# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-010644
**Filing Date:** 2025-9
**Character Count:** 399116
**Document Hash:** 78984f59a01d11923df8404724ab395f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010644.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010644

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 251340609

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn China A Share Equity Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—92.0%** | &nbsp;&nbsp;**COMMON STOCKS—92.0%** |  |
| &nbsp;&nbsp;**CHINA—92.0%** | &nbsp;&nbsp;**CHINA—92.0%** | &nbsp;&nbsp;**CHINA—92.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—12.5%** | &nbsp;&nbsp;**Consumer Discretionary—12.5%** | &nbsp;&nbsp;**Consumer Discretionary—12.5%** |
| &nbsp;&nbsp;BYD Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 43200 | &nbsp;&nbsp;$626639 |
| &nbsp;&nbsp;BYD Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21901 |
| &nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 69038 | &nbsp;&nbsp;&nbsp;&nbsp; 522554 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 63042 | &nbsp;&nbsp;&nbsp;&nbsp; 612266 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares | 10400 | &nbsp;&nbsp;&nbsp;&nbsp; 100768 |
| &nbsp;&nbsp;Zhejiang Shuanghuan Driveline Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 66600 | &nbsp;&nbsp;&nbsp;&nbsp; 303691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187819 |
| &nbsp;&nbsp;**Consumer Staples—11.3%** | &nbsp;&nbsp;**Consumer Staples—11.3%** | &nbsp;&nbsp;**Consumer Staples—11.3%** |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 18571 | &nbsp;&nbsp;&nbsp;&nbsp; 98579 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., H Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 12634 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 76900 | &nbsp;&nbsp;&nbsp;&nbsp; 292008 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp; 976704 |
| &nbsp;&nbsp;Yantai China Pet Foods Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 45900 | &nbsp;&nbsp;&nbsp;&nbsp; 360738 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 67420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961843 |
| &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** |
| &nbsp;&nbsp;G3 Exploration Ltd.<sup>(b)(c)(d)(e)</sup> | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** |
| &nbsp;&nbsp;Bank of Ningbo Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;55316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213487 |
| &nbsp;&nbsp;China CITIC Bank Corp. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166950 |
| &nbsp;&nbsp;China CITIC Bank Corp. Ltd., H Shares | 269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249934 |
| &nbsp;&nbsp;China Construction Bank Corp., A Shares (Stock Connect)<sup>(a)</sup> | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134371 |
| &nbsp;&nbsp;China Construction Bank Corp., H Shares | 401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410144 |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 130832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806011 |
| &nbsp;&nbsp;CITIC Securities Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441937 |
| &nbsp;&nbsp;CITIC Securities Co. Ltd., H Shares | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358386 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;62537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508058 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares | &nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601652 |
| &nbsp;&nbsp;**Health Care—7.2%** | &nbsp;&nbsp;**Health Care—7.2%** | &nbsp;&nbsp;**Health Care—7.2%** |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;87527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155507 |
| &nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;40144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174185 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;25267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237735 |
| &nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;39255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342244 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;10610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249154 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—26.8%** | &nbsp;&nbsp;**Industrials—26.8%** | &nbsp;&nbsp;**Industrials—26.8%** | &nbsp;&nbsp;**Industrials—26.8%** |
| &nbsp;&nbsp;Beijing New Building Materials PLC, A Shares (Stock Connect)<sup>(a)</sup> |  | 46800 | &nbsp;&nbsp;$169091 |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 84888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142769 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 32902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201593 |
| &nbsp;&nbsp;Jiangsu Hengli Hydraulic Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 32400 | &nbsp;&nbsp;&nbsp;&nbsp; 330218 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 156962 | &nbsp;&nbsp;&nbsp;&nbsp; 475965 |
| &nbsp;&nbsp;Ningbo Orient Wires & Cables Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 60700 | &nbsp;&nbsp;&nbsp;&nbsp; 398299 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 104650 | &nbsp;&nbsp;&nbsp;&nbsp; 581549 |
| &nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 32489 | &nbsp;&nbsp;&nbsp;&nbsp; 284222 |
| &nbsp;&nbsp;Sieyuan Electric Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 50539 | &nbsp;&nbsp;&nbsp;&nbsp; 545858 |
| &nbsp;&nbsp;Yutong Bus Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 115300 | &nbsp;&nbsp;&nbsp;&nbsp; 398025 |
| &nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co. Ltd.<sup>(b)</sup> |  | 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 109930 |
| &nbsp;&nbsp;Zhejiang Weixing New Building Materials Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 18100 | &nbsp;&nbsp;&nbsp;&nbsp; 26756 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664275 |
| &nbsp;&nbsp;**Information Technology—9.5%** | &nbsp;&nbsp;**Information Technology—9.5%** | &nbsp;&nbsp;**Information Technology—9.5%** | &nbsp;&nbsp;**Information Technology—9.5%** |
| &nbsp;&nbsp;Hand Enterprise Solutions Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 40600 | &nbsp;&nbsp;&nbsp;&nbsp; 105883 |
| &nbsp;&nbsp;Luxshare Precision Industry Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;93670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472832 |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;12180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564288 |
| &nbsp;&nbsp;SG Micro Corp., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;18866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185925 |
| &nbsp;&nbsp;Shanghai Huace Navigation Technology Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87855 |
| &nbsp;&nbsp;WUS Printed Circuit Kunshan Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240286 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657069 |
| &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** |
| &nbsp;&nbsp;Satellite Chemical Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 102800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277179 |
| &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** |
| &nbsp;&nbsp;China Yangtze Power Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 109200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421749 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**16020740** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**16020740** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** |  |
| &nbsp;&nbsp;KraneShares Bosera MSCI China A 50 Connect Index ETF |  | &nbsp;&nbsp;25027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628921 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**628921** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(f)</sup> |  | 761836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761836 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**761836** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $17,469,326)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $17,469,326)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $17,469,326)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17411497** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2341) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$17409156** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn China A Share Equity Fund

------

---

| | |
|:---|:---|
| (a) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
| (b) | Non-income producing security. |
| (c) | Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used. |
| (d) | The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of July 31, 2025. |
| (e) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
| (f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—97.4%** | &nbsp;&nbsp;**COMMON STOCKS—97.4%** | &nbsp;&nbsp;**COMMON STOCKS—97.4%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** |
| &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** |
| &nbsp;&nbsp;Rio Tinto PLC, ADR |  | 15600 | &nbsp;&nbsp;$932412 |
| &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** |
| &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** |
| &nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA |  | 302100 | &nbsp;&nbsp;&nbsp;&nbsp; 664134 |
| &nbsp;&nbsp;Rumo SA |  | 312200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922179 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586313 |
| &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** | &nbsp;&nbsp;**CANADA—1.2%** |
| &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** |
| &nbsp;&nbsp;Enbridge, Inc. |  | 24100 | &nbsp;&nbsp;&nbsp;&nbsp; 1091489 |
| &nbsp;&nbsp;**CHINA—1.9%** | &nbsp;&nbsp;**CHINA—1.9%** | &nbsp;&nbsp;**CHINA—1.9%** | &nbsp;&nbsp;**CHINA—1.9%** |
| &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 1029180 |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 750541 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1779721** |
| &nbsp;&nbsp;**DENMARK—2.4%** | &nbsp;&nbsp;**DENMARK—2.4%** | &nbsp;&nbsp;**DENMARK—2.4%** | &nbsp;&nbsp;**DENMARK—2.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** |
| &nbsp;&nbsp;Pandora AS |  | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709911 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Tryg AS |  | &nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870801 |
| &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665064 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2245776** |
| &nbsp;&nbsp;**FRANCE—5.5%** | &nbsp;&nbsp;**FRANCE—5.5%** | &nbsp;&nbsp;**FRANCE—5.5%** | &nbsp;&nbsp;**FRANCE—5.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649542 |
| &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** | &nbsp;&nbsp;**Consumer Staples—1.8%** |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916572 |
| &nbsp;&nbsp;Pernod Ricard SA |  | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729658 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646230 |
| &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** |
| &nbsp;&nbsp;TotalEnergies SE, ADR |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833700 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Teleperformance SE |  | &nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984661 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;Engie SA |  | 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966563 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5080696** |
| &nbsp;&nbsp;**GERMANY—4.5%** | &nbsp;&nbsp;**GERMANY—4.5%** | &nbsp;&nbsp;**GERMANY—4.5%** | &nbsp;&nbsp;**GERMANY—4.5%** |
| &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** | &nbsp;&nbsp;**Communication Services—1.1%** |
| &nbsp;&nbsp;Deutsche Telekom AG |  | &nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054457 |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Mercedes-Benz Group AG |  | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781360 |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112940 |
| &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165115 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4113872** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**HONG KONG—1.3%** | &nbsp;&nbsp;**HONG KONG—1.3%** | &nbsp;&nbsp;**HONG KONG—1.3%** | &nbsp;&nbsp;**HONG KONG—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | 21800 | &nbsp;&nbsp;$1179790 |
| &nbsp;&nbsp;**IRELAND—1.0%** | &nbsp;&nbsp;**IRELAND—1.0%** | &nbsp;&nbsp;**IRELAND—1.0%** | &nbsp;&nbsp;**IRELAND—1.0%** |
| &nbsp;&nbsp;**Information Technology—1.0%** | &nbsp;&nbsp;**Information Technology—1.0%** | &nbsp;&nbsp;**Information Technology—1.0%** | &nbsp;&nbsp;**Information Technology—1.0%** |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 934850 |
| &nbsp;&nbsp;**ISRAEL—0.8%** | &nbsp;&nbsp;**ISRAEL—0.8%** | &nbsp;&nbsp;**ISRAEL—0.8%** | &nbsp;&nbsp;**ISRAEL—0.8%** |
| &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** |
| &nbsp;&nbsp;Energean PLC |  | 56600 | &nbsp;&nbsp;&nbsp;&nbsp; 684325 |
| &nbsp;&nbsp;**JAPAN—2.0%** | &nbsp;&nbsp;**JAPAN—2.0%** | &nbsp;&nbsp;**JAPAN—2.0%** | &nbsp;&nbsp;**JAPAN—2.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** |
| &nbsp;&nbsp;Sumitomo Forestry Co. Ltd. |  | 47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474154 |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | 97700 | &nbsp;&nbsp;&nbsp;&nbsp; 1346577 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1820731** |
| &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;ING Groep NV |  | &nbsp;&nbsp;55100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284129 |
| &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970302 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067382 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037684 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3321813** |
| &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;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. |  | 94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223345 |
| &nbsp;&nbsp;**TAIWAN—3.2%** | &nbsp;&nbsp;**TAIWAN—3.2%** | &nbsp;&nbsp;**TAIWAN—3.2%** | &nbsp;&nbsp;**TAIWAN—3.2%** |
| &nbsp;&nbsp;**Information Technology—3.2%** | &nbsp;&nbsp;**Information Technology—3.2%** | &nbsp;&nbsp;**Information Technology—3.2%** | &nbsp;&nbsp;**Information Technology—3.2%** |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | 141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829147 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117459 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946606 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.2%** | &nbsp;&nbsp;**UNITED KINGDOM—5.2%** | &nbsp;&nbsp;**UNITED KINGDOM—5.2%** | &nbsp;&nbsp;**UNITED KINGDOM—5.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | 632300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850750 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;London Stock Exchange Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816696 |
| &nbsp;&nbsp;**Health Care—1.3%** | &nbsp;&nbsp;**Health Care—1.3%** | &nbsp;&nbsp;**Health Care—1.3%** | &nbsp;&nbsp;**Health Care—1.3%** |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184058 |
| &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** |
| &nbsp;&nbsp;BAE Systems PLC |  | &nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102361 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;UNITE Group PLC, REIT |  | 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828189 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4782054** |
| &nbsp;&nbsp;**UNITED STATES—60.8%** | &nbsp;&nbsp;**UNITED STATES—60.8%** | &nbsp;&nbsp;**UNITED STATES—60.8%** | &nbsp;&nbsp;**UNITED STATES—60.8%** |
| &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C |  | &nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545752 |
| &nbsp;&nbsp;U.S. Cellular Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;12802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933650 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479402 |
| &nbsp;&nbsp;**Consumer Discretionary—5.7%** | &nbsp;&nbsp;**Consumer Discretionary—5.7%** | &nbsp;&nbsp;**Consumer Discretionary—5.7%** | &nbsp;&nbsp;**Consumer Discretionary—5.7%** |
| &nbsp;&nbsp;Brightstar Lottery PLC |  | &nbsp;&nbsp;72500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075900 |
| &nbsp;&nbsp;Lowe's Cos., Inc. |  | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095493 |
| &nbsp;&nbsp;Meritage Homes Corp. |  | &nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417508 |
| &nbsp;&nbsp;NIKE, Inc., Class B |  | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761838 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Dynamic Dividend Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Consumer Discretionary (continued)** | &nbsp;&nbsp;**Consumer Discretionary (continued)** | &nbsp;&nbsp;**Consumer Discretionary (continued)** |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;$1183035 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 756800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290574 |
| &nbsp;&nbsp;**Consumer Staples—5.1%** | &nbsp;&nbsp;**Consumer Staples—5.1%** | &nbsp;&nbsp;**Consumer Staples—5.1%** |
| &nbsp;&nbsp;Coca-Cola Co. | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038717 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 30627 | &nbsp;&nbsp;&nbsp;&nbsp; 999972 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | 13294 | &nbsp;&nbsp;&nbsp;&nbsp; 859989 |
| &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 821344 |
| &nbsp;&nbsp;Target Corp. | 10100 | &nbsp;&nbsp;&nbsp;&nbsp; 1015050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735072 |
| &nbsp;&nbsp;**Energy—1.8%** | &nbsp;&nbsp;**Energy—1.8%** | &nbsp;&nbsp;**Energy—1.8%** |
| &nbsp;&nbsp;Schlumberger NV | 16300 | &nbsp;&nbsp;&nbsp;&nbsp; 550940 |
| &nbsp;&nbsp;Williams Cos., Inc. | 19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707975 |
| &nbsp;&nbsp;**Financials—9.3%** | &nbsp;&nbsp;**Financials—9.3%** | &nbsp;&nbsp;**Financials—9.3%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139207 |
| &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331792 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113120 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056153 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447180 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451576 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549163 |
| &nbsp;&nbsp;**Health Care—7.4%** | &nbsp;&nbsp;**Health Care—7.4%** | &nbsp;&nbsp;**Health Care—7.4%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228630 |
| &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713000 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670680 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956544 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859320 |
| &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998634 |
| &nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933614 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859542 |
| &nbsp;&nbsp;**Industrials—6.3%** | &nbsp;&nbsp;**Industrials—6.3%** | &nbsp;&nbsp;**Industrials—6.3%** |
| &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028054 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917606 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956105 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112000 |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009294 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825119 |
| &nbsp;&nbsp;**Information Technology—15.0%** | &nbsp;&nbsp;**Information Technology—15.0%** | &nbsp;&nbsp;**Information Technology—15.0%** |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640200 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898520 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Apple, Inc. |  | 11800 | &nbsp;&nbsp;$2449326 |
| &nbsp;&nbsp;Broadcom, Inc. |  | 11800 | &nbsp;&nbsp;&nbsp;&nbsp; 3465660 |
| &nbsp;&nbsp;Cisco Systems, Inc. |  | 19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327560 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 4001250 |
| &nbsp;&nbsp;Oracle Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015080 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13797596 |
| &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** | &nbsp;&nbsp;**Materials—1.4%** |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248173 |
| &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 812929 |
| &nbsp;&nbsp;Gaming & Leisure Properties, Inc., REIT |  | 17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811324 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624253 |
| &nbsp;&nbsp;**Utilities—3.2%** | &nbsp;&nbsp;**Utilities—3.2%** | &nbsp;&nbsp;**Utilities—3.2%** | &nbsp;&nbsp;**Utilities—3.2%** |
| &nbsp;&nbsp;CMS Energy Corp. |  | 13800 | &nbsp;&nbsp;&nbsp;&nbsp; 1018440 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | 21800 | &nbsp;&nbsp;&nbsp;&nbsp; 931078 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001946 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951464 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**56068333** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**89792126** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.6%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—1.6%** | &nbsp;&nbsp;**SOUTH KOREA—1.6%** | &nbsp;&nbsp;**SOUTH KOREA—1.6%** | &nbsp;&nbsp;**SOUTH KOREA—1.6%** |
| &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486398 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1486398** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(c)</sup> |  | 476456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476456 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**476456** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $68,334,986)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $68,334,986)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $68,334,986)—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**91754980** |
| &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;440935 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$92195915** |

---

(a) China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or
Shenzhen Hong-Kong Stock Connect program.

(b) Non-income producing security.

(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

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

---

As of July 31, 2025, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;7583229 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;$7335598 | &nbsp;&nbsp;$247631 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.2%** | &nbsp;&nbsp;**COMMON STOCKS—90.2%** | &nbsp;&nbsp;**COMMON STOCKS—90.2%** |  |
| &nbsp;&nbsp;**BRAZIL—2.4%** | &nbsp;&nbsp;**BRAZIL—2.4%** | &nbsp;&nbsp;**BRAZIL—2.4%** | &nbsp;&nbsp;**BRAZIL—2.4%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;$5432 |
| &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9832** |
| &nbsp;&nbsp;**CHINA—18.6%** | &nbsp;&nbsp;**CHINA—18.6%** | &nbsp;&nbsp;**CHINA—18.6%** | &nbsp;&nbsp;**CHINA—18.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.1%** | &nbsp;&nbsp;**Consumer Discretionary—3.1%** | &nbsp;&nbsp;**Consumer Discretionary—3.1%** | &nbsp;&nbsp;**Consumer Discretionary—3.1%** |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 12596 |
| &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** |
| &nbsp;&nbsp;Giant Biogene Holding Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7131 |
| &nbsp;&nbsp;**Health Care—3.5%** | &nbsp;&nbsp;**Health Care—3.5%** | &nbsp;&nbsp;**Health Care—3.5%** | &nbsp;&nbsp;**Health Care—3.5%** |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 9618 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 4651 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14269 |
| &nbsp;&nbsp;**Industrials—10.3%** | &nbsp;&nbsp;**Industrials—10.3%** | &nbsp;&nbsp;**Industrials—10.3%** | &nbsp;&nbsp;**Industrials—10.3%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17757 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11491 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42228 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**76224** |
| &nbsp;&nbsp;**GREECE—2.8%** | &nbsp;&nbsp;**GREECE—2.8%** | &nbsp;&nbsp;**GREECE—2.8%** | &nbsp;&nbsp;**GREECE—2.8%** |
| &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11563 |
| &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;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10583 |
| &nbsp;&nbsp;**INDIA—15.9%** | &nbsp;&nbsp;**INDIA—15.9%** | &nbsp;&nbsp;**INDIA—15.9%** | &nbsp;&nbsp;**INDIA—15.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22887 |
| &nbsp;&nbsp;**Consumer Staples—2.5%** | &nbsp;&nbsp;**Consumer Staples—2.5%** | &nbsp;&nbsp;**Consumer Staples—2.5%** | &nbsp;&nbsp;**Consumer Staples—2.5%** |
| &nbsp;&nbsp;ITC Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10405 |
| &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16995 |
| &nbsp;&nbsp;**Materials—3.7%** | &nbsp;&nbsp;**Materials—3.7%** | &nbsp;&nbsp;**Materials—3.7%** | &nbsp;&nbsp;**Materials—3.7%** |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(b)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15102 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**65389** |
| &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** |
| &nbsp;&nbsp;**Communication Services—4.4%** | &nbsp;&nbsp;**Communication Services—4.4%** | &nbsp;&nbsp;**Communication Services—4.4%** | &nbsp;&nbsp;**Communication Services—4.4%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 102100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17928 |
| &nbsp;&nbsp;**MEXICO—8.1%** | &nbsp;&nbsp;**MEXICO—8.1%** | &nbsp;&nbsp;**MEXICO—8.1%** | &nbsp;&nbsp;**MEXICO—8.1%** |
| &nbsp;&nbsp;**Materials—8.1%** | &nbsp;&nbsp;**Materials—8.1%** | &nbsp;&nbsp;**Materials—8.1%** | &nbsp;&nbsp;**Materials—8.1%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;5313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33145 |
| &nbsp;&nbsp;**POLAND—3.1%** | &nbsp;&nbsp;**POLAND—3.1%** | &nbsp;&nbsp;**POLAND—3.1%** | &nbsp;&nbsp;**POLAND—3.1%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497 |
| &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12817** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** |
| &nbsp;&nbsp;**Financials—4.8%** | &nbsp;&nbsp;**Financials—4.8%** | &nbsp;&nbsp;**Financials—4.8%** | &nbsp;&nbsp;**Financials—4.8%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;$19717 |
| &nbsp;&nbsp;**SOUTH KOREA—11.8%** | &nbsp;&nbsp;**SOUTH KOREA—11.8%** | &nbsp;&nbsp;**SOUTH KOREA—11.8%** | &nbsp;&nbsp;**SOUTH KOREA—11.8%** |
| &nbsp;&nbsp;**Industrials—5.6%** | &nbsp;&nbsp;**Industrials—5.6%** | &nbsp;&nbsp;**Industrials—5.6%** | &nbsp;&nbsp;**Industrials—5.6%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 14905 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22867 |
| &nbsp;&nbsp;**Information Technology—6.2%** | &nbsp;&nbsp;**Information Technology—6.2%** | &nbsp;&nbsp;**Information Technology—6.2%** | &nbsp;&nbsp;**Information Technology—6.2%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 25584 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48451** |
| &nbsp;&nbsp;**TAIWAN—7.7%** | &nbsp;&nbsp;**TAIWAN—7.7%** | &nbsp;&nbsp;**TAIWAN—7.7%** | &nbsp;&nbsp;**TAIWAN—7.7%** |
| &nbsp;&nbsp;**Information Technology—7.7%** | &nbsp;&nbsp;**Information Technology—7.7%** | &nbsp;&nbsp;**Information Technology—7.7%** | &nbsp;&nbsp;**Information Technology—7.7%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 11046 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 8549 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11819 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31414 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—8.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—8.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—8.0%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—8.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** |
| &nbsp;&nbsp;Talabat Holding PLC |  | &nbsp;&nbsp;&nbsp;8059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
| &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;2616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17177 |
| &nbsp;&nbsp;**Real Estate—3.1%** | &nbsp;&nbsp;**Real Estate—3.1%** | &nbsp;&nbsp;**Real Estate—3.1%** | &nbsp;&nbsp;**Real Estate—3.1%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12745 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**32679** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**369742** |
| &nbsp;&nbsp;**PREFERRED STOCKS—13.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—13.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—13.6%** |  |
| &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** | &nbsp;&nbsp;**BRAZIL—3.1%** |
| &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** | &nbsp;&nbsp;**Financials—3.1%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12480 |
| &nbsp;&nbsp;**SOUTH KOREA—10.5%** | &nbsp;&nbsp;**SOUTH KOREA—10.5%** | &nbsp;&nbsp;**SOUTH KOREA—10.5%** | &nbsp;&nbsp;**SOUTH KOREA—10.5%** |
| &nbsp;&nbsp;**Information Technology—10.5%** | &nbsp;&nbsp;**Information Technology—10.5%** | &nbsp;&nbsp;**Information Technology—10.5%** | &nbsp;&nbsp;**Information Technology—10.5%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43151 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**55631** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.8%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3092** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $387,488)—104.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $387,488)—104.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $387,488)—104.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**428465** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(4.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18657) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$409808** |

---

(a) Non-income producing security.

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

(c) China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or
the Shanghai or Shenzhen Hong-Kong Stock Connect program.

(d) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 3.7% of net
assets as of July 31, 2025.

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn EM SMA Completion Fund

------

GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.5%** | &nbsp;&nbsp;**COMMON STOCKS—90.5%** | &nbsp;&nbsp;**COMMON STOCKS—90.5%** |  |
| &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;Telefonica Brasil SA, ADR |  | &nbsp;&nbsp; 117750 | &nbsp;&nbsp;$1321155 |
| &nbsp;&nbsp;**Energy—1.7%** | &nbsp;&nbsp;**Energy—1.7%** | &nbsp;&nbsp;**Energy—1.7%** | &nbsp;&nbsp;**Energy—1.7%** |
| &nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;119487 | &nbsp;&nbsp;&nbsp;&nbsp; 1388439 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | &nbsp;&nbsp;&nbsp;&nbsp;139728 | &nbsp;&nbsp;&nbsp;&nbsp; 313914 |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;76248 | &nbsp;&nbsp;&nbsp;&nbsp; 478075 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791989 |
| &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** |
| &nbsp;&nbsp;Odontoprev SA |  | &nbsp;&nbsp;&nbsp;&nbsp;208359 | &nbsp;&nbsp;&nbsp;&nbsp; 446892 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;**3948475** |
| &nbsp;&nbsp;**CHINA—23.1%** | &nbsp;&nbsp;**CHINA—23.1%** | &nbsp;&nbsp;**CHINA—23.1%** | &nbsp;&nbsp;**CHINA—23.1%** |
| &nbsp;&nbsp;**Communication Services—9.4%** | &nbsp;&nbsp;**Communication Services—9.4%** | &nbsp;&nbsp;**Communication Services—9.4%** | &nbsp;&nbsp;**Communication Services—9.4%** |
| &nbsp;&nbsp;Autohome, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11249 | &nbsp;&nbsp;&nbsp;&nbsp; 304735 |
| &nbsp;&nbsp;NetEase, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;12871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1677091 |
| &nbsp;&nbsp;Tencent Holdings Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;80964 | &nbsp;&nbsp;&nbsp;&nbsp; 5673148 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7654974 |
| &nbsp;&nbsp;**Consumer Discretionary—8.2%** | &nbsp;&nbsp;**Consumer Discretionary—8.2%** | &nbsp;&nbsp;**Consumer Discretionary—8.2%** | &nbsp;&nbsp;**Consumer Discretionary—8.2%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;16080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939730 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;98150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125287 |
| &nbsp;&nbsp;Fu Shou Yuan International Group Ltd. |  | &nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300297 |
| &nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;120300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319110 |
| &nbsp;&nbsp;JD.com, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431948 |
| &nbsp;&nbsp;Li Auto, Inc., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530926 |
| &nbsp;&nbsp;Li Ning Co. Ltd. |  | &nbsp;&nbsp;&nbsp;378500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803288 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632482 |
| &nbsp;&nbsp;PDD Holdings, Inc., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348972 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;165500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711176 |
| &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116691 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;59400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195800 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312491 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;48602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668277 |
| &nbsp;&nbsp;**Health Care—0.6%** | &nbsp;&nbsp;**Health Care—0.6%** | &nbsp;&nbsp;**Health Care—0.6%** | &nbsp;&nbsp;**Health Care—0.6%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488571 |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;241400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408436 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717387 |
| &nbsp;&nbsp;SITC International Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586192 |
| &nbsp;&nbsp;**Information Technology—0.6%** | &nbsp;&nbsp;**Information Technology—0.6%** | &nbsp;&nbsp;**Information Technology—0.6%** | &nbsp;&nbsp;**Information Technology—0.6%** |
| &nbsp;&nbsp;Shanghai Huace Navigation Technology Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252109 |
| &nbsp;&nbsp;Silergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272217 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524326 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;**18946007** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Lion Finance Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;14426 | &nbsp;&nbsp;$1450786 |
| &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** | &nbsp;&nbsp;**GREECE—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;95145 | &nbsp;&nbsp;&nbsp;&nbsp; 1334441 |
| &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** |
| &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** | &nbsp;&nbsp;**Consumer Staples—1.2%** |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;922704 | &nbsp;&nbsp;&nbsp;&nbsp; 970896 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;AIA Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;18520 | &nbsp;&nbsp;&nbsp;&nbsp; 689500 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 558592 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2218988** |
| &nbsp;&nbsp;**INDIA—10.1%** | &nbsp;&nbsp;**INDIA—10.1%** | &nbsp;&nbsp;**INDIA—10.1%** | &nbsp;&nbsp;**INDIA—10.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18847 | &nbsp;&nbsp;&nbsp;&nbsp; 680377 |
| &nbsp;&nbsp;**Financials—7.6%** | &nbsp;&nbsp;**Financials—7.6%** | &nbsp;&nbsp;**Financials—7.6%** | &nbsp;&nbsp;**Financials—7.6%** |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045779 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;65105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194039 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239818 |
| &nbsp;&nbsp;**Information Technology—1.7%** | &nbsp;&nbsp;**Information Technology—1.7%** | &nbsp;&nbsp;**Information Technology—1.7%** | &nbsp;&nbsp;**Information Technology—1.7%** |
| &nbsp;&nbsp;Infosys Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;81588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364151 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**8284346** |
| &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** | &nbsp;&nbsp;**INDONESIA—4.4%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 7508500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314159 |
| &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** |
| &nbsp;&nbsp;Bank Mandiri Persero Tbk. PT |  | 4590500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258168 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk. PT |  | 4648100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047976 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306144 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;**3620303** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** |
| &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785973 |
| &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509773 |
| &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** |
| &nbsp;&nbsp;Air Astana JSC, GDR<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;26443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146494 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1442240** |
| &nbsp;&nbsp;**MACAO—1.2%** | &nbsp;&nbsp;**MACAO—1.2%** | &nbsp;&nbsp;**MACAO—1.2%** | &nbsp;&nbsp;**MACAO—1.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** |
| &nbsp;&nbsp;Sands China Ltd. |  | &nbsp;&nbsp;&nbsp;416490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010187 |
| &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** | &nbsp;&nbsp;**MALAYSIA—0.8%** |
| &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** |
| &nbsp;&nbsp;Telekom Malaysia Bhd. |  | &nbsp;&nbsp;&nbsp;396500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627521 |
| &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;158209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408995 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** |
| &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;26697 | &nbsp;&nbsp;$355205 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;23937 | &nbsp;&nbsp;&nbsp;&nbsp; 725800 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081005 |
| &nbsp;&nbsp;**Materials—3.8%** | &nbsp;&nbsp;**Materials—3.8%** | &nbsp;&nbsp;**Materials—3.8%** | &nbsp;&nbsp;**Materials—3.8%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;489263 | &nbsp;&nbsp;&nbsp;&nbsp; 3052285 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5542285** |
| &nbsp;&nbsp;**PERU—1.0%** | &nbsp;&nbsp;**PERU—1.0%** | &nbsp;&nbsp;**PERU—1.0%** | &nbsp;&nbsp;**PERU—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 | &nbsp;&nbsp;&nbsp;&nbsp; 827367 |
| &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;Asian Terminals, Inc.<sup>(d)</sup> |  | 1394500 | &nbsp;&nbsp;&nbsp;&nbsp; 652635 |
| &nbsp;&nbsp;**SAUDI ARABIA—1.1%** | &nbsp;&nbsp;**SAUDI ARABIA—1.1%** | &nbsp;&nbsp;**SAUDI ARABIA—1.1%** | &nbsp;&nbsp;**SAUDI ARABIA—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;Saudi National Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;93687 | &nbsp;&nbsp;&nbsp;&nbsp; 936595 |
| &nbsp;&nbsp;**SINGAPORE—1.6%** | &nbsp;&nbsp;**SINGAPORE—1.6%** | &nbsp;&nbsp;**SINGAPORE—1.6%** | &nbsp;&nbsp;**SINGAPORE—1.6%** |
| &nbsp;&nbsp;**Information Technology—0.2%** | &nbsp;&nbsp;**Information Technology—0.2%** | &nbsp;&nbsp;**Information Technology—0.2%** | &nbsp;&nbsp;**Information Technology—0.2%** |
| &nbsp;&nbsp;AEM Holdings Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;143737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179339 |
| &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** |
| &nbsp;&nbsp;Capitaland India Trust, UNIT |  | 1230500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127769 |
| &nbsp;&nbsp;**Total Singapore** | &nbsp;&nbsp;**Total Singapore** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1307108** |
| &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** | &nbsp;&nbsp;**SOUTH AFRICA—1.5%** |
| &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** |
| &nbsp;&nbsp;Vodacom Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;82966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633441 |
| &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;130130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626067 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1259508** |
| &nbsp;&nbsp;**SOUTH KOREA—4.7%** | &nbsp;&nbsp;**SOUTH KOREA—4.7%** | &nbsp;&nbsp;**SOUTH KOREA—4.7%** | &nbsp;&nbsp;**SOUTH KOREA—4.7%** |
| &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307540 |
| &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317645 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443971 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;30537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583524 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345140 |
| &nbsp;&nbsp;**Information Technology—1.5%** | &nbsp;&nbsp;**Information Technology—1.5%** | &nbsp;&nbsp;**Information Technology—1.5%** | &nbsp;&nbsp;**Information Technology—1.5%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201838 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3854518** |
| &nbsp;&nbsp;**TAIWAN—18.0%** | &nbsp;&nbsp;**TAIWAN—18.0%** | &nbsp;&nbsp;**TAIWAN—18.0%** | &nbsp;&nbsp;**TAIWAN—18.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235010 |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;Sporton International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274244 |
| &nbsp;&nbsp;**Information Technology—17.4%** | &nbsp;&nbsp;**Information Technology—17.4%** | &nbsp;&nbsp;**Information Technology—17.4%** | &nbsp;&nbsp;**Information Technology—17.4%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866672 |
| &nbsp;&nbsp;Alchip Technologies Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260323 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211559 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512907 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432700 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Realtek Semiconductor Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;$385292 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196197 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 8355809 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14221459 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;**14730713** |
| &nbsp;&nbsp;**THAILAND—1.0%** | &nbsp;&nbsp;**THAILAND—1.0%** | &nbsp;&nbsp;**THAILAND—1.0%** | &nbsp;&nbsp;**THAILAND—1.0%** |
| &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** |
| &nbsp;&nbsp;Digital Telecommunications Infrastructure Fund, Class F, UNIT |  | 1062900 | &nbsp;&nbsp;&nbsp;&nbsp; 265074 |
| &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** | &nbsp;&nbsp;**Financials—0.7%** |
| &nbsp;&nbsp;Krung Thai Bank PCL |  | &nbsp;&nbsp;&nbsp;&nbsp;786200 | &nbsp;&nbsp;&nbsp;&nbsp; 529266 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**794340** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** |
| &nbsp;&nbsp;Americana Restaurants International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;444023 | &nbsp;&nbsp;&nbsp;&nbsp; 259906 |
| &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** |
| &nbsp;&nbsp;ADNOC Drilling Co. PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;227097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361075 |
| &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;301116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780448 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1401429** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**74189792** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.1%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.1%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.1%** |  |
| &nbsp;&nbsp;iShares MSCI India ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;48222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538406 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;**2538406** |
| &nbsp;&nbsp;**PREFERRED STOCKS—5.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.8%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—5.8%** | &nbsp;&nbsp;**SOUTH KOREA—5.8%** | &nbsp;&nbsp;**SOUTH KOREA—5.8%** | &nbsp;&nbsp;**SOUTH KOREA—5.8%** |
| &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;114208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743569 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4743569** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;465427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465427 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**465427** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $69,451,063)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $69,451,063)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $69,451,063)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**81937194** |
| &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;(22508) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$81914686** |

---

(a) China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or
Shenzhen Hong-Kong Stock Connect program.

(b) Non-income producing security.

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

(d) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 1.0% of net
assets as of July 31, 2025.

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| PLC | Public Limited Company |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets ex-China Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—92.1%** | &nbsp;&nbsp;**COMMON STOCKS—92.1%** |  |
| &nbsp;&nbsp;**BRAZIL—5.6%** | &nbsp;&nbsp;**BRAZIL—5.6%** | &nbsp;&nbsp;**BRAZIL—5.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** | &nbsp;&nbsp;**Consumer Discretionary—1.2%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;$1799408 |
| &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** |
| &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;554130 | &nbsp;&nbsp;&nbsp;&nbsp; 1332988 |
| &nbsp;&nbsp;**Energy—1.4%** | &nbsp;&nbsp;**Energy—1.4%** | &nbsp;&nbsp;**Energy—1.4%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;284931 | &nbsp;&nbsp;&nbsp;&nbsp; 2146822 |
| &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165644 | &nbsp;&nbsp;&nbsp;&nbsp; 2024170 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;217384 | &nbsp;&nbsp;&nbsp;&nbsp; 1344395 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8647783** |
| &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** |
| &nbsp;&nbsp;**Materials—0.5%** | &nbsp;&nbsp;**Materials—0.5%** | &nbsp;&nbsp;**Materials—0.5%** |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132601 | &nbsp;&nbsp;&nbsp;&nbsp; 743584 |
| &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814972 |
| &nbsp;&nbsp;**INDIA—25.6%** | &nbsp;&nbsp;**INDIA—25.6%** | &nbsp;&nbsp;**INDIA—25.6%** |
| &nbsp;&nbsp;**Communication Services—2.6%** | &nbsp;&nbsp;**Communication Services—2.6%** | &nbsp;&nbsp;**Communication Services—2.6%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834176 |
| &nbsp;&nbsp;Info Edge India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951863 |
| &nbsp;&nbsp;**Consumer Discretionary—3.0%** | &nbsp;&nbsp;**Consumer Discretionary—3.0%** | &nbsp;&nbsp;**Consumer Discretionary—3.0%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;238543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008026 |
| &nbsp;&nbsp;ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173704 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573304 |
| &nbsp;&nbsp;**Consumer Staples—2.0%** | &nbsp;&nbsp;**Consumer Staples—2.0%** | &nbsp;&nbsp;**Consumer Staples—2.0%** |
| &nbsp;&nbsp;ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;662244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103837 |
| &nbsp;&nbsp;**Financials—9.7%** | &nbsp;&nbsp;**Financials—9.7%** | &nbsp;&nbsp;**Financials—9.7%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836501 |
| &nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087369 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836819 |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;221256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076945 |
| &nbsp;&nbsp;ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431304 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936830 |
| &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793736 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371186 |
| &nbsp;&nbsp;**Industrials—2.3%** | &nbsp;&nbsp;**Industrials—2.3%** | &nbsp;&nbsp;**Industrials—2.3%** |
| &nbsp;&nbsp;Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982422 |
| &nbsp;&nbsp;KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760017 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539061 |
| &nbsp;&nbsp;**Information Technology—1.3%** | &nbsp;&nbsp;**Information Technology—1.3%** | &nbsp;&nbsp;**Information Technology—1.3%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085954 |
| &nbsp;&nbsp;**Materials—0.9%** | &nbsp;&nbsp;**Materials—0.9%** | &nbsp;&nbsp;**Materials—0.9%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418352 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445294 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—1.4%** | &nbsp;&nbsp;**Utilities—1.4%** | &nbsp;&nbsp;**Utilities—1.4%** | &nbsp;&nbsp;**Utilities—1.4%** |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;641472 | &nbsp;&nbsp;$2122379 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**39548060** |
| &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** | &nbsp;&nbsp;**INDONESIA—3.0%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 11939500 | &nbsp;&nbsp;&nbsp;&nbsp; 2096516 |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 10308000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499779 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4596295** |
| &nbsp;&nbsp;**KAZAKHSTAN—2.6%** | &nbsp;&nbsp;**KAZAKHSTAN—2.6%** | &nbsp;&nbsp;**KAZAKHSTAN—2.6%** | &nbsp;&nbsp;**KAZAKHSTAN—2.6%** |
| &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** | &nbsp;&nbsp;**Energy—1.5%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57724 | &nbsp;&nbsp;&nbsp;&nbsp; 2378229 |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21545 | &nbsp;&nbsp;&nbsp;&nbsp; 1699900 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4078129** |
| &nbsp;&nbsp;**MEXICO—4.5%** | &nbsp;&nbsp;**MEXICO—4.5%** | &nbsp;&nbsp;**MEXICO—4.5%** | &nbsp;&nbsp;**MEXICO—4.5%** |
| &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030611 |
| &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898072 |
| &nbsp;&nbsp;**Materials—2.6%** | &nbsp;&nbsp;**Materials—2.6%** | &nbsp;&nbsp;**Materials—2.6%** | &nbsp;&nbsp;**Materials—2.6%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;654255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081594 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7010277** |
| &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** |
| &nbsp;&nbsp;**Information Technology—0.7%** | &nbsp;&nbsp;**Information Technology—0.7%** | &nbsp;&nbsp;**Information Technology—0.7%** | &nbsp;&nbsp;**Information Technology—0.7%** |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098521 |
| &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** | &nbsp;&nbsp;**PERU—0.5%** |
| &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** | &nbsp;&nbsp;**Financials—0.5%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690855 |
| &nbsp;&nbsp;**POLAND—1.6%** | &nbsp;&nbsp;**POLAND—1.6%** | &nbsp;&nbsp;**POLAND—1.6%** | &nbsp;&nbsp;**POLAND—1.6%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;179075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989312 |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;108267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555006 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2544318** |
| &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** | &nbsp;&nbsp;**SAUDI ARABIA—4.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Leejam Sports Co. JSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599728 |
| &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;187940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216094 |
| &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;135406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414136 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191445 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605581 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Electrical Industries Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110189 |
| &nbsp;&nbsp;Riyadh Cables Group Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965554 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075743 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7497146** |
| &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;280754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350732 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** |
| &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** | &nbsp;&nbsp;**Financials—1.9%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59766 | &nbsp;&nbsp;$2910239 |
| &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136873 |
| &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375051 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11376 | &nbsp;&nbsp;&nbsp;&nbsp; 2923429 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2114783 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89195 | &nbsp;&nbsp;&nbsp;&nbsp; 1691330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8104593 |
| &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20123 | &nbsp;&nbsp;&nbsp;&nbsp; 3900156 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16051861** |
| &nbsp;&nbsp;**TAIWAN—25.1%** | &nbsp;&nbsp;**TAIWAN—25.1%** | &nbsp;&nbsp;**TAIWAN—25.1%** | &nbsp;&nbsp;**TAIWAN—25.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;146880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291788 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977549 |
| &nbsp;&nbsp;**Information Technology—23.8%** | &nbsp;&nbsp;**Information Technology—23.8%** | &nbsp;&nbsp;**Information Technology—23.8%** | &nbsp;&nbsp;**Information Technology—23.8%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628543 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551182 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806876 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901952 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26025495 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36914048 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**38891597** |
| &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** |
| &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** | &nbsp;&nbsp;**Consumer Staples—0.4%** |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;&nbsp;&nbsp;484601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604815 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Talabat Holding PLC |  | &nbsp;&nbsp;&nbsp;1671572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571851 |
| &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;470733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090810 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** | &nbsp;&nbsp;**Real Estate—1.3%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;810912 | &nbsp;&nbsp;$2095506 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | 3198012 | &nbsp;&nbsp;&nbsp;&nbsp; 1506258 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7264425** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**142433370** |
| &nbsp;&nbsp;**PREFERRED STOCKS—6.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.9%** |  |
| &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Itausa SA |  | 1311204 | &nbsp;&nbsp;&nbsp;&nbsp; 2423581 |
| &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;**Information Technology—5.3%** | &nbsp;&nbsp;**Information Technology—5.3%** | &nbsp;&nbsp;**Information Technology—5.3%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;201508 | &nbsp;&nbsp;&nbsp;&nbsp; 8296980 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10720561** |
| &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, 4.25%<sup>(d)</sup> |  | 1794312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794312 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1794312** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $138,561,018)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $138,561,018)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $138,561,018)—100.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**154948243** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228007) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$154720236** |

---

(a) Non-income producing security.

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

(c) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 1.5% of net
assets as of July 31, 2025.

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.9%** | &nbsp;&nbsp;**COMMON STOCKS—90.9%** | &nbsp;&nbsp;**COMMON STOCKS—90.9%** |  |
| &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** | &nbsp;&nbsp;**Consumer Discretionary—0.8%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;$7473006 |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp; 2359115 | &nbsp;&nbsp;&nbsp;&nbsp; 5674970 |
| &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;579819 | &nbsp;&nbsp;&nbsp;&nbsp; 4368666 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp; 771019 | &nbsp;&nbsp;&nbsp;&nbsp; 9421852 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;**26938494** |
| &nbsp;&nbsp;**CHINA—27.2%** | &nbsp;&nbsp;**CHINA—27.2%** | &nbsp;&nbsp;**CHINA—27.2%** | &nbsp;&nbsp;**CHINA—27.2%** |
| &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | 1084200 | &nbsp;&nbsp;&nbsp;&nbsp; 75907224 |
| &nbsp;&nbsp;**Consumer Discretionary—9.6%** | &nbsp;&nbsp;**Consumer Discretionary—9.6%** | &nbsp;&nbsp;**Consumer Discretionary—9.6%** | &nbsp;&nbsp;**Consumer Discretionary—9.6%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. |  | 2558400 | &nbsp;&nbsp;&nbsp;&nbsp; 38464944 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | 1092800 | &nbsp;&nbsp;&nbsp;&nbsp; 12543250 |
| &nbsp;&nbsp;Li Auto, Inc., A Shares (Stock Connect)<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;611400 | &nbsp;&nbsp;&nbsp;&nbsp; 8004269 |
| &nbsp;&nbsp;Meituan, B Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;323800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995437 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;1584100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15348692 |
| &nbsp;&nbsp;Trip.com Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;191700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11901204 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91257796 |
| &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** |
| &nbsp;&nbsp;Giant Biogene Holding Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617327 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228158 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14845485 |
| &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;2121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13763471 |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;5727900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888724 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25652195 |
| &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;149297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788939 |
| &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** | &nbsp;&nbsp;**Industrials—4.1%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;555481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20337143 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2717179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260082 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;1917580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10682814 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39280039 |
| &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;1999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330268 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;**259061946** |
| &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** | &nbsp;&nbsp;**GREECE—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;846378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11805748 |
| &nbsp;&nbsp;**HONG KONG—2.2%** | &nbsp;&nbsp;**HONG KONG—2.2%** | &nbsp;&nbsp;**HONG KONG—2.2%** | &nbsp;&nbsp;**HONG KONG—2.2%** |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;1149600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719061 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9924848 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;**20643909** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**INDIA—18.7%** | &nbsp;&nbsp;**INDIA—18.7%** | &nbsp;&nbsp;**INDIA—18.7%** | &nbsp;&nbsp;**INDIA—18.7%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;625078 | &nbsp;&nbsp;$13591059 |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. |  | 1440934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12129607 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;380836 | &nbsp;&nbsp;&nbsp;&nbsp; 13849060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25978667 |
| &nbsp;&nbsp;**Financials—7.5%** | &nbsp;&nbsp;**Financials—7.5%** | &nbsp;&nbsp;**Financials—7.5%** | &nbsp;&nbsp;**Financials—7.5%** |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;596714 | &nbsp;&nbsp;&nbsp;&nbsp; 9730777 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  | 1580654 | &nbsp;&nbsp;&nbsp;&nbsp; 36269725 |
| &nbsp;&nbsp;ICICI Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;653811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11037214 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;697282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14581915 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71619631 |
| &nbsp;&nbsp;**Health Care—1.9%** | &nbsp;&nbsp;**Health Care—1.9%** | &nbsp;&nbsp;**Health Care—1.9%** | &nbsp;&nbsp;**Health Care—1.9%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;259099 | &nbsp;&nbsp;&nbsp;&nbsp; 5250085 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;299135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12777429 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18027514 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Havells India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;372695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358317 |
| &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;301562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387472 |
| &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9292946 |
| &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;307045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318354 |
| &nbsp;&nbsp;**Utilities—1.6%** | &nbsp;&nbsp;**Utilities—1.6%** | &nbsp;&nbsp;**Utilities—1.6%** | &nbsp;&nbsp;**Utilities—1.6%** |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;4630337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15319967 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**177893927** |
| &nbsp;&nbsp;**INDONESIA—3.3%** | &nbsp;&nbsp;**INDONESIA—3.3%** | &nbsp;&nbsp;**INDONESIA—3.3%** | &nbsp;&nbsp;**INDONESIA—3.3%** |
| &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 82856000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549094 |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 68686300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16657020 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31206114** |
| &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** |
| &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455856 |
| &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** | &nbsp;&nbsp;**MEXICO—5.0%** |
| &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;108725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835264 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;262896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971330 |
| &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** | &nbsp;&nbsp;**Materials—3.1%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;4750100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29633674 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**47440268** |
| &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1155795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385271 |
| &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759525 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12144796** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** |
| &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** | &nbsp;&nbsp;**Energy —0.0%** |
| &nbsp;&nbsp;LUKOIL PJSC, ADR<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625991 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Novatek PJSC<sup>(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;267284 | &nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp; 6211074 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;**Total Russia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SAUDI ARABIA—1.8%** | &nbsp;&nbsp;**SAUDI ARABIA—1.8%** | &nbsp;&nbsp;**SAUDI ARABIA—1.8%** | &nbsp;&nbsp;**SAUDI ARABIA—1.8%** |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;684289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17253710 |
| &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** | &nbsp;&nbsp;**SOUTH AFRICA—0.9%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | 1824803 | &nbsp;&nbsp;&nbsp;&nbsp; 8779290 |
| &nbsp;&nbsp;**SOUTH KOREA—5.5%** | &nbsp;&nbsp;**SOUTH KOREA—5.5%** | &nbsp;&nbsp;**SOUTH KOREA—5.5%** | &nbsp;&nbsp;**SOUTH KOREA—5.5%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;276299 | &nbsp;&nbsp;&nbsp;&nbsp; 13454074 |
| &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11862811 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059315 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19922126 |
| &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;101024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19580049 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**52956249** |
| &nbsp;&nbsp;**TAIWAN—17.1%** | &nbsp;&nbsp;**TAIWAN—17.1%** | &nbsp;&nbsp;**TAIWAN—17.1%** | &nbsp;&nbsp;**TAIWAN—17.1%** |
| &nbsp;&nbsp;**Information Technology—17.1%** | &nbsp;&nbsp;**Information Technology—17.1%** | &nbsp;&nbsp;**Information Technology—17.1%** | &nbsp;&nbsp;**Information Technology—17.1%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12463427 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12018706 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16166589 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3177017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122312780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;162961502 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Talabat Holding PLC |  | 10627002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635534 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** | &nbsp;&nbsp;**Financials—1.8%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | 2601484 | &nbsp;&nbsp;$17081217 |
| &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** | &nbsp;&nbsp;**Real Estate—1.1%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp; 4178151 | &nbsp;&nbsp;&nbsp;&nbsp; 10796907 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31513658** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**866055467** |
| &nbsp;&nbsp;**PREFERRED STOCKS—5.5%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.5%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.5%** |  |
| &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;Itausa SA |  | 7572666 | &nbsp;&nbsp;&nbsp;&nbsp; 13997034 |
| &nbsp;&nbsp;**SOUTH KOREA—4.0%** | &nbsp;&nbsp;**SOUTH KOREA—4.0%** | &nbsp;&nbsp;**SOUTH KOREA—4.0%** | &nbsp;&nbsp;**SOUTH KOREA—4.0%** |
| &nbsp;&nbsp;**Information Technology—4.0%** | &nbsp;&nbsp;**Information Technology—4.0%** | &nbsp;&nbsp;**Information Technology—4.0%** | &nbsp;&nbsp;**Information Technology—4.0%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;926830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38161713 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**52158747** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(f)</sup> |  | 34459134 | &nbsp;&nbsp;&nbsp;&nbsp; 34459134 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**34459134** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $833,315,172)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $833,315,172)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $833,315,172)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**952673348** |
| &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;(300360) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$952372988** |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
| (c) | Denotes a security issued under Regulation S or Rule 144A. |
| (d) | The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of July 31, 2025. |
| (e) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
| (f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

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

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—100.0%** | &nbsp;&nbsp;**COMMON STOCKS—100.0%** |  |
| &nbsp;&nbsp;**CANADA—5.1%** | &nbsp;&nbsp;**CANADA—5.1%** | &nbsp;&nbsp;**CANADA—5.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.1%** | &nbsp;&nbsp;**Consumer Discretionary—3.1%** | &nbsp;&nbsp;**Consumer Discretionary—3.1%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 39885 | &nbsp;&nbsp;$2140767 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | 44888 | &nbsp;&nbsp;&nbsp;&nbsp; 1362255 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3503022** |
| &nbsp;&nbsp;**ISRAEL—2.5%** | &nbsp;&nbsp;**ISRAEL—2.5%** | &nbsp;&nbsp;**ISRAEL—2.5%** |
| &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | 17793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675211 |
| &nbsp;&nbsp;**UNITED STATES—92.4%** | &nbsp;&nbsp;**UNITED STATES—92.4%** | &nbsp;&nbsp;**UNITED STATES—92.4%** |
| &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> | 101889 | &nbsp;&nbsp;&nbsp;&nbsp; 835490 |
| &nbsp;&nbsp;**Consumer Discretionary—9.6%** | &nbsp;&nbsp;**Consumer Discretionary—9.6%** | &nbsp;&nbsp;**Consumer Discretionary—9.6%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 12561 | &nbsp;&nbsp;&nbsp;&nbsp; 2159236 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751882 |
| &nbsp;&nbsp;La-Z-Boy, Inc. | 31217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122875 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 11838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6551980 |
| &nbsp;&nbsp;**Consumer Staples—2.5%** | &nbsp;&nbsp;**Consumer Staples—2.5%** | &nbsp;&nbsp;**Consumer Staples—2.5%** |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;47782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684793 |
| &nbsp;&nbsp;**Energy—3.6%** | &nbsp;&nbsp;**Energy—3.6%** | &nbsp;&nbsp;**Energy—3.6%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;36946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880054 |
| &nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;25368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714363 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;32019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477821 |
| &nbsp;&nbsp;**Financials—23.8%** | &nbsp;&nbsp;**Financials—23.8%** | &nbsp;&nbsp;**Financials—23.8%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;21223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450592 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;23193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439705 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;32854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739948 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;40745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520603 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727613 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;67385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899583 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;23833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205473 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;15092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467546 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;16573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121013 |
| &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;30814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16261916 |
| &nbsp;&nbsp;**Health Care—15.1%** | &nbsp;&nbsp;**Health Care—15.1%** | &nbsp;&nbsp;**Health Care—15.1%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;66631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246000 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;26590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684476 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;57656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229802 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> |  | 19158 | &nbsp;&nbsp;$1286843 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp; 12129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316118 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> |  | 16158 | &nbsp;&nbsp;&nbsp;&nbsp; 2126070 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> |  | 16414 | &nbsp;&nbsp;&nbsp;&nbsp; 1392892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10282201 |
| &nbsp;&nbsp;**Industrials—15.2%** | &nbsp;&nbsp;**Industrials—15.2%** | &nbsp;&nbsp;**Industrials—15.2%** | &nbsp;&nbsp;**Industrials—15.2%** |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. |  | 45145 | &nbsp;&nbsp;&nbsp;&nbsp; 1756592 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp; 11190 | &nbsp;&nbsp;&nbsp;&nbsp; 1216689 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;8648 | &nbsp;&nbsp;&nbsp;&nbsp; 1836921 |
| &nbsp;&nbsp;Griffon Corp. |  | 20973 | &nbsp;&nbsp;&nbsp;&nbsp; 1704476 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | 50114 | &nbsp;&nbsp;&nbsp;&nbsp; 1240822 |
| &nbsp;&nbsp;REV Group, Inc. |  | 52347 | &nbsp;&nbsp;&nbsp;&nbsp; 2593794 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10349294 |
| &nbsp;&nbsp;**Information Technology—10.3%** | &nbsp;&nbsp;**Information Technology—10.3%** | &nbsp;&nbsp;**Information Technology—10.3%** | &nbsp;&nbsp;**Information Technology—10.3%** |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | 45848 | &nbsp;&nbsp;&nbsp;&nbsp; 1990262 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;25316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055659 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;53769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783518 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;18518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182004 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011443 |
| &nbsp;&nbsp;**Materials—7.4%** | &nbsp;&nbsp;**Materials—7.4%** | &nbsp;&nbsp;**Materials—7.4%** | &nbsp;&nbsp;**Materials—7.4%** |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;54693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222935 |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;20205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666508 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;20495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158124 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047567 |
| &nbsp;&nbsp;**Real Estate—3.7%** | &nbsp;&nbsp;**Real Estate—3.7%** | &nbsp;&nbsp;**Real Estate—3.7%** | &nbsp;&nbsp;**Real Estate—3.7%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;64853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505920 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**63008425** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**68186658** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;41146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41146 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41146** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $63,135,034)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $63,135,034)—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $63,135,034)—100.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**68227804** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59010) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$68168794** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Focused Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—81.4%** | &nbsp;&nbsp;**COMMON STOCKS—81.4%** | &nbsp;&nbsp;**COMMON STOCKS—81.4%** |  |
| &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;$562612 |
| &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** | &nbsp;&nbsp;**Consumer Staples—0.8%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;145054 | &nbsp;&nbsp;&nbsp;&nbsp; 348935 |
| &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** | &nbsp;&nbsp;**Energy—0.8%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;42420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319615 |
| &nbsp;&nbsp;**Financials—3.8%** | &nbsp;&nbsp;**Financials—3.8%** | &nbsp;&nbsp;**Financials—3.8%** | &nbsp;&nbsp;**Financials—3.8%** |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;148018 | &nbsp;&nbsp;&nbsp;&nbsp; 928073 |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51143 | &nbsp;&nbsp;&nbsp;&nbsp; 624967 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553040 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2784202** |
| &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** |
| &nbsp;&nbsp;**Materials—0.4%** | &nbsp;&nbsp;**Materials—0.4%** | &nbsp;&nbsp;**Materials—0.4%** | &nbsp;&nbsp;**Materials—0.4%** |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;27461 | &nbsp;&nbsp;&nbsp;&nbsp; 153992 |
| &nbsp;&nbsp;**INDIA—13.9%** | &nbsp;&nbsp;**INDIA—13.9%** | &nbsp;&nbsp;**INDIA—13.9%** | &nbsp;&nbsp;**INDIA—13.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.5%** | &nbsp;&nbsp;**Consumer Discretionary—2.5%** | &nbsp;&nbsp;**Consumer Discretionary—2.5%** | &nbsp;&nbsp;**Consumer Discretionary—2.5%** |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;28920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044012 |
| &nbsp;&nbsp;**Financials—4.4%** | &nbsp;&nbsp;**Financials—4.4%** | &nbsp;&nbsp;**Financials—4.4%** | &nbsp;&nbsp;**Financials—4.4%** |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;53905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816599 |
| &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;25483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046077 |
| &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** |
| &nbsp;&nbsp;Infosys Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;58320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975110 |
| &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** | &nbsp;&nbsp;**Materials—2.0%** |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802489 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5684287** |
| &nbsp;&nbsp;**INDONESIA—4.3%** | &nbsp;&nbsp;**INDONESIA—4.3%** | &nbsp;&nbsp;**INDONESIA—4.3%** | &nbsp;&nbsp;**INDONESIA—4.3%** |
| &nbsp;&nbsp;**Communication Services—2.2%** | &nbsp;&nbsp;**Communication Services—2.2%** | &nbsp;&nbsp;**Communication Services—2.2%** | &nbsp;&nbsp;**Communication Services—2.2%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 5258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923278 |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Bank Central Asia Tbk. PT, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;68407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853720 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1776998** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.5%** | &nbsp;&nbsp;**KAZAKHSTAN—1.5%** | &nbsp;&nbsp;**KAZAKHSTAN—1.5%** | &nbsp;&nbsp;**KAZAKHSTAN—1.5%** |
| &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376527 |
| &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** | &nbsp;&nbsp;**Financials—0.6%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255241 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**631768** |
| &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** | &nbsp;&nbsp;**MEXICO—5.4%** |
| &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603640 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383999 |
| &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** | &nbsp;&nbsp;**Materials—3.0%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;198713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239678 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2227317** |
| &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** |
| &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339713 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** | &nbsp;&nbsp;**PERU—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;$460728 |
| &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp; 49111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271317 |
| &nbsp;&nbsp;**Industrials—1.6%** | &nbsp;&nbsp;**Industrials—1.6%** | &nbsp;&nbsp;**Industrials—1.6%** | &nbsp;&nbsp;**Industrials—1.6%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;45307 | &nbsp;&nbsp;&nbsp;&nbsp; 650731 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**922048** |
| &nbsp;&nbsp;**SAUDI ARABIA—3.7%** | &nbsp;&nbsp;**SAUDI ARABIA—3.7%** | &nbsp;&nbsp;**SAUDI ARABIA—3.7%** | &nbsp;&nbsp;**SAUDI ARABIA—3.7%** |
| &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** | &nbsp;&nbsp;**Financials—2.4%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;39093 | &nbsp;&nbsp;&nbsp;&nbsp; 985694 |
| &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** | &nbsp;&nbsp;**Industrials—1.3%** |
| &nbsp;&nbsp;Electrical Industries Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;26863 | &nbsp;&nbsp;&nbsp;&nbsp; 64240 |
| &nbsp;&nbsp;Riyadh Cables Group Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;12697 | &nbsp;&nbsp;&nbsp;&nbsp; 442890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507130 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1492824** |
| &nbsp;&nbsp;**SOUTH AFRICA—2.1%** | &nbsp;&nbsp;**SOUTH AFRICA—2.1%** | &nbsp;&nbsp;**SOUTH AFRICA—2.1%** | &nbsp;&nbsp;**SOUTH AFRICA—2.1%** |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Sanlam Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;87498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844356 |
| &nbsp;&nbsp;**SOUTH KOREA—9.0%** | &nbsp;&nbsp;**SOUTH KOREA—9.0%** | &nbsp;&nbsp;**SOUTH KOREA—9.0%** | &nbsp;&nbsp;**SOUTH KOREA—9.0%** |
| &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;23550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146885 |
| &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586773 |
| &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798958 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681161 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;24431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463264 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943383 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3677041** |
| &nbsp;&nbsp;**TAIWAN—24.7%** | &nbsp;&nbsp;**TAIWAN—24.7%** | &nbsp;&nbsp;**TAIWAN—24.7%** | &nbsp;&nbsp;**TAIWAN—24.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** | &nbsp;&nbsp;**Consumer Discretionary—0.7%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307820 |
| &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561150 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801880 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640495 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724553 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;19599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735510 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348454 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812042 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;**10119862** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Talabat Holding PLC |  | &nbsp;&nbsp;&nbsp;457487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156508 |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;128435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843298 |
| &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** | &nbsp;&nbsp;**Real Estate—1.4%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;223659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577965 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Focused Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES (continued)** | &nbsp;&nbsp;**UNITED ARAB EMIRATES (continued)** | &nbsp;&nbsp;**UNITED ARAB EMIRATES (continued)** | &nbsp;&nbsp;**UNITED ARAB EMIRATES (continued)** |
| &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | &nbsp;&nbsp;1297143 | &nbsp;&nbsp;$610952 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2188723** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**33303859** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—13.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—13.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—13.4%** |  |
| &nbsp;&nbsp;iShares MSCI India ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;75576 | &nbsp;&nbsp;&nbsp;&nbsp; 3978321 |
| &nbsp;&nbsp;iShares MSCI India Small-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;20446 | &nbsp;&nbsp;&nbsp;&nbsp; 1498283 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5476604** |
| &nbsp;&nbsp;**PREFERRED STOCKS—5.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.1%** |  |
| &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;**Information Technology—5.1%** | &nbsp;&nbsp;**Information Technology—5.1%** | &nbsp;&nbsp;**Information Technology—5.1%** | &nbsp;&nbsp;**Information Technology—5.1%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;50962 | &nbsp;&nbsp;&nbsp;&nbsp; 2098332 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2098332** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(d)</sup> |  | &nbsp;&nbsp; 215311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215311 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215311** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $35,456,317)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $35,456,317)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $35,456,317)—100.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**41094106** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168779) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$40925327** |

---

(a) Non-income producing security.

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

(c) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 2.9% of net
assets as of July 31, 2025.

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| PLC | Public Limited Company |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.9%** | &nbsp;&nbsp;**COMMON STOCKS—96.9%** | &nbsp;&nbsp;**COMMON STOCKS—96.9%** |  |
| &nbsp;&nbsp;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;$382272 |
| &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp; 484224 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**866496** |
| &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** | &nbsp;&nbsp;**AUSTRALIA—0.9%** |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Aurizon Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;205500 | &nbsp;&nbsp;&nbsp;&nbsp; 426582 |
| &nbsp;&nbsp;**BRAZIL—3.8%** | &nbsp;&nbsp;**BRAZIL—3.8%** | &nbsp;&nbsp;**BRAZIL—3.8%** | &nbsp;&nbsp;**BRAZIL—3.8%** |
| &nbsp;&nbsp;**Industrials—3.8%** | &nbsp;&nbsp;**Industrials—3.8%** | &nbsp;&nbsp;**Industrials—3.8%** | &nbsp;&nbsp;**Industrials—3.8%** |
| &nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA |  | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp; 694692 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;347400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720845 |
| &nbsp;&nbsp;**CANADA—5.1%** | &nbsp;&nbsp;**CANADA—5.1%** | &nbsp;&nbsp;**CANADA—5.1%** | &nbsp;&nbsp;**CANADA—5.1%** |
| &nbsp;&nbsp;**Energy—3.1%** | &nbsp;&nbsp;**Energy—3.1%** | &nbsp;&nbsp;**Energy—3.1%** | &nbsp;&nbsp;**Energy—3.1%** |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 1394847 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926730 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2321577** |
| &nbsp;&nbsp;**CHINA—1.2%** | &nbsp;&nbsp;**CHINA—1.2%** | &nbsp;&nbsp;**CHINA—1.2%** | &nbsp;&nbsp;**CHINA—1.2%** |
| &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** | &nbsp;&nbsp;**Information Technology—1.2%** |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548264 |
| &nbsp;&nbsp;**FRANCE—11.1%** | &nbsp;&nbsp;**FRANCE—11.1%** | &nbsp;&nbsp;**FRANCE—11.1%** | &nbsp;&nbsp;**FRANCE—11.1%** |
| &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** | &nbsp;&nbsp;**Industrials—7.0%** |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114153 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935813 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125161 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175127 |
| &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854172 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976005 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830177 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5005304** |
| &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** |
| &nbsp;&nbsp;**Utilities—2.9%** | &nbsp;&nbsp;**Utilities—2.9%** | &nbsp;&nbsp;**Utilities—2.9%** | &nbsp;&nbsp;**Utilities—2.9%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303247 |
| &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** |
| &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** | &nbsp;&nbsp;**Utilities—1.1%** |
| &nbsp;&nbsp;CLP Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479992 |
| &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;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk. PT |  | 11461500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424231 |
| &nbsp;&nbsp;**ITALY—2.8%** | &nbsp;&nbsp;**ITALY—2.8%** | &nbsp;&nbsp;**ITALY—2.8%** | &nbsp;&nbsp;**ITALY—2.8%** |
| &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677417 |
| &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** | &nbsp;&nbsp;**Utilities—1.3%** |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565958 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1243375** |
| &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** |
| &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** |
| &nbsp;&nbsp;Japan Airport Terminal Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832128 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**MEXICO—2.9%** | &nbsp;&nbsp;**MEXICO—2.9%** | &nbsp;&nbsp;**MEXICO—2.9%** |
| &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;$465677 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 224377 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp; 607564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297618 |
| &nbsp;&nbsp;**NIGERIA—1.4%** | &nbsp;&nbsp;**NIGERIA—1.4%** | &nbsp;&nbsp;**NIGERIA—1.4%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100500 | &nbsp;&nbsp;&nbsp;&nbsp; 653250 |
| &nbsp;&nbsp;**PHILIPPINES—2.2%** | &nbsp;&nbsp;**PHILIPPINES—2.2%** | &nbsp;&nbsp;**PHILIPPINES—2.2%** |
| &nbsp;&nbsp;**Industrials—2.2%** | &nbsp;&nbsp;**Industrials—2.2%** | &nbsp;&nbsp;**Industrials—2.2%** |
| &nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp; 127810 | &nbsp;&nbsp;&nbsp;&nbsp; 981378 |
| &nbsp;&nbsp;**SPAIN—6.6%** | &nbsp;&nbsp;**SPAIN—6.6%** | &nbsp;&nbsp;**SPAIN—6.6%** |
| &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29062 | &nbsp;&nbsp;&nbsp;&nbsp; 1025584 |
| &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** |
| &nbsp;&nbsp;Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48390 | &nbsp;&nbsp;&nbsp;&nbsp; 1303051 |
| &nbsp;&nbsp;**Utilities—1.4%** | &nbsp;&nbsp;**Utilities—1.4%** | &nbsp;&nbsp;**Utilities—1.4%** |
| &nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648158 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2976793** |
| &nbsp;&nbsp;**TANZANIA—2.4%** | &nbsp;&nbsp;**TANZANIA—2.4%** | &nbsp;&nbsp;**TANZANIA—2.4%** |
| &nbsp;&nbsp;**Communication Services—2.4%** | &nbsp;&nbsp;**Communication Services—2.4%** | &nbsp;&nbsp;**Communication Services—2.4%** |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103508 |
| &nbsp;&nbsp;**THAILAND—0.7%** | &nbsp;&nbsp;**THAILAND—0.7%** | &nbsp;&nbsp;**THAILAND—0.7%** |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Airports of Thailand PCL | &nbsp;&nbsp;&nbsp;&nbsp;262100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327538 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.0%** | &nbsp;&nbsp;**UNITED KINGDOM—3.0%** | &nbsp;&nbsp;**UNITED KINGDOM—3.0%** |
| &nbsp;&nbsp;**Utilities—3.0%** | &nbsp;&nbsp;**Utilities—3.0%** | &nbsp;&nbsp;**Utilities—3.0%** |
| &nbsp;&nbsp;National Grid PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577198 |
| &nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361025 |
| &nbsp;&nbsp;**UNITED STATES—44.2%** | &nbsp;&nbsp;**UNITED STATES—44.2%** | &nbsp;&nbsp;**UNITED STATES—44.2%** |
| &nbsp;&nbsp;**Energy—8.8%** | &nbsp;&nbsp;**Energy—8.8%** | &nbsp;&nbsp;**Energy—8.8%** |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320928 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355298 |
| &nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004538 |
| &nbsp;&nbsp;**Industrials—10.6%** | &nbsp;&nbsp;**Industrials—10.6%** | &nbsp;&nbsp;**Industrials—10.6%** |
| &nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340680 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322572 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338629 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390000 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887880 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783913 |
| &nbsp;&nbsp;**Real Estate—4.0%** | &nbsp;&nbsp;**Real Estate—4.0%** | &nbsp;&nbsp;**Real Estate—4.0%** |
| &nbsp;&nbsp;American Tower Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125306 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808391 |
| &nbsp;&nbsp;**Utilities—20.8%** | &nbsp;&nbsp;**Utilities—20.8%** | &nbsp;&nbsp;**Utilities—20.8%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712782 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Utilities (continued)** | &nbsp;&nbsp;**Utilities (continued)** | &nbsp;&nbsp;**Utilities (continued)** | &nbsp;&nbsp;**Utilities (continued)** |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30700 | &nbsp;&nbsp;$1191774 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 854906 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 988920 |
| &nbsp;&nbsp;Duke Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp; 466854 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 871284 |
| &nbsp;&nbsp;IDACORP, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 601584 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 1300398 |
| &nbsp;&nbsp;PPL Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170632 |
| &nbsp;&nbsp;TXNM Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 948393 |
| &nbsp;&nbsp;XPLR Infrastructure LP |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 288759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396286 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**19993128** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**43866279** |
| &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, 4.25%<sup>(c)</sup> |  | 1408450 | &nbsp;&nbsp;&nbsp;&nbsp; 1408450 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1408450** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $34,012,286)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $34,012,286)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $34,012,286)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**45274729** |
| &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;(6925) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$45267804** |

---

(a) Non-income producing security.

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

(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn International Small Cap Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—89.6%** | &nbsp;&nbsp;**COMMON STOCKS—89.6%** | &nbsp;&nbsp;**COMMON STOCKS—89.6%** |  |
| &nbsp;&nbsp;**AUSTRALIA—5.5%** | &nbsp;&nbsp;**AUSTRALIA—5.5%** | &nbsp;&nbsp;**AUSTRALIA—5.5%** | &nbsp;&nbsp;**AUSTRALIA—5.5%** |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;647634 | &nbsp;&nbsp;$2464817 |
| &nbsp;&nbsp;**Industrials—3.4%** | &nbsp;&nbsp;**Industrials—3.4%** | &nbsp;&nbsp;**Industrials—3.4%** | &nbsp;&nbsp;**Industrials—3.4%** |
| &nbsp;&nbsp;ALS Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;241970 | &nbsp;&nbsp;&nbsp;&nbsp; 2813016 |
| &nbsp;&nbsp;Johns Lyng Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;443013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915430 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6380247** |
| &nbsp;&nbsp;**FRANCE—7.5%** | &nbsp;&nbsp;**FRANCE—7.5%** | &nbsp;&nbsp;**FRANCE—7.5%** | &nbsp;&nbsp;**FRANCE—7.5%** |
| &nbsp;&nbsp;**Consumer Staples—2.7%** | &nbsp;&nbsp;**Consumer Staples—2.7%** | &nbsp;&nbsp;**Consumer Staples—2.7%** | &nbsp;&nbsp;**Consumer Staples—2.7%** |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp;&nbsp;&nbsp;85379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135170 |
| &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** | &nbsp;&nbsp;**Energy—4.8%** |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;29985 | &nbsp;&nbsp;&nbsp;&nbsp; 5639739 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8774909** |
| &nbsp;&nbsp;**GERMANY—6.6%** | &nbsp;&nbsp;**GERMANY—6.6%** | &nbsp;&nbsp;**GERMANY—6.6%** | &nbsp;&nbsp;**GERMANY—6.6%** |
| &nbsp;&nbsp;**Communication Services—4.6%** | &nbsp;&nbsp;**Communication Services—4.6%** | &nbsp;&nbsp;**Communication Services—4.6%** | &nbsp;&nbsp;**Communication Services—4.6%** |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA |  | &nbsp;&nbsp;&nbsp;&nbsp;46923 | &nbsp;&nbsp;&nbsp;&nbsp; 5298750 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Rational AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225852 |
| &nbsp;&nbsp;RENK Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;14624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361075 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7659825** |
| &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;**Information Technology—3.5%** | &nbsp;&nbsp;**Information Technology—3.5%** | &nbsp;&nbsp;**Information Technology—3.5%** |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688673 |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342828 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031501 |
| &nbsp;&nbsp;**ITALY—3.4%** | &nbsp;&nbsp;**ITALY—3.4%** | &nbsp;&nbsp;**ITALY—3.4%** | &nbsp;&nbsp;**ITALY—3.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** |
| &nbsp;&nbsp;Brunello Cucinelli SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;10645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193759 |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;FinecoBank Banca Fineco SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;63383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349679 |
| &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** |
| &nbsp;&nbsp;Interpump Group SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;34844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429587 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3973025** |
| &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.6%** | &nbsp;&nbsp;**Consumer Discretionary—3.6%** | &nbsp;&nbsp;**Consumer Discretionary—3.6%** | &nbsp;&nbsp;**Consumer Discretionary—3.6%** |
| &nbsp;&nbsp;Asics Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;177800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179951 |
| &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** | &nbsp;&nbsp;**Financials—3.2%** |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063334 |
| &nbsp;&nbsp;Zenkoku Hosho Co. Ltd. |  | &nbsp;&nbsp;&nbsp;126800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705297 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768631 |
| &nbsp;&nbsp;**Industrials—12.6%** | &nbsp;&nbsp;**Industrials—12.6%** | &nbsp;&nbsp;**Industrials—12.6%** | &nbsp;&nbsp;**Industrials—12.6%** |
| &nbsp;&nbsp;BayCurrent, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841401 |
| &nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499276 |
| &nbsp;&nbsp;Sanwa Holdings Corp. |  | &nbsp;&nbsp;&nbsp;103700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829125 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;79400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14705037 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22653619** |
| &nbsp;&nbsp;**MEXICO—2.2%** | &nbsp;&nbsp;**MEXICO—2.2%** | &nbsp;&nbsp;**MEXICO—2.2%** | &nbsp;&nbsp;**MEXICO—2.2%** |
| &nbsp;&nbsp;**Financials—2.2%** | &nbsp;&nbsp;**Financials—2.2%** | &nbsp;&nbsp;**Financials—2.2%** | &nbsp;&nbsp;**Financials—2.2%** |
| &nbsp;&nbsp;Regional SAB de CV |  | &nbsp;&nbsp;&nbsp;333265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576731 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**NORWAY—1.6%** | &nbsp;&nbsp;**NORWAY—1.6%** | &nbsp;&nbsp;**NORWAY—1.6%** | &nbsp;&nbsp;**NORWAY—1.6%** |
| &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** |
| &nbsp;&nbsp;Borregaard ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;96921 | &nbsp;&nbsp;$1873042 |
| &nbsp;&nbsp;**POLAND—4.1%** | &nbsp;&nbsp;**POLAND—4.1%** | &nbsp;&nbsp;**POLAND—4.1%** | &nbsp;&nbsp;**POLAND—4.1%** |
| &nbsp;&nbsp;**Consumer Staples—4.1%** | &nbsp;&nbsp;**Consumer Staples—4.1%** | &nbsp;&nbsp;**Consumer Staples—4.1%** | &nbsp;&nbsp;**Consumer Staples—4.1%** |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;364520 | &nbsp;&nbsp;&nbsp;&nbsp; 4807341 |
| &nbsp;&nbsp;**SPAIN—2.2%** | &nbsp;&nbsp;**SPAIN—2.2%** | &nbsp;&nbsp;**SPAIN—2.2%** | &nbsp;&nbsp;**SPAIN—2.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** |
| &nbsp;&nbsp;CIE Automotive SA |  | &nbsp;&nbsp;&nbsp;&nbsp;83906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2519181 |
| &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** |
| &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** | &nbsp;&nbsp;**Industrials—3.2%** |
| &nbsp;&nbsp;AddTech AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;82582 | &nbsp;&nbsp;&nbsp;&nbsp; 2776257 |
| &nbsp;&nbsp;Sweco AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;62528 | &nbsp;&nbsp;&nbsp;&nbsp; 986350 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762607 |
| &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** | &nbsp;&nbsp;**Consumer Discretionary—1.7%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;226720 | &nbsp;&nbsp;&nbsp;&nbsp; 1993969 |
| &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** | &nbsp;&nbsp;**Information Technology—5.8%** |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575121 |
| &nbsp;&nbsp;Elite Material Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152468 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044987 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6772576 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8766545** |
| &nbsp;&nbsp;**THAILAND—2.4%** | &nbsp;&nbsp;**THAILAND—2.4%** | &nbsp;&nbsp;**THAILAND—2.4%** | &nbsp;&nbsp;**THAILAND—2.4%** |
| &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** |
| &nbsp;&nbsp;Fabrinet<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745878 |
| &nbsp;&nbsp;**UNITED KINGDOM—18.3%** | &nbsp;&nbsp;**UNITED KINGDOM—18.3%** | &nbsp;&nbsp;**UNITED KINGDOM—18.3%** | &nbsp;&nbsp;**UNITED KINGDOM—18.3%** |
| &nbsp;&nbsp;**Communication Services—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** |
| &nbsp;&nbsp;Gamma Communications PLC |  | &nbsp;&nbsp;&nbsp;203594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925375 |
| &nbsp;&nbsp;**Consumer Discretionary—3.2%** | &nbsp;&nbsp;**Consumer Discretionary—3.2%** | &nbsp;&nbsp;**Consumer Discretionary—3.2%** | &nbsp;&nbsp;**Consumer Discretionary—3.2%** |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;17309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708663 |
| &nbsp;&nbsp;**Financials—6.2%** | &nbsp;&nbsp;**Financials—6.2%** | &nbsp;&nbsp;**Financials—6.2%** | &nbsp;&nbsp;**Financials—6.2%** |
| &nbsp;&nbsp;Alpha Group International PLC<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;68856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773688 |
| &nbsp;&nbsp;Intermediate Capital Group PLC |  | &nbsp;&nbsp;&nbsp;120583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7226288 |
| &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** | &nbsp;&nbsp;**Industrials—4.8%** |
| &nbsp;&nbsp;Chemring Group PLC |  | &nbsp;&nbsp;&nbsp;153598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112371 |
| &nbsp;&nbsp;Diploma PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;63706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622114 |
| &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** | &nbsp;&nbsp;**Materials—1.6%** |
| &nbsp;&nbsp;Hill & Smith PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;66702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795267 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21277707** |
| &nbsp;&nbsp;**VIETNAM—2.2%** | &nbsp;&nbsp;**VIETNAM—2.2%** | &nbsp;&nbsp;**VIETNAM—2.2%** | &nbsp;&nbsp;**VIETNAM—2.2%** |
| &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;&nbsp;659706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611848 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**104414006** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—4.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—4.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—4.4%** |  |
| &nbsp;&nbsp;iShares MSCI India Small-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;70323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153269 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5153269** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn International Small Cap Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**PREFERRED STOCKS—2.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.7%** |  |
| &nbsp;&nbsp;**GERMANY—2.7%** | &nbsp;&nbsp;**GERMANY—2.7%** | &nbsp;&nbsp;**GERMANY—2.7%** | &nbsp;&nbsp;**GERMANY—2.7%** |
| &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** | &nbsp;&nbsp;**Industrials—2.7%** |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;79720 | &nbsp;&nbsp;$3056313 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3056313** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(c)</sup> |  | 4093044 | &nbsp;&nbsp;&nbsp;&nbsp; 4093044 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4093044** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $91,422,069)—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $91,422,069)—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $91,422,069)—100.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**116716632** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201971) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$116514661** |

---

(a) Non-income producing security.

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

(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Real Estate Fund

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.7%** | &nbsp;&nbsp;**COMMON STOCKS—99.7%** |  |
| &nbsp;&nbsp;**UNITED STATES—99.7%** | &nbsp;&nbsp;**UNITED STATES—99.7%** | &nbsp;&nbsp;**UNITED STATES—99.7%** |
| &nbsp;&nbsp;**Data Center REITs—12.5%** |  |  |
| &nbsp;&nbsp;Digital Realty Trust, Inc., REIT | 12353 | &nbsp;&nbsp;$2179563 |
| &nbsp;&nbsp;Equinix, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;2733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325433 |
| &nbsp;&nbsp;**Health Care REITs—26.1%** |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | 32798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267315 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc., REIT | 25061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974873 |
| &nbsp;&nbsp;Ventas, Inc., REIT | 32652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2193561 |
| &nbsp;&nbsp;Welltower, Inc., REIT | 27841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4595714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031463 |
| &nbsp;&nbsp;**Hotel & Resort REITs—1.2%** |  |  |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc., REIT | 25519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401159 |
| &nbsp;&nbsp;**Industrial REITs—8.4%** |  |  |
| &nbsp;&nbsp;Prologis, Inc., REIT | 27339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919258 |
| &nbsp;&nbsp;**Multi-Family Residential REITs—7.1%** |  |  |
| &nbsp;&nbsp;AvalonBay Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976852 |
| &nbsp;&nbsp;Camden Property Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675839 |
| &nbsp;&nbsp;Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447020 |
| &nbsp;&nbsp;**Office REITs—4.1%** |  |  |
| &nbsp;&nbsp;Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264658 |
| &nbsp;&nbsp;Hudson Pacific Properties, Inc., REIT<sup>(a)</sup> | 112053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274530 |
| &nbsp;&nbsp;Kilroy Realty Corp., REIT | &nbsp;&nbsp;12945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477153 |
| &nbsp;&nbsp;Vornado Realty Trust, REIT | &nbsp;&nbsp;10261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410569 |
| &nbsp;&nbsp;**Other Specialized REITs—5.2%** |  |  |
| &nbsp;&nbsp;EPR Properties, REIT | &nbsp;&nbsp;16244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894070 |
| &nbsp;&nbsp;Iron Mountain, Inc., REIT | &nbsp;&nbsp;&nbsp;9306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800102 |
| &nbsp;&nbsp;**Retail REITs—22.3%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;16843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440107 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Curbline Properties Corp., REIT | 30727 | &nbsp;&nbsp;$679067 |
| &nbsp;&nbsp;InvenTrust Properties Corp., REIT | 19095 | &nbsp;&nbsp;&nbsp;&nbsp; 526449 |
| &nbsp;&nbsp;NNN REIT, Inc. | 21738 | &nbsp;&nbsp;&nbsp;&nbsp; 896910 |
| &nbsp;&nbsp;Realty Income Corp., REIT | 29495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655554 |
| &nbsp;&nbsp;Regency Centers Corp., REIT | 17339 | &nbsp;&nbsp;&nbsp;&nbsp; 1238005 |
| &nbsp;&nbsp;Simon Property Group, Inc., REIT | 13748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7687877 |
| &nbsp;&nbsp;**Self Storage REITs—7.2%** |  |  |
| &nbsp;&nbsp;CubeSmart, REIT | 14815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576451 |
| &nbsp;&nbsp;Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319997 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 17100 | &nbsp;&nbsp;&nbsp;&nbsp; 579348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475796 |
| &nbsp;&nbsp;**Single-Family Residential REITs—5.6%** |  |  |
| &nbsp;&nbsp;Invitation Homes, Inc., REIT | 45721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401349 |
| &nbsp;&nbsp;Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 538414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939763 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**34438440** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**34438440** |
| &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, 4.25%<sup>(b)</sup> | 102142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102142 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102142** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $29,143,271)—100.0%** |  | &nbsp;&nbsp;**34540582** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7958) |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$34532624** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

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

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.0%** | &nbsp;&nbsp;**COMMON STOCKS—99.0%** |  |
| &nbsp;&nbsp;**CANADA—4.2%** | &nbsp;&nbsp;**CANADA—4.2%** | &nbsp;&nbsp;**CANADA—4.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.4%** | &nbsp;&nbsp;**Consumer Discretionary—2.4%** | &nbsp;&nbsp;**Consumer Discretionary—2.4%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149844 | &nbsp;&nbsp;$8042651 |
| &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189404 | &nbsp;&nbsp;&nbsp;&nbsp; 5748007 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13790658** |
| &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** |
| &nbsp;&nbsp;**Information Technology—1.9%** | &nbsp;&nbsp;**Information Technology—1.9%** | &nbsp;&nbsp;**Information Technology—1.9%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67908 | &nbsp;&nbsp;&nbsp;&nbsp; 6393538 |
| &nbsp;&nbsp;**UNITED STATES—92.9%** | &nbsp;&nbsp;**UNITED STATES—92.9%** | &nbsp;&nbsp;**UNITED STATES—92.9%** |
| &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;619229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5077678 |
| &nbsp;&nbsp;**Consumer Discretionary—8.4%** | &nbsp;&nbsp;**Consumer Discretionary—8.4%** | &nbsp;&nbsp;**Consumer Discretionary—8.4%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9299102 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7274816 |
| &nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135865 | &nbsp;&nbsp;&nbsp;&nbsp; 4887064 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49978 | &nbsp;&nbsp;&nbsp;&nbsp; 6408679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27869661 |
| &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** |
| &nbsp;&nbsp;Chefs' Warehouse, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583700 |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473666 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;198894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18070368 |
| &nbsp;&nbsp;**Energy—4.1%** | &nbsp;&nbsp;**Energy—4.1%** | &nbsp;&nbsp;**Energy—4.1%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;187867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474992 |
| &nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;143063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028654 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;190897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13770494 |
| &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;75679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172660 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;119863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440496 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;158080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371917 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;155334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797065 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000560 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;299781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450826 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;114834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5808304 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576584 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9603363 |
| &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;154553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68697462 |
| &nbsp;&nbsp;**Health Care—14.9%** | &nbsp;&nbsp;**Health Care—14.9%** | &nbsp;&nbsp;**Health Care—14.9%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481585 |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;385580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079436 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;128926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167462 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;255140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442136 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430319 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572965 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10552453 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909990 |
| &nbsp;&nbsp;OmniAb, Inc. 12.5 Earnout<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;OmniAb, Inc. 15.0 Earnout<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49636346 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—15.7%** | &nbsp;&nbsp;**Industrials—15.7%** | &nbsp;&nbsp;**Industrials—15.7%** | &nbsp;&nbsp;**Industrials—15.7%** |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;212311 | &nbsp;&nbsp;$8261021 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;53741 | &nbsp;&nbsp;&nbsp;&nbsp; 5843259 |
| &nbsp;&nbsp;Ducommun, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;29187 | &nbsp;&nbsp;&nbsp;&nbsp; 2655433 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;51373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10912139 |
| &nbsp;&nbsp;Griffon Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;78451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6375713 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;246171 | &nbsp;&nbsp;&nbsp;&nbsp; 6095194 |
| &nbsp;&nbsp;REV Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;245238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12151543 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52294302 |
| &nbsp;&nbsp;**Information Technology—10.0%** | &nbsp;&nbsp;**Information Technology—10.0%** | &nbsp;&nbsp;**Information Technology—10.0%** | &nbsp;&nbsp;**Information Technology—10.0%** |
| &nbsp;&nbsp;Five9, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;105540 | &nbsp;&nbsp;&nbsp;&nbsp; 2726098 |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;225508 | &nbsp;&nbsp;&nbsp;&nbsp; 9789302 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;117994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9581113 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;184873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6132238 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;75901 | &nbsp;&nbsp;&nbsp;&nbsp; 4844761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33073512 |
| &nbsp;&nbsp;**Materials—6.8%** | &nbsp;&nbsp;**Materials—6.8%** | &nbsp;&nbsp;**Materials—6.8%** | &nbsp;&nbsp;**Materials—6.8%** |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;&nbsp;278429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225673 |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;89030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343194 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;85033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953975 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522842 |
| &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;&nbsp;143413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541478 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;46002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558548 |
| &nbsp;&nbsp;Terreno Realty Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;87729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868082 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11968108 |
| &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;80499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5852277 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**308833050** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**329017246** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(d)</sup> |  | 3417910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417910 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3417910** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $281,438,528)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $281,438,528)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $281,438,528)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**332435156** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$332437195** |

---

(a) Non-income producing security.

(b) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net
assets as of July 31, 2025.

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

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

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

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.8%** | &nbsp;&nbsp;**COMMON STOCKS—98.8%** |  |
| &nbsp;&nbsp;**IRELAND—2.0%** | &nbsp;&nbsp;**IRELAND—2.0%** | &nbsp;&nbsp;**IRELAND—2.0%** |
| &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** | &nbsp;&nbsp;**Information Technology—2.0%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;25518 | &nbsp;&nbsp;$6815858 |
| &nbsp;&nbsp;**UNITED STATES—96.8%** | &nbsp;&nbsp;**UNITED STATES—96.8%** | &nbsp;&nbsp;**UNITED STATES—96.8%** |
| &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;39143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7549119 |
| &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67740 | &nbsp;&nbsp;&nbsp;&nbsp; 6660197 |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11919264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18579461 |
| &nbsp;&nbsp;**Consumer Staples—3.1%** | &nbsp;&nbsp;**Consumer Staples—3.1%** | &nbsp;&nbsp;**Consumer Staples—3.1%** |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;69800 | &nbsp;&nbsp;&nbsp;&nbsp; 10502806 |
| &nbsp;&nbsp;**Energy—2.1%** | &nbsp;&nbsp;**Energy—2.1%** | &nbsp;&nbsp;**Energy—2.1%** |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;152882 | &nbsp;&nbsp;&nbsp;&nbsp; 6887334 |
| &nbsp;&nbsp;**Financials—13.7%** | &nbsp;&nbsp;**Financials—13.7%** | &nbsp;&nbsp;**Financials—13.7%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;40542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12134626 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18853 | &nbsp;&nbsp;&nbsp;&nbsp; 7460698 |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17413854 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45682941 |
| &nbsp;&nbsp;**Health Care—15.1%** | &nbsp;&nbsp;**Health Care—15.1%** | &nbsp;&nbsp;**Health Care—15.1%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298228 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156119 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;10044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433263 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547112 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669168 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046042 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210563 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50085814 |
| &nbsp;&nbsp;**Industrials—14.8%** | &nbsp;&nbsp;**Industrials—14.8%** | &nbsp;&nbsp;**Industrials—14.8%** |
| &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311443 |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;18364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064998 |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733413 |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948453 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Trane Technologies PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;14054 | &nbsp;&nbsp;$6156776 |
| &nbsp;&nbsp;Veralto Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;45926 | &nbsp;&nbsp;&nbsp;&nbsp; 4814423 |
| &nbsp;&nbsp;Waste Management, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;40436 | &nbsp;&nbsp;&nbsp;&nbsp; 9266314 |
| &nbsp;&nbsp;Watsco, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp; 2847758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49143578 |
| &nbsp;&nbsp;**Information Technology—35.8%** | &nbsp;&nbsp;**Information Technology—35.8%** | &nbsp;&nbsp;**Information Technology—35.8%** | &nbsp;&nbsp;**Information Technology—35.8%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17328 | &nbsp;&nbsp;&nbsp;&nbsp; 6198052 |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;69635 | &nbsp;&nbsp;&nbsp;&nbsp; 5944044 |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;20959 | &nbsp;&nbsp;&nbsp;&nbsp; 4708020 |
| &nbsp;&nbsp;Broadcom, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;23623 | &nbsp;&nbsp;&nbsp;&nbsp; 6938075 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;31469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11472653 |
| &nbsp;&nbsp;Marvell Technology, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;108472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8717895 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;79453 | &nbsp;&nbsp;&nbsp;&nbsp; 42388175 |
| &nbsp;&nbsp;NVIDIA Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;144599 | &nbsp;&nbsp;&nbsp;&nbsp; 25719824 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7157338 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;119244076 |
| &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** | &nbsp;&nbsp;**Materials—1.9%** |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6416945 |
| &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** | &nbsp;&nbsp;**Utilities—2.4%** |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;56070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7863257 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**321955331** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**328771189** |
| &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, 4.25%<sup>(b)</sup> |  | 3936697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936697 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3936697** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $251,564,528)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $251,564,528)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $251,564,528)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**332707886** |
| &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;(95814) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$332612072** |

---

(a) Non-income producing security.

(b) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BANK LOANS—1.1%** | &nbsp;&nbsp;**BANK LOANS—1.1%** |  |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd., 2024 GBP Term Loan B10<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;$851984 |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851984** |
| &nbsp;&nbsp;**CORPORATE BONDS—89.3%** | &nbsp;&nbsp;**CORPORATE BONDS—89.3%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** |
| &nbsp;&nbsp;**Oil & Gas—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201486 |
| &nbsp;&nbsp;**AUSTRIA—0.3%** | &nbsp;&nbsp;**AUSTRIA—0.3%** | &nbsp;&nbsp;**AUSTRIA—0.3%** |
| &nbsp;&nbsp;**Holding Companies-Diversified<br> Operations—0.3%** |  |  |
| &nbsp;&nbsp;Benteler International AG, 7.25%, 06/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp; 226371 |
| &nbsp;&nbsp;**BELGIUM—0.6%** | &nbsp;&nbsp;**BELGIUM—0.6%** | &nbsp;&nbsp;**BELGIUM—0.6%** |
| &nbsp;&nbsp;**Commercial Banks—0.6%** |  |  |
| &nbsp;&nbsp;Belfius Bank SA, (fixed rate to 05/06/2031, variable rate thereafter), VRN, 6.13%, 05/06/2031<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467615 |
| &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** | &nbsp;&nbsp;**BRAZIL—1.6%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 8.00%, 10/15/2034<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp; 365582 |
| &nbsp;&nbsp;**Food Products—0.8%** |  |  |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 653227 |
| &nbsp;&nbsp;**Oil & Gas Services—0.3%** |  |  |
| &nbsp;&nbsp;Guara Norte SARL, 5.20%, 06/15/2034<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;223572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216906 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1235715** |
| &nbsp;&nbsp;**CANADA—3.3%** | &nbsp;&nbsp;**CANADA—3.3%** | &nbsp;&nbsp;**CANADA—3.3%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.5%** |  |  |
| &nbsp;&nbsp;Rogers Communications, Inc., (fixed rate to 02/14/2030, variable rate thereafter), VRN, 7.00%, 02/14/2030 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165503 |
| &nbsp;&nbsp;**Oil & Gas—0.4%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300022 |
| &nbsp;&nbsp;**Oil & Gas Services—0.8%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620950 |
| &nbsp;&nbsp;**Retail—0.6%** |  |  |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 5.63%, 09/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508014 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2594489** |
| &nbsp;&nbsp;**CHILE—0.6%** | &nbsp;&nbsp;**CHILE—0.6%** | &nbsp;&nbsp;**CHILE—0.6%** |
| &nbsp;&nbsp;**Airlines—0.6%** |  |  |
| &nbsp;&nbsp;Latam Airlines Group SA, 7.88%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489318 |
| &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** |
| &nbsp;&nbsp;**Real Estate—0.1%** |  |  |
| &nbsp;&nbsp;Country Garden Holdings Co. Ltd., 3.13%, 10/22/2025<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;9.75%, 09/28/2023<sup>(b)(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;$9775 |
| &nbsp;&nbsp;9.38%, 06/30/2024<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp; 21038 |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(b)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(b)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48145 |
| &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.9%** |  |  |
| &nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;6.88%, 04/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307251 |
| &nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp; 407853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715104 |
| &nbsp;&nbsp;**FRANCE—4.8%** | &nbsp;&nbsp;**FRANCE—4.8%** | &nbsp;&nbsp;**FRANCE—4.8%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.7%** |  |  |
| &nbsp;&nbsp;Forvia SE |  |  |
| &nbsp;&nbsp;8.00%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp; 394756 |
| &nbsp;&nbsp;5.50%, 06/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540784 |
| &nbsp;&nbsp;**Commercial Banks—1.0%** |  |  |
| &nbsp;&nbsp;Societe Generale SA, (fixed rate to 05/26/2026, variable rate thereafter), VRN, 4.75%, 05/26/2026<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799272 |
| &nbsp;&nbsp;**Cosmetics/Personal Care—0.7%** |  |  |
| &nbsp;&nbsp;Opal Bidco SAS, 5.50%, 03/31/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572476 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.1%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;4.00%, 07/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111156 |
| &nbsp;&nbsp;4.25%, 10/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282380 |
| &nbsp;&nbsp;Iliad Holding SASU, 8.50%, 04/15/2031<sup>(b)</sup> | $&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822608 |
| &nbsp;&nbsp;**Entertainment—0.7%** |  |  |
| &nbsp;&nbsp;Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572434 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.6%** |  |  |
| &nbsp;&nbsp;Laboratoire Eimer Selas, 5.00%, 02/01/2029<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422102 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3729676** |
| &nbsp;&nbsp;**GERMANY—1.4%** | &nbsp;&nbsp;**GERMANY—1.4%** | &nbsp;&nbsp;**GERMANY—1.4%** |
| &nbsp;&nbsp;**Commercial Banks—1.4%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), VRN, 7.13%, 04/30/2026<sup>(b)(c)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397146 |
| &nbsp;&nbsp;Landesbank Baden-Wuerttemberg, (fixed rate to 10/15/2030, variable rate thereafter), VRN, 6.75%, 10/15/2030<sup>(b)(c)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103481 |
| &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** |
| &nbsp;&nbsp;**Lodging—0.9%** |  |  |
| &nbsp;&nbsp;Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;5.75%, 07/21/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522835 |
| &nbsp;&nbsp;5.38%, 12/04/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713549 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**IRELAND—2.7%** | &nbsp;&nbsp;**IRELAND—2.7%** | &nbsp;&nbsp;**IRELAND—2.7%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.9%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;$737021 |
| &nbsp;&nbsp;**Diversified Financial Services—1.8%** |  |  |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 632875 |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp; 744662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377537 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2114558** |
| &nbsp;&nbsp;**ISRAEL—1.5%** | &nbsp;&nbsp;**ISRAEL—1.5%** | &nbsp;&nbsp;**ISRAEL—1.5%** |
| &nbsp;&nbsp;**Pharmaceutical—1.5%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV |  |  |
| &nbsp;&nbsp;4.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp; 314614 |
| &nbsp;&nbsp;7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp; 224581 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 8.13%, 09/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp; 668512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207707 |
| &nbsp;&nbsp;**ITALY—0.4%** | &nbsp;&nbsp;**ITALY—0.4%** | &nbsp;&nbsp;**ITALY—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, Series 2033, 6.38%, 11/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331292 |
| &nbsp;&nbsp;**JAMAICA—0.4%** | &nbsp;&nbsp;**JAMAICA—0.4%** | &nbsp;&nbsp;**JAMAICA—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281807 |
| &nbsp;&nbsp;**JAPAN—0.4%** | &nbsp;&nbsp;**JAPAN—0.4%** | &nbsp;&nbsp;**JAPAN—0.4%** |
| &nbsp;&nbsp;**Auto Manufacturers—0.4%** |  |  |
| &nbsp;&nbsp;Nissan Motor Co. Ltd., 5.25%, 07/17/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296805 |
| &nbsp;&nbsp;**JERSEY—1.0%** | &nbsp;&nbsp;**JERSEY—1.0%** | &nbsp;&nbsp;**JERSEY—1.0%** |
| &nbsp;&nbsp;**Auto Manufacturers—0.5%** |  |  |
| &nbsp;&nbsp;Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367197 |
| &nbsp;&nbsp;**Retail—0.5%** |  |  |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417621 |
| &nbsp;&nbsp;**Total Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**784818** |
| &nbsp;&nbsp;**LUXEMBOURG—0.5%** | &nbsp;&nbsp;**LUXEMBOURG—0.5%** | &nbsp;&nbsp;**LUXEMBOURG—0.5%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;Monitchem HoldCo 3 SA, 8.75%, 05/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380216 |
| &nbsp;&nbsp;**Machinery-Diversified—0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(b)(e)(f)(h)</sup> | &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;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**380216** |
| &nbsp;&nbsp;**MEXICO—3.4%** | &nbsp;&nbsp;**MEXICO—3.4%** | &nbsp;&nbsp;**MEXICO—3.4%** |
| &nbsp;&nbsp;**Building Materials—0.7%** |  |  |
| &nbsp;&nbsp;Cemex SAB de CV |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;(fixed rate to 06/08/2026, variable rate thereafter), VRN, 5.13%, 06/08/2026<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;$316057 |
| &nbsp;&nbsp;(fixed rate to 06/10/2030, variable rate thereafter), VRN, 7.20%, 06/10/2030<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 230735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546792 |
| &nbsp;&nbsp;**Electric Utilities—0.7%** |  |  |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 582848 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—2.0%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos, 3.75%, 11/16/2025<sup>(b)</sup> | 1192000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565431 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2695071** |
| &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** |
| &nbsp;&nbsp;**Food Products—0.6%** |  |  |
| &nbsp;&nbsp;Flora Food Management BV, 6.88%, 07/02/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 461798 |
| &nbsp;&nbsp;**Media—0.2%** |  |  |
| &nbsp;&nbsp;Ziggo Bond Co. BV, 5.13%, 02/28/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 174429 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**636227** |
| &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** |
| &nbsp;&nbsp;**Engineering & Construction—0.7%** |  |  |
| &nbsp;&nbsp;IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 05/29/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268374 |
| &nbsp;&nbsp;8.25%, 11/29/2031<sup>(b)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574125 |
| &nbsp;&nbsp;**SPAIN—0.3%** | &nbsp;&nbsp;**SPAIN—0.3%** | &nbsp;&nbsp;**SPAIN—0.3%** |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;Abanca Corp. Bancaria SA, (fixed rate to 07/14/2028, variable rate thereafter), VRN, 10.63%, 07/14/2028<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267776 |
| &nbsp;&nbsp;**SWITZERLAND—0.9%** | &nbsp;&nbsp;**SWITZERLAND—0.9%** | &nbsp;&nbsp;**SWITZERLAND—0.9%** |
| &nbsp;&nbsp;**Chemicals—0.9%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;6.50%, 05/15/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146678 |
| &nbsp;&nbsp;5.63%, 10/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220231 |
| &nbsp;&nbsp;12.00%, 02/15/2031<sup>(b)</sup> | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723982 |
| &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.3%** |  |  |
| &nbsp;&nbsp;WE Soda Investments Holding PLC, 9.50%, 10/06/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222078 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.1%** | &nbsp;&nbsp;**UNITED KINGDOM—5.1%** | &nbsp;&nbsp;**UNITED KINGDOM—5.1%** |
| &nbsp;&nbsp;**Building Materials—0.6%** |  |  |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489216 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Belron U.K. Finance PLC, 5.75%, 10/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302816 |
| &nbsp;&nbsp;**Diversified Financial Services—1.0%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC, 7.88%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553738 |
| &nbsp;&nbsp;Sherwood Financing PLC, 9.63%, 12/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785548 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.2%** |  |  |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;$980526 |
| &nbsp;&nbsp;**Entertainment—0.3%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 7.56%, 07/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 230272 |
| &nbsp;&nbsp;**Food Products—1.0%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC, 8.13%, 05/14/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 376881 |
| &nbsp;&nbsp;Market Bidco Finco PLC, 8.75%, 01/31/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp; 394534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771415 |
| &nbsp;&nbsp;**Media—0.6%** |  |  |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC, 4.13%, 08/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119525 |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431291 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3991084** |
| &nbsp;&nbsp;**UNITED STATES—54.3%** | &nbsp;&nbsp;**UNITED STATES—54.3%** | &nbsp;&nbsp;**UNITED STATES—54.3%** |
| &nbsp;&nbsp;**Advertising—0.9%** |  |  |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp; 712542 |
| &nbsp;&nbsp;**Aerospace & Defense—1.0%** |  |  |
| &nbsp;&nbsp;TransDigm, Inc., 6.63%, 03/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762976 |
| &nbsp;&nbsp;**Agriculture—0.5%** |  |  |
| &nbsp;&nbsp;Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411680 |
| &nbsp;&nbsp;**Apparel—0.7%** |  |  |
| &nbsp;&nbsp;Levi Strauss & Co., 4.00%, 08/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576849 |
| &nbsp;&nbsp;**Auto Manufacturers—0.8%** |  |  |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.53%, 03/19/2032 | $&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642381 |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.6%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240664 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;6.63%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77333 |
| &nbsp;&nbsp;5.63%, 04/30/2033 | &nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489742 |
| &nbsp;&nbsp;**Building Materials—4.1%** |  |  |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164749 |
| &nbsp;&nbsp;Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546485 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232733 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547110 |
| &nbsp;&nbsp;JH North America Holdings, Inc., 5.88%, 01/31/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311061 |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316505 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;$322675 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp; 782353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223671 |
| &nbsp;&nbsp;**Chemicals—1.7%** |  |  |
| &nbsp;&nbsp;Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;6.83%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp; 575475 |
| &nbsp;&nbsp;7.05%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156214 |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp; 582888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314577 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.5%** |  |  |
| &nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112655 |
| &nbsp;&nbsp;7.25%, 06/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp; 275447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388102 |
| &nbsp;&nbsp;**Diversified Financial Services—2.7%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;7.75%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768640 |
| &nbsp;&nbsp;7.25%, 01/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146971 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032 | &nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466467 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;6.88%, 05/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121243 |
| &nbsp;&nbsp;6.88%, 02/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094463 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.1%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420946 |
| &nbsp;&nbsp;U.S. Cellular Corp., 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837750 |
| &nbsp;&nbsp;**Electric Utilities—1.3%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;6.00%, 02/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193524 |
| &nbsp;&nbsp;7.00%, 03/15/2033<sup>(b)</sup> | &nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442085 |
| &nbsp;&nbsp;6.25%, 11/01/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009502 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—0.8%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648450 |
| &nbsp;&nbsp;**Energy Equipment & Services—2.0%** |  |  |
| &nbsp;&nbsp;Hess Midstream Operations LP, 4.25%, 02/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270925 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755339 |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592710 |
| &nbsp;&nbsp;**Entertainment—2.2%** |  |  |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(b)</sup> | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898714 |
| &nbsp;&nbsp;CCM Merger, Inc., 6.38%, 05/01/2026<sup>(b)</sup> | &nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741459 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Food Products—1.2%** |  |  |
| &nbsp;&nbsp;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;$534725 |
| &nbsp;&nbsp;U.S. Foods, Inc., 5.75%, 04/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp; 380469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915194 |
| &nbsp;&nbsp;**Gas Utilities—0.6%** |  |  |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;7.50%, 05/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp; 241907 |
| &nbsp;&nbsp;7.75%, 05/01/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp; 245609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487516 |
| &nbsp;&nbsp;**Healthcare Providers & Services—2.9%** |  |  |
| &nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;4.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp; 388844 |
| &nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp; 386706 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;6.13%, 04/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110975 |
| &nbsp;&nbsp;5.25%, 05/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77855 |
| &nbsp;&nbsp;10.88%, 01/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510562 |
| &nbsp;&nbsp;9.75%, 01/15/2034<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237508 |
| &nbsp;&nbsp;IQVIA, Inc., 6.25%, 06/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310713 |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299005 |
| &nbsp;&nbsp;**Home Furnishings—1.1%** |  |  |
| &nbsp;&nbsp;Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310557 |
| &nbsp;&nbsp;Whirlpool Corp. |  |  |
| &nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179571 |
| &nbsp;&nbsp;6.50%, 06/15/2033 | &nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866543 |
| &nbsp;&nbsp;**Housewares—0.9%** |  |  |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396740 |
| &nbsp;&nbsp;Newell Brands, Inc., 8.50%, 06/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747778 |
| &nbsp;&nbsp;**Insurance—0.5%** |  |  |
| &nbsp;&nbsp;Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405366 |
| &nbsp;&nbsp;**Internet—1.4%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534200 |
| &nbsp;&nbsp;6.50%, 07/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063391 |
| &nbsp;&nbsp;**Iron/Steel—0.3%** |  |  |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.00%, 03/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226341 |
| &nbsp;&nbsp;**Leisure Time—1.8%** |  |  |
| &nbsp;&nbsp;Acushnet Co., 7.38%, 10/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303161 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(b)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379606 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Lodging—0.8%** |  |  |
| &nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;$609505 |
| &nbsp;&nbsp;**Machinery-Diversified—0.5%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 7.50%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp; 410632 |
| &nbsp;&nbsp;**Media—5.9%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;968000 | &nbsp;&nbsp;&nbsp;&nbsp; 745398 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517899 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp; 168884 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;748000 | &nbsp;&nbsp;&nbsp;&nbsp; 773286 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;11.75%, 01/31/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp; 245072 |
| &nbsp;&nbsp;6.50%, 02/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp; 239393 |
| &nbsp;&nbsp;5.75%, 01/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 130655 |
| &nbsp;&nbsp;4.13%, 12/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186211 |
| &nbsp;&nbsp;Discovery Communications LLC, 3.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp; 116928 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392517 |
| &nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;8.50%, 07/31/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936355 |
| &nbsp;&nbsp;9.38%, 08/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620689 |
| &nbsp;&nbsp;**Oil & Gas—0.8%** |  |  |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403451 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637571 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.3%** |  |  |
| &nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;9.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117259 |
| &nbsp;&nbsp;7.88%, 04/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235750 |
| &nbsp;&nbsp;**Packaging & Containers—1.8%** |  |  |
| &nbsp;&nbsp;Ball Corp., 4.25%, 07/01/2032 | &nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382292 |
| &nbsp;&nbsp;Crown Americas LLC, 5.88%, 06/01/2033<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390725 |
| &nbsp;&nbsp;Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(b)</sup> | &nbsp;&nbsp;608000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388351 |
| &nbsp;&nbsp;**Paper & Forest Products—1.2%** |  |  |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(b)</sup> | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942191 |
| &nbsp;&nbsp;**Pharmaceutical—3.8%** |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407235 |
| &nbsp;&nbsp;Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;4.88%, 06/01/2028<sup>(b)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359310 |
| &nbsp;&nbsp;5.00%, 02/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147680 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;5.13%, 04/30/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365079 |
| &nbsp;&nbsp;6.75%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571445 |
| &nbsp;&nbsp;7.88%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190703 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 4.90%, 06/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;$486572 |
| &nbsp;&nbsp;Upjohn Finance BV, 1.91%, 06/23/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp; 454822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982846 |
| &nbsp;&nbsp;**Pipelines—3.6%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;953000 | &nbsp;&nbsp;&nbsp;&nbsp; 991796 |
| &nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 06/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp; 455304 |
| &nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;(fixed rate to 09/30/2029, variable rate thereafter), VRN, 9.00%, 09/30/2029<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;772000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772197 |
| &nbsp;&nbsp;8.38%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395125 |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;6.50%, 01/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122421 |
| &nbsp;&nbsp;6.75%, 01/15/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp; 122416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859259 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.3%** |  |  |
| &nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 214546 |
| &nbsp;&nbsp;**Retail—2.6%** |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475991 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;5.88%, 03/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105643 |
| &nbsp;&nbsp;7.38%, 08/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207789 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(b)</sup> | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450077 |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;3.45%, 06/01/2026 | &nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341913 |
| &nbsp;&nbsp;8.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;432000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045134 |
| &nbsp;&nbsp;**Software—1.1%** |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340469 |
| &nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827339 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**42611407** |
| &nbsp;&nbsp;**ZAMBIA—1.8%** | &nbsp;&nbsp;**ZAMBIA—1.8%** | &nbsp;&nbsp;**ZAMBIA—1.8%** |
| &nbsp;&nbsp;**Metals & Mining—1.8%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;6.88%, 10/15/2027<sup>(b)</sup> | $&nbsp;&nbsp;848000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849425 |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396718 |
| &nbsp;&nbsp;8.00%, 03/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452227 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;**70096129** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.0%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.0%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;63013 | &nbsp;&nbsp;$2356056 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2356056** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—1.0%** | &nbsp;&nbsp;**GOVERNMENT BONDS—1.0%** |  |
| &nbsp;&nbsp;**COLOMBIA—1.0%** | &nbsp;&nbsp;**COLOMBIA—1.0%** | &nbsp;&nbsp;**COLOMBIA—1.0%** |
| &nbsp;&nbsp;Colombia Government International Bonds, 8.38%, 11/07/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp;&nbsp; 752446 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**752446** |
| &nbsp;&nbsp;**U.S. TREASURIES—0.5%** | &nbsp;&nbsp;**U.S. TREASURIES—0.5%** |  |
| &nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;376700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376551 |
| &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**376551** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(i)</sup> | 3640854 | &nbsp;&nbsp;&nbsp;&nbsp; 3640854 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;**3640854** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $79,291,009)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $79,291,009)—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**78074020** |
| &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;406340 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$78480360** |

---

(a) Variable or Floating Rate security. Rate disclosed is as of July 31, 2025.

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

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

(d) Sinkable security.

(e) Security is in default.

(f) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net
assets as of July 31, 2025.

(g) All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been
issued.

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

(i) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| ETF | Exchange-Traded Fund |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |
| VRN | Variable Rate Note |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn High Income Opportunities Fund

------

As of July 31, 2025, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;EUR | &nbsp;&nbsp;106697 | &nbsp;&nbsp;USD | &nbsp;&nbsp;123980 | &nbsp;&nbsp;$122295 | &nbsp;&nbsp;$(1685) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;5059172 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;3707570 | &nbsp;&nbsp;$4899534 | &nbsp;&nbsp;$159638 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;405971 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;590409 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;501771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15285 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;5609015 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4736435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428842 | &nbsp;&nbsp;&nbsp;&nbsp;180173 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;300764 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;886432 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;754015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22190 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;537278 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;467711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$12995020** | &nbsp;&nbsp;**$394021** |
| &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;**$394021** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;**$(1685)** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—58.3%** | &nbsp;&nbsp;**CORPORATE BONDS—58.3%** |  |
| &nbsp;&nbsp;**CANADA—1.7%** | &nbsp;&nbsp;**CANADA—1.7%** | &nbsp;&nbsp;**CANADA—1.7%** |
| &nbsp;&nbsp;**Electric Utilities—1.0%** |  |  |
| &nbsp;&nbsp;TransAlta Corp., 7.75%, 11/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;$233396 |
| &nbsp;&nbsp;**Oil & Gas Services—0.7%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161674 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**395070** |
| &nbsp;&nbsp;**GABON—4.5%** | &nbsp;&nbsp;**GABON—4.5%** | &nbsp;&nbsp;**GABON—4.5%** |
| &nbsp;&nbsp;**Diversified Financial Services—4.5%** |  |  |
| &nbsp;&nbsp;Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001103 |
| &nbsp;&nbsp;**GEORGIA—1.4%** | &nbsp;&nbsp;**GEORGIA—1.4%** | &nbsp;&nbsp;**GEORGIA—1.4%** |
| &nbsp;&nbsp;**Transportation—1.4%** |  |  |
| &nbsp;&nbsp;Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp; 308720 |
| &nbsp;&nbsp;**GUATEMALA—2.0%** | &nbsp;&nbsp;**GUATEMALA—2.0%** | &nbsp;&nbsp;**GUATEMALA—2.0%** |
| &nbsp;&nbsp;**Electric Utilities—2.0%** |  |  |
| &nbsp;&nbsp;Investment Energy Resources Ltd., 6.25%, 04/26/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp; 442798 |
| &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** |
| &nbsp;&nbsp;**Diversified Financial Services—0.3%** |  |  |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62228 |
| &nbsp;&nbsp;**NETHERLANDS—2.4%** | &nbsp;&nbsp;**NETHERLANDS—2.4%** | &nbsp;&nbsp;**NETHERLANDS—2.4%** |
| &nbsp;&nbsp;**Media—2.4%** |  |  |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536322 |
| &nbsp;&nbsp;**PERU—1.4%** | &nbsp;&nbsp;**PERU—1.4%** | &nbsp;&nbsp;**PERU—1.4%** |
| &nbsp;&nbsp;**Electric Utilities—1.4%** |  |  |
| &nbsp;&nbsp;Consorcio Transmantaro SA, 4.70%, 04/16/2034<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307735 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.0%** | &nbsp;&nbsp;**UNITED KINGDOM—3.0%** | &nbsp;&nbsp;**UNITED KINGDOM—3.0%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—3.0%** |  |  |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201962 |
| &nbsp;&nbsp;Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682718 |
| &nbsp;&nbsp;**UNITED STATES—41.6%** | &nbsp;&nbsp;**UNITED STATES—41.6%** | &nbsp;&nbsp;**UNITED STATES—41.6%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.5%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120332 |
| &nbsp;&nbsp;**Building Materials—1.2%** |  |  |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47798 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263208 |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133315 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Diversified Financial Services—4.6%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;$236425 |
| &nbsp;&nbsp;Low Income Investment Fund, Series 2019, 3.39%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020585 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—2.3%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 8.63%, 03/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp; 292394 |
| &nbsp;&nbsp;U.S. Cellular Corp., 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 230974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523368 |
| &nbsp;&nbsp;**Electric Utilities—6.0%** |  |  |
| &nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp; 241620 |
| &nbsp;&nbsp;NRG Energy, Inc., 7.00%, 03/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp; 134929 |
| &nbsp;&nbsp;Talen Energy Supply LLC, 8.63%, 06/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp; 328365 |
| &nbsp;&nbsp;Vistra Corp., (fixed rate to 12/15/2026, variable rate thereafter), VRN, 7.00%, 12/15/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 641200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346114 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—2.0%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451140 |
| &nbsp;&nbsp;**Energy Equipment & Services—2.4%** |  |  |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525446 |
| &nbsp;&nbsp;**Engineering & Construction—3.0%** |  |  |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC, 3.80%, 12/31/2057<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678320 |
| &nbsp;&nbsp;**Healthcare Providers & Services—6.7%** |  |  |
| &nbsp;&nbsp;CommonSpirit Health, 3.91%, 10/01/2050 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584664 |
| &nbsp;&nbsp;Toledo Hospital, 6.02%, 11/15/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502164 |
| &nbsp;&nbsp;**Internet—0.8%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180405 |
| &nbsp;&nbsp;**Machinery-Diversified—1.9%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435255 |
| &nbsp;&nbsp;**Media—4.6%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162478 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493727 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031135 |
| &nbsp;&nbsp;**Packaging & Containers—1.7%** |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029<sup>(a)</sup> | &nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369626 |
| &nbsp;&nbsp;**Pipelines—1.6%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(a)</sup> | $&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356963 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &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;**Retail—1.7%** |  |  |  |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;$372479 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9309855** |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**13046549** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —40.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —40.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —40.1%** |  |
| &nbsp;&nbsp;**CALIFORNIA—8.8%** | &nbsp;&nbsp;**CALIFORNIA—8.8%** | &nbsp;&nbsp;**CALIFORNIA—8.8%** | &nbsp;&nbsp;**CALIFORNIA—8.8%** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 10/01/2049 |  | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 9.50%, 01/01/2065<sup>(a)(e)</sup> |  | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142663 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, (AG), Series B, 7.14%, 08/15/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772297 |
| &nbsp;&nbsp;City & County of San Francisco Community Facilities District No., Series B, 6.33%, 09/01/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 400257 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1975407** |
| &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** |
| &nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.22%, 11/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204579 |
| &nbsp;&nbsp;**ILLINOIS—3.9%** | &nbsp;&nbsp;**ILLINOIS—3.9%** | &nbsp;&nbsp;**ILLINOIS—3.9%** | &nbsp;&nbsp;**ILLINOIS—3.9%** |
| &nbsp;&nbsp;Illinois Municipal Electric Agency, 7.29%, 02/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 864180 |
| &nbsp;&nbsp;**MARYLAND—2.1%** | &nbsp;&nbsp;**MARYLAND—2.1%** | &nbsp;&nbsp;**MARYLAND—2.1%** | &nbsp;&nbsp;**MARYLAND—2.1%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., 5.94%, 05/31/2057 |  | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467145 |
| &nbsp;&nbsp;**MASSACHUSETTS—4.5%** | &nbsp;&nbsp;**MASSACHUSETTS—4.5%** | &nbsp;&nbsp;**MASSACHUSETTS—4.5%** | &nbsp;&nbsp;**MASSACHUSETTS—4.5%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency, Series E, 8.50%, 10/01/2026 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003300 |
| &nbsp;&nbsp;**NEVADA—1.6%** | &nbsp;&nbsp;**NEVADA—1.6%** | &nbsp;&nbsp;**NEVADA—1.6%** | &nbsp;&nbsp;**NEVADA—1.6%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)(e)</sup> |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347071 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority, 3.25%, 04/01/2028 |  | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386444 |
| &nbsp;&nbsp;**NEW YORK—7.4%** | &nbsp;&nbsp;**NEW YORK—7.4%** | &nbsp;&nbsp;**NEW YORK—7.4%** | &nbsp;&nbsp;**NEW YORK—7.4%** |
| &nbsp;&nbsp;Dutchess County Local Development Corp., Series B, 5.92%, 07/01/2039 |  | &nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890364 |
| &nbsp;&nbsp;New York Transportation Development Corp., Series B, 6.97%, 06/30/2051 |  | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775655 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1666019** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TEXAS—4.5%** | &nbsp;&nbsp;**TEXAS—4.5%** | &nbsp;&nbsp;**TEXAS—4.5%** |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series B, 10.00%, 07/01/2026<sup>(a)</sup> | $1000000 | &nbsp;&nbsp;$1004375 |
| &nbsp;&nbsp;**WISCONSIN—4.7%** | &nbsp;&nbsp;**WISCONSIN—4.7%** | &nbsp;&nbsp;**WISCONSIN—4.7%** |
| &nbsp;&nbsp;County of Fond Du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.18%, 11/01/2042<sup>(a)</sup> | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.20%, 05/01/2054<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394231 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1050565** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8969085** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982 | &nbsp;&nbsp;&nbsp;&nbsp; 6982 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6982** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $21,915,388)—98.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $21,915,388)—98.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**22022616** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348067 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$22370683** |

---

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

(b) Sinkable security.

(c) All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been
issued.

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

(e) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2025. 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.

(f) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

| | |
|:---|:---|
| BAM | Build America Mutual Assurance Company |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| PLC | Public Limited Company |
| USD | U.S. Dollar |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |

---

As of July 31, 2025, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;8651 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11638 | &nbsp;&nbsp;$11432 | &nbsp;&nbsp;$(206) |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Infrastructure Debt Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7161 | &nbsp;&nbsp;&nbsp;&nbsp;$160 |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;499277 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;365946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483589 | &nbsp;&nbsp;&nbsp;&nbsp;15688 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;948887 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;801270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918399 | &nbsp;&nbsp;&nbsp;&nbsp;30488 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1409149** | &nbsp;&nbsp;**$46336** |
| &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;**$46336** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;**$(206)** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Intermediate Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.9%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.9%** |  |
| &nbsp;&nbsp;**ALABAMA—5.0%** | &nbsp;&nbsp;**ALABAMA—5.0%** | &nbsp;&nbsp;**ALABAMA—5.0%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, VRDN, Series D-1, 5.50%, 06/01/2049<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;$152731 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series A, 5.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 545536 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773074 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;**1881698** |
| &nbsp;&nbsp;**ARIZONA—0.2%** | &nbsp;&nbsp;**ARIZONA—0.2%** | &nbsp;&nbsp;**ARIZONA—0.2%** |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority, Series B, 5.00%, 07/01/2049<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91742 |
| &nbsp;&nbsp;**CALIFORNIA—6.3%** | &nbsp;&nbsp;**CALIFORNIA—6.3%** | &nbsp;&nbsp;**CALIFORNIA—6.3%** |
| &nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign, (AG), Series B, 4.38%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88887 |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043430 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178329 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2047<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96684 |
| &nbsp;&nbsp;M-S-R Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.50%, 11/01/2039 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391193 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;**2389827** |
| &nbsp;&nbsp;**CONNECTICUT—4.1%** | &nbsp;&nbsp;**CONNECTICUT—4.1%** | &nbsp;&nbsp;**CONNECTICUT—4.1%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority, Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142449 |
| &nbsp;&nbsp;State of Connecticut, Series B, 3.00%, 06/01/2040 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403178 |
| &nbsp;&nbsp;**Total Connecticut** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1545627** |
| &nbsp;&nbsp;**FLORIDA—7.3%** | &nbsp;&nbsp;**FLORIDA—7.3%** | &nbsp;&nbsp;**FLORIDA—7.3%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority, Series B-1, 4.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80043 |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.25%, 06/01/2044<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284606 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 4.75%, 06/15/2040<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.13%, 06/15/2060<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193637 |
| &nbsp;&nbsp;City of Venice, Series B-3, 4.25%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225572 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.00%, 07/01/2044 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.25%, 07/01/2053 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2039<sup>(b)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2056<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530813 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;**2740463** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.4%** | &nbsp;&nbsp;**GEORGIA—1.4%** | &nbsp;&nbsp;**GEORGIA—1.4%** |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/15/2035 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;$262220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253572 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**515792** |
| &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98917 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**203893** |
| &nbsp;&nbsp;**INDIANA—4.7%** | &nbsp;&nbsp;**INDIANA—4.7%** | &nbsp;&nbsp;**INDIANA—4.7%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2054 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 06/01/2058 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992907 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1772747** |
| &nbsp;&nbsp;**IOWA—1.4%** | &nbsp;&nbsp;**IOWA—1.4%** | &nbsp;&nbsp;**IOWA—1.4%** |
| &nbsp;&nbsp;Iowa Finance Authority, Series A, 5.13%, 05/15/2059 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545639 |
| &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** |
| &nbsp;&nbsp;Louisiana Public Facilities Authority, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022 |
| &nbsp;&nbsp;**MARYLAND—0.9%** | &nbsp;&nbsp;**MARYLAND—0.9%** | &nbsp;&nbsp;**MARYLAND—0.9%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., Series A-1, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349812 |
| &nbsp;&nbsp;**MISSISSIPPI—4.6%** | &nbsp;&nbsp;**MISSISSIPPI—4.6%** | &nbsp;&nbsp;**MISSISSIPPI—4.6%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 3.42%, 11/01/2032<sup>(a)</sup> | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 |
| &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)(b)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433839 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—3.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—3.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—3.7%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 4.25%, 07/20/2041 | &nbsp;&nbsp;&nbsp;703469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2048 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238899 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/01/2035 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249144 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1410739** |
| &nbsp;&nbsp;**NEW JERSEY—6.7%** | &nbsp;&nbsp;**NEW JERSEY—6.7%** | &nbsp;&nbsp;**NEW JERSEY—6.7%** |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00%, 12/15/2034 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191641 |
| &nbsp;&nbsp;New Jersey Turnpike Authority, Series B, 4.13%, 01/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857523 |
| &nbsp;&nbsp;Newark Housing Authority, 4.00%, 01/01/2037 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487629 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;**2536793** |
| &nbsp;&nbsp;**NEW YORK—11.0%** | &nbsp;&nbsp;**NEW YORK—11.0%** | &nbsp;&nbsp;**NEW YORK—11.0%** |
| &nbsp;&nbsp;Build NYC Resource Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2052 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.75%, 06/15/2053 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749597 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn Intermediate Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &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;Metropolitan Transportation Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 4.00%, 11/15/2048 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;$184126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 11/15/2027 |  | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707743 |
| &nbsp;&nbsp;Nassau County Local Economic Assistance Corp., 5.00%, 07/01/2030 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000770 |
| &nbsp;&nbsp;New York State Dormitory Authority, (AG), 5.50%, 10/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87050 |
| &nbsp;&nbsp;New York Transportation Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, 4.00%, 10/31/2034 |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-P3, 5.25%, 01/01/2050 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964861 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 5.00%, 12/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103505 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4136149** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.5%** | &nbsp;&nbsp;**NORTH CAROLINA—0.5%** | &nbsp;&nbsp;**NORTH CAROLINA—0.5%** | &nbsp;&nbsp;**NORTH CAROLINA—0.5%** |
| &nbsp;&nbsp;North Carolina Medical Care Commission, Series A, 5.13%, 10/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 199051 |
| &nbsp;&nbsp;**OHIO—4.8%** | &nbsp;&nbsp;**OHIO—4.8%** | &nbsp;&nbsp;**OHIO—4.8%** | &nbsp;&nbsp;**OHIO—4.8%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00%, 06/01/2055 |  | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 897596 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission, Series B, 4.00%, 07/01/2046 |  | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 902520 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1800116** |
| &nbsp;&nbsp;**PENNSYLVANIA—2.5%** | &nbsp;&nbsp;**PENNSYLVANIA—2.5%** | &nbsp;&nbsp;**PENNSYLVANIA—2.5%** | &nbsp;&nbsp;**PENNSYLVANIA—2.5%** |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission Registration Fee Revenue, (AG), Series A, 5.25%, 07/15/2029 |  | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931132 |
| &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority, (NPFG), Series V, 5.25%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100247 |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.9%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.9%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.9%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.9%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2044 |  | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(b)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925963 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;**1086756** |
| &nbsp;&nbsp;**TENNESSEE—3.2%** | &nbsp;&nbsp;**TENNESSEE—3.2%** | &nbsp;&nbsp;**TENNESSEE—3.2%** | &nbsp;&nbsp;**TENNESSEE—3.2%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 |  | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100436 |
| &nbsp;&nbsp;Metropolitan Nashville Airport Authority, Series B, 5.00%, 07/01/2040 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996577 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.25%, 06/01/2056<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112640 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;**1209653** |
| &nbsp;&nbsp;**TEXAS—12.2%** | &nbsp;&nbsp;**TEXAS—12.2%** | &nbsp;&nbsp;**TEXAS—12.2%** | &nbsp;&nbsp;**TEXAS—12.2%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), 4.00%, 08/15/2050 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 |  | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.88%, 06/15/2056<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189591 |
| &nbsp;&nbsp;City of Houston Airport System Revenue, Series B, 5.25%, 07/15/2033 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520383 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., 4.00%, 12/01/2045 |  | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072488 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp., Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;$652669 |
| &nbsp;&nbsp;Matagorda County Navigation District No. 1, Series B-1, 4.00%, 06/01/2030 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000310 |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series A, 5.00%, 01/01/2039<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 186784 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;**4590984** |
| &nbsp;&nbsp;**UTAH—1.6%** | &nbsp;&nbsp;**UTAH—1.6%** | &nbsp;&nbsp;**UTAH—1.6%** | &nbsp;&nbsp;**UTAH—1.6%** |
| &nbsp;&nbsp;City of Salt Lake City Airport Revenue, Series B, 5.00%, 07/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100225 |
| &nbsp;&nbsp;Utah Charter School Finance Authority, VRDN, Series A, 5.88%, 04/15/2048<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 521100 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**621325** |
| &nbsp;&nbsp;**WASHINGTON—0.6%** | &nbsp;&nbsp;**WASHINGTON—0.6%** | &nbsp;&nbsp;**WASHINGTON—0.6%** | &nbsp;&nbsp;**WASHINGTON—0.6%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 226546 |
| &nbsp;&nbsp;**WEST VIRGINIA—1.0%** | &nbsp;&nbsp;**WEST VIRGINIA—1.0%** | &nbsp;&nbsp;**WEST VIRGINIA—1.0%** | &nbsp;&nbsp;**WEST VIRGINIA—1.0%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 5.45%, 01/01/2055<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.63%, 04/15/2055<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219238 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**376670** |
| &nbsp;&nbsp;**WISCONSIN—10.3%** | &nbsp;&nbsp;**WISCONSIN—10.3%** | &nbsp;&nbsp;**WISCONSIN—10.3%** | &nbsp;&nbsp;**WISCONSIN—10.3%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2036<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;549753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2044 |  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 |  | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2055 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2065 |  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2038 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 |  | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/15/2044 |  | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2044<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41892 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Series A, 5.00%, 04/01/2035 |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254937 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;**3904386** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**37351648** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $38,715,418)—98.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $38,715,418)—98.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $38,715,418)—98.9%** | &nbsp;&nbsp;&nbsp;**37351648** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420860 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$37772508** |

---

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are
determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Intermediate Municipal Income Fund

------

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Mutual Assurance Company |
| PSF-GTD | Permanent School Fund Guarantee Program |
| VRDN | Variable Rate Demand Note |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—0.4%** | &nbsp;&nbsp;**CORPORATE BONDS—0.4%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.4%** | &nbsp;&nbsp;**UNITED STATES—0.4%** | &nbsp;&nbsp;**UNITED STATES—0.4%** |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.4%** |  |  |
| &nbsp;&nbsp;Sunland Medical Foundation, 12.00%, 01/01/2050<sup>(a)(b)(c)</sup> | $4100000 | &nbsp;&nbsp;$280030 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**280030** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —101.4%** | &nbsp;&nbsp;**MUNICIPAL BONDS —101.4%** |  |
| &nbsp;&nbsp;**ALABAMA—2.6%** | &nbsp;&nbsp;**ALABAMA—2.6%** | &nbsp;&nbsp;**ALABAMA—2.6%** |
| &nbsp;&nbsp;Baldwin County Industrial Development Authority, VRDN, Series A, 5.00%, 06/01/2055<sup>(d)(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997991 |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.25%, 05/01/2055<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-1, 5.50%, 06/01/2049<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300196 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1720289** |
| &nbsp;&nbsp;**ARIZONA—6.8%** | &nbsp;&nbsp;**ARIZONA—6.8%** | &nbsp;&nbsp;**ARIZONA—6.8%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2036<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/15/2040<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 0.00%01/01/2059<sup>(f)</sup> | &nbsp;&nbsp;1647156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880614 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2045 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 07/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582565 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4559509** |
| &nbsp;&nbsp;**ARKANSAS—1.3%** | &nbsp;&nbsp;**ARKANSAS—1.3%** | &nbsp;&nbsp;**ARKANSAS—1.3%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834665 |
| &nbsp;&nbsp;**CALIFORNIA—8.6%** | &nbsp;&nbsp;**CALIFORNIA—8.6%** | &nbsp;&nbsp;**CALIFORNIA—8.6%** |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054<sup>(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043430 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530529 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series A, 5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20040 |
| &nbsp;&nbsp;California Public Finance Authority, Series B-1, 3.13%, 05/15/2029<sup>(d)</sup> | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158994 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2043<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98722 |
| &nbsp;&nbsp;Palomar Health, 5.00%, 11/01/2030 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860470 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5712185** |
| &nbsp;&nbsp;**COLORADO—6.7%** | &nbsp;&nbsp;**COLORADO—6.7%** | &nbsp;&nbsp;**COLORADO—6.7%** |
| &nbsp;&nbsp;Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 05/15/2030 | 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.63%, 05/15/2029 | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651221 |
| &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4479906** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**FLORIDA—15.9%** | &nbsp;&nbsp;**FLORIDA—15.9%** | &nbsp;&nbsp;**FLORIDA—15.9%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority, Series B-1, 4.00%, 10/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$250136 |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.25%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.00%, 06/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618906 |
| &nbsp;&nbsp;Capital Trust Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 12/15/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 05/01/2043<sup>(d)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.50%, 01/01/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281749 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 4.75%, 06/15/2040<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 06/15/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208255 |
| &nbsp;&nbsp;City of Venice |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.50%, 01/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 4.25%, 01/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676717 |
| &nbsp;&nbsp;County of Palm Beach, Series A, 5.50%, 10/01/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542246 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 6.13%, 07/01/2032<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.00%, 07/01/2044 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2039<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232828 |
| &nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, 5.00%, 07/01/2035<sup>(d)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984831 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority, 5.25%, 09/15/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916485 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10557952** |
| &nbsp;&nbsp;**ILLINOIS—0.9%** | &nbsp;&nbsp;**ILLINOIS—0.9%** | &nbsp;&nbsp;**ILLINOIS—0.9%** |
| &nbsp;&nbsp;Cook County School District No. 144 Prairie Hills, (BAM), Series A, 4.00%, 12/01/2033 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599987 |
| &nbsp;&nbsp;**INDIANA—1.9%** | &nbsp;&nbsp;**INDIANA—1.9%** | &nbsp;&nbsp;**INDIANA—1.9%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2054 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313532 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1241587** |
| &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 05/15/2053 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 05/15/2059 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90940 |
| &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**845144** |
| &nbsp;&nbsp;**KANSAS—3.1%** | &nbsp;&nbsp;**KANSAS—3.1%** | &nbsp;&nbsp;**KANSAS—3.1%** |
| &nbsp;&nbsp;Kansas Independent College Finance Authority, 8.50%, 05/01/2026 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033354 |
| &nbsp;&nbsp;**MINNESOTA—0.6%** | &nbsp;&nbsp;**MINNESOTA—0.6%** | &nbsp;&nbsp;**MINNESOTA—0.6%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 3.25%, 03/20/2027<sup>(d)(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;**NEVADA—2.1%** | &nbsp;&nbsp;**NEVADA—2.1%** | &nbsp;&nbsp;**NEVADA—2.1%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(d)(e)</sup> | 1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427329 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**NEW YORK—9.7%** | &nbsp;&nbsp;**NEW YORK—9.7%** | &nbsp;&nbsp;**NEW YORK—9.7%** |
| &nbsp;&nbsp;Build NYC Resource Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2026<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;$431733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 06/15/2043 | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623413 |
| &nbsp;&nbsp;Madison County Capital Resource Corp., Series A, 5.50%, 09/01/2022<sup>(b)(g)</sup> | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3069300 |
| &nbsp;&nbsp;New York Transportation Development Corp., 5.50%, 06/30/2054 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446936 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2034 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305153 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp., 3.00%, 12/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 403686 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6435479** |
| &nbsp;&nbsp;**OHIO—0.6%** | &nbsp;&nbsp;**OHIO—0.6%** | &nbsp;&nbsp;**OHIO—0.6%** |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, 5.00%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127450 |
| &nbsp;&nbsp;State of Ohio, VRDN, Series C, 2.55%, 01/15/2051<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**427450** |
| &nbsp;&nbsp;**OKLAHOMA—2.5%** | &nbsp;&nbsp;**OKLAHOMA—2.5%** | &nbsp;&nbsp;**OKLAHOMA—2.5%** |
| &nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, 6.25%, 12/01/2035 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1656133 |
| &nbsp;&nbsp;**PENNSYLVANIA—1.5%** | &nbsp;&nbsp;**PENNSYLVANIA—1.5%** | &nbsp;&nbsp;**PENNSYLVANIA—1.5%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, VRDN, Series B, 5.25%, 12/01/2038<sup>(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005626 |
| &nbsp;&nbsp;**SOUTH CAROLINA—3.7%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.7%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.7%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2027<sup>(b)(d)(g)(h)</sup> | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2044 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2029<sup>(d)</sup> | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736141 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2433404** |
| &nbsp;&nbsp;**TENNESSEE—1.0%** | &nbsp;&nbsp;**TENNESSEE—1.0%** | &nbsp;&nbsp;**TENNESSEE—1.0%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186524 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.00%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464008 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**650532** |
| &nbsp;&nbsp;**TEXAS—9.1%** | &nbsp;&nbsp;**TEXAS—9.1%** | &nbsp;&nbsp;**TEXAS—9.1%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.88%, 06/15/2056<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558795 |
| &nbsp;&nbsp;City of Houston Airport System Revenue, Series B, 5.25%, 07/15/2033 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561149 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp., Series A, 6.00%, 06/15/2048<sup>(d)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919249 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 07/01/2051 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.00%, 11/15/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;744520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188296 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series A, 5.00%, 01/01/2039<sup>(d)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;$747137 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.00%, 06/30/2058 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730014 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6088112** |
| &nbsp;&nbsp;**UTAH—3.6%** | &nbsp;&nbsp;**UTAH—3.6%** | &nbsp;&nbsp;**UTAH—3.6%** | &nbsp;&nbsp;**UTAH—3.6%** |
| &nbsp;&nbsp;Utah Charter School Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 10/15/2028<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.63%, 10/15/2048<sup>(d)(e)</sup> |  | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872410 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2368225** |
| &nbsp;&nbsp;**WASHINGTON—4.5%** | &nbsp;&nbsp;**WASHINGTON—4.5%** | &nbsp;&nbsp;**WASHINGTON—4.5%** | &nbsp;&nbsp;**WASHINGTON—4.5%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377578 |
| &nbsp;&nbsp;Washington State Housing Finance Commission, Series B1, 2.50%, 07/01/2028<sup>(d)</sup> |  | 2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637296 |
| &nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3014874** |
| &nbsp;&nbsp;**WEST VIRGINIA—1.3%** | &nbsp;&nbsp;**WEST VIRGINIA—1.3%** | &nbsp;&nbsp;**WEST VIRGINIA—1.3%** | &nbsp;&nbsp;**WEST VIRGINIA—1.3%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 5.45%, 01/01/2055<sup>(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.63%, 04/15/2055<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272829 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**897479** |
| &nbsp;&nbsp;**WISCONSIN—12.1%** | &nbsp;&nbsp;**WISCONSIN—12.1%** | &nbsp;&nbsp;**WISCONSIN—12.1%** | &nbsp;&nbsp;**WISCONSIN—12.1%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2032<sup>(d)</sup> |  | 1922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(d)</sup> |  | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 |  | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 |  | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025, 5.75%, 06/30/2060 |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 07/15/2037<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 |  | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2044<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.38%, 07/15/2047<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326757 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8059806** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;**67449027** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $74,818,215)—101.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $74,818,215)—101.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $74,818,215)—101.8%** | &nbsp;&nbsp;&nbsp;&nbsp;**67729058** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.8%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.8%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.8%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184747) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$66544311** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

(a) Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price.
See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used.

(b) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 5.1% of net
assets as of July 31, 2025.

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

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

(e) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2025. 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.

(f) Step bond. Rate disclosed is as of July 31, 2025.

(g) Security is in default.

(h) Security is in forbearance as of July 31, 2025.

AG Assured Guaranty Inc. <br> BAM Build America Mutual Assurance Company <br> VRDN Variable Rate Demand Note

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> July 31, 2025 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —97.3%** | &nbsp;&nbsp;**MUNICIPAL BONDS —97.3%** |  |
| &nbsp;&nbsp;**ALABAMA—7.2%** | &nbsp;&nbsp;**ALABAMA—7.2%** | &nbsp;&nbsp;**ALABAMA—7.2%** |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 4.00%, 10/01/2052<sup>(a)</sup> | $10000000 | &nbsp;&nbsp;&nbsp;&nbsp;$10072186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C-1, 4.00%, 10/01/2052<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074786 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health, VRDN, Series B, 3.71%, 11/01/2042<sup>(a)</sup> | 25657000 | &nbsp;&nbsp;&nbsp;&nbsp; 25657000 |
| &nbsp;&nbsp;Lower Alabama Gas District, VRDN, 4.00%, 12/01/2050<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10018922 |
| &nbsp;&nbsp;West Jefferson Industrial Development Board, VRDN, 2.85%, 12/01/2038<sup>(a)</sup> | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp; 24800000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80622894** |
| &nbsp;&nbsp;**ARIZONA—1.9%** | &nbsp;&nbsp;**ARIZONA—1.9%** | &nbsp;&nbsp;**ARIZONA—1.9%** |
| &nbsp;&nbsp;Arizona Board of Regents, VRDN, Series C, 2.20%, 07/01/2055<sup>(a)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix Arizona, AMT, VRDN, Series D, 4.10%, 12/01/2035<sup>(a)</sup> | 12100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12100000 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9211, 2.54%, 06/01/2054<sup>(a)(b)</sup> | &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9213, 2.54%, 06/26/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21470000** |
| &nbsp;&nbsp;**ARKANSAS—2.4%** | &nbsp;&nbsp;**ARKANSAS—2.4%** | &nbsp;&nbsp;**ARKANSAS—2.4%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority, VRDN, Series B-4, 3.73%, 09/01/2044<sup>(a)</sup> | 25462000 | &nbsp;&nbsp;&nbsp;&nbsp; 25462000 |
| &nbsp;&nbsp;City of Lowell, VRDN, 2.32%, 10/01/2036<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26662000** |
| &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** |
| &nbsp;&nbsp;California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.75%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 12/01/2044<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.85%, 07/01/2051<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498959 |
| &nbsp;&nbsp;California Pollution Control Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.70%, 07/01/2043<sup>(a)(b)</sup> | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A-1, 3.85%, 11/01/2042<sup>(a)(b)</sup> | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249026 |
| &nbsp;&nbsp;California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series D, 4.50%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series E, 6.00%, 07/01/2040<sup>(a)</sup> | 26025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26025000 |
| &nbsp;&nbsp;Southern California Public Power Authority, Series A, 5.25%, 11/01/2025 | &nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496535 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43241599** |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.2%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.2%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.2%** |
| &nbsp;&nbsp;District of Columbia, VRDN, Series A, 2.25%, 04/01/2038<sup>(a)</sup> | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 |
| &nbsp;&nbsp;**FLORIDA—4.6%** | &nbsp;&nbsp;**FLORIDA—4.6%** | &nbsp;&nbsp;**FLORIDA—4.6%** |
| &nbsp;&nbsp;County of Lee Solid Waste System Revenue, 5.00%, 10/01/2025 | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411275 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Inc., VRDN, Series A-2, 3.01%, 09/01/2032<sup>(a)</sup> | &nbsp;&nbsp;$| 25250000 | &nbsp;&nbsp;$25250000 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.25%, 11/01/2041<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B, 4.00%, 11/01/2048<sup>(a)</sup> |  | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969170 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, (AG), VRDN, Series 2024-XF3234, 2.22%, 07/01/2053<sup>(a)(b)</sup> |  | 6005000 | &nbsp;&nbsp;&nbsp;&nbsp; 6005000 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51636319** |
| &nbsp;&nbsp;**GEORGIA—3.4%** | &nbsp;&nbsp;**GEORGIA—3.4%** | &nbsp;&nbsp;**GEORGIA—3.4%** | &nbsp;&nbsp;**GEORGIA—3.4%** |
| &nbsp;&nbsp;Bartow County Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.80%, 11/01/2062<sup>(a)</sup> |  | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.85%, 11/01/2062<sup>(a)</sup> |  | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 |
| &nbsp;&nbsp;Bartow-Cartersville Joint Development Authority, VRDN, Series A, 2.48%, 08/01/2033<sup>(a)(b)</sup> |  | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;Development Authority of Appling County, VRDN, 2.85%, 09/01/2041<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;Development Authority of Burke County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.80%, 11/01/2052<sup>(a)</sup> |  | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1ST, 2.85%, 07/01/2049<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc., Series A, 5.50%, 09/15/2025 |  | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2205702 |
| &nbsp;&nbsp;Roswell Development Authority, VRDN, Series A, 2.80%, 04/01/2047<sup>(a)</sup> |  | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 |
| &nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37705702** |
| &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority, VRDN, Series 2025D, 2.75%, 03/01/2060<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** |
| &nbsp;&nbsp;Illinois Development Finance Authority, VRDN, Series A, 4.25%, 11/01/2044<sup>(a)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001748 |
| &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** |
| &nbsp;&nbsp;Indiana Finance Authority, VRDN, 2.60%, 08/01/2030<sup>(a)</sup> |  | 19900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900000 |
| &nbsp;&nbsp;**IOWA—3.7%** | &nbsp;&nbsp;**IOWA—3.7%** | &nbsp;&nbsp;**IOWA—3.7%** | &nbsp;&nbsp;**IOWA—3.7%** |
| &nbsp;&nbsp;Crawford County Memorial Hospital, Inc., 5.00%, 06/15/2027 |  | &nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549171 |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.55%, 12/01/2047<sup>(a)</sup> |  | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.58%, 07/01/2038<sup>(a)</sup> |  | &nbsp;&nbsp;6630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.58%, 12/01/2046<sup>(a)</sup> |  | 25400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400000 |
| &nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41129171** |
| &nbsp;&nbsp;**KANSAS—0.6%** | &nbsp;&nbsp;**KANSAS—0.6%** | &nbsp;&nbsp;**KANSAS—0.6%** | &nbsp;&nbsp;**KANSAS—0.6%** |
| &nbsp;&nbsp;City of Dodge City, VRDN, 2.69%, 03/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;City of Liberal, VRDN, 2.69%, 02/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;City of Seneca, 5.00%, 09/01/2025 |  | &nbsp;&nbsp;4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332763 |
| &nbsp;&nbsp;**Total Kansas** | &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6332763** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**KENTUCKY—2.5%** | &nbsp;&nbsp;**KENTUCKY—2.5%** | &nbsp;&nbsp;**KENTUCKY—2.5%** |
| &nbsp;&nbsp;County of Meade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series A-1, 3.30%, 08/01/2061<sup>(a)</sup> | $24800000 | &nbsp;&nbsp;&nbsp;&nbsp;$24800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B-1, 3.25%, 08/01/2061<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority, VRDN, Series A, 3.95%, 04/01/2031<sup>(a)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;Louisville Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.80%, 01/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.80%, 01/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27600000** |
| &nbsp;&nbsp;**MARYLAND—4.7%** | &nbsp;&nbsp;**MARYLAND—4.7%** | &nbsp;&nbsp;**MARYLAND—4.7%** |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority, VRDN, Series 2025C-1, 2.25%, 07/01/2055<sup>(a)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority, VRDN, 4.25%, 03/01/2030<sup>(a)</sup> | 49905000 | &nbsp;&nbsp;&nbsp;&nbsp; 49905000 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51905000** |
| &nbsp;&nbsp;**MICHIGAN—0.7%** | &nbsp;&nbsp;**MICHIGAN—0.7%** | &nbsp;&nbsp;**MICHIGAN—0.7%** |
| &nbsp;&nbsp;Michigan State Building Authority, VRDN, Series I, 2.39%, 04/15/2058<sup>(a)</sup> | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;**MINNESOTA—3.7%** | &nbsp;&nbsp;**MINNESOTA—3.7%** | &nbsp;&nbsp;**MINNESOTA—3.7%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 3.25%, 03/20/2027<sup>(a)(b)</sup> | 41250000 | &nbsp;&nbsp;&nbsp;&nbsp; 41250000 |
| &nbsp;&nbsp;**MISSISSIPPI—5.6%** | &nbsp;&nbsp;**MISSISSIPPI—5.6%** | &nbsp;&nbsp;**MISSISSIPPI—5.6%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.85%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1, 2.75%, 11/01/2052<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.42%, 11/01/2032<sup>(a)</sup> | 55590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.75%, 05/01/2037<sup>(a)</sup> | &nbsp;&nbsp;2358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G, 2.70%, 11/01/2035<sup>(a)</sup> | &nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360000 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62411509** |
| &nbsp;&nbsp;**MISSOURI—0.8%** | &nbsp;&nbsp;**MISSOURI—0.8%** | &nbsp;&nbsp;**MISSOURI—0.8%** |
| &nbsp;&nbsp;Citizens Memorial Hospital District, Series A, 5.00%, 12/01/2026 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056874 |
| &nbsp;&nbsp;**NEBRASKA—0.7%** | &nbsp;&nbsp;**NEBRASKA—0.7%** | &nbsp;&nbsp;**NEBRASKA—0.7%** |
| &nbsp;&nbsp;Central Plains Energy Project, 4.00%, 12/01/2049<sup>(a)</sup> | &nbsp;&nbsp;8295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295000 |
| &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2001-REMK, 3.95%, 12/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999531 |
| &nbsp;&nbsp;**NEW JERSEY—1.0%** | &nbsp;&nbsp;**NEW JERSEY—1.0%** | &nbsp;&nbsp;**NEW JERSEY—1.0%** |
| &nbsp;&nbsp;City of Newark, Series B, 4.50%, 05/07/2026 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029986 |
| &nbsp;&nbsp;New Jersey Economic Development Authority, Series GGG, 5.25%, 09/01/2025<sup>(b)</sup> | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017378 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11047364** |
| &nbsp;&nbsp;**NEW YORK—9.8%** | &nbsp;&nbsp;**NEW YORK—9.8%** | &nbsp;&nbsp;**NEW YORK—9.8%** |
| &nbsp;&nbsp;City of Glen Cove, 4.50%, 06/04/2026 | &nbsp;&nbsp;&nbsp;4272418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306360 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;City of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 3, 2.80%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;$| 11900000 | &nbsp;&nbsp;&nbsp;&nbsp;$11900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-3, 2.75%, 05/01/2052<sup>(a)</sup> |  | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-2, 2.75%, 02/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-3, 2.75%, 02/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 |
| &nbsp;&nbsp;City of Poughkeepsie, 4.75%, 04/24/2026 |  | 6051378 | &nbsp;&nbsp;&nbsp;&nbsp; 6086986 |
| &nbsp;&nbsp;City of Utica, 4.00%, 08/29/2025 |  | 10374350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10379352 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust, VRDN, Series 2025-MIZ9208, 2.54%, 08/10/2027<sup>(a)(b)</sup> |  | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;New York City Municipal Water Finance Authority, VRDN, Series BB-1, 2.75%, 06/15/2049<sup>(a)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;New York State Dormitory Authority, VRDN, Series C, 3.07%, 05/01/2044<sup>(a)</sup> |  | 9800000 | &nbsp;&nbsp;&nbsp;&nbsp; 9800000 |
| &nbsp;&nbsp;New York State Housing Finance Agency, VRDN, Series A, 2.53%, 11/01/2039<sup>(a)</sup> |  | 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series MS0041, 3.74%, 05/01/2026<sup>(a)(b)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;Village of Johnson City, Series C, 4.30%, 06/18/2026 |  | 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4767243 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**108839941** |
| &nbsp;&nbsp;**NORTH CAROLINA—1.5%** | &nbsp;&nbsp;**NORTH CAROLINA—1.5%** | &nbsp;&nbsp;**NORTH CAROLINA—1.5%** | &nbsp;&nbsp;**NORTH CAROLINA—1.5%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, VRDN, 3.75%, 12/01/2027<sup>(a)</sup> |  | 16070000 | &nbsp;&nbsp;&nbsp;&nbsp; 16073084 |
| &nbsp;&nbsp;Fayetteville State University, (AG), 5.00%, 04/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476687 |
| &nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16549771** |
| &nbsp;&nbsp;**OHIO—2.4%** | &nbsp;&nbsp;**OHIO—2.4%** | &nbsp;&nbsp;**OHIO—2.4%** | &nbsp;&nbsp;**OHIO—2.4%** |
| &nbsp;&nbsp;State of Ohio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 2.56%, 01/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.56%, 01/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.60%, 01/15/2049<sup>(a)</sup> |  | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.55%, 01/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.55%, 01/15/2051<sup>(a)</sup> |  | &nbsp;&nbsp;3635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27035000** |
| &nbsp;&nbsp;**OKLAHOMA—1.2%** | &nbsp;&nbsp;**OKLAHOMA—1.2%** | &nbsp;&nbsp;**OKLAHOMA—1.2%** | &nbsp;&nbsp;**OKLAHOMA—1.2%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 2.93%, 08/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;8770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 2.80%, 08/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 |
| &nbsp;&nbsp;**Total Oklahoma** | &nbsp;&nbsp;**Total Oklahoma** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13670000** |
| &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** |
| &nbsp;&nbsp;County of Gilliam, Series A, 4.50%, 08/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;**PENNSYLVANIA—8.2%** | &nbsp;&nbsp;**PENNSYLVANIA—8.2%** | &nbsp;&nbsp;**PENNSYLVANIA—8.2%** | &nbsp;&nbsp;**PENNSYLVANIA—8.2%** |
| &nbsp;&nbsp;Central Bradford Progress Authority, VRDN, Series D, 2.93%, 12/01/2041<sup>(a)</sup> |  | 22225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225000 |
| &nbsp;&nbsp;City of Philadelphia, VRDN, Series B, 2.30%, 08/01/2031<sup>(a)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> July 31, 2025 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**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, 3.09%, 09/01/2050<sup>(a)</sup> | &nbsp;&nbsp;$| 12400000 | &nbsp;&nbsp;$12400000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.10%, 08/01/2045<sup>(a)</sup> |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.88%, 08/01/2037<sup>(a)</sup> |  | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.95%, 06/01/2049<sup>(a)</sup> |  | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.25%, 12/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000587 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 3.09%, 09/01/2045<sup>(a)</sup> |  | 26575000 | &nbsp;&nbsp;&nbsp;&nbsp; 26575000 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development, VRDN, Series B, 3.09%, 09/01/2050<sup>(a)</sup> |  | 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90863004** |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.1%** |
| &nbsp;&nbsp;County of Berkeley, VRDN, Series A, 3.00%, 03/01/2029<sup>(a)</sup> |  | 4105000 | &nbsp;&nbsp;&nbsp;&nbsp; 4105000 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, VRDN, Series A, 4.00%, 04/01/2033<sup>(a)</sup> |  | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4413862 |
| &nbsp;&nbsp;South Carolina Public Service Authority, VRDN, Series A, 2.45%, 01/01/2036<sup>(a)</sup> |  | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23518862** |
| &nbsp;&nbsp;**TENNESSEE—5.1%** | &nbsp;&nbsp;**TENNESSEE—5.1%** | &nbsp;&nbsp;**TENNESSEE—5.1%** | &nbsp;&nbsp;**TENNESSEE—5.1%** |
| &nbsp;&nbsp;Metropolitan Knoxville Airport Authority, VRDN, 2.75%, 06/01/2055<sup>(a)</sup> |  | 6280000 | &nbsp;&nbsp;&nbsp;&nbsp; 6280000 |
| &nbsp;&nbsp;Public Building Authority of Blount County Tennessee, VRDN, Series C-1-A, 2.53%, 06/01/2029<sup>(a)</sup> |  | 17860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17860000 |
| &nbsp;&nbsp;Public Building Authority of Sevier County, VRDN, Series 6-A1, 2.53%, 06/01/2029<sup>(a)</sup> |  | 22715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715000 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp., VRDN, 4.00%, 11/01/2049<sup>(a)</sup> |  | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10012494 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56867494** |
| &nbsp;&nbsp;**TEXAS—12.5%** | &nbsp;&nbsp;**TEXAS—12.5%** | &nbsp;&nbsp;**TEXAS—12.5%** | &nbsp;&nbsp;**TEXAS—12.5%** |
| &nbsp;&nbsp;City of Houston Hotel Occupancy Tax & Special Revenue, 4.00%, 09/01/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425455 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 2.79%, 11/15/2046<sup>(a)</sup> |  | 43600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600000 |
| &nbsp;&nbsp;Mission Economic Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.10%, 01/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.95%, 05/01/2046<sup>(a)</sup> |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.95%, 06/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.95%, 07/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500125 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.10%, 01/01/2030<sup>(a)(b)</sup> |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.10%, 07/01/2029<sup>(a)(b)</sup> |  | 18200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.85%, 04/01/2040<sup>(a)</sup> | &nbsp;&nbsp;$| 10410000 | &nbsp;&nbsp;&nbsp;&nbsp;$10410000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.85%, 04/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D, 2.55%, 11/01/2040<sup>(a)</sup> |  | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series E, 2.75%, 11/01/2040<sup>(a)</sup> |  | 15450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450000 |
| &nbsp;&nbsp;State of Texas, VRDN, Series B, 2.96%, 04/01/2036<sup>(a)</sup> |  | 7700000 | &nbsp;&nbsp;&nbsp;&nbsp; 7700000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series 2021-MS0002, 2.32%, 06/15/2056<sup>(a)(b)</sup> |  | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I, Series D, 6.25%, 12/15/2026 |  | 4855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4979185 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III, 5.00%, 12/15/2025 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508258 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**138573398** |
| &nbsp;&nbsp;**WEST VIRGINIA—2.8%** | &nbsp;&nbsp;**WEST VIRGINIA—2.8%** | &nbsp;&nbsp;**WEST VIRGINIA—2.8%** | &nbsp;&nbsp;**WEST VIRGINIA—2.8%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, Series A, 2.33%, 02/01/2036<sup>(a)</sup> |  | 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority, VRDN, Series E, 2.90%, 06/01/2033<sup>(a)</sup> |  | 24275000 | &nbsp;&nbsp;&nbsp;&nbsp; 24275000 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31575000** |
| &nbsp;&nbsp;**WISCONSIN—0.8%** | &nbsp;&nbsp;**WISCONSIN—0.8%** | &nbsp;&nbsp;**WISCONSIN—0.8%** | &nbsp;&nbsp;**WISCONSIN—0.8%** |
| &nbsp;&nbsp;Town of Red Cedar, AMT, VRDN, 2.40%, 09/01/2027<sup>(a)</sup> |  | 8575000 | &nbsp;&nbsp;&nbsp;&nbsp; 8575000 |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**1082634944** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—2.2%** |  |
| &nbsp;&nbsp;**COMMERCIAL PAPER—1.7%** | &nbsp;&nbsp;**COMMERCIAL PAPER—1.7%** | &nbsp;&nbsp;**COMMERCIAL PAPER—1.7%** |  |
| &nbsp;&nbsp;**UNITED STATES—1.7%** | &nbsp;&nbsp;**UNITED STATES—1.7%** | &nbsp;&nbsp;**UNITED STATES—1.7%** | &nbsp;&nbsp;**UNITED STATES—1.7%** |
| &nbsp;&nbsp;County of Mercer, 3.35%, 08/06/2025 |  | 10265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264929 |
| &nbsp;&nbsp;Minnesota Agricultural & Economic Development Board |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB, 08/21/2025 |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB, 09/03/2025 |  | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18764929** |
| &nbsp;&nbsp;**Total Commercial Paper** | &nbsp;&nbsp;**Total Commercial Paper** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18764929** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—0.5%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.5%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.5%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;6048846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049451 |
| &nbsp;&nbsp;**Total Money Market Funds** | &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6049451** |
| &nbsp;&nbsp;**Total Short-Term Investments** | &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24814380** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,107,307,861)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,107,307,861)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,107,307,861)—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**1107449324** |
| &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;&nbsp;&nbsp;5553119 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$1113002443** |

---

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are
determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> July 31, 2025 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

AG Assured Guaranty Inc. <br> AMT Alternative Minimum Tax <br> VRDN Variable Rate Demand Note

See accompanying Notes to Statement of Investments.

------

Notes to Statement of Investments <br> July 31, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. 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 fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

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

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). Exchange-traded options are valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund's assets are determined in good faith in accordance with the Valuation Procedures.

**42** 

------

Notes to Statement of Investments (concluded)<br> July 31, 2025 (unaudited)

------

In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the NYSE (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**43**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $82460024.45

**Total Liabilities:** $544709.73

**Net Assets:** $81915314.72

**Cash Not Reported:** $40771.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254923 | 6.75%                | 6.04%                | 2.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34166.83                | $4236701.98                                |
| Month 2  | $93652.55                | $4133099.95                                |
| Month 3  | $671416.06               | $1445019.04                                |

### Schedule of Portfolio Investments

| Name                                                 | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vodacom Group Ltd                                    | Vodacom Group Ltd                                          | CUSIP: 000000000<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |     82966 | NS      | $633440.54    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                          | NetEase Inc                                                | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |     12871 | NS      | $1677091.30   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank PCL                                  | Krung Thai Bank PCL                                        | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |    786200 | NS      | $529265.61    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd               | Contemporary Amperex Technology Co Ltd                     | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     19500 | NS      | $717386.59    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                               | Grupo Mexico SAB de CV                                     | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    489263 | NS      | $3052285.32   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd                               | Wuliangye Yibin Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     66300 | NS      | $1116690.76   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc                                     | PDD Holdings Inc                                           | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      3076 | NS      | $348972.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sporton International Inc                            | Sporton International Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     51000 | NS      | $274244.07    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Americana Restaurants International PLC - Foreign Co | Americana Restaurants International PLC - Foreign Co       | CUSIP: 000000000<br>LEI: 549300EYHRPEZ6UVAM64 | Long             | EC               | CORP              | AE        |    444023 | NS      | $259906.47    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lion Finance Group PLC                               | Lion Finance Group PLC                                     | CUSIP: 000000000<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |     14426 | NS      | $1450786.51   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fu Shou Yuan International Group Ltd                 | Fu Shou Yuan International Group Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    653000 | NS      | $300296.82    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                 | Tencent Holdings Ltd                                       | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     80964 | NS      | $5673147.48   | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Huace Navigation Technology Ltd             | Shanghai Huace Navigation Technology Ltd                   | CUSIP: 000000000<br>LEI: 836800GUQS7ZODYNC204 | Long             | EC               | CORP              | CN        |     51400 | NS      | $252108.61    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV            | Grupo Aeroportuario del Sureste SAB de CV                  | CUSIP: 000000000<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     23937 | NS      | $725799.28    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Telekom Malaysia Bhd                                 | Telekom Malaysia Bhd                                       | CUSIP: 000000000<br>LEI: 254900SNFPTSDGGVEK77 | Long             | EC               | CORP              | MY        |    396500 | NS      | $627520.52    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                         | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    465427 | NS      | $465427.36    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                      | Telkom Indonesia Persero Tbk PT                            | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   7508500 | NS      | $1314158.61   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                            | Alibaba Group Holding Ltd                                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     16080 | NS      | $1939730.40   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                         | MediaTek Inc                                               | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     53000 | NS      | $2432699.56   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                           | National Bank of Greece SA                                 | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     95145 | NS      | $1334441.11   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                 | Bank Rakyat Indonesia Persero Tbk PT                       | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   4648100 | NS      | $1047976.36   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd                              | Alchip Technologies Ltd                                    | CUSIP: 000000000<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      2000 | NS      | $260323.31    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV       | Grupo Aeroportuario del Centro Norte SAB de CV             | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     26697 | NS      | $355205.25    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                          | Infosys Ltd                                                | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     81588 | NS      | $1364151.36   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitaland India Trust                               | Capitaland India Trust                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   1230500 | NS      | $1127768.79   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | HD Korea Shipbuilding & Offshore Engineering Co Ltd        | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |      5090 | NS      | $1317644.94   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd                   | SITC International Holdings Co Ltd                         | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    142000 | NS      | $460369.43    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma ATE Inc                                       | Chroma ATE Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     84000 | NS      | $1211558.76   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras                   | Petroleo Brasileiro SA - Petrobras                         | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    119487 | NS      | $1388438.94   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                                          | Li Auto Inc                                                | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |     26784 | NS      | $699062.40    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                           | Sanlam Ltd                                                 | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |    130130 | NS      | $626067.01    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd                         | Techtronic Industries Co Ltd                               | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     46500 | NS      | $558592.36    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                          | Bank Mandiri Persero Tbk PT                                | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   4590500 | NS      | $1258168.03   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd                         | Yifeng Pharmacy Chain Co Ltd                               | CUSIP: 000000000<br>LEI: 300300CZZIF44N1EZO06 | Long             | EC               | CORP              | CN        |     59400 | NS      | $195800.58    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                             | ANTA Sports Products Ltd                                   | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |     98150 | NS      | $1125286.62   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd                        | Zhongsheng Group Holdings Ltd                              | CUSIP: 000000000<br>LEI: 3003005VYMEBAJNJ2Y26 | Long             | EC               | CORP              | KY        |    165500 | NS      | $279136.31    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung E&A Co Ltd                                   | Samsung E&A Co Ltd                                         | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     30537 | NS      | $583523.58    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                   | Grupo Financiero Banorte SAB de CV                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    158209 | NS      | $1408995.18   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Telecommunications Infrastructure Fund       | Digital Telecommunications Infrastructure Fund             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   1062900 | NS      | $265074.51    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                   | Midea Group Co Ltd                                         | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     65200 | NS      | $632481.53    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Astana JSC                                       | Air Astana JSC                                             | CUSIP: 009063207<br>LEI: 2549000TO500ZGSE7T26 | Long             | EC               | CORP              | KZ        |     26443 | NS      | $146494.22    | 0.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Autohome Inc                                         | Autohome Inc                                               | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | KY        |     11249 | NS      | $304735.41    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                                | Aldar Properties PJSC                                      | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |    301116 | NS      | $780447.94    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                       | Shinhan Financial Group Co Ltd                             | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      6315 | NS      | $307540.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF                               | iShares MSCI India ETF                                     | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |     48222 | NS      | $2538406.08   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                       | Li Ning Co Ltd                                             | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    378500 | NS      | $803287.90    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NAC Kazatomprom JSC                                  | NAC Kazatomprom JSC                                        | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |     19077 | NS      | $785972.40    | 0.96%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                        | Budweiser Brewing Co APAC Ltd                              | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |    922704 | NS      | $970896.18    | 1.19%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd              | Ping An Insurance Group Co of China Ltd                    | CUSIP: 72341E304<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     48602 | NS      | $668277.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Poya International Co Ltd                            | Poya International Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     15150 | NS      | $235009.63    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Robam Appliances Co Ltd                     | Hangzhou Robam Appliances Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    120300 | NS      | $319109.68    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                                | Delta Electronics Inc                                      | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     27000 | NS      | $512907.28    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                             | Itau Unibanco Holding SA                                   | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |     76248 | NS      | $478074.96    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                                         | Silergy Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     25000 | NS      | $272217.10    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Centre Testing International Group Co Ltd            | Centre Testing International Group Co Ltd                  | CUSIP: 000000000<br>LEI: 8368009FQ1ZOBVGD5Y61 | Long             | EC               | CORP              | CN        |    241400 | NS      | $408435.82    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC Drilling Co PJSC                               | ADNOC Drilling Co PJSC                                     | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    227097 | NS      | $361074.99    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                           | JD.com Inc                                                 | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |     13717 | NS      | $431948.33    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                          | B3 SA - Brasil Bolsa Balcao                                | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    139728 | NS      | $313914.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                                 | Telefonica Brasil SA                                       | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    117750 | NS      | $1321155.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp                               | Accton Technology Corp                                     | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     29000 | NS      | $866672.25    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| AEM Holdings Ltd                                     | AEM Holdings Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    143737 | NS      | $179339.14    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp                                     | Samsung C&T Corp                                           | CUSIP: 000000000<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |      3654 | NS      | $443971.01    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Asian Terminals Inc                                  | Asian Terminals Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |   1394500 | NS      | $652635.32    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp                           | Realtek Semiconductor Corp                                 | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     20000 | NS      | $385291.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                                         | Kaspi.KZ JSC                                               | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      6461 | NS      | $509772.90    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                         | SK Hynix Inc                                               | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6094 | NS      | $1201838.04   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                              | Mahindra & Mahindra Ltd                                    | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     18847 | NS      | $680376.70    | 0.83%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd            | Taiwan Semiconductor Manufacturing Co Ltd                  | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    215000 | NS      | $8355808.69   | 10.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank/The                              | Saudi National Bank/The                                    | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |     93687 | NS      | $936595.27    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                        | Credicorp Ltd                                              | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      3491 | NS      | $827367.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                      | Sands China Ltd                                            | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |    416490 | NS      | $1010187.21   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                       | ICICI Bank Ltd                                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     65105 | NS      | $2194038.50   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Odontoprev SA                                        | Odontoprev SA                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    208359 | NS      | $446891.55    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd      | Shenzhen Mindray Bio-Medical Electronics Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     15200 | NS      | $488570.67    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinbon Electronics Co Ltd                            | Sinbon Electronics Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     24000 | NS      | $196197.34    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                        | HDFC Bank Ltd                                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     52700 | NS      | $4045779.00   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                           | Samsung Electronics Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    114208 | NS      | $4743568.50   | 5.79%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                        | AIA Group Ltd                                              | CUSIP: 001317205<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     18520 | NS      | $689499.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer