11.28% |
| &nbsp;&nbsp; Class R<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.04%) | &nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;11.72% |
| &nbsp;&nbsp; Institutional Service Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.64%) | &nbsp;&nbsp;&nbsp;&nbsp;7.05% | &nbsp;&nbsp;&nbsp;&nbsp;12.34% |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(23.54%) | &nbsp;&nbsp;&nbsp;&nbsp;7.13% | &nbsp;&nbsp;&nbsp;&nbsp;12.40% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | A 5.75% front-end sales charge was deducted. |
| 2 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](imga84dbbb412.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn U.S. Small Cap Equity Fund, the Russell

2000® Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The Russell 2000® Index measures performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and it represents approximately 10% of the U.S. market. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased barometer for the small-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **68** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Small Cap Equity Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;99.0% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;20.7% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;First Interstate BancSystem, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Cohu, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Aritzia, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;EnPro Industries, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Perficient, Inc. | &nbsp;&nbsp;2.2% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;87.1% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **69** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn U.S. Small Cap Equity Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.0%** | &nbsp;&nbsp;**COMMON STOCKS—99.0%** | &nbsp;&nbsp;**COMMON STOCKS—99.0%** |  |
| &nbsp;&nbsp;**CANADA—9.3%** | &nbsp;&nbsp;**CANADA—9.3%** | &nbsp;&nbsp;**CANADA—9.3%** | &nbsp;&nbsp;**CANADA—9.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** |  |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;446222 | &nbsp;&nbsp;$17307131 |
| &nbsp;&nbsp;**Consumer Staples—1.6%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;476956 | &nbsp;&nbsp;&nbsp;&nbsp; 11668766 |
| &nbsp;&nbsp;**Financials—3.3%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | 1322688 | &nbsp;&nbsp;&nbsp;&nbsp; 13242900 |
| &nbsp;&nbsp;TMX Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;110865 | &nbsp;&nbsp;&nbsp; 10658860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23901760 |
| &nbsp;&nbsp;**Industrials—2.1%** |  |  |  |
| &nbsp;&nbsp;ATS Automation Tooling Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;481109 | &nbsp;&nbsp;&nbsp;&nbsp; 15220610 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;**68098267** |
| &nbsp;&nbsp;**INDIA—2.6%** | &nbsp;&nbsp;**INDIA—2.6%** | &nbsp;&nbsp;**INDIA—2.6%** | &nbsp;&nbsp;**INDIA—2.6%** |
| &nbsp;&nbsp;**Information Technology—2.6%** |  |  |  |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;216889 | &nbsp;&nbsp;&nbsp; 18669805 |
| &nbsp;&nbsp;**UNITED STATES—87.1%** | &nbsp;&nbsp;**UNITED STATES—87.1%** | &nbsp;&nbsp;**UNITED STATES—87.1%** | &nbsp;&nbsp;**UNITED STATES—87.1%** |
| &nbsp;&nbsp;**Communication Services—2.2%** |  |  |  |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;118707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233305 |
| &nbsp;&nbsp;TechTarget, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;155875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10061731 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16295036 |
| &nbsp;&nbsp;**Consumer Discretionary—10.2%** |  |  |  |
| &nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;189174 | &nbsp;&nbsp;&nbsp;&nbsp;15440382 |
| &nbsp;&nbsp;LCI Industries |  | &nbsp;&nbsp;&nbsp;&nbsp;97444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10339783 |
| &nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;73962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808202 |
| &nbsp;&nbsp;Monro, Inc. |  | &nbsp;&nbsp;243288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617002 |
| &nbsp;&nbsp;National Vision Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;412006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260702 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;433590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529601 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73995672 |
| &nbsp;&nbsp;**Consumer Staples—5.4%** |  |  |  |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;376201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16274455 |
| &nbsp;&nbsp;Hostess Brands, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;590976 | &nbsp;&nbsp;&nbsp;&nbsp;15649045 |
| &nbsp;&nbsp;SunOpta, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;658715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39320869 |
| &nbsp;&nbsp;**Energy—2.2%** |  |  |  |
| &nbsp;&nbsp;ChampionX Corp. |  | &nbsp;&nbsp;562045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085728 |
| &nbsp;&nbsp;**Financials—17.4%** |  |  |  |
| &nbsp;&nbsp;American Equity Investment Life Holding Co. |  | &nbsp;&nbsp;294069 | &nbsp;&nbsp;&nbsp;&nbsp;12668492 |
| &nbsp;&nbsp;Banner Corp. |  | &nbsp;&nbsp;&nbsp;114785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8580179 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;391467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15827011 |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A |  | &nbsp;&nbsp;425459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405185 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;276818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523913 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;223621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260974 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A |  | &nbsp;&nbsp;&nbsp;210760 | &nbsp;&nbsp;&nbsp;&nbsp;15680544 |
| &nbsp;&nbsp;PRA Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;423533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14188355 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida |  | &nbsp;&nbsp;&nbsp;376554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635519 |
| &nbsp;&nbsp;Wintrust Financial Corp. |  | &nbsp;&nbsp;&nbsp;145248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13598118 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;126368290 |
| &nbsp;&nbsp;**Health Care—9.3%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;132716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10581447 |
| &nbsp;&nbsp;CryoPort, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;362646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10067053 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;205095 | &nbsp;&nbsp;&nbsp;&nbsp;10664940 |
| &nbsp;&nbsp;Heska Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;140031 | &nbsp;&nbsp;&nbsp;&nbsp;10048625 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp; 211110 | &nbsp;&nbsp;$13158486 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;153507 | &nbsp;&nbsp;&nbsp;&nbsp; 13454888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67975439 |
| &nbsp;&nbsp;**Industrials—20.0%** |  |  |  |
| &nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;210358 | &nbsp;&nbsp;&nbsp;&nbsp; 12722452 |
| &nbsp;&nbsp;ArcBest Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;176070 | &nbsp;&nbsp;&nbsp;&nbsp; 13985240 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;223198 | &nbsp;&nbsp;&nbsp;&nbsp; 21270769 |
| &nbsp;&nbsp;AZEK Co., Inc. (The)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;603925 | &nbsp;&nbsp;&nbsp;&nbsp; 10574727 |
| &nbsp;&nbsp;Brady Corp., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;157925 | &nbsp;&nbsp;&nbsp;&nbsp; 7225069 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;198198 | &nbsp;&nbsp;&nbsp;&nbsp; 16214578 |
| &nbsp;&nbsp;EnPro Industries, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;161256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17173764 |
| &nbsp;&nbsp;Helios Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;&nbsp; 559814 |
| &nbsp;&nbsp;Parsons Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;266234 | &nbsp;&nbsp;&nbsp;&nbsp; 12481050 |
| &nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;32091 | &nbsp;&nbsp;&nbsp;&nbsp; 8136031 |
| &nbsp;&nbsp;Shyft Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;462222 | &nbsp;&nbsp;&nbsp;&nbsp; 10621861 |
| &nbsp;&nbsp;Werner Enterprises, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;370468 | &nbsp;&nbsp;&nbsp;&nbsp; 14522346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;145487701 |
| &nbsp;&nbsp;**Information Technology—13.2%** |  |  |  |
| &nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;536789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17671094 |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;117106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375102 |
| &nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;213911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14297811 |
| &nbsp;&nbsp;Perficient, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;245496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440867 |
| &nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;427136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15133429 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;181834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14148504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96066807 |
| &nbsp;&nbsp;**Materials—5.7%** |  |  |  |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;&nbsp;817503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18769869 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;222111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19037134 |
| &nbsp;&nbsp;Ranpak Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;975444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706687 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41513690 |
| &nbsp;&nbsp;**Utilities—1.5%** |  |  |  |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;136736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594305 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**633703537** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**720471609** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(c)</sup> |  | 6336367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336367 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6336367** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $802,628,660)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $802,628,660)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $802,628,660)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**726807976** |
| &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;1035956 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$727843932** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **70** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Fund (Unaudited) <br>

------

Market review

Global equities suffered a miserable 12-month period that has left most global indices in bear market territory (i.e., greater than a 20% fall). U.S. stocks, as represented by the broader Russell 3000 index<sup>1</sup>, also came under significant pressure.

Initially, optimism largely dominated the global equity markets in the final quarter of 2021. Boosted by vaccine rollouts across more advanced economies, stimulative government policies and strong company results, developed market shares rallied in the final weeks of 2021 and in early 2022. However, market sentiment turned south as January progressed. The confidence surrounding the reopening of the global economy after the pandemic was soon replaced by acute worries over soaring prices around the world. Inflation was initially stoked by labor shortages, supply-chain issues and resurgent post-pandemic demand. These pressures were made much worse by Russia's invasion of Ukraine in February. Energy and mining shares have benefited from high commodity prices, particularly after the outbreak of war in Eastern Europe. Nonetheless, due to the conflict and resulting sanctions against Russia, energy and food prices increased, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by increasing interest rates, which meant headwinds for stock prices.

There was a major sell-off in equity markets in June 2022. This decline was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets as investors contemplated how a slowing global economy would enable central banks to reverse course on interest rate increases next year. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. Adding to the global unease were domestic political and financial turmoil in the U.K. as well as COVID-related lockdowns in China. Thus, September brought another major sell-off in global stock and bond markets, while central banks continued to battle high inflation with rate increases. As a result, the third quarter of 2022 proved to be a particularly challenging period. Yet, global equities mostly rose in October, rebounding from falls earlier in the year. The U.S. was one of the top-performing markets, with the Dow Jones Industrial Average<sup>2</sup> posting its best monthly gain since 1987, having risen for four consecutive weeks. However, weak corporate results from major technology companies indicated a slowing economic landscape. In the third quarter, U.S. real gross domestic product (GDP) increased at an annual rate of 2.6%<sup>3</sup>, after posting slightly negative growth rates for the first two quarters of the year. Given the expectation for a global recession, markets have been pricing in significant declines in earnings and cash flow growth. Finally, the strength in the U.S. dollar has meant more pressure for many U.S. corporations. In the past 12 months, the U.S. dollar index has gone up by around 15%. Due to currency translation effects, non-U.S. revenues and profits are negatively affected as well.

During the reporting period, eight of the eleven sectors in the Russell 3000 index declined. Communication services, consumer discretionary, information technology and real estate were the largest-declining sectors as investors became more defensive and revised expectations around interest rates and earnings growth. However, the energy sector returned 62.36%. In addition, the consumer staples and utilities sectors increased by 3.98% and 2.91%, respectively.

#### Fund performance review
The abrdn U.S. Sustainable Leaders Fund returned -27.29% (Institutional Share class, net of fees) for the 12-month reporting period ended October 31, 2022, versus the -16.52% return of its benchmark, the Russell 3000 Index, and versus the -24.67% return of its secondary benchmark, the Russell 3000® Growth Index.

During the reporting period the volatility in the returns of the Fund have reflected the developments in global and U.S. markets overall. Stock selection in the energy sector and the lack of exposure to the real estate sector contributed positively to returns. On the other hand, stock selection in other sectors weighed on Fund performance.

At the stock level, the Fund benefited from stock selection in the integrated gas-to-power infrastructure company New Fortress Energy and broker-dealer LPL Financial Holdings. The Fund's lack of exposure to Meta Platforms, Amazon and Alphabet also contributed to returns. On the other hand, negatively contributing to returns were the asset and wealth management company CI Financial, retailer Burlington Stores and Cable One, which provides voice, video and data services. Our lack of exposure to Apple stock also detracted from returns.

In terms of Fund activity, we initiated new positions in several companies, including ATS Automation Tooling Systems, which focuses on automated manufacturing and assembly systems, Darling Ingredients, which produces natural ingredients from edible and inedible bio-nutrients, home improvement retailer Home Depot and leading pharma company Merck. We also added to existing positions in the consumer staples company Colgate-Palmolive and regional bank SVB Financial. On the other hand, the Fund trimmed holdings in several companies, including American Express, Microsoft and Mastercard, among others. Finally, we exited our positions in the content delivery network Akamai Technologies, industrial software company Autodesk and clean water and hygiene company Ecolab.

#### Outlook
The outlook for the final weeks of 2022 continues to be challenging on a geopolitical and economic front. Given the tightening policy backdrop and inflationary challenges coupled with the implications of the conflict in Ukraine, investor worries over a global recession are increasing. Therefore, long-term growth in earnings is still not going to be easy to come by. This was already an issue for many companies entering a post-COVID world, now being exacerbated by the events in

{foots1}

---

| | |
|:---|:---|
| 1 | The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution |

---

{foots1}

2 The Dow Jones Industrial Average is an unmanaged index that tracks 30 blue-chip U.S. Stocks. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

3 Data was released by the Bureau of Economic Analysis (https://www.bea.gov/news/2022/gross-domestic-product-third-quarter-2022-advance-estimate).

---

| | |
|:---|:---|
| 2022 Annual Report | **71** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Fund (Unaudited) (continued)<br>

------

Ukraine. The coming months could likely see sharp, countertrend rallies in broader U.S. markets. However, without a clear Fed pivot away from contractionary monetary policy, slower economic growth as well as other uncertainties are likely to keep U.S. and global stocks under pressure.

We retain a cautious stance given the uncertainty, with the outlook now a bit more balanced when compared to the past few years. Within this context, we will strive to create value for the Fund's shareholders by investing with conviction in companies that will likely have robust, sustainable business models and long runways for growth. These companies also have sound or improving prospects, demonstrating that they are current or emerging sustainable leaders through their management of environmental, social and governance ("ESG") risks and opportunities.

#### Portfolio Management:
North American Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to the Fund's Sustainable Leaders strategy, including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **72** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(27.49%) | &nbsp;&nbsp;&nbsp;&nbsp;8.59% | &nbsp;&nbsp;&nbsp;&nbsp;10.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(31.67%) | &nbsp;&nbsp;&nbsp;&nbsp;7.31% | &nbsp;&nbsp;&nbsp;&nbsp;9.34% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(27.96%) | &nbsp;&nbsp;&nbsp;&nbsp;7.82% | &nbsp;&nbsp;&nbsp;&nbsp;9.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(28.45%) | &nbsp;&nbsp;&nbsp;&nbsp;7.82% | &nbsp;&nbsp;&nbsp;&nbsp;9.20% |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(27.32%) | &nbsp;&nbsp;&nbsp;&nbsp;8.84% | &nbsp;&nbsp;&nbsp;&nbsp;10.23% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(27.29%) | &nbsp;&nbsp;&nbsp;&nbsp;8.92% | &nbsp;&nbsp;&nbsp;&nbsp;10.33% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen U.S. Multi-Cap Equity Fund to abrdn U.S. Sustainable Leaders Fund. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgd341b0ce13.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn U.S. Sustainable Leaders Fund, Russell 3000® Index, Russell 3000® Growth Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns

for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 3000® Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **73** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;96.3% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.0%) |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;27.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software* | &nbsp;&nbsp;&nbsp;*12.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*IT Services* | &nbsp;&nbsp;&nbsp;&nbsp;*10.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp;&nbsp;&nbsp;*4.0%* |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;19.7% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.2% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;10.5% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.0%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;Mastercard, Inc. | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;NICE Ltd., ADR | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Jamieson Wellness, Inc. | &nbsp;&nbsp;3.2% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;79.6% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.0%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **74** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn U.S. Sustainable Leaders Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.3%** | &nbsp;&nbsp;**COMMON STOCKS—96.3%** | &nbsp;&nbsp;**COMMON STOCKS—96.3%** |  |
| &nbsp;&nbsp;**CANADA—10.6%** | &nbsp;&nbsp;**CANADA—10.6%** | &nbsp;&nbsp;**CANADA—10.6%** | &nbsp;&nbsp;**CANADA—10.6%** |
| &nbsp;&nbsp;**Consumer Staples—3.2%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;446372 | &nbsp;&nbsp;$10920526 |
| &nbsp;&nbsp;**Financials—1.9%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;619365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6201151 |
| &nbsp;&nbsp;**Industrials—5.5%** |  |  |  |
| &nbsp;&nbsp;ATS Automation Tooling Systems, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;223629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7074841 |
| &nbsp;&nbsp;Canadian National Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97492 | &nbsp;&nbsp;&nbsp;&nbsp; 11546953 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18621794 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35743471** |
| &nbsp;&nbsp;**IRELAND—2.6%** | &nbsp;&nbsp;**IRELAND—2.6%** | &nbsp;&nbsp;**IRELAND—2.6%** | &nbsp;&nbsp;**IRELAND—2.6%** |
| &nbsp;&nbsp;**Health Care—2.6%** |  |  |  |
| &nbsp;&nbsp;ICON PLC<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43820 | &nbsp;&nbsp;&nbsp;&nbsp; 8669349 |
| &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** | &nbsp;&nbsp;**ISRAEL—3.5%** |
| &nbsp;&nbsp;**Information Technology—3.5%** |  |  |  |
| &nbsp;&nbsp;NICE Ltd., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11958133 |
| &nbsp;&nbsp;**UNITED STATES—79.6%** | &nbsp;&nbsp;**UNITED STATES—79.6%** | &nbsp;&nbsp;**UNITED STATES—79.6%** | &nbsp;&nbsp;**UNITED STATES—79.6%** |
| &nbsp;&nbsp;**Communication Services—1.5%** |  |  |  |
| &nbsp;&nbsp;Cable One, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073215 |
| &nbsp;&nbsp;**Consumer Discretionary—5.4%** |  |  |  |
| &nbsp;&nbsp;Burlington Stores, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105975 |
| &nbsp;&nbsp;Home Depot, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10013340 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18119315 |
| &nbsp;&nbsp;**Consumer Staples—5.8%** |  |  |  |
| &nbsp;&nbsp;Colgate-Palmolive Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;159464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11774822 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7899483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19674305 |
| &nbsp;&nbsp;**Energy—2.9%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;174750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9623483 |
| &nbsp;&nbsp;**Financials—8.6%** |  |  |  |
| &nbsp;&nbsp;American Express Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799374 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;131722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580204 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11895650 |
| &nbsp;&nbsp;SVB Financial Group<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846464 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29121692 |
| &nbsp;&nbsp;**Health Care—10.6%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811201 |
| &nbsp;&nbsp;Horizon Therapeutics PLC<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;103867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6472991 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;148132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233068 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;141297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14299256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35816516 |
| &nbsp;&nbsp;**Industrials—14.2%** |  |  |  |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578508 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010649 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920710 |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188629 |
| &nbsp;&nbsp;Trex Co., Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654583 |
| &nbsp;&nbsp;Vertiv Holdings Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;580856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47665128 |
| &nbsp;&nbsp;**Information Technology—23.6%** |  |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357836 |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;131744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370825 |
| &nbsp;&nbsp;Marvell Technology, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;182423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238545 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Mastercard, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48068 | &nbsp;&nbsp;$15774956 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;135549 | &nbsp;&nbsp;&nbsp;&nbsp; 31464989 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27696 | &nbsp;&nbsp;&nbsp;&nbsp; 6370911 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79578062 |
| &nbsp;&nbsp;**Materials—2.3%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | &nbsp;&nbsp; 114143 | &nbsp;&nbsp;&nbsp;&nbsp; 7829068 |
| &nbsp;&nbsp;**Utilities—4.7%** |  |  |  |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56947 | &nbsp;&nbsp;&nbsp;&nbsp; 8276677 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;265126 | &nbsp;&nbsp;&nbsp;&nbsp; 7585255 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861932 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**268362716** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**324733669** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(c)</sup> |  | 12528695 | &nbsp;&nbsp;&nbsp;&nbsp; 12528695 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12528695** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $355,688,215)<sup>(d)</sup>—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $355,688,215)<sup>(d)</sup>—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $355,688,215)<sup>(d)</sup>—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**337262364** |
| &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;(131211) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$337131153** |

---

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **75** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Smaller Companies Fund (Unaudited) <br>

------

Market review

Global equities suffered a miserable 12-month period that has left most global indices in bear market territory (i.e., greater than a 20% fall). U.S. stocks, as represented by the broader Russell 3000 index<sup>1</sup>, also came under significant pressure.

Initially, optimism largely dominated the global equity markets in the final quarter of 2021. Boosted by vaccine rollouts across more advanced economies, stimulative government policies and strong company results, developed market shares rallied in the final weeks of 2021 and in early 2022. However, market sentiment turned south as January progressed. The confidence surrounding the reopening of the global economy after the pandemic was soon replaced by acute worries over soaring prices around the world. Inflation was initially stoked by labor shortages, supply-chain issues and resurgent post-pandemic demand. These pressures were made much worse by Russia's invasion of Ukraine in February. Energy and mining shares have benefited from high commodity prices, particularly after the outbreak of war in Eastern Europe. Nonetheless, due to the conflict and resulting sanctions against Russia, energy and food prices increased, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by increasing interest rates, which meant headwinds for stock prices.

There was a major sell-off in equity markets in June. This decline was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets as investors contemplated how a slowing global economy would enable central banks to reverse course on interest rate increases in 2023. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. Adding to the global unease were domestic political and financial turmoil in the U.K. as well as COVID-19 lockdowns in China. Thus, September brought another major sell-off in global stock and bond markets, while central banks continued to battle high inflation with rate increases. As a result, the third quarter of 2022 proved to be a particularly challenging period. Yet, global equities mostly rose in October, rebounding from falls earlier in the year.

The U.S. was one of the top-performing markets, with the Dow Jones Industrial Average<sup>2</sup> posting its best monthly gain since 1987, having risen for four consecutive weeks. However, weak corporate results from major technology companies indicated a slowing economic landscape. In the third quarter, real gross domestic product (GDP) increased at an annual rate of 2.6%<sup>3</sup>, after posting slightly negative growth rates for the first two quarters of the year. Given the expectation for a global recession, markets have been pricing in significant declines in earnings and cash flow growth. Finally, the

strength in the U.S. dollar has meant more pressure for many U.S. corporations. Over the reporting period, the U.S. dollar index has gone up by around 15%. Due to currency translation effects, non-U.S. revenues and profits are negatively affected as well.

During the reporting period, nine of the eleven sectors in the Russell 2500 Index declined. Communication services, consumer discretionary<sup>4</sup>, health care, information technology and real estate were the largest-declining sectors as investors became more defensive and revised expectations around interest rates and earnings growth. However, the energy sector returned 51.22%. In addition, the utilities sector rose 3.64%.

#### Fund performance review
The abrdn U.S. Sustainable Leaders Smaller Companies Fund (Institutional Class shares, net of fees) returned -25.17% for the 12-month reporting period ended October 31, 2022, versus the -17.58% return of its benchmark, the Russell 2500 Index, and versus the -27.38% return of its secondary benchmark, the Russell 2500 Growth Index.

During the reporting period, the volatility<sup>5</sup> in the returns of the Fund have reflected the developments in global and U.S. markets overall. Stock selection in the energy sector and the lack of positioning in the real estate sector contributed positively to returns. On the other hand, stock selection in health care, consumer discretionary and financials sectors as well as an overweight<sup>6</sup> allocation to the information technology sector weighed on Fund performance.

At the stock level, the Fund benefited from stock selection in the integrated gas-to-power infrastructure company New Fortress Energy, broker-dealer LPL Financial Holdings and Chart Industries, which manufactures equipment for the energy industry and industrial gas markets. Among other positive contributors were First Interstate BancSystem and Graphic Packaging, providing packaging solutions. The Fund benefited from its lack of exposure to the artificial intelligence lending platform Upstart Holdings, Bill.com Holdings, which offers a financial software platform, and 10x Genomics, which focuses on gene sequencing technology. On the other hand, negatively contributing to returns were the asset and wealth management company CI Financial, Live Oak Bancshares, which focuses on banking services for small businesses, and digital consultancy Perficient.

During the reporting period, we made numerous changes to the Fund's portfolio. In terms of portfolio activity, we initiated new positions in several companies, including ATS Automation Tooling Systems, which focuses on automated manufacturing and assembly systems, Darling Ingredients, which produces natural ingredients from

{foots1}

---

| | |
|:---|:---|
| 1 | The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution |

---

{foots1}

2 The Dow Jones Industrial Average is an unmanaged index that tracks 30 blue-chip U.S. Stocks. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

3 Data was released by the Bureau of Economic Analysis (https://www.bea.gov/news/2022/gross-domestic-product-third-quarter-2022-advance-estimate).

{foots1}

4 Sector associated with goods and services that rely upon consumers and are sensitive to changes in the economy. Examples include retailers and media companies.

{foots1}

5 If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

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| | |
|:---|:---|
| 6 | A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

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| | |
|:---|:---|
| **76** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Smaller Companies Fund (Unaudited) (continued)<br>

------

edible and inedible bio-nutrients, and biotechnology company Horizon Therapeutics, which focuses on rare, autoimmune, and severe inflammatory diseases. We also added to existing positions in the retailer Burlington Stores, medical technology company Conmed Corporation, which provides surgical devices, Graphic Packaging and Perficient.

On the other hand, the Fund trimmed holdings in several companies, including the logistics business J.B. Hunt Transport Services, Trex, which manufactures wood-alternative composite decking, and Tetra Tech, which offers engineering and consulting services. Finally, we exited our positions in the content delivery network Akamai Technologies, Huntington Bancshares and Pool Corporation, which distributes swimming pool supplies.

#### Outlook
The outlook for the final weeks of 2022 continues to be challenging on a geopolitical and economic front. Given the tightening policy backdrop and inflationary challenges coupled with the implications of the conflict in Ukraine, investor worries over a global recession are increasing. Therefore, long-term growth in earnings is still not going to be easy to come by. This was already an issue for many companies entering a post-COVID-19 world, now exacerbated by the events in Ukraine. The coming months could likely see sharp, countertrend rallies in broader U.S. markets. However, without a clear Fed pivot away from contractionary monetary policy<sup>7</sup>, slower economic growth as well as other uncertainties are likely to keep U.S. and global stocks under pressure.

We retain a cautious stance given the uncertainty, with the outlook now more balanced than at any time in the past few years. Within this context, we will strive to create value for the Fund's shareholders by investing with conviction in smaller companies that will likely have robust, sustainable business models and long runways for growth. These companies also have sound or improving prospects, demonstrating that they are current or emerging sustainable leaders through their management of environmental, social and governance ("ESG") risks and opportunities.

#### Portfolio Management:
North American Equity Team

**Portfolio Management:**

North American Equity Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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, to the industry in which the company is engaged, or to the market as a whole.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and currency exchange rate, political and economic risks.

Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

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| | |
|:---|:---|
| 7 | Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **77** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Smaller Companies Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.40%) | &nbsp;&nbsp;&nbsp;&nbsp;10.46% | &nbsp;&nbsp;&nbsp;&nbsp;7.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(29.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16% | &nbsp;&nbsp;&nbsp;&nbsp;6.57% |
| &nbsp;&nbsp; Class R<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.57%) | &nbsp;&nbsp;&nbsp;&nbsp;10.14% | &nbsp;&nbsp;&nbsp;&nbsp;6.84% |
| &nbsp;&nbsp; Institutional Service Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.16%) | &nbsp;&nbsp;&nbsp;&nbsp;10.69% | &nbsp;&nbsp;&nbsp;&nbsp;7.37% |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.17%) | &nbsp;&nbsp;&nbsp;&nbsp;10.83% | &nbsp;&nbsp;&nbsp;&nbsp;7.56% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen Focused U.S. Equity Fund to abrdn U.S. Sustainable Leaders Smaller Companies Fund. The Fund changed its investment strategies effective November 15, 2017. Performance information for periods prior to November 15, 2017 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. |
| 2 | A 5.75% front-end sales charge was deducted. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgd721cc3f14.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn U.S. Sustainable Leaders Smaller Companies Fund, the Russell 2500® Index, the Russell 2500® Growth Index and the<br> Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do

not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The Russell 2500® Index measures the performance of the small to mid-cap segment of the US equity universe, commonly referred to as "smid" cap. The Russell 2500® Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership..

The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500® companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **78** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

abrdn U.S. Sustainable Leaders Smaller Companies Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;98.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
|  | &nbsp;&nbsp;100.0% |

---

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors. Industry allocation is shown below for any sector more than 25% of net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sectors** | |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;24.4% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;19.6% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;17.4% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Darling Ingredients, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Vertiv Holdings Co. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Perficient, Inc. | &nbsp;&nbsp;2.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;82.6% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **79** |

---

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Investments

October 31, 2022

abrdn U.S. Sustainable Leaders Smaller Companies Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.5%** | &nbsp;&nbsp;**COMMON STOCKS—98.5%** | &nbsp;&nbsp;**COMMON STOCKS—98.5%** |  |
| &nbsp;&nbsp;**CANADA—11.2%** | &nbsp;&nbsp;**CANADA—11.2%** | &nbsp;&nbsp;**CANADA—11.2%** | &nbsp;&nbsp;**CANADA—11.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.2%** |  |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;9223 | &nbsp;&nbsp;$357723 |
| &nbsp;&nbsp;**Consumer Staples—2.7%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp; 17310 | &nbsp;&nbsp;&nbsp;&nbsp; 423491 |
| &nbsp;&nbsp;**Financials—4.2%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | 36886 | &nbsp;&nbsp;&nbsp;&nbsp; 369307 |
| &nbsp;&nbsp;TMX Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp; 303522 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672829 |
| &nbsp;&nbsp;**Industrials—2.1%** |  |  |  |
| &nbsp;&nbsp;ATS Automation Tooling Systems, Inc.<sup>(a)</sup> |  | 10492 | &nbsp;&nbsp;&nbsp;&nbsp; 331930 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1785973** |
| &nbsp;&nbsp;**IRELAND—2.1%** | &nbsp;&nbsp;**IRELAND—2.1%** | &nbsp;&nbsp;**IRELAND—2.1%** | &nbsp;&nbsp;**IRELAND—2.1%** |
| &nbsp;&nbsp;**Health Care—2.1%** |  |  |  |
| &nbsp;&nbsp;ICON PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 332569 |
| &nbsp;&nbsp;**ISRAEL—2.6%** | &nbsp;&nbsp;**ISRAEL—2.6%** | &nbsp;&nbsp;**ISRAEL—2.6%** | &nbsp;&nbsp;**ISRAEL—2.6%** |
| &nbsp;&nbsp;**Information Technology—2.6%** |  |  |  |
| &nbsp;&nbsp;NICE Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413390 |
| &nbsp;&nbsp;**UNITED STATES—82.6%** | &nbsp;&nbsp;**UNITED STATES—82.6%** | &nbsp;&nbsp;**UNITED STATES—82.6%** | &nbsp;&nbsp;**UNITED STATES—82.6%** |
| &nbsp;&nbsp;**Communication Services—1.4%** |  |  |  |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220490 |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** |  |  |  |
| &nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;3040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434598 |
| &nbsp;&nbsp;**Consumer Staples—4.7%** |  |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465543 |
| &nbsp;&nbsp;SunOpta, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754154 |
| &nbsp;&nbsp;**Energy—2.6%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410437 |
| &nbsp;&nbsp;**Financials—13.2%** |  |  |  |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407161 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;8661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235406 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167123 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411852 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;5760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428544 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida |  | &nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253349 |
| &nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103215 |
| &nbsp;&nbsp;**Health Care—10.4%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380870 |
| &nbsp;&nbsp;CryoPort, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;9351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259584 |
| &nbsp;&nbsp;Horizon Therapeutics PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235881 |
| &nbsp;&nbsp;Inmode Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;10861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372750 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657346 |
| &nbsp;&nbsp;**Industrials—22.3%** |  |  |  |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273477 |
| &nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286131 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527962 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296398 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406533 |
| &nbsp;&nbsp;Helios Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11338 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318875 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Shyft Group, Inc. |  | 14078 | &nbsp;&nbsp;$323512 |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;3107 | &nbsp;&nbsp;&nbsp;&nbsp; 438957 |
| &nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4701 | &nbsp;&nbsp;&nbsp;&nbsp; 226071 |
| &nbsp;&nbsp;Vertiv Holdings Co. |  | 31166 | &nbsp;&nbsp;&nbsp;&nbsp; 445985 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555239 |
| &nbsp;&nbsp;**Information Technology—17.0%** |  |  |  |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp; 509315 |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp; 563150 |
| &nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5005 | &nbsp;&nbsp;&nbsp;&nbsp; 334534 |
| &nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp; 331228 |
| &nbsp;&nbsp;Perficient, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;6471 | &nbsp;&nbsp;&nbsp;&nbsp; 433363 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 262234 |
| &nbsp;&nbsp;Wolfspeed Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp; 290273 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724097 |
| &nbsp;&nbsp;**Materials—5.1%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;5236 | &nbsp;&nbsp;&nbsp;&nbsp; 359137 |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;&nbsp;20137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821483 |
| &nbsp;&nbsp;**Utilities—3.2%** |  |  |  |
| &nbsp;&nbsp;Essential Utilities, Inc. |  | &nbsp;&nbsp;11642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514809 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**13195868** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**15727800** |
| &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, 3.01%<sup>(c)</sup> |  | 174697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174697 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**174697** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $18,017,811)<sup>(d)</sup>—99.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $18,017,811)<sup>(d)</sup>—99.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $18,017,811)<sup>(d)</sup>—99.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**15902497** |
| &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;61508 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$15964005** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **80** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities

October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$30549977 | &nbsp;&nbsp;&nbsp;&nbsp;$97274539 | &nbsp;&nbsp;&nbsp;$24010702 | &nbsp;&nbsp;&nbsp;$2178931490 | &nbsp;&nbsp;&nbsp;$111898340 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71047744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312096 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &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;12598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20797 |
| &nbsp;&nbsp;Cash | &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;377970 | &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for investments sold | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12151023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456599 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96971 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32227728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101070 |
| &nbsp;&nbsp;Receivable from Adviser | &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;2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22020 |
| &nbsp;&nbsp;Tax reclaim receivable | &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;254782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11421 | &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;235285 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;30965938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101926511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24819254 | &nbsp;&nbsp;&nbsp;&nbsp;2296376387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114172279 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &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;38816 | &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for investments purchased | &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;377960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &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;37478 | &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98018 | &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;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16490846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347683 |
| &nbsp;&nbsp;Payable for foreign withholding taxes (See Note 2(i)) | &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;870819 | &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Accrued foreign capital gains tax | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260356 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &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;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34862486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839824 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$30761194** | &nbsp;&nbsp;&nbsp;**$100456428** | &nbsp;&nbsp;&nbsp;**$24646526** | &nbsp;&nbsp;&nbsp;**$2261513901** | &nbsp;&nbsp;&nbsp;**$113332455** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;48353949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88287608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26787260 | &nbsp;&nbsp;&nbsp;&nbsp;2520353937 | &nbsp;&nbsp;&nbsp;&nbsp;158840927 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71047744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312096 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &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;12771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20985 |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$58899048 | &nbsp;&nbsp;&nbsp;$93379925 | &nbsp;&nbsp;&nbsp;$25420438 | &nbsp;&nbsp;&nbsp;$2682891702 | &nbsp;&nbsp;&nbsp;$170632004 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(28137854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421377801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57299549) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$30761194** | &nbsp;&nbsp;&nbsp;**$100456428** | &nbsp;&nbsp;&nbsp;**$24646526** | &nbsp;&nbsp;&nbsp;**$2261513901** | &nbsp;&nbsp;&nbsp;**$113332455** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$9608633 | &nbsp;&nbsp;&nbsp;&nbsp;$4094138 | &nbsp;&nbsp;&nbsp;$19947475 | &nbsp;&nbsp;&nbsp;&nbsp;$63231928 | &nbsp;&nbsp;&nbsp;$11344589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533150 | &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;134919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355846 | &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;588198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92427863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348577 | &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;235970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494873142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52901212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16914988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96362290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606819163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46515576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$30761194 | &nbsp;&nbsp;&nbsp;$100456428 | &nbsp;&nbsp;&nbsp;$24646526 | &nbsp;&nbsp;&nbsp;$2261513901 | &nbsp;&nbsp;&nbsp;$113,332,455<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

---

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| | |
|:---|:---|
| 2022 Annual Report | **81** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities (continued)

October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72147 | &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;12007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106953 | &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;50752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15182 | &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;18644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43637979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25708499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140984187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848134 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1349102** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26801255** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1991379** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**198917598** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11926465** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.25 | &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;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | &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;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.96 | &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;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.80 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

(a) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year due to contingent deferred sales charge.

(b) The NAV shown above differs from the traded NAV on October 31, 2022 due to financial statement rounding and/or financial statement adjustments.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **82** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities (continued)

October 31, 2022

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global Equity<br> Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Realty<br> Income &<br> Growth Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$45520576 | &nbsp;&nbsp;&nbsp;$46262067 | &nbsp;&nbsp;&nbsp;$176258354 | &nbsp;&nbsp;&nbsp;$79386654 | &nbsp;&nbsp;&nbsp;$40460530 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696494 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940547 | &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;Cash | &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;2330 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for investments sold | &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;779188 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47736 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 | &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;28004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;Receivable from Adviser | &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;9342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67572 | &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;16106 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for Article 63 EU Tax Reclaims (See Note 2(i)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260064 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48836947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47454691 | &nbsp;&nbsp;&nbsp;&nbsp;179444846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85717855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42233525 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &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;&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;14118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for investments purchased | &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;280558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495735 | &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;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164316 |
| &nbsp;&nbsp;Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (see Note 2(i)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297097 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Accrued foreign capital gains tax | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on line of credit | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17122 | &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;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244198 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$46370296** | &nbsp;&nbsp;&nbsp;**$46994896** | &nbsp;&nbsp;&nbsp;**$178483168** | &nbsp;&nbsp;&nbsp;**$82013485** | &nbsp;&nbsp;&nbsp;**$41989327** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45439404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42914884 | &nbsp;&nbsp;&nbsp;&nbsp;220254654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105428230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33978725 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696494 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978908 | &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;**Represented by:** |  |  |  |  |  |
| &nbsp;&nbsp;Par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &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;$3679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56775129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42850926 | &nbsp;&nbsp;&nbsp;&nbsp;243924586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504760324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33154497 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(10408375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65441418) | &nbsp;&nbsp;&nbsp;&nbsp;(422750518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8834830 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$46370296** | &nbsp;&nbsp;&nbsp;**$46994896** | &nbsp;&nbsp;&nbsp;**$178483168** | &nbsp;&nbsp;&nbsp;**$82013485** | &nbsp;&nbsp;&nbsp;**$41989327** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$26986064 | &nbsp;&nbsp;&nbsp;$11349827 | &nbsp;&nbsp;&nbsp;$58261852 | &nbsp;&nbsp;&nbsp;$68067211 | &nbsp;&nbsp;&nbsp;&nbsp;$397465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348530 | &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;&nbsp;&nbsp;&nbsp;Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912641 | &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;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19384232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35645069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117960145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41591862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$46370296 | &nbsp;&nbsp;&nbsp;$46994896 | &nbsp;&nbsp;&nbsp;$178483168 | &nbsp;&nbsp;&nbsp;$82013485 | &nbsp;&nbsp;&nbsp;$41,989,327<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **83** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities (continued)

October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global Equity<br> Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Realty<br> Income &<br> Growth Fund** |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16647 | &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;&nbsp;&nbsp;&nbsp;Class R Shares | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86703 | &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;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820160 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3541752** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2275436** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7444899** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3679256** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3856827** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.07<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.17<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.94 | &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;&nbsp;&nbsp;&nbsp;Class R Shares | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.06 | &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;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.66<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.88<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

(a) The NAV shown above differs from the traded NAV on October 31, 2022 due to financial statement rounding and/or financial statement adjustments.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **84** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities (continued)

October 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$720471609 | &nbsp;&nbsp;&nbsp;$324733669 | &nbsp;&nbsp;&nbsp;$15727800 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12528695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174697 |
| &nbsp;&nbsp;Foreign Currency, at value | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815773 | &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;62918 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31018 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730102582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337504616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16024609 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479330 | &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;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18779 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60604 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$727843932** | &nbsp;&nbsp;&nbsp;**$337131153** | &nbsp;&nbsp;&nbsp;**$15964005** |
| &nbsp;&nbsp;**Cost:** |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796292293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343159520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17843114 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12528695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174697 |
| &nbsp;&nbsp;Foreign currency | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105 |
| &nbsp;&nbsp;**Represented by:** |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$778588919 | &nbsp;&nbsp;&nbsp;$354238002 | &nbsp;&nbsp;&nbsp;$18502365 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50744987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17106849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2538360) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$727843932** | &nbsp;&nbsp;&nbsp;**$337131153** | &nbsp;&nbsp;&nbsp;**$15964005** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$108078414 | &nbsp;&nbsp;&nbsp;$222190103 | &nbsp;&nbsp;&nbsp;$8219800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25067980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228712 | &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;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286316 | &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;2285720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31893278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106067886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559517944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$727843932 | &nbsp;&nbsp;&nbsp;$337131153 | &nbsp;&nbsp;&nbsp;$15964005 |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23680169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33858 | &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;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126808 | &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;424938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16703559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743101 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22475882** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34567276** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2,516,163<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements.** |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **85** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statement of Assets and Liabilities (concluded)

October 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &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;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.92 | &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;5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.67 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

(a) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year due to contingent deferred sales charge.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **86** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Operations

For the Year Ended October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$807316 | &nbsp;&nbsp;&nbsp;$8728829 | &nbsp;&nbsp;&nbsp;&nbsp;$586288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77895503 | &nbsp;&nbsp;&nbsp;&nbsp;$3111587 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43172 |
| &nbsp;&nbsp;Securities lending income, net | &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;&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;96683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1746464)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8484534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397849) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69893486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758660 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31331992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214612 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121461 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19090 |
| &nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36720 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18488 | &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;13515 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237629 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111591 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41011 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26457 | &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;1617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17397 | &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;3697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18599 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &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;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | &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;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &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;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44716 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68877 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43889003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &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;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43922288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40311917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809466 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53740** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5548100** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142640** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29581569** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**949194** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10354842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1360660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72827999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10693231) |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &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;562959 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2744511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75539) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10391487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75572510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10768770) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $0, $0, $(41714), $14,895,753 and $216,856 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17964810) | &nbsp;&nbsp;&nbsp;&nbsp;(24639921) | &nbsp;&nbsp;&nbsp;&nbsp;(13293803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1564996917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60588491) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &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;(35464) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **87** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Operations (continued)

For the Year Ended October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(55064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(32041) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17965887) | &nbsp;&nbsp;&nbsp;&nbsp;(24590633) | &nbsp;&nbsp;&nbsp;&nbsp;(13295901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1565051981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60620532) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28357374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25481861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7267111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640624491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71389302) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(28303634)** | &nbsp;&nbsp;&nbsp;**$(19933761)** | &nbsp;&nbsp;&nbsp;**$(7124471)** | &nbsp;&nbsp;&nbsp;**$(1611042922)** | &nbsp;&nbsp;&nbsp;**$(70440108)** |

---

(a) Foreign tax withholding includes $987,002 related to withholding tax refunds that the Fund has previously received and recorded which the Fund may be required to return. See Note 2i
of the Notes to Financial Statements.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **88** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Operations (continued)

For the Year Ended October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global Equity<br> Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Realty<br> Income &<br> Growth Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$933421 | &nbsp;&nbsp;&nbsp;$1812370 | &nbsp;&nbsp;&nbsp;&nbsp;$6554660 | &nbsp;&nbsp;&nbsp;&nbsp;$1618956 | &nbsp;&nbsp;&nbsp;&nbsp;$1285071 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,147,745(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929,704(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294132 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512380 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40990 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338 |
| &nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38991 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23715 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
| &nbsp;&nbsp;Distribution fees Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419 | &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;Distribution fees Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10403 | &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;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34940 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &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;Sub-transfer agent and administrative service fees Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &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;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30573 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515155 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1487409** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1079551** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3274152** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1372703** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**778977** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24387829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8455732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985249 |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &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;16588 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24482306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8558136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985249 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $21,579, $0, $74,582, $244,270 and $0 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26759317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8689427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117975388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43471403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14020801) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &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;1279 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **89** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Operations (continued)

For the Year Ended October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global Equity<br> Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Realty<br> Income &<br> Growth Fund** |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(36126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(45057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(25377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26795443) | &nbsp;&nbsp;&nbsp;&nbsp;(8689667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118020445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43496780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14020801) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22365057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7055819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142502751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52054916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11035552) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(20877648)** | &nbsp;&nbsp;&nbsp;**$(5976268)** | &nbsp;&nbsp;&nbsp;**$(139228599)** | &nbsp;&nbsp;&nbsp;**$(50682213)** | &nbsp;&nbsp;&nbsp;**$(10256575)** |

---

(a) Foreign tax withholding includes $4,331,067 of refunds and interest received or recognized during the period, net of $3,112,773 related to the amounts due to IRS on behalf of shareholders related to
Article 63 EU Tax Reclaims. See Note 2i of the Notes to Financial Statements.

(b) Foreign tax withholding includes $6,254,755 of refunds and interest received or recognized during the period, net of $5,146,588 related to the amounts due to IRS on behalf of
shareholders related to Article 63 EU Tax Reclaims. See Note 2i of the Notes to Financial Statements.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **90** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Operations (concluded)

For the Year Ended October 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;&nbsp;$5673080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3198952 | &nbsp;&nbsp;&nbsp;&nbsp;$120886 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5338) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5597792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119700 |
| &nbsp;&nbsp;**Expenses** |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139684 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45891 |
| &nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40131 |
| &nbsp;&nbsp;Printing fees | &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;22156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24191 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23949 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21294 | &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;13138 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 | &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;4159 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64876 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10529049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10532245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222025 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4360618)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1437727)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(102325)** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37443580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320316) |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37496663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318550) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303779602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135458814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5446171) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303779602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135458814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5446133) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266282939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132641067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5764683) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(270643557)** | &nbsp;&nbsp;&nbsp;**$(134078794)** | &nbsp;&nbsp;&nbsp;**$(5867008)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **91** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54912 | &nbsp;&nbsp;&nbsp;&nbsp;$5548100 | &nbsp;&nbsp;&nbsp;&nbsp;$6597742 | &nbsp;&nbsp;&nbsp;&nbsp;$142640 | &nbsp;&nbsp;&nbsp;&nbsp;$(103384) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10391487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5325250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488279 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17965887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3858510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24590633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13295901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728633 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(28303634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1599297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19933761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35935909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7124471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113528 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2940025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30331) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60627) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10077) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6261044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6307092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Tax return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6551) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156417) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2253678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6674322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6553325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3260752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;(26754952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69942065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1087516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5465206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3492261) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57312264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67826141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27695599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23917378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6191472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621267 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88073458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20247317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128152027 | &nbsp;&nbsp;&nbsp;&nbsp;104234649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30837998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216731 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**30761194** | &nbsp;&nbsp;&nbsp;$**88073458** | &nbsp;&nbsp;&nbsp;$**100456428** | &nbsp;&nbsp;&nbsp;$**128152027** | &nbsp;&nbsp;&nbsp;$**24646526** | &nbsp;&nbsp;&nbsp;$**30837998** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **92** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$3046824 | &nbsp;&nbsp;&nbsp;$13943316 | &nbsp;&nbsp;&nbsp;&nbsp;$522813 | &nbsp;&nbsp;&nbsp;&nbsp;$533059 | &nbsp;&nbsp;&nbsp;$3170285 | &nbsp;&nbsp;&nbsp;&nbsp;$420868 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5176897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7236721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731898) | &nbsp;&nbsp;&nbsp;&nbsp;(4455540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3223417) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1753305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460860 | &nbsp;&nbsp;&nbsp;&nbsp;(2802549) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436043 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29772 | &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;&nbsp;&nbsp;&nbsp;&nbsp;22485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1236375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132154) | &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;&nbsp;&nbsp;(15904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76825) |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333661 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76625) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143882 | &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;&nbsp;&nbsp;138335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178224 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60456 | &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;&nbsp;&nbsp;&nbsp;&nbsp;98734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3125168) | &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;&nbsp;&nbsp;(237380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466581) |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079170 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288357) |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343114 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017 | &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;&nbsp;&nbsp;&nbsp;&nbsp;35904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93518) | &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;&nbsp;&nbsp;(34006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1527) |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259613 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1497) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22647772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91638132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382098 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47564818) | &nbsp;&nbsp;&nbsp;&nbsp;(33450019) | &nbsp;&nbsp;&nbsp;&nbsp;(12979789) | &nbsp;&nbsp;&nbsp;&nbsp;(16712658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705331) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23393741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58414786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1279622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5439367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323233) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(26754952)** | &nbsp;&nbsp;&nbsp;$**69942065** | &nbsp;&nbsp;&nbsp;$**(1087516)** | &nbsp;&nbsp;&nbsp;$**(5465206)** | &nbsp;&nbsp;&nbsp;$**4193751** | &nbsp;&nbsp;&nbsp;$**(3492261)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **93** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119625 | &nbsp;&nbsp;&nbsp;&nbsp;242682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25756 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37880 | &nbsp;&nbsp;&nbsp;&nbsp;167039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173865) | &nbsp;&nbsp;&nbsp;&nbsp;(191423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159465) | &nbsp;&nbsp;&nbsp;(329568) | &nbsp;&nbsp;&nbsp;&nbsp;(194582) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80153 | &nbsp;&nbsp;&nbsp;(168826) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119782 | &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;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &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;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32587) | &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;(1224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5132) |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88042 | &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;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5119) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111825 | &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;10404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &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;6395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86546) | &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;(18578) | &nbsp;&nbsp;&nbsp;&nbsp;(30516) |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26951 | &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;(1779) | &nbsp;&nbsp;&nbsp;&nbsp;(19033) |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &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;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &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;2141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2452) | &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;(2028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &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;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692817 | &nbsp;&nbsp;&nbsp;2343579 | &nbsp;&nbsp;&nbsp;&nbsp;1464716 | &nbsp;&nbsp;&nbsp;&nbsp;1290323 | &nbsp;&nbsp;&nbsp;&nbsp;237754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23033 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 | &nbsp;&nbsp;&nbsp;&nbsp;1284612 | &nbsp;&nbsp;&nbsp;&nbsp;1164900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(1579023) | &nbsp;&nbsp;&nbsp;&nbsp;(916518) | &nbsp;&nbsp;&nbsp;(3022528) | &nbsp;&nbsp;&nbsp;&nbsp;(3696031) | &nbsp;&nbsp;&nbsp;&nbsp;(34618) | &nbsp;&nbsp;&nbsp;&nbsp;(42843) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(844460) | &nbsp;&nbsp;&nbsp;&nbsp;1433112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273200) | &nbsp;&nbsp;&nbsp;&nbsp;(1240808) | &nbsp;&nbsp;&nbsp;&nbsp;212470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19810) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;&nbsp;**(972540)** | &nbsp;&nbsp;&nbsp;**1722743** | &nbsp;&nbsp;&nbsp;&nbsp;**(232798)** | &nbsp;&nbsp;&nbsp;**(1242768)** | &nbsp;&nbsp;&nbsp;&nbsp;**291340** | &nbsp;&nbsp;&nbsp;**(212881)** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **94** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$29581569 | &nbsp;&nbsp;&nbsp;&nbsp;$33838906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$949194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$844212 | &nbsp;&nbsp;&nbsp;&nbsp;$1487409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68336 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75572510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544170322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10768770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72178595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480101 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1565051981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252663788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60620532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33797673) | &nbsp;&nbsp;&nbsp;&nbsp;(26795443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17354940 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1611042922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830673016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70440108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39225134 | &nbsp;&nbsp;&nbsp;&nbsp;(20877648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23903377 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10450111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4773694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230068) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13100936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308584) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43720503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3669233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18601335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243818) | &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;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397648559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36648250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15010365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214903) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465902505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42183204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39924046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354407) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582993591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123609123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39743964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8089439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8197775) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(2659939018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912098935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103067178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(973576) | &nbsp;&nbsp;&nbsp;&nbsp;(29000256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15351195 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921452919 | &nbsp;&nbsp;&nbsp;&nbsp;4009353984 | &nbsp;&nbsp;&nbsp;&nbsp;216399633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217373209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75370552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60019357 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**2261513901** | &nbsp;&nbsp;&nbsp;$**4921452919** | &nbsp;&nbsp;&nbsp;$**113332455** | &nbsp;&nbsp;&nbsp;$**216399633** | &nbsp;&nbsp;&nbsp;$**46370296** | &nbsp;&nbsp;&nbsp;$**75370552** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **95** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;$23429077 | &nbsp;&nbsp;&nbsp;&nbsp;$44072988 | &nbsp;&nbsp;&nbsp;&nbsp;$1513131 | &nbsp;&nbsp;&nbsp;&nbsp;$3287050 | &nbsp;&nbsp;&nbsp;$1325451 | &nbsp;&nbsp;&nbsp;$3242022 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136271 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33776964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57713958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5940123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5020426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5339224) | &nbsp;&nbsp;&nbsp;&nbsp;(5364495) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2543124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13058081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1730460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4003425) | &nbsp;&nbsp;&nbsp;&nbsp;(1986202) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441890 | &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;79312 | &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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230068 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3495596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4997733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1871902) | &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;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2108608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3478574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1792590) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16410398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11577172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183934 | &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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13078200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306259 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4699741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15143748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2480297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854393) | &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;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24788857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2640485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329541 | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105274192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70197666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136896 | &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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43708321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17726195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230323 | &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;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863152616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32891462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8913971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9685115) | &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;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285829897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40974235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5317896) | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556206945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310442243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56283383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604566 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292773343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27712844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14948995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195614 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1737940901) | &nbsp;&nbsp;&nbsp;&nbsp;(1236343059) | &nbsp;&nbsp;&nbsp;&nbsp;(24888853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89722342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4495721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7011753) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888960613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101812028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1255214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33232559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4086014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6211573) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(582993591)** | &nbsp;&nbsp;&nbsp;$**123609123** | &nbsp;&nbsp;&nbsp;$**7296976** | &nbsp;&nbsp;&nbsp;$**(39743964)** | &nbsp;&nbsp;&nbsp;$**(8089439)** | &nbsp;&nbsp;&nbsp;$**(8197775)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **96** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Equity Impact Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85715 | &nbsp;&nbsp;&nbsp;&nbsp;206363 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2221142) | &nbsp;&nbsp;&nbsp;&nbsp;(2802093) | &nbsp;&nbsp;&nbsp;&nbsp;(470024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262985) | &nbsp;&nbsp;&nbsp;&nbsp;(355896) | &nbsp;&nbsp;&nbsp;&nbsp;(329366) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91554) | &nbsp;&nbsp;&nbsp;&nbsp;(269588) | &nbsp;&nbsp;&nbsp;&nbsp;(114091) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69251 | &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;4498 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18509 | &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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103046) | &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;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98548) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173550 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102693 | &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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47386) | &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;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126164 | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83268183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207050 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188297 | &nbsp;&nbsp;&nbsp;&nbsp;1267062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12443 | &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;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(65700482) | &nbsp;&nbsp;&nbsp;&nbsp;(1616390) | &nbsp;&nbsp;&nbsp;&nbsp;(686027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498200) | &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;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20140292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278707) | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;36388629 | &nbsp;&nbsp;&nbsp;&nbsp;62992325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679385 | &nbsp;&nbsp;&nbsp;&nbsp;2828408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36993 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17171457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418989 | &nbsp;&nbsp;&nbsp;&nbsp;1062473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12794 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(118342884) | &nbsp;&nbsp;&nbsp;(60646610) | &nbsp;&nbsp;&nbsp;(1603456) | &nbsp;&nbsp;&nbsp;&nbsp;(4765341) | &nbsp;&nbsp;&nbsp;&nbsp;(298060) | &nbsp;&nbsp;&nbsp;&nbsp;(414603) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(64782798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138402 | &nbsp;&nbsp;&nbsp;&nbsp;(1925836) | &nbsp;&nbsp;&nbsp;&nbsp;(270781) | &nbsp;&nbsp;&nbsp;&nbsp;(364816) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;&nbsp;**(43375757)** | &nbsp;&nbsp;&nbsp;&nbsp;**4830012** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**647911** | &nbsp;&nbsp;&nbsp;**(2268481)** | &nbsp;&nbsp;&nbsp;**(540369)** | &nbsp;&nbsp;&nbsp;**(478907)** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **97** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1079551 | &nbsp;&nbsp;&nbsp;&nbsp;$1149222 | &nbsp;&nbsp;&nbsp;&nbsp;$3274152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(737373) | &nbsp;&nbsp;&nbsp;&nbsp;$1372703 | &nbsp;&nbsp;&nbsp;&nbsp;$(448882) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24482306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24053691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8558136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33560115 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8689667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9547124 | &nbsp;&nbsp;&nbsp;&nbsp;(118020445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45444052 | &nbsp;&nbsp;&nbsp;&nbsp;(43496780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867462 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5976268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13012335 | &nbsp;&nbsp;&nbsp;&nbsp;(139228599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68760370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50682213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39978695 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7629460) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43299) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178327) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1854305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1335765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14015543) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218647) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2404309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1693247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21866629) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931262) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2928005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32831251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98893077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12636785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14542170) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11308582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16458018 | &nbsp;&nbsp;&nbsp;&nbsp;(128263977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167653447 | &nbsp;&nbsp;&nbsp;&nbsp;(63318998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24505263 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58303478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41845460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306747145 | &nbsp;&nbsp;&nbsp;&nbsp;139093698 | &nbsp;&nbsp;&nbsp;&nbsp;145332483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120827220 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**46994896** | &nbsp;&nbsp;&nbsp;$**58303478** | &nbsp;&nbsp;&nbsp;$**178483168** | &nbsp;&nbsp;&nbsp;$**306747145** | &nbsp;&nbsp;&nbsp;$**82013485** | &nbsp;&nbsp;&nbsp;$**145332483** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **98** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$1542589 | &nbsp;&nbsp;&nbsp;$3399084 | &nbsp;&nbsp;&nbsp;&nbsp;$9431681 | &nbsp;&nbsp;&nbsp;$35856728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$712259 | &nbsp;&nbsp;&nbsp;&nbsp;$1159778 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350418 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697660 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1873045) | &nbsp;&nbsp;&nbsp;&nbsp;(2176253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19537173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49254721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10551412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15087013) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2755074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13397993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9839153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13229575) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&nbsp;&nbsp;&nbsp;&nbsp;43286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161335 | &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;Dividends reinvested | &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;&nbsp;&nbsp;&nbsp;&nbsp;43299 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &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;&nbsp;&nbsp;&nbsp;&nbsp;(19256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356629) | &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;Total Class C | &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;&nbsp;&nbsp;&nbsp;&nbsp;67329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195294) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&nbsp;&nbsp;&nbsp;938145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726609 | &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;Dividends reinvested | &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;&nbsp;&nbsp;&nbsp;178046 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &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;&nbsp;&nbsp;(478149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548023) | &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;Total Class R | &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;&nbsp;&nbsp;638042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178586 | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9837291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127740123 | &nbsp;&nbsp;&nbsp;&nbsp;132013360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133183 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937907 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207612 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6538997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7525177) | &nbsp;&nbsp;&nbsp;&nbsp;(106797076) | &nbsp;&nbsp;&nbsp;&nbsp;(19705582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3272963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2653390) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3056853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34880954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112307778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2797632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1312595) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(2928005)** | &nbsp;&nbsp;&nbsp;$**5138930** | &nbsp;&nbsp;&nbsp;$**32831251** | &nbsp;&nbsp;&nbsp;$**98893077** | &nbsp;&nbsp;&nbsp;$**(12636785)** | &nbsp;&nbsp;&nbsp;$**(14542170)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **99** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Sustainable Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64757 | &nbsp;&nbsp;&nbsp;&nbsp;143830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35557 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192470 | &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;23040 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81561) | &nbsp;&nbsp;&nbsp;&nbsp;(93312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636737) | &nbsp;&nbsp;&nbsp;(1343639) | &nbsp;&nbsp;&nbsp;&nbsp;(394467) | &nbsp;&nbsp;&nbsp;(469556) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp;63308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370232) | &nbsp;&nbsp;&nbsp;&nbsp;(367920) | &nbsp;&nbsp;&nbsp;(410959) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;1398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | &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;Reinvested | &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;1281 | &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;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &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;(705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10448) | &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;Total Class C Shares | &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;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5740) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;34522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20419 | &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;Reinvested | &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;5013 | &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;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &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;(16245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15252) | &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;Total Class R Shares | &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;23290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70795 | &nbsp;&nbsp;&nbsp;&nbsp;417957 | &nbsp;&nbsp;&nbsp;&nbsp;3828420 | &nbsp;&nbsp;&nbsp;&nbsp;3426460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33788 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360992 | &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;6676 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(286787) | &nbsp;&nbsp;&nbsp;(327354) | &nbsp;&nbsp;&nbsp;(3729923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520211) | &nbsp;&nbsp;&nbsp;&nbsp;(109891) | &nbsp;&nbsp;&nbsp;&nbsp;(81282) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(136175) | &nbsp;&nbsp;&nbsp;&nbsp;147979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459489 | &nbsp;&nbsp;&nbsp;&nbsp;2906249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92855) | &nbsp;&nbsp;&nbsp;&nbsp;(40818) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(132845)** | &nbsp;&nbsp;&nbsp;&nbsp;**211287** | &nbsp;&nbsp;&nbsp;&nbsp;**304456** | &nbsp;&nbsp;&nbsp;**2535444** | &nbsp;&nbsp;&nbsp;**(460775)** | &nbsp;&nbsp;&nbsp;**(451777)** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **100** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$778977 | &nbsp;&nbsp;&nbsp;&nbsp;$535640 | &nbsp;&nbsp;&nbsp;&nbsp;$(4360618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3170915) | &nbsp;&nbsp;&nbsp;&nbsp;$(1437727) | &nbsp;&nbsp;&nbsp;&nbsp;$(1201535) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7737328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37496663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254359887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131925314 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(14020801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10847684 | &nbsp;&nbsp;&nbsp;&nbsp;(303779602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172320085 | &nbsp;&nbsp;&nbsp;&nbsp;(135458814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27391542 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(10256575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19120652 | &nbsp;&nbsp;&nbsp;&nbsp;(270643557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423509057 | &nbsp;&nbsp;&nbsp;&nbsp;(134078794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158115321 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33412568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8820880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86439173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32838262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;&nbsp;&nbsp;(10627887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3106149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &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;&nbsp;&nbsp;&nbsp;&nbsp;(1193211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263620) | &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;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &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;&nbsp;&nbsp;(7641334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2057615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36416872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13939695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8236405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6158978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170135539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35151160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3524570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285641) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8382605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6291189) | &nbsp;&nbsp;&nbsp;&nbsp;(223010539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49399424) | &nbsp;&nbsp;&nbsp;&nbsp;(126481964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48226541) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3351392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25650936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88369619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78191306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10897865 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(15694091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9478071 | &nbsp;&nbsp;&nbsp;&nbsp;(468003160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462479252 | &nbsp;&nbsp;&nbsp;&nbsp;(182369452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120786645 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57683418 | &nbsp;&nbsp;&nbsp;&nbsp;48205347 | &nbsp;&nbsp;&nbsp;&nbsp;1195847092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733367840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519500605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398713960 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**41989327** | &nbsp;&nbsp;&nbsp;$**57683418** | &nbsp;&nbsp;&nbsp;$**727843932** | &nbsp;&nbsp;&nbsp;$**1195847092** | &nbsp;&nbsp;&nbsp;$**337131153** | &nbsp;&nbsp;&nbsp;$**519500605** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **101** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;$185980 | &nbsp;&nbsp;&nbsp;&nbsp;$242415 | &nbsp;&nbsp;&nbsp;&nbsp;$20277259 | &nbsp;&nbsp;&nbsp;$23006316 | &nbsp;&nbsp;&nbsp;$2565716 | &nbsp;&nbsp;&nbsp;$3192815 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26361790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79023829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29872297 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1560020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39579226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40856034) | &nbsp;&nbsp;&nbsp;&nbsp;(29656026) | &nbsp;&nbsp;&nbsp;&nbsp;(24314645) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10737034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51933519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750467 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;2628175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19828 |
| &nbsp;&nbsp;Dividends reinvested | &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;9893910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157978 |
| &nbsp;&nbsp;Cost of shares redeemed | &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;(11067124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13933885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1113057) |
| &nbsp;&nbsp;Total Class C | &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;1454961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7916285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(935251) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&nbsp;&nbsp;401183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023812 | &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;Dividends reinvested | &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;&nbsp;1152789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246182 | &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;Cost of shares redeemed | &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;(1200513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069593) | &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;Total Class R | &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;&nbsp;&nbsp;353459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200401 | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&nbsp;7079316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6191761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380446 |
| &nbsp;&nbsp;Dividends reinvested | &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;&nbsp;7333017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35857287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13645836 |
| &nbsp;&nbsp;Cost of shares redeemed | &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;(6806129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12716020) | &nbsp;&nbsp;&nbsp;&nbsp;(12622962) | &nbsp;&nbsp;&nbsp;&nbsp;(12669731) |
| &nbsp;&nbsp;Total Institutional Service Class | &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;7606204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4537841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25274048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356551 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212922069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291313162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316376 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8034241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142349678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29290180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257892 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(5799835) | &nbsp;&nbsp;&nbsp;&nbsp;(9700855) | &nbsp;&nbsp;&nbsp;&nbsp;(346095258) | &nbsp;&nbsp;&nbsp;&nbsp;(209242964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4934857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2848170) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2151842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111360378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726098 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**2945089** | &nbsp;&nbsp;&nbsp;$**(3351392)** | &nbsp;&nbsp;&nbsp;$**25650936** | &nbsp;&nbsp;&nbsp;$**88369619** | &nbsp;&nbsp;&nbsp;$**78191306** | &nbsp;&nbsp;&nbsp;$**10897865** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **102** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn Realty<br> Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213509 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185082 | &nbsp;&nbsp;&nbsp;&nbsp;6125878 | &nbsp;&nbsp;&nbsp;&nbsp;2159963 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(55619) | &nbsp;&nbsp;&nbsp;&nbsp;(117101) | &nbsp;&nbsp;&nbsp;&nbsp;(1151284) | &nbsp;&nbsp;&nbsp;&nbsp;(950207) | &nbsp;&nbsp;&nbsp;(2606941) | &nbsp;&nbsp;&nbsp;(1629190) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;(32862) | &nbsp;&nbsp;&nbsp;&nbsp;(89344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227118) | &nbsp;&nbsp;&nbsp;&nbsp;3726996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744282 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;99538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 |
| &nbsp;&nbsp;Reinvested | &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;336528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14271 |
| &nbsp;&nbsp;Redeemed | &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;(439311) | &nbsp;&nbsp;&nbsp;&nbsp;(404364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92517) |
| &nbsp;&nbsp;Total Class C Shares | &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;(3245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76728) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;13153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26643 | &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;Reinvested | &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;34268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188 | &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;Redeemed | &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;(43323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29099) | &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;Total Class R Shares | &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;4098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732 | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;193426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87358 |
| &nbsp;&nbsp;Reinvested | &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;170021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47854 | &nbsp;&nbsp;&nbsp;&nbsp;2472916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905497 |
| &nbsp;&nbsp;Redeemed | &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;(182787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(978676) | &nbsp;&nbsp;&nbsp;&nbsp;(775538) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &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;180660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100011) | &nbsp;&nbsp;&nbsp;&nbsp;1657394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217317 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82122 | &nbsp;&nbsp;&nbsp;&nbsp;112658 | &nbsp;&nbsp;&nbsp;5454490 | &nbsp;&nbsp;&nbsp;&nbsp;6279695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139481 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;573732 | &nbsp;&nbsp;&nbsp;&nbsp;492542 | &nbsp;&nbsp;&nbsp;&nbsp;3292845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83029 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(431610) | &nbsp;&nbsp;&nbsp;(726895) | &nbsp;&nbsp;&nbsp;(9375510) | &nbsp;&nbsp;&nbsp;(4532758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391382) | &nbsp;&nbsp;&nbsp;&nbsp;(170668) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;224244 | &nbsp;&nbsp;&nbsp;&nbsp;(121695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628175) | &nbsp;&nbsp;&nbsp;&nbsp;2451875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51842 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**191382** | &nbsp;&nbsp;&nbsp;**(211039)** | &nbsp;&nbsp;&nbsp;&nbsp;**(355643)** | &nbsp;&nbsp;&nbsp;&nbsp;**1910061** | &nbsp;&nbsp;&nbsp;**5420068** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**936713** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **103** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund<sup>(a)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(102325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(70825) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101911 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5446133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813341 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5867008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844427 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2703472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1464436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382181) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5240206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1818162) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7645361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509577 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3461853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535842 |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19425858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13890016 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**15964005** | &nbsp;&nbsp;&nbsp;$**19425858** |

---

(a) Effective August 18, 2022, the Class C had zero assets. On August 18, 2022, the abrdn U.S. Sustainable Leaders Smaller Companies Fund ceased offering Class C Shares.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **104** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$5226490 | &nbsp;&nbsp;&nbsp;&nbsp;$810347 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;2304020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763859 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3598106) | &nbsp;&nbsp;&nbsp;&nbsp;(1960220) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386014) |
| &nbsp;&nbsp;**Class C Shares** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92440 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227027 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1058100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210112) |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109355 |
| &nbsp;&nbsp;**Class R Shares** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563910 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271918 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465547) |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370281 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85854 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32120 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367340) |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249366) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040176 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369548 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2369881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744403) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665321 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**7645361** | &nbsp;&nbsp;&nbsp;$**509577** |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **105** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Statements of Changes in Net Assets (concluded)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Smaller<br> Companies Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81901 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88205 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513295) | &nbsp;&nbsp;&nbsp;(208896) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401829 | &nbsp;&nbsp;&nbsp;&nbsp;(38790) |
| &nbsp;&nbsp;**Class C Shares** |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66551 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142467 | &nbsp;&nbsp;&nbsp;&nbsp;190779 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(1080502) | &nbsp;&nbsp;&nbsp;&nbsp;(126431) |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;(418688) | &nbsp;&nbsp;&nbsp;&nbsp;130899 |
| &nbsp;&nbsp;**Class R Shares** |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66118 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36401 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56150) |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46369 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74014) | &nbsp;&nbsp;&nbsp;&nbsp;(38207) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28016 | &nbsp;&nbsp;&nbsp;&nbsp;(26610) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93140 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38859 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297169) | &nbsp;&nbsp;&nbsp;&nbsp;(72045) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59954 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**404362** | &nbsp;&nbsp;&nbsp;&nbsp;**171822** |

---

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **106** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn China A Share Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$37.76 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$(14.09) | &nbsp;&nbsp;$(14.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.94) | &nbsp;&nbsp;$(0.94) | &nbsp;&nbsp;$22.74 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;37.76 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;33.90 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;25.61 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;19.86 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;35.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(13.17) | &nbsp;&nbsp;&nbsp;&nbsp;(13.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;21.25 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;32.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;35.58 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;24.52 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;32.18 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | &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;24.52 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;21.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;36.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(13.68) | &nbsp;&nbsp;&nbsp;&nbsp;(13.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;22.03 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;36.71 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;33.07 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60 | &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;25.08 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;19.48 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;38.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(14.18) | &nbsp;&nbsp;&nbsp;&nbsp;(14.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;22.96 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;34.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;38.05 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;34.11 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;25.75 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;19.98 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(14.23) | &nbsp;&nbsp;&nbsp;&nbsp;(14.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;23.10 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;34.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;38.24 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;34.26 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;20.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;25.85 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;20.03 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(g) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **108** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn China A Share Equity Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;(38.20%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9609 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.78%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.98%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.58%(e) | &nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;&nbsp;45.21% |
| &nbsp;&nbsp;&nbsp;38.06%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10888 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(e) | &nbsp;&nbsp;&nbsp;2.55%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;56.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;29.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp;&nbsp;1.60%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.19%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;115.09% |
| &nbsp;&nbsp;&nbsp;(10.76%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%(e) | &nbsp;&nbsp;&nbsp;3.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;(38.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.51%(e) | &nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;&nbsp;23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(e) | &nbsp;&nbsp;&nbsp;2.33%(e) | &nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;&nbsp;45.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(e) | &nbsp;&nbsp;&nbsp;3.37%(e) | &nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;56.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;28.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;2.38%(e) | &nbsp;&nbsp;&nbsp;3.99%(e) | &nbsp;&nbsp;&nbsp;(0.96%) | &nbsp;&nbsp;&nbsp;115.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;(11.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;2.62%(e) | &nbsp;&nbsp;&nbsp;3.81%(e) | &nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;(38.37%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;1.61%(e) | &nbsp;&nbsp;&nbsp;2.06%(e) | &nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.63%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(e) | &nbsp;&nbsp;&nbsp;1.90%(e) | &nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;45.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.63%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%(e) | &nbsp;&nbsp;&nbsp;2.85%(e) | &nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;&nbsp;56.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;28.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(e) | &nbsp;&nbsp;&nbsp;3.52%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;115.09% |
| &nbsp;&nbsp;&nbsp;(11.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;2.27%(e) | &nbsp;&nbsp;&nbsp;3.33%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;(38.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.55%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;1.08%(e) | &nbsp;&nbsp;&nbsp;1.34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;&nbsp;45.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;38.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;1.09%(e) | &nbsp;&nbsp;&nbsp;2.32%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;56.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;29.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;1.40%(e) | &nbsp;&nbsp;&nbsp;2.96%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;115.09% |
| &nbsp;&nbsp;&nbsp;(10.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;2.78%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;(37.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16915 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;23.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;45.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;38.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;2.34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;56.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;29.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;2.97%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;115.09% |
| &nbsp;&nbsp;&nbsp;(10.46%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%(e) | &nbsp;&nbsp;&nbsp;2.78%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **109** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Dynamic Dividend Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$4.74 | &nbsp;&nbsp;$0.20(e) | &nbsp;&nbsp;$(0.95) | &nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.21(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |

---

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets reflects the effects of a liability accrued on February 28, 2022 relating to
withholding tax refunds that the Fund previously received and recorded which are being contested by the local tax authority. The accrued liability resulted in a decrease in net assets of approximately 0.87% as of
October 31, 2022. (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class
A Shares would have been $0.24, (15.67%), and 5.49%, respectively. For Institutional Class Shares, these amounts would have been $0.24, (15.45%), and 5.67%, respectively.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(g) Less than $0.005 per share.

(h) Includes interest expense that amounts to 0.03% for Class A and Institutional Class for the years ended October 31, 2018.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **110** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Dynamic Dividend Fund (concluded)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Redemption<br> Fees** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.75 | &nbsp;&nbsp;&nbsp;(16.34%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4094 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;4.62%(e) | &nbsp;&nbsp;&nbsp;&nbsp;78.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;35.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;&nbsp;59.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;(2.04%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;5.20% | &nbsp;&nbsp;&nbsp;&nbsp;85.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;10.02%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;105.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 | &nbsp;&nbsp;&nbsp;1.52%(h) | &nbsp;&nbsp;&nbsp;1.60%(h) | &nbsp;&nbsp;&nbsp;&nbsp;4.17% | &nbsp;&nbsp;&nbsp;&nbsp;66.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;(16.12%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96362 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;4.81%(e) | &nbsp;&nbsp;&nbsp;&nbsp;78.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;35.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123166 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;&nbsp;59.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;(1.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100350 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;85.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;10.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122197 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;6.21% | &nbsp;&nbsp;&nbsp;105.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135262 | &nbsp;&nbsp;&nbsp;1.28%(h) | &nbsp;&nbsp;&nbsp;1.35%(h) | &nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;66.16% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **111** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets ex-China Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$(3.93) | &nbsp;&nbsp;$(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(1.94) | &nbsp;&nbsp;$(1.94) | &nbsp;&nbsp;$12.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &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;18.17 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;12.87 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;12.75 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.24 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &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;16.77 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;11.98 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &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;17.19 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;12.54 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;12.21 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;12.15 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.66 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &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;18.49 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;13.05 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;12.94 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(3.91) | &nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &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;18.27 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;13.24 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;12.88 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;12.77 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(g) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **112** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets ex-China Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;(23.84%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19947 | &nbsp;&nbsp;&nbsp;1.48%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;129.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27814 | &nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.93%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 | &nbsp;&nbsp;&nbsp;1.53%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.17%(e) | &nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.40%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26719 | &nbsp;&nbsp;&nbsp;1.53%(e) | &nbsp;&nbsp;&nbsp;2.07%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;32.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.97%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27530 | &nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;22.06% |
| &nbsp;&nbsp;&nbsp;(24.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;2.14%(e) | &nbsp;&nbsp;&nbsp;3.05%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;129.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;36.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;(1.01%) | &nbsp;&nbsp;&nbsp;&nbsp;21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(e) | &nbsp;&nbsp;&nbsp;3.04%(e) | &nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(e) | &nbsp;&nbsp;&nbsp;2.95%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;32.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;(5.53%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;22.06% |
| &nbsp;&nbsp;&nbsp;(24.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;1.88%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.57%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;129.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;1.91%(e) | &nbsp;&nbsp;&nbsp;2.55%(e) | &nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;1.94%(e) | &nbsp;&nbsp;&nbsp;2.48%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;32.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;(5.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;22.06% |
| &nbsp;&nbsp;&nbsp;(23.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;1.23%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;129.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;1.29%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.93%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;1.29%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.83%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;32.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;22.06% |
| &nbsp;&nbsp;&nbsp;(23.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;129.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;21.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;32.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;22.06% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **113** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$20.15 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(6.98) | &nbsp;&nbsp;$(6.92) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(1.92) | &nbsp;&nbsp;$(1.94) | &nbsp;&nbsp;$11.29 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;20.15 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;16.79 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;15.30 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;19.90 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;16.68 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;15.18 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;12.97 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;19.89 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;16.60 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;15.14 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;13.00 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(7.01) | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.34 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;20.26 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;16.85 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;15.37 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;13.19 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;(6.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;11.40 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;20.34 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;16.90 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;13.20 |

---

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(f) Includes interest expense that amounts to less than 0.01%.

(g) Less than $0.005 per share.

(h) Amount is less than 0.005%.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **114** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(37.56%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63232 | &nbsp;&nbsp;&nbsp;1.60%(f) | &nbsp;&nbsp;&nbsp;1.63%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;36.82% |
| &nbsp;&nbsp;&nbsp;20.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116268 | &nbsp;&nbsp;&nbsp;1.56%(f) | &nbsp;&nbsp;&nbsp;1.56%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;37.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107572 | &nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134382 | &nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;14.86% |
| &nbsp;&nbsp;(15.80%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143297 | &nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;20.39% |
| &nbsp;&nbsp;&nbsp;(37.87%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.21%(f) | &nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;36.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(f) | &nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;37.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11786 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(f) | &nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(f) | &nbsp;&nbsp;&nbsp;2.20%(f) | &nbsp;&nbsp;&nbsp;(0.03%) | &nbsp;&nbsp;&nbsp;14.86% |
| &nbsp;&nbsp;&nbsp;(16.20%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15886 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.21%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;20.39% |
| &nbsp;&nbsp;&nbsp;(37.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92428 | &nbsp;&nbsp;&nbsp;1.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.78%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;36.82% |
| &nbsp;&nbsp;&nbsp;20.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133696 | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;37.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113707 | &nbsp;&nbsp;&nbsp;1.73%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.73%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108487 | &nbsp;&nbsp;&nbsp;1.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;14.86% |
| &nbsp;&nbsp;&nbsp;(15.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89874 | &nbsp;&nbsp;&nbsp;1.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;20.39% |
| &nbsp;&nbsp;&nbsp;(37.37%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494873 | &nbsp;&nbsp;&nbsp;1.25%(f) | &nbsp;&nbsp;&nbsp;1.28%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;36.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;21.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476046 | &nbsp;&nbsp;&nbsp;&nbsp;1.21%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.21%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;37.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.64%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362229 | &nbsp;&nbsp;&nbsp;1.24%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;18.38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297466 | &nbsp;&nbsp;&nbsp;1.24%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;14.86% |
| &nbsp;&nbsp;&nbsp;(15.48%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118917 | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;20.39% |
| &nbsp;&nbsp;&nbsp;(37.26%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606819 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;36.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;21.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184781 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;37.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414059 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;26.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420838 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;14.86% |
| &nbsp;&nbsp;&nbsp;(15.38%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511182 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;20.39% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **115** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Sustainable Leaders Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> <sup>(a)</sup>** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$18.83 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$(5.77) | &nbsp;&nbsp;$(5.73) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(3.85) | &nbsp;&nbsp;$(3.86) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–<sup>(f)</sup> |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;(5.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &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;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(5.40) | &nbsp;&nbsp;&nbsp;&nbsp;(5.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &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;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(5.93) | &nbsp;&nbsp;&nbsp;&nbsp;(5.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(5.97) | &nbsp;&nbsp;&nbsp;&nbsp;(5.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;(3.87) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

(g) Includes interest expense that amounts to 0.02% for Class C and Institutional class. Includes interest expense that amounts to 0.01% for Class A, Class R and Institutional Service Class.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **116** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Sustainable Leaders Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;&nbsp;(37.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11345 | &nbsp;&nbsp;&nbsp;1.48%(e) | &nbsp;&nbsp;&nbsp;1.63%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;29.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;19.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23898 | &nbsp;&nbsp;&nbsp;1.46%(e) | &nbsp;&nbsp;&nbsp;1.46%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;120.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21418 | &nbsp;&nbsp;&nbsp;1.49%(e) | &nbsp;&nbsp;&nbsp;1.49%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp;&nbsp;&nbsp;13.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24719 | &nbsp;&nbsp;&nbsp;1.52%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.52%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;(10.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24957 | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;20.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;(37.41%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;2.36%(e) | &nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;29.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;2.11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.21%(e) | &nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;120.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;2.20%(e) | &nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;12.43%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%(g) | &nbsp;&nbsp;&nbsp;2.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;(11.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;20.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;(37.15%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;1.76%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.91%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;29.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;19.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126 | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) | &nbsp;&nbsp;&nbsp;120.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244 | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;12.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992 | &nbsp;&nbsp;&nbsp;1.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;(11.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041 | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;20.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;(36.80%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52901 | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;29.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;20.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94132 | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;120.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83121 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.49%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85934 | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;&nbsp;&nbsp;(10.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84902 | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;20.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;(36.78%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46516 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;29.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;20.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91084 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;120.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107158 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;37.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;13.55%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99475 | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;28.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.63 | &nbsp;&nbsp;&nbsp;&nbsp;(10.56%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272152 | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;20.75% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **117** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Equity Impact Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> <sup>(a)</sup>** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$18.45 | &nbsp;&nbsp;$0.39(f) | &nbsp;&nbsp;$(5.77) | &nbsp;&nbsp;$(5.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$–<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$–<sup>(g)</sup> | &nbsp;&nbsp;$13.07 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;18.45 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.14 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.18(j) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.41(f) | &nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;(5.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;18.49 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;13.18 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.21(j) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;11.62 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;10.30 |

---

(a) Net investment income is based on average shares outstanding during the period.

(b) Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios
of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average
net assets.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Includes interest expense that amounts to less than 0.01%.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds
(See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would
have been $0.07, (30.98%) and 0.47%, respectively. For Institutional Class Shares, these amounts would have been $0.07, (30.83%) and 0.49%, respectively.

(g) Less than $0.005 per share.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the
Total Return for Class A Shares would have been 15.82%. For Institutional Class Shares, this amount would have been 16.12%.

(j) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on
recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for
Class A Shares would have been $0.08, 13.56%, and 0.77%, respectively. For Institutional Class Shares, these amounts would have been $0.11, 13.81%, and 1.03%, respectively.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **118** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Equity Impact Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers Excluding<br> Accruals for Estimated<br> Tax Due on Foreign Tax<br> Refund Recoveries)<br> to Average<br> Net Assets<br> (b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (b)(c)(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)(c)(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (e)** |
| &nbsp;&nbsp;&nbsp;(29.14%)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26986 | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;2.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;36.90% |
| &nbsp;&nbsp;&nbsp;40.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43059 | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;17.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.93%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32180 | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;32.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.76%(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34933 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.69%(j) | &nbsp;&nbsp;&nbsp;125.21% |
| &nbsp;&nbsp;&nbsp;(11.48%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35964 | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;19.00% |
| &nbsp;&nbsp;(28.99%)(f)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19384 | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.71%(f) | &nbsp;&nbsp;&nbsp;&nbsp;36.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32312 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;17.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.30%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27839 | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;32.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.99%(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27937 | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.95%(j) | &nbsp;&nbsp;&nbsp;125.21% |
| &nbsp;&nbsp;&nbsp;(11.23%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28477 | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;19.00% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **119** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Infrastructure Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Redemption<br> Fees** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$24.18 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$(3.00) | &nbsp;&nbsp;$(2.59) | &nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.97) | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;21.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;18.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(e) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(3.01) | &nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(e) |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Less than $0.005 per share.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **120** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Infrastructure Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$20.62 | &nbsp;&nbsp;&nbsp;(11.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11350 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;23.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;31.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13227 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;30.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.03 | &nbsp;&nbsp;&nbsp;&nbsp;(9.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206 | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;23.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;21.93 | &nbsp;&nbsp;&nbsp;&nbsp;20.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;31.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.82 | &nbsp;&nbsp;&nbsp;&nbsp;(5.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310 | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;48.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;(10.82%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35645 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;23.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;31.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45076 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;30.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;&nbsp;(9.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32640 | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;&nbsp;23.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;20.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87441 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;31.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;(5.13%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95025 | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;48.54% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **121** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Small Cap Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$42.73 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$(16.37) | &nbsp;&nbsp;$(16.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(2.86) | &nbsp;&nbsp;$(2.86) | &nbsp;&nbsp;$23.78 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &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;42.73 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;28.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;30.18 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;29.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;28.11 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;29.23 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;38.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(14.50) | &nbsp;&nbsp;&nbsp;&nbsp;(14.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;20.94 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | &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;38.21 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;25.43 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;28.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;26.73 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;39.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(15.26) | &nbsp;&nbsp;&nbsp;&nbsp;(15.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;22.06 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;28.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.66 | &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;39.97 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;28.31 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;27.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;&nbsp;26.46 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;29.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;27.74 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;43.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;(16.61) | &nbsp;&nbsp;&nbsp;&nbsp;(16.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;24.12 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.78 | &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;43.15 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;28.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;30.37 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;29.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;(4.46) | &nbsp;&nbsp;&nbsp;&nbsp;28.25 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;31.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;29.33 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(f) Includes interest expense that amounts to less than 0.01%.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **122** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Small Cap Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(40.18%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58262 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(f) | &nbsp;&nbsp;&nbsp;1.43%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;46.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.58%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112408 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.42%(f) | &nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;42.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90560 | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;29.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75754 | &nbsp;&nbsp;&nbsp;&nbsp;1.49%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.82%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;35.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.68%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49391 | &nbsp;&nbsp;&nbsp;&nbsp;1.53%(f) | &nbsp;&nbsp;&nbsp;1.88%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;18.07% |
| &nbsp;&nbsp;&nbsp;(40.56%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(f) | &nbsp;&nbsp;&nbsp;2.23%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;46.90% |
| &nbsp;&nbsp;&nbsp;40.68%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;42.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;(1.02%) | &nbsp;&nbsp;&nbsp;29.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%(f) | &nbsp;&nbsp;&nbsp;2.59%(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;35.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;2.22%(f) | &nbsp;&nbsp;&nbsp;2.65%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;18.07% |
| &nbsp;&nbsp;(40.36%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;46.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.70%(f) | &nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;42.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;29.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;1.80%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;35.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.98%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;1.84%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;18.07% |
| &nbsp;&nbsp;&nbsp;(39.96%)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117960 | &nbsp;&nbsp;&nbsp;0.99%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;46.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;42.08%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191244 | &nbsp;&nbsp;&nbsp;0.99%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;42.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46330 | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;29.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;14.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35248 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.57%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;35.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.34%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12418 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.61%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;18.07% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **123** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Sustainable Leaders Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$34.93 | &nbsp;&nbsp;$0.34(f) | &nbsp;&nbsp;$(13.10) | &nbsp;&nbsp;$(12.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$22.17 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;26.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;34.93 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;26.19 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;23.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.81(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;26.95 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;28.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;23.64 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;35.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.42(f) | &nbsp;&nbsp;&nbsp;&nbsp;(13.50) | &nbsp;&nbsp;&nbsp;&nbsp;(13.08) | &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;22.88 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;35.96 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;27.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;26.98 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.91(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;27.74 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;24.27 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios
of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average
net assets.

(c) Includes interest expense that amounts to less than 0.01%.

(d) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds
(See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have
been $0.07, (37.36%) and 0.24%, respectively. For Institutional Class Shares, these amounts would have been $0.08, (37.18%) and 0.29%, respectively.

(g) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(h) Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the
Total Return for Class A Shares would have been (0.38%). For Institutional Class Shares, this amount would have been (0.11%).

(i) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on
recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class
A Shares would have been $0.28, 12.13%, and 1.13%, respectively. For Institutional Class Shares, these amounts would have been $0.37, 12.41%, and 1.42%, respectively.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **124** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Sustainable Leaders Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers Excluding<br> Accruals for Estimated<br> Tax Due on Foreign Tax<br> Refund Recoveries)<br> to Average<br> Net Assets<br> (b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (b)(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)(c)(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (e)** |
| &nbsp;&nbsp;(36.53%)(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68067 | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(f) | &nbsp;&nbsp;&nbsp;&nbsp;38.19% |
| &nbsp;&nbsp;&nbsp;34.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120080 | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;(0.36%) | &nbsp;&nbsp;&nbsp;113.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100780 | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;34.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.02%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120472 | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;3.24%(i) | &nbsp;&nbsp;&nbsp;131.52% |
| &nbsp;&nbsp;&nbsp;(11.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126383 | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;19.46% |
| &nbsp;&nbsp;&nbsp;(36.37%)(f)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946 | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(f) | &nbsp;&nbsp;&nbsp;&nbsp;38.19% |
| &nbsp;&nbsp;&nbsp;34.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25253 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;(0.11%) | &nbsp;&nbsp;&nbsp;113.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;34.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.34%(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27390 | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;3.53%(i) | &nbsp;&nbsp;&nbsp;131.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;(11.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26633 | &nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;19.46% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **125** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Realty Income & Growth Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Redemption<br> Fees** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$15.68 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$(2.72) | &nbsp;&nbsp;$(2.57) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(1.96) | &nbsp;&nbsp;$(2.27) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$10.84 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;15.68 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;12.40 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;21.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(6.48) | &nbsp;&nbsp;&nbsp;&nbsp;(7.00) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;17.98 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;21.38 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.89 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;15.74 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;12.44 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;21.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(6.48) | &nbsp;&nbsp;&nbsp;&nbsp;(7.04) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;22.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;21.41 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%, 0.01%, 0.05%, 0.03%, and 0.10% for Class A and Institutional Class for the years ended October 31, 2022, October 31, 2021, October 31, 2020,
October 31, 2019, and October 31, 2018, respectively.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **126** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Realty Income & Growth Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;(19.45%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$397 | &nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.67%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;23.36% |
| &nbsp;&nbsp;&nbsp;44.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;1.26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;32.52% |
| &nbsp;&nbsp;&nbsp;(18.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;22.61% |
| &nbsp;&nbsp;&nbsp;25.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;1.28%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;20.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.35%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;1.34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;42.71% |
| &nbsp;&nbsp;&nbsp;(19.24%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41592 | &nbsp;&nbsp;&nbsp;1.00%(e) | &nbsp;&nbsp;&nbsp;1.42%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;23.36% |
| &nbsp;&nbsp;&nbsp;44.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56593 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;1.47%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;32.52% |
| &nbsp;&nbsp;&nbsp;(17.85%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46235 | &nbsp;&nbsp;&nbsp;1.05%(e) | &nbsp;&nbsp;&nbsp;1.48%(e) | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;22.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;25.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75232 | &nbsp;&nbsp;&nbsp;1.03%(e) | &nbsp;&nbsp;&nbsp;1.39%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;20.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83573 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;1.45%(e) | &nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;42.71% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **127** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Small Cap Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$49.57 | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(9.33) | &nbsp;&nbsp;$(9.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(9.80) | &nbsp;&nbsp;$(9.80) | &nbsp;&nbsp;$30.19 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;&nbsp;&nbsp;18.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;49.57 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;33.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;33.55 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;35.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;33.19 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;35.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &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;35.39 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;39.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;22.59 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;27.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;39.79 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;27.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;27.48 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;30.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;27.79 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;30.94 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &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;30.53 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;44.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;25.92 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;44.07 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;30.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;30.12 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;32.64 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;30.14 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;32.97 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &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;32.64 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;53.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(10.28) | &nbsp;&nbsp;&nbsp;&nbsp;(10.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;33.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;36.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;53.65 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;36.06 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;37.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;35.41 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &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;37.39 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;53.75 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(10.30) | &nbsp;&nbsp;&nbsp;&nbsp;(10.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;33.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14 | &nbsp;&nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;53.75 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;36.09 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;37.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;35.40 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;37.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &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;37.37 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **128** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Small Cap Equity Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(23.82%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108078 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;59.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;56.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172963 | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;78.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124673 | &nbsp;&nbsp;&nbsp;1.40%(e) | &nbsp;&nbsp;&nbsp;1.40%(e) | &nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;60.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159391 | &nbsp;&nbsp;&nbsp;&nbsp;1.41%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.41%(e) | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224804 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;38.28% |
| &nbsp;&nbsp;&nbsp;(24.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25068 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(e) | &nbsp;&nbsp;&nbsp;2.06%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;59.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;55.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44295 | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;(1.20%) | &nbsp;&nbsp;&nbsp;78.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36621 | &nbsp;&nbsp;&nbsp;2.05%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26%) | &nbsp;&nbsp;&nbsp;60.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48382 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;(0.99%) | &nbsp;&nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.33%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75913 | &nbsp;&nbsp;&nbsp;2.06%(e) | &nbsp;&nbsp;&nbsp;2.06%(e) | &nbsp;&nbsp;&nbsp;(0.95%) | &nbsp;&nbsp;&nbsp;38.28% |
| &nbsp;&nbsp;(24.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;59.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;56.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;78.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(e) | &nbsp;&nbsp;&nbsp;(0.96%) | &nbsp;&nbsp;&nbsp;60.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(e) | &nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.00%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430 | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;(0.55%) | &nbsp;&nbsp;&nbsp;38.28% |
| &nbsp;&nbsp;&nbsp;(23.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31893 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;59.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;57.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41568 | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;78.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31548 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) | &nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;60.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40476 | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(e) | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50163 | &nbsp;&nbsp;&nbsp;1.08%(e) | &nbsp;&nbsp;&nbsp;1.08%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;38.28% |
| &nbsp;&nbsp;&nbsp;(23.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559518 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(e) | &nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;59.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;57.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931614 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.21%) | &nbsp;&nbsp;&nbsp;78.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536973 | &nbsp;&nbsp;&nbsp;1.04%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;60.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607103 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263907 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;38.28% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **129** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$17.32 | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(3.52) | &nbsp;&nbsp;$(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(4.37) | &nbsp;&nbsp;$(4.37) | &nbsp;&nbsp;$9.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;17.32 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.79 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;12.95 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;12.53 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;13.77 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;11.36 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;10.94 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;(3.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;18.91 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;14.89 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;13.88 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;13.33 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;10.65 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;19.03 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;14.96 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;13.93 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;13.37 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **130** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;(27.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$222190 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(e) | &nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;44.12% |
| &nbsp;&nbsp;&nbsp;41.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345638 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;111.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264977 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;49.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247926 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;47.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233717 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;38.68% |
| &nbsp;&nbsp;&nbsp;(27.96%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%(e) | &nbsp;&nbsp;&nbsp;2.08%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(1.14%) | &nbsp;&nbsp;&nbsp;&nbsp;44.12% |
| &nbsp;&nbsp;&nbsp;40.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;(1.01%) | &nbsp;&nbsp;&nbsp;111.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;(0.94%) | &nbsp;&nbsp;&nbsp;49.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;(0.58%) | &nbsp;&nbsp;&nbsp;&nbsp;47.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%(e) | &nbsp;&nbsp;&nbsp;2.07%(e) | &nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;38.68% |
| &nbsp;&nbsp;&nbsp;(27.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106068 | &nbsp;&nbsp;&nbsp;0.97%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.02%(e) | &nbsp;&nbsp;&nbsp;(0.20%) | &nbsp;&nbsp;&nbsp;&nbsp;44.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158581 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;(0.11%) | &nbsp;&nbsp;&nbsp;111.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121611 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;49.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113600 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;47.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106337 | &nbsp;&nbsp;&nbsp;0.97%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.03%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;38.68% |
| &nbsp;&nbsp;&nbsp;(27.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14%) | &nbsp;&nbsp;&nbsp;&nbsp;44.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14953 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;111.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;49.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;47.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801 | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;38.68% |

---

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| | |
|:---|:---|
| 2022 Annual Report | **131** |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Smaller Companies Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(2.09) | &nbsp;&nbsp;$(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(2.67) | &nbsp;&nbsp;$(2.67) | &nbsp;&nbsp;$6.29 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;5.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;6.73 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;&nbsp;&nbsp;(2.82) | &nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.68 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;8.45 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;12.21 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;8.78 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Dividend expense ratio includes broker related expenses for securities sold short.

(e) Indicates the dividend expense charged for the period to average net assets.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the years ended October 31, 2021, October 31, 2020 and
October 31, 2018.

(h) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **132** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Smaller Companies Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Dividend<br> Expense<br> (d)(e)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (f)** |
| &nbsp;&nbsp;(25.40%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8220 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;(0.59%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;55.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;53.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(g) | &nbsp;&nbsp;&nbsp;2.42%(g) | &nbsp;&nbsp;&nbsp;(0.45%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;157.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;45.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481 | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;54.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(g) | &nbsp;&nbsp;&nbsp;2.03%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;112.97% |
| &nbsp;&nbsp;&nbsp;(25.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;(0.91%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;55.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;52.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;1.55%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.75%(g) | &nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;157.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;1.43%(g) | &nbsp;&nbsp;&nbsp;2.32%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;45.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;54.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;1.69%(g) | &nbsp;&nbsp;&nbsp;2.40%(g) | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;112.97% |
| &nbsp;&nbsp;&nbsp;(25.16%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;(0.47%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;55.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;53.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(g) | &nbsp;&nbsp;&nbsp;2.25%(g) | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;157.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.93%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;45.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;54.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;112.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;(25.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;55.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;53.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;2.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;157.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.94%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;45.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;54.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp;0.98%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.83%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;112.97% |

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| | |
|:---|:---|
| 2022 Annual Report | **133** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements <br> October 31, 2022

------

1. Organization

abrdn Funds (the "Trust"), formerly Aberdeen Funds, was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of October 31, 2022, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of October 31, 2022, the Trust operated nineteen (19) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the thirteen (13) funds listed below (each a "Fund"; collectively, the "Funds"):

• abrdn China A Share Equity Fund (formerly, Aberdeen China A Share Equity Fund) ("China A Share Equity Fund")

• abrdn Dynamic Dividend Fund (formerly, Aberdeen Dynamic Dividend Fund) ("Dynamic Dividend Fund")

• abrdn Emerging Markets ex-China Fund (formerly, Aberdeen Global Equity Fund) ("Emerging Markets ex-China Fund")

• abrdn Emerging Markets Fund (formerly, Aberdeen Emerging Markets Fund) ("Emerging Markets Fund")

• abrdn Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen Emerging Markets Sustainable Leaders Fund) ("Emerging Markets Sustainable Leaders Fund")

• abrdn Global Equity Impact Fund (formerly, Aberdeen Global Equity Impact Fund) ("Global Equity Impact Fund")

• abrdn Global Infrastructure Fund (formerly, Aberdeen Global Infrastructure Fund) ("Global Infrastructure Fund")

• abrdn International Small Cap Fund (formerly, Aberdeen International Small Cap Fund) ("International Small Cap Fund")

• abrdn International Sustainable Leaders Fund (formerly, Aberdeen International Sustainable Leaders Fund) ("International Sustainable Leaders Fund")

• abrdn Realty Income & Growth Fund (formerly, Aberdeen Realty Income & Growth Fund) ("Realty Income & Growth Fund")

• abrdn U.S. Small Cap Equity Fund (formerly, Aberdeen U.S. Small Cap Equity Fund) ("U.S. Small Cap Equity Fund")

• abrdn U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Sustainable Leaders Fund) ("U.S. Sustainable Leaders Fund")

• abrdn U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen U.S. Sustainable Leaders Smaller Companies Fund) ("U.S. Sustainable Leaders Smaller Companies Fund")

2. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles in the United States of America ("GAAP"). 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.

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|:---|:---|
| **a.**  | **Security Valuation:** |
|  | The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") designated abrdn Inc. ("abrdn" or the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (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. |
|  | In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, 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 |

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| **134** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

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|:---|
| 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. A security using any of these pricing methodologies is determined to be a Level 1 investment. |
| Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment. |
| Long-term debt and other fixed income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, and the strategies employed by the Adviser as Valuation Designee generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, "odd lot" sizes. Odd lots may trade at lower or occasionally higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments. |
| Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. Each Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 NAV. Generally, these investment types are categorized as Level 1 investments. |
| Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). |
| 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 closed before the Valuation Time), the security is valued at fair value as determined by the Investment Adviser as Valuation Designee taking into account the relevant factors and surrounding circumstances using Valuation and Liquidity Procedures approved by the Board. A security that has been fair valued by the Investment Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs. |
| The three-level hierarchy of inputs is summarized below: |

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• Level 1 - quoted prices in active markets for identical investments;

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or

• Level 3 - significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

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| 2022 Annual Report | **135** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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A summary of standard inputs is listed below:

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|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Foreign equities utilizing a fair value factor | &nbsp;&nbsp;Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |

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The following is a summary of the inputs used as of October 31, 2022 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Please refer to the Statements of Investments for a detailed breakout of the security types:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$243347 | &nbsp;&nbsp;&nbsp;&nbsp;$30154994 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$30398341 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151636 | &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;151636 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380882 | &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;380882 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$775865** | &nbsp;&nbsp;&nbsp;&nbsp;**$30154994** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$30930859** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$775865** | &nbsp;&nbsp;&nbsp;&nbsp;**$30154994** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$30930859** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$64861310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31217329 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$96078639 |
| &nbsp;&nbsp;Preferred Stocks <br>| &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;1195900 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195900 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895263 | &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;2895263 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;**$67756573** | &nbsp;&nbsp;&nbsp;&nbsp;**$32413229** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$100169802** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;**$67756573** | &nbsp;&nbsp;&nbsp;&nbsp;**$32413229** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$100169802** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37478) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37478) |
| &nbsp;&nbsp;**Total Liabilities <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(37478)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(37478)** |
| &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5108113 | &nbsp;&nbsp;&nbsp;&nbsp;$18474247 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$23582360 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428342 | &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;428342 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610605 | &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;610605 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$6147060** | &nbsp;&nbsp;&nbsp;&nbsp;**$18474247** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$24621307** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$6147060** | &nbsp;&nbsp;&nbsp;&nbsp;**$18474247** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$24621307** |

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| **136** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$370266288 | &nbsp;&nbsp;$1632497400 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$2002763688 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40692722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135475080 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176167802 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71047744 | &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;71047744 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$482006754** | &nbsp;&nbsp;**$1767972480** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$2249979234** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$482006754** | &nbsp;&nbsp;**$1767972480** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$2249979234** |
| &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** | &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** | &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** | &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** | &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$20885177 | &nbsp;&nbsp;&nbsp;&nbsp;$81495221 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$102380398 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432297 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517942 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312096 | &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;1312096 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$24282918** | &nbsp;&nbsp;&nbsp;&nbsp;**$88927518** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$113210436** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$24282918** | &nbsp;&nbsp;&nbsp;&nbsp;**$88927518** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$113210436** |
| &nbsp;&nbsp;**Global Equity Impact Fund** | &nbsp;&nbsp;**Global Equity Impact Fund** | &nbsp;&nbsp;**Global Equity Impact Fund** | &nbsp;&nbsp;**Global Equity Impact Fund** | &nbsp;&nbsp;**Global Equity Impact Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$23701272 | &nbsp;&nbsp;&nbsp;&nbsp;$21819304 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45520576 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161466 | &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;161466 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$23862738** | &nbsp;&nbsp;&nbsp;&nbsp;**$21819304** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$45682042** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$23862738** | &nbsp;&nbsp;&nbsp;&nbsp;**$21819304** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$45682042** |
| &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$25321342 | &nbsp;&nbsp;&nbsp;&nbsp;$20940548 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$46261890 |
| &nbsp;&nbsp;Rights <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &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;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314397 | &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;314397 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$25635916** | &nbsp;&nbsp;&nbsp;**$20940548** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$46576464** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$25635916** | &nbsp;&nbsp;&nbsp;**$20940548** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$46576464** |
| &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;$44748837 | &nbsp;&nbsp;&nbsp;$129484454 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$174233291 |
| &nbsp;&nbsp;Preferred Stocks <br>| &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;2025063 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025063 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947367 | &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;1947367 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$46696204** | &nbsp;&nbsp;&nbsp;**$131509517** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$178205721** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$46696204** | &nbsp;&nbsp;&nbsp;**$131509517** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$178205721** |

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| 2022 Annual Report | **137** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**International Sustainable Leaders Fund** | &nbsp;&nbsp;**International Sustainable Leaders Fund** | &nbsp;&nbsp;**International Sustainable Leaders Fund** | &nbsp;&nbsp;**International Sustainable Leaders Fund** | &nbsp;&nbsp;**International Sustainable Leaders Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$8491860 | &nbsp;&nbsp;&nbsp;&nbsp;$70894794 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$79386654 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185046 | &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;2185046 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$10676906** | &nbsp;&nbsp;&nbsp;**$70894794** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$81571700** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$10676906** | &nbsp;&nbsp;&nbsp;**$70894794** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$81571700** |
| &nbsp;&nbsp;**Realty Income & Growth Fund** | &nbsp;&nbsp;**Realty Income & Growth Fund** | &nbsp;&nbsp;**Realty Income & Growth Fund** | &nbsp;&nbsp;**Realty Income & Growth Fund** | &nbsp;&nbsp;**Realty Income & Growth Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;$40460530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$40460530 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696494 | &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;1696494 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;**$42157024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$42157024** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;**$42157024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$42157024** |
| &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$720471609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$720471609 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336367 | &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;6336367 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$726807976** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$726807976** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$726807976** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$726807976** |
| &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$324733669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$324733669 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12528695 | &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;12528695 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$337262364** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$337262364** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$337262364** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$337262364** |
| &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;$15727800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15727800 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174697 | &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;174697 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;**$15902497** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$15902497** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;**$15902497** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$15902497** |

---

Amounts listed as "–" are $0 or round to $0.

For the fiscal year ended October 31, 2022, there were no significant changes to the fair valuation methodologies.

Level 3 investments held during and at the end of the year ended October 31, 2022 in relation to net assets, of the Emerging Markets Fund and of the International Sustainable Leaders Fund, were not significant (0.0% of total net assets) and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2022 is not presented. The valuation technique used at October 31, 2022 was fair valuation at zero pursuant to procedures approved by the Fund's Board of Trustees.

---

| | |
|:---|:---|
| **138** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | |
|:---|:---|
| **b.**  | **Restricted Securities:** |
|  | Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances. |

---

---

| | |
|:---|:---|
| **c.**  | **Foreign Currency Translation:** |
|  | Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations. |

---

---

| | |
|:---|:---|
| **d.**  | **Rights Issues and Warrants:** |
|  | Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded. |

---

---

| | |
|:---|:---|
| **e.**  | **Derivative Financial Instruments:** |
|  | Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. |
|  | **Forward Foreign Currency Exchange Contracts** |
|  | A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Funds' currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. |
|  | The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. These realized and unrealized gains and losses are reported on the Statements of Operations. During the year October 31, 2022, the Funds used forward contracts for the purposes of efficient portfolio management and managing active currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions. |
|  | While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **139** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

---

| |
|:---|
| **Summary of Derivative Instruments** |
| Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of October 31, 2022: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$37478 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$37478 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$37478** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$37478** |

---

Amounts listed as "–" are $0 or round to $0.

Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of October 31, 2022 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$37478 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$37478 |

---

Amounts listed as "–" are $0 or round to $0.

(1) In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2) Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across
transactions governed under the same master netting agreement with the same legal entity.

(3) Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

---

| | |
|:---|:---|
| **140** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the fiscal year ended October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$562959 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$562959 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$562959** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$562959** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(35464) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(35464) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(35464)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(35464)** |
| &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** |
| &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$16588 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$16588 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$16588** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$16588** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$1279 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$1279 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$1279** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$1279** |

---

Amounts listed as "–" are $0 or round to $0.

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the fiscal year ended October 31, 2022. The table below summarizes the weighted average values of derivatives holdings by the Funds during the fiscal year ended October 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average<br> Notional Value** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$2832471 |
| &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$403621 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$1531174 |

---

---

| | |
|:---|:---|
| **f.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **141** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of month-end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the average net asset value of that class' shares in proportion to the average net assets of the relevant Fund when incurred. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

---

| | |
|:---|:---|
| **g.**  | **Distributions:** |
|  | Distributions from net investment income, if any, are declared and paid annually for all Funds except the Dynamic Dividend Fund, which declares and pays monthly, and the Global Infrastructure Fund and Realty Income & Growth Fund, which declare and pay quarterly. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for foreign currencies and loss deferrals. |

---

---

| | |
|:---|:---|
| **h.**  | **Federal Income Taxes:** |
|  | Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2022 are subject to such review. |

---

---

| | |
|:---|:---|
| **i.**  | **Foreign Withholding Tax:** |
|  | Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review. |
|  | In addition, the Funds may be subject to capital gains tax in certain countries in which they invest. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned. |
|  | In addition, when the Funds sell securities within certain countries in which they invest, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |
|  | The Dynamic Dividend Fund has received requests from the German Federal Tax Office ("GTO") for additional documents and information relating to withholding tax refunds from 2009-2011 that the Fund has previously received and recorded. The tax refunds previously received amount to approximately 1.26% of the Dynamic Dividend Fund's net assets as of October 31, 2022. Of the 1.26%, 0.87% are contested by the GTO. The Dynamic Dividend Fund may be required to return all or certain amounts or pay a settlement in connection with the GTO request. Based on information available as of the date of this Annual report, an estimated repayment amount, at the full amount of the previously received refunds being contested, has been accrued as a liability and is reflected within the Dynamic Dividend Fund's net asset value, which impacts its performance. This amount is reflected in the accompanying statement of assets and liabilities as payable for foreign withholding taxes. Furthermore, upon final determination of the GTO, if the actual amount payable differs significantly from the amount currently accrued, and subject to the level of assets under management at the time of any subsequent adjustments, the Dynamic Dividend Fund's net asset value and performance may be materially impacted. The precise amount of the repayment remains uncertain as the matter remains unsettled with the GTO. |
|  | *abrdn Global Equity Impact Fund ("GEI") and abrdn International Sustainable Leaders Fund ("ISL"). The total return in the financial highlights reflects the receipt of the payment of Article 63 EU Tax Reclaims net of estimated taxes payable to the IRS on behalf of shareholders to the IRS. At the time of receipt, those payments, net of applicable tax, resulted in an increase in net assets approximately 3.1%, 0.3%, 0.9%, and* |

---

---

| | |
|:---|:---|
| **142** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| |
|:---|
| 2.1% in 2017, 2018, 2019 and 2022, respectively for GEI and an increase in net assets of approximately 5.4% 2.1%, 1.4% in 2017, 2019 and 2022, respectively for ISL, based upon the net asset value as of the date of receipt. Without these payments, GEI's and ISL's performance would have been lower during each respective period in which the refunds and/or interest was received or recognized under U.S. GAAP. Additionally, past returns would have been higher had each Predecessor Fund not originally paid the withholding taxes that relate to the Article 63 EU reclaims that have been returned. There can be no assurance that the Fund will receive additional Article 63 EU Tax Reclaim payments or maintain this level of performance in the future. |
| Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each fund recognizes Article 63 EU Tax Reclaims when uncertainty relating to these claims, including but not limited to resolution of administrative and judicial proceedings and likelihood of receipt, have been resolved. |
| In 2022, Article 63 EU Tax reclaims and interest, as applicable, were paid to each Fund related to French and Swedish dividend withholding tax. The net assets of GEI and ISL increased by 2.1% and 1.4%, respectively, based upon the net asset value as of the date of receipt. As of October 31, 2022, GEI and ISL have remaining Article 63 EU Tax Reclaims, primarily related to France, Germany, and Spain. During the year ended October 31, 2022, based upon evaluation of facts and circumstances related to the outstanding claims, the outstanding reclaims related to France and Spain were accrued as a receivable, and are reflected as Article 63 EU Tax Reclaims Receivable on the accompanying statements of assets and liabilities. Additionally, a payable to the IRS on behalf of shareholders related to Article 63 tax reclaims was accrued and is reflected on the accompanying statement of assets and liabilities. The net assets of GEI and ISL increased by 2.3% and 2.3%, respectively, based upon the net asset value as of the date of recognition. |
| Certain of the outstanding Article 63 EU Tax Reclaims related to Germany and Spain are not deemed to meet the recognition criteria under U.S. GAAP as of October 31, 2022, and have not been recorded in each fund's respective net asset value. As of October 31, 2022, the total amount of outstanding reclaims (before the impact of interest or any tax or additional costs incurred in the pursuit of such reclaims) filed with Germany and Spain represents 3.4% and 3.0%, respectively, of net assets of GEI and ISL. These amounts net of estimated taxes represent 1.9% and 1.7%, respectively, of net assets of GEI and ISL. Recognition by the Fund of these amounts would have a positive impact on the Fund's performance. |
| The payments received on tax reclaims (including interest payments) within the year ended October 31, 2022 and from prior periods were as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;**Percent of Net Assets as of Fiscal Period End** | &nbsp;&nbsp;&nbsp;**Received Date Range** |
| &nbsp;&nbsp;**Global Equity Impact Fund** |  |  |  |
| &nbsp;&nbsp;Withholding Tax Refunds Received from Country: |  |  |  |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;$500000 | &nbsp;&nbsp;&nbsp;0.25%\* | &nbsp;&nbsp;&nbsp;5/21/2015 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400193 | &nbsp;&nbsp;&nbsp;4.68%\*\* | &nbsp;&nbsp;&nbsp;2/1/2017-2/24/2017 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;0.59%\*\*\* | &nbsp;&nbsp;&nbsp;8/22/2018 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011000 | &nbsp;&nbsp;&nbsp;1.62%\*\*\*\* | &nbsp;&nbsp;&nbsp;2/12/2019-9/4/2019 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150447 | &nbsp;&nbsp;&nbsp;0.32%\*\*\*\*\* | &nbsp;&nbsp;&nbsp;6/1/2022 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920555 | &nbsp;&nbsp;&nbsp;4.14%\*\*\*\*\* | &nbsp;&nbsp;&nbsp;6/15/2022 |
| &nbsp;&nbsp;**International Sustainable Leaders Fund** |  |  |  |
| &nbsp;&nbsp;Withholding Tax Refunds Received from Country: |  |  |  |
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;0.35%\* | &nbsp;&nbsp;&nbsp;5/21/2015 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;16452314 | &nbsp;&nbsp;&nbsp;7.74%\*\* | &nbsp;&nbsp;&nbsp;12/16/2016-2/24/2017 |
| &nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;5504000 | &nbsp;&nbsp;&nbsp;3.68%\*\*\*\* | &nbsp;&nbsp;&nbsp;12/12/2018-9/4/2019 |
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210317 | &nbsp;&nbsp;&nbsp;0.26%\*\*\*\*\* | &nbsp;&nbsp;&nbsp;6/1/2022 |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115068 | &nbsp;&nbsp;&nbsp;2.58%\*\*\*\*\* | &nbsp;&nbsp;&nbsp;6/15/2022 |

---

---

| | |
|:---|:---|
| \* | As of October 31, 2015 |
| \*\* | As of October 31, 2017 |
| \*\*\* | As of October 31, 2018 |
| \*\*\*\* | As of October 31, 2019 |
| \*\*\*\*\* | As of October 31, 2022 |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **143** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

In August 2022, the Funds executed a closing agreement with the Internal Revenue Service that determined the amount of taxes to be paid on behalf of shareholders related to the reclaims and interest received from Finland and Poland. The amounts paid in ISL and GEI were $11,609,280 and $3,337,794, respectively, which represented an increase of $1,990,404 and $815,677, respectively, related to previous estimates for such payments. This increase is reported on the Statement of Operations within foreign tax withholding.

Based on information available as of the date of this Annual report, an estimated tax amount has been accrued and is reflected (approx. 5.0% and 3.9% of net assets in GEI and ISL, respectively) related to the reclaims received from France and Sweden as well as the reclaims recorded associated with Spain and France. This amount is reflected as Payable to IRS on behalf of shareholders related to Article 63 EU Tax reclaims on the accompanying statements of asset and liabilities.

The Emerging Markets Sustainable Leaders Fund filed for Article 63 EU Tax Reclaims in France and Germany. As of October 31, 2022, the total amount of outstanding reclaims (before the impact of interest or any tax or additional costs incurred in the pursuit of such reclaims) filed with France and Germany represents 1.1% of net assets. These amounts net of estimated taxes represent 0.6% of net assets. Recognition by the Fund of these amounts would have a positive impact on the Fund's performance. Based upon evaluation of facts and circumstances related to the outstanding claims, the claims were deemed to not meet the recognition criteria under U.S. GAAP as of October 31, 2022, and have not been recorded in the Fund's net asset value.

---

| | |
|:---|:---|
| **j.**  | **Securities Lending** |
|  | Through an agreement with Securities Finance Trust Company as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned. |
|  | Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent. |
|  | The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks including the event of default or insolvency of the borrower and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and, therefore, this amount is not presented on the Funds' Statements of Investments. |
|  | At October 31, 2022, the Funds did not have any securities on loan. |

---

3. Agreements and Transactions with Affiliates

---

| | |
|:---|:---|
| **a.**  | **Investment Adviser** |
|  | Under the Investment Advisory Agreement with the Trust, abrdn manages the Funds in accordance with the policies and procedures established by the Board. |

---

---

| | |
|:---|:---|
| **144** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fee Schedule** | |
| &nbsp;&nbsp;China A Share Equity Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% |
|  | On $250 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| $0 up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.730% |
|  | $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | $250 million up to $750 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
|  | $750 million to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| &nbsp;&nbsp;International Small Cap Fund <br>| Up to $100 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | On $100 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| $0 up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.730% |
|  | $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% |
|  | $250 million up to $750 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% |
|  | $750 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| Up to $100 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% |
|  | On $100 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |

---

The Adviser has engaged the services of affiliates abrdn Asia Limited (formerly, Aberdeen Standard Investments (Asia) Limited) and abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited) as subadvisers (the "Subadvisers") pursuant to subadvisory agreements. The Subadvisers manage a portion of certain Funds' investments and have the responsibility for making all investment decisions for the portion of a Fund's assets they manage. Pursuant to the subadvisory agreements, the Adviser pays fees to the Subadvisers.

The Trust and abrdn have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2023 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Dynamic Dividend Fund, Global Equity Impact Fund, Global Infrastructure Fund and International Sustainable Leaders Fund, 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, Class R shares, and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to

---

| | |
|:---|:---|
| 2022 Annual Report | **145** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

the Dynamic Dividend Fund and Global Infrastructure Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. The Expense Limitation Agreement with respect to the Global Equity Impact Fund and International Sustainable Leaders Fund excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses and Rule 12b-1 fees for Class A shares and extraordinary expenses.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Class A<br> Limit** | &nbsp;&nbsp;&nbsp;**Institutional<br> Class Limit** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.00% |

---

abrdn may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreements as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: 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, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by abrdn is not permitted.

As of October 31, 2022, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to abrdn for each Fund, based on expenses reimbursed by abrdn, including adjustments described above, would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Fiscal Year<br> 2020<br> (Expires 10/31/23)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2021<br> (Expires 10/31/24)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2022<br> (Expires 10/31/25)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;$194764 | &nbsp;&nbsp;&nbsp;$244894 | &nbsp;&nbsp;&nbsp;$299918 | &nbsp;&nbsp;&nbsp;$739576 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398752 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548801 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;2887668 | &nbsp;&nbsp;&nbsp;&nbsp;1800053 | &nbsp;&nbsp;&nbsp;&nbsp;3610371 | &nbsp;&nbsp;&nbsp;&nbsp;8298092 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333816 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;288816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240122 | &nbsp;&nbsp;&nbsp;&nbsp;300400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829338 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551146 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940031 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143729 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;254885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715047 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573835 | &nbsp;&nbsp;&nbsp;&nbsp;1505950 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683940 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580211 |

---

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| | |
|:---|:---|
| **146** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

---

| | |
|:---|:---|
| **b.**  | **Fund Administration** |
|  | Under the terms of the Fund Administration Agreement, abrdn provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays abrdn an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with abrdn, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. abrdn pays State Street for providing such services. |

---

---

| | |
|:---|:---|
| **c.**  | **Distributor and Shareholder Servicing** |
|  | The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares. |
|  | The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class: |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** | &nbsp;&nbsp;&nbsp;**Class R<br> Shares(a)** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;International Small Cap Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.50% |

---

(a) 0.25% of which is service fees.

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

In addition, the Distributor will re-allow to dealers 5.00% of sales charges on Class A shares of the Funds, which have a maximum front-end sales charge of 5.75% and the Distributor or the Adviser may compensate broker dealers or financial intermediaries from its own resources at the rate of 1.00% on sales of Class C shares of the Funds, which have a maximum CDSC of 1.00%, (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the fiscal year ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
| 2022 Annual Report | **147** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commissions Retained<br> from Front-End Sales<br> Charges of Class A<br> and Class A1 Shares** | &nbsp;&nbsp;&nbsp;**Commissions Retained<br> from CDSC Fees of<br> Class C (Certain Class A<br> and Class A1) Shares** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;$34192 | &nbsp;&nbsp;&nbsp;$876 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &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;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;60624 | &nbsp;&nbsp;&nbsp;&nbsp;2986 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;14695 | &nbsp;&nbsp;&nbsp;&nbsp;3190 |
| &nbsp;&nbsp;**Total Retained** | **$158295** | &nbsp;&nbsp;&nbsp;**$7500** |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **d.**  | **Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses** |
|  | The Funds may pay and/or reimburse administrative services fees/sub-transfer agent expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with recordkeeping, networking, sub-transfer agency or other administrative or shareholder services. |
|  | Class A, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2023, the administrative service fee for a Fund is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan. |
|  | The aggregate amount of sub-transfer agent and administrative service fees paid during the fiscal year ended October 31, 2022 was as follows: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;$12961 | &nbsp;&nbsp;&nbsp;$1703 | &nbsp;&nbsp;&nbsp;&nbsp;$4110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$743 | &nbsp;&nbsp;&nbsp;$23667 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &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;&nbsp;&nbsp;&nbsp;73092 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;21234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;211678 | &nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp;169987 | &nbsp;&nbsp;&nbsp;&nbsp;753671 | &nbsp;&nbsp;&nbsp;&nbsp;2517328 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;21798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;42258 | &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;&nbsp;&nbsp;&nbsp;24158 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 | &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;&nbsp;&nbsp;&nbsp;33101 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;86585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192105 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;124917 | &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;&nbsp;&nbsp;&nbsp;11703 |

---

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| | |
|:---|:---|
| **148** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$34940 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;162749 | &nbsp;&nbsp;&nbsp;&nbsp;30101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679339 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;112262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **e.**  | **Purchase/Sale Transactions Between Affiliates** |
|  | The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the fiscal year ended October 31, 2022, the Funds did not engage in any of these trades. |

---

4. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the fiscal year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchase** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;$13843941 | &nbsp;&nbsp;&nbsp;&nbsp;$41193067 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88737657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89030360 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34746534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33594864 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;1267607288 | &nbsp;&nbsp;&nbsp;&nbsp;2395284766 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44490933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75905188 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21445303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30825223 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15545427 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;141310632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118261527 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42958765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62916783 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11803938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17249025 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;534022728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690747905 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178613313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227375026 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12658285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10102719 |

---

5. Portfolio Investment Risks

---

| | |
|:---|:---|
| **a.**  | **Concentration Risk** |
|  | The Global Infrastructure Fund and Realty Income & Growth Fund are subject to concentration risk. Each Fund's strategy of concentrating in companies in a specific industry means that its performance will be closely tied to the performance of a particular market segment. Each Fund's concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on each Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole. |

---

---

| | |
|:---|:---|
| **b.**  | **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 each Fund, the Adviser and/or their 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. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **149** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | |
|:---|:---|
| **c.**  | **Dividend Strategy Risk** |
|  | The Dynamic Dividend Fund and Realty Income & Growth Fund are subject to dividend strategy risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. The Fund may hold securities for short periods of time related to the dividend payment periods and may experience loss during these periods. |

---

---

| | |
|:---|:---|
| **d.**  | **Emerging Markets Risk** |
|  | The risks of investing in emerging markets countries are a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below). |

---

---

| | |
|:---|:---|
| **e.**  | **Equity Linked Notes** |
|  | The China A Share Equity Fund may invest in equity-linked notes, which are generally subject to the same risks as the foreign equity securities or the basket of foreign securities they are linked to. If the linked security(ies) declines in value, the note may return a lower amount at maturity. The trading price of an equity-linked note also depends on the value of the linked security(ies). |

---

---

| | |
|:---|:---|
| **f.**  | **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). |

---

---

| | |
|:---|:---|
| **g.**  | **Exchange-Traded Fund Risk** |
|  | To the extent that the China A Share Equity Fund invests in ETFs, the Fund may be subject to, among other risks, tracking error risk and passive and, in some cases, active management investment risk. An active secondary market in ETF shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance that an ETF's shares will continue to be listed on an active exchange. In addition, Fund shareholders bear both their proportionate share of the Fund's expenses and similar expenses incurred through the Fund's ownership of the ETF. |

---

---

| | |
|:---|:---|
| **h.**  | **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 a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful. |

---

---

| | |
|:---|:---|
| **i.**  | **Foreign Securities Risk** |
|  | Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a 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. |
|  | *Asian Risk. Parts of the Asian region may be subject to a greater degree of economic, political and social instability than is the case in the United States and Europe. Some Asian countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles than developed countries. The developing nature of securities markets in many countries in the Asian region may lead to a lack of liquidity while some countries have restricted the flow of money in and out of the country. Some countries in Asia have historically experienced political uncertainty, corruption, military intervention and social unrest. To the extent a Fund invests heavily in Asian issuers, the Fund may be more volatile than a fund which is broadly diversified geographically.* |

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| | |
|:---|:---|
| **150** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| |
|:---|
| *China Risk. Concentrating investments in China and Hong Kong subjects the China A Shares Equity Fund to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.* |
| *China A Shares Risk. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks. Stock Connect is subject to a daily quota (the "Daily Quota"), which limits the maximum net purchases under Stock Connect each day and, as such, buy orders for China A Shares would be rejected once the Daily Quota is exceeded (although the Fund will be permitted to sell China A Shares regardless of the Daily Quota balance). Further, Stock Connect, which relies on the connectivity of the Shanghai or Shenzhen markets with Hong Kong, is subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, the Fund's ability to trade in China A Shares will be impacted which may affect the Fund's performance. The QFII Programs are subject to the risk that the Adviser may have its QFII Programs license revoked or restricted with respect to the Fund or the Fund may be impacted by the rules, restrictions and quota limitations connected to reliance on a QFII Programs license.* |
| *India Risk. The value of a Fund's assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and a Fund, market conditions, and prices and yields of securities in a Fund's portfolio. Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the "reservation" of key products for small-scale industries and high fiscal deficits. Changes in economic policies, or lack of movement toward economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect a Fund's investments. The securities market in India is substantially smaller, less liquid and significantly more volatile than the securities market in the United States. The relatively small market capitalizations of, and trading values on, Indian stock exchanges may cause a Fund's investments in securities listed on these exchanges to be comparatively less liquid and subject to greater price volatility than comparable U.S. investments.* |
| *Russia/Ukraine Risk. In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of the Funds' investments.* |

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| | |
|:---|:---|
| **j.**  | **Illiquid Securities Risk** |
|  | Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. |
|  | The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonably foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests. |

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| | |
|:---|:---|
| 2022 Annual Report | **151** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | |
|:---|:---|
| **k.**  | **Impact of Large Redemptions and Purchases of Fund Shares** |
|  | Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle. |

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| | |
|:---|:---|
| **l.**  | **Impact Investing Risk** |
|  | In implementing the Global Equity Impact Fund's ESG (Environmental, Social and Governance) investment strategy, the Adviser may select or exclude securities of issuers in certain industries, sectors, regions or countries for reasons other than the issuer's investment performance. For this reason, the Fund's ESG strategy could cause it to perform differently compared to funds that do not have such strategy. ESG investing is qualitative and subjective by nature. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so. In evaluating an issuer, the Adviser utilizes, in part, information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, which could cause the Adviser to incorrectly assess an issuer's business practices with respect to the environment, social responsibility and corporate governance. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions. The definition of "impact investing" will vary according to an investor's beliefs and values. There is no guarantee that the Adviser's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. |

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| | |
|:---|:---|
| **m.**  | **Infrastructure-Related Investment Risk** |
|  | Because the Global Infrastructure Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. |

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| | |
|:---|:---|
| **n.**  | **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. |

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| | |
|:---|:---|
| **o.**  | **LIBOR Risk** |
|  | The Funds are subject to the risk that potential changes related to the use of the London Interbank Offered Rate ("LIBOR") could adversely affect financial instruments that reference LIBOR as a benchmark interest rate. While some instruments may contemplate a scenario when LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments provide for an alternative rate, and the effectiveness of replacement rates is uncertain. The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR, especially those that do not have fallback provisions. |

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

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| | |
|:---|:---|
| **q.**  | **Market Risk** |
|  | Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in that market. Developments in a particular class of bonds or the stock market could also adversely affect a Fund by reducing the relative attractiveness of bonds or stocks as an investment. Also, to the extent that a Fund emphasizes bonds or stocks from any given industry, it could be hurt if that industry does not do well. Additionally, a Fund could lose value if the individual stocks in which it maintains long positions and/or the overall stock markets on which the stocks trade decline in price. In addition, a Fund that engages in short sales could lose value if the individual |

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| | |
|:---|:---|
| **152** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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stocks which they sell short increase in price. Stocks and stock markets may experience short-term volatility (price fluctuation) as well as extended periods of price decline or increase. Individual stocks are affected by many factors, including:

• corporate earnings;

• production;

• management;

• sales; and

• market trends, including investor demand for a particular type of stock, such as growth or value stocks, small or large stocks, or stocks within a particular industry.

Stock markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies and new monetary programs. The impact of these policies and legislative changes on the markets, and the practical implications for market participants, may not be fully known for some time. A reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely impact the Fund's investments. The current market environment could make identifying investment risks and opportunities especially difficult for the Adviser.

In addition, as noted above, uncertainties remain relating to certain aspects of the United Kingdom's future economic, trading and legal relationships with the European Union and with other countries.

Whether or not a Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of a Fund's investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect a Fund's business, results of operations and financial condition. In addition, the risk that abrdn, the parent of the companies that provide investment advisory, sub-advisory and administration services to the Funds and which is headquartered in the UK, fails to adequately prepare for Brexit could have significant customer, reputation and capital impacts for abrdn and its subsidiaries, including those providing services to the Funds. abrdn has a detailed contingency plan in place to seek to manage the consequences of Brexit on the Funds and to avoid the effect of any disruption on the Funds and to the services its subsidiaries provide. Given the fluidity and complexity of the situation, however, it cannot assured that the Funds will not be adversely impacted by Brexit despite these preparations.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events. The illness caused by a novel coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Funds' investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, including the Funds, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. In addition, as described above under "Foreign Securities Risk," the ongoing military conflict between Russia and Ukraine may continue to result in significant negative impacts on the markets for certain securities and commodities globally, in addition to fluctuating pricing and liquidity of investments. These factors could have a significant impact on Fund performance and the value of the Funds' investments. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.

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| | |
|:---|:---|
| 2022 Annual Report | **153** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | |
|:---|:---|
| **r.**  | **Mid-Cap Securities Risk** |
|  | Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies. |

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| | |
|:---|:---|
| **s.**  | **Non-Diversified Fund Risk** |
|  | The Realty Income & Growth Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer. |

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| | |
|:---|:---|
| **t.**  | **Non-U.S. Taxation Risk** |
|  | Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. |
|  | If, at the close of its taxable year, more than 50% of the value of a Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If a Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction. |

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| | |
|:---|:---|
| **u.**  | **Portfolio Turnover Risk** |
|  | The Dynamic Dividend Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. 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. |

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| | |
|:---|:---|
| **v.**  | **Qualified Dividend Income Tax Risk** |
|  | With respect to the Dynamic Dividend Fund, no assurance can be given as to what percentage of the distributions paid on shares, if any, will consist of tax-advantaged qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years. The favorable U.S. federal tax treatment may be adversely affected, changed or repealed by future changes in tax laws at any time. In addition, it may be difficult to obtain information regarding whether distributions by non-U.S. entities in which a Fund invests should be regarded as qualified dividend income. Furthermore, to receive qualified dividend income treatment, a Fund must meet holding period and other requirements with respect to the dividend paying securities in its portfolio, and the shareholder must meet holding period and other requirements with respect to the common shares of a Fund. |

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| | |
|:---|:---|
| **w.**  | **REIT and Real Estate Risk** |
|  | Investment in real estate investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs' share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs charge management fees, which may result in layering the management fee paid by the fund. |

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| | |
|:---|:---|
| **154** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | |
|:---|:---|
| **x.**  | **Sector Risk** |
|  | To the extent that a 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, 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.* |
|  | *Healthcare Sector Risk. To the extent that the healthcare sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Healthcare-related companies may be smaller and less seasoned than companies in other sectors, and performance of companies in the healthcare sector may be adversely impacted by many factors, including, among others, government regulation. restrictions on government reimbursement for medical expenses, changes to the costs of medical products and services, pricing pressure, increased emphasis on outpatient services, a limited number of products, industry innovation, changes in technologies, and other market developments. Many healthcare-related companies are dependent on patent protection, and, therefore, the expiration of patents may adversely affect the profitability of healthcare-related companies.* |
|  | *Industrials Sector Risk. To the extent that the industrial sector represents a significant portion of a Fund's holdings, the Fund will be sensitive to changes in, and its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.* |
|  | *Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.* |

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| | |
|:---|:---|
| **y.**  | **Small-Cap Securities Risk** |
|  | Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk. |

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| | |
|:---|:---|
| **z.**  | **Sustainable Investing Risk** |
|  | A Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to a Fund's Sustainable Leaders strategy ,including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified as sustainable leaders by the Adviser do not operate as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views. |

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|:---|:---|
| 2022 Annual Report | **155** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | |
|:---|:---|
| **aa.**  | **Valuation Risk** |
|  | The price that a 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 a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A 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. |
|  | Please read the Funds' prospectus for more detailed information regarding these and other risks. |

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6. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

7. Tax Information

As of October 31, 2022, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp; China A Share Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$50509722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$146974 | &nbsp;&nbsp;&nbsp;&nbsp;$(19725837) | &nbsp;&nbsp;&nbsp;&nbsp;$(19578863) |
| &nbsp;&nbsp; Dynamic Dividend Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93145274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21344022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14319494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024528 |
| &nbsp;&nbsp; Emerging Markets ex-China Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27453005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3985309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2883454) |
| &nbsp;&nbsp; Emerging Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;2665272117 | &nbsp;&nbsp;&nbsp;&nbsp;201992293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617285176) | &nbsp;&nbsp;&nbsp;&nbsp;(415292883) |
| &nbsp;&nbsp; Emerging Markets Sustainable Leaders Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162157910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54319730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48947474) |
| &nbsp;&nbsp; Global Equity Impact Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45728335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6730530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46293) |
| &nbsp;&nbsp; Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43296788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4058701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279676 |
| &nbsp;&nbsp; International Small Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222205517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7821962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51821758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43999796) |
| &nbsp;&nbsp; International Sustainable Leaders Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107914582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28553423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26342882) |
| &nbsp;&nbsp; Realty Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35866951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2075366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290073 |
| &nbsp;&nbsp; U.S. Small Cap Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809627617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62360993 | &nbsp;&nbsp;&nbsp;&nbsp;(145180634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82819641) |
| &nbsp;&nbsp; U.S. Sustainable Leaders Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355776258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38050007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56563901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18513894) |
| &nbsp;&nbsp; U.S. Sustainable Leaders Smaller Companies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18058640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3270169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2156143) |

---

---

| | |
|:---|:---|
| **156** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

The tax character of distributions paid during the fiscal year ended October 31, 2022 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42904 | &nbsp;&nbsp;&nbsp;&nbsp;$2210774 | &nbsp;&nbsp;&nbsp;&nbsp;$2253678 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$2253678 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511354 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;162968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674322 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260752 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260752 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;75550719 | &nbsp;&nbsp;&nbsp;390351786 | &nbsp;&nbsp;&nbsp;465902505 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;465902505 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8918774 | &nbsp;&nbsp;&nbsp;&nbsp;31005272 | &nbsp;&nbsp;&nbsp;&nbsp;39924046 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;39924046 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33169 | &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;33169 | &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;33169 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404309 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404309 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;3632385 | &nbsp;&nbsp;&nbsp;&nbsp;18234244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21866629 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21866629 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1665695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382605 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382605 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;92274229 | &nbsp;&nbsp;&nbsp;&nbsp;130736310 | &nbsp;&nbsp;&nbsp;&nbsp;223010539 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;223010539 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;46765062 | &nbsp;&nbsp;&nbsp;&nbsp;79716902 | &nbsp;&nbsp;&nbsp;&nbsp;126481964 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;126481964 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;2795644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240206 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240206 |

---

Amounts listed as "–" are $0 or round to $0.

The tax character of distributions paid during the fiscal year ended October 31, 2021 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$53382 | &nbsp;&nbsp;&nbsp;&nbsp;$463245 | &nbsp;&nbsp;&nbsp;&nbsp;$516627 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$516627 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;6553325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553325 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553325 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &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;&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;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;8787598 | &nbsp;&nbsp;&nbsp;33395606 | &nbsp;&nbsp;&nbsp;&nbsp;42183204 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;42183204 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454746 | &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;454746 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454746 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354407 | &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;354407 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354407 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1653806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693247 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693247 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &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;&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;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931262 | &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;931262 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931262 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291189 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291189 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615912 | &nbsp;&nbsp;&nbsp;&nbsp;41783512 | &nbsp;&nbsp;&nbsp;49399424 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;49399424 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;11862382 | &nbsp;&nbsp;&nbsp;&nbsp;36364159 | &nbsp;&nbsp;&nbsp;&nbsp;48226541 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;48226541 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169299 | &nbsp;&nbsp;&nbsp;&nbsp;1648863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818162 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818162 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| 2022 Annual Report | **157** |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Undistributed<br> Tax Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital<br> Gains** | **Accumulated<br> Earnings** | **Distributions<br> Payable** | **Late Year<br> Ordinary and<br> Post-October<br> Capital Loss<br> Deferrals** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)\*** | **Accumulated<br> Capital and<br> Other<br> Losses\*\*** | **Total<br> Accumulated<br> Earnings/<br> (Deficit)** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &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;$– | &nbsp;&nbsp;$(19578864) | &nbsp;&nbsp;$(8558990) | &nbsp;&nbsp;$(28137854) |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &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;$– | &nbsp;&nbsp;&nbsp;&nbsp;$7076503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076503 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145461 | &nbsp;&nbsp;&nbsp;&nbsp;5716302 | &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;(2885060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773912) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;37064337 | &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;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(425070895) | &nbsp;&nbsp;&nbsp;&nbsp;(33371243) | &nbsp;&nbsp;&nbsp;(421377801) |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1214037 | &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;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(49235175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9278411) | &nbsp;&nbsp;&nbsp;&nbsp;(57299549) |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2319140 | &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;501484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15103 | &nbsp;&nbsp;&nbsp;&nbsp;(13244102) | &nbsp;&nbsp;&nbsp;&nbsp;(10408375) |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865590 | &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;3278380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143970 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3165365 | &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;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(44095948) | &nbsp;&nbsp;&nbsp;&nbsp;(24510835) | &nbsp;&nbsp;&nbsp;&nbsp;(65441418) |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;5102324 | &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;139366 | &nbsp;&nbsp;&nbsp;&nbsp;(26237572) | &nbsp;&nbsp;&nbsp;(401754636) | &nbsp;&nbsp;&nbsp;(422750518) |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68156 | &nbsp;&nbsp;&nbsp;&nbsp;2476600 | &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;6290074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;8834830 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;34980497 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(2905843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(82819641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(50744987) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1407046 | &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;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(18513895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(17106849) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &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;&nbsp;&nbsp;(72917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2156104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309339) | &nbsp;&nbsp;&nbsp;&nbsp;(2538360) |

---

Amounts listed as "–" are $0 or round to $0.

\* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to tax deferral of losses on wash sales.

\*\* As of October 31, 2022, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

As of October 31, 2022, for federal income tax purposes, capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of each respective Fund with no expiration.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1712837 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846153 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750615 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33371243 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587778 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690633 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834340 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12409762 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24510835 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8796709 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |

---

---

| | |
|:---|:---|
| **158** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$392957927 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132648 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176691 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |

---

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to equalization and net operating loss. These reclassifications have no effect on net assets or NAVs per share.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Paid-in<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributable<br> Earnings/<br> (Accumulated<br> Loss)** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(108688) | &nbsp;&nbsp;&nbsp;&nbsp;$108688 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149952 | &nbsp;&nbsp;&nbsp;&nbsp;(149952) |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1427277) | &nbsp;&nbsp;&nbsp;&nbsp;1427277 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20663 | &nbsp;&nbsp;&nbsp;&nbsp;(20663) |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4038782) | &nbsp;&nbsp;&nbsp;&nbsp;4038782 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149305 | &nbsp;&nbsp;&nbsp;&nbsp;(149305) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665657 | &nbsp;&nbsp;&nbsp;&nbsp;(3665657) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60887 | &nbsp;&nbsp;&nbsp;&nbsp;(60887) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22038) | &nbsp;&nbsp;&nbsp;&nbsp;22038 |

---

8. Significant Shareholders

As of October 31, 2022, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Record<br> Ownership %** | &nbsp;&nbsp;&nbsp;**Number of<br> Account Owners** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;54.5% | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;51.5 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;33.3 | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;67.9 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| 46.2 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;26.1 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;54.1 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;International Small Cap Fund <br>| 63.0 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;51.4 | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;53.4 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;42.3 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;11.9 | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund <br>| &nbsp;&nbsp;37.5 | &nbsp;&nbsp;&nbsp;4 |

---

9. Line of Credit

The Trust, on behalf of each of the funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

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|:---|:---|
| 2022 Annual Report | **159** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Notes to Financial Statements (concluded)<br> October 31, 2022

------

Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on such day, or (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points, plus one and one quarter of one percent (1.25%). In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. For each Fund that borrowed under the Credit Facility during the fiscal year ended October 31, 2022, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the fiscal year ended October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547143 | &nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| 49927261 | &nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund <br>| &nbsp;&nbsp;2992690 | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;Global Equity Impact Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442116 | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;4894614 | &nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;International Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Realty Income & Growth Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;187399 | &nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;9587500 | &nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

10. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of October 31, 2022.

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| **160** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Report of Independent Registered Public Accounting Firm <br>

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To the Shareholders and Board of Trustees<br> abrdn Funds:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of each of the funds listed in Appendix A, thirteen of the funds comprising abrdn Funds (each, a Fund and collectively, the Funds), including the statements of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](imgb761eca015.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Philadelphia, Pennsylvania<br> December 29, 2022

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|:---|:---|
| 2022 Annual Report | **161** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Report of Independent Registered Public Accounting Firm (concluded)<br>

------

**Appendix A**

abrdn China A Share Equity Fund (formerly, Aberdeen China A Share Equity Fund)

abrdn Dynamic Dividend Fund (formerly, Aberdeen Dynamic Dividend Fund)

abrdn Emerging Markets ex-China Fund (formerly, Aberdeen Emerging Markets ex-China Fund)

abrdn Emerging Markets Fund (formerly, Aberdeen Emerging Markets Fund)

abrdn Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund)

abrdn Global Equity Impact Fund (formerly, Aberdeen Global Equity Impact Fund)

abrdn Global Infrastructure Fund (formerly, Aberdeen Global Infrastructure Fund)

abrdn International Small Cap Fund (formerly, Aberdeen International Small Cap Fund)

abrdn International Sustainable Leaders Fund (formerly, Aberdeen International Sustainable Leaders Fund)

abrdn Realty Income & Growth Fund (formerly, Aberdeen Realty Income & Growth Fund)

abrdn U.S. Small Cap Equity Fund (formerly, Aberdeen U.S. Small Cap Equity Fund)

abrdn U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Sustainable Leaders Fund)

abrdn U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen U.S. Sustainable Leaders Smaller Companies Fund)

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| **162** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Other Tax Information (Unaudited)

------

For the year ended October 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% or 20% (depending upon income levels) as qualified dividend income. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2022 Form 1099-DIV.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Qualified<br> Dividend<br> Income** |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;&nbsp;&nbsp;66.61% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;&nbsp;&nbsp;30.41% |
| &nbsp;&nbsp;Emerging Markets Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;10.89% |
| &nbsp;&nbsp;Global Equity Impact Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;66.53% |
| &nbsp;&nbsp;International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;18.11% |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |

---

For the taxable year ended October 31, 2022, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporate shareholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dividends<br> Received<br> Deduction** |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;&nbsp;&nbsp;19.88% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;&nbsp;&nbsp;18.79% |
| &nbsp;&nbsp;Global Equity Impact Fund | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp;32.15% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;32.45% |

---

The Funds intend to elect to pass through to their shareholders the credit for taxes paid in foreign countries during its fiscal year ended October 31, 2022. In accordance with the current tax laws, the foreign income and foreign tax per share (for a share outstanding as of October 31, 2022) were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Foreign Tax** |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;$0.0331 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund | &nbsp;&nbsp;$0.0392 |
| &nbsp;&nbsp;Global Equity Impact Fund | &nbsp;&nbsp;$0.0199 |
| &nbsp;&nbsp;International Small Cap Fund | &nbsp;&nbsp;$0.0629 |

---

During the year ended October 31, 2022, the following Funds reported dividends as long-term capital gains:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;China A Share Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$2210774 |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;&nbsp;&nbsp;$656823 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;&nbsp;$3405360 |
| &nbsp;&nbsp;Emerging Markets Fund | &nbsp;&nbsp;$390351786 |
| &nbsp;&nbsp;Emerging Markets Sustainable Leaders Fund | &nbsp;&nbsp;$31005272 |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1181706 |
| &nbsp;&nbsp;International Small Cap Fund | &nbsp;&nbsp;$18234244 |
| &nbsp;&nbsp;Realty Income & Growth Fund | &nbsp;&nbsp;&nbsp;$6886293 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund | &nbsp;&nbsp;$135246704 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund | &nbsp;&nbsp;$79716902 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Smaller Companies Fund | &nbsp;&nbsp;&nbsp;$2444562 |

---

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|:---|:---|
| 2022 Annual Report | **163** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Shareholder Expense Examples (Unaudited)

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As a shareholder of the abrdn Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the abrdn Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, May 1, 2022 and continued to hold your shares at the end of the reporting period, October 31, 2022.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Beginning Account<br> Value,<br> May 1, 2022** | &nbsp;&nbsp;**Actual<br> Ending Account<br> Value,<br> October 31, 2022** | &nbsp;&nbsp;**Hypothetical<br> Ending Account<br> Value** | &nbsp;&nbsp;**Actual Expenses<br> Paid During<br> Period<sup>1</sup>** | &nbsp;&nbsp;**Hypothetical<br> Expenses<br> Paid During<br> Period<sup>12</sup>** | &nbsp;&nbsp;**Annualized<br> Expense<br> Ratio\*\*** |
| &nbsp;&nbsp;**China A Share Equity Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$837.90 | &nbsp;&nbsp;$1018.45 | &nbsp;&nbsp;&nbsp;$6.21 | &nbsp;&nbsp;&nbsp;$6.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$835.00 | &nbsp;&nbsp;$1015.12 | &nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;$10.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.00% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$836.70 | &nbsp;&nbsp;$1017.19 | &nbsp;&nbsp;&nbsp;$7.36 | &nbsp;&nbsp;&nbsp;$8.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.59% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$838.60 | &nbsp;&nbsp;$1019.56 | &nbsp;&nbsp;&nbsp;$5.19 | &nbsp;&nbsp;&nbsp;$5.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$839.10 | &nbsp;&nbsp;$1020.22 | &nbsp;&nbsp;&nbsp;$4.59 | &nbsp;&nbsp;&nbsp;$5.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;**Dynamic Dividend Fund3** | Class A<br>| $1000.00 | &nbsp;&nbsp;$913.00 | &nbsp;&nbsp;$1026.82 | &nbsp;&nbsp;$(1.54) | &nbsp;&nbsp;$(1.63) | &nbsp;&nbsp;&nbsp;(0.32)% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$914.20 | &nbsp;&nbsp;$1028.18 | &nbsp;&nbsp;$(2.85) | &nbsp;&nbsp;$(3.02) | &nbsp;&nbsp;&nbsp;(0.59)% |
| &nbsp;&nbsp;**Emerging Markets ex-China Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$910.30 | &nbsp;&nbsp;$1017.90 | &nbsp;&nbsp;&nbsp;$6.98 | &nbsp;&nbsp;&nbsp;$7.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$907.20 | &nbsp;&nbsp;$1014.62 | &nbsp;&nbsp;$10.10 | &nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$908.30 | &nbsp;&nbsp;$1015.88 | &nbsp;&nbsp;&nbsp;$8.90 | &nbsp;&nbsp;&nbsp;$9.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.85% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$911.40 | &nbsp;&nbsp;$1019.21 | &nbsp;&nbsp;&nbsp;$5.73 | &nbsp;&nbsp;&nbsp;$6.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$911.70 | &nbsp;&nbsp;$1019.71 | &nbsp;&nbsp;&nbsp;$5.25 | &nbsp;&nbsp;&nbsp;$5.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;**Emerging Markets Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$835.60 | &nbsp;&nbsp;$1017.04 | &nbsp;&nbsp;&nbsp;$7.50 | &nbsp;&nbsp;&nbsp;$8.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$834.50 | &nbsp;&nbsp;$1014.57 | &nbsp;&nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$835.30 | &nbsp;&nbsp;$1016.33 | &nbsp;&nbsp;&nbsp;$8.14 | &nbsp;&nbsp;&nbsp;$8.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$837.50 | &nbsp;&nbsp;$1018.85 | &nbsp;&nbsp;&nbsp;$5.84 | &nbsp;&nbsp;&nbsp;$6.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$838.20 | &nbsp;&nbsp;$1019.66 | &nbsp;&nbsp;&nbsp;$5.10 | &nbsp;&nbsp;&nbsp;$5.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;**Emerging Markets Sustainable Leaders Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$846.20 | &nbsp;&nbsp;$1017.75 | &nbsp;&nbsp;&nbsp;$6.89 | &nbsp;&nbsp;&nbsp;$7.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.48% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$843.40 | &nbsp;&nbsp;$1014.57 | &nbsp;&nbsp;&nbsp;$9.80 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$845.10 | &nbsp;&nbsp;$1016.48 | &nbsp;&nbsp;&nbsp;$8.05 | &nbsp;&nbsp;&nbsp;$8.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.73% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$847.10 | &nbsp;&nbsp;$1019.36 | &nbsp;&nbsp;&nbsp;$5.40 | &nbsp;&nbsp;&nbsp;$5.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$847.20 | &nbsp;&nbsp;$1019.66 | &nbsp;&nbsp;&nbsp;$5.12 | &nbsp;&nbsp;&nbsp;$5.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;**Global Equity Impact Fund3** | Class A<br>| $1000.00 | &nbsp;&nbsp;$917.10 | &nbsp;&nbsp;$1077.58 | &nbsp;&nbsp;$(50.21) | &nbsp;&nbsp;$(54.41) | &nbsp;&nbsp;(10.39)% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$918.10 | &nbsp;&nbsp;$1078.84 | &nbsp;&nbsp;$(51.44) | &nbsp;&nbsp;$(55.75) | &nbsp;&nbsp;(10.64)% |
| &nbsp;&nbsp;**Global Infrastructure Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$903.10 | &nbsp;&nbsp;$1018.96 | &nbsp;&nbsp;&nbsp;$5.95 | &nbsp;&nbsp;&nbsp;$6.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$904.40 | &nbsp;&nbsp;$1020.22 | &nbsp;&nbsp;&nbsp;$4.75 | &nbsp;&nbsp;&nbsp;$5.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |

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| **164** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Shareholder Expense Examples (Unaudited) (concluded)

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Beginning Account<br> Value,<br> May 1, 2022** | &nbsp;&nbsp;**Actual<br> Ending Account<br> Value,<br> October 31, 2022** | &nbsp;&nbsp;**Hypothetical<br> Ending Account<br> Value** | &nbsp;&nbsp;**Actual Expenses<br> Paid During<br> Period<sup>1</sup>** | &nbsp;&nbsp;**Hypothetical<br> Expenses<br> Paid During<br> Period<sup>12</sup>** | &nbsp;&nbsp;**Annualized<br> Expense<br> Ratio\*\*** |
| &nbsp;&nbsp;**International Small Cap Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$834.40 | &nbsp;&nbsp;$1018.40 | &nbsp;&nbsp;&nbsp;$6.24 | &nbsp;&nbsp;&nbsp;$6.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$831.60 | &nbsp;&nbsp;$1015.12 | &nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;$10.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.00% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$833.10 | &nbsp;&nbsp;$1016.89 | &nbsp;&nbsp;&nbsp;$7.62 | &nbsp;&nbsp;&nbsp;$8.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$835.80 | &nbsp;&nbsp;$1020.16 | &nbsp;&nbsp;&nbsp;$4.63 | &nbsp;&nbsp;&nbsp;$5.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;**International Sustainable Leaders Fund3** | Class A<br>| $1000.00 | &nbsp;&nbsp;$881.70 | &nbsp;&nbsp;$1074.56 | &nbsp;&nbsp;$(46.43) | &nbsp;&nbsp;$(51.19) | &nbsp;&nbsp;&nbsp;(9.79)% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$882.90 | &nbsp;&nbsp;$1075.52 | &nbsp;&nbsp;$(47.36) | &nbsp;&nbsp;$(52.21) | &nbsp;&nbsp;&nbsp;(9.98)% |
| &nbsp;&nbsp;**Realty Income & Growth Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$819.50 | &nbsp;&nbsp;$1018.85 | &nbsp;&nbsp;&nbsp;$5.78 | &nbsp;&nbsp;&nbsp;$6.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$821.00 | &nbsp;&nbsp;$1020.16 | &nbsp;&nbsp;&nbsp;$4.59 | &nbsp;&nbsp;&nbsp;$5.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$976.40 | &nbsp;&nbsp;$1018.35 | &nbsp;&nbsp;&nbsp;$6.77 | &nbsp;&nbsp;&nbsp;$6.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$973.70 | &nbsp;&nbsp;$1015.17 | &nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.99% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$975.20 | &nbsp;&nbsp;$1016.79 | &nbsp;&nbsp;&nbsp;$8.31 | &nbsp;&nbsp;&nbsp;$8.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$977.70 | &nbsp;&nbsp;$1019.61 | &nbsp;&nbsp;&nbsp;$5.53 | &nbsp;&nbsp;&nbsp;$5.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.11% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$978.40 | &nbsp;&nbsp;$1020.22 | &nbsp;&nbsp;&nbsp;$4.94 | &nbsp;&nbsp;&nbsp;$5.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$888.30 | &nbsp;&nbsp;$1019.21 | &nbsp;&nbsp;&nbsp;$5.66 | &nbsp;&nbsp;&nbsp;$6.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$886.00 | &nbsp;&nbsp;$1015.63 | &nbsp;&nbsp;&nbsp;$9.03 | &nbsp;&nbsp;&nbsp;$9.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$889.60 | &nbsp;&nbsp;$1020.37 | &nbsp;&nbsp;&nbsp;$4.57 | &nbsp;&nbsp;&nbsp;$4.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$890.50 | &nbsp;&nbsp;$1020.67 | &nbsp;&nbsp;&nbsp;$4.29 | &nbsp;&nbsp;&nbsp;$4.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;**U.S. Sustainable Leaders Smaller Companies Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$963.20 | &nbsp;&nbsp;$1018.90 | &nbsp;&nbsp;&nbsp;$6.19 | &nbsp;&nbsp;&nbsp;$6.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.25% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;$962.40 | &nbsp;&nbsp;$1017.29 | &nbsp;&nbsp;&nbsp;$7.77 | &nbsp;&nbsp;&nbsp;$7.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.57% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$965.10 | &nbsp;&nbsp;$1019.66 | &nbsp;&nbsp;&nbsp;$5.45 | &nbsp;&nbsp;&nbsp;$5.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$965.40 | &nbsp;&nbsp;$1020.67 | &nbsp;&nbsp;&nbsp;$4.46 | &nbsp;&nbsp;&nbsp;$4.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |

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| | |
|:---|:---|
| \*\* | The expense ratio presented represents a six-month, annualized ratio. |
| 1 | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period). |
| 2 | Represents the hypothetical 5% return before expenses. |
| 3 | Uncertain taxes and costs associated with Article 63 EU Tax Reclaims are not included in the expense table above for Dynamic Dividend Fund, Global Equity Impact Fund and International Sustainable Leaders Fund. In addition to the operating expenses shown in the table above and based on the information available as of the date of this Report, the Fund has accrued an estimated tax expense for the potential taxes and costs of the Article 63 EU Tax Reclaims, which is not included in the table above. If these taxes and costs were included in the table above, the annualized expense ratio and actual expenses paid would materially increase. |

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|:---|:---|
| 2022 Annual Report | **165** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Supplemental Information (Unaudited)

------

#### Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements
At a regularly scheduled quarterly meeting (the "Quarterly Meeting") of the Board of Trustees (the "Board" or the "Trustees") of the abrdn Funds (the "Trust") held on June 15, 2022, the Board, including a majority of the Trustees who are not considered to be "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940, as amended (the "1940 Act"), approved for an annual period the continuation of the Trust's advisory agreement (the "Advisory Agreement") with abrdn Inc. ("AI") and the applicable sub-advisory agreements (each a "Sub-Advisory Agreement," and collectively with the Advisory Agreement, the "Agreements") by and among: (i) the Trust, AI and abrdn Asia Limited ("AAL") and (ii) the Trust, AI and abrdn Investments Limited (formerly, "Aberdeen Asset Managers Limited") ("AIL") (each a "Sub-Adviser," and collectively, the "Sub-Advisers") for each of the following series of the Trust: abrdn China A Share Equity Fund, abrdn Dynamic Dividend Fund, abrdn Emerging Markets Ex-China Fund (formerly Aberdeen Global Equity Fund), abrdn Emerging Markets Fund, abrdn Emerging Markets Sustainable Leaders Fund, abrdn Global Equity Impact Fund, abrdn Global Infrastructure Fund, abrdn International Small Cap Fund, abrdn International Sustainable Leaders Fund, abrdn Realty Income & Growth Fund, abrdn U.S. Small Cap Equity Fund, abrdn U.S. Sustainable Leaders Fund, and abrdn U.S. Sustainable Leaders Smaller Companies Fund (each a "Fund," and collectively the "Funds"). In addition, the Independent Trustees held a separate telephonic meeting on June 8, 2022 (together with the Quarterly Meeting held on June 15, 2022, the "Meetings") to review the materials provided and the relevant legal considerations. AAL and AIL are affiliates of AI. AI and the Sub-Advisers are sometimes referred to collectively as the "Advisers."

In connection with their consideration of whether to approve the continuation of the Agreements, the Board members received and reviewed a variety of information provided by the Advisers relating to the Funds, the Agreements and the Advisers, including comparative performance, fee and expense information and other information regarding the nature, extent and quality of services provided by the Advisers under their respective Agreements. The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds' performance benchmarks; (ii) a report prepared by the Advisers in response to a request submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Funds' advisory fees and other expenses, including information comparing each Fund's expenses to those of a peer group of funds and information about any applicable expense limitations and fee "breakpoints"; (iv) information about the profitability of the Agreements to the Advisers; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering for approval the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

The Board, including the Independent Trustees, also considered other matters such as: (i) each Fund's investment objective and strategies; (ii) the procedures employed to determine the value of the Funds' assets; (iii) the Advisers' investment personnel and operations; (iv) the Advisers' financial results and financial condition; (v) arrangements relating to the distribution of the Funds' shares and the related costs; (v) the resources devoted to, and the record of compliance with, the Funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies; (vi) the allocation of the Funds' brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers and the use, if any, of "soft" commission dollars to pay Fund expenses and to pay for research and other similar services; and (vii) possible conflicts of interest. The Board also considered the nature, extent and quality of the services provided to the Funds by AI's affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional information from AI and the Sub-Advisers.

The Independent Trustees were advised by separate independent legal counsel throughout the process. The Independent Trustees also consulted in executive sessions with their independent legal counsel regarding consideration of the continuation of the Agreements. In considering whether to approve the continuation of the Agreements, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the continuation of the Agreements included the factors listed below.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees received and reviewed materials in advance of each regular quarterly meeting of the Board that contained information relating to the services provided by the Advisers, including detailed information about each Fund's investment performance. This information generally included, among other things, third-party performance rankings for various periods (including, as applicable, periods prior to the Advisers' management of the Funds) comparing each Fund against its respective peer group, total return information for the Funds for various periods, and details of sales and redemptions of Fund shares for the period. The Board also received periodic presentations from the portfolio management teams in connection with the performance of the Funds.

*Investment performance of the Funds and the Advisers. The Trustees received and reviewed with management, among other performance data, information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups of funds and each Fund's performance benchmark. The Trustees also considered the performance of the Funds compared to the performance of comparable funds or accounts managed by AI and its affiliates to the extent available. The Trustees reviewed and considered the Funds that had changed their investment strategies during the year and that certain of the Funds had changed their respective performance benchmarks to better reflect the respective Fund's investment strategy. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics.*

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| **166** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Supplemental Information (Unaudited) (continued)

------

The Trustees also considered, as applicable, the performance of the Advisers since they commenced management of the Funds. The Trustees also considered AI's and the Sub-Advisers' performance generally, the performance of the fund family generally, the historical responsiveness of AI to Trustee concerns about performance, and the willingness of AI and the Sub-Advisers to take steps intended to improve performance.

Based on these factors, the Board determined that the Advisers are appropriate investment advisers for the Funds.

The Board noted that it would continue to monitor the Funds' performance and any actions taken by AI and its affiliates relating to performance.

*The costs of the services provided and profits realized by the Advisers and their affiliates from their relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided by an independent third party) of each Fund's net management fee and total expense level to those of its expense peer group and information about the advisory fees charged by AI to any separately managed accounts with a similar strategy. In reviewing the comparison of each Fund's net management fee to that of comparable funds, the Board noted that the fee for the Funds includes both advisory and administrative fees. In evaluating the Funds' advisory fees, the Trustees considered the demands, complexity and quality of the investment management of the Funds. In considering the fees charged by AI to any comparable accounts, the Trustees also considered, among other things, management's discussion of the different investment restrictions, objectives or policies that may be involved in managing accounts of different types.*

The Trustees also noted that the sub-advisory fees, as applicable, for the Funds would not be paid by the Funds, but would be paid by AI out of its advisory fee. The Board also considered that AI had entered into or renewed expense limitation agreements with each of the Funds, pursuant to which AI agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting each Fund's total annual operating expenses for a period of time. The Trustees also noted that AI had agreed to reduce the advisory fees payable by certain Funds during the year.

The Trustees also considered the compensation AI and its affiliates received, directly and indirectly, from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of AI and its affiliates' relationships with the Funds, including the engagement of affiliates of AI to provide administrative and distribution services to the Funds. The Trustees also considered information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered information about the expense levels of the Funds, the performance of the Funds, court cases regarding adviser profitability, and whether AI had implemented breakpoints and expense limitations with respect to the Funds. The Trustees also examined the profitability of AI and its affiliates on a Fund-by-Fund basis.

After reviewing these and related factors, including taking into account management's discussion regarding Fund expenses, the Board concluded that the advisory fees, and as applicable, the sub-advisory fees, were fair and reasonable, and that the costs of these services generally and the related profitability of AI and its affiliates from their relationships with the Funds were reasonable and supported the continuation of the Agreements.

*The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by AI and the Sub-Advisers, as applicable, to the Funds and the resources dedicated to the Funds by AI and its affiliates. The Board considered the Advisers' risk management processes. The Board also considered the background and experience of the Advisers' senior management personnel and the qualifications, background and responsibilities of the portfolio managers that are primarily responsible for the day-to-day portfolio management services for the Funds. AI's role in coordinating the activities of the Trust's other service providers was also considered. The Board also considered the allocation of responsibilities among the Advisers. The Board also considered that it receives information on a regular basis from the Trust's Chief Compliance Officer regarding the Advisers' compliance policies and procedures. The Board was also mindful of the Advisers' focus on the monitoring of the performance of the Funds and in addressing performance matters. The Trustees considered not only the advisory services provided by AI to the Funds, but also the administrative services provided by AI to the Funds under a separate administration agreement. The Trustees also took into account the Advisers' investment experience. The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services. The Board also took into account its knowledge of management and the quality of the performance of management's duties through Board meetings, discussion and reports during the preceding year.*

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services provided supported the continuation of the Agreements.

*Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by AI and the Sub-Advisers and whether those economies would be shared with the Funds through breakpoints in the investment advisory fees or other means, such as expense waivers or limitations. The Board noted management's discussion of the Funds' advisory fee structure. The Trustees noted that each of the Funds was subject to a contractual expense limitation agreement and considered that certain Funds were subject to breakpoints in their investment advisory fees. The Board also considered how the Funds' potential future growth and increased size would have an effect on fees, noting that if a Fund's assets increase over time, the Fund may realize other economies of scale if assets increase at a proportionally higher rate than the increase in certain expenses. The Trustees also took note of the costs of the services provided and the profitability to AI and its affiliates from their relationships with the Funds, as discussed above.*

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| 2022 Annual Report | **167** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Supplemental Information (Unaudited) (concluded)

------

After reviewing these and related factors, the Board concluded that the advisory fees, and as applicable, sub-advisory fees were reasonable and supported the continuation of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• whether the Funds have operated in accordance with their investment objectives as well as the Funds' record of compliance with their investment restrictions, and the compliance programs of the Trust and AI.
The Trustees also considered the compliance-related resources AI and its affiliates were providing to the Funds.

• the nature, quality, cost and extent of administrative services performed by AI under the Advisory Agreement and under a separate agreement covering administrative services.

• the effect of any market and economic volatility on the performance, asset levels and expense ratios of the Funds.

• so-called "fallout benefits" to AI, such as the benefits of research made available to AI by reason of brokerage commissions generated by the Funds' securities
transactions or reputational and other indirect benefits. The Trustees considered any possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes
in place to disclose and monitor such possible conflicts of interest.

\* \* \*

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that renewal of the Agreements would be in the best interest of each of the Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements for an additional one-year period.

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| **168** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Management of the Funds (Unaudited)

As of October 31, 2022<br>

------

The names, years of birth and business addresses of the trustees and officers of the Funds as of October 31, 2022, their principal occupations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are provided in the tables below. Trustees that are deemed "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Funds or the Funds' Advisers are included in the table below under the heading "Interested Trustees." Trustees who are not interested persons, as described above, are referred to in the table below under the heading "Independent Trustees." abrdn Inc., its parent company abrdn plc, and its advisory affiliates are collectively referred to as "abrdn" in the tables below.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address,<br> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held, Length<br> of Time Served<br> and Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<br> During Past<br> 5 Years\*\*\*** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Stephen Bird<sup>†</sup><br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1967 | &nbsp;&nbsp;Trustee since<br> 2021 | &nbsp;&nbsp;Mr. Bird joined the Board of abrdn plc in July 2020 as Chief Executive-Designate, and was formally appointed Chief Executive Officer in September 2020. Previously, Mr. Bird served as chief executive officer of global consumer banking at Citigroup from 2015, retiring from the role in November 2019. His responsibilities encompassed all consumer and commercial banking businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages, and operations and technology supporting these businesses. Prior to this, Mr. Bird was chief executive for all of Citigroup's Asia Pacific business lines across 17 markets in the region, including India and China. Mr. Bird joined Citigroup in 1998, and during his 21 years with the company he held a number of leadership roles in banking, operations and technology across its Asian and Latin American businesses. Before this, he held management positions in the UK at GE Capital – where he was director of UK operations from 1996 to 1998 – and at British Steel. | &nbsp;&nbsp;28 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Radhika Ajmera<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1964 | &nbsp;&nbsp;Trustee since<br> 2020 | &nbsp;&nbsp;Ms. Ajmera was appointed Chair of abrdn Japan Equity Fund Inc in 2017, having served as a director since 2014. She has been an independent nonexecutive director of abrdn Asia-Pacific Income Fund VCC since 2015. She is also an independent non-executive director of abrdn Funds since 2020 and abrdn Global Income Fund Inc, abrdn Asia-Pacific Income Fund Inc and abrdn Australia Equity Fund Inc since 2021. She has over 20 years' experience in fund management, predominantly in emerging markets. She has also held a number of UK closed end fund non-executive directorships. Ms. Ajmera is a graduate of the London School of Economics. | &nbsp;&nbsp;23 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;P. Gerald Malone<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1950 | &nbsp;&nbsp;Trustee since<br> 2007 Chairman<br> of the Board | &nbsp;&nbsp;Mr. Malone is, by profession, a lawyer of over 40 years. Currently, he is a non-executive director of a number of U.S. companies, including Medality Medical (medical technology company) since 2018. He is also Chairman of many of the open and closed end funds in the Fund Complex. He previously served as a non-executive director of U.S. healthcare company Bionik Laboratories Corp. (2018 - July 2022), as Independent Chairman of UK companies Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September 2017 and as chairman of UK company Ultrasis plc (healthcare software services company) until October 2014. Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997. | &nbsp;&nbsp;28 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Rahn K. Porter<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1954 | &nbsp;&nbsp;Trustee since<br> 2016 | &nbsp;&nbsp;Mr. Porter is the Principal at RPSS Enterprises (consulting) since 2019. He was the Chief Financial and Administrative Officer of The Colorado Health Foundation from 2013 to 2019. | &nbsp;&nbsp;19 | &nbsp;&nbsp;Director of CenturyLink Investment Management Company since 2006, Director of BlackRidge Financial Inc. from 2004 to 2019. |

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| 2022 Annual Report | **169** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Management of the Funds (Unaudited) (continued)

As of October 31, 2022<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address,<br> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held, Length<br> of Time Served<br> and Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<br> During Past<br> 5 Years\*\*\*** |
| &nbsp;&nbsp;Steven N. Rappaport<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1948 | &nbsp;&nbsp;Trustee since<br> 2016 | &nbsp;&nbsp;Mr. Rappaport has been a Partner of Lehigh Court, LLC (private investment firm) and RZ Capital LLC (private investment firm) since 2004. | &nbsp;&nbsp;20 | Director of iCAD, Inc. (a surgical and Medical instruments and apparatus company) from 2006 to 2018; Director of Credit Suisse Funds (9) since 1999; Director of Credit Suisse Asset Management Income Fund, Inc. since 2005; and Director of Credit Suisse NEXT Fund since 2013; and Director of Credit Suisse Park View Fund until 2016. |
| &nbsp;&nbsp;Warren C. Smith<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1955 | &nbsp;&nbsp;Trustee since<br> 2007 | &nbsp;&nbsp;Mr. Smith has been a founding partner of MRB Partners Inc. (independent investment research and consultancy firm) since 2010. He has been a Director of Aberdeen Asia-Pacific Income Investment Company Limited (Canadian investment fund) since 1993 | &nbsp;&nbsp;19 | &nbsp;&nbsp;None. |

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|:---|:---|
| \* | Each Trustee holds office for an indefinite term until his successor is elected and qualified. |
| \*\* | As of October 31, 2022, the Fund Complex consists of: abrdn Income Credit Strategies Fund, abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., abrdn Japan Equity Fund, Inc., The India Fund, Inc., abrdn Global Dynamic Dividend Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Standard Global Infrastructure Income Fund, abrdn Funds (which consists of 19 portfolios) and abdrn ETFs (which consists of 3 portfolios). For the purposes of listing the number of funds in the Fund Complex overseen by each Board member, each portfolio of abrdn Funds and abrdn ETFs is counted individually. |
| \*\*\* | Directorships (excluding Fund Complex) held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
| † | Mr. Bird is considered to be an "interested person" of the Fund as defined in the 1940 Act because of his affiliation with the Investment Manager. |

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| **170** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Management of the Funds (Unaudited) (continued)

As of October 31, 2022<br>

------

Officers of the Trust

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held\*<br> with the Fund** | &nbsp;&nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
| &nbsp;&nbsp;Joseph Andolina\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1978 | &nbsp;&nbsp;Vice President and Chief Compliance Officer | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Chief Risk Officer – Americas for abrdn Inc. and serves as the Chief Compliance Officer for abrdn Inc. Prior to joining the Risk and Compliance Department, he was a member of abrdn Inc.'s Legal Department, where he served as US Counsel since 2012. |
| &nbsp;&nbsp;Chris Demetriou\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;Currently, Chief Executive Officer – UK, EMEA and Americas. Mr. Demetriou joined abrdn Inc. in 2013, as a result of the acquisition of SVG, a FTSE 250 private equity investor based in London. |
| &nbsp;&nbsp;Sharon Ferrari\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1977 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager for abrdn Inc. Prior to that she was a Senior Fund Administration Manager for abrdn Inc. Ms. Ferrari joined the company in June 2008. |
| &nbsp;&nbsp;Alan Goodson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Executive Director, Product & Client Solutions – Americas for abrdn Inc., overseeing Product Management & Governance , Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000. |
| &nbsp;&nbsp;Heather Hasson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1982 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Solutions and Implementation Manager for abrdn Inc. Ms. Hasson joined the company in November 2006. |
| &nbsp;&nbsp;Robert Hepp\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1986 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Hepp joined abrdn Inc. as a Senior Paralegal in 2016. |
| &nbsp;&nbsp;Megan Kennedy\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;Secretary and Vice President | &nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;Currently, Director, Senior Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005. |
| &nbsp;&nbsp;Andrew Kim\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Kim joined abrdn Inc. as a Product Manager in 2013. |
| &nbsp;&nbsp;Brian Kordeck\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1978 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager – US for abrdn Inc. Mr. Kordeck joined abrdn Inc. as a Senior Fund Administrator in 2013. |

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|:---|:---|
| 2022 Annual Report | **171** |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Management of the Funds (Unaudited) (concluded)

As of October 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held\*<br> with the Fund** | &nbsp;&nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
| &nbsp;&nbsp;Michael Marsico\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1980 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager – US for abrdn Inc. Mr. Marsico joined abrdn Inc. as a Fund Administrator in 2014. |
| &nbsp;&nbsp;Andrea Melia\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1969 | &nbsp;&nbsp;Treasurer, Chief Financial Officer, and Principal Accounting Office | &nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;Currently, Vice President and Senior Director, Product Management for abrdn Inc. Ms. Melia joined abrdn Inc. in September 2009. |
| &nbsp;&nbsp;Ben Moser\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1979 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;Currently, Head of Commercial Operations, Americas for abrdn Inc. Mr. Moser joined abrdn Inc. in July 2008. |
| &nbsp;&nbsp;Lucia Sitar\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1971 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2008 | &nbsp;&nbsp;Currently, Vice President and Head of Product Management and Governance for abrdn Inc. since 2020. Previously, Ms. Sitar was Managing U.S. Counsel for abrdn Inc. She joined abrdn Inc. as U.S. Counsel in July 2007. |

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\* Each officer holds office for an indefinite term at the pleasure of the Board of Trustees and until his or her successor is elected and qualified. <br> \*\* Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.

Further information about the Funds' Trustees and Officers is available in the Trust's Statement of Additional Information, which can be obtained without charge by calling (800) 522-5465.

---

| | |
|:---|:---|
| **172** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

Management Information

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#### Trustees
Radhika Ajmera

Stephen Bird

P. Gerald Malone, *Chairman*

Rahn K. Porter

Steven N. Rappaport

Warren C. Smith

#### Investment Adviser
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Fund Administrator
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Transfer Agent
SS&C GIDS, Inc.<br> 430 W. 7th Street, Ste. 219534<br> Kansas City, MO 64105-1407

#### Distributor
Aberdeen Fund Distributors LLC<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Sub-Administrator, Custodian & Fund Accountant
State Street Bank and Trust Company<br> 1 Lincoln Street<br> Boston, MA 02111

#### Independent Registered Public Accounting Firm
KPMG LLP<br> 1601 Market Street<br> Philadelphia, PA 19103

#### Fund Counsel
Dechert LLP<br> 1900 K Street N.W.<br> Washington, DC 20006

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[**Table of Contents**](#JOB_Multi_9e1e3078-c968-46ae-932b-fb06c4f05103_TOC)

#### abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br> abrdn.us
AOE-0140-AR

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![](img932344b41.jpg)

## abrdn Funds<br> Fixed Income and Multi-Asset Series
Annual Report

October 31, 2022

#### abrdn Emerging Markets Debt Fund (formerly, Aberdeen Emerging Markets Debt Fund)
Class A - AKFAX ■ Class C - AKFCX■ Class R - AKFRX■ Institutional Class - AKFIX■ Institutional Service Class - AKFSX■

#### abrdn Global Absolute Return Strategies Fund (formerly, Aberdeen Global Absolute Return Strategies Fund)
Class A - CUGAX ■ Class C - CGBCX■ Institutional Class - AGCIX■ Institutional Service Class - CGFIX■

#### abrdn Global High Income Fund (formerly, Aberdeen Global High Income Fund)
Class A - BJBHX ■ Institutional Class - JHYIX■

#### abrdn Intermediate Municipal Income Fund (formerly, Aberdeen Intermediate Municipal Income Fund)
Class A - NTFAX ■ Class C - GTICX■ Institutional Class - ABEIX■ Institutional Service Class - ABESX■

#### abrdn Short Duration High Yield Municipal Fund (formerly, Aberdeen Short Duration High Yield Municipal Fund)
Class A - AAHMX ■ Class C - ACHMX■ Institutional Class - AHYMX■

#### abrdn Ultra Short Municipal Income Fund (formerly, Aberdeen Ultra Short Municipal Income Fund)
Class A - ATOAX ■ Class A1 - ATOBX■ Institutional Class - ATOIX■

![](img3626a8331.jpg)

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**Table of Contents**<br>

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Market Review](#xx_1eef57cf-66f2-4c10-b751-5f13a8b5352e_1)<br>| &nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets Debt Fund](#xx_245d47aa-006b-456f-b0e6-98e6d8ab9099_1)<br>| &nbsp;&nbsp;Page 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Global Absolute Return Strategies Fund](#xx_d420f35a-e86a-46fc-bd9f-f311a151f434_1)<br>| &nbsp;&nbsp;Page 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Global High Income Fund](#xx_edcfe3a3-4119-4d04-8139-f346ed2a5a89_1)<br>| &nbsp;&nbsp;Page 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Intermediate Municipal Income Fund](#xx_ee5e7d62-e297-442e-8856-828b78d48d95_1)<br>| &nbsp;&nbsp;Page 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Short Duration High Yield Municipal Fund](#xx_18b29bbc-7f3d-41e4-aa37-72850bcbc44f_1)<br>| &nbsp;&nbsp;Page 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [abrdn Ultra Short Municipal Income Fund](#xx_f21c492a-6b80-4292-9b2d-f1adc96cca35_1)<br>| &nbsp;&nbsp;Page 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Statements](#xx_8aa1845e-6a52-4b39-b6ef-88ccde0e9011_1)<br>| &nbsp;&nbsp;Page 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_23308b73-3d25-4146-85d4-bc531fbf54a4_1)<br>| &nbsp;&nbsp;Page 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#xx_1e3f055a-8c04-4a0b-85d2-ec2a86e1417e_1)<br>| Page 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Tax Information](#xx_e44e49c0-cc47-4e6a-851f-dec 0b8c66e26_1)<br>| &nbsp;&nbsp;Page 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Examples](#xx_d34ef396-4a14-488e-a852-fdddc1c2b989_1)<br>| &nbsp;&nbsp;Page 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Supplemental Information](#xx_d1a84a8f-42d4-4a3d-8743-c8c004880acf_1)<br>| &nbsp;&nbsp;Page 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Management of the Funds](#xx_ef4fea33-66b1-4058-9e90-8c447638dafe_1)<br>| &nbsp;&nbsp;Page 116 |

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*Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.abrdn.com/en-us/investor/fund-centre/fund-literature. Please read it carefully before investing any money.*

Investing in mutual funds involves risk, including possible loss of principal.

abrdn Funds is distributed by **Aberdeen Fund Distributors LLC**, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

abrdn Inc. (formerly known as Aberdeen Standard Investments Inc.) (AI) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.

The complete schedule of portfolio holdings for each fund of abrdn Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. abrdn Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders upon request without charge by calling 1-866-667-9231.

#### Statement Regarding Availability of Proxy Voting Record.
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at *https://www.abrdn.com/en-us/investor/fund-centre/fund-literature* and on the Commission's website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.

#### abrdn
abrdn plc, formerly known as Standard Life Aberdeen plc, was renamed on September 27, 2021. In connection with this re-branding, the entities within abrdn plc group, including investment advisory entities, have been or will be renamed in the near future. In addition, the fund names are anticipated to be re-branded over the next year.

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Market Review <br>

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Global stock and bond markets fell heavily over the 12-month reporting period ended October 31, 2022 after an extremely challenging calendar year to date for financial markets and the global economy. The MSCI AC World Index<sup>1</sup> returned -19.96% for the period.

Previous optimism surrounding the reopening of the global economy after the pandemic was soon replaced by worries over soaring prices around the world. These inflationary pressures were made far worse by Russia's invasion of Ukraine in February. The conflict and resulting sanctions against Russia caused energy and food prices to spiral even higher, leading to cost-of-living crises in many countries. Central banks responded to multi-decade-high inflation levels in Western economies by raising interest rates in an increasingly aggressive fashion.

Global financial markets lurched downwards from the start of 2022, with stocks and bonds both under acute pressure since the turn of the year. Prices of shares and bonds fell heavily in January on worries that interest rates in Western economies would have to rise faster and further than previously anticipated. The outbreak of the Ukraine war brought further volatility and fears for the global economic outlook after energy and other commodity prices surged.

There was a further major sell-off in stock markets in June. This was triggered by mounting gloom over the outlook for the global economy after the U.S. Federal Reserve (Fed) took a tougher stance in its battle against inflation. July was a much better month for stock and bond markets, amid hopes that a slowing global economy would enable central banks to reverse recent interest rate hikes in 2023. However, this optimism faded in August as central banks, led by the Fed, reiterated the need to tame inflation. September brought another major sell-off in global stock and bond markets, as central banks continued to battle high inflation with rate increases. Global bond and share prices staged a partial recovery in October on hopes that an end to U.S. interest rate hikes may be in sight.

Emerging market (EM) equities retreated over the reporting period. The MSCI Emerging Markets Index<sup>2</sup> returned -31.03% for the period. Markets sold off towards the end of 2021 after the so-called "Powell Pivot", where the Fed abruptly moved towards monetary policy<sup>3</sup> tightening. That led to a rotation out of growth stocks<sup>4</sup> into value, and the trend continued going into 2022, where value stocks held up and opened a big lead in relative terms over quality and growth plays. Further compounding the headwinds was Russia's unexpected invasion of Ukraine in late-February, which accelerated the rise of energy and other commodity prices on fears of supply disruption. In turn, that exacerbated global inflationary pressures. Investor sentiment turned increasingly pessimistic as central banks, including the Fed, ramped up their monetary policy tightening trajectories, triggering fears of a global recession. Moreover, the Fed's aggressive moves on interest rates boosted the U.S. dollar's strength versus peers, which further dented sentiment towards EMs. Also keeping markets on edge was China, which became a focal point as rising COVID-19 cases prompted authorities to implement stringent lockdowns in major cities like Shanghai. When the rate of new infection cases declined, the restrictions were gradually eased and the market outperformed, driven by strong fiscal and monetary support to stabilise the economy. However, subsequent developments added to investor concerns, including geopolitical tensions with the U.S., an

ongoing property crisis and the resurgence of COVID-19, which sparked fears of more stringent lockdowns. The outcome of China's 20<sup>th</sup> party congress in October, where President Xi Jinping consolidated power and secured a third term as leader, failed to inspire investor confidence. Oil and other commodity prices took a breather after their outperformance earlier in the year as concerns mounted that a potential global slowdown could dent demand. Investors turned even more 'risk-off' from July onwards as a result of higher-than-expected U.S. inflation and a more hawkish Fed. Compounding investor concerns were worries over China's growth outlook, a further deterioration of U.S.-China relations and an escalation in the Russia-Ukraine conflict.

After a turbulent calendar year to date, global government bonds recorded an unprecedented 12-month performance. The JPM Global Government Bond Index<sup>5</sup> returned -21.22%. After years of record-low interest rates, many central banks hiked rates, often in an increasingly aggressive fashion, as they tried to contain soaring inflation. Coupled with an end to bond-buying stimulus programs this has caused a major sell-off in government bonds in the year to date. For perspective, U.S. government bonds suffered their worst first half of a calendar year since 1788<sup>6</sup>.

As well as winding down its bond-buying program over the period, the Fed adopted an increasingly aggressive approach to its interest rate policy. Starting with a 0.25 percentage point increase in March 2022, its first rate hike since 2018, it soon followed with a 0.50 percentage point increase in May and (previously unusually large) 0.75 percentage point hikes in June, July and September.

The Bank of England (BoE) was the first major central bank to raise rates since the pandemic. It increased its base rate from 0.10% to 0.25% in December 2021 and followed with six more consecutive rate increases, as United Kingdom (U.K.) annual consumer price inflation continued to climb, hitting a 40-year high of 10.1%. In September, U.K. bond yields climbed rapidly in the immediate wake of an ill-fated mini-Budget from the new Truss government. In highly volatile market conditions, the BoE bought UK government bonds (gilts) in a bid to restore market stability. October's swift reversal of the mini-Budget and Rishi Sunak's appointment as prime minister settled nerves and caused gilt prices to recover some ground. The European Central Bank kept its main interest rate unchanged at emergency negative levels, before finally raising rates by 0.50 percentage points in July and following with back-to-back 0.75 percentage points hikes in September and October. In contrast, the Bank of Japan maintained its ultra-loose monetary policy, arguing that underlying demand in the Japanese economy remains too weak for it to begin raising rates.

After a mixed performance, by region, for corporate bonds in the final quarter of 2021, corporate bond prices have fallen substantially in the year to date in one of the worst periods in history for the bond markets. U.S. corporate bonds, as measured by the Barclays U.S. Corporate Investment Grade Index<sup>7</sup>, returned -19.57%. Meanwhile, the ICE BofA Global High Yield Constrained Index<sup>8</sup>, returned -13.84%.

U.K. and European investment-grade and riskier high-yield (HY) bonds have particularly struggled. A backdrop of rising interest rates and stubbornly high inflation across the region, accompanied by a worsening economic outlook, have created tough market conditions.

2022 Annual Report<sub>1</sub>

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Market Review (concluded)<br>

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The European HY market experienced one of its worst months on record in June. In September, U.K. corporate bonds suffered a particularly difficult month amid unprecedented turbulence in U.K. financial markets. This was after a badly received mini-Budget from the new Truss cabinet. A program of tax cuts and the reversal of previously planned tax reductions added to existing investor fears about the UK's public finances. In October, the speedy reversal of the mini-Budget and Rishi Sunak's subsequent appointment as prime minister created calmer bond market conditions and eased fears about the country's public finances. Prices of U.K. corporate bonds rose significantly as a result.

Global listed real estate fell over the reporting period, underperforming the broader equity markets. Underlying real estate fundamentals remained healthy throughout the reporting period with record occupancy levels and healthy demand for most property types driving strong market rent growth, supporting double-digit earnings and cash flow growth. That said, these positive results were more than offset by concerns about the future outlook for asset prices as the cost of capital rose due to rising interest rates, aimed at combating inflationary pressures globally. The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/NAREIT) Global Index<sup>9</sup> and the Morgan Stanley Capital International (MSCI) U.S. REIT Index<sup>10</sup> returned -25.36% and -18.78%, respectively, over the period.

The U.S. real estate investment trust (REIT) market posted very strong gains at the beginning of the period, significantly outperforming both the broader equity market and the global real estate index. However, from the first quarter of 2022 onwards, markets were unable to avoid the downside volatility in the broader equity markets as a result of inflation and interest-rate hikes. This resulted in downward pressures in the market as investors began to price in a higher cost of capital and risks of slower-than-expected economic growth. Towards the end of the period, the U.S. REIT market dropped sharply due to less-supportive commentary from the Fed, higher-than-expected consumer price index readings and aggressive global rate increases.

#### Outlook
We believe equity markets are likely to remain volatile, given rising inflation, higher interest rates, the slowdown in China and geopolitical worries. The Russia-Ukraine conflict has added to the challenging global macroeconomic backdrop and exacerbated inflationary pressures via higher energy and other commodity prices. Concerns also remain about the U.K.'s stretched fiscal position given a slowing economy. On the plus side, the People's Bank of China has, in contrast to other major central banks, maintained an accommodative policy stance.

Within fixed income, investor attention will likely focus on the effectiveness of central-bank measures to control inflation. Further less-supportive comments and interest-rate hikes from the U.S. Federal Reserve have led to expectations of additional, substantial rate increases in 2022. The European Central Bank has also begun raising rates. Meanwhile, the BoE is expected to further tighten monetary policy. However, the reduction in fiscal stimulus since Rishi Sunak succeeded Liz Truss as prime minister should help contain inflationary pressures.

#### abrdn<br>

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|:---|:---|
| 1 | The MSCI AC World Index captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |

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|:---|:---|
| 2 | The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 Emerging Markets (EM) countries. With 832 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. |

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| | |
|:---|:---|
| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

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4 Growth stock – A stock of a company that generates substantial and sustainable positive cash flow, and whose revenues and earnings are expected to increase at a faster rate than the average company in the same industry.

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| | |
|:---|:---|
| 5 | The JP Morgan Global Government Bond Index measures the performance of leading Government bond markets based on total return in U.S. currency. It is calculated by JP Morgan, and reflects reinvestment of all applicable dividends, capital gains and interest. |

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| | |
|:---|:---|
| 6 | Kollmeyer, Barbara. "250 years of history is telling investors to bet on Treasury bonds in 2023, Bank of America says." Market Watch, October 29, 2022. <u>https://www.marketwatch.com/story/250-years-of-history-is-telling-investors-<br> to-bet-on-treasury-bonds-in-2023-bank-of-america-says-11666958942?mod=<br> livecoverage_web.</u> |

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7 The Barclays U.S. Corporate Investment Grade Index is an unmanaged index considered representative of publicly issued, fixed-rate, nonconvertible, investment-grade debt securities.

8 The ICE BofA Global High Yield Constrained Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets.

9 The FTSE EPRA/Nareit Global Real Estate Index is a free-float adjusted, market capitalization-weighted index designed to track the performance of listed real estate companies in both developed and emerging countries worldwide.

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| | |
|:---|:---|
| 10 | The MSCI U.S. REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. |

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| | |
|:---|:---|
| **2** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Emerging Markets Debt Fund (Unaudited) <br>

------

Market Review

Emerging market (EM) debt returns were negative over the 12-month period, but with considerable divergence by country.

Oil prices stayed flat at the beginning of the period, as fears over Omicron's effects balanced against negative supply shocks and falling inventories. However, oil prices rallied over the first three months of 2022 due to expected disruptions caused by sanctions on Russia. Oil prices continued to rise in the second quarter of 2022, as European countries agreed to ban Russian oil arriving by sea. However, this upward trend reversed in the third quarter, as the Brent crude oil price declined due to weaker demand and the strong US dollar. In October 2022, the Organization of the Petroleum Exporting Countries cut production by two million barrels per day, which was more than was expected and helped to support oil prices. Oil prices rose over the period, as the Brent crude oil price rose from $84.71 to $92.81 per barrel at the end of the period.

#### Fund performance review
The abrdn Emerging Markets Debt Fund (Institutional Class shares, net of fees) returned -24.81% for the 12-month reporting period ended October 31, 2022, versus the -24.19% return of its benchmark, the J.P. Morgan Emerging Markets Bond (EMBI) Global Diversified Index, during the same period.

The Fund marginally underperformed over the period ended October 31, 2022. Overall, country allocation and sector allocation contributed to relative performance, while security selection and currency exposure detracted from returns.

On a country basis, the Fund's underweight<sup>1</sup> exposure in Russia aided relative returns, as did our overweight<sup>2</sup> positioning in Brazil and security allocation in Uruguay. Our zero-weight position in Sri Lanka was also positive.

Conversely, our corporate bond exposure in China detracted from returns, along with our overweight allocations in Pakistan and Belarus. Our security selection in Ukraine was also negative.

In the first half of the period, we added to South African holdings based on positive valuations and took advantage of the risk sell-off to buy better-quality credits in Cameroon. We increased exposure to Croatia thanks to the country's positive macroeconomic outlook and to Bahrain based on improving fundamentals driven by a positive fiscal balance. Meanwhile, we took part in new issues from the Dominican Republic and Nigeria, as both were attractively priced.

Over the period, we carried out several sales to cover outflows, including positions in Ukraine, Benin, Iraq and Kenya. Further sales included positions in Turkey, where the country's monetary policy<sup>3</sup> instability continued to have a negative impact on the outlook, and Russia, on the back of increased geopolitical issues surrounding Ukraine. We also sold our position in the Bahamas due to increased concerns over its current deficit.

In the second half of the period, we participated in a new sovereign issue from Hungary, which was attractively priced. Elsewhere, we performed a switch in Ghana, selling out of the bonds maturing in 2027 and purchasing those maturing in 2035 on a relative-value basis and due to the concerns regarding the country's debt levels. Towards the end of the period, we took advantage of the rally in Argentinian bonds by selling bonds maturing in 2030, given the deteriorating market backdrop, and purchased an Ecuadorian bond maturing in 2040 as spreads at the time overstated the political risks.

In the local-currency space, we switched from Brazilian bonds maturing in 2027 to those maturing in in 2023 and 2031, and added to South African risk. Later in the period, we carried out a policy switch of our Uruguayan positions and switched out of Chilean peso bonds and into Colombian bonds, where both the yield and currency have underperformed.

On the corporate side, we took part in a new issue from Nigeria's Bank of Industry (BOI) Finance, as it was attractively priced. Elsewhere, we switched from Chinese property developer Agile Group bonds to Zhenro Properties bonds and from Ukraine's ferrous metals company Metinvest bonds to agricultural provider MHP bonds on a relative-value basis. We also participated in a new issue from Heritage Petroleum, the dominant oil producer in Trinidad and Tobago, through a senior-secured bond that was attractively priced.

The Fund's use of derivatives contributed approximately 1.11% to the performance of the Fund.

#### Market outlook
While the outlook remains challenging across risk assets, we are seeing pockets of value opening up in certain areas of EM debt. A trend of countries with large funding gaps increasingly looking to multilateral sources of financing continued this month, as market access for many issuers remained closed due to the uncertain macroeconomic environment. Egypt became the latest country to agree to a $3 billion International Monetary Fund (IMF) staff-level agreement, although this had been anticipated for a while and the size of the financing package was a negative surprise for investors. The downbeat tone of the IMF annual meetings in Washington highlights investors' concerns about the risks facing a number of highly debt-burdened EM sovereign issuers, as global growth forecasts were downgraded and expectations of a recession increased.

Another frequent discussion at the meetings surrounded concerns of potential harsher treatment of private sector creditors in the ongoing restructurings. Since global food and energy prices have peaked, we believe that inflation should decelerate towards the end of the year, which should bring an end to rate tightening cycles in EMs. Brazil and Chile are leading the way in this regard. Clearly, with developed

{foots1}

1 Underweight – A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

{foots1}

---

| | |
|:---|:---|
| 2 | Overweight – A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

{foots1}

---

| | |
|:---|:---|
| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

2022 Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Emerging Markets Debt Fund (Unaudited) (continued)<br>

------

markets seemingly relentlessly pursuing policy tightening, we expect the volatility<sup>4</sup> of the first three quarters of the year in EM debt to persist.

We remain selectively cautious in adding risk as the macroeconomic environment continues to evolve, including in a handful of investment-grade<sup>5</sup> names where spread widening has been more severe compared to their peers, in places such as Hungary.

#### Portfolio Management:
Global Emerging Markets Debt Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 3.00% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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.

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

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

The risks that apply to foreign investments 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.

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.

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.

Illiquid securities are assets that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

4 Volatility – If the price of a fund or asset moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

---

| | |
|:---|:---|
| 5 | Investment-grade bonds – Companies whose bonds are rated as 'investment grade' have a lower chance of defaulting on their debt than those rated as 'non-investment grade'. Generally, these bonds are issued by long-established companies with strong balance sheets. Bonds rated BBB or above are known as Investment Grade Bonds. |

---

---

| | |
|:---|:---|
| **4** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Emerging Markets Debt Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.31%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.50%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(27.58%) | &nbsp;&nbsp;&nbsp;&nbsp;(5.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83%) |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.64%) | &nbsp;&nbsp;&nbsp;&nbsp;(5.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.14%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(26.33%) | &nbsp;&nbsp;&nbsp;&nbsp;(5.03%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.14%) |
| &nbsp;&nbsp; Class R<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(25.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.74%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76%) |
| &nbsp;&nbsp; Institutional Service Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.93%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.15%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(24.81%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.09%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25% |
| 2 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img4175560f2.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Emerging Markets Debt Fund, the J.P.

Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the Consumer Price Index (CPI) over a 10 year period. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The J.P. Morgan EMBI Global Diversified Index is an alternatively weighted index that assigns a larger weight to less liquid issues from countries with smaller debt stocks and limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries' eligible current face amounts of debt outstanding. The index consists of U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasi-sovereign entities issued in emerging markets countries.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

2022 Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Emerging Markets Debt Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;68.5% |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;26.5% |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
|  | &nbsp;&nbsp;100.0% |

---

Amounts listed as "–" are 0% or round to 0%.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F 01/01/2025 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F 01/01/2031 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Dominican Republic International Bond 01/27/2045 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Saudi Government International Bond 04/17/2049 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Georgian Railway JSC 06/17/2028 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Tunisian Republic 02/17/2024 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Qatar Government International Bond 03/14/2049 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Qatar Government International Bond 04/23/2048 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Bahrain Government International Bond 01/26/2026 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Argentine Republic Government International Bond 01/09/2038 | &nbsp;&nbsp;1.4% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Dominican Republic | &nbsp;&nbsp;&nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Nigeria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Ecuador | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Angola | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Iraq | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;38.7% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **6** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Emerging Markets Debt Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—26.5%** | &nbsp;&nbsp;**CORPORATE BONDS—26.5%** |  |
| &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., 7.10%, 09/10/2024<sup>(a)(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$4008 |
| &nbsp;&nbsp;**COLOMBIA—0.7%** | &nbsp;&nbsp;**COLOMBIA—0.7%** | &nbsp;&nbsp;**COLOMBIA—0.7%** |
| &nbsp;&nbsp;**Commercial Banks—0.7%** |  |  |
| &nbsp;&nbsp;Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter), 7.14%, 10/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173170 |
| &nbsp;&nbsp;**GEORGIA—1.6%** | &nbsp;&nbsp;**GEORGIA—1.6%** | &nbsp;&nbsp;**GEORGIA—1.6%** |
| &nbsp;&nbsp;**Transportation—1.6%** |  |  |
| &nbsp;&nbsp;Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 391342 |
| &nbsp;&nbsp;**INDIA—1.6%** | &nbsp;&nbsp;**INDIA—1.6%** | &nbsp;&nbsp;**INDIA—1.6%** |
| &nbsp;&nbsp;**Commercial Banks—1.0%** |  |  |
| &nbsp;&nbsp;HDFC Bank Ltd., 8.10%, 03/22/2025<sup>(a)</sup> | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237458 |
| &nbsp;&nbsp;**Transportation—0.6%** |  |  |
| &nbsp;&nbsp;Indian Railway Finance Corp. Ltd., 2.80%, 02/10/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 149399 |
| &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**386857** |
| &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** |
| &nbsp;&nbsp;**Electric Utilities—1.3%** |  |  |
| &nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.25%, 01/25/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308149 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—1.7%** |  |  |
| &nbsp;&nbsp;Pertamina Persero PT |  |  |
| &nbsp;&nbsp;3.65%, 07/30/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260343 |
| &nbsp;&nbsp;5.63%, 05/20/2043<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425343 |
| &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**733492** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—1.2%** |  |  |
| &nbsp;&nbsp;KazMunayGas National Co. JSC, 5.38%, 04/24/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164066 |
| &nbsp;&nbsp;Tengizchevroil Finance Co. International Ltd., 3.25%, 08/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309907 |
| &nbsp;&nbsp;**KUWAIT—1.0%** | &nbsp;&nbsp;**KUWAIT—1.0%** | &nbsp;&nbsp;**KUWAIT—1.0%** |
| &nbsp;&nbsp;**Chemicals—1.0%** |  |  |
| &nbsp;&nbsp;MEGlobal Canada ULC, 5.00%, 05/18/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241562 |
| &nbsp;&nbsp;**MEXICO—5.7%** | &nbsp;&nbsp;**MEXICO—5.7%** | &nbsp;&nbsp;**MEXICO—5.7%** |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;Braskem Idesa SAPI, 7.45%, 11/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152990 |
| &nbsp;&nbsp;**Commercial Banks—0.8%** |  |  |
| &nbsp;&nbsp;BBVA Bancomer SA, (fixed rate to 09/13/2029, variable rate thereafter), 5.88%, 09/13/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192172 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—3.7%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;6.50%, 06/02/2041 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207900 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;6.75%, 09/21/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;$278254 |
| &nbsp;&nbsp;6.35%, 02/12/2048 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 195099 |
| &nbsp;&nbsp;6.95%, 01/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 252053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933306 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.6%** |  |  |
| &nbsp;&nbsp;Trust Fibra Uno, 6.39%, 01/15/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 145750 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1424218** |
| &nbsp;&nbsp;**MOROCCO—0.6%** | &nbsp;&nbsp;**MOROCCO—0.6%** | &nbsp;&nbsp;**MOROCCO—0.6%** |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;OCP SA, 6.88%, 04/25/2044<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157475 |
| &nbsp;&nbsp;**NIGERIA—1.2%** | &nbsp;&nbsp;**NIGERIA—1.2%** | &nbsp;&nbsp;**NIGERIA—1.2%** |
| &nbsp;&nbsp;**Commercial Banks—0.6%** |  |  |
| &nbsp;&nbsp;BOI Finance BV, 7.50%, 02/16/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp; 145708 |
| &nbsp;&nbsp;**Engineering & Construction—0.6%** |  |  |
| &nbsp;&nbsp;IHS Netherlands Holdco BV, 8.00%, 09/18/2027<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154376 |
| &nbsp;&nbsp;**Total Nigeria** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**300084** |
| &nbsp;&nbsp;**PANAMA—0.7%** | &nbsp;&nbsp;**PANAMA—0.7%** | &nbsp;&nbsp;**PANAMA—0.7%** |
| &nbsp;&nbsp;**Commercial Banks—0.7%** |  |  |
| &nbsp;&nbsp;Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter), 5.25%, 04/16/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175404 |
| &nbsp;&nbsp;**PERU—1.3%** | &nbsp;&nbsp;**PERU—1.3%** | &nbsp;&nbsp;**PERU—1.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.8%** |  |  |
| &nbsp;&nbsp;Nexa Resources SA, 5.38%, 05/04/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182560 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.5%** |  |  |
| &nbsp;&nbsp;Petroleos del Peru SA, 5.63%, 06/19/2047<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128286 |
| &nbsp;&nbsp;**Total Peru** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**310846** |
| &nbsp;&nbsp;**SAUDI ARABIA—2.3%** | &nbsp;&nbsp;**SAUDI ARABIA—2.3%** | &nbsp;&nbsp;**SAUDI ARABIA—2.3%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—2.3%** |  |  |
| &nbsp;&nbsp;Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;2.25%, 11/24/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315454 |
| &nbsp;&nbsp;4.38%, 04/16/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572029 |
| &nbsp;&nbsp;**SOUTH AFRICA—2.2%** | &nbsp;&nbsp;**SOUTH AFRICA—2.2%** | &nbsp;&nbsp;**SOUTH AFRICA—2.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;MTN Mauritius Investments Ltd., 6.50%, 10/13/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238225 |
| &nbsp;&nbsp;**Electric Utilities—1.2%** |  |  |
| &nbsp;&nbsp;Eskom Holdings SOC Ltd., 7.13%, 02/11/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308154 |
| &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**546379** |
| &nbsp;&nbsp;**TRINIDAD—0.8%** | &nbsp;&nbsp;**TRINIDAD—0.8%** | &nbsp;&nbsp;**TRINIDAD—0.8%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.8%** |  |  |
| &nbsp;&nbsp;Heritage Petroleum Co Ltd, 9.00%, 08/12/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210400 |
| &nbsp;&nbsp;**UKRAINE—0.5%** | &nbsp;&nbsp;**UKRAINE—0.5%** | &nbsp;&nbsp;**UKRAINE—0.5%** |
| &nbsp;&nbsp;**Agriculture—0.4%** |  |  |
| &nbsp;&nbsp;MHP Lux SA, 6.95%, 04/03/2026<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89400 |

---

See accompanying Notes to Financial Statements.

2022 Annual Report<sub>7</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Emerging Markets Debt Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UKRAINE (continued)** | &nbsp;&nbsp;**UKRAINE (continued)** | &nbsp;&nbsp;**UKRAINE (continued)** | &nbsp;&nbsp;**UKRAINE (continued)** |
| &nbsp;&nbsp;**Electric Utilities—0.1%** |  |  |  |
| &nbsp;&nbsp;NPC Ukrenergo, 6.88%, 11/09/2028<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$28808 |
| &nbsp;&nbsp;**Total Ukraine** | &nbsp;&nbsp;**Total Ukraine** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118208** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.0%** |
| &nbsp;&nbsp;**Diversified Financial Services—1.2%** |  |  |  |
| &nbsp;&nbsp;ICD Sukuk Co. Ltd., 5.00%, 02/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 288750 |
| &nbsp;&nbsp;**Energy Equipment & Services—0.8%** |  |  |  |
| &nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp; 200502 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**489252** |
| &nbsp;&nbsp;**VENEZUELA—0.1%** | &nbsp;&nbsp;**VENEZUELA—0.1%** | &nbsp;&nbsp;**VENEZUELA—0.1%** | &nbsp;&nbsp;**VENEZUELA—0.1%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.1%** |  |  |  |
| &nbsp;&nbsp;Petroleos de Venezuela SA |  |  |  |
| &nbsp;&nbsp;6.00%, 05/16/2024<sup>(a)(b)(c)(d)</sup> |  | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 25650 |
| &nbsp;&nbsp;6.00%, 11/15/2026<sup>(a)(b)(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;525236 | &nbsp;&nbsp;&nbsp;&nbsp; 9979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35629 |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6580262** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—68.5%** | &nbsp;&nbsp;**GOVERNMENT BONDS—68.5%** | &nbsp;&nbsp;**GOVERNMENT BONDS—68.5%** |  |
| &nbsp;&nbsp;**ANGOLA—2.1%** | &nbsp;&nbsp;**ANGOLA—2.1%** | &nbsp;&nbsp;**ANGOLA—2.1%** | &nbsp;&nbsp;**ANGOLA—2.1%** |
| &nbsp;&nbsp;Angolan Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/26/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162340 |
| &nbsp;&nbsp;9.38%, 05/08/2048<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360430 |
| &nbsp;&nbsp;**Total Angola** | &nbsp;&nbsp;**Total Angola** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**522770** |
| &nbsp;&nbsp;**ARGENTINA—1.4%** | &nbsp;&nbsp;**ARGENTINA—1.4%** | &nbsp;&nbsp;**ARGENTINA—1.4%** | &nbsp;&nbsp;**ARGENTINA—1.4%** |
| &nbsp;&nbsp;Argentine Republic Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/2035<sup>(b)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;533627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/09/2038<sup>(d)(f)</sup> |  | &nbsp;&nbsp;&nbsp;1377900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356515 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**359183** |
| &nbsp;&nbsp;**ARMENIA—1.3%** | &nbsp;&nbsp;**ARMENIA—1.3%** | &nbsp;&nbsp;**ARMENIA—1.3%** | &nbsp;&nbsp;**ARMENIA—1.3%** |
| &nbsp;&nbsp;Republic of Armenia International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/26/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/02/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136436 |
| &nbsp;&nbsp;**Total Armenia** | &nbsp;&nbsp;**Total Armenia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324198** |
| &nbsp;&nbsp;**BAHAMAS—1.3%** | &nbsp;&nbsp;**BAHAMAS—1.3%** | &nbsp;&nbsp;**BAHAMAS—1.3%** | &nbsp;&nbsp;**BAHAMAS—1.3%** |
| &nbsp;&nbsp;Bahamas Government International Bond, 6.00%, 11/21/2028<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328940 |
| &nbsp;&nbsp;**BAHRAIN—2.1%** | &nbsp;&nbsp;**BAHRAIN—2.1%** | &nbsp;&nbsp;**BAHRAIN—2.1%** | &nbsp;&nbsp;**BAHRAIN—2.1%** |
| &nbsp;&nbsp;Bahrain Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/26/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/18/2034<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156516 |
| &nbsp;&nbsp;**Total Bahrain** | &nbsp;&nbsp;**Total Bahrain** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**512645** |
| &nbsp;&nbsp;**BELARUS—0.5%** | &nbsp;&nbsp;**BELARUS—0.5%** | &nbsp;&nbsp;**BELARUS—0.5%** | &nbsp;&nbsp;**BELARUS—0.5%** |
| &nbsp;&nbsp;Republic of Belarus Ministry of Finance, 5.88%, 02/24/2026<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133250 |
| &nbsp;&nbsp;**BENIN—0.9%** | &nbsp;&nbsp;**BENIN—0.9%** | &nbsp;&nbsp;**BENIN—0.9%** | &nbsp;&nbsp;**BENIN—0.9%** |
| &nbsp;&nbsp;Benin Government International Bond, 4.88%, 01/19/2032<sup>(a)(d)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234261 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BRAZIL—6.7%** | &nbsp;&nbsp;**BRAZIL—6.7%** | &nbsp;&nbsp;**BRAZIL—6.7%** |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 10.00%, 01/01/2025 | 4000000 | &nbsp;&nbsp;&nbsp;$748799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 10.00%, 01/01/2031 | &nbsp;&nbsp;3599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634180 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1673128** |
| &nbsp;&nbsp;**BULGARIA—0.5%** | &nbsp;&nbsp;**BULGARIA—0.5%** | &nbsp;&nbsp;**BULGARIA—0.5%** |
| &nbsp;&nbsp;Bulgaria Government International Bond, 4.13%, 09/23/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp; 128113 |
| &nbsp;&nbsp;**CAMEROON—0.9%** | &nbsp;&nbsp;**CAMEROON—0.9%** | &nbsp;&nbsp;**CAMEROON—0.9%** |
| &nbsp;&nbsp;Republic of Cameroon International Bond, 5.95%, 07/07/2032<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp; 226723 |
| &nbsp;&nbsp;**CHILE—1.0%** | &nbsp;&nbsp;**CHILE—1.0%** | &nbsp;&nbsp;**CHILE—1.0%** |
| &nbsp;&nbsp;Chile Government International Bond, 3.50%, 01/31/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 246000 |
| &nbsp;&nbsp;**COLOMBIA—0.8%** | &nbsp;&nbsp;**COLOMBIA—0.8%** | &nbsp;&nbsp;**COLOMBIA—0.8%** |
| &nbsp;&nbsp;Colombia Government International Bond, 4.13%, 05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 196212 |
| &nbsp;&nbsp;**CROATIA—0.6%** | &nbsp;&nbsp;**CROATIA—0.6%** | &nbsp;&nbsp;**CROATIA—0.6%** |
| &nbsp;&nbsp;Croatia Government International Bond, 1.50%, 06/17/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp; 143021 |
| &nbsp;&nbsp;**DOMINICAN REPUBLIC—3.8%** | &nbsp;&nbsp;**DOMINICAN REPUBLIC—3.8%** | &nbsp;&nbsp;**DOMINICAN REPUBLIC—3.8%** |
| &nbsp;&nbsp;Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/22/2029<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 01/27/2045<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236433 |
| &nbsp;&nbsp;**Total Dominican Republic** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**950735** |
| &nbsp;&nbsp;**ECUADOR—2.9%** | &nbsp;&nbsp;**ECUADOR—2.9%** | &nbsp;&nbsp;**ECUADOR—2.9%** |
| &nbsp;&nbsp;Ecuador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/31/2030<sup>(a)(d)(f)</sup> | &nbsp;&nbsp;&nbsp;1114240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/31/2035<sup>(a)(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/31/2040<sup>(a)(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;281900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93076 |
| &nbsp;&nbsp;**Total Ecuador** |  | &nbsp;&nbsp;&nbsp;&nbsp;**730888** |
| &nbsp;&nbsp;**EGYPT—3.0%** | &nbsp;&nbsp;**EGYPT—3.0%** | &nbsp;&nbsp;**EGYPT—3.0%** |
| &nbsp;&nbsp;Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/16/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 02/21/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.70%, 03/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 05/29/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201476 |
| &nbsp;&nbsp;**Total Egypt** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**738919** |
| &nbsp;&nbsp;**GABON—0.7%** | &nbsp;&nbsp;**GABON—0.7%** | &nbsp;&nbsp;**GABON—0.7%** |
| &nbsp;&nbsp;Gabon Government International Bond, 6.95%, 06/16/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180172 |
| &nbsp;&nbsp;**GHANA—0.6%** | &nbsp;&nbsp;**GHANA—0.6%** | &nbsp;&nbsp;**GHANA—0.6%** |
| &nbsp;&nbsp;Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/07/2029<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/11/2035<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56016 |
| &nbsp;&nbsp;**Total Ghana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152767** |
| &nbsp;&nbsp;**GUATEMALA—0.9%** | &nbsp;&nbsp;**GUATEMALA—0.9%** | &nbsp;&nbsp;**GUATEMALA—0.9%** |
| &nbsp;&nbsp;Guatemala Government Bond, 6.13%, 06/01/2050<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231682 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Emerging Markets Debt Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** |  |
| &nbsp;&nbsp;**HUNGARY—2.7%** | &nbsp;&nbsp;**HUNGARY—2.7%** | &nbsp;&nbsp;**HUNGARY—2.7%** |
| &nbsp;&nbsp;Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/16/2029<sup>(a)</sup> | $200000 | &nbsp;&nbsp;$183880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/16/2034<sup>(a)</sup> | 414000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 03/29/2041 | 122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121859 |
| &nbsp;&nbsp;**Total Hungary** |  | &nbsp;&nbsp;&nbsp;**661696** |
| &nbsp;&nbsp;**IRAQ—2.1%** | &nbsp;&nbsp;**IRAQ—2.1%** | &nbsp;&nbsp;**IRAQ—2.1%** |
| &nbsp;&nbsp;Iraq International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/09/2023<sup>(a)</sup> | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;353700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2028<sup>(a)(d)</sup> | 190437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161783 |
| &nbsp;&nbsp;**Total Iraq** |  | &nbsp;&nbsp;&nbsp;**515483** |
| &nbsp;&nbsp;**IVORY COAST—1.3%** | &nbsp;&nbsp;**IVORY COAST—1.3%** | &nbsp;&nbsp;**IVORY COAST—1.3%** |
| &nbsp;&nbsp;Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/17/2031<sup>(a)(d)</sup> | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/17/2040<sup>(a)(d)</sup> | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/22/2048<sup>(a)(d)</sup> | 203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126387 |
| &nbsp;&nbsp;**Total Ivory Coast** |  | &nbsp;&nbsp;&nbsp;&nbsp;**312050** |
| &nbsp;&nbsp;**JORDAN—1.6%** | &nbsp;&nbsp;**JORDAN—1.6%** | &nbsp;&nbsp;**JORDAN—1.6%** |
| &nbsp;&nbsp;Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/07/2025<sup>(a)</sup> | $210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/10/2047<sup>(a)</sup> | 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201825 |
| &nbsp;&nbsp;**Total Jordan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**397791** |
| &nbsp;&nbsp;**KENYA—0.7%** | &nbsp;&nbsp;**KENYA—0.7%** | &nbsp;&nbsp;**KENYA—0.7%** |
| &nbsp;&nbsp;Republic of Kenya Government International Bond, 7.00%, 05/22/2027<sup>(a)(d)</sup> | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166467 |
| &nbsp;&nbsp;**MOROCCO—0.6%** | &nbsp;&nbsp;**MOROCCO—0.6%** | &nbsp;&nbsp;**MOROCCO—0.6%** |
| &nbsp;&nbsp;Morocco Government International Bond, 3.00%, 12/15/2032<sup>(a)</sup> | 213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153626 |
| &nbsp;&nbsp;**NIGERIA—1.9%** | &nbsp;&nbsp;**NIGERIA—1.9%** | &nbsp;&nbsp;**NIGERIA—1.9%** |
| &nbsp;&nbsp;Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/28/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 03/24/2029<sup>(a)</sup> | 454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328015 |
| &nbsp;&nbsp;**Total Nigeria** |  | &nbsp;&nbsp;&nbsp;**459627** |
| &nbsp;&nbsp;**PAKISTAN—1.3%** | &nbsp;&nbsp;**PAKISTAN—1.3%** | &nbsp;&nbsp;**PAKISTAN—1.3%** |
| &nbsp;&nbsp;Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/05/2027<sup>(a)</sup> | 461000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143187 |
| &nbsp;&nbsp;7.38%, 04/08/2031<sup>(a)</sup> | 587000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181970 |
| &nbsp;&nbsp;**Total Pakistan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**325157** |
| &nbsp;&nbsp;**PHILIPPINES—1.6%** | &nbsp;&nbsp;**PHILIPPINES—1.6%** | &nbsp;&nbsp;**PHILIPPINES—1.6%** |
| &nbsp;&nbsp;Philippines Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 04/13/2033 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;200032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/13/2047 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195947 |
| &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;**395979** |
| &nbsp;&nbsp;**QATAR—4.3%** | &nbsp;&nbsp;**QATAR—4.3%** | &nbsp;&nbsp;**QATAR—4.3%** |
| &nbsp;&nbsp;Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048<sup>(a)</sup> | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;372000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%, 03/14/2049<sup>(a)</sup> | 436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050<sup>(a)</sup> | 356000 | &nbsp;&nbsp;&nbsp;&nbsp;299040 |
| &nbsp;&nbsp;**Total Qatar** |  | &nbsp;&nbsp;**1059101** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**ROMANIA—1.8%** | &nbsp;&nbsp;**ROMANIA—1.8%** | &nbsp;&nbsp;**ROMANIA—1.8%** |
| &nbsp;&nbsp;Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/27/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;$121429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/28/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/02/2040<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/14/2041<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/28/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39785 |
| &nbsp;&nbsp;**Total Romania** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**437188** |
| &nbsp;&nbsp;**RWANDA—1.3%** | &nbsp;&nbsp;**RWANDA—1.3%** | &nbsp;&nbsp;**RWANDA—1.3%** |
| &nbsp;&nbsp;Rwanda International Government Bond, 5.50%, 08/09/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 324192 |
| &nbsp;&nbsp;**SAUDI ARABIA—2.8%** | &nbsp;&nbsp;**SAUDI ARABIA—2.8%** | &nbsp;&nbsp;**SAUDI ARABIA—2.8%** |
| &nbsp;&nbsp;Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/17/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/21/2055<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210267 |
| &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**694767** |
| &nbsp;&nbsp;**SENEGAL—0.8%** | &nbsp;&nbsp;**SENEGAL—0.8%** | &nbsp;&nbsp;**SENEGAL—0.8%** |
| &nbsp;&nbsp;Senegal Government International Bond, 6.25%, 05/23/2033<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 194632 |
| &nbsp;&nbsp;**SERBIA—1.0%** | &nbsp;&nbsp;**SERBIA—1.0%** | &nbsp;&nbsp;**SERBIA—1.0%** |
| &nbsp;&nbsp;Serbia International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 05/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/26/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69043 |
| &nbsp;&nbsp;**Total Serbia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**245446** |
| &nbsp;&nbsp;**SOUTH AFRICA—3.0%** | &nbsp;&nbsp;**SOUTH AFRICA—3.0%** | &nbsp;&nbsp;**SOUTH AFRICA—3.0%** |
| &nbsp;&nbsp;Republic of South Africa Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;6151100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/28/2041 | 10179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335592 |
| &nbsp;&nbsp;Republic of South Africa Government International Bond, 6.25%, 03/08/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 |
| &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**751166** |
| &nbsp;&nbsp;**TUNISIA—1.9%** | &nbsp;&nbsp;**TUNISIA—1.9%** | &nbsp;&nbsp;**TUNISIA—1.9%** |
| &nbsp;&nbsp;Tunisian Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/31/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/17/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390730 |
| &nbsp;&nbsp;**Total Tunisia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**471134** |
| &nbsp;&nbsp;**UKRAINE—0.2%** | &nbsp;&nbsp;**UKRAINE—0.2%** | &nbsp;&nbsp;**UKRAINE—0.2%** |
| &nbsp;&nbsp;Ukraine Government International Bond, 6.75%, 06/20/2028<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48371 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—0.5%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—0.5%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—0.5%** |
| &nbsp;&nbsp;Finance Department Government of Sharjah, 4.00%, 07/28/2050<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134371 |
| &nbsp;&nbsp;**URUGUAY—1.9%** | &nbsp;&nbsp;**URUGUAY—1.9%** | &nbsp;&nbsp;**URUGUAY—1.9%** |
| &nbsp;&nbsp;Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2028<sup>(a)</sup> | &nbsp;&nbsp;8402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/2028<sup>(d)(g)</sup> | 11344679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293730 |
| &nbsp;&nbsp;**Total Uruguay** |  | &nbsp;&nbsp;&nbsp;&nbsp;**476237** |
| &nbsp;&nbsp;**UZBEKISTAN—2.0%** | &nbsp;&nbsp;**UZBEKISTAN—2.0%** | &nbsp;&nbsp;**UZBEKISTAN—2.0%** |
| &nbsp;&nbsp;Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/25/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/19/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156396 |
| &nbsp;&nbsp;**Total Uzbekistan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**500559** |

---

See accompanying Notes to Financial Statements.

2022 Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Emerging Markets Debt Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** |  |
| &nbsp;&nbsp;**VENEZUELA—0.1%** | &nbsp;&nbsp;**VENEZUELA—0.1%** | &nbsp;&nbsp;**VENEZUELA—0.1%** |
| &nbsp;&nbsp;Venezuela Government International Bond, 9.25%, 05/07/2028<sup>(a)(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;$11138 |
| &nbsp;&nbsp;**ZAMBIA—1.1%** | &nbsp;&nbsp;**ZAMBIA—1.1%** | &nbsp;&nbsp;**ZAMBIA—1.1%** |
| &nbsp;&nbsp;Zambia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/14/2024<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 |
| &nbsp;&nbsp;8.97%, 07/30/2027<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp; 202755 |
| &nbsp;&nbsp;**Total Zambia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**282255** |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;**17032040** |
| &nbsp;&nbsp;**WARRANTS—0.0%** | &nbsp;&nbsp;**WARRANTS—0.0%** |  |
| &nbsp;&nbsp;**BRAZIL—0.0%** | &nbsp;&nbsp;**BRAZIL—0.0%** | &nbsp;&nbsp;**BRAZIL—0.0%** |
| &nbsp;&nbsp;OAS S.A.<sup>(h)(i)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29232 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |
| &nbsp;&nbsp;CANADACO, Series A<sup>(h)(i)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92840 | &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;**Total Investments<br> (Cost $33,559,969)<sup>(k)</sup>—95.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $33,559,969)<sup>(k)</sup>—95.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**23612302** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—5.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—5.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252512 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$24864814** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Security is in default.

<sup>(c)</sup> Illiquid security.

<sup>(d)</sup> Sinkable security.

<sup>(e)</sup> Variable or Floating Rate security. Rate disclosed is as of October 31, 2022.

<sup>(f)</sup> Step bond. Rate disclosed is as of October 31, 2022.

<sup>(g)</sup> Inflation linked security.

<sup>(h)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<sup>(i)</sup> Non-income producing security.

<sup>(j)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(k)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chile Peso |
| COP | Colombian Peso |
| EUR | Euro Currency |
| INR | Indian Rupee |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

At October 31, 2022, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;699529 | &nbsp;&nbsp;&nbsp;&nbsp;$732434 | &nbsp;&nbsp;$32905 |
| &nbsp;&nbsp;**Chilean Peso/United States Dollar** | &nbsp;&nbsp;**Chilean Peso/United States Dollar** | &nbsp;&nbsp;**Chilean Peso/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;112369000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;121591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118746 | &nbsp;&nbsp;&nbsp;&nbsp;(2845) |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;262007000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;280813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276876 | &nbsp;&nbsp;&nbsp;&nbsp;(3937) |
| &nbsp;&nbsp;**Colombian Peso/United States Dollar** | &nbsp;&nbsp;**Colombian Peso/United States Dollar** | &nbsp;&nbsp;**Colombian Peso/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;COP | &nbsp;&nbsp;1245498000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;281644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251331 | &nbsp;&nbsp;&nbsp;(30313) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;18728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;43932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1613) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$1440606** | &nbsp;&nbsp;**$(5631)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;2200336 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;11412000 | &nbsp;&nbsp;$2200194 | &nbsp;&nbsp;&nbsp;&nbsp;$142 |
| &nbsp;&nbsp;**United States Dollar/Chilean Peso** | &nbsp;&nbsp;**United States Dollar/Chilean Peso** | &nbsp;&nbsp;**United States Dollar/Chilean Peso** |  |  |  |  |  |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;413905 | &nbsp;&nbsp;CLP | &nbsp;&nbsp;374376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395622 | &nbsp;&nbsp;&nbsp;&nbsp;18283 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;2450057 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2499354 | &nbsp;&nbsp;&nbsp;2486184 | &nbsp;&nbsp;&nbsp;(36127) |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Emerging Markets Debt Fund<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/South African Rand** | &nbsp;&nbsp;**United States Dollar/South African Rand** | &nbsp;&nbsp;**United States Dollar/South African Rand** |  |  |  |  |  |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;260137 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;4832000 | &nbsp;&nbsp;&nbsp;&nbsp;$261533 | &nbsp;&nbsp;&nbsp;$(1396) |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;353541 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;6446371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$5692444** | &nbsp;&nbsp;**$(14468)** |
| &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;**$56132** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(76231)** |

---

See accompanying Notes to Financial Statements.

2022 Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global Absolute Return Strategies Fund (Unaudited) <br>

------

Market review

Global equity markets were mostly negative over the 12 month period ended October 31, 2022, with China, emerging markets and Asia-Pacific (excluding Japan) particularly weak. On the positive side, Latin America was the best-performing market while large-cap U.K. equities posted a small positive return. Over the period, the recovery from COVID-19-induced lockdown restrictions slowed, given supply-chain disruptions, persistently high inflation and tightening global monetary policy.<sup>1</sup>

Early in the period, investors grew worried that the spread of the Omicron variant of COVID-19, alongside global supply-chain issues, would hamper a global economic recovery. Markets recovered in December 2021 but fell again in 2022, as central banks tightened monetary policy and Russia invaded Ukraine. While the conflict continued throughout March, global markets generally bounced back. However, fears over high inflation and the risk of a global recession weighed on sentiment in the second half of the period. Global equities rebounded in October 2022, with the U.S. particularly strong, as investor hopes of a slower pace of monetary tightening rose.

In fixed income, most government bond prices fell over the 12-month reporting period ended October 31, 2022, as higher food prices and surging energy costs fueled sharp rises in inflation. Central banks acted to control inflation by reducing policy support and hiking interest rates for most of the period. As a result, investors sold government bonds, pushing yields higher. Corporate bond prices also fell, as investor fears over the withdrawal of central bank support increased. In the U.K., September's mini-budget prompted a wave of selling in bond markets, driving government bond yields higher and prompting intervention from the Bank of England. However, UK government bond markets settled in October 2022, with government bond prices rising as Chancellor Kwarteng and then Prime Minister Truss both resigned, with former chancellor Rishi Sunak succeeding her.

#### Fund performance review
The abrdn Global Absolute Return Strategies Fund (Institutional Class shares, net of fees) returned -10.71% for the 12-month reporting period ended October 31, 2022, versus the 0.79% return of its benchmark, the ICE Bank of America 3-Month U.S. Treasury Bill Index, for the same period.

The Fund delivered a negative return (after fees) during the period in a year dominated by the Russia-Ukraine conflict, lockdowns in China and significantly tighter monetary policy and higher interest rates.

Central banks reacted to the worsening inflation picture globally, particularly in the U.S., U.K. and European economies, with a series of interest rate increases. This led to market fears over the outlook for economic growth and company earnings.

Our interest-rate strategies detracted from performance during the reporting period. Our U.S. duration<sup>2</sup> exposure detracted the most, as the U.S. Federal Reserve tightened monetary policy from March onwards by hiking interest rates. This also meant the U.S. steepener<sup>3</sup> position underperformed. The Australian duration exposure was also a marginal detractor. European real yields underperformed, as the European Central Bank became less supportive in the second half of the period, following persistently high inflation prints for the Eurozone. Our long European inflation and the European steepener positions delivered positive returns before we closed them early in the reporting period. Our short Japanese government bond position was negative for performance.

Corporate bond positions, including contingent convertible bonds, made a slightly negative return, as investors worried about the effect of rising funding costs weighing on valuations. High yield (HY) credit also made a small negative contribution, but within that, Asian HY was a large detractor. Our long investment-grade<sup>4</sup> corporate-bond versus equity strategy underperformed because corporate-bond spreads widened, with default fears picking up.

Amid the difficult market environment for equities, the performance of our equity strategies was mixed. The positive contribution from our U.S. equity low volatility<sup>5</sup> versus U.S. equity relative-value strategy was offset by the poor performance from the world quality equity versus world equity basket. Underperformance also came from the portfolio's long U.S. equity volatility, global equity sustainable, Japanese equity and Chinese versus developed market equity strategies. However, our defensive positioning was positive, with the U.K. versus emerging-market equity relative-value strategy performing positively. Our outright short position in U.S. equity also performed well over the period. As nominal rates increased and global economic growth prospects worsened, equity valuations deteriorated and increasingly priced in a downturn in earnings, which we have yet to see.

Our foreign exchange (FX) strategies were generally positive. Our long U.S. dollar versus Chinese renminbi strategy benefited from dollar strength over the period. Recessionary fears grew over the period, meaning that 'safe-haven' currencies, such as the U.S. dollar,

{foots1}

---

| | |
|:---|:---|
| 1 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

---

| | |
|:---|:---|
| 2 | Duration – A measure of the maturity of a bond or portfolio of bonds that takes into account the periodic coupon payments. It attempts to measure market risk, or volatility, in a bond by considering maturity and the time pattern of interest payments prior to repayment. Two bonds with the same term to maturity but different coupon rates will respond differently to changes in interest rates. So will bonds with the same coupon rate but different terms to maturity. The higher the duration, the greater a bond's price-sensitivity to changes in yield. |

---

{foots1}

3 Yield-curve steepener – A yield-curve steepener is a strategy that seeks to take advantage of an anticipated widening yield spread between short and long maturities.

{foots1}

---

| | |
|:---|:---|
| 4 | Investment-grade bonds – Companies whose bonds are rated as 'investment grade' have a lower chance of defaulting on their debt than those rated as 'non-investment grade'. Generally, these bonds are issued by long-established companies with strong balance sheets. Bonds rated BBB or above are known as Investment Grade Bonds. |

---

{foots1}

5 Volatility – If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

---

| | |
|:---|:---|
| **12** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global Absolute Return Strategies Fund (Unaudited) (continued)<br>

------

outperformed. The ASEAN (Association of Southeast Asian Nations) versus North Asian FX position was also positive for performance.

We employed derivatives in the Fund throughout the reporting period. We used currency forwards swaps<sup>6</sup> to implement our investment views and hedge<sup>7</sup> any unintended currency risk at the Fund level. Within the Fund's fixed-income segment, we employed bond futures, credit default swaps<sup>8</sup>, interest-rate swaps<sup>9</sup>, interest-rate swaptions<sup>10</sup>, inflation swaps<sup>11</sup> and currency forwards swaps to implement our investment views and to manage currency and interest-rate exposure. We used equity futures, options, and total return swaps<sup>12</sup> to implement and manage the Fund's equity exposure.

The Fund's use of derivatives contributed approximately -5.57% to the performance of the Fund.

#### Outlook
We believe the Fund is positioned to perform well in a scenario where monetary tightening leads to a recession (with both growth and inflation declining) while also delivering positive returns under a continuation of the environment observed since the start of 2022 (with inflation elevated).

Against this backdrop, we have positioned the Fund to take advantage of tightening financial conditions into slower growth via defensive positions in relative-value strategies and a bias towards short corporate risk positions. In addition, we maintain long positions in the U.S. dollar and developed-market government bonds.

#### Portfolio Management:
Multi-Asset Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

#### The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 3.00% front-end
**sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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 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.

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

6 Currency swaps – the exchange of interest (and sometimes principal) in one currency for the same in another currency.

{foots1}

7 Currency hedging – The use of derivative transactions to protect the value of an investment against fluctuations in exchange rates.

{foots1}

8 Credit default swaps – a contract that transfers the credit exposure of fixed-income products between two or more parties.

{foots1}

---

| | |
|:---|:---|
| 9 | Interest-rate swap – an agreement between two parties in which one stream of future interest payments is exchanged for another based on a specified principal amount. |

---

{foots1}

10 Interest-rate swaption – refers to an option to enter into an interest rate swap or some other type of swap. In exchange for an options premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date.

{foots1}

---

| | |
|:---|:---|
| 11 | Inflation swap – a contract used to transfer inflation risk from one party to another through an exchange of fixed cash flows. In an inflation swap, one party pays a fixed-rate cash flow on a principal amount while the other party pays a floating rate linked to an inflation index. |

---

{foots1}

---

| | |
|:---|:---|
| 12 | Total return swap – comprises an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. |

---

2022 Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global Absolute Return Strategies Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(11.11%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13.79%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38%) |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(11.59%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.82%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17%) | &nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.71%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;&nbsp;0.21% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment objective and principal investment strategies, including its 80% investment policy, effective November 15, 2019. The Fund also previously changed its investment objective and strategies effective August 15, 2016. Performance information for periods prior to November 15, 2019 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. |
| 2 | A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img0a609bc33.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Service Class shares of the abrdn Global Absolute Return Strategies Fund, the ICE BofA 3-Month U.S. Treasury Note Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The ICE BofA 3-Month U.S. Treasury Note Index is an unmanaged index tracking 3-month U.S. Treasury securities.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **14** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global Absolute Return Strategies Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;35.9% |
| &nbsp;&nbsp;Certificates of Deposit | &nbsp;&nbsp;&nbsp;24.5% |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;18.2% |
| &nbsp;&nbsp;U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe 02/15/2023 | &nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;French Republic Government Bond OAT 05/25/2023 | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Netherlands Government Bond 01/15/2023 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Republic of Austria Government Bond 11/22/2022 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Japan Government Five Year Bond, Series 135 03/20/2023 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional 01/01/2027 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Visa, Inc. | &nbsp;&nbsp;0.4% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;13.5% |
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;38.5% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—18.2%** | &nbsp;&nbsp;**COMMON STOCKS—18.2%** | &nbsp;&nbsp;**COMMON STOCKS—18.2%** |  |
| &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** |
| &nbsp;&nbsp;**Materials—0.3%** |  |  |  |
| &nbsp;&nbsp;Yara International ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;$126262 |
| &nbsp;&nbsp;**CANADA—0.9%** | &nbsp;&nbsp;**CANADA—0.9%** | &nbsp;&nbsp;**CANADA—0.9%** | &nbsp;&nbsp;**CANADA—0.9%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Saputo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112671 |
| &nbsp;&nbsp;**Industrials—0.4%** |  |  |  |
| &nbsp;&nbsp;Canadian National Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 172377 |
| &nbsp;&nbsp;**Materials—0.2%** |  |  |  |
| &nbsp;&nbsp;Nutrien Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp; 109166 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**394214** |
| &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** |
| &nbsp;&nbsp;**Materials—0.3%** |  |  |  |
| &nbsp;&nbsp;Chr Hansen Holding AS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 113470 |
| &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113215 |
| &nbsp;&nbsp;**HONG KONG—0.4%** | &nbsp;&nbsp;**HONG KONG—0.4%** | &nbsp;&nbsp;**HONG KONG—0.4%** | &nbsp;&nbsp;**HONG KONG—0.4%** |
| &nbsp;&nbsp;**Consumer Staples—0.4%** |  |  |  |
| &nbsp;&nbsp;China Mengniu Dairy Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86431 |
| &nbsp;&nbsp;WH Group, Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89639 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176070 |
| &nbsp;&nbsp;**IRELAND—0.2%** | &nbsp;&nbsp;**IRELAND—0.2%** | &nbsp;&nbsp;**IRELAND—0.2%** | &nbsp;&nbsp;**IRELAND—0.2%** |
| &nbsp;&nbsp;**Consumer Staples—0.2%** |  |  |  |
| &nbsp;&nbsp;Kerry Group PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103097 |
| &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** |
| &nbsp;&nbsp;**Communication Services—0.4%** |  |  |  |
| &nbsp;&nbsp;KDDI Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168475 |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;MEIJI Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102873 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**271348** |
| &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Koninklijke Ahold Delhaize NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120645 |
| &nbsp;&nbsp;**NORWAY—0.2%** | &nbsp;&nbsp;**NORWAY—0.2%** | &nbsp;&nbsp;**NORWAY—0.2%** | &nbsp;&nbsp;**NORWAY—0.2%** |
| &nbsp;&nbsp;**Consumer Staples—0.2%** |  |  |  |
| &nbsp;&nbsp;Mowi ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87047 |
| &nbsp;&nbsp;**SWITZERLAND—0.8%** | &nbsp;&nbsp;**SWITZERLAND—0.8%** | &nbsp;&nbsp;**SWITZERLAND—0.8%** | &nbsp;&nbsp;**SWITZERLAND—0.8%** |
| &nbsp;&nbsp;**Consumer Staples—0.4%** |  |  |  |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167751 |
| &nbsp;&nbsp;**Health Care—0.4%** |  |  |  |
| &nbsp;&nbsp;Novartis AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173996 |
| &nbsp;&nbsp;**Total Switzerland** | &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**341747** |
| &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Charoen Pokphand Foods PCL |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111897 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**UNITED STATES—13.5%** | &nbsp;&nbsp;**UNITED STATES—13.5%** | &nbsp;&nbsp;**UNITED STATES—13.5%** | &nbsp;&nbsp;**UNITED STATES—13.5%** |
| &nbsp;&nbsp;**Communication Services—0.8%** |  |  |  |
| &nbsp;&nbsp;AT&T, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264 | &nbsp;&nbsp;$187113 |
| &nbsp;&nbsp;Verizon Communications, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 | &nbsp;&nbsp;&nbsp;&nbsp; 156505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343618 |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** |  |  |  |
| &nbsp;&nbsp;Dollar General Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp; 176495 |
| &nbsp;&nbsp;**Consumer Staples—4.2%** |  |  |  |
| &nbsp;&nbsp;Campbell Soup Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp; 126455 |
| &nbsp;&nbsp;Coca-Cola Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp; 169854 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp; 122978 |
| &nbsp;&nbsp;Hormel Foods Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp; 116636 |
| &nbsp;&nbsp;Ingredion, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp; 121560 |
| &nbsp;&nbsp;Kroger Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp; 114773 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 127261 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 174911 |
| &nbsp;&nbsp;PepsiCo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp; 182669 |
| &nbsp;&nbsp;Procter & Gamble Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166452 |
| &nbsp;&nbsp;Sysco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124733 |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107788 |
| &nbsp;&nbsp;US Foods Holding Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116064 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772134 |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;BlackRock, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176333 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171261 |
| &nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176509 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524103 |
| &nbsp;&nbsp;**Health Care—3.3%** |  |  |  |
| &nbsp;&nbsp;Abbott Laboratories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164339 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188872 |
| &nbsp;&nbsp;CVS Health Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158812 |
| &nbsp;&nbsp;Danaher Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156035 |
| &nbsp;&nbsp;Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179189 |
| &nbsp;&nbsp;Medtronic PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167780 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163957 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180424 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1359408 |
| &nbsp;&nbsp;**Industrials—0.6%** |  |  |  |
| &nbsp;&nbsp;AGCO Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130627 |
| &nbsp;&nbsp;John Bean Technologies Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107251 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237878 |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178573 |
| &nbsp;&nbsp;Adobe, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186004 |
| &nbsp;&nbsp;Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181356 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162723 |
| &nbsp;&nbsp;PayPal Holdings, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155041 |
| &nbsp;&nbsp;Visa, Inc., A Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183337 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1047034 |
| &nbsp;&nbsp;**Utilities—0.4%** |  |  |  |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153760 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**5614430** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**7573442** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—35.9%** | &nbsp;&nbsp;**GOVERNMENT BONDS—35.9%** |  |
| &nbsp;&nbsp;**AUSTRIA—4.4%** | &nbsp;&nbsp;**AUSTRIA—4.4%** | &nbsp;&nbsp;**AUSTRIA—4.4%** |
| &nbsp;&nbsp;Republic of Austria Government Bond, 3.40%, 11/22/2022<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;$1819907 |
| &nbsp;&nbsp;**BRAZIL—4.2%** | &nbsp;&nbsp;**BRAZIL—4.2%** | &nbsp;&nbsp;**BRAZIL—4.2%** |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;9614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1767426 |
| &nbsp;&nbsp;**FRANCE—4.5%** | &nbsp;&nbsp;**FRANCE—4.5%** | &nbsp;&nbsp;**FRANCE—4.5%** |
| &nbsp;&nbsp;French Republic Government Bond OAT, 1.75%, 05/25/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1858392 |
| &nbsp;&nbsp;**GERMANY—14.1%** | &nbsp;&nbsp;**GERMANY—14.1%** | &nbsp;&nbsp;**GERMANY—14.1%** |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, 1.50%, 02/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5920000 | &nbsp;&nbsp;&nbsp;&nbsp; 5855657 |
| &nbsp;&nbsp;**JAPAN—4.3%** | &nbsp;&nbsp;**JAPAN—4.3%** | &nbsp;&nbsp;**JAPAN—4.3%** |
| &nbsp;&nbsp;Japan Government Five Year Bond, Series 135, 0.10%, 03/20/2023 | 267000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797382 |
| &nbsp;&nbsp;**NETHERLANDS—4.4%** | &nbsp;&nbsp;**NETHERLANDS—4.4%** | &nbsp;&nbsp;**NETHERLANDS—4.4%** |
| &nbsp;&nbsp;Netherlands Government Bond, 3.75%, 01/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828599 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;**14927363** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—38.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—38.5%** |  |
| &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—24.5%** | &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—24.5%** |  |
| &nbsp;&nbsp;**NETHERLANDS—8.4%** | &nbsp;&nbsp;**NETHERLANDS—8.4%** | &nbsp;&nbsp;**NETHERLANDS—8.4%** |
| &nbsp;&nbsp;ING Bank NV, 2.95%, 11/01/2022 | $&nbsp;&nbsp; 1751912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751912 |
| &nbsp;&nbsp;Rabobank Nederland, 3.00%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1751956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751956 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3503868** |
| &nbsp;&nbsp;**UNITED KINGDOM—12.2%** | &nbsp;&nbsp;**UNITED KINGDOM—12.2%** | &nbsp;&nbsp;**UNITED KINGDOM—12.2%** |
| &nbsp;&nbsp;Bank of Montreal, 2.95%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1563201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563201 |
| &nbsp;&nbsp;BNP Paribas SA, 2.97%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1758550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758550 |
| &nbsp;&nbsp;Credit Agricole CIB, 3.03%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1751863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751863 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5073614** |
| &nbsp;&nbsp;**UNITED STATES—3.9%** | &nbsp;&nbsp;**UNITED STATES—3.9%** | &nbsp;&nbsp;**UNITED STATES—3.9%** |
| &nbsp;&nbsp;Societe Generale SA, 2.85%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;1636043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636043 |
| &nbsp;&nbsp;**Total Certificates of Deposit** |  | &nbsp;&nbsp;&nbsp;**10213525** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—3.3%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—3.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1352597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352597 |
| &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1352597** |
| &nbsp;&nbsp;**U.S. TREASURIES—10.7%** | &nbsp;&nbsp;**U.S. TREASURIES—10.7%** |  |
| &nbsp;&nbsp;U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%, 11/03/2022<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 12/01/2022<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29%, 01/05/2023<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 02/02/2023<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 03/02/2023<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493144 |
| &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4472876** |
| &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;**16038998** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $39,124,193)<sup>(f)</sup>—92.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $39,124,193)<sup>(f)</sup>—92.6%** | &nbsp;&nbsp;&nbsp;**38539803** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—7.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—7.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065649 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$41605452** |

---

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(d)</sup> The rate shown is the discount yield at the time of purchase.

<sup>(e)</sup> All or a portion of the security has been designated as collateral for forward foreign currency exchange contracts and swap contracts.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNY | Chinese Yuan Renminbi |
| DKK | Denmark Krone |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| PLC | Public Limited Company |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **17** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

At October 31, 2022, 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;**Long Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;United States Treasury Note 6%–10 year Ultra | &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;12/20/2022 | &nbsp;&nbsp;$4767317 | &nbsp;&nbsp;$4407406 | &nbsp;&nbsp;$(359911) |
| &nbsp;&nbsp;**Short Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;Euro STOXX 50 | &nbsp;&nbsp;(41) | &nbsp;&nbsp;12/16/2022 | &nbsp;&nbsp;$(1461992) | &nbsp;&nbsp;$(1465950) | &nbsp;&nbsp;&nbsp;$(3958) |
| &nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;(40) | &nbsp;&nbsp;12/16/2022 | &nbsp;&nbsp;&nbsp;(8228412) | &nbsp;&nbsp;&nbsp;&nbsp;(7766000) | &nbsp;&nbsp;&nbsp;&nbsp;462412 |
|  |  |  |  |  | &nbsp;&nbsp;$458454 |
|  |  |  |  |  | &nbsp;&nbsp;**$98543** |

---

At October 31, 2022, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;144921 | &nbsp;&nbsp;&nbsp;$140753 | &nbsp;&nbsp;$(4168) |
| &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;203394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9207 |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;2714000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;2940795 | &nbsp;&nbsp;&nbsp;&nbsp;3112954 | &nbsp;&nbsp;&nbsp;&nbsp;172159 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;128642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;161682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160584 | &nbsp;&nbsp;&nbsp;&nbsp;(1098) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;185135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;302502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;219291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1356) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87711 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;100774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) |
| &nbsp;&nbsp;**Canadian Dollar/United States Dollar** | &nbsp;&nbsp;**Canadian Dollar/United States Dollar** | &nbsp;&nbsp;**Canadian Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181551 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;140777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7508) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;110626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43770 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1129) |
| &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** | &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** | &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;CNY | &nbsp;&nbsp;4800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;683278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664038 | &nbsp;&nbsp;&nbsp;&nbsp;(19240) |
| &nbsp;&nbsp;11/18/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;CNY | &nbsp;&nbsp;14701000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;2071848 | &nbsp;&nbsp;&nbsp;2030458 | &nbsp;&nbsp;&nbsp;&nbsp;(41390) |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;8780000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1238119 | &nbsp;&nbsp;&nbsp;&nbsp;1212012 | &nbsp;&nbsp;&nbsp;&nbsp;(26107) |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;CNY | &nbsp;&nbsp;3498000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;493003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482785 | &nbsp;&nbsp;&nbsp;&nbsp;(10218) |
| &nbsp;&nbsp;11/29/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;CNY | &nbsp;&nbsp;14701000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;2072694 | &nbsp;&nbsp;&nbsp;&nbsp;2026442 | &nbsp;&nbsp;&nbsp;(46252) |
| &nbsp;&nbsp;**Danish Krone/United States Dollar** | &nbsp;&nbsp;**Danish Krone/United States Dollar** | &nbsp;&nbsp;**Danish Krone/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442121 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168092 | &nbsp;&nbsp;&nbsp;&nbsp;(8043) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;344909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;335871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9574) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1073725 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1081479 | &nbsp;&nbsp;&nbsp;&nbsp;1061677 | &nbsp;&nbsp;&nbsp;&nbsp;(19802) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;4441190 | &nbsp;&nbsp;USD | &nbsp;&nbsp;4462290 | &nbsp;&nbsp;&nbsp;&nbsp;4391355 | &nbsp;&nbsp;&nbsp;&nbsp;(70935) |
| &nbsp;&nbsp;11/25/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1750194 | &nbsp;&nbsp;&nbsp;&nbsp;1692612 | &nbsp;&nbsp;&nbsp;&nbsp;(57582) |
| &nbsp;&nbsp;12/19/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3880000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;3878245 | &nbsp;&nbsp;&nbsp;&nbsp;3849153 | &nbsp;&nbsp;&nbsp;(29092) |
| &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;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;8200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1046624 | &nbsp;&nbsp;&nbsp;&nbsp;1044822 | &nbsp;&nbsp;&nbsp;&nbsp;(1802) |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;46000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;579761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$555596 | &nbsp;&nbsp;&nbsp;$(24165) |
| &nbsp;&nbsp;**Japanese Yen/United States Dollar** | &nbsp;&nbsp;**Japanese Yen/United States Dollar** | &nbsp;&nbsp;**Japanese Yen/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;24000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;181579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161546 | &nbsp;&nbsp;&nbsp;&nbsp;(20033) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;162559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7744) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;104716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750) |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;99800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;697863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677454 | &nbsp;&nbsp;&nbsp;&nbsp;(20409) |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;343800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2412151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333755 | &nbsp;&nbsp;&nbsp;&nbsp;(78396) |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;189000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1317234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282955 | &nbsp;&nbsp;&nbsp;&nbsp;(34279) |
| &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** | &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** | &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;20200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;676558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626673 | &nbsp;&nbsp;&nbsp;&nbsp;(49885) |
| &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;913918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11604 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;5490000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;3901332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22619) |
| &nbsp;&nbsp;**South African Rand/United States Dollar** | &nbsp;&nbsp;**South African Rand/United States Dollar** | &nbsp;&nbsp;**South African Rand/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;130626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119698 | &nbsp;&nbsp;&nbsp;&nbsp;(10928) |
| &nbsp;&nbsp;**South Korean Won/United States Dollar** | &nbsp;&nbsp;**South Korean Won/United States Dollar** | &nbsp;&nbsp;**South Korean Won/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;690000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;528432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44731) |
| &nbsp;&nbsp;**Swiss Franc/United States Dollar** | &nbsp;&nbsp;**Swiss Franc/United States Dollar** | &nbsp;&nbsp;**Swiss Franc/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100287 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;102547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2308) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;276058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6187) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;245142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5257) |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;6039000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;6268888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069813 | &nbsp;&nbsp;&nbsp;&nbsp;(199075) |
| &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;70200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1909158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61895) |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;18600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;493088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3642) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$44698428** | &nbsp;&nbsp;**$(742561)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Australian Dollar** | &nbsp;&nbsp;**United States Dollar/Australian Dollar** | &nbsp;&nbsp;**United States Dollar/Australian Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;12/09/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;2378073 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;3660000 | &nbsp;&nbsp;$2343715 | &nbsp;&nbsp;$34358 |
| &nbsp;&nbsp;12/09/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;2574275 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;3820000 | &nbsp;&nbsp;&nbsp;&nbsp;2446172 | &nbsp;&nbsp;&nbsp;128103 |
| &nbsp;&nbsp;12/09/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1322803 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;1325544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2741) |
| &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;211555 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212601 | &nbsp;&nbsp;&nbsp;&nbsp;(1046) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1070935 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;5545389 | &nbsp;&nbsp;&nbsp;&nbsp;1071780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;714945 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;3682279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;747911 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723756 | &nbsp;&nbsp;&nbsp;&nbsp;24155 |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;993791 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932510 | &nbsp;&nbsp;&nbsp;&nbsp;61281 |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;1389329 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;1456688 | &nbsp;&nbsp;&nbsp;&nbsp;(67359) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;126276 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;103254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31794 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;370172 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;314457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;113072 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) |
| &nbsp;&nbsp;12/08/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;1867966 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;1836803 | &nbsp;&nbsp;&nbsp;&nbsp;31163 |
| &nbsp;&nbsp;12/08/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;1314277 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;1366122 | &nbsp;&nbsp;&nbsp;&nbsp;(51845) |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **19** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Canadian Dollar** | &nbsp;&nbsp;**United States Dollar/Canadian Dollar** | &nbsp;&nbsp;**United States Dollar/Canadian Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165321 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223408 | &nbsp;&nbsp;&nbsp;$163994 | &nbsp;&nbsp;&nbsp;&nbsp;$1327 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21937 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;245820 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232414 | &nbsp;&nbsp;&nbsp;&nbsp;13406 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29373 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 |
| &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** | &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** | &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;710690 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664038 | &nbsp;&nbsp;&nbsp;&nbsp;46652 |
| &nbsp;&nbsp;11/18/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2166340 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;14701000 | &nbsp;&nbsp;&nbsp;&nbsp;2030458 | &nbsp;&nbsp;&nbsp;&nbsp;135882 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3790732 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;26500000 | &nbsp;&nbsp;&nbsp;&nbsp;3658123 | &nbsp;&nbsp;&nbsp;&nbsp;132609 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1052573 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031177 | &nbsp;&nbsp;&nbsp;&nbsp;21396 |
| &nbsp;&nbsp;11/22/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517555 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;3498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482785 | &nbsp;&nbsp;&nbsp;&nbsp;34770 |
| &nbsp;&nbsp;11/29/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2164745 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;14701000 | &nbsp;&nbsp;&nbsp;&nbsp;2026442 | &nbsp;&nbsp;&nbsp;138303 |
| &nbsp;&nbsp;**United States Dollar/Danish Krone** | &nbsp;&nbsp;**United States Dollar/Danish Krone** | &nbsp;&nbsp;**United States Dollar/Danish Krone** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;341626 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328102 | &nbsp;&nbsp;&nbsp;&nbsp;13524 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;487440 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251212 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5870) |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;17231904 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;16708825 | &nbsp;&nbsp;&nbsp;16521332 | &nbsp;&nbsp;&nbsp;&nbsp;710572 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;407846 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7441) |
| &nbsp;&nbsp;11/25/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1718413 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;1692612 | &nbsp;&nbsp;&nbsp;&nbsp;25801 |
| &nbsp;&nbsp;12/19/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;3069549 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;3124957 | &nbsp;&nbsp;&nbsp;&nbsp;(55408) |
| &nbsp;&nbsp;12/19/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;723338 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(858) |
| &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;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1045742 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp;1044822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;109821 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88099 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48191 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;**United States Dollar/Indian Rupee** | &nbsp;&nbsp;**United States Dollar/Indian Rupee** | &nbsp;&nbsp;**United States Dollar/Indian Rupee** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573197 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;46000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17601 |
| &nbsp;&nbsp;**United States Dollar/Japanese Yen** | &nbsp;&nbsp;**United States Dollar/Japanese Yen** | &nbsp;&nbsp;**United States Dollar/Japanese Yen** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;172363 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;24398439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59660 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2113164 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;275370344 | &nbsp;&nbsp;&nbsp;&nbsp;1853539 | &nbsp;&nbsp;&nbsp;259625 |
| &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** | &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** | &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;642882 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;20200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626673 | &nbsp;&nbsp;&nbsp;&nbsp;16209 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1878372 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;58800000 | &nbsp;&nbsp;&nbsp;&nbsp;1823745 | &nbsp;&nbsp;&nbsp;&nbsp;54627 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1194488 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;38000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15877 |
| &nbsp;&nbsp;11/21/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;500354 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;15900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198 |
| &nbsp;&nbsp;11/29/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1591530 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;49948550 | &nbsp;&nbsp;&nbsp;&nbsp;1548941 | &nbsp;&nbsp;&nbsp;&nbsp;42589 |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;2015368 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;64091450 | &nbsp;&nbsp;&nbsp;&nbsp;1990147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25221 |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1371071 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;43500000 | &nbsp;&nbsp;&nbsp;&nbsp;1350748 | &nbsp;&nbsp;&nbsp;&nbsp;20323 |
| &nbsp;&nbsp;**United States Dollar/Norwegian krone** | &nbsp;&nbsp;**United States Dollar/Norwegian krone** | &nbsp;&nbsp;**United States Dollar/Norwegian krone** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;264474 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248524 | &nbsp;&nbsp;&nbsp;&nbsp;15950 |
| &nbsp;&nbsp;**United States Dollar/South African Rand** | &nbsp;&nbsp;**United States Dollar/South African Rand** | &nbsp;&nbsp;**United States Dollar/South African Rand** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;123644 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 |
| &nbsp;&nbsp;**United States Dollar/South Korean Won** | &nbsp;&nbsp;**United States Dollar/South Korean Won** | &nbsp;&nbsp;**United States Dollar/South Korean Won** |  |  |  |  |  |
| &nbsp;&nbsp;11/09/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;495100 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;690000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11399 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Swedish Krona** | &nbsp;&nbsp;**United States Dollar/Swedish Krona** | &nbsp;&nbsp;**United States Dollar/Swedish Krona** |  |  |  |  |  |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1056476 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;11600000 | &nbsp;&nbsp;&nbsp;$1055288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1188 |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1400572 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;15700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27705) |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1700907 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;18090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55204 |
| &nbsp;&nbsp;12/23/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;760889 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;8370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) |
| &nbsp;&nbsp;**United States Dollar/Swiss Franc** | &nbsp;&nbsp;**United States Dollar/Swiss Franc** | &nbsp;&nbsp;**United States Dollar/Swiss Franc** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;335175 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;104092 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827 |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;147385 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 |
| &nbsp;&nbsp;**United States Dollar/Thai Baht** | &nbsp;&nbsp;**United States Dollar/Thai Baht** | &nbsp;&nbsp;**United States Dollar/Thai Baht** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2022 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;120146 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;4344732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$68293109** | &nbsp;&nbsp;**$1945677** |

---

At October 31, 2022, Fund's open forward foreign cross currency contracts were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase/Sale<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Contract<br> Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Swiss Franc / British Pound** | &nbsp;&nbsp;**Swiss Franc / British Pound** | &nbsp;&nbsp;**Swiss Franc / British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. &nbsp;&nbsp;CHF | &nbsp;&nbsp;1703312 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1610000 | &nbsp;&nbsp;$1716615 | &nbsp;&nbsp;$1581917 | &nbsp;&nbsp;&nbsp;$(134698) |
| &nbsp;&nbsp;01/11/2023 | &nbsp;&nbsp;UBS AG &nbsp;&nbsp;CHF | &nbsp;&nbsp;1265208 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;1282262 | &nbsp;&nbsp;&nbsp;&nbsp;1200484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81778) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$2782401** | &nbsp;&nbsp;&nbsp;**$(216476)** |
| &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;**$2378668** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(1392028)** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: | At October 31, 2022, the Fund held the following centrally cleared credit default swaps: |
| &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Credit Index** | &nbsp;&nbsp;**Fixed Rate** | &nbsp;&nbsp;**Implied<br> Credit<br> Spread\*** | &nbsp;&nbsp;**Frequency of<br> Payments Made** | &nbsp;&nbsp;**Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Buy Protection:** | &nbsp;&nbsp;**Buy Protection:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to (1.00%) | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;$(5442) | &nbsp;&nbsp;$(16342) | &nbsp;&nbsp;$(10900) |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;10800000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to (1.00%) | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51681) | &nbsp;&nbsp;&nbsp;&nbsp;(113961) | &nbsp;&nbsp;&nbsp;&nbsp;(62280) |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6720000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to (5.00%) | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;266989 | &nbsp;&nbsp;&nbsp;&nbsp;372382 | &nbsp;&nbsp;&nbsp;&nbsp;105393 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$209866** | &nbsp;&nbsp;**$242079** | &nbsp;&nbsp;**$32213** |
| &nbsp;&nbsp;**Sell Protection:** | &nbsp;&nbsp;**Sell Protection:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;23260000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to 1.00% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;$24845 | &nbsp;&nbsp;$158995 | &nbsp;&nbsp;$134150 |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to 5.00% | &nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85839) | &nbsp;&nbsp;&nbsp;&nbsp;(124158) | &nbsp;&nbsp;&nbsp;&nbsp;(38319) |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to 5.00% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38232) | &nbsp;&nbsp;&nbsp;&nbsp;(69989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31757) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$(99226)** | &nbsp;&nbsp;**$(35152)** | &nbsp;&nbsp;**$64074** |

---

<sup>\*</sup> Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swaps agreements on corporate issues or sovereign issues and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made prior to entering into the agreement. For credit default swap with asset-backed securities or credit indices as the underlying assets, the quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Global Absolute Return Strategies Fund<br>

------

At October 31, 2022, the Fund held the following centrally cleared interest rate swaps:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Receive<br> (Pay)<br> Floating<br> Rate** | &nbsp;&nbsp;**Floating<br> Rate<br> Index** | &nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;**Frequency of<br> Paid<br> Payments<br> Made** | &nbsp;&nbsp;**Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4530000 | &nbsp;&nbsp;08/26/2052 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;Receive | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;2.73% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$599260 | &nbsp;&nbsp;&nbsp;&nbsp;$599260 |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;4820000 | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;Receive | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;2.44% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;263997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318956 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$263997** | &nbsp;&nbsp;**$1182213** | &nbsp;&nbsp;&nbsp;&nbsp;**$918216** |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;10100000 | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;2.44% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702472) |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;08/26/2052 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;12-month SOFR | &nbsp;&nbsp;2.73% | &nbsp;&nbsp;Annually | &nbsp;&nbsp;&nbsp;&nbsp;(139014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437154) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$(139014)** | &nbsp;&nbsp;**$(1278640)** | &nbsp;&nbsp;**$(1139626)** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$124983** | &nbsp;&nbsp;&nbsp;&nbsp;**$(96427)** | &nbsp;&nbsp;**$(221410)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: | At October 31, 2022, the Fund held the following over-the-counter total return swaps: |
| &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Receive (Pay)<br> Total Return of<br> Equity Index** | &nbsp;&nbsp;**Equity Index** | &nbsp;&nbsp;**Floating<br> Rate Index** | &nbsp;&nbsp;**Frequency of<br> Payments Made** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;3652025 | &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;S&P 500 Low Volatility Net Total Return Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;$220202 | &nbsp;&nbsp;$220202 |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;2528400 | &nbsp;&nbsp;03/06/2023 | &nbsp;&nbsp;Receive | &nbsp;&nbsp;MSCI World Consumer Staples Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;(117906) | &nbsp;&nbsp;&nbsp;&nbsp;(117906) |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;4881454 | &nbsp;&nbsp;03/31/2023 | &nbsp;&nbsp;Receive | &nbsp;&nbsp;MSCI World Quality Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$113767** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **22** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global High Income Fund (Unaudited) <br>

------

Market review

Global high yield bonds endured a difficult 12 months, with total returns negatively affected by the combination of rising government bond yields and wider corporate credit spreads. Sentiment weakened following the onset of the Russia-Ukraine war and repeated interest-rate increases by global central banks amid persistently high inflation. In the U.S., after surging to a high of 9.1% in June, the consumer price index (CPI)<sup>1</sup> trended lower thereafter. However, core CPI, a measure that excludes more volatile items such as food and energy, concerned investors after reaching a new high of 6.6% in September. In response to inflationary pressures, the U.S. Federal Reserve continually hiked the federal funds rate, ending the reporting period at a range of 3.0-3.25%. Meanwhile, the 10-year U.S. Treasury yield rose over the 12 months, and breached 4% for the first time since 2010.

Elsewhere, European inflation continued to rise, as the Eurozone CPI hit a new high of 10.7% in October as the Ukrainian war entered its tenth month. Although a mild start to the winter did at least see power prices drop through the period, the energy component of Eurozone CPI is running at +40% year on year and it will take time for economies that had been reliant on Russian gas to establish a permanent alternative supply. Additionally, the European Central Bank hiked its deposit facility rate, moving back above zero after eight years of negative rates.

Towards the end of the 12 months, U.K. assets were particularly volatile during a calamitous period for the government and a remarkably short tenure for Prime Minister Liz Truss. Named as prime minister in early September, Truss and Chancellor Kwasi Kwarteng announced a range of largely unfunded, tax-cutting measures in a mini budget that was met with consternation and rejected by the markets. Five-year U.K. government bond yields widened by almost 1.0% to 4.5% in the two days following the announcement and sterling collapsed to an all-time low of $1.03. The scale of the move in longer-dated U.K. government bonds caused significant stress in the pension system, which ultimately required intervention by the Bank of England.

#### Performance Review
The abrdn Global High Income Fund (Institutional Class shares, net of fees) returned -14.20% for the 12-month reporting period ended October 31, 2022, compared with the ICE Bank of America Global High Yield Constrained Index (hedged to U.S. dollars) return of -13.84% during the same period.

The Fund hedges all currency risk<sup>2</sup> back to U.S. dollars, which protected further downside for the Fund given the strong

underperformance of the euro and sterling against the U.S. dollar over the reporting period.

In terms of Fund performance, our exposure to emerging markets detracted from performance over the period. The Russian invasion of Ukraine negatively affected some of the Fund's Ukrainian holdings, including overweights<sup>3</sup> to agricultural provider MHP and ferrous metals company Metinvest. The Fund's holdings in Chinese property also detracted from performance as the Chinese real estate industry continued to struggle over the period. Our holdings in Zhenro Properties, China Evergrande and Kaisa and Sunac weighed on returns. Lastly, our overweight to pharmaceutical company Bausch Health also hurt performance.

On the other hand, our overweights to tire producer Goodyear Tire, Ford Motor Company (automobile manufacturer) and Six Flags (theme park operator) added to relative returns over the period. The Fund's overweight exposure to First Quantum (producer of hard commodities), Teva Pharmaceuticals (generic drug producer) and Japanese technology investor SoftBank also helped performance over the period.

The Fund's use of derivatives contributed approximately 3.17% to the performance of the Fund.

#### Outlook
Slowing economic data and leading inflation indicators are beginning to suggest that the majority of central bank tightening is priced in and we are starting to see signs of this as yields begin to stabilize. The U.S. purchasing managers' index, for example, fell back below 50 in November 2022, signaling contraction in manufacturing for the first time since the COVID-19 lockdowns. Our expectation is that unemployment, which has remained stubbornly low, may begin to rise and take some further pressure off central banks. This has been one of the factors underpinning inflation, as demand destruction has taken longer to manifest than expected — the negative wealth effect of falling house prices and stock markets should also help in this regard. As a result, we expect the narrative to shift away from inflation risks and more towards the deleterious effects of higher interest rates and a weaker growth outlook.

As outlined above, we have looked to reduce exposure to companies that may become vulnerable as earnings come under pressure and have used market strength in November to continue to do so. We have also selectively introduced a handful of higher quality, longer duration<sup>4</sup> holdings. Although we expect spreads to widen on a weaker earnings trajectory, we do not expect default losses to jump

{foots1}

1 Consumer Price Index – a measure of inflation. An index of the cost of all goods and services to a typical consumer.

{foots1}

2 Currency hedging – The use of derivative transactions to protect the value of an investment against fluctuations in exchange rates. (See also derivative.)

{foots1}

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| | |
|:---|:---|
| 3 | Overweight – A portfolio holding an excess amount of a particular security (or sector or region) compared to the security's weight in the benchmark portfolio. |

---

{foots1}

---

| | |
|:---|:---|
| 4 | Duration – A measure of the maturity of a bond or portfolio of bonds that takes into account the periodic coupon payments. It attempts to measure market risk, or volatility, in a bond by considering maturity and the time pattern of interest payments prior to repayment. Two bonds with the same term to maturity but different coupon rates will respond differently to changes in interest rates. So will bonds with the same coupon rate but different terms to maturity. The higher the duration, the greater a bond's price-sensitivity to changes in yield. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **23** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global High Income Fund (Unaudited) (continued)<br>

------

dramatically and therefore believe that valuations still broadly compensate well for default risk.

#### Portfolio Management:
Global High Yield Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 3.00% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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 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.

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.

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

The Fund is subject to the risk that the Adviser may make poor security selections.

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.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and currency exchange rate, political and economic risks.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. Fluctuations in currency exchange rates may impact a Fund's returns more greatly to the extent the Fund does not hedge currency exposure or hedging techniques are unsuccessful.

The risks that apply to foreign investments 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.

Illiquid securities are assets that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **24** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global High Income Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(14.49%) | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(17.02%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp; Institutional Class<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(14.20%) | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to December 3, 2021 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | A 3.00% front-end sales charge was deducted. |
| 3 | Not subject to any sales charges. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgc26086744.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn Global High Income Fund, the ICE Bank of America Global High Yield Constrained Index (Hedged to USD) and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund's returns, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.

The ICE Bank of America (BofA) Global High Yield Constrained Index (Hedged to USD) tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets but caps issuer exposure at 2%.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **25** |

---

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Global High Income Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;89.5% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(9.2%) |
|  | &nbsp;&nbsp;100.0% |

---

The following chart summarizes the composition of the Fund's portfolio. The industries listed below may include more than one industry group. The Fund did not have more than 25% of its assets invested in any industry group.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Industries** | |
| &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Pharmaceutical | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Healthcare Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Real Estate Investment Trust (REIT) Funds | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;20.9% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(9.2%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV 10/01/2026 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Iron Mountain, Inc. 07/15/2028 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Petroleos Mexicanos 02/12/2028 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;Petrobras Global Finance BV 01/03/2031 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Ball Corp. 08/15/2030 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 03/01/2029 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Graphic Packaging International LLC 03/01/2029 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Affinity Gaming 12/15/2027 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Howmet Aerospace, Inc. 02/01/2037 | &nbsp;&nbsp;0.9% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Countries** | |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;60.7% |
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;14.7% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(9.2%) |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **26** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—89.5%** | &nbsp;&nbsp;**CORPORATE BONDS—89.5%** |  |
| &nbsp;&nbsp;**BRAZIL—2.3%** | &nbsp;&nbsp;**BRAZIL—2.3%** | &nbsp;&nbsp;**BRAZIL—2.3%** |
| &nbsp;&nbsp;**Chemicals—0.7%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 4.50%, 01/10/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;$703291 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.5%** |  |  |
| &nbsp;&nbsp;Rede D'or Finance Sarl |  |  |
| &nbsp;&nbsp;4.95%, 01/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 336775 |
| &nbsp;&nbsp;4.50%, 01/22/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp; 168300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505075 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—1.1%** |  |  |
| &nbsp;&nbsp;Petrobras Global Finance BV, 5.60%, 01/03/2031 | 1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122597 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2330963** |
| &nbsp;&nbsp;**CANADA—2.6%** | &nbsp;&nbsp;**CANADA—2.6%** | &nbsp;&nbsp;**CANADA—2.6%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;NOVA Chemicals Corp., 4.25%, 05/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp; 520311 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp; 515680 |
| &nbsp;&nbsp;**Environmental Control—0.8%** |  |  |
| &nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;5.13%, 12/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534956 |
| &nbsp;&nbsp;4.75%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854825 |
| &nbsp;&nbsp;**Machinery-Diversified—0.6%** |  |  |
| &nbsp;&nbsp;Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588600 |
| &nbsp;&nbsp;**Oil & Gas Services—0.2%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188723 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2668139** |
| &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** |
| &nbsp;&nbsp;**Real Estate—0.1%** |  |  |
| &nbsp;&nbsp;China Evergrande Group, 9.50%, 04/11/2022<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16268 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;9.75%, 09/28/2023<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14334 |
| &nbsp;&nbsp;9.38%, 06/30/2024<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33412 |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76474 |
| &nbsp;&nbsp;**FRANCE—1.5%** | &nbsp;&nbsp;**FRANCE—1.5%** | &nbsp;&nbsp;**FRANCE—1.5%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Iliad Holding SASU, 6.50%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492696 |
| &nbsp;&nbsp;**Electric Utilities—0.4%** |  |  |
| &nbsp;&nbsp;Electricite de France SA |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;(fixed rate to 01/29/2025, variable rate thereafter), 5.38%, 01/29/2025<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$181280 |
| &nbsp;&nbsp;(fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 252004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433284 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.6%** |  |  |
| &nbsp;&nbsp;Chrome Bidco SASU, 3.50%, 05/31/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 638495 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1564475** |
| &nbsp;&nbsp;**GERMANY—2.7%** | &nbsp;&nbsp;**GERMANY—2.7%** | &nbsp;&nbsp;**GERMANY—2.7%** |
| &nbsp;&nbsp;**Apparel—0.4%** |  |  |
| &nbsp;&nbsp;CT Investment GmbH, 5.50%, 04/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 397534 |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.9%** |  |  |
| &nbsp;&nbsp;Schaeffler AG |  |  |
| &nbsp;&nbsp;2.88%, 03/26/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 303832 |
| &nbsp;&nbsp;3.38%, 10/12/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 166998 |
| &nbsp;&nbsp;ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;2.00%, 02/23/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171660 |
| &nbsp;&nbsp;2.50%, 10/23/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 238565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881055 |
| &nbsp;&nbsp;**Building Materials—0.3%** |  |  |
| &nbsp;&nbsp;HT Troplast GmbH, 9.25%, 07/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343871 |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287273 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365154 |
| &nbsp;&nbsp;**Machinery-Diversified—0.1%** |  |  |
| &nbsp;&nbsp;TK Elevator Midco GmbH, 4.38%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147042 |
| &nbsp;&nbsp;**Pharmaceutical—0.3%** |  |  |
| &nbsp;&nbsp;Gruenenthal GmbH |  |  |
| &nbsp;&nbsp;3.63%, 11/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174386 |
| &nbsp;&nbsp;4.13%, 05/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362016 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2783945** |
| &nbsp;&nbsp;**ISRAEL—2.8%** | &nbsp;&nbsp;**ISRAEL—2.8%** | &nbsp;&nbsp;**ISRAEL—2.8%** |
| &nbsp;&nbsp;**Pharmaceutical—2.8%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;7.13%, 01/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567769 |
| &nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;2280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926600 |
| &nbsp;&nbsp;4.75%, 05/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853546 |
| &nbsp;&nbsp;**ITALY—1.5%** | &nbsp;&nbsp;**ITALY—1.5%** | &nbsp;&nbsp;**ITALY—1.5%** |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter), 6.63%, 06/03/2023<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320415 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.6%** |  |  |
| &nbsp;&nbsp;Autostrade per l'Italia SpA, 2.00%, 12/04/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612628 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**ITALY (continued)** | &nbsp;&nbsp;**ITALY (continued)** | &nbsp;&nbsp;**ITALY (continued)** |
| &nbsp;&nbsp;**Entertainment—0.4%** |  |  |
| &nbsp;&nbsp;Lottomatica SpA/Roma, 6.25%, 07/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$373962 |
| &nbsp;&nbsp;**Hand/Machine Tools—0.2%** |  |  |
| &nbsp;&nbsp;IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp; 186982 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1493987** |
| &nbsp;&nbsp;**JERSEY—0.4%** | &nbsp;&nbsp;**JERSEY—0.4%** | &nbsp;&nbsp;**JERSEY—0.4%** |
| &nbsp;&nbsp;**Commercial Banks—0.4%** |  |  |
| &nbsp;&nbsp;HSBC Bank Capital Funding Sterling 1 LP, FRN, 5.84%, 11/05/2031<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 380914 |
| &nbsp;&nbsp;**LUXEMBOURG—3.2%** | &nbsp;&nbsp;**LUXEMBOURG—3.2%** | &nbsp;&nbsp;**LUXEMBOURG—3.2%** |
| &nbsp;&nbsp;**Biotechnology—0.4%** |  |  |
| &nbsp;&nbsp;Cidron Aida Finco Sarl |  |  |
| &nbsp;&nbsp;5.00%, 04/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp; 225163 |
| &nbsp;&nbsp;6.25%, 04/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp; 220652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445815 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.6%** |  |  |
| &nbsp;&nbsp;Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp; 207544 |
| &nbsp;&nbsp;Albion Financing 2Sarl, 8.75%, 04/15/2027<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643504 |
| &nbsp;&nbsp;**Diversified Financial Services—0.4%** |  |  |
| &nbsp;&nbsp;Garfunkelux Holdco 3 SA |  |  |
| &nbsp;&nbsp;6.75%, 11/01/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162676 |
| &nbsp;&nbsp;7.75%, 11/01/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358537 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Altice France Holding SA, 8.00%, 05/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383201 |
| &nbsp;&nbsp;Matterhorn Telecom SA, 3.13%, 09/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999866 |
| &nbsp;&nbsp;**Energy-Alternate Sources—0.4%** |  |  |
| &nbsp;&nbsp;Cullinan Holdco Scsp, 4.63%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378224 |
| &nbsp;&nbsp;**Entertainment—0.0%** |  |  |
| &nbsp;&nbsp;LHMC Finco 2 Sarl, PIK, 7.25%, 10/02/2025<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 |
| &nbsp;&nbsp;**Machinery-Diversified—0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(a)(b)(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Media—0.3%** |  |  |
| &nbsp;&nbsp;Altice Financing SA, 5.75%, 08/15/2029<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352357 |
| &nbsp;&nbsp;**Packaging & Containers—0.1%** |  |  |
| &nbsp;&nbsp;Kleopatra Finco Sarl, 4.25%, 03/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91705 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3279875** |
| &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** |
| &nbsp;&nbsp;**Chemicals—0.1%** |  |  |
| &nbsp;&nbsp;Braskem Idesa SAPI, 6.99%, 02/20/2032<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133776 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.6%** |  |  |
| &nbsp;&nbsp;Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;$621099 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—2.0%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;6.49%, 01/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 261300 |
| &nbsp;&nbsp;5.35%, 02/12/2028 | 1648000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313426 |
| &nbsp;&nbsp;6.70%, 02/16/2032<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp; 461313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036039 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2790914** |
| &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;OCI NV, 3.63%, 10/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;517500 | &nbsp;&nbsp;&nbsp;&nbsp; 499887 |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049<sup>(a)(d)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;355750 | &nbsp;&nbsp;&nbsp;&nbsp; 331720 |
| &nbsp;&nbsp;**Home Furnishings—0.2%** |  |  |
| &nbsp;&nbsp;Nobel Bidco BV, 3.13%, 06/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 198243 |
| &nbsp;&nbsp;**Internet—0.1%** |  |  |
| &nbsp;&nbsp;United Group BV, 5.25%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86304 |
| &nbsp;&nbsp;**Media—0.6%** |  |  |
| &nbsp;&nbsp;Summer BidCo BV, PIK, 9.00%, 11/15/2025<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;367062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267985 |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546400 |
| &nbsp;&nbsp;**Packaging & Containers—0.6%** |  |  |
| &nbsp;&nbsp;Trivium Packaging Finance BV, 5.50%, 08/15/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634593 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2297147** |
| &nbsp;&nbsp;**NIGERIA—0.6%** | &nbsp;&nbsp;**NIGERIA—0.6%** | &nbsp;&nbsp;**NIGERIA—0.6%** |
| &nbsp;&nbsp;**Engineering & Construction—0.6%** |  |  |
| &nbsp;&nbsp;IHS Netherlands Holdco BV, 8.00%, 09/18/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586629 |
| &nbsp;&nbsp;**PANAMA—0.4%** | &nbsp;&nbsp;**PANAMA—0.4%** | &nbsp;&nbsp;**PANAMA—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;C&W Senior Financing DAC, 6.88%, 09/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378091 |
| &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** |
| &nbsp;&nbsp;**Media—0.1%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91601 |
| &nbsp;&nbsp;**SOUTH AFRICA—0.4%** | &nbsp;&nbsp;**SOUTH AFRICA—0.4%** | &nbsp;&nbsp;**SOUTH AFRICA—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402960 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **28** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**SPAIN—1.4%** | &nbsp;&nbsp;**SPAIN—1.4%** | &nbsp;&nbsp;**SPAIN—1.4%** |
| &nbsp;&nbsp;**Commercial Banks—0.2%** |  |  |
| &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$178652 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.9%** |  |  |
| &nbsp;&nbsp;Lorca Telecom Bondco SA, 4.00%, 09/18/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 433456 |
| &nbsp;&nbsp;Telefonica Europe BV, (fixed rate to 06/22/2026, variable rate thereafter), Series ., 3.88%, 06/22/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 442588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876044 |
| &nbsp;&nbsp;**Entertainment—0.2%** |  |  |
| &nbsp;&nbsp;Cirsa Finance International Sarl, 6.25%, 12/20/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;254751 | &nbsp;&nbsp;&nbsp;&nbsp; 251096 |
| &nbsp;&nbsp;**Pharmaceutical—0.1%** |  |  |
| &nbsp;&nbsp;Grifols SA, 2.25%, 11/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 162817 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1468609** |
| &nbsp;&nbsp;**SWEDEN—1.1%** | &nbsp;&nbsp;**SWEDEN—1.1%** | &nbsp;&nbsp;**SWEDEN—1.1%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.5%** |  |  |
| &nbsp;&nbsp;Verisure Holding AB, 3.25%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp; 279510 |
| &nbsp;&nbsp;Verisure Midholding AB, 5.25%, 02/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 208254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487764 |
| &nbsp;&nbsp;**Diversified Financial Services—0.6%** |  |  |
| &nbsp;&nbsp;Intrum AB, 4.88%, 08/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623477 |
| &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1111241** |
| &nbsp;&nbsp;**SWITZERLAND—0.8%** | &nbsp;&nbsp;**SWITZERLAND—0.8%** | &nbsp;&nbsp;**SWITZERLAND—0.8%** |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA, 5.63%, 10/15/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547478 |
| &nbsp;&nbsp;**Retail—0.2%** |  |  |
| &nbsp;&nbsp;Dufry One BV, 2.50%, 10/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235945 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783423** |
| &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Turk Telekomunikasyon AS, 4.88%, 06/19/2024<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360800 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.1%** | &nbsp;&nbsp;**UNITED KINGDOM—5.1%** | &nbsp;&nbsp;**UNITED KINGDOM—5.1%** |
| &nbsp;&nbsp;**Aerospace & Defense—0.6%** |  |  |
| &nbsp;&nbsp;Rolls-Royce PLC, 4.63%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640943 |
| &nbsp;&nbsp;**Diversified Financial Services—0.4%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC |  |  |
| &nbsp;&nbsp;4.88%, 01/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126394 |
| &nbsp;&nbsp;5.25%, 01/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401165 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd., 3.88%, 02/20/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$452986 |
| &nbsp;&nbsp;**Entertainment—0.5%** |  |  |
| &nbsp;&nbsp;Pinewood Finance Co. Ltd., 3.25%, 09/30/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498858 |
| &nbsp;&nbsp;**Food & Staples—0.8%** |  |  |
| &nbsp;&nbsp;eG Global Finance PLC, 4.38%, 02/07/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 508370 |
| &nbsp;&nbsp;Very Group Funding PLC, 6.50%, 08/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp; 341084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849454 |
| &nbsp;&nbsp;**Food Products—0.4%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;3.25%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp; 259006 |
| &nbsp;&nbsp;4.50%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp; 102268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361274 |
| &nbsp;&nbsp;**Media—0.5%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp; 498307 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.6%** |  |  |
| &nbsp;&nbsp;Ithaca Energy North Sea PLC, 9.00%, 07/15/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;581000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573552 |
| &nbsp;&nbsp;**Pharmaceutical—0.6%** |  |  |
| &nbsp;&nbsp;180 Medical, Inc., 3.88%, 10/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649805 |
| &nbsp;&nbsp;**Water Utility—0.3%** |  |  |
| &nbsp;&nbsp;Thames Water Kemble Finance PLC, 4.63%, 05/19/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282493 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5208837** |
| &nbsp;&nbsp;**UNITED STATES—55.7%** | &nbsp;&nbsp;**UNITED STATES—55.7%** | &nbsp;&nbsp;**UNITED STATES—55.7%** |
| &nbsp;&nbsp;**Advertising—0.6%** |  |  |
| &nbsp;&nbsp;Summer BC Bidco B LLC, 5.50%, 10/31/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573780 |
| &nbsp;&nbsp;**Aerospace & Defense—2.1%** |  |  |
| &nbsp;&nbsp;Boeing Co., 5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754895 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;6.88%, 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43955 |
| &nbsp;&nbsp;3.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378733 |
| &nbsp;&nbsp;5.95%, 02/01/2037 | &nbsp;&nbsp;1052000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141277 |
| &nbsp;&nbsp;**Agriculture—1.0%** |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc., 6.00%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617925 |
| &nbsp;&nbsp;Turning Point Brands, Inc., 5.63%, 02/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057635 |
| &nbsp;&nbsp;**Apparel—0.6%** |  |  |
| &nbsp;&nbsp;Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646220 |
| &nbsp;&nbsp;**Auto Manufacturers—1.7%** |  |  |
| &nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;9.63%, 04/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471078 |
| &nbsp;&nbsp;6.10%, 08/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510740 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **29** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &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;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;4.54%, 03/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;$171233 |
| &nbsp;&nbsp;4.95%, 05/28/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp; 333227 |
| &nbsp;&nbsp;General Motors Financial Co., Inc., 5.00%, 04/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp; 301481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787759 |
| &nbsp;&nbsp;**Auto Parts & Equipment—2.1%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;3.50%, 08/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp; 469750 |
| &nbsp;&nbsp;4.88%, 08/15/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp; 356210 |
| &nbsp;&nbsp;Goodyear Europe BV, 2.75%, 08/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp; 278538 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;9.50%, 05/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 627697 |
| &nbsp;&nbsp;5.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp; 99722 |
| &nbsp;&nbsp;5.25%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp; 303298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135215 |
| &nbsp;&nbsp;**Building Materials—1.1%** |  |  |
| &nbsp;&nbsp;Builders FirstSource, Inc., 4.25%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218454 |
| &nbsp;&nbsp;MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305447 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108541 |
| &nbsp;&nbsp;**Chemicals—0.7%** |  |  |
| &nbsp;&nbsp;ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216172 |
| &nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;6.17%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364187 |
| &nbsp;&nbsp;6.38%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727760 |
| &nbsp;&nbsp;**Coal—0.9%** |  |  |
| &nbsp;&nbsp;SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945460 |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.4%** |  |  |
| &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 03/01/2029<sup>(a)(j)</sup> | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974559 |
| &nbsp;&nbsp;Cimpress PLC, 7.00%, 06/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;779000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440011 |
| &nbsp;&nbsp;**Computers & Peripherals—1.0%** |  |  |
| &nbsp;&nbsp;Banff Merger Sub, Inc., 8.38%, 09/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295138 |
| &nbsp;&nbsp;Condor Merger Sub, Inc., 7.38%, 02/15/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384589 |
| &nbsp;&nbsp;Virtusa Corp., 7.13%, 12/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050583 |
| &nbsp;&nbsp;**Diversified Financial Services—1.2%** |  |  |
| &nbsp;&nbsp;Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;3.38%, 10/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339225 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;3.63%, 10/01/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;$271792 |
| &nbsp;&nbsp;Encore Capital Group, Inc., 4.88%, 10/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 633631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244648 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—2.1%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;6.00%, 01/15/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp; 582590 |
| &nbsp;&nbsp;8.75%, 05/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp; 261440 |
| &nbsp;&nbsp;GoTo Group, Inc., 5.50%, 09/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp; 369874 |
| &nbsp;&nbsp;Lumen Technologies, Inc., 4.50%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 352476 |
| &nbsp;&nbsp;T-Mobile USA, Inc., 3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp; 532231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098611 |
| &nbsp;&nbsp;**Electric Utilities—1.7%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;3.38%, 02/15/2029<sup>(a)</sup> | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 862125 |
| &nbsp;&nbsp;3.63%, 02/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp; 191780 |
| &nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;5.63%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480453 |
| &nbsp;&nbsp;4.38%, 05/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723374 |
| &nbsp;&nbsp;**Energy Equipment & Services—5.1%** |  |  |
| &nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733731 |
| &nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149226 |
| &nbsp;&nbsp;EnLink Midstream LLC, 6.50%, 09/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586553 |
| &nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;5.63%, 02/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390346 |
| &nbsp;&nbsp;4.25%, 02/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;547000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467767 |
| &nbsp;&nbsp;5.50%, 10/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92024 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552811 |
| &nbsp;&nbsp;Rattler Midstream LP, 5.63%, 07/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736141 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;3.88%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218663 |
| &nbsp;&nbsp;4.13%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548177 |
| &nbsp;&nbsp;3.88%, 11/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329025 |
| &nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;3.95%, 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249398 |
| &nbsp;&nbsp;4.65%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201672 |
| &nbsp;&nbsp;**Engineering & Construction—0.5%** |  |  |
| &nbsp;&nbsp;VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;551000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480998 |
| &nbsp;&nbsp;**Entertainment—3.0%** |  |  |
| &nbsp;&nbsp;Affinity Gaming, 6.88%, 12/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964139 |
| &nbsp;&nbsp;CCM Merger, Inc., 6.38%, 05/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466104 |
| &nbsp;&nbsp;Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467566 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **30** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &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;International Game Technology PLC, 3.50%, 06/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;$789796 |
| &nbsp;&nbsp;Six Flags Theme Parks, Inc., 7.00%, 07/01/2025<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp; 375638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063243 |
| &nbsp;&nbsp;**Environmental Control—0.5%** |  |  |
| &nbsp;&nbsp;Clean Harbors, Inc., 4.88%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 526982 |
| &nbsp;&nbsp;**Food & Staples—0.3%** |  |  |
| &nbsp;&nbsp;Michaels Cos., Inc., 5.25%, 05/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp; 348679 |
| &nbsp;&nbsp;**Food Products—0.6%** |  |  |
| &nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;5.13%, 02/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227771 |
| &nbsp;&nbsp;5.75%, 04/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp; 352346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580117 |
| &nbsp;&nbsp;**Healthcare Providers & Services—3.3%** |  |  |
| &nbsp;&nbsp;Centene Corp., 4.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp; 595935 |
| &nbsp;&nbsp;Encompass Health Corp., 4.63%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;581000 | &nbsp;&nbsp;&nbsp;&nbsp; 479325 |
| &nbsp;&nbsp;HCA, Inc., 5.63%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;932000 | &nbsp;&nbsp;&nbsp;&nbsp; 895347 |
| &nbsp;&nbsp;IQVIA, Inc., 1.75%, 03/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556105 |
| &nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;4.63%, 07/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507000 |
| &nbsp;&nbsp;6.13%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336502 |
| &nbsp;&nbsp;**Home Builders—0.3%** |  |  |
| &nbsp;&nbsp;Adams Homes, Inc., 7.50%, 02/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358407 |
| &nbsp;&nbsp;**Home Furnishings—0.6%** |  |  |
| &nbsp;&nbsp;Tempur Sealy International, Inc., 3.88%, 10/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589425 |
| &nbsp;&nbsp;**Housewares—0.4%** |  |  |
| &nbsp;&nbsp;Newell Brands, Inc., 4.45%, 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;452000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420609 |
| &nbsp;&nbsp;**Internet—1.2%** |  |  |
| &nbsp;&nbsp;Netflix, Inc., 4.88%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;941000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893018 |
| &nbsp;&nbsp;Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145434 |
| &nbsp;&nbsp;Shutterfly, Inc., 2021 Term Loan, 8.80%, 09/25/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;247500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188655 |
| &nbsp;&nbsp;**Leisure Time—2.4%** |  |  |
| &nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;10.50%, 02/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282228 |
| &nbsp;&nbsp;6.00%, 05/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348215 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392518 |
| &nbsp;&nbsp;NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;5.88%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276675 |
| &nbsp;&nbsp;7.75%, 02/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93206 |
| &nbsp;&nbsp;NCL Finance Ltd., 6.13%, 03/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101853 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;11.50%, 06/01/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225087 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;5.50%, 04/01/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;$208670 |
| &nbsp;&nbsp;Viking Cruises Ltd., 13.00%, 05/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 499875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428327 |
| &nbsp;&nbsp;**Lodging—0.5%** |  |  |
| &nbsp;&nbsp;Travel & Leisure Co., 4.63%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp; 476257 |
| &nbsp;&nbsp;**Media—3.0%** |  |  |
| &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(a)</sup> | 1206000 | &nbsp;&nbsp;&nbsp;&nbsp; 952740 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(a)</sup> | 1126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827610 |
| &nbsp;&nbsp;CSC Holdings LLC, 5.75%, 01/15/2030<sup>(a)</sup> | 1113000 | &nbsp;&nbsp;&nbsp;&nbsp; 851445 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp; 410220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042015 |
| &nbsp;&nbsp;**Metal Fabricate/Hardware—0.3%** |  |  |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287018 |
| &nbsp;&nbsp;**Metals & Mining—0.7%** |  |  |
| &nbsp;&nbsp;Novelis Corp., 3.25%, 11/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp; 673057 |
| &nbsp;&nbsp;**Oil & Gas Services—0.6%** |  |  |
| &nbsp;&nbsp;Weatherford International Ltd., 8.63%, 04/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;656000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618280 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—2.7%** |  |  |
| &nbsp;&nbsp;Chesapeake Energy Corp., 6.75%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479942 |
| &nbsp;&nbsp;CNX Resources Corp., 7.38%, 01/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412951 |
| &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;5.75%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493185 |
| &nbsp;&nbsp;6.00%, 02/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176041 |
| &nbsp;&nbsp;Occidental Petroleum Corp., 6.63%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309936 |
| &nbsp;&nbsp;Southwestern Energy Co., 4.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680202 |
| &nbsp;&nbsp;Viper Energy Partners LP, 5.38%, 11/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720620 |
| &nbsp;&nbsp;**Packaging & Containers—4.4%** |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594933 |
| &nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;2.88%, 08/15/2030 | &nbsp;&nbsp;1336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037538 |
| &nbsp;&nbsp;3.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241961 |
| &nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;6.63%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80699 |
| &nbsp;&nbsp;8.75%, 04/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97541 |
| &nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;3.50%, 03/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969608 |
| &nbsp;&nbsp;3.75%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956913 |
| &nbsp;&nbsp;Sealed Air Corp., 5.00%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465369 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **31** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Global High Income Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &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;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Pharmaceutical—1.3%** |  |  |  |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 4.40%, 06/15/2030 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;$455424 |
| &nbsp;&nbsp;Viatris, Inc., 2.70%, 06/22/2030 |  | 1132000 | &nbsp;&nbsp;&nbsp;&nbsp; 846683 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302107 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—3.2%** |  |  |  |
| &nbsp;&nbsp;GLP Capital, LP/GLP Financing II, Inc. REIT, 5.75%, 06/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp; 882198 |
| &nbsp;&nbsp;Iron Mountain, Inc., 5.00%, 07/15/2028<sup>(a)</sup> |  | 1537000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;7.50%, 06/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137343 |
| &nbsp;&nbsp;4.88%, 05/15/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp; 418673 |
| &nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 07/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp; 409770 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222984 |
| &nbsp;&nbsp;**Retail—1.9%** |  |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;899000 | &nbsp;&nbsp;&nbsp;&nbsp; 843936 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;5.88%, 04/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp; 407640 |
| &nbsp;&nbsp;5.88%, 03/15/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13433 |
| &nbsp;&nbsp;6.13%, 03/15/2032<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40713 |
| &nbsp;&nbsp;Staples, Inc., 7.50%, 04/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945865 |
| &nbsp;&nbsp;**Software—0.7%** |  |  |  |
| &nbsp;&nbsp;Consensus Cloud Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;6.00%, 10/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193661 |
| &nbsp;&nbsp;6.50%, 10/15/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535788 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729449 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**56687511** |
| &nbsp;&nbsp;**ZAMBIA—1.4%** | &nbsp;&nbsp;**ZAMBIA—1.4%** | &nbsp;&nbsp;**ZAMBIA—1.4%** | &nbsp;&nbsp;**ZAMBIA—1.4%** |
| &nbsp;&nbsp;**Metals & Mining—1.4%** |  |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |  |
| &nbsp;&nbsp;6.50%, 03/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528585 |
| &nbsp;&nbsp;6.88%, 03/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445402 |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**91045483** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.0%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.0%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—5.0%** |  |
| &nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF<sup>(j)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058593 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5058593** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—14.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—14.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—14.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.01%<sup>(l)</sup> |  | 14966734 | &nbsp;&nbsp;$14966734 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14966734** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $128,084,916)<sup>(m)</sup>—109.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $128,084,916)<sup>(m)</sup>—109.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $128,084,916)<sup>(m)</sup>—109.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**111070810** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(9.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(9.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(9.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9362730) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$101708080** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Security is in default.

<sup>(c)</sup> Illiquid security.

<sup>(d)</sup> Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.

<sup>(e)</sup> Payment-in-kind security for which part of the income earned may be paid as additional principal.

<sup>(f)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<sup>(g)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(h)</sup> Sinkable security.

<sup>(i)</sup> Step bond. Rate disclosed is as of October 31, 2022.

<sup>(j)</sup> All or a portion of the securities are on loan. The total value of all securities on loan is $2,282,069. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales. See Note 2(i) of the accompanying Notes to Financial Statements.

<sup>(k)</sup> Variable or Floating Rate security. Rate disclosed is as of October 31, 2022.

<sup>(l)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of October 31, 2022.

<sup>(m)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **32** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Global High Income Fund<br>

------

At October 31, 2022, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;59504 | &nbsp;&nbsp;&nbsp;$59687 | &nbsp;&nbsp;&nbsp;&nbsp;$183 |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;129624 | &nbsp;&nbsp;USD | &nbsp;&nbsp;131198 | &nbsp;&nbsp;&nbsp;&nbsp;128947 | &nbsp;&nbsp;&nbsp;&nbsp;(2251) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$188634** | &nbsp;&nbsp;**$(2068)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<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;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3919628 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;3526000 | &nbsp;&nbsp;$4054703 | &nbsp;&nbsp;$(135075) |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171586 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2056) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;882436 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;880934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187614 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) |
| &nbsp;&nbsp;01/19/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;13246945 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;13513000 | &nbsp;&nbsp;&nbsp;&nbsp;13442408 | &nbsp;&nbsp;&nbsp;&nbsp;(195463) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$18735282** | &nbsp;&nbsp;**$(327073)** |
| &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;**$6287** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(335428)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **33** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Intermediate Municipal Income Fund (Unaudited) <br>

------

Market review

The overall U.S. municipal (muni) bond market generated a negative return during the reporting period. The Bloomberg Municipal Bond Index<sup>1</sup>, a broad municipal bond market benchmark, returned -11.98%, while the taxable bond market, as measured by the Bloomberg U.S. Aggregate Bond Index<sup>2</sup>, returned -15.68%. Both the muni and taxable bond markets faced headwinds from rising interest rates. Government bond yields moved higher as the economy rebounded from the pandemic-induced downturn, inflation increased, and the U.S. Federal Reserve (Fed) removed its accommodative monetary policy<sup>3</sup>.

The muni market generated positive returns during the first two months of the reporting period. This was followed by negative returns for every subsequent month up to the end of the period.

#### Fund performance review
The abrdn Intermediate Municipal Income Fund (Institutional Class shares net of fees) returned -10.99% for the 12-month reporting period ended October 31, 2022 versus the -9.80% return of its benchmark, the ICE BofA Merrill Lynch 1-22 U.S. Municipal Securities Index, during the same period.

During the reporting period, the Fund's positioning in several sectors, including care retirement centers, charter schools, and higher education, weighed on its performance relative to its benchmark. This was partially offset by allocations to both state and local general obligation bonds, water and sewer bonds, and dedicated tax bonds, which outperformed. From a quality perspective, the Fund's allocation to non-rated<sup>4</sup> and lower-grade municipal bonds detracted from its relative performance, as high-grade municipal debt outperformed over the period. The Fund's allocation to lower-coupon<sup>5</sup> bonds hampered its performance versus the benchmark, as the market sell-off was more apparent in these issues. Conversely, as most of these instruments are short-dated, we anticipate that these bonds will be positive contributors to Fund performance as they get closer to maturity.

#### Outlook
Following a tumultuous 2022 year in fixed income markets, we view 2023 with some optimism. The rise in yields has provided a strong

relative-value case for the asset class and we expect the fundamental backdrop for municipal bonds to be favorable. We believe that prudent investors should still exercise caution with a broad-based approach, as inflation could become entrenched in the economy and result in headwinds to municipal performance as the Fed attempts to bring inflation back closer to its 2% target.

The threat of more persistent inflation and a change to Fed policy remains a risk to fixed income markets, particularly at the longer end of the yield curve. We maintain our expectation for little supply in the fourth quarter of 2022, which could continue into 2023. This could also provide a tailwind to municipal markets.

We expect municipal demand to turn positive in 2023, as outflows from the asset class have started to slow. It is our view that the asset class, as a whole, presents a strong relative-value case given historical performance during recessionary periods.

Despite strong municipal fundamentals and positive near-term technicals, we expect some continued volatility<sup>6</sup> as the Fed continues its tightening path. This may continue to put pressure on the municipal curve to shift, which would hamper total returns. Nonetheless, we believe short-term muni rates will remain anchored at the front end of the yield curve.

For these reasons, while we expect the fundamental backdrop for municipalities to remain largely favorable and near-term technicals to remain slightly bullish, we believe overall muni market performance could be pressured should inflation persist. We still see opportunities in select issuers that we believe will be able to better manage costs in an inflationary environment, particularly in sectors such as general obligations, toll roads, and utilities. In terms of yield-curve positioning, we still believe that retaining the Fund's conservative weighting maintains a more stable net asset value (NAV)<sup>7</sup> headed into what could be a higher interest-rate environment. With a relatively shorter duration<sup>8</sup> than that of the benchmark, we feel the Fund should be insulated from sharp movements in its NAV.

Against this backdrop, we think that shorter-duration bonds have the potential to outperform at the front end of the curve. In terms of yield-curve positioning, as we get closer to mid-2023 and have more clarity around the persistence of inflation, we would expect to remain

{foots1}

1 The Bloomberg Municipal Bond Index tracks the performance of investment-grade, tax-exempt bonds with a maturity of at least one year. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

2 The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market.

{foots1}

---

| | |
|:---|:---|
| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

---

| | |
|:---|:---|
| 4 | S&P Global Ratings' credit ratings express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Typically, ratings are expressed as letter grades that range, for example, from AAA to D to communicate the agency's opinion of relative level of credit risk. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. |

---

{foots1}

5 Coupon – The interest rate stated on a bond when it's issued. Typically coupons are paid semi-annually

{foots1}

6 Volatility – If the price of a fund or asset moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

---

| | |
|:---|:---|
| 7 | Net asset value (NAV) – A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares. |

---

{foots1}

---

| | |
|:---|:---|
| 8 | Duration – A measure of the maturity of a bond or portfolio of bonds that takes into account the periodic coupon payments. It attempts to measure market risk, or volatility, in a bond by considering maturity and the time pattern of interest payments prior to repayment. Two bonds with the same term to maturity but different coupon rates will respond differently to changes in interest rates. So will bonds with the same coupon rate but different terms to maturity. The higher the duration, the greater a bond's price-sensitivity to changes in yield. |

---

---

| | |
|:---|:---|
| **34** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Intermediate Municipal Income Fund (Unaudited) (continued)<br>

------

underweight<sup>9</sup> duration. We believe retaining the Fund's conservative positioning relative to its benchmark and keeping duration short helps to maintain a more stable NAV, while also maximizing the Fund's yield. With a relatively shorter duration, we feel that the Fund should be insulated from sharp movements in its NAV.

#### Portfolio Management:
U.S. Municipal Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 2.50% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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

The Fund is subject to the risk that the Adviser may make poor security selections.

Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

9 Underweight – A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

---

| | |
|:---|:---|
| 2022 Annual Report | **35** |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Intermediate Municipal Income Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(11.24%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;0.71% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(13.44%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(11.82%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(12.68%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03%) |
| &nbsp;&nbsp; Institutional Service Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.98%) | &nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup>,<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.99%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect such investment policy. |
| 2 | A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
| 3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 4 | Not subject to any sales charge. Returns before the first offering of the Institutional Class and Institutional Service Class shares (February 25, 2013) are based on the previous performance of Class D shares. Returns of each class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class, and Institutional Class shares would have produced because all classes invest in the same portfolio of securities. Returns for the Institutional Service Class, and Institutional Class shares would only differ to the extent of the differences in expenses of the classes. |
| 5 | Effective February 25, 2013, all Class D shares of the Fund were converted into Institutional Class shares of the Fund. |

---

#### Performance of a $10,000 Investment\* (as of October 31, 2022)
![](imgfe84d3615.jpg)

\* Minimum initial investment

Comparative performance of $10,000 invested in Class A shares of the abrdn Intermediate Municipal Income Fund, the ICE BofA Merrill

Lynch 1-22 Year U.S. Municipal Securities Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The ICE BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The ICE BofA U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **36** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Intermediate Municipal Income Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;98.3% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B 07/01/2027 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A 12/15/2034 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A 05/15/2023 | &nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Metropolitan Transportation Authority Revenue Bonds, Series C-1 11/15/2027 | &nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority Revenue Bonds (Masonicare Corp Obligated Group), Series F 07/01/2027 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission Revenue Bonds 07/01/2030 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D 12/15/2026 | &nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services) 07/01/2030 | &nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Hudson Yards Infrastructure Corp. Revenue Bonds, Series A 02/15/2042 | &nbsp;&nbsp;&nbsp;2.1% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**States** | |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;Maryland | &nbsp;&nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Tennessee | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Connecticut | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;South Carolina | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Intermediate Municipal Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.3%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.3%** |  |
| &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** |
| &nbsp;&nbsp;Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;$332474 |
| &nbsp;&nbsp;Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 409634 |
| &nbsp;&nbsp;M-S-R Energy Authority Gas Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.50%, 11/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506623 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1818163** |
| &nbsp;&nbsp;**COLORADO—0.3%** | &nbsp;&nbsp;**COLORADO—0.3%** | &nbsp;&nbsp;**COLORADO—0.3%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy), 4.00%, 05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 134537 |
| &nbsp;&nbsp;**CONNECTICUT—2.4%** | &nbsp;&nbsp;**CONNECTICUT—2.4%** | &nbsp;&nbsp;**CONNECTICUT—2.4%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority Revenue Bonds (Masonicare Corp Obligated Group), Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135675 |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** |
| &nbsp;&nbsp;Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 529283 |
| &nbsp;&nbsp;**FLORIDA—8.2%** | &nbsp;&nbsp;**FLORIDA—8.2%** | &nbsp;&nbsp;**FLORIDA—8.2%** |
| &nbsp;&nbsp;City of Lakeland Revenue Bonds, Series B, AMT, 5.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 605072 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Glenridge On Palmer Ranch), 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 195759 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter AC), Series A, 4.00%, 06/30/2041<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp; 567967 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward), Series A, 5.00%, 12/15/2039<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483524 |
| &nbsp;&nbsp;Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261619 |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057<sup>(b)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499369 |
| &nbsp;&nbsp;Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), Series A, 5.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143882 |
| &nbsp;&nbsp;Saint Johns County Industrial Development Authority Revenue Bonds (Life Care Ponte Vedra Obligated Group), Series A, 4.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558427 |
| &nbsp;&nbsp;Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253556 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3822760** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.1%** | &nbsp;&nbsp;**GEORGIA—1.1%** | &nbsp;&nbsp;**GEORGIA—1.1%** |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/15/2035 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;$246357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250536 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**496893** |
| &nbsp;&nbsp;**HAWAII—1.2%** | &nbsp;&nbsp;**HAWAII—1.2%** | &nbsp;&nbsp;**HAWAII—1.2%** |
| &nbsp;&nbsp;City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 575415 |
| &nbsp;&nbsp;**ILLINOIS—0.4%** | &nbsp;&nbsp;**ILLINOIS—0.4%** | &nbsp;&nbsp;**ILLINOIS—0.4%** |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group), 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170240 |
| &nbsp;&nbsp;**INDIANA—1.6%** | &nbsp;&nbsp;**INDIANA—1.6%** | &nbsp;&nbsp;**INDIANA—1.6%** |
| &nbsp;&nbsp;Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 751560 |
| &nbsp;&nbsp;**KENTUCKY—1.0%** | &nbsp;&nbsp;**KENTUCKY—1.0%** | &nbsp;&nbsp;**KENTUCKY—1.0%** |
| &nbsp;&nbsp;Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 493918 |
| &nbsp;&nbsp;**LOUISIANA—2.1%** | &nbsp;&nbsp;**LOUISIANA—2.1%** | &nbsp;&nbsp;**LOUISIANA—2.1%** |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A, 5.00%, 01/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 169506 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 9796 |
| &nbsp;&nbsp;New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523801 |
| &nbsp;&nbsp;New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), Series B, 5.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266027 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**969130** |
| &nbsp;&nbsp;**MARYLAND—6.4%** | &nbsp;&nbsp;**MARYLAND—6.4%** | &nbsp;&nbsp;**MARYLAND—6.4%** |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.91%, 03/01/2030<sup>(a)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Massachusetts Seven Hills Foundation & Affiliates Issue), 5.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266571 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Wellforce Obligated Group), Series A, 5.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483593 |
| &nbsp;&nbsp;**Total Massachusetts** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**750164** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **38** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Intermediate Municipal Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**MICHIGAN—3.6%** | &nbsp;&nbsp;**MICHIGAN—3.6%** | &nbsp;&nbsp;**MICHIGAN—3.6%** |
| &nbsp;&nbsp;Flint Hospital Building Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2035 | $1000000 | &nbsp;&nbsp;&nbsp;$857842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618777 |
| &nbsp;&nbsp;Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 190638 |
| &nbsp;&nbsp;**Total Michigan** |  | &nbsp;&nbsp;&nbsp;**1667257** |
| &nbsp;&nbsp;**MISSOURI—0.3%** | &nbsp;&nbsp;**MISSOURI—0.3%** | &nbsp;&nbsp;**MISSOURI—0.3%** |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.), 4.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 139626 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2035 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245509 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;**496919** |
| &nbsp;&nbsp;**NEW JERSEY—5.5%** | &nbsp;&nbsp;**NEW JERSEY—5.5%** | &nbsp;&nbsp;**NEW JERSEY—5.5%** |
| &nbsp;&nbsp;New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded @ $100, 07/01/2026), Series F, 4.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28353 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2014887 |
| &nbsp;&nbsp;Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466993 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;**2581656** |
| &nbsp;&nbsp;**NEW YORK—15.9%** | &nbsp;&nbsp;**NEW YORK—15.9%** | &nbsp;&nbsp;**NEW YORK—15.9%** |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648800 |
| &nbsp;&nbsp;City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147602 |
| &nbsp;&nbsp;Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1010882 |
| &nbsp;&nbsp;Metropolitan Transportation Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, VRN, 5.00%, 11/15/2045<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/2027 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164695 |
| &nbsp;&nbsp;Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014371 |
| &nbsp;&nbsp;New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037 | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305099 |
| &nbsp;&nbsp;New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174206 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$222786 |
| &nbsp;&nbsp;Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 569933 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7459025** |
| &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp; 92580 |
| &nbsp;&nbsp;Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp; 120081 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission Revenue Bonds, 4.00%, 07/01/2030 |  | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058115 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1270776** |
| &nbsp;&nbsp;**PENNSYLVANIA—4.5%** | &nbsp;&nbsp;**PENNSYLVANIA—4.5%** | &nbsp;&nbsp;**PENNSYLVANIA—4.5%** | &nbsp;&nbsp;**PENNSYLVANIA—4.5%** |
| &nbsp;&nbsp;Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward), 4.00%, 12/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 280063 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 939783 |
| &nbsp;&nbsp;School Dist. of the City of Erie, General Obligation Limited Bonds, Series A (AGM ST AID WITHHLDG), 5.00%, 04/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 872136 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2091982** |
| &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** |
| &nbsp;&nbsp;Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99568 |
| &nbsp;&nbsp;Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300251 |
| &nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**399819** |
| &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** |
| &nbsp;&nbsp;Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 |  | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600491 |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** |
| &nbsp;&nbsp;City of Rock Hill SC Combined Utility System Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2025 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2026 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520953 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1035702** |
| &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500221 |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347004 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502170 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1349395** |
| &nbsp;&nbsp;**TEXAS—19.8%** | &nbsp;&nbsp;**TEXAS—19.8%** | &nbsp;&nbsp;**TEXAS—19.8%** | &nbsp;&nbsp;**TEXAS—19.8%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools), 4.00%, 08/15/2036 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81824 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **39** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Intermediate Municipal Income Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | &nbsp;&nbsp;$| 4490000 | &nbsp;&nbsp;$4740558 |
| &nbsp;&nbsp;Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 952043 |
| &nbsp;&nbsp;Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050<sup>(b)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 682029 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), Series A, 5.00%, 11/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 829689 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 935067 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025454 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9246664** |
| &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** |
| &nbsp;&nbsp;Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98947 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 560074 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**659021** |
| &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** |
| &nbsp;&nbsp;State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177931 |
| &nbsp;&nbsp;**WISCONSIN—4.6%** | &nbsp;&nbsp;**WISCONSIN—4.6%** | &nbsp;&nbsp;**WISCONSIN—4.6%** | &nbsp;&nbsp;**WISCONSIN—4.6%** |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2029 |  | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2034 |  | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2038 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932055 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035 |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257917 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2141139** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;**45965141** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.3%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional Shares |  | &nbsp;&nbsp;&nbsp;128392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128379 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128379** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $49,385,967)<sup>(c)</sup>—98.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $49,385,967)<sup>(c)</sup>—98.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $49,385,967)<sup>(c)</sup>—98.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**46093520** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647120 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$46740640** |

---

<sup>(a)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of October 31, 2022. 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.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

AMT Alternative Minimum Tax <br> VRN Variable Rate Note

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **40** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Short Duration High Yield Municipal Fund (Unaudited) <br>

------

Market review

The overall U.S. municipal (muni) bond market generated a negative return during the reporting period. The Bloomberg Municipal Bond Index<sup>1</sup>, a broad municipal bond market benchmark, returned -11.98%, while the taxable bond market, as measured by the Bloomberg U.S. Aggregate Bond Index<sup>2</sup>, returned -15.68%. Both the muni and taxable bond markets faced headwinds from rising interest rates. Government bond yields moved higher as the economy rebounded from its the pandemic-induced downturn, inflation increased, and the US Federal Reserve (Fed) removed its accommodative monetary policy<sup>3</sup>.

The muni market generated positive returns during the first two months of the reporting period. This was followed by negative returns for every subsequent month up to the end of the period.

#### Fund performance review
The abrdn Short Duration High Yield Municipal Fund (Institutional Class shares net of fees) returned -9.48% for the 12-month reporting period ended October 31, 2022 versus the -6.25% return of its benchmark, the S&P Municipal Bond Short Intermediate Index, and the -7.34% return of its blended secondary benchmark, comprising 30% Bloomberg 1-10 Year Municipal Bond Index/70% Bloomberg 1-10 Year Municipal High Yield Index, during the same period.

During the reporting period, the Fund's positioning in several sectors, including care retirement centers, charter schools, and higher education, weighed on its performance relative to its benchmark. This was partially offset by allocations to both state and local general obligation bonds, water and sewer bonds, and dedicated tax bonds, which outperformed. From a quality perspective, the Fund's allocation to non-rated<sup>4</sup> and lower-grade municipal bonds detracted from its relative performance, as high-grade municipal debt outperformed over the period. The Fund's allocation to lower-coupon<sup>5</sup> bonds hampered its performance versus the benchmark, as the market sell-off was more apparent in these issues. Conversely, as most of these instruments are short-dated, we anticipate that these bonds will be positive contributors to Fund performance as they get closer to maturity.

#### Market outlook
Following a tumultuous 2022 for fixed income markets, we view 2023 with some optimism. The rise in yields has provided a strong

relative-value case for the asset class and we expect the fundamental backdrop for municipal bonds to be favorable. We believe that prudent investors should still exercise caution with a broad-based approach, as inflation could become entrenched in the economy and result in headwinds to municipal performance as the Fed attempts to bring inflation back closer to its 2% target.

The threat of more persistent inflation and a change to Fed policy remains a risk to fixed income markets, particularly at the longer end of the yield curve. We maintain our expectation for little bond supply in the fourth quarter of 2022, which could continue into 2023. This could also provide a tailwind to municipal markets.

We expect municipal demand to turn positive in 2023, as outflows from the asset class have started to slow. It is our view that the asset class as a whole presents a strong relative-value case given historical performance during recessionary periods.

Despite strong municipal fundamentals and positive near-term technicals, we expect some continued volatility<sup>6</sup> as the Fed continues its tightening path. This may continue to put pressure on the municipal curve to shift, which would hamper total returns. Nonetheless, we believe short-term muni rates will remain anchored at the front end of the yield curve.

For these reasons, while we expect the fundamental backdrop for municipalities to remain largely favorable and near-term technicals to remain slightly bullish, we believe overall muni market performance could be pressured should inflation persist. We still see opportunities in select issuers that we believe will be able to better manage costs in an inflationary environment, particularly in sectors such as general obligations, toll roads, and utilities. In terms of yield-curve positioning, we still believe that retaining the Fund's conservative weighting maintains a more stable net asset value (NAV)<sup>7</sup> headed into what could be a higher interest-rate environment. With a relatively shorter duration<sup>8</sup> than that of the benchmark, we feel the Fund should be insulated from sharp movements in its NAV.

Against this backdrop, we think that shorter-duration bonds have the potential to outperform at the front end of the curve. In terms of yield-curve positioning, as we get closer to mid-2023 and have more clarity around the persistence of inflation, we would expect to remain

{foots1}

1 The Bloomberg Municipal Bond Index tracks the performance of investment-grade, tax-exempt bonds with a maturity of at least one year. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

2 The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market.

{foots1}

---

| | |
|:---|:---|
| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

---

| | |
|:---|:---|
| 4 | S&P Global Ratings' credit ratings express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Typically, ratings are expressed as letter grades that range, for example, from AAA to D to communicate the agency's opinion of relative level of credit risk. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. |

---

{foots1}

5 Coupon – The interest rate stated on a bond when it's issued. Typically coupons are paid semi-annually.

{foots1}

6 Volatility – If the price of a fund or asset moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

---

| | |
|:---|:---|
| 7 | Net asset value (NAV) – A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares. |

---

{foots1}

8 Duration is an estimate of bond price sensitivity to changes in interest rates. The higher the duration, the greater the change (i.e., higher risk) in relation to interest-rate movements.

---

| | |
|:---|:---|
| 2022 Annual Report | **41** |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Short Duration High Yield Municipal Fund (Unaudited) (continued)<br>

------

underweight<sup>9</sup> duration. We believe retaining the Fund's conservative positioning relative to its benchmark and keeping duration short helps to maintain a more stable NAV, while also maximizing the Fund's yield. With a relatively shorter duration, we feel that the Fund should be insulated from sharp movements in its NAV.

#### Portfolio Management:
U.S. Municipal Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 2.50% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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

The Fund is subject to the risk that the Adviser or Subadviser(s) may make poor security selections.

Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders.

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.

Please read the prospectus for more detailed information regarding these and other risks.

{foots1}

9 Underweight – A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

---

| | |
|:---|:---|
| **42** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Short Duration High Yield Municipal Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**Inception<sup>2</sup>** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(11.94%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32%) | &nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp; Class C<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(10.37%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.44%) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(11.25%) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;&nbsp;(4.44%) |
| &nbsp;&nbsp; Institutional Class<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;(9.48%) | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect the Fund's current investment strategy. Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund had substantially similar investment objectives and strategies prior to the Fund's adoption of its current investment strategies on February 28, 2019. Please consult the Fund's prospectus for more detail. |
| 2 | Predecessor Fund commenced operations on May 31, 2013. |
| 3 | A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
| 4 | Class C returns prior to the commencement of operations of Class C (inception date: 12/18/2020) are based on the previous performance of the Fund's Class A shares (inception date: 5/31/2013). Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what each individual class would have produced because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses between the two classes. |
| 5 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
| 6 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](imge2f3c65f6.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Short Duration High Yield Municipal Fund, The S&P Municipal Bond Short Intermediate Index, a blended benchmark of 30% Bloomberg 1-10 Year Municipal Bond Index/70% Bloomberg 1-10 Year Municipal High Yield Index (the "Blended Index")

and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The S&P Municipal Bond Short Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of one year and a maximum maturity of up to, but not including, eight years as measured from the Rebalancing Date.

The Bloomberg 1-10 Year Municipal Bond Index is an unmanaged index composed of investment-grade municipal bonds with maturity dates of more than one year and less than 10 years.

The Bloomberg 1-10 Year Municipal High Yield Index is a sub-index of the Bloomberg Municipal High Yield Bond Index composed of issues with effective maturity dates of 1-10 years and excludes purpose class of Other. The Bloomberg Municipal High Yield Bond Index is a flagship measure of the non-investment grade and non-rated USD-denominated tax exempt bond market.

The Bloomberg Municipal Bond: High Yield (Non-Investment Grade) Index is an unmanaged index consisting of non-investment-grade, unrated or below Ba1 bonds.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and

---

| | |
|:---|:---|
| 2022 Annual Report | **43** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Short Duration High Yield Municipal Fund (Unaudited) (continued)<br>

------

reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| **44** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Short Duration High Yield Municipal Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;98.7% |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
|  | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge), Series B-1 05/15/2030 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A 09/01/2022 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Iowa Finance Authority Revenue Bonds, FRN, Series B 05/15/2056 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project) 11/01/2058 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A 05/15/2048 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds, Series A-1 01/01/2027 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Washington State Housing Finance Commission Revenue Bonds(Eliseo Project), Series B-1 07/01/2028 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.), Series B-1 03/01/2027 | &nbsp;&nbsp;1.9% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**States** | |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Maryland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Utah | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Washington | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Arizona | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Connecticut | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Iowa | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Minnesota | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Oregon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;13.5% |
| &nbsp;&nbsp;Assets in Excess of Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
|  | &nbsp;&nbsp;100.0% |

---

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| | |
|:---|:---|
| 2022 Annual Report | **45** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.7%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.7%** |  |
| &nbsp;&nbsp;**ALABAMA—0.1%** | &nbsp;&nbsp;**ALABAMA—0.1%** | &nbsp;&nbsp;**ALABAMA—0.1%** |
| &nbsp;&nbsp;Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;$222582 |
| &nbsp;&nbsp;**ARIZONA—3.2%** | &nbsp;&nbsp;**ARIZONA—3.2%** | &nbsp;&nbsp;**ARIZONA—3.2%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.13%, 01/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.13%, 01/01/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537095 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation), 5.00%, 07/01/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp; 406812 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), Series A, 3.00%, 12/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp; 531366 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220130 |
| &nbsp;&nbsp;La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410993 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416997 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.), 4.00%, 07/01/2026<sup>(a)</sup> | &nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972912 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6160001** |
| &nbsp;&nbsp;**ARKANSAS—0.8%** | &nbsp;&nbsp;**ARKANSAS—0.8%** | &nbsp;&nbsp;**ARKANSAS—0.8%** |
| &nbsp;&nbsp;County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A, 5.00%, 09/01/2026 | &nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522322 |
| &nbsp;&nbsp;**CALIFORNIA—2.8%** | &nbsp;&nbsp;**CALIFORNIA—2.8%** | &nbsp;&nbsp;**CALIFORNIA—2.8%** |
| &nbsp;&nbsp;California Municipal Finance Authority Revenue Bonds (Simpson University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 10/01/2030<sup>(a)</sup> | &nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984263 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;California Public Finance Authority Revenue Bonds (Kendal at Sonoma Obligated Group), Series B-1, 3.13%, 05/15/2029<sup>(a)</sup> | &nbsp;&nbsp;$| 3075000 | &nbsp;&nbsp;$2622180 |
| &nbsp;&nbsp;California Statewide Communities Development Authority Revenue Bonds (Provident Group-Ponoma Properties LLC), Series A, 5.60%, 01/15/2036<sup>(a)</sup> |  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1799957 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5445840** |
| &nbsp;&nbsp;**COLORADO—4.2%** | &nbsp;&nbsp;**COLORADO—4.2%** | &nbsp;&nbsp;**COLORADO—4.2%** | &nbsp;&nbsp;**COLORADO—4.2%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147748 |
| &nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds, Series B, 5.00%, 05/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100852 |
| &nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 05/15/2030 |  | 6950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.63%, 05/15/2029 |  | &nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499913 |
| &nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8227924** |
| &nbsp;&nbsp;**CONNECTICUT—2.9%** | &nbsp;&nbsp;**CONNECTICUT—2.9%** | &nbsp;&nbsp;**CONNECTICUT—2.9%** | &nbsp;&nbsp;**CONNECTICUT—2.9%** |
| &nbsp;&nbsp;City of West Haven General Obligation Unlimited Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211325 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.25%, 01/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.75%, 01/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631137 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (University of Hartford) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296493 |
| &nbsp;&nbsp;**Total Connecticut** | &nbsp;&nbsp;**Total Connecticut** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5563799** |
| &nbsp;&nbsp;**FLORIDA—7.2%** | &nbsp;&nbsp;**FLORIDA—7.2%** | &nbsp;&nbsp;**FLORIDA—7.2%** | &nbsp;&nbsp;**FLORIDA—7.2%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority Revenue Bonds (Oak Hammock at The University Of Florida, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126271 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **46** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**FLORIDA (continued)** | &nbsp;&nbsp;**FLORIDA (continued)** | &nbsp;&nbsp;**FLORIDA (continued)** |
| &nbsp;&nbsp;Capital Trust Agency, Inc., 6.50%, 01/01/2024<sup>(b)(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;248055 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 234648 |
| &nbsp;&nbsp;Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25075 |
| &nbsp;&nbsp;Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523954 |
| &nbsp;&nbsp;Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97142 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Glenridge on Palmer Ranch Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102226 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter Academy Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496036 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Mayflower Retirement Center, Inc. Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.38%, 06/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 1.75%, 06/01/2026<sup>(a)</sup> | &nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707866 |
| &nbsp;&nbsp;Lee County Industrial Development Authority Refunding Revenue Bonds (Shell Point Obligated Group), 4.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666 |
| &nbsp;&nbsp;Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240568 |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.25%, 06/01/2031<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2057<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332913 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029<sup>(a)</sup> | &nbsp;&nbsp;$| 1440000 | &nbsp;&nbsp;$1375243 |
| &nbsp;&nbsp;Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215823 |
| &nbsp;&nbsp;Saint Johns County Industrial Development Authority Revenue Bonds (Life Care Ponte Vedra Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180950 |
| &nbsp;&nbsp;Seminole County Industrial Development Authority Revenue Bonds (Galileo School Foundation, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2036<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257945 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;**14059882** |
| &nbsp;&nbsp;**GEORGIA—0.1%** | &nbsp;&nbsp;**GEORGIA—0.1%** | &nbsp;&nbsp;**GEORGIA—0.1%** | &nbsp;&nbsp;**GEORGIA—0.1%** |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203242 |
| &nbsp;&nbsp;**IDAHO—0.4%** | &nbsp;&nbsp;**IDAHO—0.4%** | &nbsp;&nbsp;**IDAHO—0.4%** | &nbsp;&nbsp;**IDAHO—0.4%** |
| &nbsp;&nbsp;Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678406 |
| &nbsp;&nbsp;Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77937 |
| &nbsp;&nbsp;**Total Idaho** | &nbsp;&nbsp;**Total Idaho** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**756343** |
| &nbsp;&nbsp;**ILLINOIS—6.1%** | &nbsp;&nbsp;**ILLINOIS—6.1%** | &nbsp;&nbsp;**ILLINOIS—6.1%** | &nbsp;&nbsp;**ILLINOIS—6.1%** |
| &nbsp;&nbsp;Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600277 |
| &nbsp;&nbsp;Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419826 |
| &nbsp;&nbsp;Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109755 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **47** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**ILLINOIS (continued)** | &nbsp;&nbsp;**ILLINOIS (continued)** | &nbsp;&nbsp;**ILLINOIS (continued)** | &nbsp;&nbsp;**ILLINOIS (continued)** |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Acero Charter Schools, Inc. Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;$381966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2032<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2033<sup>(a)</sup> |  | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2034<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373696 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Benedictine University) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2025 |  | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2028 |  | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2029 |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2030 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97917 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2027 |  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2028 |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2029 |  | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2030 |  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2031 |  | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2032 |  | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210966 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2029 |  | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319664 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2032 |  | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2033 |  | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2034 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2035 |  | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2036 |  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292959 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/15/2025 |  | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 12/15/2027 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100191 |
| &nbsp;&nbsp;Village of Matteson Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2026 |  | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2027 |  | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373868 |
| &nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;**11996950** |
| &nbsp;&nbsp;**INDIANA—1.2%** | &nbsp;&nbsp;**INDIANA—1.2%** | &nbsp;&nbsp;**INDIANA—1.2%** | &nbsp;&nbsp;**INDIANA—1.2%** |
| &nbsp;&nbsp;City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101090 |
| &nbsp;&nbsp;Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441848 |
| &nbsp;&nbsp;Indiana Finance Authority Revenue Bonds (Ohio Valley Electric Corp.), Series A, 4.25%, 11/01/2030 |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856013 |
| &nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;**2398951** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**IOWA—2.6%** | &nbsp;&nbsp;**IOWA—2.6%** | &nbsp;&nbsp;**IOWA—2.6%** |
| &nbsp;&nbsp;Iowa Finance Authority Revenue Bonds, FRN, Series B, 3.21%, 05/15/2056<sup>(e)</sup> | $5500000 | &nbsp;&nbsp;$5129710 |
| &nbsp;&nbsp;**KANSAS—0.4%** | &nbsp;&nbsp;**KANSAS—0.4%** | &nbsp;&nbsp;**KANSAS—0.4%** |
| &nbsp;&nbsp;City of Manhattan Revenue Bonds (Meadowlark Hills Retirement Community Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.88%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.38%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379911 |
| &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**704865** |
| &nbsp;&nbsp;**KENTUCKY—0.6%** | &nbsp;&nbsp;**KENTUCKY—0.6%** | &nbsp;&nbsp;**KENTUCKY—0.6%** |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority Revenue Bonds (Christian Care Communities Obligated Group), 4.25%, 07/01/2031 | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130668 |
| &nbsp;&nbsp;**LOUISIANA—2.3%** | &nbsp;&nbsp;**LOUISIANA—2.3%** | &nbsp;&nbsp;**LOUISIANA—2.3%** |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 914253 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246978 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399309 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794121 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375865 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4400180** |
| &nbsp;&nbsp;**MARYLAND—7.8%** | &nbsp;&nbsp;**MARYLAND—7.8%** | &nbsp;&nbsp;**MARYLAND—7.8%** |
| &nbsp;&nbsp;Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49460 |
| &nbsp;&nbsp;Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2027<sup>(a)</sup> | &nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709965 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **48** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**MARYLAND (continued)** | &nbsp;&nbsp;**MARYLAND (continued)** | &nbsp;&nbsp;**MARYLAND (continued)** | &nbsp;&nbsp;**MARYLAND (continued)** |
| &nbsp;&nbsp;Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025 | &nbsp;&nbsp;$| 1445000 | &nbsp;&nbsp;$1443378 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.91%, 03/01/2030<sup>(e)</sup> |  | 11510000 | &nbsp;&nbsp;&nbsp;&nbsp; 11510000 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15195067** |
| &nbsp;&nbsp;**MASSACHUSETTS—2.1%** | &nbsp;&nbsp;**MASSACHUSETTS—2.1%** | &nbsp;&nbsp;**MASSACHUSETTS—2.1%** | &nbsp;&nbsp;**MASSACHUSETTS—2.1%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 427486 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447805 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499934 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295607 |
| &nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;**Total Massachusetts** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4169360** |
| &nbsp;&nbsp;**MICHIGAN—1.4%** | &nbsp;&nbsp;**MICHIGAN—1.4%** | &nbsp;&nbsp;**MICHIGAN—1.4%** | &nbsp;&nbsp;**MICHIGAN—1.4%** |
| &nbsp;&nbsp;Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504588 |
| &nbsp;&nbsp;Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19772 |
| &nbsp;&nbsp;Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group), Series B-2, 2.63%, 05/15/2025 |  | &nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060658 |
| &nbsp;&nbsp;Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644371 |
| &nbsp;&nbsp;Michigan Strategic Fund, 4.00%, 10/01/2061<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476258 |
| &nbsp;&nbsp;**Total Michigan** | &nbsp;&nbsp;**Total Michigan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2705647** |
| &nbsp;&nbsp;**MINNESOTA—2.2%** | &nbsp;&nbsp;**MINNESOTA—2.2%** | &nbsp;&nbsp;**MINNESOTA—2.2%** | &nbsp;&nbsp;**MINNESOTA—2.2%** |
| &nbsp;&nbsp;Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058<sup>(a)(e)</sup> |  | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384628 |
| &nbsp;&nbsp;**MISSISSIPPI—4.2%** | &nbsp;&nbsp;**MISSISSIPPI—4.2%** | &nbsp;&nbsp;**MISSISSIPPI—4.2%** | &nbsp;&nbsp;**MISSISSIPPI—4.2%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.67%, 11/01/2032<sup>(e)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Mississippi Development Bank Obligation Bonds (Mangolia Regional Health Centre) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2023<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;$416952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666000 |
| &nbsp;&nbsp;Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039<sup>(a)</sup> |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1693614 |
| &nbsp;&nbsp;**Total Mississippi** | &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8220279** |
| &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** |
| &nbsp;&nbsp;Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025<sup>(b)(f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 303750 |
| &nbsp;&nbsp;Plaza at Noah's Ark Community Improvement District Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92987 |
| &nbsp;&nbsp;Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp; 625029 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232711 |
| &nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;**Total Missouri** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2181615** |
| &nbsp;&nbsp;**NEVADA—0.6%** | &nbsp;&nbsp;**NEVADA—0.6%** | &nbsp;&nbsp;**NEVADA—0.6%** | &nbsp;&nbsp;**NEVADA—0.6%** |
| &nbsp;&nbsp;City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636492 |
| &nbsp;&nbsp;**Total Nevada** | &nbsp;&nbsp;**Total Nevada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1260710** |
| &nbsp;&nbsp;**NEW JERSEY—0.4%** | &nbsp;&nbsp;**NEW JERSEY—0.4%** | &nbsp;&nbsp;**NEW JERSEY—0.4%** | &nbsp;&nbsp;**NEW JERSEY—0.4%** |
| &nbsp;&nbsp;New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49527 |
| &nbsp;&nbsp;South Jersey Port Corp. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 01/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 01/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 01/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259154 |
| &nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**866518** |
| &nbsp;&nbsp;**NEW YORK—12.7%** | &nbsp;&nbsp;**NEW YORK—12.7%** | &nbsp;&nbsp;**NEW YORK—12.7%** | &nbsp;&nbsp;**NEW YORK—12.7%** |
| &nbsp;&nbsp;Albany Capital Resource Corp. (College of St Rose/The), 4.00%, 07/01/2028 |  | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020002 |
| &nbsp;&nbsp;Amherst Development Corp. Revenue Bonds (Daemen College) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409369 |
| &nbsp;&nbsp;Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.), 5.00%, 11/01/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **49** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** |
| &nbsp;&nbsp;Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2023<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;$370971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2032<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481912 |
| &nbsp;&nbsp;Build NYC Resource Corp. Revenue Bonds (Richmond Preparatory Charter School Project), Series A, 4.00%, 06/01/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 580290 |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2033<sup>(a)</sup> |  | &nbsp;&nbsp;2635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735341 |
| &nbsp;&nbsp;City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 463163 |
| &nbsp;&nbsp;Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022<sup>(f)(g)</sup> |  | 6500000 | &nbsp;&nbsp;&nbsp; 5850000 |
| &nbsp;&nbsp;New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group), Series A, 4.00%, 01/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp; 445554 |
| &nbsp;&nbsp;New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.), Series R-1, 2.75%, 09/01/2050<sup>(e)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 929703 |
| &nbsp;&nbsp;Suffolk County Economic Development Corp. Revenue Bonds (St Johnland Assisted Living, Inc.), 4.63%, 11/01/2031<sup>(a)</sup> |  | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 854837 |
| &nbsp;&nbsp;Westchester County Local Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60%, 07/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.20%, 07/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 2.88%, 07/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950612 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2041<sup>(a)</sup> |  | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361149 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;**24810576** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.4%** | &nbsp;&nbsp;**NORTH CAROLINA—0.4%** | &nbsp;&nbsp;**NORTH CAROLINA—0.4%** | &nbsp;&nbsp;**NORTH CAROLINA—0.4%** |
| &nbsp;&nbsp;North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800733 |
| &nbsp;&nbsp;**OHIO—0.8%** | &nbsp;&nbsp;**OHIO—0.8%** | &nbsp;&nbsp;**OHIO—0.8%** | &nbsp;&nbsp;**OHIO—0.8%** |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206587 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 2.88%, 02/01/2026 | &nbsp;&nbsp;$| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$927717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.25%, 09/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124528 |
| &nbsp;&nbsp;State Of Ohio Hospital (University Hospitals Health System, Inc.) Revenue Bonds, VRDN, 2.65%, 01/15/2045<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1458832** |
| &nbsp;&nbsp;**OREGON—2.1%** | &nbsp;&nbsp;**OREGON—2.1%** | &nbsp;&nbsp;**OREGON—2.1%** | &nbsp;&nbsp;**OREGON—2.1%** |
| &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County Oregon Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 06/01/2027 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 1.20%, 06/01/2028 |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497021 |
| &nbsp;&nbsp;Yamhill County Hospital Authority Revenue Bonds (Friendsview Manor Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.50%, 11/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/2027 |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308238 |
| &nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;**Total Oregon** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4093036** |
| &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** |
| &nbsp;&nbsp;City of Scranton PA General Obligation Bonds, 5.00%, 09/01/2023<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001765 |
| &nbsp;&nbsp;Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026<sup>(a)</sup> |  | 2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073212 |
| &nbsp;&nbsp;Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100916 |
| &nbsp;&nbsp;Lehigh County Industrial Development Authority Revenue Bonds (Seven Generations Charter School), Series A, 4.00%, 05/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602148 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3778041** |
| &nbsp;&nbsp;**PUERTO RICO—1.0%** | &nbsp;&nbsp;**PUERTO RICO—1.0%** | &nbsp;&nbsp;**PUERTO RICO—1.0%** | &nbsp;&nbsp;**PUERTO RICO—1.0%** |
| &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM-CR), 5.50%, 07/01/2030 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 5.00%, 07/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.50%, 07/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series L, 5.25%, 07/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520431 |
| &nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1875211** |
| &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** |
| &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B, 5.00%, 09/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502989 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **50** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**SOUTH CAROLINA—0.7%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.7%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.7%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (Lowcountry Leadership Charter School), Series A, 4.00%, 12/01/2029<sup>(a)</sup> | $1030000 | &nbsp;&nbsp;$944423 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), Series A, 5.25%, 02/01/2027<sup>(a)(b)(f)(g)</sup> | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 424000 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1368423** |
| &nbsp;&nbsp;**TEXAS—5.9%** | &nbsp;&nbsp;**TEXAS—5.9%** | &nbsp;&nbsp;**TEXAS—5.9%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79820 |
| &nbsp;&nbsp;Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group), 5.00%, 07/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299834 |
| &nbsp;&nbsp;Calhoun County Navigation Industrial Development Authority Revenue Bonds (Max Midstream Texas LLC), AMT, Series A, 3.63%, 07/01/2026<sup>(a)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540384 |
| &nbsp;&nbsp;Change Desertexpress Enterprises LLC to Brightline West Passenger Rail Project, VRN, 2.00%, 11/15/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;701368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309597 |
| &nbsp;&nbsp;Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277698 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870385 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 07/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42750 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.(Outlook at Windhaven Forefront Living Obligated Group), Series B-3, 4.25%, 10/01/2026 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940292 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corporation Education Revenue And Refunding Bonds (Jubilee Academic Center) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2023<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;$357482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431692 |
| &nbsp;&nbsp;SA Energy Acquisition Public Facility Corp. Revenue Bonds, 5.50%, 08/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 50381 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378767 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;**11522832** |
| &nbsp;&nbsp;**U. S. VIRGIN ISLANDS—1.0%** | &nbsp;&nbsp;**U. S. VIRGIN ISLANDS—1.0%** | &nbsp;&nbsp;**U. S. VIRGIN ISLANDS—1.0%** | &nbsp;&nbsp;**U. S. VIRGIN ISLANDS—1.0%** |
| &nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/01/2025 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/01/2026 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019734 |
| &nbsp;&nbsp;**Total U. S. Virgin Islands** | &nbsp;&nbsp;**Total U. S. Virgin Islands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2040159** |
| &nbsp;&nbsp;**UTAH—4.7%** | &nbsp;&nbsp;**UTAH—4.7%** | &nbsp;&nbsp;**UTAH—4.7%** | &nbsp;&nbsp;**UTAH—4.7%** |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 10/15/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.63%, 10/15/2048<sup>(a)(e)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975848 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), Series A, 3.25%, 06/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444744 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048<sup>(a)(e)</sup> |  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947755 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048<sup>(a)(e)</sup> |  | &nbsp;&nbsp;4310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270106 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9109471** |
| &nbsp;&nbsp;**WASHINGTON—3.9%** | &nbsp;&nbsp;**WASHINGTON—3.9%** | &nbsp;&nbsp;**WASHINGTON—3.9%** | &nbsp;&nbsp;**WASHINGTON—3.9%** |
| &nbsp;&nbsp;Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293501 |
| &nbsp;&nbsp;Washington State Housing Finance Commission Revenue Bonds(Eliseo Project) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.50%, 07/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;4375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 07/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424767 |
| &nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7669792** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **51** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Short Duration High Yield Municipal Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** |
| &nbsp;&nbsp;Glenville State College Board of Governors Revenue Bonds, 4.00%, 06/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$226398 |
| &nbsp;&nbsp;Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp; 415580 |
| &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**641978** |
| &nbsp;&nbsp;**WISCONSIN—8.3%** | &nbsp;&nbsp;**WISCONSIN—8.3%** | &nbsp;&nbsp;**WISCONSIN—8.3%** |
| &nbsp;&nbsp;Public Finance Authority Educational Facilities Revenue Refunding Bonds (The Methodist University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852154 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 6.00%, 01/01/2027 | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802564 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 03/01/2027<sup>(a)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 3.00%, 03/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732188 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Washoe Barton Medical Clinic) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630972 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782161 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358035 |
| &nbsp;&nbsp;Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812788 |
| &nbsp;&nbsp;Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161102 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16104138** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**192683294** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $213,679,226)<sup>(h)</sup>—98.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $213,679,226)<sup>(h)</sup>—98.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**192683294** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547300 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$195230594** |

---

Amounts listed as "–" are $0 or round to $0.

<sup>(a)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(b)</sup> Security is in default.

<sup>(c)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<sup>(d)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of October 31, 2022.

<sup>(e)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of October 31, 2022. 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.

<sup>(f)</sup> Illiquid security.

<sup>(g)</sup> Security is in forbearance as of October 31, 2022

<sup>(h)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| FRN | Floating Rate Note |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **52** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Ultra Short Municipal Income Fund (Unaudited) <br>

------

Market review

The overall U.S. municipal (muni) bond market generated a negative return during the reporting period. The Bloomberg Municipal Bond Index<sup>1</sup>, a broad municipal bond market benchmark, returned -11.98%, while the taxable bond market, as measured by the Bloomberg U.S. Aggregate Bond Index<sup>2</sup>, returned -15.68%. Both the muni and taxable bond markets faced headwinds from rising interest rates. Government bond yields moved higher as the economy rebounded from the pandemic-induced downturn, inflation increased, and the US Federal Reserve (Fed) removed its accommodative monetary policy<sup>3</sup>.

The muni market generated positive returns during the first two months of the reporting period. This was followed by negative returns for every subsequent month up to the end of the period.

#### Fund performance review
The abrdn Ultra Short Municipal Income Fund (Institutional Class shares net of fees) returned 0.37% for the 12-month reporting period ended October 31, 2022 versus the -2.19% return for its benchmark, the Bloomberg Municipal Bond: 1 Year (1-2) Index, during the same period.

Over the reporting period, the Fund's effective average duration<sup>4</sup> decreased substantially from 106 days at the beginning of the period to 47.5 days at the end of the period, compared to an average maturity of more than one year for its benchmark, the Bloomberg Municipal Bond: 1 Year (1-2) Index. This enabled the Fund to maintain a relatively stable net asset value (NAV)<sup>5</sup>.

The municipal bond curve saw yields increase dramatically. Yields rose more than 200 basis points (bps) across the curve during the reporting period, as the Fed tightened monetary policy. During that time, the Fund experienced relative outperformance and low movement in NAV versus that of the benchmark index. Major contributors to the stability of the Fund's NAV were positions in floating-rate securities<sup>6</sup> and variable rate demand notes (VRDNs), which comprised more than 70% of its net assets as of the end of the reporting period. VRDNs trade at par value and do not fluctuate during periods of interest-rate volatility<sup>7</sup>, although their rates reset daily or weekly, which allows the Fund to capture increased yields when interest rates move up. The Fund's performance relative to the benchmark was mainly hampered by positioning in low-coupon fixed-rate bonds.

Contributors to the Fund's performance included positions in industrials, local general obligation bonds, and healthcare. Conversely, the Fund's performance was hampered by underweight<sup>8</sup> positions in dedicated tax and prepaid gas bonds.

#### Outlook
Following a tumultuous 2022 for fixed income markets, we view 2023 with some optimism. The rise in yields has provided a strong relative-value case for the asset class and we expect the fundamental backdrop for municipal bonds to be favorable. We believe that prudent investors should still exercise caution with a broad-based approach, as inflation could become entrenched in the economy and result in headwinds to municipal performance as the Fed attempts to bring inflation back closer to its 2% target. The threat of more persistent inflation and a change to Fed policy remains a risk to fixed income markets, particularly at the longer end of the yield curve. We maintain our expectation for little bond supply in the fourth quarter of 2022, which could continue into 2023. This could also provide a tailwind to the municipal markets.

We expect municipal demand to turn positive in 2023, as outflows from the asset class have started to slow. It is our view that the asset class as a whole presents a strong relative-value case given historical performance during recessionary periods.

Despite strong municipal fundamentals and positive near-term technicals, we expect some continued volatility as the Fed continues its tightening path. This may continue to put pressure on the municipal curve to shift, which would hamper total returns. Nonetheless, we believe short-term muni rates will remain anchored at the front end of the yield curve.

For these reasons, while we expect the fundamental backdrop for municipalities to remain largely favorable and near-term technicals to remain slightly bullish, we believe overall muni market performance could be pressured should inflation persist. We still see opportunities in select issuers that we believe will be able to better manage costs in an inflationary environment, particularly in sectors such as general obligations, toll roads, and utilities. In terms of yield-curve positioning, we still believe that retaining the Fund's conservative weighting maintains a more stable NAV headed into what could be a higher interest-rate environment. With a relatively shorter duration

{foots1}

1 The Bloomberg Municipal Bond Index tracks the performance of investment-grade, tax-exempt bonds with a maturity of at least one year. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

{foots1}

2 The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market.

{foots1}

---

| | |
|:---|:---|
| 3 | Monetary policy – Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates. |

---

{foots1}

---

| | |
|:---|:---|
| 4 | Duration – A measure of the maturity of a bond or portfolio of bonds that takes into account the periodic coupon payments. It attempts to measure market risk, or volatility, in a bond by considering maturity and the time pattern of interest payments prior to repayment. Two bonds with the same term to maturity but different coupon rates will respond differently to changes in interest rates. So will bonds with the same coupon rate but different terms to maturity. The higher the duration, the greater a bond's price-sensitivity to changes in yield. |

---

{foots1}

---

| | |
|:---|:---|
| 5 | Net asset value (NAV) – A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares. |

---

{foots1}

6 Floating rate securities – Bond with a variable interest rate. Also known as a "floater" or "FRN," Floating Rate Notes are mainly issued by financial institutions and governments, and they typically have a two- to five-year term to maturity.

{foots1}

7 Volatility – If the price of a fund or asset moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

{foots1}

8 Underweight – A portfolio holding less of a particular security (or sector or region) than the security's weight in the benchmark portfolio.

---

| | |
|:---|:---|
| 2022 Annual Report | **53** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Ultra Short Municipal Income Fund (Unaudited) (continued)<br>

------

than that of the benchmark, we feel the Fund should be insulated from sharp movements in its NAV.

Against this backdrop, we think that shorter-duration bonds have the potential to outperform at the front end of the curve. In terms of yield-curve positioning, as we get closer to mid-2023 and have more clarity around the persistence of inflation, we would expect to remain underweight duration. We believe retaining the Fund's conservative positioning relative to its benchmark and keeping duration short helps to maintain a more stable NAV, while also maximizing the Fund's yield.

With a relatively shorter duration, we feel that the Fund should be insulated from sharp movements in its NAV.

#### Portfolio Management:
U.S. Municipal Team

#### PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
**The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares are not subject to a front-end sales charge and are subject to a 0.25% 12b-1 fee. Class A1 Shares have up to a 0.50% sales charge and have a 0.25% 12b-1 fee. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to <u>https://www.abrdn.com/en-us/us/investor/fund-centre.</u>**

Investing in mutual funds involves risk, including the possible loss of principal.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Risk Considerations

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.

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

The Fund is subject to the risk that the Adviser may make poor security selections.

Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders.

The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income.

Please read the prospectus for more detailed information regarding these and other risks.

---

| | |
|:---|:---|
| **54** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Ultra Short Municipal Income Fund (Unaudited) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Return<sup>1</sup><br> (For the periods ended October 31, 2022)** | | &nbsp;&nbsp;&nbsp;&nbsp;**1 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Yr.** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Yr.** |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp; Class A1<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;w/SC<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.29%) | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp; Institutional Class<sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;w/o SC | &nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |

---

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

---

| | |
|:---|:---|
| 1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
| 2 | Returns before the first offering of Class A1 (February 28, 2019) are based on the previous performance of Class A. Returns of the class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class A would have produced because all classes invest in the same portfolio of securities. Returns for Class A shares would only differ to the extent of the difference in expenses of the classes. |
| 3 | A 0.50% front-end sales charge was deducted. |
| 4 | Not subject to any sales charges. |

---

#### Performance of a $1,000,000 Investment\* (as of October 31, 2022)
![](img7d83ee137.jpg)

\* Minimum initial investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the abrdn Ultra Short Municipal Income Fund, the Bloomberg Municipal Bond: 1 Year (1-2) Index and the Consumer Price Index (CPI) over a 10-year period ended October 31, 2022. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is a total return benchmark of BAA3 ratings or better designed to measure returns for tax exempt assets.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

---

| | |
|:---|:---|
| 2022 Annual Report | **55** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

abrdn Ultra Short Municipal Income Fund (Unaudited) <br>

------

Portfolio Summary (as a percentage of net assets)

October 31, 2022 (Unaudited)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Asset Allocation** | |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;102.1% |
| &nbsp;&nbsp;Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(5.0%) |
|  | &nbsp;&nbsp;100.0% |

---

Amounts listed as "–" are 0% or round to 0%.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032 | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds (PPL Energy Supply, LLC Project), VRDN 12/01/2037 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group) 08/01/2045 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;City of New York General Obligation Limited Bonds, VRDN 04/01/2042 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series C 02/15/2053 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Rib Floater Trust Various States Revenue Bonds, VRDN 11/01/2041 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Black Belt Energy Gas District Revenue Bonds, FRN, Series B-1 12/01/2048 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP), AMT, VRDN 01/01/2032 | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, Series C 05/01/2048 | &nbsp;&nbsp;2.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**States** | |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;13.7% |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;10.6% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;Alabama | &nbsp;&nbsp;&nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Maryland | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Arizona | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Indiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;South Carolina | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Arkansas | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(5.0%) |
|  | &nbsp;&nbsp;100.0% |

---

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| | |
|:---|:---|
| **56** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments

October 31, 2022

abrdn Ultra Short Municipal Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —102.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —102.1%** |  |
| &nbsp;&nbsp;**ALABAMA—6.5%** | &nbsp;&nbsp;**ALABAMA—6.5%** | &nbsp;&nbsp;**ALABAMA—6.5%** |
| &nbsp;&nbsp;Black Belt Energy Gas District Revenue Bonds, FRN, Series B-1, 3.42%, 12/01/2048<sup>(a)</sup> | $20000000 | &nbsp;&nbsp;$19775876 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.50%, 11/15/2037<sup>(a)</sup> | &nbsp;&nbsp;8925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.05%, 11/01/2042<sup>(a)</sup> | 15925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15925000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;**44625876** |
| &nbsp;&nbsp;**ARIZONA—3.2%** | &nbsp;&nbsp;**ARIZONA—3.2%** | &nbsp;&nbsp;**ARIZONA—3.2%** |
| &nbsp;&nbsp;Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 3.30%, 09/01/2024<sup>(a)</sup> | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4187709 |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) Revenue Bonds (Republic Services, Inc.), AMT, FRN, Series D, 2.25%, 12/01/2035<sup>(a)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, 2.78%, 06/15/2050<sup>(a)(b)</sup> | 3055000 | &nbsp;&nbsp;&nbsp;&nbsp; 3055000 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;**22242709** |
| &nbsp;&nbsp;**ARKANSAS—2.3%** | &nbsp;&nbsp;**ARKANSAS—2.3%** | &nbsp;&nbsp;**ARKANSAS—2.3%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority Revenue Bonds (Baptist Memorial Health Care Obligated Group), VRDN, Series B-4, 3.05%, 09/01/2044<sup>(a)</sup> | 15762000 | &nbsp;&nbsp;&nbsp;&nbsp; 15762000 |
| &nbsp;&nbsp;**CALIFORNIA—8.7%** | &nbsp;&nbsp;**CALIFORNIA—8.7%** | &nbsp;&nbsp;**CALIFORNIA—8.7%** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank Revenue Bonds (Brightline West Passenger Rail Project), AMT, FRN, 0.85%, 01/01/2050<sup>(a)(b)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14864460 |
| &nbsp;&nbsp;California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.), Series A, 2.25%, 08/01/2023<sup>(a)(b)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14999378 |
| &nbsp;&nbsp;California Statewide Communities Development Authority Revenue Bonds (CommonSpirit Health Obligated Group), Series E, 2.94%, 07/01/2040<sup>(a)</sup> | 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;Change Commonspirit Health to Dignity Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGM, 2.80%, 07/01/2040<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGM, 2.80%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;Palomar Pomerado Health Care Certificates of Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.15%, 11/01/2036<sup>(a)</sup> | &nbsp;&nbsp;5425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.95%, 11/01/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.15%, 11/01/2036<sup>(a)</sup> | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;14000000 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;**59463838** |
| &nbsp;&nbsp;**COLORADO—0.2%** | &nbsp;&nbsp;**COLORADO—0.2%** | &nbsp;&nbsp;**COLORADO—0.2%** |
| &nbsp;&nbsp;E-470 Public Highway Authority Revenue Bonds, FRN, Series B, 2.90%, 09/01/2039<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477219 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CONNECTICUT—0.8%** | &nbsp;&nbsp;**CONNECTICUT—0.8%** | &nbsp;&nbsp;**CONNECTICUT—0.8%** |
| &nbsp;&nbsp;City of West Haven General Obligation Unlimited Bonds, 5.00%, 03/28/2023 | $5680000 | &nbsp;&nbsp;$5699884 |
| &nbsp;&nbsp;**FLORIDA—1.2%** | &nbsp;&nbsp;**FLORIDA—1.2%** | &nbsp;&nbsp;**FLORIDA—1.2%** |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority Revenue Bonds (Waste Management, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, FRN, Series A, 2.76%, 11/01/2033<sup>(a)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, FRN, Series B, 2.76%, 11/01/2048<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915605 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds, (Waste Management Inc. Of Florida Project), 4.40%, 11/01/2041<sup>(a)</sup> | 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3074974 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7863987** |
| &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** |
| &nbsp;&nbsp;State of Illinois General Obligation Unlimited Bonds, Series A, 5.00%, 10/01/2023 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037790 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, 2.78%, 11/01/2048<sup>(a)(b)</sup> | 8380000 | &nbsp;&nbsp;&nbsp;&nbsp; 8380000 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9417790** |
| &nbsp;&nbsp;**INDIANA—3.1%** | &nbsp;&nbsp;**INDIANA—3.1%** | &nbsp;&nbsp;**INDIANA—3.1%** |
| &nbsp;&nbsp;City of Whiting Environmental Facilities Revenue Bonds (BP Products North America, Inc. Project), AMT, VRN, 5.00%, 11/01/2045<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;Indiana Finance Authority Economic Development Revenue Bonds (Republic Services, Inc.), Series A, 2.95%, 05/01/2034<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999549 |
| &nbsp;&nbsp;Indiana Finance Authority RevenueBonds (ArcelorMittal SA), 2.95%, 08/01/2030<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20999549** |
| &nbsp;&nbsp;**KENTUCKY—4.3%** | &nbsp;&nbsp;**KENTUCKY—4.3%** | &nbsp;&nbsp;**KENTUCKY—4.3%** |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 1.99%, 07/01/2060<sup>(a)</sup> | &nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460000 |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-2, 1.99%, 07/01/2060<sup>(a)</sup> | &nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, 1.99%, 08/01/2061<sup>(a)</sup> | &nbsp;&nbsp;6895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895000 |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority Solid Waste Revenue Bonds (Republic Services, Inc. Project), Series A, AMT, FRN, 2.95%, 04/01/2031<sup>(a)</sup> | &nbsp;&nbsp;5670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667445 |
| &nbsp;&nbsp;Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048<sup>(a)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939179 |
| &nbsp;&nbsp;Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 2.88%, 08/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699483 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;**29561107** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **57** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (continued)

October 31, 2022

abrdn Ultra Short Municipal Income Fund<br>

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**LOUISIANA—4.1%** | &nbsp;&nbsp;**LOUISIANA—4.1%** | &nbsp;&nbsp;**LOUISIANA—4.1%** |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (American BioCarbon CT LLC), AMT, VRN, 2.13%, 12/01/2046<sup>(a)</sup> | $18000000 | &nbsp;&nbsp;$17972534 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 2.90%, 07/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;Louisiana Stadium And Exposition District Bond Anticipation Notes, 5.00%, 07/03/2023 | 10175000 | &nbsp;&nbsp;&nbsp;&nbsp; 10188229 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;**28230763** |
| &nbsp;&nbsp;**MARYLAND—6.3%** | &nbsp;&nbsp;**MARYLAND—6.3%** | &nbsp;&nbsp;**MARYLAND—6.3%** |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.91%, 03/01/2030<sup>(a)</sup> | 42405000 | &nbsp;&nbsp;&nbsp;&nbsp; 42405000 |
| &nbsp;&nbsp;Washington County Revenue Bonds (Conservit, Inc.), 2.73%, 02/01/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;**42830000** |
| &nbsp;&nbsp;**MICHIGAN—0.1%** | &nbsp;&nbsp;**MICHIGAN—0.1%** | &nbsp;&nbsp;**MICHIGAN—0.1%** |
| &nbsp;&nbsp;Michigan Strategic Fund Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc.), AMT, VRN, 0.58%, 08/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 466539 |
| &nbsp;&nbsp;**MISSISSIPPI—10.6%** | &nbsp;&nbsp;**MISSISSIPPI—10.6%** | &nbsp;&nbsp;**MISSISSIPPI—10.6%** |
| &nbsp;&nbsp;Jackson County Water System General Obligation Bonds, VRN, 2.00%, 11/01/2024<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds, Series C, 2.00%, 05/01/2037<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.67%, 11/01/2032<sup>(a)</sup> | 62000000 | &nbsp;&nbsp;&nbsp; 62000000 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;**73000000** |
| &nbsp;&nbsp;**NEVADA—1.1%** | &nbsp;&nbsp;**NEVADA—1.1%** | &nbsp;&nbsp;**NEVADA—1.1%** |
| &nbsp;&nbsp;Director Of The State Of Nevada Department Of Business And Industry Revenue Bonds Brightline West Passenger Rail Project, AMT, VRN, Series A, 0.85%, 01/01/2050<sup>(a)(b)</sup> | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432230 |
| &nbsp;&nbsp;**NEW JERSEY—0.5%** | &nbsp;&nbsp;**NEW JERSEY—0.5%** | &nbsp;&nbsp;**NEW JERSEY—0.5%** |
| &nbsp;&nbsp;Township of Mendham NJ Notes, 4.00%, 05/04/2023 | &nbsp;&nbsp;3273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271441 |
| &nbsp;&nbsp;**NEW YORK—11.0%** | &nbsp;&nbsp;**NEW YORK—11.0%** | &nbsp;&nbsp;**NEW YORK—11.0%** |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678670 |
| &nbsp;&nbsp;City of New York General Obligation Limited Bonds, VRDN, 2.51%, 04/01/2042<sup>(a)</sup> | 22200000 | &nbsp;&nbsp;&nbsp;&nbsp;22200000 |
| &nbsp;&nbsp;City of Newburgh General Obligation Limited Bonds, Series B, 4.00%, 12/29/2022 | &nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9496815 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Metropolitan Transportation Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRN, Series D-1, 2.88%, 11/01/2035<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;$4610311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/2022 |  | &nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.00%, 11/15/2022 |  | &nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530894 |
| &nbsp;&nbsp;Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series B, 5.00%, 11/15/2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600350 |
| &nbsp;&nbsp;New York City General Obligation Unlimited Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-4, 2.84%, 10/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J-2, 2.80%, 06/01/2036<sup>(a)</sup> |  | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J-3, 2.94%, 06/01/2036<sup>(a)</sup> |  | &nbsp;&nbsp;4375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375000 |
| &nbsp;&nbsp;New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, Series A, 5.00%, 01/01/2024 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1499381 |
| &nbsp;&nbsp;Rib Floater Trust Various States Revenue Bonds, VRDN, 2.78%, 11/01/2041<sup>(a)(b)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority Revenue Bonds, Series B, 2.93%, 01/01/2032<sup>(a)</sup> |  | 3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3884966 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**75552056** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.2%** | &nbsp;&nbsp;**NORTH CAROLINA—0.2%** | &nbsp;&nbsp;**NORTH CAROLINA—0.2%** | &nbsp;&nbsp;**NORTH CAROLINA—0.2%** |
| &nbsp;&nbsp;Fayetteville State University Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487734 |
| &nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1328833** |
| &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** | &nbsp;&nbsp;**OHIO—2.7%** |
| &nbsp;&nbsp;State Of Ohio Hospital (University Hospitals Health System, Inc.) Revenue Bonds, VRDN, 2.65%, 01/15/2045<sup>(a)</sup> |  | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;18000000 |
| &nbsp;&nbsp;State of Ohio Hospital Revenue Bonds (University Hospitals Health System, Inc.), VRDN, 2.70%, 01/15/2051<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;**18735000** |
| &nbsp;&nbsp;**OKLAHOMA—1.8%** | &nbsp;&nbsp;**OKLAHOMA—1.8%** | &nbsp;&nbsp;**OKLAHOMA—1.8%** | &nbsp;&nbsp;**OKLAHOMA—1.8%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority Revenue Bonds (Gilcrease Developers LLC), AMT, Series A, 1.63%, 07/06/2023 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951737 |
| &nbsp;&nbsp;Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group), VRDN, Series B, 2.93%, 08/15/2031<sup>(a)</sup> |  | 10680000 | &nbsp;&nbsp;&nbsp;&nbsp;10680000 |
| &nbsp;&nbsp;**Total Oklahoma** | &nbsp;&nbsp;**Total Oklahoma** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12631737** |
| &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** |
| &nbsp;&nbsp;Gilliam County, Solid Waste Disposal Revenue Bonds, (Waste Management Project), VRN, 3.00%, 08/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99497 |
| &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** |
| &nbsp;&nbsp;Central Bradford Progress Authority Revenue Bonds (The Guthrie Clinic Issue), VRDN, Series D, 2.95%, 12/01/2041<sup>(a)</sup> |  | 16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **58** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Investments (concluded)

October 31, 2022

abrdn Ultra Short Municipal Income Fund<br>

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority, VRDN, Series D, 2.89%, 09/01/2050<sup>(a)</sup> | &nbsp;&nbsp;$| 2100000 | &nbsp;&nbsp;$2100000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds (PPL Energy Supply, LLC Project), VRDN, 3.40%, 12/01/2037<sup>(a)</sup> |  | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 2.25%, 08/01/2045<sup>(a)</sup> |  | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000188 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**93600188** |
| &nbsp;&nbsp;**SOUTH CAROLINA—3.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.0%** |
| &nbsp;&nbsp;Richland country Revenue Bond (International Paper Co.), AMT, Series A, 3.88%, 04/01/2023 |  | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1710466 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, Series C, 2.92%, 05/01/2048<sup>(a)</sup> |  | 18825000 | &nbsp;&nbsp;&nbsp;&nbsp; 18825000 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20535466** |
| &nbsp;&nbsp;**TENNESSEE—0.2%** | &nbsp;&nbsp;**TENNESSEE—0.2%** | &nbsp;&nbsp;**TENNESSEE—0.2%** | &nbsp;&nbsp;**TENNESSEE—0.2%** |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Industrial Development Board, 0.58%, 08/01/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 326577 |
| &nbsp;&nbsp;Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 2.73%, 06/01/2037<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1216577** |
| &nbsp;&nbsp;**TEXAS—10.6%** | &nbsp;&nbsp;**TEXAS—10.6%** | &nbsp;&nbsp;**TEXAS—10.6%** | &nbsp;&nbsp;**TEXAS—10.6%** |
| &nbsp;&nbsp;City of Houston TX Hotel Occupancy Tax & Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427652 |
| &nbsp;&nbsp;Mission Economic Development Corp. Revenue Bonds (Waste Management, Inc.), Series A, 2.95%, 05/01/2046<sup>(a)</sup> |  | 18400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18384660 |
| &nbsp;&nbsp;Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN, Series A, 2.25%, 05/01/2050<sup>(a)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999793 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County Revenue Bonds (Flint Hills Resources LP), AMT, VRDN, Series A, 2.45%, 07/01/2029<sup>(a)(b)</sup> |  | &nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, 2.75%, 01/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, 2.75%, 01/01/2032<sup>(a)</sup> |  | 19200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds, 2.15%, 04/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises Class C), VRDN, 2.17%, 04/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises LLC) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.16%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.15%, 04/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2022 |  | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2024 |  | &nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2025 |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521320 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**72901189** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 2.90%, 06/01/2033<sup>(a)</sup> |  | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 |
| &nbsp;&nbsp;**WISCONSIN—4.2%** | &nbsp;&nbsp;**WISCONSIN—4.2%** | &nbsp;&nbsp;**WISCONSIN—4.2%** | &nbsp;&nbsp;**WISCONSIN—4.2%** |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series C, 2.95%, 02/15/2053<sup>(a)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds (Marshfield Clinic Health System), VRDN, 2.95%, 02/15/2053<sup>(a)</sup> |  | 8800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8800000 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;**28800000** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**699895475** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.9%** |  |
| &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—2.9%** | &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—2.9%** | &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—2.9%** |  |
| &nbsp;&nbsp;**UNITED STATES—2.9%** | &nbsp;&nbsp;**UNITED STATES—2.9%** | &nbsp;&nbsp;**UNITED STATES—2.9%** | &nbsp;&nbsp;**UNITED STATES—2.9%** |
| &nbsp;&nbsp;Mercer County Pollution Control Revenue, 3.00%, 11/16/2022 |  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| &nbsp;&nbsp;**Total Certificates of Deposit** | &nbsp;&nbsp;**Total Certificates of Deposit** |  | &nbsp;&nbsp;&nbsp;**20000000** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—0.0%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.0%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95523 |
| &nbsp;&nbsp;**Total Money Market Funds** | &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95523** |
| &nbsp;&nbsp;**Total Short-Term Investments** | &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20095523** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $721,501,439)<sup>(c)</sup>—105.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $721,501,439)<sup>(c)</sup>—105.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $721,501,439)<sup>(c)</sup>—105.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**719990998** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.0%) | &nbsp;&nbsp;&nbsp;&nbsp;(34030333) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$685960665** |

---

<sup>(a)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of October 31, 2022. 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.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<sup>(c)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| FRN | Floating Rate Note |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **59** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Assets and Liabilities

October 31, 2022

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Debt<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Absolute Return<br> Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global High<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$23612302 | &nbsp;&nbsp;&nbsp;$22500805 | &nbsp;&nbsp;&nbsp;$96104076 | &nbsp;&nbsp;&nbsp;$45965141 | &nbsp;&nbsp;&nbsp;$192683294 | &nbsp;&nbsp;&nbsp;$699895475 |
| &nbsp;&nbsp;Short-term investments, at value | &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;16038998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128379 | &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;20095523 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522686 | &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;&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;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16645 | &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;61776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64389 |
| &nbsp;&nbsp;Cash collateral pledged for futures | &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;664650 | &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;&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;Cash at broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834211 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790640 |
| &nbsp;&nbsp;Receivable for capital shares issued | &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;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &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;382374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272696 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34134 | &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;7807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159921 |
| &nbsp;&nbsp;Unrealized appreciation on total return swap contracts | &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;231673 | &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;&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;Variation margin receivable for future contracts | &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;104743 | &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;&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;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34314 | &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;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25074715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43953168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112616634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46797713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196552322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724278644 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14848 | &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;8647364 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335428 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Unrealized depreciation on total return swap contracts | &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;117906 | &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;&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;Distributions payable | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42876 |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672210 | &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;1086338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932920 |
| &nbsp;&nbsp;Cash collateral due to broker | &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;250000 | &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;&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;Cash due to broker for forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for interest rate swaps closed | &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;236256 | &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;&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;Variation margin payable for centrally cleared swap contracts | &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;70362 | &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;&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;Accrued expenses and other payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &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;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on line of credit | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646 | &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;2528 | &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;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10908554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38317979 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$24864814** | &nbsp;&nbsp;&nbsp;**$41605452** | &nbsp;&nbsp;&nbsp;**$101708080** | &nbsp;&nbsp;&nbsp;**$46740640** | &nbsp;&nbsp;&nbsp;**$195230594** | &nbsp;&nbsp;&nbsp;**$685960665** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33559969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23081030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113118182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49257588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213679226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701405916 |
| &nbsp;&nbsp;Short-Term Investments | &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;16043163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128379 | &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;20095523 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Cash at broker for future contracts, at cost | &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;664650 | &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;&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;–<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

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| | |
|:---|:---|
| **60** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statement of Assets and Liabilities (concluded)

October 31, 2022

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Debt<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Absolute Return<br> Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global High<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$42577203 | &nbsp;&nbsp;&nbsp;$47873716 | &nbsp;&nbsp;&nbsp;$357962559 | &nbsp;&nbsp;&nbsp;$50615795 | &nbsp;&nbsp;&nbsp;$239149298 | &nbsp;&nbsp;&nbsp;$689223533 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17712389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6268264) | &nbsp;&nbsp;&nbsp;&nbsp;(256254479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3875155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43918704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3262868) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$24864814** | &nbsp;&nbsp;&nbsp;**$41605452** | &nbsp;&nbsp;&nbsp;**$101708080** | &nbsp;&nbsp;&nbsp;**$46740640** | &nbsp;&nbsp;&nbsp;**$195230594** | &nbsp;&nbsp;&nbsp;**$685960665** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102180 | &nbsp;&nbsp;&nbsp;$13568884 | &nbsp;&nbsp;&nbsp;$61409652 | &nbsp;&nbsp;&nbsp;$4919024 | &nbsp;&nbsp;&nbsp;$14399225 | &nbsp;&nbsp;&nbsp;$123919832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | &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;&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;&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;260893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40965 | &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;216753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26798 | &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;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239433 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152767 | &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;18023 | &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;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22451212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22842836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40298428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41586840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180804571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561779940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$24864814 | &nbsp;&nbsp;&nbsp;$41605452 | &nbsp;&nbsp;&nbsp;$101708080 | &nbsp;&nbsp;&nbsp;$46740640 | &nbsp;&nbsp;&nbsp;$195230594 | &nbsp;&nbsp;&nbsp;$685960665 |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12319701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &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;&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;&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;25921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &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;25543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960 | &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;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351805 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577634 | &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;2118 | &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;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19981121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56166834 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3877426** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4659103** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14685315** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5494628** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21575555** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68512456** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.83<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &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;&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;&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;10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57<sup>(a)</sup> | &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;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05<sup>(a)</sup> | &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;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37<sup>(a)</sup> | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92<sup>(a)</sup> | &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;8.51 | &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;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &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;&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;&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;10.11 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(c)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(c)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(c)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50<sup>(d)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50<sup>(d)</sup>% | &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;Class A1 Shares | &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;&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;&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;0.50<sup>(e)</sup>% |

---

(a) The NAV shown above differs from the traded NAV on October 31, 2022 due to financial statement rounding and/or financial statement adjustments.

(b) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year due to contingent deferred sales charge.

(c) 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.

(d) Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months
of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

(e) Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be charged on Class A1 shares
redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **61** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Operations

For the Year Ended October 31, 2022

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Debt<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Absolute Return<br> Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global High<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$142957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$108995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13951 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284525 |
| &nbsp;&nbsp;Securities lending income, net | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13885 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1924) | &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;&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;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10890829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9298476 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045200 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77447 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647232 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101711 |
| &nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50950 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28086 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50633 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337271 |
| &nbsp;&nbsp;Distribution fees Class A1 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 | &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;2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14302 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487352 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89176 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A1 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &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;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531 | &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;&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;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32362 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68740 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760410) | &nbsp;&nbsp;&nbsp;&nbsp;(2289342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851667 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2196310** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93959** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5444906** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1515521** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8521893** | &nbsp;&nbsp;&nbsp;&nbsp;**5446809** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4548223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3418697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7779414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14412641) | &nbsp;&nbsp;&nbsp;&nbsp;(1209824) |
| &nbsp;&nbsp;Realized gain/(loss) on futures contracts | &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;454639 | &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;&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;Realized gain/(loss) on written options | &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;527748 | &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;&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;Realized gain/(loss) on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5935528) | &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;&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;Realized gain/(loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840593 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31657) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, futures contracts, written options, swap contracts, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4098210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6892722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14412641) | &nbsp;&nbsp;&nbsp;&nbsp;(1209824)<br>Amounts listed as "–" are $0 or round to $0.<br>See Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| **62** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Operations (concluded)

For the Year Ended October 31, 2022

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Debt<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Absolute Return<br> Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global High<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;$(7091113) | &nbsp;&nbsp;&nbsp;&nbsp;$(305108) | &nbsp;&nbsp;&nbsp;$(19036762) | &nbsp;&nbsp;&nbsp;$(7458428) | &nbsp;&nbsp;&nbsp;$(27251780) | &nbsp;&nbsp;&nbsp;$(1666737) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on swap contracts | &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;1063273 | &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;&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;Net change in unrealized appreciation/(depreciation) on futures contracts | &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;(504866) | &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;&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;Net change in unrealized appreciation/(depreciation) on written options | &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;(40287) | &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;&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;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248330) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, swap contracts, futures contracts, written options, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7189439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19283957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7458428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27251780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1666737) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments, written options, swaps, futures contracts, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(11287649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5848182) | &nbsp;&nbsp;&nbsp;&nbsp;(23254435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7735981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41664421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2876561) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(9091339)** | &nbsp;&nbsp;&nbsp;**$(5754223)** | &nbsp;&nbsp;&nbsp;**$(17809529)** | &nbsp;&nbsp;&nbsp;**$(6220460)** | &nbsp;&nbsp;&nbsp;**$(33142528)** | &nbsp;&nbsp;&nbsp;**$2570248** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **63** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$2196310 | &nbsp;&nbsp;&nbsp;$2603837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$93959 | &nbsp;&nbsp;&nbsp;&nbsp;$(36994) | &nbsp;&nbsp;&nbsp;&nbsp;$5444906 | &nbsp;&nbsp;&nbsp;$6840306 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, written options, swap contracts, futures contracts, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4098210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6892722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386995 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, written options, swap contracts, futures contracts, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7189439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2313338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19283957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796725 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9091339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5754223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17809529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14024026 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(754555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3663466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3908060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | &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;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139135) | &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;&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;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17552) | &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;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2465471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1744572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2564748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3324472) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2708278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2718429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6228214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7232532) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4019156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12242793) | &nbsp;&nbsp;&nbsp;&nbsp;(41858918) | &nbsp;&nbsp;&nbsp;&nbsp;70424619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11569430) | &nbsp;&nbsp;&nbsp;&nbsp;(15070803) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15818773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11722204) | &nbsp;&nbsp;&nbsp;&nbsp;(50331570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70161881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35607173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8279309) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40683587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52405791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91937022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21775141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137315253 | &nbsp;&nbsp;&nbsp;&nbsp;145594562 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**24864814** | &nbsp;&nbsp;&nbsp;$**40683587** | &nbsp;&nbsp;&nbsp;$**41605452** | &nbsp;&nbsp;&nbsp;$**91937022** | &nbsp;&nbsp;&nbsp;$**101708080** | &nbsp;&nbsp;&nbsp;$**137315253** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **64** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$5956556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$526551 | &nbsp;&nbsp;&nbsp;$1202597 | &nbsp;&nbsp;&nbsp;$12776028 | &nbsp;&nbsp;&nbsp;&nbsp;$7208240 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748272 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(5982547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7625011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936020) | &nbsp;&nbsp;&nbsp;&nbsp;(22032899) | &nbsp;&nbsp;&nbsp;&nbsp;(20448290) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6434868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21541229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5959036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9491778) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;10000 | &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;150000 | &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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &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;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338551) | &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;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188150) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925269 | &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;&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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139135 | &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;&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;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(963082) | &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;&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;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101322 | &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;&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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437987 | &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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17235 | &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;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1699571) | &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;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1244349) | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63863945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44607948 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165788 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7308737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19666467) | &nbsp;&nbsp;&nbsp;&nbsp;(36826473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8224961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71981509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53352761) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3641461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12155304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34190184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50315889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5610394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5579025) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(4019156)** | &nbsp;&nbsp;&nbsp;$**(12242793)** | &nbsp;&nbsp;&nbsp;$**(41858918)** | &nbsp;&nbsp;&nbsp;$**70424619** | &nbsp;&nbsp;&nbsp;$**(11569430)** | &nbsp;&nbsp;&nbsp;$**(15070803)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **65** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global Absolute<br> Return Strategies Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> High Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;838964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811602 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420325 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(848607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773840) | &nbsp;&nbsp;&nbsp;&nbsp;(186840) | &nbsp;&nbsp;&nbsp;&nbsp;(2698533) | &nbsp;&nbsp;&nbsp;(2293954) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651858) | &nbsp;&nbsp;&nbsp;2084624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724354) | &nbsp;&nbsp;&nbsp;&nbsp;(1062027) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14515 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &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;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32701) | &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;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18147) | &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;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98091 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14545 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(106996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102497) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;(46855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10139 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40843 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &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;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162173) | &nbsp;&nbsp;&nbsp;&nbsp;(160987) | &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;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118521) | &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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717393 | &nbsp;&nbsp;&nbsp;&nbsp;5454864 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;303404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385270 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(903586) | &nbsp;&nbsp;&nbsp;(2035218) | &nbsp;&nbsp;&nbsp;&nbsp;(3663228) | &nbsp;&nbsp;&nbsp;&nbsp;(783300) | &nbsp;&nbsp;&nbsp;&nbsp;(9729545) | &nbsp;&nbsp;&nbsp;&nbsp;(6488189) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;(462464) | &nbsp;&nbsp;&nbsp;(1256069) | &nbsp;&nbsp;&nbsp;&nbsp;(3399192) | &nbsp;&nbsp;&nbsp;4798955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648055) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(518512)** | &nbsp;&nbsp;&nbsp;**(1266167)** | &nbsp;&nbsp;&nbsp;**(4185396)** | &nbsp;&nbsp;&nbsp;**6746911** | &nbsp;&nbsp;&nbsp;**(1394496)** | &nbsp;&nbsp;&nbsp;**(1710082)** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **66** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1515521 | &nbsp;&nbsp;&nbsp;&nbsp;$1667110 | &nbsp;&nbsp;&nbsp;&nbsp;$8521893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8317891 | &nbsp;&nbsp;&nbsp;&nbsp;$5446809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$986158 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14412641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1101812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1209824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195697) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7458428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27251780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8143949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1666737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700888 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6220460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33142528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15360028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491349 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(691462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | &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;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564) | &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;&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;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1372129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1602524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8124949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7826608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4742311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945195) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1773870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8541396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8290810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5436203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992901) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6590631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4613579) | &nbsp;&nbsp;&nbsp;&nbsp;(209708294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146984308 | &nbsp;&nbsp;&nbsp;&nbsp;(266309347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237411963) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(14328860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3904732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251392218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154053526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269175302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236913515) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61069500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64974232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446622812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292569286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955135967 | &nbsp;&nbsp;&nbsp;&nbsp;1192049482 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**46740640** | &nbsp;&nbsp;&nbsp;$**61069500** | &nbsp;&nbsp;&nbsp;$**195230594** | &nbsp;&nbsp;&nbsp;$**446622812** | &nbsp;&nbsp;&nbsp;$**685960665** | &nbsp;&nbsp;&nbsp;$**955135967** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **67** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18422 | &nbsp;&nbsp;&nbsp;&nbsp;$110423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1322146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7657773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37177427 | &nbsp;&nbsp;&nbsp;$50785379 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47225 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7030507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9184933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74784580) | &nbsp;&nbsp;&nbsp;&nbsp;(152699342) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5303186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36935418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101866738) |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&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;&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;Dividends reinvested | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;Cost of shares redeemed | &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;&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;&nbsp;&nbsp;(250283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47641) |
| &nbsp;&nbsp;Total Class A1 | &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;&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;&nbsp;&nbsp;(247867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47517) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26994 | &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;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &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;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31260) | &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;— | &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;— |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27103 | &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;— |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &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;&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;&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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &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;— | &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;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &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;— | &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;— |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &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;— | &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;— |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107043551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268144226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442073742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657065229 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811146 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7784597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6110584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316811828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125967487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674972962) | &nbsp;&nbsp;&nbsp;&nbsp;(793374083) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6196561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3937599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204408014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148036496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229126062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135497708) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(6590631)** | &nbsp;&nbsp;&nbsp;$**(4613579)** | &nbsp;&nbsp;&nbsp;$**(209708294)** | &nbsp;&nbsp;&nbsp;$**146984308** | &nbsp;&nbsp;&nbsp;$**(266309347)** | &nbsp;&nbsp;&nbsp;$**(237411963)** |

---

Amounts listed as "–" are $0 or round to $0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **68** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Statements of Changes in Net Assets (concluded)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029554 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7427627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15121758) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;(34458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3667228) | &nbsp;&nbsp;&nbsp;&nbsp;(10087527) |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &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;&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;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;Redeemed | &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;&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;(24854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4717) |
| &nbsp;&nbsp;Total Class A1 Shares | &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;&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;(24614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4705) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &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;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3155) | &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;&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;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &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;&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;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &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;&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;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &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;&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;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89355 | &nbsp;&nbsp;&nbsp;&nbsp;10858475 | &nbsp;&nbsp;&nbsp;26088301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44161941 | &nbsp;&nbsp;&nbsp;&nbsp;65442952 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;124513 | &nbsp;&nbsp;&nbsp;&nbsp;130040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80792 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(845859) | &nbsp;&nbsp;&nbsp;&nbsp;(616659) | &nbsp;&nbsp;&nbsp;&nbsp;(32819086) | &nbsp;&nbsp;&nbsp;&nbsp;(12297198) | &nbsp;&nbsp;&nbsp;&nbsp;(67415367) | &nbsp;&nbsp;&nbsp;&nbsp;(79028435) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(671813) | &nbsp;&nbsp;&nbsp;&nbsp;(397264) | &nbsp;&nbsp;&nbsp;&nbsp;(21410488) | &nbsp;&nbsp;&nbsp;&nbsp;14362347 | &nbsp;&nbsp;&nbsp;&nbsp;(22876255) | &nbsp;&nbsp;&nbsp;&nbsp;(13504691) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(712630)** | &nbsp;&nbsp;&nbsp;**(465369)** | &nbsp;&nbsp;&nbsp;**(21954017)** | &nbsp;&nbsp;&nbsp;**14257285** | &nbsp;&nbsp;&nbsp;**(26568097)** | &nbsp;&nbsp;&nbsp;**(23596923)** |

---

Amounts listed as "–" are 0 or round to 0.<br>

See Notes to Financial Statements.

---

| | |
|:---|:---|
| 2022 Annual Report | **69** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Debt Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> <sup>(a)</sup>** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$0.58 | &nbsp;&nbsp;$(2.80) | &nbsp;&nbsp;$(2.22) | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$6.40 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;9.72 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;8.97 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;6.43 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.19 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.69 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;6.37 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;9.19 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;9.19 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;9.69 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;6.41 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;9.76 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;8.99 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;6.42 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;9.26 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;9.26 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;9.76 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;8.99 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **70** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Debt Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(25.31%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;1.64%(e) | &nbsp;&nbsp;&nbsp;&nbsp;7.80% | &nbsp;&nbsp;&nbsp;63.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;1.02%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(e) | &nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;71.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.53%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;1.02%(e) | &nbsp;&nbsp;&nbsp;1.44%(e) | &nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;63.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;71.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;(7.91%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;56.02% |
| &nbsp;&nbsp;(25.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1.66%(e) | &nbsp;&nbsp;&nbsp;2.53%(e) | &nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;63.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(e) | &nbsp;&nbsp;&nbsp;2.25%(e) | &nbsp;&nbsp;&nbsp;4.39% | &nbsp;&nbsp;&nbsp;&nbsp;71.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(2.34%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.16%(e) | &nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;63.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;&nbsp;71.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;56.02% |
| &nbsp;&nbsp;&nbsp;(25.33%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.95%(e) | &nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;63.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.79%(e) | &nbsp;&nbsp;&nbsp;5.22% | &nbsp;&nbsp;&nbsp;&nbsp;71.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.94%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;63.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;71.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;56.02% |
| &nbsp;&nbsp;&nbsp;(24.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;0.77%(e) | &nbsp;&nbsp;&nbsp;1.40%(e) | &nbsp;&nbsp;&nbsp;6.92% | &nbsp;&nbsp;&nbsp;63.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;0.77%(e) | &nbsp;&nbsp;&nbsp;1.26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;71.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.36%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;4.96% | &nbsp;&nbsp;&nbsp;63.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;5.66% | &nbsp;&nbsp;&nbsp;&nbsp;71.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;(7.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;56.02% |
| &nbsp;&nbsp;&nbsp;(24.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22451 | &nbsp;&nbsp;&nbsp;0.66%(e) | &nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;7.05% | &nbsp;&nbsp;&nbsp;63.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36685 | &nbsp;&nbsp;&nbsp;0.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;71.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48312 | &nbsp;&nbsp;&nbsp;0.65%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;63.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46573 | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;71.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;(7.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18720 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;5.41% | &nbsp;&nbsp;&nbsp;56.02% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **71** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Absolute Return Strategies Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;&nbsp;&nbsp;$(–)(e) | &nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$8.83 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.10 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.47 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.44 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;10.43 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;10.30 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.55 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Less than $0.005 per share.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(g) Interest expense is less than 0.001%.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **72** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Absolute Return Strategies Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(10.81%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13569 | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;180.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;424.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;2.52%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;238.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(g) | &nbsp;&nbsp;&nbsp;3.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;53.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;62.39% |
| &nbsp;&nbsp;&nbsp;(11.38%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;180.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) | &nbsp;&nbsp;&nbsp;424.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;1.66%(g) | &nbsp;&nbsp;&nbsp;3.30%(g) | &nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;238.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;1.86%(g) | &nbsp;&nbsp;&nbsp;3.83%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;53.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;1.85%(g) | &nbsp;&nbsp;&nbsp;3.65%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;62.39% |
| &nbsp;&nbsp;&nbsp;(10.62%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;180.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.33%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;(0.20%) | &nbsp;&nbsp;&nbsp;424.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.45%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148 | &nbsp;&nbsp;&nbsp;0.80%(g) | &nbsp;&nbsp;&nbsp;2.35%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;238.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;2.86%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;53.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 | &nbsp;&nbsp;&nbsp;0.96%(g) | &nbsp;&nbsp;&nbsp;2.63%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;62.39% |
| &nbsp;&nbsp;(10.42%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22843 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;180.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62007 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;424.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.34%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885 | &nbsp;&nbsp;&nbsp;0.66%(g) | &nbsp;&nbsp;&nbsp;2.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;238.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.82%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;0.86%(g) | &nbsp;&nbsp;&nbsp;2.84%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;53.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5521 | &nbsp;&nbsp;&nbsp;0.85%(g) | &nbsp;&nbsp;&nbsp;2.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;62.39% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **73** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global High Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$8.84 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$(1.63) | &nbsp;&nbsp;$(1.25) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$7.18 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;8.45 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;8.71 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;8.74 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;6.57 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;8.13 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;7.81 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;8.08 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;8.16 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(d) Includes interest expense that amounts to less than 0.01%.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **74** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global High Income Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)** |
| &nbsp;&nbsp;(14.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61410 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;96.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81980 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;98.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87358 | &nbsp;&nbsp;&nbsp;1.00%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.45%(d) | &nbsp;&nbsp;&nbsp;4.76% | &nbsp;&nbsp;&nbsp;99.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116126 | &nbsp;&nbsp;&nbsp;1.00%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(d) | &nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;98.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131219 | &nbsp;&nbsp;&nbsp;1.00%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(d) | &nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;36.77% |
| &nbsp;&nbsp;&nbsp;(14.20%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40298 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;96.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55335 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;98.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58237 | &nbsp;&nbsp;&nbsp;0.75%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(d) | &nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;99.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101888 | &nbsp;&nbsp;&nbsp;0.75%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(d) | &nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;98.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89839 | &nbsp;&nbsp;&nbsp;0.75%(d) | &nbsp;&nbsp;&nbsp;0.95%(d) | &nbsp;&nbsp;&nbsp;5.80% | &nbsp;&nbsp;&nbsp;&nbsp;36.77% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **75** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Intermediate Municipal Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$(1.33) | &nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$8.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.92 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;8.49 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.81 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;9.71 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;9.91 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.55 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Interest expense is less than 0.001%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **76** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Intermediate Municipal Income Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;(11.24%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4919 | &nbsp;&nbsp;&nbsp;&nbsp;0.76%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(e) | &nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;53.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;0.76%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.09%(e) | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;55.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;0.76%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.16%(e) | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;58.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.65%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;14.38% |
| &nbsp;&nbsp;&nbsp;(11.82%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.91%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;53.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.87%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;55.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.93%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;58.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;14.38% |
| &nbsp;&nbsp;(10.98%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.87%(e) | &nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;53.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.83%(e) | &nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;55.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;58.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;14.38% |
| &nbsp;&nbsp;&nbsp;(10.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41587 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.88%(e) | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54707 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;53.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58015 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.84%(e) | &nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;55.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63256 | &nbsp;&nbsp;&nbsp;0.50%(e) | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;58.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65428 | &nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;14.38% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **77** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Short Duration High Yield Municipal Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Redemption<br> Fees** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$(1.20) | &nbsp;&nbsp;$(0.98) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$9.05 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 |
| &nbsp;&nbsp;Year Ended October 31, 2021(h) | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.27 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.07 |

---

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to 0.03% for the year ended October 31, 2022. Includes interest expense that amounts to less than 0.01% for the year ended October 31, 2020. Includes interest
expense that amounts to 0.01% for the year ended October 31, 2018.

(f) Less than $0.005 per share.

(g) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(h) For the period from December 21, 2020 (commencement of operations) through October 31, 2021.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **78** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Short Duration High Yield Municipal Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14399 | &nbsp;&nbsp;&nbsp;0.93%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;57.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21907 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;95.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22417 | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(e) | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;149.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27577 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;104.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29433 | &nbsp;&nbsp;&nbsp;&nbsp;0.91%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;86.19% |
| &nbsp;&nbsp;(10.47%)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.87%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;57.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;95.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.48%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180805 | &nbsp;&nbsp;&nbsp;0.68%(e) | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;57.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424689 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;95.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270153 | &nbsp;&nbsp;&nbsp;0.65%(e) | &nbsp;&nbsp;&nbsp;0.87%(e) | &nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;149.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229716 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;104.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177810 | &nbsp;&nbsp;&nbsp;0.66%(e) | &nbsp;&nbsp;&nbsp;0.87%(e) | &nbsp;&nbsp;&nbsp;3.27% | &nbsp;&nbsp;&nbsp;&nbsp;86.19% |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **79** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Redemption<br> Fees** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;$0.05(d) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$10.06 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.10 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05(d) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(d)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.10 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.03(d) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.10 |
| &nbsp;&nbsp;Year Ended October 31, 2019(g) | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.10 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07(d) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10(d) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| &nbsp;&nbsp;Year Ended October 31, 2019 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| &nbsp;&nbsp;Year Ended October 31, 2018 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.130(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |

---

(a) Excludes sales charge.

(b) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(d) Net investment income/(loss) is based on average shares outstanding during the period.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

(g) For the period from February 28, 2019 (commencement of operations) through October 31, 2019.

Amounts listed as "–" are $0 or round to $0.

See Notes to Financial Statements.

---

| | |
|:---|:---|
| **80** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)** |
| &nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123920 | &nbsp;&nbsp;&nbsp;0.60%(e) | &nbsp;&nbsp;&nbsp;0.95%(e) | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;320.87% |
| &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161362 | &nbsp;&nbsp;&nbsp;0.54%(e) | &nbsp;&nbsp;&nbsp;0.96%(e) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261.23% |
| &nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263068 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.94%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;299.40% |
| &nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204501 | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;231.49% |
| &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223255 | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;177.63% |
| &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;0.60%(e) | &nbsp;&nbsp;&nbsp;0.89%(e) | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;320.87% |
| &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;0.54%(e) | &nbsp;&nbsp;&nbsp;0.89%(e) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261.23% |
| &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;299.40% |
| &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;231.49% |
| &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561780 | &nbsp;&nbsp;&nbsp;0.44%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;320.87% |
| &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793264 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;261.23% |
| &nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928424 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;299.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680881 | &nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;231.49% |
| &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802312 | &nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;177.63% |

---

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| | |
|:---|:---|
| 2022 Annual Report | **81** |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements <br> October 31, 2022

------

1. Organization

abrdn Funds (formerly, Aberdeen Funds) (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of October 31, 2022, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of October 31, 2022, the Trust operated nineteen (19) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the six (6) funds listed below (each a "Fund"; collectively, the "Funds"):

• abrdn Emerging Markets Debt Fund (formerly, Aberdeen Emerging Markets Debt Fund) ("Emerging Markets Debt Fund")

• abrdn Global Absolute Return Strategies Fund (formerly, Aberdeen Global Absolute Return Strategies Fund) ("Global Absolute Return Strategies Fund")

• abrdn Global High Income Fund (formerly, Aberdeen Global High Income Fund) ("Global High Income Fund")

• abrdn Intermediate Municipal Income Fund (formerly, Aberdeen Intermediate Municipal Income Fund) ("Intermediate Municipal Income Fund")

• abrdn Short Duration High Yield Municipal Fund (formerly, Aberdeen Short Duration High Yield Municipal Fund) ("Short Duration High Yield Municipal Fund")

• abrdn Ultra Short Municipal Income Fund (formerly, Aberdeen Ultra Short Municipal Income Fund) ("Ultra Short Municipal Income Fund")

2. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.

---

| | |
|:---|:---|
| **a.**  | **Security Valuation:** |
|  | The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") designated abrdn Inc. ("abrdn" or the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (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. |
|  | 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. |

---

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| | |
|:---|:---|
| **82** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| |
|:---|
| Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment. |
| Long-term debt and other fixed income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, and the strategies employed by the Adviser as Valuation Designee generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, "odd lot" sizes. Odd lots may trade at lower or occasionally higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments. |
| Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Registered investment companies are valued at their NAV as reported by such company. Generally, these investment types are categorized as Level 1 investments. |
| Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). Exchange-traded options are valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund's assets are determined in good faith in accordance with the Valuation Procedures. |
| In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs. |
| The three-level hierarchy of inputs is summarized below: |

---

• Level 1 - quoted prices in active markets for identical investments;

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or

• Level 3 - significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
| 2022 Annual Report | **83** |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

A summary of standard inputs is listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |
| &nbsp;&nbsp;Foreign equities utilizing a fair value factor | &nbsp;&nbsp;Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
| &nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;Forward exchange rate quotations. |
| &nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures. |

---

The following is a summary of the inputs used as of October 31, 2022 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Please refer to the Statements of Investments for a detailed breakout of the security types:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$6580262 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$6580262 |
| &nbsp;&nbsp;Government Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17032040 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17032040 |
| &nbsp;&nbsp;Warrants <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23612302** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23612302** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56132 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56132 |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23668434** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23668434** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(76231) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(76231) |
| &nbsp;&nbsp;**Total Liabilities <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(76231)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(76231)** |

---

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| | |
|:---|:---|
| **84** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$6008644 | &nbsp;&nbsp;&nbsp;&nbsp;$1564798 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$7573442 |
| &nbsp;&nbsp;Government Bonds <br>| &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;14927363 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14927363 |
| &nbsp;&nbsp;Short-Term Investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14686401 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16038998 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;**$7361241** | &nbsp;&nbsp;&nbsp;**$31178562** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$38539803** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64074 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64074 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements <br>| &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;918216 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918216 |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &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;2378668 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378668 |
| &nbsp;&nbsp;Futures Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462412 | &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;462412 |
| &nbsp;&nbsp;Over the Counter Total Return Swaps <br>| &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;231673 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231673 |
| &nbsp;&nbsp;**Total Other Financial Instruments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$462412** | &nbsp;&nbsp;&nbsp;&nbsp;**$3592631** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$4055043** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$7823653** | &nbsp;&nbsp;&nbsp;**$34771193** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$42594846** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32213 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32213 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139626) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1139626) |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1392028) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1392028) |
| &nbsp;&nbsp;Futures Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363869) |
| &nbsp;&nbsp;Over the Counter Total Return Swaps <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117906) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117906) |
| &nbsp;&nbsp;**Total Liabilities <br>**  | &nbsp;&nbsp;&nbsp;**$(363869)** | &nbsp;&nbsp;&nbsp;**$(2617347)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$(2981216)** |
| &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$91045483 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$91045483 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058593 | &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;5058593 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;14966734 | &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;14966734 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$20025327** | &nbsp;&nbsp;**$91045483** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$111070810** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6287 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6287 |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;**$20025327** | &nbsp;&nbsp;&nbsp;**$91051770** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$111077097** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(335428) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(335428) |
| &nbsp;&nbsp;**Total Liabilities <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$(335428)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$(335428)** |

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| | |
|:---|:---|
| 2022 Annual Report | **85** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$45965141 | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$45965141 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128379 | &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;128379 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$128379** | &nbsp;&nbsp;&nbsp;**$45965141** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$46093520** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$128379** | &nbsp;&nbsp;&nbsp;**$45965141** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$46093520** |
| &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$192683294 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$192683294 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$192683294** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$192683294** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$192683294** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$192683294** |
| &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$699895475 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$699895475 |
| &nbsp;&nbsp;Short-Term Investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20095523 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95523** | &nbsp;&nbsp;**$719895475** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$719990998** |
| &nbsp;&nbsp;**Total Assets <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$95523** | &nbsp;&nbsp;**$719895475** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$719990998** |

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Amounts listed as "–" are $0 or round to $0.

For the fiscal year ended October 31, 2022, there were no significant changes to the fair valuation methodologies. Level 3 investments held by each of the Emerging Markets Debt Fund, Global High Income Fund and Short Duration High Yield Municipal Fund at the beginning, during and at the end of the fiscal year in relation to net assets were not significant (0.00% of total net assets) and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2022 is not presented.

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| | |
|:---|:---|
| **b.**  | **Restricted Securities:** |
|  | Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances. |

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|:---|:---|
| **c.**  | **Foreign Currency Translation:** |
|  | Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments within the Statements of Operations. |

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|:---|:---|
| **d.**  | **Derivative Financial Instruments:** |
|  | Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under |

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| | |
|:---|:---|
| **86** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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|:---|
| the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. |
| **Forward Foreign Currency Exchange Contracts** |
| A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Funds' currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. |
| The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. These realized and unrealized gains and losses are reported on the Statements of Operations. During the year ended October 31, 2022, the Funds used forward contracts for the purposes of efficient portfolio management and managing active currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. |
| While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss. |
| Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default. |
| **Futures Contracts** |
| Certain Funds may invest in financial futures contracts ("futures contracts") for the purpose of hedging their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish a Fund's positions may not exceed 5% of a Fund's NAV after taking into account unrealized profits and unrealized losses on any such contract into which it has entered. |
| Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract expires or is closed, the gain/(loss) is realized and is presented in the Statements of Operations as a net realized gain/(loss) on futures contracts. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded. |
| A "sale" of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A "purchase" of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. |
| There are significant risks associated with a Fund's use of futures contracts, including the following: (1) the success of a hedging strategy may depend on the ability of a Fund's investment adviser and/or sub-adviser to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the movement in the price |

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| | |
|:---|:---|
| 2022 Annual Report | **87** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| |
|:---|
| of futures contracts, interest rates and the value/market value of the securities held by a Fund; (3) there may not be a liquid secondary market for a futures contract; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts. In addition, should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. |
| For the fiscal year ended October 31, 2022, the Global Absolute Return Strategies Fund invested in futures for both investment and hedging purposes. |
| **Options** |
| Options are instruments that provide a right to buy (call) or sell (put) a particular security or an index of securities at a fixed price within a certain time period. Options differ from forward and futures contracts in that the buyer of the option has no obligation to perform under the contract. An option is out-of-the money if the exercise price of the option is above, in the case of a call option, or below, in the case of a put option, the current price (or interest rate or yield for certain options) of the referenced security or instrument. Use of put and call options may result in losses to a Fund, force the sale or purchase of portfolio securities at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current market values, limit the amount of appreciation a Fund can realize on its investments or cause a Fund to hold a security it might otherwise sell. |
| For the fiscal year ended October 31, 2022, the Global Absolute Return Strategies Fund invested in options for both investment and hedging purposes. |
| **Swaps** |
| A swap is an agreement that obligates two parties to exchange a series of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of an underlying asset or notional principal amount. A Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the amount of the difference between the two payments. Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination of the transaction. |
| Traditionally, swaps were customized, privately negotiated agreements executed between two parties ("OTC Swaps") but since 2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd – Frank Wall Street Reform and Consumer Protection Act ("Dodd Frank") and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories ("EMIR") ("Cleared Swaps"). Like OTC Swaps, Cleared Swaps are negotiated bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty ("CCP"), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering into a Cleared Swap, a Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is presented in the Statements of Operations as a net realized gain or loss on swap contracts. As of March 2017, a Fund may be required to provide variation and/or initial margin for OTC Swaps pursuant to further rules and regulations related to Dodd Frank and EMIR. The margin requirements associated with OTC Swaps and Cleared Swaps may not be the same. |
| Entering into swap agreements involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement. The Funds' maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by the posting of collateral by the counterparties to the Funds to cover the Funds' exposure to the counterparty. |
| **Interest Rate Swaps** |
| A Fund uses interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange between a Fund and a counterparty of respective commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a term that is greater than one year, but typically require periodic interim settlement in cash, at which time the specified value of the variable interest rate is reset for the next settlement period. Net payments of |

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| | |
|:---|:---|
| **88** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| |
|:---|
| interest are recorded as realized gains or losses. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from a Fund and changes in the value of swap contracts are recorded as unrealized gains or losses. |
| During the fiscal year ended October 31, 2022, the Global Absolute Return Strategies Fund held interest rate swaps to implement investment views and hedge interest rate risk. |
| **Credit Default Swaps** |
| A credit default swap is an agreement whereby one party, the buyer, is obligated to pay the other party, the seller, a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund might use credit default swap contracts to limit or to reduce risk exposure of the Fund to defaults of corporate and sovereign issues (i.e., to reduce risk when the Fund owns or has exposure to such issuers). A Fund also might use credit default swap contracts to create direct or synthetic short or long exposure to domestic or foreign corporate debt securities or certain sovereign debt securities to which the Fund is not otherwise exposed. |
| During the fiscal year ended October 31, 2022, the Global Absolute Return Strategies Fund held credit default swaps to implement investment views and hedge the Fund's exposure to the credit market. |

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| |
|:---|
| **Summary of Derivative Instruments** |
| Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of October 31, 2022: |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56132 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$56132** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$56132** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76231 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$76231** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$76231** |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$2378668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$2378668 |
| &nbsp;&nbsp;Futures Contracts | &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;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;462,412\* | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462412 |
| &nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654,219\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;163,300\* | &nbsp;&nbsp;&nbsp;&nbsp;231673 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049192 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;**$654219** | &nbsp;&nbsp;**$2378668** | &nbsp;&nbsp;**$163300** | &nbsp;&nbsp;**$694085** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$3890272** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$1392028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$1392028 |
| &nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359,911\* | &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;3,958\* | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363869 |
| &nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,000,612\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177,653\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117906 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296171 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$1360523** | &nbsp;&nbsp;**$1392028** | &nbsp;&nbsp;**$177653** | &nbsp;&nbsp;**$121864** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$3052068** |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **89** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6287 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6287** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6287** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$335428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$335428 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$335428** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$335428** |

---

Amounts listed as "–" are $0 or round to $0.

\* The values shown reflect unrealized appreciation/(depreciation) and the values shown on the Statement of Assets and Liabilities reflect variation margin.

Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of October 31, 2022 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &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;$1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;4802 | &nbsp;&nbsp;&nbsp;(2845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;(2845) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &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;30313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;30313 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;51330 | &nbsp;&nbsp;(41677) | &nbsp;&nbsp;(9653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;41677 | &nbsp;&nbsp;(41677) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **90** | 2022 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;$159095 | &nbsp;&nbsp;$(57928) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$101167 | &nbsp;&nbsp;$57928 | &nbsp;&nbsp;$(57928) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;199396 | &nbsp;&nbsp;&nbsp;&nbsp;(60512) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;138884 | &nbsp;&nbsp;&nbsp;&nbsp;60512 | &nbsp;&nbsp;&nbsp;&nbsp;(60512) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;133020 | &nbsp;&nbsp;&nbsp;&nbsp;(29129) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;103891 | &nbsp;&nbsp;&nbsp;&nbsp;29129 | &nbsp;&nbsp;&nbsp;&nbsp;(29129) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;&nbsp;455968 | &nbsp;&nbsp;(225947) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;230021 | &nbsp;&nbsp;225947 | &nbsp;&nbsp;(225947) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;20942 | &nbsp;&nbsp;&nbsp;(20942) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;275933 | &nbsp;&nbsp;&nbsp;(20942) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;254991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;1118427 | &nbsp;&nbsp;(259646) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;858781 | &nbsp;&nbsp;259646 | &nbsp;&nbsp;(259646) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;291820 | &nbsp;&nbsp;(291820) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;482933 | &nbsp;&nbsp;(291820) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;191113 |
| &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** | &nbsp;&nbsp;**Over the Counter Total Return Swaps<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;11471 | &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;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;220202 | &nbsp;&nbsp;&nbsp;(117906) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;102296 | &nbsp;&nbsp;&nbsp;117906 | &nbsp;&nbsp;&nbsp;(117906) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

Amounts listed as "–" are $0 or round to $0.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;$183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;6104 | &nbsp;&nbsp;(6104) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;135658 | &nbsp;&nbsp;(6104) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;129554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &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;2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &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;197714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;197714 |

---

Amounts listed as "–" are $0 or round to $0.

(1) In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2) Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across
transactions governed under the same master netting agreement with the same legal entity.

(3) Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

---

| | |
|:---|:---|
| 2022 Annual Report | **91** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

The following is a summary of the effect of derivative instruments on the Statement of Operations for the year ended October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** |
| &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$481202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$481202 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$481202** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;**$481202** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$(131810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$(131810) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$(131810)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;**$(131810)** |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** |
| &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** |
| &nbsp;&nbsp;Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &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;$(1226808) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(1226808) |
| &nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990400) | &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;1445039 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454639 |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623731 | &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;1623731 |
| &nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(3294912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(498724) | &nbsp;&nbsp;&nbsp;&nbsp;(2141892) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(5935528) |
| &nbsp;&nbsp;Written Options | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214188 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214188 |
| &nbsp;&nbsp;Written Swaption Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686440) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686440) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$(4971752)** | &nbsp;&nbsp;**$1623731** | &nbsp;&nbsp;**$(498724)** | &nbsp;&nbsp;**$(709473)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(4556218)** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** |
| &nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$(359911) | &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;$(144955) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$(504866) |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851249 | &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;&nbsp;851249 |
| &nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1068059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145429 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063273 |
| &nbsp;&nbsp;Written Options | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40287) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40287) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;**$708148** | &nbsp;&nbsp;&nbsp;**$851249** | &nbsp;&nbsp;**$(150215)** | &nbsp;&nbsp;&nbsp;**$(39813)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$1369369** |
| &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** |
| &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** | &nbsp;&nbsp;**Net realized gain (loss) on:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$3840593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$3840593 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$3840593** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$3840593** |

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| | |
|:---|:---|
| **92** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** | &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) of:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(248330) | &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;$– | &nbsp;&nbsp;&nbsp;$(248330) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(248330)** | &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;**$–** | &nbsp;&nbsp;**$(248330)** |

---

Amounts listed as "–" are $0 or round to $0.

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the fiscal year ended October 31, 2022. The table below summarizes the weighted average values of derivatives holdings by the Funds during the fiscal year ended October 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average<br> Notional Value** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | &nbsp;&nbsp;**Emerging Markets Debt Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp;$1765876 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;&nbsp;$7408539 |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | &nbsp;&nbsp;**Global Absolute Return Strategies Fund** |
| &nbsp;&nbsp;Purchased Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327791 |
| &nbsp;&nbsp;Long Futures Contracts | &nbsp;&nbsp;$16378682 |
| &nbsp;&nbsp;Short Futures Contracts | &nbsp;&nbsp;$17475005 |
| &nbsp;&nbsp;Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$588319 |
| &nbsp;&nbsp;Swap Contracts at Notional Amount | &nbsp;&nbsp;$213872869 |
| &nbsp;&nbsp;Foreign Cross Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$9926193 |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$43128228 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$66638998 |
| &nbsp;&nbsp;**Global High Income Fund** | &nbsp;&nbsp;**Global High Income Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp;$2326111 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$22912343 |

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| | |
|:---|:---|
| **e.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions. |
|  | Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of the month end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the total net asset value of that class's shares in proportion to the total net assets of the relevant Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class. |

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| | |
|:---|:---|
| **f.**  | **Distributions:** |
|  | Distributions from net investment income, if any, are declared and paid quarterly for the Emerging Markets Debt Fund. Distributions from net investment income, if any, are declared daily and paid monthly for the Short Duration High Yield Municipal Fund, the Intermediate Municipal Income Fund and the Ultra Short Municipal Income Fund. Distributions from net investment income, if any, are declared and paid monthly for the Global High Income Fund and annually for the Global Absolute Return Strategies Fund. The Funds will also declare and pay distributions at |

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| | |
|:---|:---|
| 2022 Annual Report | **93** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| |
|:---|
| least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. |
| Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals. |

---

---

| | |
|:---|:---|
| **g.**  | **Federal Income Taxes:** |
|  | Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2022 are subject to such review. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. |
|  | Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2022 are subject to such review. |

---

---

| | |
|:---|:---|
| **h.**  | **Foreign Withholding Tax:** |
|  | Interest income from non-U.S. sources received by the Funds are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review. |
|  | In addition, the Funds may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned. |
|  | In addition, when the Funds sell securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |

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---

| | |
|:---|:---|
| **i.**  | **Securities Lending** |
|  | Through an agreement with Securities Finance Trust Company as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned. |
|  | Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent. |
|  | The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks, including the event of default or insolvency of the borrower, which could delay or restrict a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and therefore, this amount is not presented on the Funds' Statements of Investments. |

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| | |
|:---|:---|
| **94** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

At October 31, 2022, the market value of loaned securities and collateral received were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Value of<br> Securities Loaned** | &nbsp;&nbsp;&nbsp;**Value of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;**Value of<br> Non-cash Collateral** |
| &nbsp;&nbsp; Global High Income Fund<br>| &nbsp;&nbsp;&nbsp;$2282069 | &nbsp;&nbsp;&nbsp;$2349816 | &nbsp;&nbsp;&nbsp;$– |

---

Amounts listed as "–" are $0 or round to $0.

3. Agreements and Transactions with Affiliates

---

| | |
|:---|:---|
| **a.**  | **Investment Adviser** |
|  | Under the Investment Advisory Agreement with the Trust, the Adviser manages the Funds in accordance with the policies and procedures established by the Board. |
|  | For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule: |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fee Schedule** | |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% |
|  | On $500 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% |
|  | $500 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| &nbsp;&nbsp;Global High Income Fund <br>| Up to $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
|  | $5 billion up to $7.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.630% |
|  | $7.5 billion up to $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% |
|  | $10 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.590% |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.425% |
|  | $250 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.355% |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
|  | On $250 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| Up to $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% |
|  | On $2.5 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% |

---

The Adviser has engaged the services of affiliate abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited) (on behalf of Emerging Markets Debt Fund and Global Absolute Return Strategies Fund) as subadviser (the "Subadviser") pursuant to subadvisory agreements. The Subadviser manages a portion of the applicable Fund's investments and have the responsibility for making all investment decisions for the portion of such Fund's assets they manage. Pursuant to the subadvisory agreement, the Adviser pays fees to the Subadviser, if any.

The Trust and abrdn have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2023 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Global High Income Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund, 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, Class R shares and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Global High Income Fund excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses and Rule 12b-1 fees for Class A shares and extraordinary expenses. The Expense Limitation Agreements with respect to the

---

| | |
|:---|:---|
| 2022 Annual Report | **95** |

---

------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund exclude certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;0.50% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Class A<br> Limit** | &nbsp;&nbsp;&nbsp;**Class A1<br> Limit** | &nbsp;&nbsp;&nbsp;**Class C<br> Limit** | &nbsp;&nbsp;&nbsp;**Institutional<br> Class Limit** |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.45% |

---

Amounts listed as "–" are $0 or round to $0.

abrdn may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: 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, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by abrdn is not permitted.

As of October 31, 2022, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to abrdn for each Fund, based on expenses reimbursed by abrdn would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Fiscal Year<br> 2020<br> (Expires 10/31/23)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2021<br> (Expires 10/31/24)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2022<br> (Expires 10/31/25)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| $229300 | &nbsp;&nbsp;&nbsp;$233540 | &nbsp;&nbsp;&nbsp;$201245 | &nbsp;&nbsp;&nbsp;$664085 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;347710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507424 | &nbsp;&nbsp;&nbsp;&nbsp;1395948 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;698958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701194 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;233940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673404 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;582868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760410 | &nbsp;&nbsp;&nbsp;&nbsp;2155829 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;2517221 | &nbsp;&nbsp;&nbsp;&nbsp;2920672 | &nbsp;&nbsp;&nbsp;&nbsp;2289342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727235 |

---

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

In accordance with the Funds' Expense Limitation Agreements and criteria, as described above, the Adviser did not recapture any expenses for which it previously reimbursed the Funds. Accordingly, at October 31, 2022, the Funds did not have liabilities payable to the Adviser for recapture of previously reimbursed expenses.

In addition, the Trust and abrdn have entered into a Voluntary Expense Limitation and Reimbursement Agreement ("Voluntary Expense Limitation") pursuant to which abrdn has agreed to pay, waive or absorb the ordinary operating expenses of any class of the Ultra Short Municipal Income Fund (including 12b-1 fees, administrative services fees and other class-specific expenses, but excluding advisory fees, custody fees, interest, brokerage commissions, acquired fund fees and expenses, extraordinary expenses and all other fund-level expenses), on each day for which a distribution is to be declared to the extent possible and necessary to ensure that the amount declared and ultimately distributed is not less than an annualized rate of 2 basis points, calculated on a daily basis for that class on that day. This Voluntary Expense Limitation may be terminated at any time upon notice by abrdn. The Voluntary Expense Limitation is not subject to recoupment and the Ultra Short Municipal Income Fund shall not reimburse any fees waived under the Voluntary Expense Limitation.

---

| | |
|:---|:---|
| **96** | 2022 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

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| | |
|:---|:---|
| **b.**  | **Fund Administration** |
|  | Under the terms of the Fund Administration Agreement, abrdn provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays abrdn an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with abrdn, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. abrdn pays State Street for providing such services. |

---

---

| | |
|:---|:---|
| **c.**  | **Distributor and Shareholder Servicing** |
|  | The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares. |
|  | The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Class A1<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** | &nbsp;&nbsp;&nbsp;**Class R<br> Shares(a)** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global High Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

Amounts listed as "–" are 0% or round to 0%.

(a) 0.25% of which is service fees.

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

The Distributor re-allows to dealer 2.50% of sales charges on Class A shares of the Emerging Markets Debt Fund, Global Absolute Return Strategies Fund and Global High Income Fund; 2.00% of sales charges on Class A shares of the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund; and 0.50% of sales charges on Class A1 of the Ultra Short Municipal Income Fund. In addition, the Distributor or Adviser may compensate broker dealers or financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% on sales of Class C shares, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the fiscal year ended October 31, 2022 was as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commissions Retained<br> from Front-End Sales<br> Charges of Class A<br> and Class A1 Shares** | &nbsp;&nbsp;&nbsp;**Commissions Retained<br> from CDSC Fees of<br> Class C (Certain Class A<br> and Class A1) Shares** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;21970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **97** |

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------

[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commissions Retained<br> from Front-End Sales<br> Charges of Class A<br> and Class A1 Shares** | &nbsp;&nbsp;&nbsp;**Commissions Retained<br> from CDSC Fees of<br> Class C (Certain Class A<br> and Class A1) Shares** |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$8280 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Retained** | **$22137** | &nbsp;&nbsp;&nbsp;**$8541** |

---

Amounts listed as "–" are $0 or round to $0.

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| | |
|:---|:---|
| **d.**  | **Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses** |
|  | The Funds may pay and/or reimburse administrative services fees/sub-transfer agent expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with recordkeeping, networking, sub-transfer agency or other administrative or shareholder services. |
|  | Class A, Class A1, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual sub-transfer agent and administrative services fee of 0.25% for Class A, Class A1, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2023, the administrative service fee is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof. Class C and Institutional Class shares may also pay for the services described above directly and not pursuant to an Administrative Services Plan. |
|  | The aggregate amount of sub-transfer agent and administrative service fees paid during the fiscal year ended October 31, 2022 was as follows: |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class A1** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$173 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;$4440 | &nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;$2325 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;23372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;7531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39677 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;88611 | &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;31128 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &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;4424 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &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;168886 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;89176 | &nbsp;&nbsp;&nbsp;&nbsp;22 | &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;487352 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **e.**  | **Purchase/Sale Transactions Between Affiliates** |
|  | The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the year ended October 31, 2022, the Intermediate Municipal Income Fund engaged in purchases of securities pursuant to Rule 17a-7 for the amount of $1,000,978. During the year ended October 31, 2022, the Short Duration High Yield Municipal Fund engaged in sales of securities pursuant to Rule 17a-7 for the amount of $1,000,978. No other Funds engaged in these trades. |

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| | |
|:---|:---|
| **98** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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4. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the fiscal year ended October 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchase** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$18867645 | &nbsp;&nbsp;&nbsp;&nbsp;$22721188 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16818303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10752847 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105432198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114178155 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11183996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16141677 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197037665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406936743 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;2387435799 | &nbsp;&nbsp;&nbsp;&nbsp;2564973944 |

---

5. Portfolio Investment Risks

---

| | |
|:---|:---|
| **a.**  | **Absolute Return Strategy Risk** |
|  | The Global Absolute Return Strategies Fund is subject to risks related to its absolute return strategy. 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. |

---

---

| | |
|:---|:---|
| **b.**  | **Asset-Backed Securities Risk** |
|  | The Global High Income Fund may buy or sell asset-backed securities. Like traditional fixed income securities, the value of asset-backed securities typically increases when interest rates fall and decreases when interest rates rise. Certain asset-backed securities may also be subject to the risk of prepayment. |

---

---

| | |
|:---|:---|
| **c.**  | **Bank Loan Risk** |
|  | The Global High Income Fund may buy or sell bank loans. There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. Bank loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments resulting in the proceeds from the sale of such loans not being readily available to make additional investments or to meet a Fund's redemption obligations. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. These risks could cause a Fund to lose income or principal on a particular investment, which in turn could affect a Fund's returns. |

---

---

| | |
|:---|:---|
| **d.**  | **Credit Default Swap Risk** |
|  | The Global Absolute Return Strategies Fund and Global High Income 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 Funds. |

---

---

| | |
|:---|:---|
| **e.**  | **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 each Fund, the Adviser and/or their 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. |

---

---

| | |
|:---|:---|
| **f.**  | **Derivatives Risk (including Options, Futures and Swaps)** |
|  | Certain Funds are subject to Derivatives Risk. 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.* |

---

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| | |
|:---|:---|
| 2022 Annual Report | **99** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

---

| |
|:---|
| *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.* |

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---

| | |
|:---|:---|
| **g.**  | **Emerging Markets Risk** |
|  | The risks of investing in emerging markets countries are a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below). |

---

---

| | |
|:---|:---|
| **h.**  | **Equity Securities Risk** |
|  | The Global Absolute Return Strategies Fund and Global High Income Fund may invest in equity securities. 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). |

---

---

| | |
|:---|:---|
| **i.**  | **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. |

---

---

| | |
|:---|:---|
| **j.**  | **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 a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful. |

---

---

| | |
|:---|:---|
| **k.**  | **Foreign Securities Risk** |
|  | Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a 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. |
|  | *Russia/Ukraine Risk. In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments.* |

---

---

| | |
|:---|:---|
| **100** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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---

| | |
|:---|:---|
| **l.**  | **High-Yield Bonds and Other Lower-Rated Securities Risk** |
|  | A 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. |

---

---

| | |
|:---|:---|
| **m.**  | **Illiquid Securities Risk** |
|  | Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. |
|  | The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonably foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests. |

---

---

| | |
|:---|:---|
| **n.**  | **Impact of Large Redemptions and Purchases of Fund Shares** |
|  | Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle. |

---

---

| | |
|:---|:---|
| **o.**  | **Interest Rate Risk** |
|  | Each 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 each Fund's net assets. Each Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. 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 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. |

---

---

| | |
|:---|:---|
| **p.**  | **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. |

---

---

| | |
|:---|:---|
| **q.**  | **LIBOR Risk** |
|  | The Funds are subject to the risk that potential changes related to the use of the London Interbank Offered Rate ("LIBOR") could adversely affect financial instruments that reference LIBOR as a benchmark interest rate. While some instruments may contemplate a scenario when LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments provide for an alternative rate, and the effectiveness of replacement rates is uncertain. The potential abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR, especially those that do not have fallback provisions. |

---

---

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

---

---

| | |
|:---|:---|
| 2022 Annual Report | **101** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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---

| | |
|:---|:---|
| **s.**  | **Market Risk** |
|  | Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in that market. Developments in a particular class of bonds or the stock market could also adversely affect a Fund by reducing the relative attractiveness of bonds or stocks as an investment. Also, to the extent that a Fund emphasizes bonds or stocks from any given industry, it could be hurt if that industry does not do well. Additionally, a Fund could lose value if the individual stocks in which it maintains long positions and/or the overall stock markets on which the stocks trade decline in price. In addition, a Fund that engages in short sales could lose value if the individual stocks which they sell short increase in price. Stocks and stock markets may experience short-term volatility (price fluctuation) as well as extended periods of price decline or increase. Individual stocks are affected by many factors, including: |

---

• corporate earnings;

• production;

• management;

• sales; and

• market trends, including investor demand for a particular type of stock, such as growth or value stocks, small or large stocks, or stocks within a particular industry.

Stock markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies and new monetary programs. The impact of these policies and legislative changes on the markets, and the practical implications for market participants, may not be fully known for some time. A reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely impact the Fund's investments. The current market environment could make identifying investment risks and opportunities especially difficult for the Adviser.

In addition, as noted above, uncertainties remain relating to certain aspects of the United Kingdom's future economic, trading and legal relationships with the European Union and with other countries.

Whether or not a Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of a Fund's investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect a Fund's business, results of operations and financial condition. In addition, the risk that abrdn, the parent of the companies that provide investment advisory, sub-advisory and administration services to the Funds and which is headquartered in the UK, fails to adequately prepare for Brexit could have significant customer, reputation and capital impacts for abrdn and its subsidiaries, including those providing services to the Funds. abrdn has a detailed contingency plan in place to seek to manage the consequences of Brexit on the Funds and to avoid the effect of any disruption on the Funds and to the services its subsidiaries provide. Given the fluidity and complexity of the situation, however, it cannot assured that the Funds will not be adversely impacted by Brexit despite these preparations.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events. The illness caused by a novel coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Funds' investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries

---

| | |
|:---|:---|
| **102** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

------

and individual issuers, including the Funds, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. In addition, as described above under "Foreign Securities Risk," the ongoing military conflict between Russia and Ukraine may continue to result in significant negative impacts on the markets for certain securities and commodities globally, in addition to fluctuating pricing and liquidity of investments. These factors could have a significant impact on Fund performance and the value of the Funds' investments. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.

---

| | |
|:---|:---|
| **t.**  | **Municipal Securities Risk** |
|  | The Intermediate Municipal Income Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund (the "Municipal Funds") are subject to municipal securities risk. Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term municipal bonds and higher for long term municipal bonds. |
|  | *Municipal Bond Tax Risk. A municipal bond that is issued as tax-exempt may later be declared to be taxable. In addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value of a municipal bond to decline.* |
|  | *Municipal Market Volatility and Illiquidity Risk. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, a Fund may not be able to readily sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.* |
|  | *Municipal Sector Risk. From time to time a Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.* |
|  | *New York State-Specific Risk. To the extent the Short Duration High Yield Municipal Fund invests a substantial amount of its assets in New York municipal securities, the Fund may be affected by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.* |

---

---

| | |
|:---|:---|
| **u.**  | **Non-Diversified Fund Risk** |
|  | The Emerging Market Debt Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer. |

---

---

| | |
|:---|:---|
| **v.**  | **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 certain Funds. |

---

---

| | |
|:---|:---|
| **w.**  | **Portfolio Turnover Risk** |
|  | Certain Funds may engage in active and frequent trading of portfolio securities to achieve its investment objective. 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. |

---

---

| | |
|:---|:---|
| **x.**  | **Private Placements and Other Restricted Securities Risk** |
|  | The Emerging Markets Debt Fund, Global High Income Fund and Short Duration High Yield Municipal Fund are subject to Private Placements Risk. Investments in private placements and other restricted securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. |

---

---

| | |
|:---|:---|
| 2022 Annual Report | **103** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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| | |
|:---|:---|
| **y.**  | **Puerto Rico and U.S. Territories Risk** |
|  | The Short Duration High Yield Municipal Fund is subject to Puerto Rico and U.S. territories risk to the extent that it invests in municipal obligations of such territories. Certain municipal issuers in Puerto Rico have experienced financial difficulties over recent years, leading certain issuers, including the Commonwealth, to default on debt obligations. These financial difficulties have been exacerbated by the impact of geological and severe weather events, as well as public health emergencies. Puerto Rico's ongoing financial difficulties could potentially lead to worsening liquidity for its bonds and wider spreads, and consequently may affect the Fund's performance to the extent it invests in Puerto Rican municipal securities. As with Puerto Rican municipal securities, events in any of the other territories where the Fund is invested may affect the Fund's investments and its performance. |

---

---

| | |
|:---|:---|
| **z.**  | **Sector Risk** |
|  | To the extent that a 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 a 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, and decreased liquidity in credit markets as well as cyber-attacks.* |

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---

| | |
|:---|:---|
| **aa.**  | **Sovereign Debt Risk** |
|  | The Emerging Markets Debt Fund, Global Absolute Return Strategies Fund and Global High Income Fund are subject to 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. |

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---

| | |
|:---|:---|
| **bb.**  | **Tender Option Bonds Risk** |
|  | The Municipal Funds are subject to Tender Option Bonds Risk. Tender option bonds are synthetic floating-rate or variable-rate securities issued when long-term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility. |

---

---

| | |
|:---|:---|
| **cc.**  | **Tobacco Related Bonds Risk** |
|  | The Short Duration High Yield Municipal Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the MSA, to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Funds may invest in two types of those bonds: (i) bonds that make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an "appropriation pledge" by the state. An "appropriation pledge" requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state. The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA. |

---

---

| | |
|:---|:---|
| **dd.**  | **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 guarantee the net asset value of a Fund's shares. |

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---

| | |
|:---|:---|
| **ee.**  | **Valuation Risk** |
|  | The price that a 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 |

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| | |
|:---|:---|
| **104** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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by a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A 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.

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| | |
|:---|:---|
| **ff.**  | **Variable and Floating Rate Securities Risk** |
|  | Certain Funds are subject to Variable and Floating Rate Securities Risk. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. Variable rate demand obligations ("VRDOs") are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money. |

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| | |
|:---|:---|
| **gg.**  | **Yield Risk** |
|  | The Ultra Short Municipal Income Fund is subject to Yield Risk. The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income. If interest rates increase, the Fund's yield may not increase proportionately. For example, the Adviser may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed. |
|  | Please read the Funds' prospectus for more detailed information regarding these and other risks. |

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6. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

7. Tax Information

As of October 31, 2022, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp; Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$34079412 | &nbsp;&nbsp;&nbsp;&nbsp;$35457 | &nbsp;&nbsp;&nbsp;&nbsp;$(10502567) | &nbsp;&nbsp;&nbsp;&nbsp;$(10467110) |
| &nbsp;&nbsp; Global Absolute Return Strategies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39616832 | &nbsp;&nbsp;&nbsp;&nbsp;2980348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4642600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1662252) |
| &nbsp;&nbsp; Global High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127879938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17040144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16809128) |
| &nbsp;&nbsp; Intermediate Municipal Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49385994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3673624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3292474) |
| &nbsp;&nbsp; Short Duration High Yield Municipal Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;213625484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36028 | &nbsp;&nbsp;&nbsp;&nbsp;(20978218) | &nbsp;&nbsp;&nbsp;&nbsp;(20942190) |
| &nbsp;&nbsp; Ultra Short Municipal Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721516243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1595432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1525245) |

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| | |
|:---|:---|
| 2022 Annual Report | **105** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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The tax character of distributions paid during the fiscal year ended October 31, 2022 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;$2708278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$2708278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$2708278 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;2028333 | &nbsp;&nbsp;&nbsp;690096 | &nbsp;&nbsp;&nbsp;&nbsp;2718429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2718429 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;6228214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6228214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6228214 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;1511748 | &nbsp;&nbsp;&nbsp;&nbsp;1517769 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39887 | &nbsp;&nbsp;&nbsp;&nbsp;8501509 | &nbsp;&nbsp;&nbsp;&nbsp;8541396 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;5433373 | &nbsp;&nbsp;&nbsp;5436203 |

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Amounts listed as "–" are $0 or round to $0.

The tax character of distributions paid during the fiscal year ended October 31, 2021 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;$1902067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$1902067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$1902067 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67951 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;7232532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;7232532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;7232532 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 | &nbsp;&nbsp;&nbsp;111156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116802 | &nbsp;&nbsp;&nbsp;&nbsp;1657068 | &nbsp;&nbsp;&nbsp;&nbsp;1773870 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45798 | &nbsp;&nbsp;&nbsp;8245012 | &nbsp;&nbsp;&nbsp;8290810 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992901 |

---

Amounts listed as "–" are $0 or round to $0.

As of October 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Undistributed<br> Tax Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital<br> Gains** | **Accumulated<br> Earnings** | **Distributions<br> Payable** | **Late Year<br> Ordinary and<br> Post-October<br> Capital Loss<br> Deferrals** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)\*** | **Accumulated<br> Capital and<br> Other<br> Losses\*\*** | **Total<br> Accumulated<br> Earnings/<br> (Deficit)** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $1501064 | $– | $– | $– | $– | $(579427) | $(10443892) | &nbsp;&nbsp;&nbsp;$(8190134) | &nbsp;&nbsp;$(17712389) |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $– | $– | $– | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$(1125254) | &nbsp;&nbsp;&nbsp;&nbsp;$(5143117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6268371) |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;2816485 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(89177) | &nbsp;&nbsp;&nbsp;&nbsp;(17188771) | &nbsp;&nbsp;&nbsp;(241793016) | &nbsp;&nbsp;&nbsp;(256254479) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &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;(4063) | &nbsp;&nbsp;&nbsp;&nbsp;(3292472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3875155) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;248290 | &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;(140671) | &nbsp;&nbsp;&nbsp;(20942190) | &nbsp;&nbsp;&nbsp;&nbsp;(23084133) | &nbsp;&nbsp;&nbsp;&nbsp;(43918704) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;57234 | &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;(42876) | &nbsp;&nbsp;&nbsp;&nbsp;(1525243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1751983) | &nbsp;&nbsp;&nbsp;&nbsp;(3262868) |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **106** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (continued)<br> October 31, 2022

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\* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to tax deferral of losses on wash sales.

\*\* As of October 31, 2022, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

As of October 31, 2022, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$3066215 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123919 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143117 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56034813 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185758203 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272610 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306010 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689468 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394665 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long-Term) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751983 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short-Term) |

---

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to foreign currency gains and losses, distributions in excess of income, net operating loss and swap transactions. These reclassifications have no effect on net assets or net asset values per share.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Paid-in<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributable<br> Earnings/<br> (Accumulated<br> Loss)** |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(1203747) | &nbsp;&nbsp;&nbsp;&nbsp;$1203747 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1055) | &nbsp;&nbsp;&nbsp;&nbsp;1055 |

---

8. Significant Shareholders

As of October 31, 2022, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Record<br> Ownership %** | &nbsp;&nbsp;&nbsp;**Number of<br> Account Owners** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;93.1% | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund <br>| 45.0 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Global High Income Fund <br>| 46.0 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;54.4 | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| 43.6 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;75.8 | &nbsp;&nbsp;&nbsp;5 |

---

9. Line of Credit

The Trust, on behalf of each of the funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on such day, or (b) the Overnight Bank

---

| | |
|:---|:---|
| 2022 Annual Report | **107** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Notes to Financial Statements (concluded)<br> October 31, 2022

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Funding Rate on such date, plus, in each case, 10 basis points, plus one and one quarter of one percent (1.25%). In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. For each Fund that borrowed under the Credit Facility during the fiscal year ended October 31, 2022, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the fiscal year ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;Emerging Markets Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;712174 | &nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;Global High Income Fund <br>| &nbsp;&nbsp;1931272 | &nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;552789 | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| 7600897 | &nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;1828272 | &nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;30 |

---

10. Subsequent Events

On December 14, 2022, the Board of Trustees approved a plan of liquidation for the abrdn Emerging Markets Debt Fund. The liquidation is expected to occur on or around February 17, 2023.

On December 14, 2022, the Board of Trustees approved the adoption of a conversion feature for Class C of the abrdn Global Absolute Return Strategies Fund (the "Original Share Class"). Under the relevant conversion feature, effective after the close of business on February 27, 2023 (the "Conversion Date"), all of the issued and outstanding shares of the Original Share Class will be converted into shares of Class A of the Fund (the "New Share Class"). The share class conversion will be effected on the basis of the relative net asset values of the share class without the imposition of a sales charge. Based on the Fund's fiscal year ended October 31, 2022, the New Share Class has lower gross and net total expense ratios than the Original Share Class.

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| | |
|:---|:---|
| **108** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Report of Independent Registered Public Accounting Firm <br>

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To the Shareholders and Board of Trustees<br> abrdn Funds:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of abrdn Emerging Markets Debt Fund (formerly, Aberdeen Emerging Markets Debt Fund), abrdn Global Absolute Return Strategies Fund (formerly, Aberdeen Global Absolute Return Strategies Fund), abrdn Global High Income Fund (formerly, Aberdeen Global High Income Fund), abrdn Intermediate Municipal Income Fund (formerly, Aberdeen Intermediate Municipal Income Fund), abrdn Short Duration High Yield Municipal Fund (formerly, Aberdeen Short Duration High Yield Municipal Fund), and abrdn Ultra Short Municipal Income Fund (formerly, Aberdeen Ultra Short Municipal Income Fund), six of the funds comprising abrdn Funds (each, a Fund and collectively, the Funds), including the statements of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Fund Liquidation*

As discussed in Note 10, in December 2022, the Board of Trustees approved a plan of liquidation for the abrdn Emerging Markets Debt Fund, which is expected to occur in February 2023.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](img2a89d9ef8.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Philadelphia, Pennsylvania<br> December 29, 2022

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| | |
|:---|:---|
| 2022 Annual Report | **109** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Other Tax Information (Unaudited)

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For the year ended October 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% or 20% (depending upon income levels) as qualified dividend income. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2022 Form 1099-DIV.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Qualified<br> Dividend<br> Income** |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund | &nbsp;&nbsp;2.62% |

---

During the year ended October 31, 2022, the following Funds reported dividends as long-term capital gains:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Global Absolute Return Strategies Fund | &nbsp;&nbsp;$690096 |

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|:---|:---|
| **110** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Shareholder Expense Examples (Unaudited)

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As a shareholder of the abrdn Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the abrdn Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, May 1, 2022 and continued to hold your shares at the end of the reporting period, October 31, 2022.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Beginning Account<br> Value,<br> May 1, 2022** | &nbsp;&nbsp;**Actual<br> Ending Account<br> Value,<br> October 31, 2022** | &nbsp;&nbsp;**Hypothetical<br> Ending Account<br> Value** | &nbsp;&nbsp;**Actual Expenses<br> Paid During<br> Period<sup>1</sup>** | &nbsp;&nbsp;**Hypothetical<br> Expenses<br> Paid During<br> Period<sup>12</sup>** | &nbsp;&nbsp;**Annualized<br> Expense<br> Ratio\*\*** |
| &nbsp;&nbsp;**Emerging Markets Debt Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$874.10 | &nbsp;&nbsp;$1020.22 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;$5.04 | &nbsp;&nbsp;0.99% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$872.00 | &nbsp;&nbsp;$1016.84 | &nbsp;&nbsp;$7.83 | &nbsp;&nbsp;$8.44 | &nbsp;&nbsp;1.66% |
|  | Class R<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$874.00 | &nbsp;&nbsp;$1018.65 | &nbsp;&nbsp;$6.14 | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;1.30% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$876.40 | &nbsp;&nbsp;$1021.27 | &nbsp;&nbsp;$3.69 | &nbsp;&nbsp;$3.97 | &nbsp;&nbsp;0.78% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$877.30 | &nbsp;&nbsp;$1021.88 | &nbsp;&nbsp;$3.12 | &nbsp;&nbsp;$3.36 | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;**Global Absolute Return Strategies Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$944.20 | &nbsp;&nbsp;$1020.06 | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;$5.19 | &nbsp;&nbsp;1.02% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$941.60 | &nbsp;&nbsp;$1016.84 | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.44 | &nbsp;&nbsp;1.66% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;$945.80 | &nbsp;&nbsp;$1021.32 | &nbsp;&nbsp;$3.78 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;0.77% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$945.20 | &nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;$3.19 | &nbsp;&nbsp;$3.31 | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;**Global High Income Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$930.50 | &nbsp;&nbsp;$1020.16 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$5.09 | &nbsp;&nbsp;1.00% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$932.80 | &nbsp;&nbsp;$1021.37 | &nbsp;&nbsp;$3.70 | &nbsp;&nbsp;$3.87 | &nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;**Intermediate Municipal Income Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$955.70 | &nbsp;&nbsp;$1021.32 | &nbsp;&nbsp;$3.80 | &nbsp;&nbsp;$3.92 | &nbsp;&nbsp;0.77% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;$953.20 | &nbsp;&nbsp;$1017.64 | &nbsp;&nbsp;$7.38 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;1.50% |
|  | Institutional Service Class<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$957.10 | &nbsp;&nbsp;$1022.84 | &nbsp;&nbsp;$2.32 | &nbsp;&nbsp;$2.40 | &nbsp;&nbsp;0.47% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$958.10 | &nbsp;&nbsp;$1022.69 | &nbsp;&nbsp;$2.47 | &nbsp;&nbsp;$2.55 | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$960.20 | &nbsp;&nbsp;$1020.27 | &nbsp;&nbsp;$4.84 | &nbsp;&nbsp;$4.99 | &nbsp;&nbsp;0.98% |
|  | Class C<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$957.60 | &nbsp;&nbsp;$1016.48 | &nbsp;&nbsp;$8.54 | &nbsp;&nbsp;$8.79 | &nbsp;&nbsp;1.73% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;&nbsp;$961.40 | &nbsp;&nbsp;$1021.58 | &nbsp;&nbsp;$3.56 | &nbsp;&nbsp;$3.67 | &nbsp;&nbsp;0.72% |

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| | |
|:---|:---|
| 2022 Annual Report | **111** |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Shareholder Expense Examples (Unaudited) (concluded)

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Beginning Account<br> Value,<br> May 1, 2022** | &nbsp;&nbsp;**Actual<br> Ending Account<br> Value,<br> October 31, 2022** | &nbsp;&nbsp;**Hypothetical<br> Ending Account<br> Value** | &nbsp;&nbsp;**Actual Expenses<br> Paid During<br> Period<sup>1</sup>** | &nbsp;&nbsp;**Hypothetical<br> Expenses<br> Paid During<br> Period<sup>12</sup>** | &nbsp;&nbsp;**Annualized<br> Expense<br> Ratio\*\*** |
| &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | Class A<br>| $1000.00 | &nbsp;&nbsp;$1005.80 | &nbsp;&nbsp;$1021.78 | &nbsp;&nbsp;$3.44 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;0.68% |
|  | Class A1<br>| $1000.00 | &nbsp;&nbsp;$1004.80 | &nbsp;&nbsp;$1021.78 | &nbsp;&nbsp;$3.44 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;0.68% |
|  | Institutional Class<br>| $1000.00 | &nbsp;&nbsp;$1007.00 | &nbsp;&nbsp;$1023.04 | &nbsp;&nbsp;$2.18 | &nbsp;&nbsp;$2.19 | &nbsp;&nbsp;0.43% |

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| | |
|:---|:---|
| \*\* | The expense ratio presented represents a six-month, annualized ratio. |
| 1 | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period). |
| 2 | Represents the hypothetical 5% return before expenses. |

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| | |
|:---|:---|
| **112** | 2022 Annual Report |

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Supplemental Information (Unaudited)

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#### Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements
At a regularly scheduled quarterly meeting (the "Quarterly Meeting") of the Board of Trustees (the "Board" or the "Trustees") of the abrdn Funds (the "Trust") held on June 15, 2022, the Board, including a majority of the Trustees who are not considered to be "interested persons" of the Trust (the "Independent Trustees") under the Investment Company Act of 1940, as amended (the "1940 Act"), approved for an annual period the continuation of the Trust's advisory agreement (the "Advisory Agreement") with abrdn Inc. ("AI") and the applicable sub-advisory agreements (each a "Sub-Advisory Agreement," and collectively with the Advisory Agreement, the "Agreements") by and among the Trust, AI and abrdn Investments Limited (formerly, "Aberdeen Asset Managers Limited") ("AIL" or the "Sub-Adviser") for each of the following series of the Trust: abrdn Emerging Markets Debt Fund, abrdn Global High Income Fund, abrdn Intermediate Municipal Income Fund, abrdn Short Duration High Yield Municipal Fund, abrdn Ultra Short Municipal Income Fund and abrdn Global Absolute Return Strategies Fund (each a "Fund," and collectively the "Funds"). In addition, the Independent Trustees held a separate telephonic meeting on June 8, 2022 (together with the Quarterly Meeting held on June 15, 2022, the "Meetings") to review the materials provided and the relevant legal considerations. AIL is an affiliate of AI. AI and the Sub-Adviser are sometimes referred to collectively as the "Advisers."

In connection with their consideration of whether to approve the continuation of the Agreements, the Board members received and reviewed a variety of information provided by the Advisers relating to the Funds, the Agreements and the Advisers, including comparative performance, fee and expense information and other information regarding the nature, extent and quality of services provided by the Advisers under their respective Agreements. The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Funds and the performance of peer groups of funds and the Funds' performance benchmarks; (ii) a report prepared by the Advisers in response to a request submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Funds' advisory fees and other expenses, including information comparing each Fund's expenses to those of a peer group of funds and information about any applicable expense limitations and fee "breakpoints"; (iv) information about the profitability of the Agreements to the Advisers; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering for approval the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

The Board, including the Independent Trustees, also considered other matters such as: (i) each Fund's investment objective and strategies; (ii) the procedures employed to determine the value of the Funds' assets; (iii) the Advisers' investment personnel and operations; (iv) the Advisers' financial results and financial condition; (v) arrangements relating to the distribution of the Funds' shares and the related costs; (v) the resources devoted to, and the record of compliance with, the Funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies; (vi) the allocation of the Funds' brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers; and (vii) possible conflicts of interest. The Board also considered the nature, extent and quality of the services provided to the Funds by AI's affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional information from AI and the Sub-Adviser.

The Independent Trustees were advised by separate independent legal counsel throughout the process. The Independent Trustees also consulted in executive sessions with their independent legal counsel regarding consideration of the continuation of the Agreements. In considering whether to approve the continuation of the Agreements, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the continuation of the Agreements included the factors listed below.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees received and reviewed materials in advance of each regular quarterly meeting of the Board that contained information relating to the services provided by the Advisers, including detailed information about each Fund's investment performance. This information generally included, among other things, third-party performance rankings for various periods (including, as applicable, periods prior to the Advisers' management of the Funds) comparing each Fund against its respective peer group, total return information for the Funds for various periods, and details of sales and redemptions of Fund shares for the period. The Board also received periodic presentations from the portfolio management teams in connection with the performance of the Funds.

*Investment performance of the Funds and the Advisers. The Trustees received and reviewed with management, among other performance data, information about the performance of the Funds over various time periods, including information that compared the performance of the Funds to the performance of peer groups of funds and each Fund's performance benchmark. The Trustees also considered the performance of the Funds compared to the performance of comparable funds or accounts managed by AI and its affiliates to the extent available. The Trustees reviewed and considered the Funds that had changed their investment strategies during the year and that certain of the Funds had changed their respective performance benchmarks to better reflect the respective Fund's investment strategy. In addition, the Trustees also reviewed data prepared by an independent third party that analyzed the performance of the Funds using a variety of performance metrics.*

The Trustees also considered, as applicable, the performance of the Advisers since they commenced management of the Funds. The Trustees also considered AI's and the Sub-Adviser's performance generally, the performance of the fund family generally, the historical responsiveness of AI to Trustee concerns about performance, and the willingness of AI and the Sub-Adviser to take steps intended to improve performance.

Based on these factors, the Board determined that the Advisers are appropriate investment advisers for the Funds.

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| 2022 Annual Report | **113** |

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Supplemental Information (Unaudited) (continued)

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The Board noted that it would continue to monitor the Funds' performance and any actions taken by AI and its affiliates relating to performance.

*The costs of the services provided and profits realized by the Advisers and their affiliates from their relationships with the Funds. The Trustees considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons (provided by an independent third party) of each Fund's net management fee and total expense level to those of its expense peer group and information about the advisory fees charged by AI to any separately managed accounts with a similar strategy. In reviewing the comparison of each Fund's net management fee to that of comparable funds, the Board noted that the fee for the Funds includes both advisory and administrative fees. In evaluating the Funds' advisory fees, the Trustees considered the demands, complexity and quality of the investment management of the Funds. In considering the fees charged by AI to any comparable accounts, the Trustees also considered, among other things, management's discussion of the different investment restrictions, objectives or policies that may be involved in managing accounts of different types.*

The Trustees also noted that the sub-advisory fees, as applicable, for the Funds would not be paid by the Funds, but would be paid by AI out of its advisory fee. The Board also considered that AI had entered into or renewed expense limitation agreements with each of the Funds, pursuant to which AI agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting each Fund's total annual operating expenses for a period of time. The Trustees also noted that AI had agreed to reduce the advisory fees payable by certain Funds during the year.

The Trustees also considered the compensation AI and its affiliates received, directly and indirectly, from their relationships with the Funds. The Trustees reviewed information provided by management as to the profitability of AI and its affiliates' relationships with the Funds, including the engagement of affiliates of AI to provide administrative and distribution services to the Funds. The Trustees also considered information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered information about the expense levels of the Funds, the performance of the Funds, court cases regarding adviser profitability, and whether AI had implemented breakpoints and expense limitations with respect to the Funds. The Trustees also examined the profitability of AI and its affiliates on a Fund-by-Fund basis.

After reviewing these and related factors, including taking into account management's discussion regarding Fund expenses, the Board concluded that the advisory fees, and as applicable, the sub-advisory fees, were fair and reasonable, and that the costs of these services generally and the related profitability of AI and its affiliates from their relationships with the Funds were reasonable and supported the continuation of the Agreements.

*The nature, extent and quality of the services provided to the Funds under the Agreements. The Trustees considered the nature, extent and quality of the services provided by AI and the Sub-Adviser, as applicable, to the Funds and the resources dedicated to the Funds by AI and its affiliates. The Board considered the Advisers' risk management processes. The Board also considered the background and experience of the Advisers' senior management personnel and the qualifications, background and responsibilities of the portfolio managers that are primarily responsible for the day-to-day portfolio management services for the Funds. AI's role in coordinating the activities of the Trust's other service providers was also considered. The Board also considered the allocation of responsibilities among the Advisers. The Board also considered that it receives information on a regular basis from the Trust's Chief Compliance Officer regarding the Advisers' compliance policies and procedures. The Board was also mindful of the Advisers' focus on the monitoring of the performance of the Funds and in addressing performance matters. The Trustees considered not only the advisory services provided by AI to the Funds, but also the administrative services provided by AI to the Funds under a separate administration agreement. The Trustees also took into account the Advisers' investment experience. The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services. The Board also took into account its knowledge of management and the quality of the performance of management's duties through Board meetings, discussion and reports during the preceding year.* 

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services provided supported the continuation of the Agreements.

*Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by AI and the Sub-Adviser and whether those economies would be shared with the Funds through breakpoints in the investment advisory fees or other means, such as expense waivers or limitations. The Board noted management's discussion of the Funds' advisory fee structure. The Trustees noted that each of the Funds was subject to a contractual expense limitation agreement and considered that certain Funds were subject to breakpoints in their investment advisory fees. The Board also considered how the Funds' potential future growth and increased size would have an effect on fees, noting that if a Fund's assets increase over time, the Fund may realize other economies of scale if assets increase at a proportionally higher rate than the increase in certain expenses. The Trustees also took note of the costs of the services provided and the profitability to AI and its affiliates from their relationships with the Funds, as discussed above.*

After reviewing these and related factors, the Board concluded that the advisory fees, and as applicable, sub-advisory fees were reasonable and supported the continuation of the Agreements.

The Trustees also considered other factors, which included but were not limited to the following:

• whether the Funds have operated in accordance with their investment objectives as well as the Funds' record of compliance with their

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| **114** | 2022 Annual Report |

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Supplemental Information (Unaudited) (concluded)

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|:---|:---|
|  | investment restrictions, and the compliance programs of the Trust and AI. The Trustees also considered the compliance-related resources AI and its affiliates were providing to the Funds. |
| • | the nature, quality, cost and extent of administrative services performed by AI under the Advisory Agreement and under a separate agreement covering administrative services. |
| • | the effect of any market and economic volatility on the performance, asset levels and expense ratios of the Funds. |
| • | so-called "fallout benefits" to AI, such as the benefits of research made available to AI by reason of brokerage commissions generated by the Funds' securities transactions or reputational and other indirect benefits. The Trustees considered any possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest. |

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\* \* \*

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that renewal of the Agreements would be in the best interest of each of the Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements for an additional one-year period.

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| 2022 Annual Report | **115** |

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Management of the Funds (Unaudited)

As of October 31, 2022<br>

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The names, years of birth and business addresses of the trustees and officers of the Funds as of October 31, 2022, their principal occupations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are provided in the tables below. Trustees that are deemed "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Funds or the Funds' Advisers are included in the table below under the heading "Interested Trustees." Trustees who are not interested persons, as described above, are referred to in the table below under the heading "Independent Trustees." abrdn Inc., its parent company abrdn plc, and its advisory affiliates are collectively referred to as "abrdn" in the tables below.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address,<br> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held, Length<br> of Time Served<br> and Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<br> During Past<br> 5 Years\*\*\*** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Stephen Bird<sup>†</sup><br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1967 | &nbsp;&nbsp;Trustee since<br> 2021 | &nbsp;&nbsp;Mr. Bird joined the Board of abrdn plc in July 2020 as Chief Executive-Designate, and was formally appointed Chief Executive Officer in September 2020. Previously, Mr. Bird served as chief executive officer of global consumer banking at Citigroup from 2015, retiring from the role in November 2019. His responsibilities encompassed all consumer and commercial banking businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages, and operations and technology supporting these businesses. Prior to this, Mr. Bird was chief executive for all of Citigroup's Asia Pacific business lines across 17 markets in the region, including India and China. Mr. Bird joined Citigroup in 1998, and during his 21 years with the company he held a number of leadership roles in banking, operations and technology across its Asian and Latin American businesses. Before this, he held management positions in the UK at GE Capital – where he was director of UK operations from 1996 to 1998 – and at British Steel. | &nbsp;&nbsp;28 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Radhika Ajmera\*\*\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1964 | &nbsp;&nbsp;Trustee since<br> 2020 | &nbsp;&nbsp;Ms. Ajmera was appointed Chair of abrdn Japan Equity Fund Inc in 2017, having served as a director since 2014. She has been an independent nonexecutive director of abrdn Asia-Pacific Income Fund VCC since 2015. She is also an independent non-executive director of abrdn Funds since 2020 and abrdn Global Income Fund Inc, abrdn Asia-Pacific Income Fund Inc and abrdn Australia Equity Fund Inc since 2021. She has over 20 years' experience in fund management, predominantly in emerging markets. She has also held a number of UK closed end fund non-executive directorships. Ms. Ajmera is a graduate of the London School of Economics. | &nbsp;&nbsp;23 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;P. Gerald Malone<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1950 | &nbsp;&nbsp;Trustee since<br> 2007 Chairman<br> of the Board | &nbsp;&nbsp;Mr. Malone is, by profession, a lawyer of over 40 years. Currently, he is a non-executive director of a number of U.S. companies, including Medality Medical (medical technology company) since 2018. He is also Chairman of many of the open and closed end funds in the Fund Complex. He previously served as a non-executive director of U.S. healthcare company Bionik Laboratories Corp. (2018 - July 2022), as Independent Chairman of UK companies Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September 2017 and as chairman of UK company Ultrasis plc (healthcare software services company) until October 2014. Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997. | &nbsp;&nbsp;28 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Rahn K. Porter<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1954 | &nbsp;&nbsp;Trustee since<br> 2016 | &nbsp;&nbsp;Mr. Porter is the Principal at RPSS Enterprises (consulting) since 2019. He was the Chief Financial and Administrative Officer of The Colorado Health Foundation from 2013 to 2019. | &nbsp;&nbsp;19 | &nbsp;&nbsp;Director of CenturyLink Investment Management Company since 2006, Director of BlackRidge Financial Inc. from 2004 to 2019. |

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| **116** | 2022 Annual Report |

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[**Table of Contents**](#JOB_Multi_1bddd34d-a7bb-4167-a77a-50b31d624686_TOC)

Management of the Funds (Unaudited) (continued)

As of October 31, 2022<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address,<br> and Year of Birth** | &nbsp;&nbsp;**Position(s)<br> Held, Length<br> of Time Served<br> and Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee\*\*** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<br> During Past<br> 5 Years\*\*\*** |
| &nbsp;&nbsp;Steven N. Rappaport<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1948 | &nbsp;&nbsp;Trustee since<br> 2016 | &nbsp;&nbsp;Mr. Rappaport has been a Partner of Lehigh Court, LLC (private investment firm) and RZ Capital LLC (private investment firm) since 2004. | &nbsp;&nbsp;20 | Director of iCAD, Inc. (a surgical and Medical instruments and apparatus company) from 2006 to 2018; Director of Credit Suisse Funds (9) since 1999; Director of Credit Suisse Asset Management Income Fund, Inc. since 2005; and Director of Credit Suisse NEXT Fund since 2013; and Director of Credit Suisse Park View Fund until 2016. |
| &nbsp;&nbsp;Warren C. Smith<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1955 | &nbsp;&nbsp;Trustee since<br> 2007 | &nbsp;&nbsp;Mr. Smith has been a founding partner of MRB Partners Inc. (independent investment research and consultancy firm) since 2010. He has been a Director of Aberdeen Asia-Pacific Income Investment Company Limited (Canadian investment fund) since 1993 | &nbsp;&nbsp;19 | &nbsp;&nbsp;None. |

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|:---|:---|
| \* | Each Trustee holds office for an indefinite term until his successor is elected and qualified. |
| \*\* | As of October 31, 2022, the Fund Complex consists of: abrdn Income Credit Strategies Fund, abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., abrdn Japan Equity Fund, Inc., The India Fund, Inc., abrdn Global Dynamic Dividend Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Global Infrastructure Income Fund, abrdn Funds (which consists of 19 portfolios) and abrdn ETFs (which consists of 3 portfolios). For the purposes of listing the number of funds in the Fund Complex overseen by each Board member, each portfolio of abrdn Funds and abrdn ETFs is counted individually. |
| \*\*\* | Directorships (excluding Fund Complex) held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
| \*\*\*\* | Each Trustee may be contacted by writing to the Trustee c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, Attn: Alan Goodson. |
| † | Mr. Bird is considered to be an "interested person" of the Fund as defined in the 1940 Act because of his affiliation with the Investment Manager. |

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| 2022 Annual Report | **117** |

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Management of the Funds (Unaudited) (continued)

As of October 31, 2022<br>

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Officers of the Trust

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held\*<br> with the Fund** | &nbsp;&nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
| &nbsp;&nbsp;Joseph Andolina\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1978 | &nbsp;&nbsp;Vice President and Chief Compliance Officer | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Chief Risk Officer – Americas for abrdn Inc. and serves as the Chief Compliance Officer for abrdn Inc. Prior to joining the Risk and Compliance Department, he was a member of abrdn Inc.'s Legal Department, where he served as US Counsel since 2012. |
| &nbsp;&nbsp;Chris Demetriou\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;Currently, Chief Executive Officer – UK, EMEA and Americas. Mr. Demetriou joined abrdn Inc. in 2013, as a result of the acquisition of SVG, a FTSE 250 private equity investor based in London. |
| &nbsp;&nbsp;Alan Goodson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Executive Director, Product & Client Solutions – Americas for abrdn Inc., overseeing Product Management & Governance , Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000. |
| &nbsp;&nbsp;Heather Hasson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1982 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Solutions and Implementation Manager for abrdn Inc. Ms. Hasson joined the company in November 2006. |
| &nbsp;&nbsp;Robert Hepp\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1986 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Hepp joined abrdn Inc. as a Senior Paralegal in 2016. |
| &nbsp;&nbsp;Megan Kennedy\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;Secretary and Vice President | &nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;Currently, Director, Senior Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005. |
| &nbsp;&nbsp;Andrew Kim\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Kim joined abrdn Inc. as a Product Manager in 2013. |
| &nbsp;&nbsp;Brian Kordeck\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1978 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager – US for abrdn Inc. Mr. Kordeck joined abrdn Inc. as a Senior Fund Administrator in 2013. |
| &nbsp;&nbsp;Michael Marsico\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1980 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager – US for abrdn Inc. Mr. Marsico joined abrdn Inc. as a Fund Administrator in 2014. |

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| **118** | 2022 Annual Report |

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Management of the Funds (Unaudited) (concluded)

As of October 31, 2022<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;&nbsp;**Position(s) Held\*<br> with the Fund** | &nbsp;&nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** |
| &nbsp;&nbsp;Andrea Melia\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1969 | &nbsp;&nbsp;Treasurer, Chief Financial Officer, and Principal Accounting Office | &nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;Currently, Vice President and Senior Director, Product Management for abrdn Inc. Ms. Melia joined abrdn Inc. in September 2009. |
| &nbsp;&nbsp;Ben Moser\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1979 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;Currently, Head of Commercial Operations, Americas for abrdn Inc. Mr. Moser joined abrdn Inc. in July 2008. |
| &nbsp;&nbsp;Lucia Sitar\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1971 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2008 | &nbsp;&nbsp;Currently, Vice President and Head of Product Management and Governance for abrdn Inc. since 2020. Previously, Ms. Sitar was Managing U.S. Counsel for abrdn Inc. She joined abrdn Inc. as U.S. Counsel in July 2007. |

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\* Each officer holds office for an indefinite term at the pleasure of the Board of Trustees and until his or her successor is elected and qualified. <br> \*\* Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.

Further information about the Funds' Trustees and Officers is available in the Trust's Statement of Additional Information, which can be obtained without charge by calling (800) 522-5465.

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| 2022 Annual Report | **119** |

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Management Information

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#### Trustees
Radhika Ajmera

Stephen Bird

P. Gerald Malone, *Chairman*

Rahn K. Porter

Steven N. Rappaport

Warren C. Smith

#### Investment Adviser
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Fund Administrator
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Transfer Agent
SS&C GIDS, Inc.<br> 430 W. 7th Street, Ste. 219534<br> Kansas City, MO 64105-1407

#### Distributor
Aberdeen Fund Distributors LLC<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Sub-Administrator, Custodian & Fund Accountant
State Street Bank and Trust Company<br> 1 Lincoln Street<br> Boston, MA 02111

#### Independent Registered Public Accounting Firm
KPMG LLP<br> 1601 Market Street<br> Philadelphia, PA 19103

#### Fund Counsel
Dechert LLP<br> 1900 K Street N.W.<br> Washington, DC 20006

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#### abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br> abrdn.us
AOE-0143-AR

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![](img3626a8331.jpg)

**Item 2. Code of Ethics.**

(a) As of October 31, 2022, the Registrant had adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics").

(c) There have been no amendments during the period covered by this report to a provision of the Code of Ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers to the provisions of the Code of Ethics.

(f) The Code of Ethics is included with this Form N-CSR as Exhibit 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that there is at least one member who qualifies as an "audit committee financial expert" serving on its Audit Committee. Mr. Rahn K. Porter is the "audit committee financial expert" and is considered to be an "Independent Trustee" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal <br>Year Ended | (a)<br> Audit Fees | (b)<br> Audit-Related Fees | (c)<sup>1</sup> Tax Fees | (d)<br> All Other Fees |
| &nbsp;&nbsp;October 31, 2022 | $690310 | $0 | $0 | $7929 |
| &nbsp;&nbsp;October 31, 2021 | $580015 | $0 | $101130 | $13745 |

---

<sup>1</sup> The Tax Fees are for the completion of the Registrant's federal and state tax returns.

(e)(1) Pre-Approval Policies and Procedures. Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Registrant's (hereinafter, the "Trust") Audit Committee Charter authorizes the Audit Committee ("Committee") to annually select, retain or terminate the Trust's independent auditor and, in connection therewith, to evaluate the terms of the engagement and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the investment adviser (hereinafter, the "Adviser") or a sub-adviser, and to receive the independent auditor's specific representations as to their independence, delineating all relationships between the independent auditor and the Trust, consistent with PCAOB 3526 or any other applicable auditing standard. PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Trust and its related entities that in the auditor's professional judgment may reasonably be thought to bear on independence; (2) confirm in its letter that, in its professional judgment, it is independent of the Trust within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditor's independence with the Committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee is also authorized to review in advance, and consider approval of, any and all proposals by management or the Adviser that the Trust, Adviser or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Trust and to consider whether such services are consistent with the independent auditor's independence. The Committee may delegate to one or more of its members ("Delegates") authority to pre-approve permissible non-audit services to be provided to the Trust. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Trust's periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws.

(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services to the Registrant and to the Registrant's investment adviser and all entities controlling, controlled by, or under common control with the Adviser that provide services to the Registrant for the Registrant's fiscal years ended October 31, 2022 and October 31, 2021 and were $1,108,929 and $1,547,556, respectively.

(h) The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) or Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence and has concluded that it is.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

 **Item 6. Investments.**

(a) Included as part of the Reports to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

During the period ended October 31, 2022, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 11. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. However, subsequent to the Registrant's last fiscal year, a control enhancement has been implemented so that, for abrdn Global Equity Impact Fund and abrdn International Sustainable Leaders Fund, the liability to the Internal Revenue Service on behalf of shareholders related to Article 63 EU Tax Reclaims is measured consistent with the terms of the agreement governing such liability.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

[(a)(1) The Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR.](tm2232081d1_ex99-codeeth.htm)

[(a)(2) Certifications of the Registrant pursuant to Rule 30a-2(a) under the Act are exhibits to this report.](tm2232081d1_ex99-cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b) Certifications of the Registrant pursuant to Rule 30a-2(b) under the Act are exhibits to this report.](tm2232081d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn Funds

---

| | |
|:---|:---|
| By: | /s/ Alan Goodson |
| Alan Goodson | Alan Goodson |
| Principal Executive Officer | Principal Executive Officer |
| abrdn Funds | abrdn Funds |

---

Date: January 9, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Alan Goodson |
| Alan Goodson | Alan Goodson |
| Principal Executive Officer | Principal Executive Officer |
| abrdn Funds | abrdn Funds |

---

---

| | |
|:---|:---|
| Date: January 9, 2023 | Date: January 9, 2023 |
| By: | /s/ Andrea Melia |
| Andrea Melia | Andrea Melia |
| Principal Financial Officer | Principal Financial Officer |
| abrdn Funds | abrdn Funds |

---

Date: January 9, 2023

## Ex-99.Code

**Exhibit 99.CODEETH**

**CODE OF ETHICS (SOX)**

**(Principal Executive Officer/President and Principal Financial Officer/Treasurer)**

**I. Purpose of the Code/Covered Officers**

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission ("SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers. The Funds have adopted this Code of Ethics (the "Code") pursuant to these rules. The Code applies to the series (each a "Fund"). The Code specifically applies to each Fund's President/Principal Executive Officer and Treasurer/Principal Financial Officer ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that are filed with,
or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an environment that encourages disclosure of ethical and compliance related concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code without fear of reprisal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

The Covered Officers are integral to the Funds' goal of creating a culture of high ethical standards and commitment to compliance. In their roles, the Covered Officers will refrain from engaging in any activity that may compromise their professional ethics or otherwise prejudice their ability to carry out their duties to the Funds.' They will act in good faith, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated.

**II. Actual and Apparent Conflicts of Interest**

**Overview:** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationship between Covered Officers and each Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. Each Fund's Adviser and Sub-adviser (the "adviser(s)") have adopted and implemented respective compliance programs and procedures that are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest and should encourage his or her colleagues who provide service to the Funds, whether directly or indirectly, to do the same.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each Fund and the investment adviser (and distributor to the Aberdeen open-end funds) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or the investment adviser or for both), be involved in establishing policies and implementing decisions that will have different effects on the investment adviser, distributor and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of each Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board that the Covered Officers may also be officers or employees of the Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds. A defining question is, "What is the long term interest of current shareholders?" The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would directly or indirectly benefit personally to the detriment of the
Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Funds to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of Fund transactions made or contemplated for the Funds to trade
personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually affiliations or other relationships related to conflicts of interest covered
by the Funds' Directors and Officers Questionnaire.

Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such activity or has such a relationship. There are some conflict of interest situations that should always be discussed with the Compliance Officer prior to their occurrence, or if foreseen, as soon as reasonably possible after discovery. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any outside business activity that detracts from the ability of a Covered Officer to devote appropriate
time and attention to his or her responsibilities as a Covered Officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts in excess of $100.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Funds has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with any of the Funds' service
providers, other than its investment adviser, investment sub-adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds
for effecting Fund transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment,
such as compensation or equity ownership.

**III. Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "*Covered Officer*" with respect to a Fund means the principal executive officer of the Fund and senior financial officers of the Fund, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions, regardless of whether these persons are employed by the Fund or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "*Executive Officer*" of a Fund has the same meaning as set forth in Rule 3b-7 under the Securities Exchange Act of 1934, as amended. Subject to any changes in that rule, the term "executive officer," when used in the Code, means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "*Waiver*" means the approval by a Fund's CCO of a material departure from a provision of the Code. "*Waiver"* includes an "*Implicit Waiver,"* which is a Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an Executive Officer of the Fund.

**IV. Disclosure and Compliance**

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including the Funds' Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should, to the extent appropriate within his or her area of responsibility, consult with other officers
and employees of the Funds and the Advisers with the goal of promoting comprehensive, fair, accurate, timely and understandable disclosure
in reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should cooperate with the each Fund's independent accountants, regulatory agencies, and internal
auditors in their review of the Funds and its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· should ensure the establishment of appropriate policies and procedures for the protection and retention
of accounting records and information as required by applicable law, regulation, or regulatory guidelines and establish and administer
financial controls that are appropriate to ensure the integrity of the financial reporting process and the availability of timely, relevant
information for the Funds' safe and sound operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has the responsibility to promote compliance with the standards and restrictions imposed by
 applicable laws, rules and regulations.

**V. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
that he has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm that he has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Adviser, or their affiliated persons,
or any other employee of a private contractor that provides service to the Funds, for reports of potential violations that are made in
good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Funds' CCO promptly if he or she knows or suspects that a violation of applicable laws,
regulations, or of this Code has occurred, is occurring, or is about to occur. Failure to do so is itself a violation of this Code.

See **Exhibit A** for the form of PEO/PFO certification.

The Funds' CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or Waivers sought by the President will be considered by the Funds' Audit Committee.

The Funds will follow these procedures in investigating and enforcing this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Funds' Compliance Officer will take all appropriate action to investigate any potential violations
reported to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Compliance Officer believes that no violation has occurred, he or she
is not required to take any further action. The Compliance Officer is authorized to consult, as appropriate, with the chair of the Audit
Committee and Counsel to the Independent Board, and is encouraged to do so after consultation with each Fund's President when, in
the Compliance Officer's opinion such consultation will not increase the risk to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Compliance Officer believes is a violation will be reported to the Audit Committee
(the "Committee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the
full Board, which will consider appropriate action, which may include review of and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of the Adviser or its Board; or a recommendation to dismiss the Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's Board will be responsible for granting Waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or Waivers of this Code will, to the extent required, be disclosed as provided by the SEC
rules.

**VI. Sanctions**

The matters covered in the Code are of the utmost importance to the Funds and their stockholders and are essential to each Fund's ability to conduct its business in accordance with its stated values. Each Covered Officer and each Executive Officer is expected to adhere to these rules (to the extent applicable) in carrying out his or her duties for the Funds. The conduct of each Covered Officer and each Executive Officer can reinforce an ethical atmosphere and positively influence the conduct of all officers, employees and agents of the Funds. A Fund will, if appropriate, take action against any Covered Officer whose actions are found to violate the Code. Appropriate sanctions for violations of the Code will depend on the materiality of the violation to the Fund.

Sanctions may include, among other things, a requirement that the violator undergo training related to the violation, a letter or sanction or written censure by the Board, the imposition of a monetary penalty, suspension of the violator as an officer of a Fund or termination of the employment of the violator. If a Fund has suffered a loss because of violations of the Code, the Fund may pursue remedies against the individuals or entities responsible.

**VII. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities if the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Adviser's code of ethics under Rule 17j-1 under the Investment Company Act of 1940 are not part of this Code.

**VIII. Amendments**

Any amendments to this Code must be approved or ratified by a majority vote of the each Fund's Board, including a majority of Independent Board members.

**IX. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its Counsel.

**X. Internal Use**

This Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion. This Code is a statement of certain fundamental principles, policies, and procedures that govern the Covered Officers in the conduct of each Fund's business. It is not intended and does not create any rights in any employee, investor, supplier, creditor, shareholder or any other person.

**Exhibit A**

**CODE OF ETHICS**

**PURSUANT TO THE SARBANES-OXLEY ACT OF 2002**

**Initial and Annual Certification of Compliance**

________________________________

Name (please print)

This is to certify that I have received a copy of the Code of Ethics Pursuant to the Sarbanes-Oxley Act of 2002 ("Code") for the following Funds:

List of Funds

I have read and understand the Code. Moreover, I agree to promptly report to the Chief Compliance Officer any violation or possible violation of this Code of which I become aware. I understand that violation of the Code will be grounds for disciplinary action or dismissal.

*Check one:*

**Initial**

◻ I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

**Annual**

◻ I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

---

| | |
|:---|:---|
| Signature | Date |
| Received by (name and title): | Date |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: January 9, 2023

---

| |
|:---|
| /s/ Alan Goodson |
| Alan Goodson |
| Principal Executive Officer |

---

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Andrea Melia, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any
change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: January 9, 2023

---

| |
|:---|
| /s/ Andrea Melia |
| Andrea Melia |
| Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT**

Alan Goodson, Principal Executive Officer, and Andrea Melia, Principal Financial Officer, of abrdn Funds, a Delaware statutory trust (the "registrant"), each certify that:

1. The registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the
 "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the registrant.

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| |
|:---|
| /s/ Alan Goodson |
| Alan Goodson |
| Principal Executive Officer |
| abrdn Funds |
| Date: January 9, 2023 |
| /s/ Andrea Melia |
| Andrea Melia |
| Principal Financial Officer |
| abrdn Funds |
| Date: January 9, 2023 |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature page that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.