# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137938
**Filing Date:** 2025-6
**Character Count:** 76141
**Document Hash:** 2b535bfed94b1f2d34e0b585e0e03934
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137938.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137938

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**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:** 251045368

**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 High Income Opportunities Fund (Series ID: S000072755)

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

## 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 High Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000072755

- **c. LEI of Series:** WHXZUD0KNN7E1GSYN207

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $77316516.90

**Total Liabilities:** $310409.24

**Net Assets:** $77006107.66

**Cash Not Reported:** $28643.89

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -55.58000000 | **1-Year:** -132.35000000 | **5-Year:** -615.73000000 | **10-Year:** -549.73000000 | **30-Year:** -528.33000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -178.67000000 | **1-Year:** -5017.24000000 | **5-Year:** -13798.88000000 | **10-Year:** -5444.11000000 | **30-Year:** -2663.33000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229256 | 0.88%                | -1.32%               | -0.65%               |
| Class ID C000229257 | 0.89%                | -1.47%               | -0.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23712.21                | $271183.24                                 |
| Month 2  | $36086.95                | $-1267625.73                               |
| Month 3  | $-85164.18               | $-452008.04                                |

**Designated Index Information**

- **Index Name:** ICE BofA Global High Yield Constrained Index Hedged to USD

- **Index Identifier:** HW0CUSDH Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Galapagos SA                                    | Galapagos SA/Luxembourg                                             | CUSIP: 000000000<br>LEI: 222100VNOODNFC2EMH65 | Long             | DBT              | CORP              | LU        |     60500 | PA      | $0.00         | 0.00%             | 2021-06-15      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CEMEX SAB DE CV                                 | Cemex SAB de CV                                                     | CUSIP: 000000000<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    319000 | PA      | $314218.92    | 0.41%             | 2026-06-08      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    118000 | PA      | $110927.62    | 0.14%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $1460.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    693000 | PA      | $616770.00    | 0.80%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                          | Sherwood Financing PLC                                              | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    172000 | PA      | $228119.97    | 0.30%             | 2029-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                          | Adient Global Holdings Ltd                                          | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    554000 | PA      | $524958.30    | 0.68%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                            | Fiesta Purchaser Inc                                                | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    368000 | PA      | $385501.71    | 0.50%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                         | Macy's Retail Holdings LLC                                          | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    333000 | PA      | $310119.87    | 0.40%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                              | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    957000 | PA      | $971703.35    | 1.26%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                                | United States Cellular Corp                                         | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    397000 | PA      | $429757.84    | 0.56%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                  | Owens-Brockway Glass Container Inc                                  | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1017873.03   | 1.32%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                        | 1011778 BC ULC / New Red Finance Inc                                | CUSIP: 68245XAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    505000 | PA      | $503328.50    | 0.65%             | 2029-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FLORA FOOD MANAGEMENT BV                        | Flora Food Management BV                                            | CUSIP: 000000000<br>LEI: 2549002VGA888UKFKS25 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $467421.71    | 0.61%             | 2029-07-02      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BELFIUS BANK SA/NV                              | Belfius Bank SA                                                     | CUSIP: 000000000<br>LEI: A5GWLFH3KM7YV2SFQL84 | Long             | DBT              | CORP              | BE        |    400000 | PA      | $446343.10    | 0.58%             | 2031-05-06      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                        | Genting New York LLC / GENNY Capital Inc                            | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    592000 | PA      | $591603.88    | 0.77%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                         | WE Soda Investments Holding PLC                                     | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    213000 | PA      | $217845.75    | 0.28%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                        | Clarios Global LP / Clarios US Finance Co                           | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    155000 | PA      | $157420.95    | 0.20%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                        | Walgreens Boots Alliance Inc                                        | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    347000 | PA      | $339117.75    | 0.44%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                            | 888 Acquisitions Ltd                                                | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |    200000 | PA      | $226320.88    | 0.29%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    196000 | PA      | $165108.09    | 0.21%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                    | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    213000 | PA      | $196176.73    | 0.25%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                              | CUSIP: 000000000<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    382000 | PA      | $368368.68    | 0.48%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                        | Azule Energy Finance Plc                                            | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $192800.00    | 0.25%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                       | Forvia SE                                                           | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    622000 | PA      | $619249.53    | 0.80%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                              | SunCoke Energy Inc                                                  | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    492000 | PA      | $451985.74    | 0.59%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd                        | Kaisa Group Holdings Ltd                                            | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    495000 | PA      | $21037.50     | 0.03%             | 2024-06-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ECOPETROL SA                                    | Ecopetrol SA                                                        | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    307000 | PA      | $298844.02    | 0.39%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                | Vital Energy Inc                                                    | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    388000 | PA      | $328701.69    | 0.43%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                         | EnerSys                                                             | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    631000 | PA      | $644235.86    | 0.84%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                           | Panther Escrow Issuer LLC                                           | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $401602.04    | 0.52%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ZHENRO PROPERTIES GROUP                         | Zhenro Properties Group Ltd                                         | CUSIP: 000000000<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    429000 | PA      | $536.25       | 0.00%             | 2024-09-10      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                          | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $-748.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                  | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    224000 | PA      | $230025.18    | 0.30%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                  | OPAL BIDCO SAS                                                      | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    359000 | PA      | $404989.29    | 0.53%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                          | Delek Logistics Partners LP / Delek Logistics Finance Corp          | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    953000 | PA      | $978314.51    | 1.27%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                        | Bellis Acquisition Co PLC                                           | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $373251.23    | 0.48%             | 2030-05-14      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                        | Connect Finco SARL / Connect US Finco LLC                           | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1591000 | PA      | $1488330.38   | 1.93%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                  | 1261229 BC Ltd                                                      | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $391669.64    | 0.51%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LABORATOIRE EIMER SELAS                         | Laboratoire Eimer Selas                                             | CUSIP: 000000000<br>LEI: 969500DCZL54LLTFEM37 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $410363.77    | 0.53%             | 2029-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                | GGAM Finance Ltd                                                    | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    452000 | PA      | $461585.56    | 0.60%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SARL                                | Guara Norte Sarl                                                    | CUSIP: 000000000<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    232407 | PA      | $215327.92    | 0.28%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                    | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    111000 | PA      | $101411.96    | 0.13%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                | Ziggo Bond Co BV                                                    | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $177232.98    | 0.23%             | 2030-02-28      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                            | Cornerstone Building Brands Inc                                     | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    264000 | PA      | $229683.93    | 0.30%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                      | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    403000 | PA      | $434202.68    | 0.56%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                    | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    262000 | PA      | $247699.60    | 0.32%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                            | Fiesta Purchaser Inc                                                | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    592000 | PA      | $619014.14    | 0.80%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                             | Somnigroup International Inc                                        | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    735000 | PA      | $645188.29    | 0.84%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                           | Belron UK Finance PLC                                               | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $299617.94    | 0.39%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                    | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    265000 | PA      | $132907.95    | 0.17%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                            | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    861000 | PA      | $868335.72    | 1.13%             | 2029-07-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                       | PG&E Corp                                                           | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    241000 | PA      | $233960.43    | 0.30%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOVA ALEXANDRE III SAS                          | Nova Alexandre III SAS                                              | CUSIP: 000000000<br>LEI: 969500J0AKOB1UHO6I65 | Long             | DBT              | CORP              | FR        |    353000 | PA      | $403663.25    | 0.52%             | 2029-07-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                          | Cloud Software Group Inc                                            | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    289000 | PA      | $301461.10    | 0.39%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                              | Saavi Energia Sarl                                                  | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    560000 | PA      | $562800.00    | 0.73%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ABANCA CORP BANCARIA SA                         | Abanca Corp Bancaria SA                                             | CUSIP: 000000000<br>LEI: 54930056IRBXK0Q1FP96 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $259422.77    | 0.34%             | 2028-07-14      | Fixed         | 10.63%                | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                | ITT Holdings LLC                                                    | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    793000 | PA      | $724056.02    | 0.94%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                | Deutsche Bank AG                                                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $390814.49    | 0.51%             | 2026-04-30      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| CIMPRESS PLC                                    | Cimpress PLC                                                        | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1085000 | PA      | $989981.56    | 1.29%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                             | Braskem Netherlands Finance BV                                      | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    314000 | PA      | $280166.50    | 0.36%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                     | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |         1 | NC      | $3491.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                               | Iliad Holding SASU                                                  | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $421932.80    | 0.55%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                          | Goodyear Tire & Rubber Co/The                                       | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76092.56     | 0.10%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                            | Cornerstone Building Brands Inc                                     | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    743000 | PA      | $498380.48    | 0.65%             | 2029-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                         | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC     | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |    248000 | PA      | $263322.68    | 0.34%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                          | Telecom Italia Capital SA                                           | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    258000 | PA      | $257775.11    | 0.33%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                          | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $-125463.08   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                 | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1192000 | PA      | $1551139.65   | 2.01%             | 2025-11-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                          | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $3003.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                        | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    507000 | PA      | $572804.45    | 0.74%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                    | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    422000 | PA      | $354206.16    | 0.46%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                          | CUSIP: 000000000<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    381000 | PA      | $386164.07    | 0.50%             | 2031-06-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                            | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $16224.00     | 0.02%             | 2025-10-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC                                    | US Foods Inc                                                        | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    384000 | PA      | $376131.00    | 0.49%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $445.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                        | Walgreens Boots Alliance Inc                                        | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    920000 | PA      | $957213.08    | 1.24%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                      | CD&R Firefly Bidco Limited 2024 GBP Term Loan B5                    | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |    650000 | PA      | $846764.74    | 1.10%             | 2028-06-21      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                          | Goodyear Tire & Rubber Co/The                                       | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    183000 | PA      | $169050.95    | 0.22%             | 2033-04-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                           | Melco Resorts Finance Ltd                                           | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $180474.94    | 0.23%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                    | CUSIP: 12543DBD1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    168000 | PA      | $168083.50    | 0.22%             | 2027-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |         1 | NC      | $-2503.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                           | PennyMac Financial Services Inc                                     | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    580000 | PA      | $579190.78    | 0.75%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                        | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $184556.01    | 0.24%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                      | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $144588.90    | 0.19%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                    | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    277000 | PA      | $189847.10    | 0.25%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                         | CD&R Smokey Buyer Inc / Radio Systems Corp                          | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478000 | PA      | $410208.83    | 0.53%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    609000 | PA      | $572146.79    | 0.74%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                        | Camelot Return Merger Sub Inc                                       | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    322000 | PA      | $279242.17    | 0.36%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                        | Aston Martin Capital Holdings Ltd                                   | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    385000 | PA      | $330786.88    | 0.43%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                          | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $1968.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                          | Cloud Software Group Inc                                            | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    329000 | PA      | $331444.37    | 0.43%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                           | TrueNoord Capital DAC                                               | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    701000 | PA      | $716057.57    | 0.93%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                      | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    369000 | PA      | $368433.03    | 0.48%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PROJECT GRAND UK PLC                            | Project Grand UK PLC                                                | CUSIP: 000000000<br>LEI: 984500555ED7B8666028 | Long             | DBT              | CORP              | GB        |    402000 | PA      | $479501.43    | 0.62%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LB BADEN-WUERTTEMBERG                           | Landesbank Baden-Wuerttemberg                                       | CUSIP: 000000000<br>LEI: B81CK4ESI35472RHJ606 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $658445.57    | 0.86%             | 2030-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                          | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $3485.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                               | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    208000 | PA      | $131657.76    | 0.17%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFFINITY INTERACTIVE                            | Affinity Interactive                                                | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1631000 | PA      | $1169378.07   | 1.52%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                         | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC             | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $310222.89    | 0.40%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                        | Rogers Communications Inc                                           | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1140000 | PA      | $1148511.10   | 1.49%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                                     | Academy Ltd                                                         | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    477000 | PA      | $476138.35    | 0.62%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                        | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    922000 | PA      | $870622.98    | 1.13%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                  | Azorra Finance Ltd                                                  | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    738000 | PA      | $732302.64    | 0.95%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                           | Melco Resorts Finance Ltd                                           | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    534000 | PA      | $503638.06    | 0.65%             | 2028-07-21      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                           | Nabors Industries Inc                                               | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    601000 | PA      | $407620.98    | 0.53%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                          | Telecom Italia Capital SA                                           | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204758.69    | 0.27%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                        | Clarios Global LP / Clarios US Finance Co                           | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     83000 | PA      | $84435.90     | 0.11%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-44.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds         | Colombia Government International Bonds                             | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    773000 | PA      | $707004.63    | 0.92%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LHMC FINCO 2 SARL                               | LHMC Finco 2 Sarl                                                   | CUSIP: 000000000<br>LEI: 254900VNJ7A4DAOPXL60 | Long             | DBT              | CORP              | LU        |      7359 | PA      | $8336.09      | 0.01%             | 2025-10-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                          | MIWD Holdco II LLC / MIWD Finance Corp                              | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    339000 | PA      | $305496.87    | 0.40%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                        | Ford Motor Credit Co LLC                                            | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    631000 | PA      | $623430.44    | 0.81%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                                  | Dcli Bidco LLC                                                      | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    749000 | PA      | $697708.63    | 0.91%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                 | IHS Holding Ltd                                                     | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $289020.00    | 0.38%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                            | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    419000 | PA      | $356068.73    | 0.46%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                      | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    263000 | PA      | $204677.12    | 0.27%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                         | Latam Airlines Group SA                                             | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    473000 | PA      | $462948.75    | 0.60%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                    | Magnera Corp                                                        | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1001000 | PA      | $946575.63    | 1.23%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                           | Banijay Entertainment SAS                                           | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    552000 | PA      | $565692.17    | 0.73%             | 2029-05-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                | CSC Holdings LLC                                                    | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    303000 | PA      | $247805.30    | 0.32%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                | Societe Generale SA                                                 | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    810000 | PA      | $780033.89    | 1.01%             | 2026-05-26      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES                          | BCP V Modular Services Finance PLC                                  | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $406808.79    | 0.53%             | 2029-11-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                               | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    406000 | PA      | $329732.90    | 0.43%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                          | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    848000 | PA      | $837595.12    | 1.09%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                          | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $197875.76    | 0.26%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                          | Cogent Communications Group Inc / Cogent Communications Finance Inc | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    382000 | PA      | $383207.88    | 0.50%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                      | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    380000 | PA      | $342561.11    | 0.44%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                            | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    230000 | PA      | $9775.00      | 0.01%             | 2023-09-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JERROLD FINCO PLC                               | Jerrold Finco PLC                                                   | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    406000 | PA      | $542483.30    | 0.70%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                    | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    111000 | PA      | $75690.38     | 0.10%             | 2030-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                | Vital Energy Inc                                                    | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    135000 | PA      | $104880.54    | 0.14%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ACUSHNET CO                                     | Acushnet Co                                                         | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |    291000 | PA      | $301122.14    | 0.39%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                                    | Enerflex Ltd                                                        | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    379000 | PA      | $387632.10    | 0.50%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                        | Hess Midstream Operations LP                                        | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $262834.66    | 0.34%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    567000 | PA      | $512297.71    | 0.67%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                    | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    606000 | PA      | $571423.22    | 0.74%             | 2034-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MONITCHEM HOLDCO 3 S.A.                         | Monitchem HoldCo 3 SA                                               | CUSIP: 000000000<br>LEI: 222100SJHJ1CNJMSW162 | Long             | DBT              | CORP              | LU        |    330000 | PA      | $369101.13    | 0.48%             | 2028-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                        | Hess Midstream Operations LP                                        | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    442000 | PA      | $448881.65    | 0.58%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                              | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    993000 | PA      | $853518.16    | 1.11%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                    | Fibercop SpA                                                        | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    342000 | PA      | $326353.50    | 0.42%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                    | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    487000 | PA      | $502831.42    | 0.65%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                  | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    224000 | PA      | $229803.30    | 0.30%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                          | U.S. Treasury Notes                                                 | CUSIP: 91282CJS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    376700 | PA      | $377150.27    | 0.49%             | 2025-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                         | Teva Pharmaceutical Finance Netherlands III BV                      | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    591000 | PA      | $650682.73    | 0.84%             | 2031-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                        | Perrigo Finance Unlimited Co                                        | CUSIP: 71429MAC9<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    499000 | PA      | $474888.53    | 0.62%             | 2030-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                    | State Street Institutional US Government Money Market Fund          | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3809174 | NS      | $3809174.21   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ENTERPRISE STONE & L                        | New Enterprise Stone & Lime Co Inc                                  | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    788000 | PA      | $764933.19    | 0.99%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                      | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    193000 | PA      | $190974.63    | 0.25%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                         | Aethon United BR LP / Aethon United Finance Corp                    | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    306000 | PA      | $307237.16    | 0.40%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCM MERGER INC                                  | CCM Merger Inc                                                      | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |    843000 | PA      | $843983.78    | 1.10%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                 | IHS Holding Ltd                                                     | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    265000 | PA      | $255464.51    | 0.33%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WAGA BONDCO LTD                                 | Waga Bondco Ltd                                                     | CUSIP: 000000000<br>LEI: 254900PFB2C9WELUW795 | Long             | DBT              | CORP              | JE        |    324000 | PA      | $421885.35    | 0.55%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                    | Ecopetrol SA                                                        | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    413000 | PA      | $386604.15    | 0.50%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                         | Frontier Communications Holdings LLC                                | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    416000 | PA      | $417474.30    | 0.54%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                          | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |         1 | NC      | $15480.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                         | Virgin Media Vendor Financing Notes III DAC                         | CUSIP: 92771EAA1<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |    244000 | PA      | $305505.65    | 0.40%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                    | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    415000 | PA      | $354058.26    | 0.46%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sigma Holdco BV                                 | Sigma Holdco BV                                                     | CUSIP: 82660CAA0<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $198010.96    | 0.26%             | 2026-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZHENRO PROPERTIES GROUP                         | Zhenro Properties Group Ltd                                         | CUSIP: 000000000<br>LEI: 549300I66TVJEL841P38 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $228.00       | 0.00%             | 2024-04-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                    | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    118000 | PA      | $107910.24    | 0.14%             | 2029-10-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SATURN OIL & GAS INC                            | Saturn Oil & Gas Inc                                                | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |    449000 | PA      | $406869.19    | 0.53%             | 2029-06-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    897000 | PA      | $811749.16    | 1.05%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                        | Turning Point Brands Inc                                            | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    393000 | PA      | $408391.06    | 0.53%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                       | Olin Corp                                                           | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    458000 | PA      | $434574.22    | 0.56%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                        | Graphic Packaging International LLC                                 | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    608000 | PA      | $610992.09    | 0.79%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                               | INEOS Finance PLC                                                   | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    440000 | PA      | $413279.50    | 0.54%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                           | Minerva Luxembourg SA                                               | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $640006.80    | 0.83%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | GB        |         1 | NC      | $1801.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF                     | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     76440 | NS      | $2797704.00   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                            | CUSIP: 15089QAX2<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149947.63    | 0.19%             | 2030-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                               | Owens & Minor Inc                                                   | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    438000 | PA      | $452067.25    | 0.59%             | 2030-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                          | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-68864.64    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                            | Chart Industries Inc                                                | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    392000 | PA      | $406695.48    | 0.53%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                        | MajorDrive Holdings IV LLC                                          | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $960016.59    | 1.25%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                     | Staples Inc                                                         | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    714000 | PA      | $618620.17    | 0.80%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer