# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-23-000877
**Filing Date:** 2023-2
**Character Count:** 33588
**Document Hash:** 9ff90a372f171a57e6371b546c18db95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-000877.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001133228-23-000877

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 23687343

**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           |

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| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp191img001.jpg) |
| **abrdn China A Share Equity Fund** | ![](sp191img001.jpg) |
| February 28, 2023 | ![](sp191img001.jpg) |
| ![](sp191img001.jpg) |  |

---

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

**Fund Tickers**

Class A – GOPAX ■ Class C – GOPCX ■ Class R – GOPRX ■ Institutional Class – GOPIX ■ Institutional Service Class – GOPSX

**Objective**

The abrdn China A Share Equity Fund (the "China A Fund" or the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the China A Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in abrdn Funds. More information about these and other discounts is available from your financial advisor and in the "Reduction and Waiver of Class A and Class A1 Sales Charges" and "Broker-Defined Sales Charge Waiver Policies" sections on pages 160 and 216 of the Fund's prospectus, respectively, and in the "Additional Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges" and "Reduction of Sales Charges" sections on pages 115 and 116 of the Fund's Statement of Additional Information, respectively. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Fund Summary - abrdn China A Share Equity Fund 1

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Fund Summary - abrdn China A Share Equity Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees (fees paid directly from your investment)** | **Class A** **Shares** | **Class C** **Shares** | **Class R** **Shares** | **Institutional** **Class** **Shares** | **Institutional** **Service** **Class Shares** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price) | 5.75<br> %<br>|  |  |  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) | 1.00<br> %<br> <sup>(1)</sup><br>| 1.00<br> %<br> <sup>(2)</sup><br>|  |  |  |
| &nbsp;&nbsp; Small Account Fee<sup>(3)</sup> | $20<br>| $20<br>|  | $20<br>| $20<br>|

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| &nbsp;&nbsp; Management Fees | 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | 0.25<br> %<br>| 1.00<br> %<br>| 0.50<br> %<br>|  |  |
| &nbsp;&nbsp; Other Expenses | 0.68<br> %<br>| 0.66<br> %<br>| 0.71<br> %<br>| 0.66<br> %<br>| 0.70<br> %<br>|
| &nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>(4)</sup> | 0.01<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>(5)</sup> | 1.79<br> %<br>| 2.52<br> %<br>| 2.07<br> %<br>| 1.52<br> %<br>| 1.56<br> %<br>|
| &nbsp;&nbsp; Less: Amount of Fee Limitations/Expense Reimbursements<sup>(6)</sup> | 0.45<br> %<br>| 0.52<br> %<br>| 0.45<br> %<br>| 0.52<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements<sup>(5)</sup> | 1.34<br> %<br>| 2.00<br> %<br>| 1.62<br> %<br>| 1.00<br> %<br>| 1.11<br> %<br>|

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

(2) If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase.

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

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

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

(6) abrdn Funds (the "Trust") and abrdn Inc. (the "Adviser") have entered into a written contract limiting operating expenses to 0.99% for all classes of the Fund. This contractual limitation may not be terminated before February 29, 2024 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser.

**Example**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class A Shares | $704 | $1065 | $1449 | $2524 |
| &nbsp;&nbsp; Class C Shares | $303 | $735 | $1294 | $2817 |
| &nbsp;&nbsp; Class R Shares | $165 | $605 | $1072 | $2364 |
| &nbsp;&nbsp; Institutional Class Shares | $102 | $429 | $780 | $1768 |
| &nbsp;&nbsp; Institutional Service Class Shares | $113 | $449 | $807 | $1818 |

---

You would pay the following expenses on the same investment if you did not sell your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class C Shares | $203 | $735 | $1294 | $2817 |

---

2 Fund Summary - abrdn China A Share Equity Fund

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Fund Summary - abrdn China A Share Equity Fund

**Portfolio Turnover**

The China A Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23.60% of the average value of its portfolio.

**Principal Strategies**

As a non-fundamental policy, under normal circumstances, the China A Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of mainland China-based companies that are denominated in Renminbi and listed on the Shenzhen and Shanghai stock exchanges ("China A Shares"). For the purposes of the Fund meeting its 80% investment policy, the Fund will include investments in exchange-traded funds ("ETFs") that have policies to invest 80% or more of their assets in China A Shares.

China A Shares are only available to non-mainland China investors like the Fund through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs (collectively, "Stock Connect") or the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor systems (collectively, the "QFII Programs"). Stock Connect and the QFII Programs are subject to regulatory changes and specified quota limitations. The Shanghai and Shenzhen stock exchanges may close for extended periods for holidays or otherwise, which impacts the Fund's ability to trade in China A Shares during those periods.

The Fund may invest in securities denominated in U.S. Dollars and the currencies of the foreign countries in which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests.

The Fund may invest without limit in the equity securities of companies of any size, including small-cap and mid-cap companies. Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts. The Fund also may invest in equity-linked notes. An equity-linked note is a security whose performance is generally tied to a single stock, a stock index or a basket of stocks. For purposes of the Fund's 80% policy described above, equity-linked notes are classified according to their underlying or referenced security or securities. The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the consumer staples sector.

In seeking to achieve the Fund's investment objective, the Adviser and Sub-adviser invest in quality companies and are an active, engaged owners. The Adviser and Sub-adviser evaluate every company against quality criteria and build conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance ("ESG") factors impacting a company. The Adviser and Sub-adviser seek to understand what is changing in companies, industries and markets but is not being priced into the market or is being mispriced. Through fundamental research, supported by a global research presence, the Adviser and Sub-adviser seek to identify companies whose quality is not yet fully recognized by the market.

**Principal Risks**

The China A Fund cannot guarantee that it will achieve its investment objective.

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

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

**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.

**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).

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

**Foreign Securities Risk –** Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or

Fund Summary - abrdn China A Share Equity Fund 3

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Fund Summary - abrdn China A Share Equity Fund

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.

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

*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. The Fund may be more volatile than a fund which is broadly diversified geographically.

*China Risk.* Significant exposure to China and Hong Kong securities subjects the Fund to additional risks, and may make it significantly more volatile than more 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.

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

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

**Equity-Linked Notes –** The 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).

**Exchange-Traded Fund Risk –** To the extent that the 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.

**Illiquid Securities Risk –** 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.

The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of the Fund's portfolio holdings. These procedures and tests take into account the Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during

4 Fund Summary - abrdn China A Share Equity Fund

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Fund Summary - abrdn China A Share Equity Fund

both normal and reasonable 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 the 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 the Fund to ensure that it has sufficient liquidity to meet redemption requests.

**Impact of Large Redemptions and Purchases of Fund Shares –** Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause the 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 the Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle.

**Mid-Cap Securities Risk –** Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

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

*Consumer Staples Sector Risk*. Companies in the consumer staples sector may be adversely affected by changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental and political events, economic conditions, the depletion of resources, and government regulation. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Companies in the consumer staples sector also may be subject to risks pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a number of factors, including, without limitation, changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions. Companies in the consumer staples sector may be subject to severe competition, which may also have an adverse impact on their profitability.

**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.

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

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

**Performance**

The bar chart and table below can help you evaluate potential risks of the China A Fund. The bar chart shows how the Fund's annual total returns for Class A have varied from year to year. The returns in the bar chart do not reflect the impact of sales charges. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges. The table compares the Fund's average annual total returns to the returns of the MSCI China A (Onshore) Index (Net Daily Total Return), a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit https://www. abrdn.com/en-us/us/investor/fund-centre#literature or call 866-667-9231. The Fund changed its investment strategies effective June 13, 2019. The performance information for periods before June 13, 2019 does not reflect the Fund's current investment strategies. In connection with the change in investment strategies, the Fund changed its name from Aberdeen China Opportunities Fund to Aberdeen China A Share Equity Fund.

Fund Summary - abrdn China A Share Equity Fund 5

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Fund Summary - abrdn China A Share Equity Fund

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

<br>![](sp191img002.jpg)

Highest Return: 24.28% - 4th quarter 2020

Lowest Return: -19.21% - 3rd quarter 2022

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class A shares – Before Taxes | -27.19<br> %<br>| 4.21<br> %<br>| 3.70<br> %<br>|
| &nbsp;&nbsp; Class A shares – After Taxes on Distributions | -27.19<br> %<br>| 3.78<br> %<br>| 3.26<br> %<br>|
| &nbsp;&nbsp; Class A shares – After Taxes on Distributions and Sales of Shares | -16.10<br> %<br>| 3.28<br> %<br>| 2.79<br> %<br>|
| &nbsp;&nbsp; Class C shares – Before Taxes | -24.03<br> %<br>| 4.74<br> %<br>| 3.60<br> %<br>|
| &nbsp;&nbsp; Class R shares – Before Taxes | -22.95<br> %<br>| 5.13<br> %<br>| 3.96<br> %<br>|
| &nbsp;&nbsp; Institutional Class shares – Before Taxes | -22.46<br> %<br>| 5.81<br> %<br>| 4.64<br> %<br>|
| &nbsp;&nbsp; Institutional Service Class shares – Before Taxes | -22.57<br> %<br>| 5.70<br> %<br>| 4.56<br> %<br>|
| &nbsp;&nbsp; MSCI China A (Onshore) Index (Net Daily Total Return) (reflects no deduction for fees or expenses) | -27.23<br> %<br>| -0.47<br> %<br>| 4.15<br> %<br>|

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**Investment Adviser**

abrdn Inc. (the "Adviser") serves as the China A Fund's investment adviser and abrdn Asia Limited ("AAL") serves as the Fund's sub-adviser.

6 Fund Summary - abrdn China A Share Equity Fund

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Fund Summary - abrdn China A Share Equity Fund

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | **Title** | **Served on the Fund Since** |
| &nbsp;&nbsp; Pruksa Iamthongthong, CFA<sup>®</sup> | Senior Investment Director | 2009<br>|
| &nbsp;&nbsp; Jim Jiang | Investment Manager | 2018<br>|
| &nbsp;&nbsp; Elizabeth Kwik, CFA<sup>®</sup> | Investment Director | 2013<br>|
| &nbsp;&nbsp; Nicholas Yeo, CFA<sup>®</sup> | Director and Head of Equities – China | 2009<br>|

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**Purchase and Sale of Fund Shares**

The Fund's minimum investment requirements are as follows:

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

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

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

**Tax Information**

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

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

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

Fund Summary - abrdn China A Share Equity Fund 7