# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-23-075801
**Filing Date:** 2023-3
**Character Count:** 459832
**Document Hash:** 7f942bb14f2244912eb6f4bd37ebd8aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075801.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075801

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 23785435

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

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

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

## Series and Classes Contracts Data

### abrdn China A Share Equity Fund (Series ID: S000020289)

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

## Nport-Ex

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn China A Share Equity Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—92.8%** | &nbsp;&nbsp;**COMMON STOCKS—92.8%** |  |
| &nbsp;&nbsp;**CHINA—92.8%** | &nbsp;&nbsp;**CHINA—92.8%** | &nbsp;&nbsp;**CHINA—92.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—10.4%** |  |  |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54595 | &nbsp;&nbsp;$1729165 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., H Shares<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 376879 |
| &nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216741 | &nbsp;&nbsp;&nbsp;&nbsp; 1256398 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186942 | &nbsp;&nbsp;&nbsp;&nbsp; 1534589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897031 |
| &nbsp;&nbsp;**Consumer Staples—18.9%** |  |  |
| &nbsp;&nbsp;By-health Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195688 | &nbsp;&nbsp;&nbsp;&nbsp; 669573 |
| &nbsp;&nbsp;Chacha Food Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83100 | &nbsp;&nbsp;&nbsp;&nbsp; 562429 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96193 | &nbsp;&nbsp;&nbsp;&nbsp; 1133647 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;197700 | &nbsp;&nbsp;&nbsp;&nbsp; 955503 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13763 | &nbsp;&nbsp;&nbsp;&nbsp; 3774462 |
| &nbsp;&nbsp;Proya Cosmetics Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36567 | &nbsp;&nbsp;&nbsp;&nbsp; 895118 |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29937 | &nbsp;&nbsp;&nbsp;&nbsp; 931802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8922534 |
| &nbsp;&nbsp;**Energy—0.0%** |  |  |
| &nbsp;&nbsp;G3 Exploration Ltd.<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—15.4%** |  |  |
| &nbsp;&nbsp;Bank of Ningbo Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;276416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347116 |
| &nbsp;&nbsp;China International Capital Corp. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;100600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597128 |
| &nbsp;&nbsp;China International Capital Corp. Ltd., H Shares<sup>(b)</sup> | &nbsp;&nbsp;270400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604243 |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;360332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209319 |
| &nbsp;&nbsp;Ping An Bank Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;432500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964303 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;201037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246542 |
| &nbsp;&nbsp;**Health Care—10.3%** |  |  |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280111 | &nbsp;&nbsp;&nbsp;&nbsp;1368508 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58367 | &nbsp;&nbsp;&nbsp;&nbsp;1009280 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., H Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194141 |
| &nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;108855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682093 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876612 |
| &nbsp;&nbsp;**Industrials—15.7%** |  |  |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;445188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568250 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885817 |
| &nbsp;&nbsp;Guangzhou Baiyun International Airport Co. Ltd., A Shares<sup>(a)(c)</sup> | &nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415905 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;180052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705765 |
| &nbsp;&nbsp;Shanghai International Airport Co. Ltd., A Shares<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295739 |
| &nbsp;&nbsp;Shanghai M&G Stationery, Inc., A Shares<sup>(a)</sup> | &nbsp;&nbsp;124080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988057 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;62489 | &nbsp;&nbsp;$661404 |
| &nbsp;&nbsp;Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;44978 | &nbsp;&nbsp;&nbsp;&nbsp; 871076 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392013 |
| &nbsp;&nbsp;**Information Technology—16.3%** |  |  |  |
| &nbsp;&nbsp;Glodon Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;154289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1497095 |
| &nbsp;&nbsp;Hundsun Technologies, Inc., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;152495 | &nbsp;&nbsp;&nbsp;&nbsp; 1069581 |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;189788 | &nbsp;&nbsp;&nbsp;&nbsp; 1360865 |
| &nbsp;&nbsp;Luxshare Precision Industry Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;195370 | &nbsp;&nbsp;&nbsp;&nbsp; 946394 |
| &nbsp;&nbsp;Maxscend Microelectronics Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;28380 | &nbsp;&nbsp;&nbsp;&nbsp; 565429 |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 261876 |
| &nbsp;&nbsp;SG Micro Corp., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp; 381466 |
| &nbsp;&nbsp;Venustech Group, Inc., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;184500 | &nbsp;&nbsp;&nbsp;&nbsp; 816915 |
| &nbsp;&nbsp;Yonyou Network Technology Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;214299 | &nbsp;&nbsp;&nbsp;&nbsp; 780793 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680414 |
| &nbsp;&nbsp;**Materials—4.0%** |  |  |  |
| &nbsp;&nbsp;Anhui Conch Cement Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;121356 | &nbsp;&nbsp;&nbsp;&nbsp; 529980 |
| &nbsp;&nbsp;Wanhua Chemical Group Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;53917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773761 |
| &nbsp;&nbsp;Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;24020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557940 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861681 |
| &nbsp;&nbsp;**Real Estate—1.8%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;309673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840036 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;**43716863** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**43716863** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.9%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.9%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.9%** |  |
| &nbsp;&nbsp;KraneShares Bosera MSCI China A 50 Connect Index ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;31521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902446 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**902446** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—5.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—5.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—5.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(f)</sup> |  | 2474815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474815 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2474815** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $52,863,894)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $52,863,894)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $52,863,894)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**47094124** |
| &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;15285 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$47109409** |

---

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

(c) Non-income producing security.

(d) Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted,<br>
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.

(e) Illiquid security.

(f) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

ETF Exchange-Traded Fund

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (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—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;BHP Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;$904935 |
| &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | &nbsp;&nbsp;&nbsp;&nbsp;555600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287130 |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;Vale SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;48100 | &nbsp;&nbsp;&nbsp;&nbsp; 898508 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2185638** |
| &nbsp;&nbsp;**CANADA—2.6%** | &nbsp;&nbsp;**CANADA—2.6%** | &nbsp;&nbsp;**CANADA—2.6%** | &nbsp;&nbsp;**CANADA—2.6%** |
| &nbsp;&nbsp;**Energy—1.4%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597830 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Barrick Gold Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 1266840 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2864670** |
| &nbsp;&nbsp;**CHINA—2.2%** | &nbsp;&nbsp;**CHINA—2.2%** | &nbsp;&nbsp;**CHINA—2.2%** | &nbsp;&nbsp;**CHINA—2.2%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429257 |
| &nbsp;&nbsp;**Real Estate—0.9%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., H Shares |  | &nbsp;&nbsp;498900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008526 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2437783** |
| &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Tryg A/S |  | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131341 |
| &nbsp;&nbsp;**FINLAND—2.1%** | &nbsp;&nbsp;**FINLAND—2.1%** | &nbsp;&nbsp;**FINLAND—2.1%** | &nbsp;&nbsp;**FINLAND—2.1%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Nordea Bank Abp |  | &nbsp;&nbsp;&nbsp;121400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419213 |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Nokia OYJ |  | &nbsp;&nbsp;&nbsp;181800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862007 |
| &nbsp;&nbsp;**Total Finland** | &nbsp;&nbsp;**Total Finland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2281220** |
| &nbsp;&nbsp;**FRANCE—7.2%** | &nbsp;&nbsp;**FRANCE—7.2%** | &nbsp;&nbsp;**FRANCE—7.2%** | &nbsp;&nbsp;**FRANCE—7.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571356 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414853 |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613040 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Sanofi |  | &nbsp;&nbsp;&nbsp;&nbsp;12767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250201 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Alstom SA |  | &nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139511 |
| &nbsp;&nbsp;**Information Technology—0.9%** |  |  |  |
| &nbsp;&nbsp;Teleperformance |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042450 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8031411** |
| &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Deutsche Boerse AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431538 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290197 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—1.5%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;37900 | &nbsp;&nbsp;$1687265 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4409000** |
| &nbsp;&nbsp;**HONG KONG—0.8%** | &nbsp;&nbsp;**HONG KONG—0.8%** | &nbsp;&nbsp;**HONG KONG—0.8%** | &nbsp;&nbsp;**HONG KONG—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 841081 |
| &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** |
| &nbsp;&nbsp;**Utilities—1.4%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;260200 | &nbsp;&nbsp;&nbsp;&nbsp; 1532089 |
| &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp; 1461314 |
| &nbsp;&nbsp;**Real Estate—0.8%** |  |  |  |
| &nbsp;&nbsp;GLP J-REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 905248 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2366562** |
| &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Heineken NV |  | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459108 |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257130 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530664 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787794 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4246902** |
| &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** | &nbsp;&nbsp;**NORWAY—0.9%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Telenor ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;92700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970440 |
| &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551215 |
| &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433583 |
| &nbsp;&nbsp;**SPAIN—1.5%** | &nbsp;&nbsp;**SPAIN—1.5%** | &nbsp;&nbsp;**SPAIN—1.5%** | &nbsp;&nbsp;**SPAIN—1.5%** |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Ferrovial SA |  | &nbsp;&nbsp;&nbsp;&nbsp;55210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629151 |
| &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Zurich Insurance Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557765 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Roche Holding AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248681 |
| &nbsp;&nbsp;**Total Switzerland** | &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2806446** |
| &nbsp;&nbsp;**TAIWAN—1.1%** | &nbsp;&nbsp;**TAIWAN—1.1%** | &nbsp;&nbsp;**TAIWAN—1.1%** | &nbsp;&nbsp;**TAIWAN—1.1%** |
| &nbsp;&nbsp;**Information Technology—1.1%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270401 |
| &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Vodafone Group PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038726 |
| &nbsp;&nbsp;**Consumer Discretionary—0.6%** |  |  |  |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | &nbsp;&nbsp;&nbsp;480100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696587 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Dynamic Dividend 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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Health Care—2.3%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;$1398918 |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;32371 | &nbsp;&nbsp;&nbsp;&nbsp; 1148075 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546993 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Melrose Industries PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;640726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129707 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5412013** |
| &nbsp;&nbsp;**UNITED STATES—53.8%** | &nbsp;&nbsp;**UNITED STATES—53.8%** | &nbsp;&nbsp;**UNITED STATES—53.8%** | &nbsp;&nbsp;**UNITED STATES—53.8%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757712 |
| &nbsp;&nbsp;**Consumer Discretionary—7.8%** |  |  |  |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 1142209 |
| &nbsp;&nbsp;Genuine Parts Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527162 |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 890900 |
| &nbsp;&nbsp;Lowe's Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 1561875 |
| &nbsp;&nbsp;Target Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618116 |
| &nbsp;&nbsp;TJX Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833664 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573926 |
| &nbsp;&nbsp;**Consumer Staples—5.2%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631112 |
| &nbsp;&nbsp;Kraft Heinz Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106469 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675264 |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754945 |
| &nbsp;&nbsp;**Energy—2.2%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961992 |
| &nbsp;&nbsp;Williams Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;46600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502384 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464376 |
| &nbsp;&nbsp;**Financials—6.4%** |  |  |  |
| &nbsp;&nbsp;Bank of America Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202772 |
| &nbsp;&nbsp;Blackstone, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911620 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390078 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158988 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247580 |
| &nbsp;&nbsp;JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189660 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100698 |
| &nbsp;&nbsp;**Health Care—8.4%** |  |  |  |
| &nbsp;&nbsp;AbbVie, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640025 |
| &nbsp;&nbsp;Baxter International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795006 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307700 |
| &nbsp;&nbsp;CVS Health Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058640 |
| &nbsp;&nbsp;Eli Lilly & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101280 |
| &nbsp;&nbsp;Medtronic PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138184 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095582 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198056 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334473 |
| &nbsp;&nbsp;**Industrials—4.2%** |  |  |  |
| &nbsp;&nbsp;FedEx Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221318 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Norfolk Southern Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;$1081564 |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 1524826 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 857376 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685084 |
| &nbsp;&nbsp;**Information Technology—11.7%** |  |  |  |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 1480073 |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303172 |
| &nbsp;&nbsp;Apple, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 3434102 |
| &nbsp;&nbsp;Broadcom, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 1579527 |
| &nbsp;&nbsp;Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp; 1304356 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 1140608 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 2725910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12967748 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 1089734 |
| &nbsp;&nbsp;**Real Estate—2.3%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362679 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583847 |
| &nbsp;&nbsp;**Utilities—3.0%** |  |  |  |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061592 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052415 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186617 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300624 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**59613167** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**107919048** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** |
| &nbsp;&nbsp;**Information Technology—1.3%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435970 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1435970** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(b)</sup> |  | 2221982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221982 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2221982** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $90,137,380)—100.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $90,137,380)—100.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $90,137,380)—100.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**111577000** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.7%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.7%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.7%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814985) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$110762015** |

---

(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 January 31, 2023.

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 (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Dynamic Dividend Fund

------

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;8696976 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;$8738379 | &nbsp;&nbsp;$(41403) |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—80.2%** | &nbsp;&nbsp;**COMMON STOCKS—80.2%** | &nbsp;&nbsp;**COMMON STOCKS—80.2%** |  |
| &nbsp;&nbsp;**AUSTRIA—3.5%** | &nbsp;&nbsp;**AUSTRIA—3.5%** | &nbsp;&nbsp;**AUSTRIA—3.5%** | &nbsp;&nbsp;**AUSTRIA—3.5%** |
| &nbsp;&nbsp;**Materials—3.5%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;$9171 |
| &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** |
| &nbsp;&nbsp;**Consumer Staples—3.2%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp; 8472 |
| &nbsp;&nbsp;**Financials—3.4%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | &nbsp;&nbsp;&nbsp;&nbsp;3427 | &nbsp;&nbsp;&nbsp;&nbsp; 8749 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17221** |
| &nbsp;&nbsp;**CHINA—37.0%** | &nbsp;&nbsp;**CHINA—37.0%** | &nbsp;&nbsp;**CHINA—37.0%** | &nbsp;&nbsp;**CHINA—37.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—6.0%** |  |  |  |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 15832 |
| &nbsp;&nbsp;**Consumer Staples—9.1%** |  |  |  |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 11990 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 11782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23772 |
| &nbsp;&nbsp;**Health Care—5.7%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14832 |
| &nbsp;&nbsp;**Industrials—3.6%** |  |  |  |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 |
| &nbsp;&nbsp;**Information Technology—8.3%** |  |  |  |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12903 |
| &nbsp;&nbsp;Yonyou Network Technology Co. Ltd., A Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21645 |
| &nbsp;&nbsp;**Real Estate—4.3%** |  |  |  |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11358 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**96844** |
| &nbsp;&nbsp;**INDONESIA—7.7%** | &nbsp;&nbsp;**INDONESIA—7.7%** | &nbsp;&nbsp;**INDONESIA—7.7%** | &nbsp;&nbsp;**INDONESIA—7.7%** |
| &nbsp;&nbsp;**Communication Services—3.2%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT |  | &nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374 |
| &nbsp;&nbsp;**Financials—4.5%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT |  | &nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11804 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20178** |
| &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** |
| &nbsp;&nbsp;**Financials—6.8%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17837 |
| &nbsp;&nbsp;**SOUTH KOREA—10.8%** | &nbsp;&nbsp;**SOUTH KOREA—10.8%** | &nbsp;&nbsp;**SOUTH KOREA—10.8%** | &nbsp;&nbsp;**SOUTH KOREA—10.8%** |
| &nbsp;&nbsp;**Industrials—3.5%** |  |  |  |
| &nbsp;&nbsp;Samsung Engineering Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053 |
| &nbsp;&nbsp;**Materials—7.3%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19190 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;**28243** |
| &nbsp;&nbsp;**THAILAND—7.8%** | &nbsp;&nbsp;**THAILAND—7.8%** | &nbsp;&nbsp;**THAILAND—7.8%** | &nbsp;&nbsp;**THAILAND—7.8%** |
| &nbsp;&nbsp;**Energy—3.6%** |  |  |  |
| &nbsp;&nbsp;PTT Exploration & Production PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396 |
| &nbsp;&nbsp;**Financials—4.2%** |  |  |  |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11026 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;**20422** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**209916** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**PREFERRED STOCKS—17.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—17.9%** | &nbsp;&nbsp;**PREFERRED STOCKS—17.9%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—17.9%** | &nbsp;&nbsp;**SOUTH KOREA—17.9%** | &nbsp;&nbsp;**SOUTH KOREA—17.9%** | &nbsp;&nbsp;**SOUTH KOREA—17.9%** |
| &nbsp;&nbsp;**Information Technology—17.9%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;$47028 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**47028** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—73.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—73.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—73.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(d)</sup> |  | 192032 | &nbsp;&nbsp;&nbsp;&nbsp;192032 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;**192032** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $455,151)—171.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $455,151)—171.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $455,151)—171.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**448976** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(71.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(71.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(71.5%) | &nbsp;&nbsp;&nbsp;&nbsp;(187221) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$261755** |

---

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

(c) Non-income producing security.

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets ex-China 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—1.6%** | &nbsp;&nbsp;**AUSTRALIA—1.6%** | &nbsp;&nbsp;**AUSTRALIA—1.6%** | &nbsp;&nbsp;**AUSTRALIA—1.6%** |
| &nbsp;&nbsp;**Materials—1.6%** |  |  |  |
| &nbsp;&nbsp;BHP Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;12126 | &nbsp;&nbsp;$423986 |
| &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;15480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289138 |
| &nbsp;&nbsp;**BRAZIL—7.8%** | &nbsp;&nbsp;**BRAZIL—7.8%** | &nbsp;&nbsp;**BRAZIL—7.8%** | &nbsp;&nbsp;**BRAZIL—7.8%** |
| &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;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322601 |
| &nbsp;&nbsp;**Consumer Staples—2.1%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;115676 | &nbsp;&nbsp;&nbsp;&nbsp; 565813 |
| &nbsp;&nbsp;**Energy—1.3%** |  |  |  |
| &nbsp;&nbsp;3R Petroleum Oleo E Gas SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;40173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354777 |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | &nbsp;&nbsp;&nbsp;&nbsp;106487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271866 |
| &nbsp;&nbsp;**Industrials—2.2%** |  |  |  |
| &nbsp;&nbsp;Localiza Rent a Car SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;24835 | &nbsp;&nbsp;&nbsp;&nbsp; 289676 |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;&nbsp;&nbsp;40010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591073 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2106130** |
| &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** | &nbsp;&nbsp;**CHILE—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;12689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214571 |
| &nbsp;&nbsp;**FRANCE—1.8%** | &nbsp;&nbsp;**FRANCE—1.8%** | &nbsp;&nbsp;**FRANCE—1.8%** | &nbsp;&nbsp;**FRANCE—1.8%** |
| &nbsp;&nbsp;**Energy—1.8%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478925 |
| &nbsp;&nbsp;**INDIA—21.1%** | &nbsp;&nbsp;**INDIA—21.1%** | &nbsp;&nbsp;**INDIA—21.1%** | &nbsp;&nbsp;**INDIA—21.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;Maruti Suzuki India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258930 |
| &nbsp;&nbsp;**Consumer Staples—3.7%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539648 |
| &nbsp;&nbsp;ITC Ltd. |  | &nbsp;&nbsp;106990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462056 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001704 |
| &nbsp;&nbsp;**Financials—7.0%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;22180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715634 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;25410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540734 |
| &nbsp;&nbsp;Piramal Enterprises Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103024 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;36037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897572 |
| &nbsp;&nbsp;**Health Care—1.4%** |  |  |  |
| &nbsp;&nbsp;Piramal Pharma Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50196 |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;47008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376706 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Larsen & Toubro Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;11824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307307 |
| &nbsp;&nbsp;**Information Technology—2.3%** |  |  |  |
| &nbsp;&nbsp;Infosys Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;21046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396472 |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217541 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614013 |
| &nbsp;&nbsp;**Materials—1.8%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191307 |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478356 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Real Estate—1.0%** |  |  |  |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19074 | &nbsp;&nbsp;$277027 |
| &nbsp;&nbsp;**Utilities—1.9%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;193605 | &nbsp;&nbsp;&nbsp;&nbsp; 516980 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**5728595** |
| &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT |  | 1058200 | &nbsp;&nbsp;&nbsp;&nbsp; 273473 |
| &nbsp;&nbsp;**Financials—2.2%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT |  | &nbsp;&nbsp;&nbsp;&nbsp;523300 | &nbsp;&nbsp;&nbsp;&nbsp; 296977 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | &nbsp;&nbsp;&nbsp;&nbsp;986000 | &nbsp;&nbsp;&nbsp;&nbsp; 302375 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599352 |
| &nbsp;&nbsp;**Utilities—0.9%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;39949 | &nbsp;&nbsp;&nbsp;&nbsp; 239694 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1112519** |
| &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** | &nbsp;&nbsp;**ISRAEL—0.6%** |
| &nbsp;&nbsp;**Information Technology—0.6%** |  |  |  |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169337 |
| &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** | &nbsp;&nbsp;**ITALY—1.6%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola HBC AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432200 |
| &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** | &nbsp;&nbsp;**KAZAKHSTAN—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271283 |
| &nbsp;&nbsp;**MEXICO—5.5%** | &nbsp;&nbsp;**MEXICO—5.5%** | &nbsp;&nbsp;**MEXICO—5.5%** | &nbsp;&nbsp;**MEXICO—5.5%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353219 |
| &nbsp;&nbsp;**Financials—1.9%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;62618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518755 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279635 |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345214 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;**1496823** |
| &nbsp;&nbsp;**NETHERLANDS—2.0%** | &nbsp;&nbsp;**NETHERLANDS—2.0%** | &nbsp;&nbsp;**NETHERLANDS—2.0%** | &nbsp;&nbsp;**NETHERLANDS—2.0%** |
| &nbsp;&nbsp;**Information Technology—2.0%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209687 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334794 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544481 |
| &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;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269540 |
| &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** | &nbsp;&nbsp;**PHILIPPINES—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Bank of the Philippine Islands |  | &nbsp;&nbsp;&nbsp;&nbsp;119910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230887 |
| &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** | &nbsp;&nbsp;**POLAND—2.2%** |
| &nbsp;&nbsp;**Consumer Staples—1.0%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278669 |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;34479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332968 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**611637** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (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;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** |
| &nbsp;&nbsp;**Energy—1.9%** |  |  |  |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;57471 | &nbsp;&nbsp;$507037 |
| &nbsp;&nbsp;**Financials—2.3%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18569 | &nbsp;&nbsp;&nbsp;&nbsp; 407613 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp; 235266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642879 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1149916** |
| &nbsp;&nbsp;**SOUTH AFRICA—2.4%** | &nbsp;&nbsp;**SOUTH AFRICA—2.4%** | &nbsp;&nbsp;**SOUTH AFRICA—2.4%** | &nbsp;&nbsp;**SOUTH AFRICA—2.4%** |
| &nbsp;&nbsp;**Communication Services—0.7%** |  |  |  |
| &nbsp;&nbsp;Vodacom Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;28491 | &nbsp;&nbsp;&nbsp;&nbsp; 200231 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;69388 | &nbsp;&nbsp;&nbsp;&nbsp; 224514 |
| &nbsp;&nbsp;**Materials—0.9%** |  |  |  |
| &nbsp;&nbsp;Anglo American Platinum Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 230550 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**655295** |
| &nbsp;&nbsp;**SOUTH KOREA—14.2%** | &nbsp;&nbsp;**SOUTH KOREA—14.2%** | &nbsp;&nbsp;**SOUTH KOREA—14.2%** | &nbsp;&nbsp;**SOUTH KOREA—14.2%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;KB Financial Group, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355595 |
| &nbsp;&nbsp;**Health Care—0.9%** |  |  |  |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236965 |
| &nbsp;&nbsp;**Industrials—1.7%** |  |  |  |
| &nbsp;&nbsp;Samsung Engineering Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;21811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460300 |
| &nbsp;&nbsp;**Information Technology—8.1%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840205 |
| &nbsp;&nbsp;Samsung SDI Co. Ltd., GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355922 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196127 |
| &nbsp;&nbsp;**Materials—2.2%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602218 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3851205** |
| &nbsp;&nbsp;**TAIWAN—17.3%** | &nbsp;&nbsp;**TAIWAN—17.3%** | &nbsp;&nbsp;**TAIWAN—17.3%** | &nbsp;&nbsp;**TAIWAN—17.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.1%** |  |  |  |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240921 |
| &nbsp;&nbsp;momo.com, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255471 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;19190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333307 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829699 |
| &nbsp;&nbsp;**Information Technology—14.2%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229611 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581848 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576909 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;118200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476282 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864650 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;**4694349** |
| &nbsp;&nbsp;**THAILAND—3.7%** | &nbsp;&nbsp;**THAILAND—3.7%** | &nbsp;&nbsp;**THAILAND—3.7%** | &nbsp;&nbsp;**THAILAND—3.7%** |
| &nbsp;&nbsp;**Energy—1.3%** |  |  |  |
| &nbsp;&nbsp;PTT Exploration & Production PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343481 |
| &nbsp;&nbsp;**Financials—1.5%** |  |  |  |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414581 |
| &nbsp;&nbsp;**Materials—0.9%** |  |  |  |
| &nbsp;&nbsp;SCG Packaging PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;156300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248416 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1006478** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**TURKEY—1.0%** | &nbsp;&nbsp;**TURKEY—1.0%** | &nbsp;&nbsp;**TURKEY—1.0%** | &nbsp;&nbsp;**TURKEY—1.0%** |
| &nbsp;&nbsp;**Consumer Staples—1.0%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp; 27105 | &nbsp;&nbsp;$264355 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;Americana Restaurants International PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;331792 | &nbsp;&nbsp;&nbsp;&nbsp; 306773 |
| &nbsp;&nbsp;**UNITED STATES—0.5%** | &nbsp;&nbsp;**UNITED STATES—0.5%** | &nbsp;&nbsp;**UNITED STATES—0.5%** | &nbsp;&nbsp;**UNITED STATES—0.5%** |
| &nbsp;&nbsp;**Information Technology—0.5%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141097 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**26449520** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.0%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.0%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.0%** |  |
| &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | &nbsp;&nbsp;&nbsp;&nbsp;98138 | &nbsp;&nbsp;&nbsp;&nbsp; 273805 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**273805** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.2%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;604936 | &nbsp;&nbsp;&nbsp;&nbsp; 604936 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**604936** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $27,409,500)—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $27,409,500)—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $27,409,500)—100.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**27328261** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157045) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$27171216** |

---

(a) Non-income producing security.

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

(c) Illiquid security.

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

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> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—91.2%** | &nbsp;&nbsp;**COMMON STOCKS—91.2%** | &nbsp;&nbsp;**COMMON STOCKS—91.2%** |  |
| &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;1397499 | &nbsp;&nbsp;$26102711 |
| &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** | &nbsp;&nbsp;**BRAZIL—4.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19663 | &nbsp;&nbsp;&nbsp;&nbsp; 23235571 |
| &nbsp;&nbsp;**Consumer Staples—1.1%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;5216242 | &nbsp;&nbsp;&nbsp;&nbsp; 25514506 |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | &nbsp;&nbsp; 10167727 | &nbsp;&nbsp;&nbsp; 25958620 |
| &nbsp;&nbsp;**Industrials—1.6%** |  |  |  |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;5352998 | &nbsp;&nbsp;&nbsp;&nbsp; 19381854 |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2623162 | &nbsp;&nbsp;&nbsp;&nbsp; 19760399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39142253 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**113850950** |
| &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** |
| &nbsp;&nbsp;**Financials—0.5%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12656036 |
| &nbsp;&nbsp;**CHINA—30.8%** | &nbsp;&nbsp;**CHINA—30.8%** | &nbsp;&nbsp;**CHINA—30.8%** | &nbsp;&nbsp;**CHINA—30.8%** |
| &nbsp;&nbsp;**Communication Services—7.8%** |  |  |  |
| &nbsp;&nbsp;Meituan, Class B<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1769770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39564760 |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;3005900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146474229 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186038989 |
| &nbsp;&nbsp;**Consumer Discretionary—11.1%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7935300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109099736 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17503785 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., H Shares<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19962311 |
| &nbsp;&nbsp;JD.com, Inc., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1892419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56192264 |
| &nbsp;&nbsp;Li Auto, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135936 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4803611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39421286 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21280438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263595756 |
| &nbsp;&nbsp;**Consumer Staples—4.7%** |  |  |  |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;13703800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43239849 |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;2549875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30042151 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37316170 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110598170 |
| &nbsp;&nbsp;**Health Care—2.9%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35942885 |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;3855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32190794 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68133679 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5477233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21463546 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Information Technology—2.2%** |  |  |  |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4636917 | &nbsp;&nbsp;$33239422 |
| &nbsp;&nbsp;Yonyou Network Technology Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5040918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18361299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600721 |
| &nbsp;&nbsp;**Real Estate—1.2%** |  |  |  |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;6084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29157896 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**730588757** |
| &nbsp;&nbsp;**FRANCE—1.9%** | &nbsp;&nbsp;**FRANCE—1.9%** | &nbsp;&nbsp;**FRANCE—1.9%** | &nbsp;&nbsp;**FRANCE—1.9%** |
| &nbsp;&nbsp;**Energy—1.9%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710269 | &nbsp;&nbsp;&nbsp;&nbsp; 43909367 |
| &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** | &nbsp;&nbsp;**HONG KONG—3.6%** |
| &nbsp;&nbsp;**Financials—3.6%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;5459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61728431 |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24299811 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86028242 |
| &nbsp;&nbsp;**INDIA—14.8%** | &nbsp;&nbsp;**INDIA—14.8%** | &nbsp;&nbsp;**INDIA—14.8%** | &nbsp;&nbsp;**INDIA—14.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;Maruti Suzuki India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24103661 |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1312472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41407368 |
| &nbsp;&nbsp;**Financials—7.8%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2729489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88066474 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;2068830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44025415 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3553448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53067537 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185159426 |
| &nbsp;&nbsp;**Information Technology—1.5%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34662026 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28376860 |
| &nbsp;&nbsp;**Utilities—1.6%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;14422007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38510816 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**352220157** |
| &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT |  | &nbsp;&nbsp;95696600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24731121 |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT |  | &nbsp;&nbsp;55849600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31695148 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 105443044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32335988 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64031136 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88762257** |
| &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40285625 |
| &nbsp;&nbsp;**Financials—2.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;5704593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47259314 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25893309 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23842096 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**137280344** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (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;**NETHERLANDS—1.7%** | &nbsp;&nbsp;**NETHERLANDS—1.7%** | &nbsp;&nbsp;**NETHERLANDS—1.7%** | &nbsp;&nbsp;**NETHERLANDS—1.7%** |
| &nbsp;&nbsp;**Information Technology—1.7%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54570 | &nbsp;&nbsp;$18455898 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32882 | &nbsp;&nbsp;&nbsp;&nbsp; 21756298 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40212196 |
| &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;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11950015 |
| &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** |
| &nbsp;&nbsp;**Energy—0.0%** |  |  |  |
| &nbsp;&nbsp;LUKOIL PJSC, ADR<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986507 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;Novatek PJSC<sup>(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3278243 | &nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** |  |  |  |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;6211074 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;**Total Russia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** | &nbsp;&nbsp;**SAUDI ARABIA—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1518894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33341614 |
| &nbsp;&nbsp;**SOUTH AFRICA—2.3%** | &nbsp;&nbsp;**SOUTH AFRICA—2.3%** | &nbsp;&nbsp;**SOUTH AFRICA—2.3%** | &nbsp;&nbsp;**SOUTH AFRICA—2.3%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;7939226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25688415 |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Anglo American Platinum Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29213925 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54902340** |
| &nbsp;&nbsp;**SOUTH KOREA—3.9%** | &nbsp;&nbsp;**SOUTH KOREA—3.9%** | &nbsp;&nbsp;**SOUTH KOREA—3.9%** | &nbsp;&nbsp;**SOUTH KOREA—3.9%** |
| &nbsp;&nbsp;**Industrials—1.6%** |  |  |  |
| &nbsp;&nbsp;Samsung Engineering Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1866173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39383818 |
| &nbsp;&nbsp;**Materials—2.3%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54203568 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93587386** |
| &nbsp;&nbsp;**TAIWAN—10.3%** | &nbsp;&nbsp;**TAIWAN—10.3%** | &nbsp;&nbsp;**TAIWAN—10.3%** | &nbsp;&nbsp;**TAIWAN—10.3%** |
| &nbsp;&nbsp;**Information Technology—10.3%** |  |  |  |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468269 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;&nbsp;10122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33754155 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;10107017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178356321 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243578745 |
| &nbsp;&nbsp;**THAILAND—2.3%** | &nbsp;&nbsp;**THAILAND—2.3%** | &nbsp;&nbsp;**THAILAND—2.3%** | &nbsp;&nbsp;**THAILAND—2.3%** |
| &nbsp;&nbsp;**Energy—1.1%** |  |  |  |
| &nbsp;&nbsp;PTT Exploration & Production PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;5080100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518495 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Kasikornbank PCL, Foreign Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;6547800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28878665 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55397160** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;Americana Restaurants International PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;28579189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26424137 |
| &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** | &nbsp;&nbsp;**UNITED STATES—0.7%** |
| &nbsp;&nbsp;**Information Technology—0.7%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17350179 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**2168142593** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**PREFERRED STOCKS—7.0%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.0%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.0%** |  |
| &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** | &nbsp;&nbsp;**BRAZIL—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | &nbsp;&nbsp;&nbsp;&nbsp;8770950 | &nbsp;&nbsp;$24470951 |
| &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** | &nbsp;&nbsp;**SOUTH KOREA—6.0%** |
| &nbsp;&nbsp;**Information Technology—6.0%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;3146440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141193570 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**165664521** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.8%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(f)</sup> |  | 42508574 | &nbsp;&nbsp;&nbsp;&nbsp; 42508574 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42508574** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $2,274,768,509)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $2,274,768,509)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $2,274,768,509)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**2376315688** |
| &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;(402280) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$2375913408** |

---

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

(e) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net
assets as of January 31, 2023.

(f) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets Sustainable Leaders Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—92.0%** | &nbsp;&nbsp;**COMMON STOCKS—92.0%** | &nbsp;&nbsp;**COMMON STOCKS—92.0%** |  |
| &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** | &nbsp;&nbsp;**AUSTRIA—1.1%** |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Mondi PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;53546 | &nbsp;&nbsp;$1000141 |
| &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** | &nbsp;&nbsp;**BRAZIL—6.6%** |
| &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;965 | &nbsp;&nbsp;&nbsp;&nbsp; 1140331 |
| &nbsp;&nbsp;**Consumer Staples—2.4%** |  |  |  |
| &nbsp;&nbsp;Adecoagro SA |  | &nbsp;&nbsp;&nbsp;&nbsp;102134 | &nbsp;&nbsp;&nbsp;&nbsp; 863032 |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;288283 | &nbsp;&nbsp;&nbsp;&nbsp; 1410096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273128 |
| &nbsp;&nbsp;**Industrials—1.7%** |  |  |  |
| &nbsp;&nbsp;WEG SA |  | &nbsp;&nbsp;&nbsp;&nbsp;207676 | &nbsp;&nbsp;&nbsp;&nbsp; 1564433 |
| &nbsp;&nbsp;**Real Estate—1.3%** |  |  |  |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | &nbsp;&nbsp;&nbsp;&nbsp;249642 | &nbsp;&nbsp;&nbsp;&nbsp; 1169943 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6147835** |
| &nbsp;&nbsp;**CHILE—1.6%** | &nbsp;&nbsp;**CHILE—1.6%** | &nbsp;&nbsp;**CHILE—1.6%** | &nbsp;&nbsp;**CHILE—1.6%** |
| &nbsp;&nbsp;**Financials—1.6%** |  |  |  |
| &nbsp;&nbsp;Banco Santander Chile, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;88719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500238 |
| &nbsp;&nbsp;**CHINA—32.7%** | &nbsp;&nbsp;**CHINA—32.7%** | &nbsp;&nbsp;**CHINA—32.7%** | &nbsp;&nbsp;**CHINA—32.7%** |
| &nbsp;&nbsp;**Communication Services—6.1%** |  |  |  |
| &nbsp;&nbsp;Meituan, Class B<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246362 |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369926 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616288 |
| &nbsp;&nbsp;**Consumer Discretionary—13.1%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;342100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703416 |
| &nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd., H Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326735 |
| &nbsp;&nbsp;JD.com, Inc., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;77700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307174 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;199329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635812 |
| &nbsp;&nbsp;Tongcheng Travel Holdings Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;430400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975205 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182561 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12130903 |
| &nbsp;&nbsp;**Health Care—3.2%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;30931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529235 |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452970 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982205 |
| &nbsp;&nbsp;**Industrials—5.5%** |  |  |  |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;299380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054320 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227770 |
| &nbsp;&nbsp;Estun Automation Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;338794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313320 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;201116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788110 |
| &nbsp;&nbsp;Xinjiang Goldwind Science & Technology Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722333 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105853 |
| &nbsp;&nbsp;**Information Technology—4.0%** |  |  |  |
| &nbsp;&nbsp;Glodon Co. Ltd., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;122440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187724 |
| &nbsp;&nbsp;Hundsun Technologies, Inc., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;186926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310707 |
| &nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., A Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;167587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201336 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699767 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Real Estate—0.8%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;375100 | &nbsp;&nbsp;$758264 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;**30293280** |
| &nbsp;&nbsp;**HONG KONG—4.9%** | &nbsp;&nbsp;**HONG KONG—4.9%** | &nbsp;&nbsp;**HONG KONG—4.9%** | &nbsp;&nbsp;**HONG KONG—4.9%** |
| &nbsp;&nbsp;**Consumer Staples—1.0%** |  |  |  |
| &nbsp;&nbsp;Vitasoy International Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 934754 |
| &nbsp;&nbsp;**Financials—3.9%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;220300 | &nbsp;&nbsp;&nbsp;&nbsp; 2491074 |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160421 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651495 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4586249** |
| &nbsp;&nbsp;**INDIA—14.7%** | &nbsp;&nbsp;**INDIA—14.7%** | &nbsp;&nbsp;**INDIA—14.7%** | &nbsp;&nbsp;**INDIA—14.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** |  |  |  |
| &nbsp;&nbsp;Crompton Greaves Consumer Electricals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;243777 | &nbsp;&nbsp;&nbsp;&nbsp; 986013 |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;49507 | &nbsp;&nbsp;&nbsp;&nbsp; 1561904 |
| &nbsp;&nbsp;**Financials—6.3%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;97909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159016 |
| &nbsp;&nbsp;Kotak Mahindra Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109174 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;104610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830446 |
| &nbsp;&nbsp;**Health Care—0.9%** |  |  |  |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;123780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859757 |
| &nbsp;&nbsp;**Information Technology—1.6%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;36097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489766 |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;23129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773556 |
| &nbsp;&nbsp;**Utilities—2.3%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;803235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144864 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;**13646306** |
| &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** | &nbsp;&nbsp;**INDONESIA—3.9%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk PT<sup>(d)</sup> |  | 3676400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950102 |
| &nbsp;&nbsp;**Financials—2.0%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk PT<sup>(d)</sup> |  | 2479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406855 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 1515900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463163 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870018 |
| &nbsp;&nbsp;**Utilities—0.9%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;132293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793758 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3613878** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.1%** | &nbsp;&nbsp;**KAZAKHSTAN—1.1%** | &nbsp;&nbsp;**KAZAKHSTAN—1.1%** | &nbsp;&nbsp;**KAZAKHSTAN—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;13814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015483 |
| &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** |
| &nbsp;&nbsp;**Consumer Staples—2.1%** |  |  |  |
| &nbsp;&nbsp;Arca Continental SAB de CV |  | &nbsp;&nbsp;&nbsp;221029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949652 |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;303728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516214 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4465866** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets Sustainable Leaders 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;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** |
| &nbsp;&nbsp;**Information Technology—2.3%** |  |  |  |
| &nbsp;&nbsp;ASM International NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;$1114727 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp; 1023569 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138296 |
| &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** | &nbsp;&nbsp;**PHILIPPINES—1.0%** |
| &nbsp;&nbsp;**Real Estate—1.0%** |  |  |  |
| &nbsp;&nbsp;Ayala Land, Inc. |  | 1723300 | &nbsp;&nbsp;&nbsp;&nbsp; 929482 |
| &nbsp;&nbsp;**POLAND—1.2%** | &nbsp;&nbsp;**POLAND—1.2%** | &nbsp;&nbsp;**POLAND—1.2%** | &nbsp;&nbsp;**POLAND—1.2%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp; 111015 | &nbsp;&nbsp;&nbsp;&nbsp; 1072086 |
| &nbsp;&nbsp;**SAUDI ARABIA—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;71330 | &nbsp;&nbsp;&nbsp;&nbsp; 1565782 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;360244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165617 |
| &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** | &nbsp;&nbsp;**SOUTH KOREA—2.6%** |
| &nbsp;&nbsp;**Materials—2.6%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396455 |
| &nbsp;&nbsp;**TAIWAN—10.5%** | &nbsp;&nbsp;**TAIWAN—10.5%** | &nbsp;&nbsp;**TAIWAN—10.5%** | &nbsp;&nbsp;**TAIWAN—10.5%** |
| &nbsp;&nbsp;**Information Technology—10.5%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092204 |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350566 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7288121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730891 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**85267885** |
| &nbsp;&nbsp;**PREFERRED STOCKS—7.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.4%** |  |
| &nbsp;&nbsp;**BRAZIL—1.1%** | &nbsp;&nbsp;**BRAZIL—1.1%** | &nbsp;&nbsp;**BRAZIL—1.1%** | &nbsp;&nbsp;**BRAZIL—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA, Preferred Shares, ADR, 1.94% |  | &nbsp;&nbsp;346907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967870 |
| &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** |
| &nbsp;&nbsp;**Information Technology—6.3%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;130226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843771 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6811641** |
| &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, 4.18%<sup>(e)</sup> |  | &nbsp;&nbsp;983244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983244 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**983244** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $103,316,325)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $103,316,325)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $103,316,325)—100.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**93062770** |
| &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;(408441) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$92654329** |

---

(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) Illiquid security.

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

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> January 31, 2023 (Unaudited)

#### abrdn Global Equity Impact Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—97.6%** | &nbsp;&nbsp;**COMMON STOCKS—97.6%** | &nbsp;&nbsp;**COMMON STOCKS—97.6%** |  |
| &nbsp;&nbsp;**BRAZIL—1.2%** | &nbsp;&nbsp;**BRAZIL—1.2%** | &nbsp;&nbsp;**BRAZIL—1.2%** | &nbsp;&nbsp;**BRAZIL—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Banco Bradesco SA |  | &nbsp;&nbsp;&nbsp;&nbsp;244125 | &nbsp;&nbsp;$606910 |
| &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** | &nbsp;&nbsp;**CHINA—1.8%** |
| &nbsp;&nbsp;**Health Care—1.8%** |  |  |  |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;110500 | &nbsp;&nbsp;&nbsp;&nbsp; 922719 |
| &nbsp;&nbsp;**DENMARK—7.0%** | &nbsp;&nbsp;**DENMARK—7.0%** | &nbsp;&nbsp;**DENMARK—7.0%** | &nbsp;&nbsp;**DENMARK—7.0%** |
| &nbsp;&nbsp;**Health Care—4.9%** |  |  |  |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;18574 | &nbsp;&nbsp;&nbsp;&nbsp; 2570452 |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Vestas Wind Systems AS |  | &nbsp;&nbsp;&nbsp;&nbsp;21515 | &nbsp;&nbsp;&nbsp;&nbsp; 629563 |
| &nbsp;&nbsp;**Utilities—0.9%** |  |  |  |
| &nbsp;&nbsp;Orsted AS<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp; 445972 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3645987** |
| &nbsp;&nbsp;**FRANCE—3.2%** | &nbsp;&nbsp;**FRANCE—3.2%** | &nbsp;&nbsp;**FRANCE—3.2%** | &nbsp;&nbsp;**FRANCE—3.2%** |
| &nbsp;&nbsp;**Financials—3.2%** |  |  |  |
| &nbsp;&nbsp;AXA SA |  | &nbsp;&nbsp;&nbsp;&nbsp;53986 | &nbsp;&nbsp;&nbsp;&nbsp; 1684310 |
| &nbsp;&nbsp;**HONG KONG—4.0%** | &nbsp;&nbsp;**HONG KONG—4.0%** | &nbsp;&nbsp;**HONG KONG—4.0%** | &nbsp;&nbsp;**HONG KONG—4.0%** |
| &nbsp;&nbsp;**Financials—4.0%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;182900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068168 |
| &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** | &nbsp;&nbsp;**INDIA—4.2%** |
| &nbsp;&nbsp;**Financials—4.2%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;67395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174488 |
| &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** | &nbsp;&nbsp;**INDONESIA—3.7%** |
| &nbsp;&nbsp;**Financials—2.4%** |  |  |  |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 4079695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251111 |
| &nbsp;&nbsp;**Utilities—1.3%** |  |  |  |
| &nbsp;&nbsp;ReNew Energy Global PLC, Class A<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;116383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698298 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1949409** |
| &nbsp;&nbsp;**ISRAEL—1.0%** | &nbsp;&nbsp;**ISRAEL—1.0%** | &nbsp;&nbsp;**ISRAEL—1.0%** | &nbsp;&nbsp;**ISRAEL—1.0%** |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Kornit Digital Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504679 |
| &nbsp;&nbsp;**KENYA—1.5%** | &nbsp;&nbsp;**KENYA—1.5%** | &nbsp;&nbsp;**KENYA—1.5%** | &nbsp;&nbsp;**KENYA—1.5%** |
| &nbsp;&nbsp;**Communication Services—1.5%** |  |  |  |
| &nbsp;&nbsp;Safaricom PLC |  | 4229783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798393 |
| &nbsp;&nbsp;**MEXICO—1.7%** | &nbsp;&nbsp;**MEXICO—1.7%** | &nbsp;&nbsp;**MEXICO—1.7%** | &nbsp;&nbsp;**MEXICO—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Gentera SAB de CV |  | &nbsp;&nbsp;734896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896838 |
| &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** |
| &nbsp;&nbsp;**Information Technology—2.8%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439745 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Koninklijke DSM NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552732 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1992477** |
| &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.8%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.8%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.8%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—1.8%** |
| &nbsp;&nbsp;**Industrials—1.8%** |  |  |  |
| &nbsp;&nbsp;Kingspan Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;14260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917147 |
| &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;**Consumer Staples—0.9%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;30844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470424 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SOUTH KOREA—3.0%** | &nbsp;&nbsp;**SOUTH KOREA—3.0%** | &nbsp;&nbsp;**SOUTH KOREA—3.0%** | &nbsp;&nbsp;**SOUTH KOREA—3.0%** |
| &nbsp;&nbsp;**Information Technology—3.0%** |  |  |  |
| &nbsp;&nbsp;Samsung SDI Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 | &nbsp;&nbsp;$1592102 |
| &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** | &nbsp;&nbsp;**TAIWAN—1.2%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Voltronic Power Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;12610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638119 |
| &nbsp;&nbsp;**UNITED KINGDOM—8.2%** | &nbsp;&nbsp;**UNITED KINGDOM—8.2%** | &nbsp;&nbsp;**UNITED KINGDOM—8.2%** | &nbsp;&nbsp;**UNITED KINGDOM—8.2%** |
| &nbsp;&nbsp;**Health Care—4.4%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC |  | &nbsp;&nbsp; 17318 | &nbsp;&nbsp;&nbsp;&nbsp; 2268874 |
| &nbsp;&nbsp;**Industrials—2.8%** |  |  |  |
| &nbsp;&nbsp;RELX PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;48390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437614 |
| &nbsp;&nbsp;**Utilities—1.0%** |  |  |  |
| &nbsp;&nbsp;SSE PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;25757 | &nbsp;&nbsp;&nbsp;&nbsp; 549774 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4256262** |
| &nbsp;&nbsp;**UNITED STATES—49.4%** | &nbsp;&nbsp;**UNITED STATES—49.4%** | &nbsp;&nbsp;**UNITED STATES—49.4%** | &nbsp;&nbsp;**UNITED STATES—49.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.6%** |  |  |  |
| &nbsp;&nbsp;Coursera, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;53200 | &nbsp;&nbsp;&nbsp;&nbsp; 848540 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677285 |
| &nbsp;&nbsp;**Financials—3.6%** |  |  |  |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;36242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337692 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542785 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880477 |
| &nbsp;&nbsp;**Health Care—11.2%** |  |  |  |
| &nbsp;&nbsp;GSK PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;51033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896395 |
| &nbsp;&nbsp;Insulet Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121985 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629732 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168481 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5816593 |
| &nbsp;&nbsp;**Industrials—13.2%** |  |  |  |
| &nbsp;&nbsp;Johnson Controls International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;19309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343327 |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;14664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378729 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;24873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693708 |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6865515 |
| &nbsp;&nbsp;**Information Technology—2.7%** |  |  |  |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395766 |
| &nbsp;&nbsp;**Materials—3.2%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;18753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653265 |
| &nbsp;&nbsp;**Real Estate—10.4%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237357 |
| &nbsp;&nbsp;Equinix, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837205 |
| &nbsp;&nbsp;Prologis, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;18013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328721 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403283 |
| &nbsp;&nbsp;**Utilities—2.2%** |  |  |  |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144750 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**25685474** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**50803906** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Global Equity Impact Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &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, 4.18%<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;604168 | &nbsp;&nbsp;$604168 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**604168** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $45,884,508)—98.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $45,884,508)—98.8%** | &nbsp;&nbsp;**Total Investments<br> (Cost $45,884,508)—98.8%** | &nbsp;&nbsp;&nbsp;&nbsp;**51408074** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.2% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.2% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614136 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$52022210** |

---

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

(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 January 31, 2023.

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

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** |  |
| &nbsp;&nbsp;**ARGENTINA—2.1%** | &nbsp;&nbsp;**ARGENTINA—2.1%** | &nbsp;&nbsp;**ARGENTINA—2.1%** | &nbsp;&nbsp;**ARGENTINA—2.1%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;63359 | &nbsp;&nbsp;$597475 |
| &nbsp;&nbsp;**Materials—0.9%** |  |  |  |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;66800 | &nbsp;&nbsp;&nbsp;&nbsp; 476284 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1073759** |
| &nbsp;&nbsp;**BRAZIL—5.4%** | &nbsp;&nbsp;**BRAZIL—5.4%** | &nbsp;&nbsp;**BRAZIL—5.4%** | &nbsp;&nbsp;**BRAZIL—5.4%** |
| &nbsp;&nbsp;**Industrials—4.4%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | &nbsp;&nbsp;&nbsp;&nbsp;603900 | &nbsp;&nbsp;&nbsp;&nbsp; 1399023 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;218100 | &nbsp;&nbsp;&nbsp;&nbsp; 789685 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188708 |
| &nbsp;&nbsp;**Utilities—1.0%** |  |  |  |
| &nbsp;&nbsp;Omega Energia SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;294907 | &nbsp;&nbsp;&nbsp;&nbsp; 512978 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2701686** |
| &nbsp;&nbsp;**CANADA—6.1%** | &nbsp;&nbsp;**CANADA—6.1%** | &nbsp;&nbsp;**CANADA—6.1%** | &nbsp;&nbsp;**CANADA—6.1%** |
| &nbsp;&nbsp;**Energy—3.0%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514983 |
| &nbsp;&nbsp;**Industrials—2.3%** |  |  |  |
| &nbsp;&nbsp;Canadian Pacific Railway Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144050 |
| &nbsp;&nbsp;**Utilities—0.8%** |  |  |  |
| &nbsp;&nbsp;Algonquin Power & Utilities Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379091 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3038124** |
| &nbsp;&nbsp;**CHINA—1.6%** | &nbsp;&nbsp;**CHINA—1.6%** | &nbsp;&nbsp;**CHINA—1.6%** | &nbsp;&nbsp;**CHINA—1.6%** |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;COSCO SHIPPING Ports Ltd. |  | &nbsp;&nbsp;&nbsp;733775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555105 |
| &nbsp;&nbsp;**Information Technology—0.5%** |  |  |  |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242840 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**797945** |
| &nbsp;&nbsp;**COLOMBIA—0.6%** | &nbsp;&nbsp;**COLOMBIA—0.6%** | &nbsp;&nbsp;**COLOMBIA—0.6%** | &nbsp;&nbsp;**COLOMBIA—0.6%** |
| &nbsp;&nbsp;**Communication Services—0.6%** |  |  |  |
| &nbsp;&nbsp;Millicom International Cellular SA, SDR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318852 |
| &nbsp;&nbsp;**FRANCE—11.9%** | &nbsp;&nbsp;**FRANCE—11.9%** | &nbsp;&nbsp;**FRANCE—11.9%** | &nbsp;&nbsp;**FRANCE—11.9%** |
| &nbsp;&nbsp;**Industrials—7.1%** |  |  |  |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174916 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894739 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491462 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561117 |
| &nbsp;&nbsp;**Utilities—4.8%** |  |  |  |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322007 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098251 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420258 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5981375** |
| &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** | &nbsp;&nbsp;**GERMANY—3.9%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620332 |
| &nbsp;&nbsp;**Utilities—2.7%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335566 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1955898** |
| &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** | &nbsp;&nbsp;**INDONESIA—0.9%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk PT |  | 5845200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437781 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**ITALY—5.8%** | &nbsp;&nbsp;**ITALY—5.8%** | &nbsp;&nbsp;**ITALY—5.8%** | &nbsp;&nbsp;**ITALY—5.8%** |
| &nbsp;&nbsp;**Communication Services—2.0%** |  |  |  |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;92200 | &nbsp;&nbsp;$1010399 |
| &nbsp;&nbsp;**Materials—1.4%** |  |  |  |
| &nbsp;&nbsp;Buzzi Unicem SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp; 702567 |
| &nbsp;&nbsp;**Utilities—2.4%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;203500 | &nbsp;&nbsp;&nbsp;&nbsp; 1198233 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2911199** |
| &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** |
| &nbsp;&nbsp;**Industrials—0.7%** |  |  |  |
| &nbsp;&nbsp;East Japan Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 340125 |
| &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** | &nbsp;&nbsp;**LUXEMBOURG—1.1%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;SES SA |  | &nbsp;&nbsp;&nbsp;&nbsp;74100 | &nbsp;&nbsp;&nbsp;&nbsp; 575026 |
| &nbsp;&nbsp;**MALAYSIA—1.8%** | &nbsp;&nbsp;**MALAYSIA—1.8%** | &nbsp;&nbsp;**MALAYSIA—1.8%** | &nbsp;&nbsp;**MALAYSIA—1.8%** |
| &nbsp;&nbsp;**Industrials—1.8%** |  |  |  |
| &nbsp;&nbsp;Malaysia Airports Holdings Bhd<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;550100 | &nbsp;&nbsp;&nbsp;&nbsp; 911885 |
| &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** |
| &nbsp;&nbsp;**Industrials—3.2%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;70900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647759 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940835 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588594 |
| &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telenor ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484697 |
| &nbsp;&nbsp;**PHILIPPINES—2.4%** | &nbsp;&nbsp;**PHILIPPINES—2.4%** | &nbsp;&nbsp;**PHILIPPINES—2.4%** | &nbsp;&nbsp;**PHILIPPINES—2.4%** |
| &nbsp;&nbsp;**Industrials—2.4%** |  |  |  |
| &nbsp;&nbsp;International Container Terminal Services, Inc. |  | &nbsp;&nbsp;&nbsp;318200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209650 |
| &nbsp;&nbsp;**SPAIN—11.0%** | &nbsp;&nbsp;**SPAIN—11.0%** | &nbsp;&nbsp;**SPAIN—11.0%** | &nbsp;&nbsp;**SPAIN—11.0%** |
| &nbsp;&nbsp;**Communication Services—2.7%** |  |  |  |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379417 |
| &nbsp;&nbsp;**Industrials—6.2%** |  |  |  |
| &nbsp;&nbsp;Aena SME SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412340 |
| &nbsp;&nbsp;Ferrovial SA |  | &nbsp;&nbsp;&nbsp;&nbsp;57805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705725 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118065 |
| &nbsp;&nbsp;**Utilities—2.1%** |  |  |  |
| &nbsp;&nbsp;EDP Renovaveis SA |  | &nbsp;&nbsp;&nbsp;&nbsp;47300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028826 |
| &nbsp;&nbsp;**Total Spain** | &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5526308** |
| &nbsp;&nbsp;**TANZANIA—1.5%** | &nbsp;&nbsp;**TANZANIA—1.5%** | &nbsp;&nbsp;**TANZANIA—1.5%** | &nbsp;&nbsp;**TANZANIA—1.5%** |
| &nbsp;&nbsp;**Communication Services—1.5%** |  |  |  |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;577600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761940 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** |
| &nbsp;&nbsp;**Communication Services—1.9%** |  |  |  |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395520 |
| &nbsp;&nbsp;Vodafone Group PLC |  | &nbsp;&nbsp;502900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580252 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975772 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;National Express Group PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;295500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486766 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Utilities—2.7%** |  |  |  |
| &nbsp;&nbsp;National Grid PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;$714224 |
| &nbsp;&nbsp;SSE PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;28900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616861 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331085 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2793623** |
| &nbsp;&nbsp;**UNITED STATES—32.6%** | &nbsp;&nbsp;**UNITED STATES—32.6%** | &nbsp;&nbsp;**UNITED STATES—32.6%** | &nbsp;&nbsp;**UNITED STATES—32.6%** |
| &nbsp;&nbsp;**Communication Services—1.3%** |  |  |  |
| &nbsp;&nbsp;DISH Network Corp., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 218728 |
| &nbsp;&nbsp;Verizon Communications, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457270 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675998 |
| &nbsp;&nbsp;**Energy—6.4%** |  |  |  |
| &nbsp;&nbsp;Kinder Morgan, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;91700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678110 |
| &nbsp;&nbsp;Williams Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193390 |
| &nbsp;&nbsp;**Industrials—7.1%** |  |  |  |
| &nbsp;&nbsp;CoreCivic, Inc., REIT<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50600 | &nbsp;&nbsp;&nbsp;&nbsp; 538384 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514998 |
| &nbsp;&nbsp;Norfolk Southern Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835754 |
| &nbsp;&nbsp;Union Pacific Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898436 |
| &nbsp;&nbsp;Waste Connections, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545102 |
| &nbsp;&nbsp;**Real Estate—4.5%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206306 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT, REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066392 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272698 |
| &nbsp;&nbsp;**Utilities—13.3%** |  |  |  |
| &nbsp;&nbsp;American Electric Power Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798660 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837336 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696074 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890979 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913185 |
| &nbsp;&nbsp;NextEra Energy Partners LP |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645040 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156765 |
| &nbsp;&nbsp;Vistra Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737920 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675959 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**16363147** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**49771614** |
| &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, 4.18%<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;612070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612070 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**612070** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $43,319,904)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $43,319,904)—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $43,319,904)—100.4%** | &nbsp;&nbsp;&nbsp;**50383684** |
| &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;(196929) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$50186755** |

---

(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 January 31, 2023.

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> January 31, 2023 (Unaudited)

#### abrdn International Small Cap Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—97.3%** | &nbsp;&nbsp;**COMMON STOCKS—97.3%** | &nbsp;&nbsp;**COMMON STOCKS—97.3%** |  |
| &nbsp;&nbsp;**AUSTRALIA—6.7%** | &nbsp;&nbsp;**AUSTRALIA—6.7%** | &nbsp;&nbsp;**AUSTRALIA—6.7%** | &nbsp;&nbsp;**AUSTRALIA—6.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.8%** |  |  |  |
| &nbsp;&nbsp;IDP Education Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;239400 | &nbsp;&nbsp;$5327474 |
| &nbsp;&nbsp;**Financials—3.0%** |  |  |  |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | 1489195 | &nbsp;&nbsp;&nbsp;&nbsp; 5532636 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;IPH Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;287300 | &nbsp;&nbsp;&nbsp;&nbsp; 1737748 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12597858** |
| &nbsp;&nbsp;**BELGIUM—2.9%** | &nbsp;&nbsp;**BELGIUM—2.9%** | &nbsp;&nbsp;**BELGIUM—2.9%** | &nbsp;&nbsp;**BELGIUM—2.9%** |
| &nbsp;&nbsp;**Industrials—2.9%** |  |  |  |
| &nbsp;&nbsp;Azelis Group NV |  | &nbsp;&nbsp;&nbsp;&nbsp;200218 | &nbsp;&nbsp;&nbsp;&nbsp; 5407145 |
| &nbsp;&nbsp;**CANADA—3.6%** | &nbsp;&nbsp;**CANADA—3.6%** | &nbsp;&nbsp;**CANADA—3.6%** | &nbsp;&nbsp;**CANADA—3.6%** |
| &nbsp;&nbsp;**Consumer Staples—3.6%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;247521 | &nbsp;&nbsp;&nbsp;&nbsp; 6896098 |
| &nbsp;&nbsp;**CHINA—0.2%** | &nbsp;&nbsp;**CHINA—0.2%** | &nbsp;&nbsp;**CHINA—0.2%** | &nbsp;&nbsp;**CHINA—0.2%** |
| &nbsp;&nbsp;**Communication Services—0.2%** |  |  |  |
| &nbsp;&nbsp;Autohome, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12165 | &nbsp;&nbsp;&nbsp;&nbsp; 424072 |
| &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** |
| &nbsp;&nbsp;**Consumer Staples—3.6%** |  |  |  |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp;&nbsp;&nbsp;103921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802701 |
| &nbsp;&nbsp;**Energy—2.3%** |  |  |  |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351270 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11153971** |
| &nbsp;&nbsp;**GERMANY—5.1%** | &nbsp;&nbsp;**GERMANY—5.1%** | &nbsp;&nbsp;**GERMANY—5.1%** | &nbsp;&nbsp;**GERMANY—5.1%** |
| &nbsp;&nbsp;**Communication Services—3.7%** |  |  |  |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965551 |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Hypoport SE<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588489 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9554040** |
| &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** |
| &nbsp;&nbsp;**Industrials—2.0%** |  |  |  |
| &nbsp;&nbsp;Pacific Basin Shipping Ltd. |  | 10745800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792078 |
| &nbsp;&nbsp;**INDIA—9.3%** | &nbsp;&nbsp;**INDIA—9.3%** | &nbsp;&nbsp;**INDIA—9.3%** | &nbsp;&nbsp;**INDIA—9.3%** |
| &nbsp;&nbsp;**Communication Services—2.9%** |  |  |  |
| &nbsp;&nbsp;Affle India Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438314 |
| &nbsp;&nbsp;**Health Care—3.5%** |  |  |  |
| &nbsp;&nbsp;Sanofi India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981635 |
| &nbsp;&nbsp;Syngene International Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;526970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660255 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641890 |
| &nbsp;&nbsp;**Information Technology—2.9%** |  |  |  |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579724 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17659928** |
| &nbsp;&nbsp;**ISRAEL—7.5%** | &nbsp;&nbsp;**ISRAEL—7.5%** | &nbsp;&nbsp;**ISRAEL—7.5%** | &nbsp;&nbsp;**ISRAEL—7.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;Maytronics Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;222025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706416 |
| &nbsp;&nbsp;**Information Technology—6.1%** |  |  |  |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619388 |
| &nbsp;&nbsp;Nova Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821249 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11440637 |
| &nbsp;&nbsp;**Total Israel** | &nbsp;&nbsp;**Total Israel** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14147053** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**JAPAN—13.0%** | &nbsp;&nbsp;**JAPAN—13.0%** | &nbsp;&nbsp;**JAPAN—13.0%** | &nbsp;&nbsp;**JAPAN—13.0%** |
| &nbsp;&nbsp;**Health Care—1.3%** |  |  |  |
| &nbsp;&nbsp;Mani, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;172600 | &nbsp;&nbsp;$2524625 |
| &nbsp;&nbsp;**Industrials—11.7%** |  |  |  |
| &nbsp;&nbsp;Daiseki Co Ltd |  | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 5209834 |
| &nbsp;&nbsp;Nabtesco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;181800 | &nbsp;&nbsp;&nbsp;&nbsp; 5322832 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;123400 | &nbsp;&nbsp;&nbsp;&nbsp; 5264999 |
| &nbsp;&nbsp;TechnoPro Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp;&nbsp;&nbsp; 6239487 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22037152 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24561777** |
| &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** |
| &nbsp;&nbsp;**Industrials—4.7%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;325228 | &nbsp;&nbsp;&nbsp;&nbsp; 8812357 |
| &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** | &nbsp;&nbsp;**NETHERLANDS—1.6%** |
| &nbsp;&nbsp;**Information Technology—1.6%** |  |  |  |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42536 | &nbsp;&nbsp;&nbsp;&nbsp; 3042445 |
| &nbsp;&nbsp;**POLAND—2.1%** | &nbsp;&nbsp;**POLAND—2.1%** | &nbsp;&nbsp;**POLAND—2.1%** | &nbsp;&nbsp;**POLAND—2.1%** |
| &nbsp;&nbsp;**Consumer Staples—2.1%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986528 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** | &nbsp;&nbsp;**SOUTH AFRICA—1.3%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;164844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514155 |
| &nbsp;&nbsp;**SOUTH KOREA—4.9%** | &nbsp;&nbsp;**SOUTH KOREA—4.9%** | &nbsp;&nbsp;**SOUTH KOREA—4.9%** | &nbsp;&nbsp;**SOUTH KOREA—4.9%** |
| &nbsp;&nbsp;**Materials—4.9%** |  |  |  |
| &nbsp;&nbsp;Chunbo Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935499 |
| &nbsp;&nbsp;Hansol Chemical Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224822 |
| &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** | &nbsp;&nbsp;**SWEDEN—3.2%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Hemnet Group AB |  | &nbsp;&nbsp;&nbsp;&nbsp;143785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001903 |
| &nbsp;&nbsp;**Financials—2.2%** |  |  |  |
| &nbsp;&nbsp;Nordnet AB publ |  | &nbsp;&nbsp;&nbsp;&nbsp;251835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093459 |
| &nbsp;&nbsp;**Total Sweden** | &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6095362** |
| &nbsp;&nbsp;**SWITZERLAND—2.0%** | &nbsp;&nbsp;**SWITZERLAND—2.0%** | &nbsp;&nbsp;**SWITZERLAND—2.0%** | &nbsp;&nbsp;**SWITZERLAND—2.0%** |
| &nbsp;&nbsp;**Health Care—2.0%** |  |  |  |
| &nbsp;&nbsp;SKAN Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793665 |
| &nbsp;&nbsp;**TAIWAN—7.6%** | &nbsp;&nbsp;**TAIWAN—7.6%** | &nbsp;&nbsp;**TAIWAN—7.6%** | &nbsp;&nbsp;**TAIWAN—7.6%** |
| &nbsp;&nbsp;**Health Care—0.8%** |  |  |  |
| &nbsp;&nbsp;Universal Vision Biotechnology Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561099 |
| &nbsp;&nbsp;**Industrials—3.2%** |  |  |  |
| &nbsp;&nbsp;Voltronic Power Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;120500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097811 |
| &nbsp;&nbsp;**Information Technology—3.6%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;1074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664926 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14323836** |
| &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** | &nbsp;&nbsp;**UNITED KINGDOM—10.4%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;Future PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162598 |
| &nbsp;&nbsp;**Consumer Discretionary—2.6%** |  |  |  |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888644 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn International Small Cap 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 KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Health Care—4.6%** |  |  |  |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;142110 | &nbsp;&nbsp;$5040094 |
| &nbsp;&nbsp;Genus PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;102756 | &nbsp;&nbsp;&nbsp;&nbsp; 3685540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725634 |
| &nbsp;&nbsp;**Information Technology—2.1%** |  |  |  |
| &nbsp;&nbsp;Endava PLC, ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897825 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19674701** |
| &nbsp;&nbsp;**UNITED STATES—1.1%** | &nbsp;&nbsp;**UNITED STATES—1.1%** | &nbsp;&nbsp;**UNITED STATES—1.1%** | &nbsp;&nbsp;**UNITED STATES—1.1%** |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Inmode Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993574 |
| &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;FPT Corp. |  | 1140240 | &nbsp;&nbsp;&nbsp;&nbsp; 4070389 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**183725854** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.7%** |  |
| &nbsp;&nbsp;**GERMANY—1.7%** | &nbsp;&nbsp;**GERMANY—1.7%** | &nbsp;&nbsp;**GERMANY—1.7%** | &nbsp;&nbsp;**GERMANY—1.7%** |
| &nbsp;&nbsp;**Industrials—1.7%** |  |  |  |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240764 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3240764** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(c)</sup> |  | &nbsp;&nbsp;3616624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616624 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3616624** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $202,632,987)—100.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $202,632,987)—100.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $202,632,987)—100.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**190583242** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.9%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.9%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1633426) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$188949816** |

---

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

(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 January 31, 2023.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn International Sustainable Leaders Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.7%** | &nbsp;&nbsp;**COMMON STOCKS—96.7%** | &nbsp;&nbsp;**COMMON STOCKS—96.7%** |  |
| &nbsp;&nbsp;**AUSTRALIA—8.1%** | &nbsp;&nbsp;**AUSTRALIA—8.1%** | &nbsp;&nbsp;**AUSTRALIA—8.1%** | &nbsp;&nbsp;**AUSTRALIA—8.1%** |
| &nbsp;&nbsp;**Financials—2.2%** |  |  |  |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;498201 | &nbsp;&nbsp;$1850909 |
| &nbsp;&nbsp;**Health Care—2.6%** |  |  |  |
| &nbsp;&nbsp;Cochlear Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;14910 | &nbsp;&nbsp;&nbsp;&nbsp; 2252552 |
| &nbsp;&nbsp;**Real Estate—3.3%** |  |  |  |
| &nbsp;&nbsp;Goodman Group, REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;199791 | &nbsp;&nbsp;&nbsp;&nbsp; 2849734 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6953195** |
| &nbsp;&nbsp;**BELGIUM—0.9%** | &nbsp;&nbsp;**BELGIUM—0.9%** | &nbsp;&nbsp;**BELGIUM—0.9%** | &nbsp;&nbsp;**BELGIUM—0.9%** |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Azelis Group NV |  | &nbsp;&nbsp;&nbsp;&nbsp;29268 | &nbsp;&nbsp;&nbsp;&nbsp; 790420 |
| &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;92906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108127 |
| &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** | &nbsp;&nbsp;**CHINA—1.4%** |
| &nbsp;&nbsp;**Health Care—1.4%** |  |  |  |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp; 1202458 |
| &nbsp;&nbsp;**DENMARK—10.4%** | &nbsp;&nbsp;**DENMARK—10.4%** | &nbsp;&nbsp;**DENMARK—10.4%** | &nbsp;&nbsp;**DENMARK—10.4%** |
| &nbsp;&nbsp;**Financials—2.9%** |  |  |  |
| &nbsp;&nbsp;Tryg A/S |  | &nbsp;&nbsp;&nbsp;108468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489134 |
| &nbsp;&nbsp;**Health Care—5.8%** |  |  |  |
| &nbsp;&nbsp;Genmab AS<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811346 |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;22845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161514 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972860 |
| &nbsp;&nbsp;**Utilities—1.7%** |  |  |  |
| &nbsp;&nbsp;Orsted AS<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526440 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;**8988434** |
| &nbsp;&nbsp;**FRANCE—8.2%** | &nbsp;&nbsp;**FRANCE—8.2%** | &nbsp;&nbsp;**FRANCE—8.2%** | &nbsp;&nbsp;**FRANCE—8.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** |  |  |  |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972925 |
| &nbsp;&nbsp;**Consumer Staples—3.9%** |  |  |  |
| &nbsp;&nbsp;L'Oreal SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383811 |
| &nbsp;&nbsp;**Information Technology—2.0%** |  |  |  |
| &nbsp;&nbsp;Dassault Systemes SE |  | &nbsp;&nbsp;&nbsp;&nbsp;45232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682218 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7038954** |
| &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** |
| &nbsp;&nbsp;**Materials—2.9%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549296 |
| &nbsp;&nbsp;**HONG KONG—4.4%** | &nbsp;&nbsp;**HONG KONG—4.4%** | &nbsp;&nbsp;**HONG KONG—4.4%** | &nbsp;&nbsp;**HONG KONG—4.4%** |
| &nbsp;&nbsp;**Financials—4.4%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;339400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837815 |
| &nbsp;&nbsp;**INDIA—5.1%** | &nbsp;&nbsp;**INDIA—5.1%** | &nbsp;&nbsp;**INDIA—5.1%** | &nbsp;&nbsp;**INDIA—5.1%** |
| &nbsp;&nbsp;**Financials—3.8%** |  |  |  |
| &nbsp;&nbsp;Housing Development Finance Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;102628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311274 |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;Asian Paints Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;32609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090618 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4401892** |
| &nbsp;&nbsp;**INDONESIA—2.5%** | &nbsp;&nbsp;**INDONESIA—2.5%** | &nbsp;&nbsp;**INDONESIA—2.5%** | &nbsp;&nbsp;**INDONESIA—2.5%** |
| &nbsp;&nbsp;**Financials—2.5%** |  |  |  |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT |  | 6935900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127017 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**JAPAN—8.2%** | &nbsp;&nbsp;**JAPAN—8.2%** | &nbsp;&nbsp;**JAPAN—8.2%** | &nbsp;&nbsp;**JAPAN—8.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** |  |  |  |
| &nbsp;&nbsp;Sony Group Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;$1983604 |
| &nbsp;&nbsp;**Health Care—2.4%** |  |  |  |
| &nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;79100 | &nbsp;&nbsp;&nbsp;&nbsp; 2050674 |
| &nbsp;&nbsp;**Industrials—1.3%** |  |  |  |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143452 |
| &nbsp;&nbsp;**Information Technology—2.2%** |  |  |  |
| &nbsp;&nbsp;Keyence Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887513 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7065243** |
| &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** | &nbsp;&nbsp;**LATVIA—0.0%** |
| &nbsp;&nbsp;**Financials—0.0%** |  |  |  |
| &nbsp;&nbsp;Parex Bank<sup>(b)(c)(d)</sup> |  | 1424182 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**NETHERLANDS—7.9%** | &nbsp;&nbsp;**NETHERLANDS—7.9%** | &nbsp;&nbsp;**NETHERLANDS—7.9%** | &nbsp;&nbsp;**NETHERLANDS—7.9%** |
| &nbsp;&nbsp;**Information Technology—4.9%** |  |  |  |
| &nbsp;&nbsp;Adyen NV<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641931 |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 | &nbsp;&nbsp;&nbsp;&nbsp; 2590350 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232281 |
| &nbsp;&nbsp;**Materials—3.0%** |  |  |  |
| &nbsp;&nbsp;Koninklijke DSM NV |  | &nbsp;&nbsp;&nbsp;&nbsp;19942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564581 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6796862** |
| &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** | &nbsp;&nbsp;**NEW ZEALAND—1.4%** |
| &nbsp;&nbsp;**Information Technology—1.4%** |  |  |  |
| &nbsp;&nbsp;Xero Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;22072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216530 |
| &nbsp;&nbsp;**POLAND—1.8%** | &nbsp;&nbsp;**POLAND—1.8%** | &nbsp;&nbsp;**POLAND—1.8%** | &nbsp;&nbsp;**POLAND—1.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.8%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559406 |
| &nbsp;&nbsp;**SINGAPORE—3.1%** | &nbsp;&nbsp;**SINGAPORE—3.1%** | &nbsp;&nbsp;**SINGAPORE—3.1%** | &nbsp;&nbsp;**SINGAPORE—3.1%** |
| &nbsp;&nbsp;**Financials—3.1%** |  |  |  |
| &nbsp;&nbsp;DBS Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;96700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647285 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.7%** | &nbsp;&nbsp;**SOUTH AFRICA—1.7%** | &nbsp;&nbsp;**SOUTH AFRICA—1.7%** | &nbsp;&nbsp;**SOUTH AFRICA—1.7%** |
| &nbsp;&nbsp;**Consumer Staples—1.7%** |  |  |  |
| &nbsp;&nbsp;Clicks Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;94224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437078 |
| &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** | &nbsp;&nbsp;**SOUTH KOREA—2.5%** |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;Samsung SDI Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127847 |
| &nbsp;&nbsp;**SWEDEN—2.3%** | &nbsp;&nbsp;**SWEDEN—2.3%** | &nbsp;&nbsp;**SWEDEN—2.3%** | &nbsp;&nbsp;**SWEDEN—2.3%** |
| &nbsp;&nbsp;**Industrials—2.3%** |  |  |  |
| &nbsp;&nbsp;Atlas Copco AB, A Shares |  | &nbsp;&nbsp;&nbsp;165541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964320 |
| &nbsp;&nbsp;**TAIWAN—4.5%** | &nbsp;&nbsp;**TAIWAN—4.5%** | &nbsp;&nbsp;**TAIWAN—4.5%** | &nbsp;&nbsp;**TAIWAN—4.5%** |
| &nbsp;&nbsp;**Information Technology—4.5%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;41639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861184 |
| &nbsp;&nbsp;**UNITED KINGDOM—9.3%** | &nbsp;&nbsp;**UNITED KINGDOM—9.3%** | &nbsp;&nbsp;**UNITED KINGDOM—9.3%** | &nbsp;&nbsp;**UNITED KINGDOM—9.3%** |
| &nbsp;&nbsp;**Health Care—4.3%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;12814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678794 |
| &nbsp;&nbsp;Dechra Pharmaceuticals PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;57065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023875 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702669 |
| &nbsp;&nbsp;**Industrials—2.3%** |  |  |  |
| &nbsp;&nbsp;Spirax-Sarco Engineering PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986360 |
| &nbsp;&nbsp;**Materials—2.7%** |  |  |  |
| &nbsp;&nbsp;Croda International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;27344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330713 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8019742** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn International Sustainable Leaders 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—8.8%** | &nbsp;&nbsp;**UNITED STATES—8.8%** | &nbsp;&nbsp;**UNITED STATES—8.8%** | &nbsp;&nbsp;**UNITED STATES—8.8%** |
| &nbsp;&nbsp;**Consumer Staples—4.0%** |  |  |  |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;28081 | &nbsp;&nbsp;$3426136 |
| &nbsp;&nbsp;**Health Care—2.1%** |  |  |  |
| &nbsp;&nbsp;ResMed, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7821 | &nbsp;&nbsp;&nbsp;&nbsp; 1786082 |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;14586 | &nbsp;&nbsp;&nbsp;&nbsp; 2366076 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7578294** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**83271399** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.8%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(e)</sup> |  | 2385909 | &nbsp;&nbsp;&nbsp;&nbsp; 2385909 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;**2385909** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $96,786,947)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $96,786,947)—99.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $96,786,947)—99.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**85657308** |
| &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;453624 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$86110932** |

---

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

(b) Non-income producing security.

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

(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 0.00% of net
assets as of January 31, 2023.

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

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> January 31, 2023 (Unaudited)

#### abrdn Realty Income & Growth Fund

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.8%** | &nbsp;&nbsp;**COMMON STOCKS—96.8%** |  |
| &nbsp;&nbsp;**UNITED STATES—96.8%** | &nbsp;&nbsp;**UNITED STATES—96.8%** | &nbsp;&nbsp;**UNITED STATES—96.8%** |
| &nbsp;&nbsp;**Health Care REITs—9.9%** |  |  |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13230 | &nbsp;&nbsp;$389491 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49920 | &nbsp;&nbsp;&nbsp;&nbsp; 673920 |
| &nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167228 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29596 | &nbsp;&nbsp;&nbsp;&nbsp; 2220884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451523 |
| &nbsp;&nbsp;**Hotel & Resort REITs—4.0%** |  |  |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;70304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677027 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58188 | &nbsp;&nbsp;&nbsp;&nbsp; 1096844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773871 |
| &nbsp;&nbsp;**Industrial REITs—17.3%** |  |  |
| &nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25466 | &nbsp;&nbsp;&nbsp;&nbsp; 799887 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6167432 |
| &nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22233 | &nbsp;&nbsp;&nbsp;&nbsp; 791495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7758814 |
| &nbsp;&nbsp;**Office REITs—6.6%** |  |  |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264703 |
| &nbsp;&nbsp;Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918407 |
| &nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;29332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931663 |
| &nbsp;&nbsp;**Residential REITs—12.0%** |  |  |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;26555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910571 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370901 |
| &nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862652 |
| &nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;15257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971108 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347793 |
| &nbsp;&nbsp;**Retail REITs—18.3%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729242 |
| &nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020133 |
| &nbsp;&nbsp;National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188864 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568722 |
| &nbsp;&nbsp;Regency Centers Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544034 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291793 |
| &nbsp;&nbsp;Spirit Realty Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197395 |
| &nbsp;&nbsp;**Specialized REITs—28.7%** |  |  |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434940 |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217379 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424185 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065510 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366691 |
| &nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706474 |
| &nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594803 |
| &nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12822022 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**43283081** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**43283081** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(a)</sup> | 1058500 | &nbsp;&nbsp;$1058500 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1058500** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $34,885,369)—99.1%** |  | &nbsp;&nbsp;**44341581** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386219 |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$44727800** |

---

(a) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

REIT Real Estate Investment Trust

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

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

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—97.0%** | &nbsp;&nbsp;**COMMON STOCKS—97.0%** | &nbsp;&nbsp;**COMMON STOCKS—97.0%** |  |
| &nbsp;&nbsp;**CANADA—10.9%** | &nbsp;&nbsp;**CANADA—10.9%** | &nbsp;&nbsp;**CANADA—10.9%** | &nbsp;&nbsp;**CANADA—10.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** |  |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;449616 | &nbsp;&nbsp;$16216656 |
| &nbsp;&nbsp;**Consumer Staples—2.7%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;438111 | &nbsp;&nbsp;&nbsp;&nbsp; 12206061 |
| &nbsp;&nbsp;SunOpta, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;918711 | &nbsp;&nbsp;&nbsp;&nbsp; 7505869 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19711930 |
| &nbsp;&nbsp;**Financials—3.4%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | 1214964 | &nbsp;&nbsp;&nbsp;&nbsp; 14491360 |
| &nbsp;&nbsp;TMX Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;101837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10037131 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24528491 |
| &nbsp;&nbsp;**Industrials—2.5%** |  |  |  |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;441925 | &nbsp;&nbsp;&nbsp;&nbsp; 17895546 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**78352623** |
| &nbsp;&nbsp;**INDIA—2.3%** | &nbsp;&nbsp;**INDIA—2.3%** | &nbsp;&nbsp;**INDIA—2.3%** | &nbsp;&nbsp;**INDIA—2.3%** |
| &nbsp;&nbsp;**Information Technology—2.3%** |  |  |  |
| &nbsp;&nbsp;WNS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;199226 | &nbsp;&nbsp;&nbsp;&nbsp; 16880419 |
| &nbsp;&nbsp;**ISRAEL—2.3%** | &nbsp;&nbsp;**ISRAEL—2.3%** | &nbsp;&nbsp;**ISRAEL—2.3%** | &nbsp;&nbsp;**ISRAEL—2.3%** |
| &nbsp;&nbsp;**Information Technology—2.3%** |  |  |  |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;116032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16346588 |
| &nbsp;&nbsp;**UNITED STATES—81.5%** | &nbsp;&nbsp;**UNITED STATES—81.5%** | &nbsp;&nbsp;**UNITED STATES—81.5%** | &nbsp;&nbsp;**UNITED STATES—81.5%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;109037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476667 |
| &nbsp;&nbsp;**Consumer Discretionary—11.0%** |  |  |  |
| &nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;173769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16866019 |
| &nbsp;&nbsp;LCI Industries |  | &nbsp;&nbsp;&nbsp;&nbsp;89509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10044700 |
| &nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734969 |
| &nbsp;&nbsp;Monro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;223473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11374776 |
| &nbsp;&nbsp;National Vision Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;378450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15554295 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;398275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17097946 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78672705 |
| &nbsp;&nbsp;**Consumer Staples—3.9%** |  |  |  |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;248148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280918 |
| &nbsp;&nbsp;Hostess Brands, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;582933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13483240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27764158 |
| &nbsp;&nbsp;**Energy—2.1%** |  |  |  |
| &nbsp;&nbsp;ChampionX Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;454356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002835 |
| &nbsp;&nbsp;**Financials—17.0%** |  |  |  |
| &nbsp;&nbsp;American Equity Investment Life Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;270118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12871123 |
| &nbsp;&nbsp;Banner Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;204545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13260652 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;359584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400626 |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;390807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14022155 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;254272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9385180 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;180396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14437092 |
| &nbsp;&nbsp;PRA Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;460832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18543880 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida |  | &nbsp;&nbsp;&nbsp;&nbsp;362659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11644980 |
| &nbsp;&nbsp;Wintrust Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;121726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11134277 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;121699965 |
| &nbsp;&nbsp;**Health Care—8.2%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;121909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11674006 |
| &nbsp;&nbsp;CryoPort, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;333110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604901 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;222769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730783 |
| &nbsp;&nbsp;Heska Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;128626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504309 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;159810 | &nbsp;&nbsp;$10517096 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6827185 |
| &nbsp;&nbsp;OmniAb, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;116422 | &nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58858280 |
| &nbsp;&nbsp;**Industrials—21.2%** |  |  |  |
| &nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;212068 | &nbsp;&nbsp;&nbsp;&nbsp; 13672024 |
| &nbsp;&nbsp;ArcBest Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;175213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14621525 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;186697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24317284 |
| &nbsp;&nbsp;AZEK Co., Inc. (The)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;554738 | &nbsp;&nbsp;&nbsp;&nbsp; 13385828 |
| &nbsp;&nbsp;Brady Corp., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;123966 | &nbsp;&nbsp;&nbsp;&nbsp; 6628462 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;170297 | &nbsp;&nbsp;&nbsp;&nbsp; 13644196 |
| &nbsp;&nbsp;EnPro Industries, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;149804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18136770 |
| &nbsp;&nbsp;Parsons Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;223822 | &nbsp;&nbsp;&nbsp;&nbsp; 9740733 |
| &nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33584 | &nbsp;&nbsp;&nbsp;&nbsp; 8193489 |
| &nbsp;&nbsp;Shyft Group, Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;424576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14134135 |
| &nbsp;&nbsp;Werner Enterprises, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;340295 | &nbsp;&nbsp;&nbsp;&nbsp; 15983656 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152458102 |
| &nbsp;&nbsp;**Information Technology—10.3%** |  |  |  |
| &nbsp;&nbsp;Cohu, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;433955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15657096 |
| &nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;171946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13523553 |
| &nbsp;&nbsp;Perficient, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;225501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16718644 |
| &nbsp;&nbsp;Verint Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;366205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13904804 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;167026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14452760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74256857 |
| &nbsp;&nbsp;**Materials—5.4%** |  |  |  |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;836907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161090 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;126488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11415542 |
| &nbsp;&nbsp;Ranpak Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;896000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38439992 |
| &nbsp;&nbsp;**Utilities—1.4%** |  |  |  |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;125598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10344251 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**584973812** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**696553442** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(c)</sup> |  | 20633232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20633232 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20633232** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $718,687,364)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $718,687,364)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $718,687,364)—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**717186674** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669748 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$717856422** |

---

(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 January 31, 2023.

ADR American Depositary Receipt

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

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

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** |  |
| &nbsp;&nbsp;**CANADA—11.3%** | &nbsp;&nbsp;**CANADA—11.3%** | &nbsp;&nbsp;**CANADA—11.3%** | &nbsp;&nbsp;**CANADA—11.3%** |
| &nbsp;&nbsp;**Consumer Staples—3.5%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;446372 | &nbsp;&nbsp;$12436218 |
| &nbsp;&nbsp;**Financials—2.0%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;619365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7387413 |
| &nbsp;&nbsp;**Industrials—5.8%** |  |  |  |
| &nbsp;&nbsp;ATS Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;223629 | &nbsp;&nbsp;&nbsp;&nbsp; 9055752 |
| &nbsp;&nbsp;Canadian National Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;97492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11610322 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20666074 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;**40489705** |
| &nbsp;&nbsp;**ISRAEL—3.7%** | &nbsp;&nbsp;**ISRAEL—3.7%** | &nbsp;&nbsp;**ISRAEL—3.7%** | &nbsp;&nbsp;**ISRAEL—3.7%** |
| &nbsp;&nbsp;**Information Technology—3.7%** |  |  |  |
| &nbsp;&nbsp;Nice Ltd., ADR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;62974 | &nbsp;&nbsp;&nbsp;&nbsp; 13062697 |
| &nbsp;&nbsp;**UNITED STATES—84.2%** | &nbsp;&nbsp;**UNITED STATES—84.2%** | &nbsp;&nbsp;**UNITED STATES—84.2%** | &nbsp;&nbsp;**UNITED STATES—84.2%** |
| &nbsp;&nbsp;**Communication Services—1.3%** |  |  |  |
| &nbsp;&nbsp;Cable One, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903 | &nbsp;&nbsp;&nbsp;&nbsp; 4662662 |
| &nbsp;&nbsp;**Consumer Discretionary—6.7%** |  |  |  |
| &nbsp;&nbsp;Burlington Stores, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;56701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13031591 |
| &nbsp;&nbsp;Home Depot, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;33814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10961484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23993075 |
| &nbsp;&nbsp;**Consumer Staples—5.2%** |  |  |  |
| &nbsp;&nbsp;Colgate-Palmolive Co. |  | &nbsp;&nbsp;&nbsp;159464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11884852 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;100656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672486 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18557338 |
| &nbsp;&nbsp;**Energy—1.9%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;&nbsp;174750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778553 |
| &nbsp;&nbsp;**Financials—9.1%** |  |  |  |
| &nbsp;&nbsp;American Express Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;59275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368976 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;131722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861859 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;46531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11033430 |
| &nbsp;&nbsp;SVB Financial Group<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346401 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32610666 |
| &nbsp;&nbsp;**Health Care—14.6%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;72886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979563 |
| &nbsp;&nbsp;Danaher Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;32763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661882 |
| &nbsp;&nbsp;Horizon Therapeutics PLC<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;103867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11396287 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;148132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748567 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;141297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15176711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51963010 |
| &nbsp;&nbsp;**Industrials—13.4%** |  |  |  |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;56770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724687 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;73564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581711 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761381 |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;93351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14517948 |
| &nbsp;&nbsp;Trex Co., Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;96789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102716 |
| &nbsp;&nbsp;Vertiv Holdings Co. |  | &nbsp;&nbsp;580856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259772 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47948215 |
| &nbsp;&nbsp;**Information Technology—24.5%** |  |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;25917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232139 |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;131744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12111226 |
| &nbsp;&nbsp;Marvell Technology, Inc. |  | &nbsp;&nbsp;&nbsp;182423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871552 |
| &nbsp;&nbsp;Mastercard, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;48068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814001 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;135549 | &nbsp;&nbsp;$33590398 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;27696 | &nbsp;&nbsp;&nbsp;&nbsp; 8838624 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87457940 |
| &nbsp;&nbsp;**Materials—2.8%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;114143 | &nbsp;&nbsp;&nbsp;&nbsp; 10062847 |
| &nbsp;&nbsp;**Utilities—4.7%** |  |  |  |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;56947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8911636 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;265126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7985595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16897231 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**300931537** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**354483939** |
| &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, 4.18%<sup>(c)</sup> |  | 3037622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037622 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3037622** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $345,200,248)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $345,200,248)—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $345,200,248)—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**357521561** |
| &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;(170112) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$357351449** |

---

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

(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 January 31, 2023.

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

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

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.3%** | &nbsp;&nbsp;**COMMON STOCKS—99.3%** | &nbsp;&nbsp;**COMMON STOCKS—99.3%** |  |
| &nbsp;&nbsp;**CANADA—13.5%** | &nbsp;&nbsp;**CANADA—13.5%** | &nbsp;&nbsp;**CANADA—13.5%** | &nbsp;&nbsp;**CANADA—13.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.3%** |  |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> |  | 9864 | &nbsp;&nbsp;$355773 |
| &nbsp;&nbsp;**Consumer Staples—4.5%** |  |  |  |
| &nbsp;&nbsp;Jamieson Wellness, Inc.<sup>(b)</sup> |  | 16849 | &nbsp;&nbsp;&nbsp;&nbsp; 469424 |
| &nbsp;&nbsp;SunOpta, Inc.<sup>(a)</sup> |  | 29843 | &nbsp;&nbsp;&nbsp;&nbsp; 243817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713241 |
| &nbsp;&nbsp;**Financials—4.7%** |  |  |  |
| &nbsp;&nbsp;CI Financial Corp. |  | 35903 | &nbsp;&nbsp;&nbsp;&nbsp; 428229 |
| &nbsp;&nbsp;TMX Group Ltd. |  | 3072 | &nbsp;&nbsp;&nbsp;&nbsp; 302779 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731008 |
| &nbsp;&nbsp;**Industrials—2.0%** |  |  |  |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> |  | 7805 | &nbsp;&nbsp;&nbsp;&nbsp; 316060 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2116082** |
| &nbsp;&nbsp;**IRELAND—2.0%** | &nbsp;&nbsp;**IRELAND—2.0%** | &nbsp;&nbsp;**IRELAND—2.0%** | &nbsp;&nbsp;**IRELAND—2.0%** |
| &nbsp;&nbsp;**Health Care—2.0%** |  |  |  |
| &nbsp;&nbsp;ICON PLC<sup>(a)</sup> |  | 1387 | &nbsp;&nbsp;&nbsp;&nbsp; 319995 |
| &nbsp;&nbsp;**ISRAEL—6.0%** | &nbsp;&nbsp;**ISRAEL—6.0%** | &nbsp;&nbsp;**ISRAEL—6.0%** | &nbsp;&nbsp;**ISRAEL—6.0%** |
| &nbsp;&nbsp;**Information Technology—6.0%** |  |  |  |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492235 |
| &nbsp;&nbsp;Nice Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931986 |
| &nbsp;&nbsp;**UNITED STATES—77.8%** | &nbsp;&nbsp;**UNITED STATES—77.8%** | &nbsp;&nbsp;**UNITED STATES—77.8%** | &nbsp;&nbsp;**UNITED STATES—77.8%** |
| &nbsp;&nbsp;**Communication Services—1.5%** |  |  |  |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. |  | &nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239447 |
| &nbsp;&nbsp;**Consumer Discretionary—3.8%** |  |  |  |
| &nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596409 |
| &nbsp;&nbsp;**Consumer Staples—2.4%** |  |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;5774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382759 |
| &nbsp;&nbsp;**Energy—1.8%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;7254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281383 |
| &nbsp;&nbsp;**Financials—13.3%** |  |  |  |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A |  | &nbsp;&nbsp;8689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311761 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. |  | &nbsp;&nbsp;8430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311151 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. |  | &nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372041 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A |  | &nbsp;&nbsp;5606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448648 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida |  | &nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256238 |
| &nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> |  | &nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091197 |
| &nbsp;&nbsp;**Health Care—8.8%** |  |  |  |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;4649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445188 |
| &nbsp;&nbsp;CryoPort, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;9102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207799 |
| &nbsp;&nbsp;Inmode Ltd.<sup>(a)</sup> |  | 10571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370513 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;5281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347543 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371043 |
| &nbsp;&nbsp;**Industrials—22.7%** |  |  |  |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. |  | &nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231629 |
| &nbsp;&nbsp;Ameresco, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296884 |
| &nbsp;&nbsp;Atkore, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565415 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282503 |
| &nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237815 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. |  | &nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343126 |
| &nbsp;&nbsp;Shyft Group, Inc. (The) |  | 13703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456173 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Tetra Tech, Inc. |  | 3025 | &nbsp;&nbsp;$470448 |
| &nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> |  | 4575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241194 |
| &nbsp;&nbsp;Vertiv Holdings Co. |  | 30336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556565 |
| &nbsp;&nbsp;**Information Technology—14.7%** |  |  |  |
| &nbsp;&nbsp;Amdocs Ltd. |  | 5743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527954 |
| &nbsp;&nbsp;Onto Innovation, Inc.<sup>(a)</sup> |  | 4871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383104 |
| &nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> |  | 1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289731 |
| &nbsp;&nbsp;Perficient, Inc.<sup>(a)</sup> |  | 6298 | &nbsp;&nbsp;&nbsp;&nbsp; 466934 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 354234 |
| &nbsp;&nbsp;Wolfspeed, Inc.<sup>(a)</sup> |  | 3587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298192 |
| &nbsp;&nbsp;**Materials—5.4%** |  |  |  |
| &nbsp;&nbsp;Crown Holdings, Inc. |  | 5096 | &nbsp;&nbsp;&nbsp;&nbsp; 449263 |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | 16633 | &nbsp;&nbsp;&nbsp;&nbsp; 400689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849952 |
| &nbsp;&nbsp;**Utilities—3.4%** |  |  |  |
| &nbsp;&nbsp;Essential Utilities, Inc. |  | 11332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529544 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12196491** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**15564554** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $16,455,214)—99.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $16,455,214)—99.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $16,455,214)—99.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**15564554** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.7% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.7% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106959 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$15671513** |

---

(a) Non-income producing security.

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

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Emerging Markets Debt Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—127.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—127.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—127.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(a)</sup> |  | 3236440 | &nbsp;&nbsp;$3236440 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;**3236440** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $3,236,442)—127.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $3,236,442)—127.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $3,236,442)—127.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**3236440** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(27.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(27.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(27.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(695633) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$2540807** |

---

(a) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| COP | Colombian Peso |
| INR | Indian Rupee |
| PLC | Public Limited Company |
| USD | U.S. Dollar |

---

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8843000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1639916 | &nbsp;&nbsp;$1735351 | &nbsp;&nbsp;$95435 |
| &nbsp;&nbsp;**Colombian Peso/United States Dollar** | &nbsp;&nbsp;**Colombian Peso/United States Dollar** | &nbsp;&nbsp;**Colombian Peso/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;COP | &nbsp;&nbsp;1245498000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;242955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22681 |
| &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** | &nbsp;&nbsp;**Indian Rupee/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$2043878** | &nbsp;&nbsp;**$118266** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;1437897 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613000 | &nbsp;&nbsp;$1493976 | &nbsp;&nbsp;$(56079) |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;231111 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241375 | &nbsp;&nbsp;&nbsp;&nbsp;(10264) |
| &nbsp;&nbsp;**United States Dollar/Colombian Peso** | &nbsp;&nbsp;**United States Dollar/Colombian Peso** | &nbsp;&nbsp;**United States Dollar/Colombian Peso** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;254888 | &nbsp;&nbsp;COP | &nbsp;&nbsp;1245498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265636 | &nbsp;&nbsp;&nbsp;&nbsp;(10748) |
| &nbsp;&nbsp;**United States Dollar/Indian Rupee** | &nbsp;&nbsp;**United States Dollar/Indian Rupee** | &nbsp;&nbsp;**United States Dollar/Indian Rupee** |  |  |  |  |  |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;42224 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$2043878** | &nbsp;&nbsp;**$(77758)** |
| &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;**$118266** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(77758)** |

---

\* Certain contracts with different trade dates and like characteristics have been shown net.

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—20.1%** | &nbsp;&nbsp;**COMMON STOCKS—20.1%** | &nbsp;&nbsp;**COMMON STOCKS—20.1%** |  |
| &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** | &nbsp;&nbsp;**BRAZIL—0.3%** |
| &nbsp;&nbsp;**Materials—0.3%** |  |  |  |
| &nbsp;&nbsp;Yara International ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;$102325 |
| &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Saputo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117438 |
| &nbsp;&nbsp;**Industrials—0.4%** |  |  |  |
| &nbsp;&nbsp;Canadian National Railway Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 143078 |
| &nbsp;&nbsp;**Materials—0.3%** |  |  |  |
| &nbsp;&nbsp;Nutrien Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp; 106949 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**367465** |
| &nbsp;&nbsp;**CHINA—1.7%** | &nbsp;&nbsp;**CHINA—1.7%** | &nbsp;&nbsp;**CHINA—1.7%** | &nbsp;&nbsp;**CHINA—1.7%** |
| &nbsp;&nbsp;**Communication Services—0.2%** |  |  |  |
| &nbsp;&nbsp;Kingsoft Corp. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 24301 |
| &nbsp;&nbsp;Meituan, Class B<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 24592 |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 24365 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73258 |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23373 |
| &nbsp;&nbsp;China Meidong Auto Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24811 |
| &nbsp;&nbsp;H World Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23550 |
| &nbsp;&nbsp;JD.com, Inc., A Shares<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23755 |
| &nbsp;&nbsp;Minth Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23480 |
| &nbsp;&nbsp;Yum China Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144167 |
| &nbsp;&nbsp;**Consumer Staples—0.0%** |  |  |  |
| &nbsp;&nbsp;Hengan International Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24597 |
| &nbsp;&nbsp;**Financials—0.4%** |  |  |  |
| &nbsp;&nbsp;China CITIC Bank Corp. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24605 |
| &nbsp;&nbsp;China Pacific Insurance Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23645 |
| &nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23546 |
| &nbsp;&nbsp;Far East Horizon Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24388 |
| &nbsp;&nbsp;Huatai Securities Co. Ltd., H Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24602 |
| &nbsp;&nbsp;New China Life Insurance Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23065 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143851 |
| &nbsp;&nbsp;**Health Care—0.2%** |  |  |  |
| &nbsp;&nbsp;China Traditional Chinese Medicine Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24914 |
| &nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24183 |
| &nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25051 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74148 |
| &nbsp;&nbsp;**Industrials—0.2%** |  |  |  |
| &nbsp;&nbsp;Air China Ltd., H Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23202 |
| &nbsp;&nbsp;China Southern Airlines Co. Ltd., H Shares<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23914 |
| &nbsp;&nbsp;CRRC Corp. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24929 |
| &nbsp;&nbsp;Jiangsu Expressway Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23637 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95682 |
| &nbsp;&nbsp;**Information Technology—0.2%** |  |  |  |
| &nbsp;&nbsp;BYD Electronic International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24263 |
| &nbsp;&nbsp;Chinasoft International Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24617 |
| &nbsp;&nbsp;ZTE Corp., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23667 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72547 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Utilities—0.1%** |  |  |  |
| &nbsp;&nbsp;Beijing Enterprises Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$25469 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**653719** |
| &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** | &nbsp;&nbsp;**DENMARK—0.3%** |
| &nbsp;&nbsp;**Materials—0.3%** |  |  |  |
| &nbsp;&nbsp;Chr Hansen Holding AS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 123304 |
| &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** | &nbsp;&nbsp;**FRANCE—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp; 109240 |
| &nbsp;&nbsp;**HONG KONG—0.6%** | &nbsp;&nbsp;**HONG KONG—0.6%** | &nbsp;&nbsp;**HONG KONG—0.6%** | &nbsp;&nbsp;**HONG KONG—0.6%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** |  |  |  |
| &nbsp;&nbsp;China Mengniu Dairy Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115773 |
| &nbsp;&nbsp;Vinda International Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 24838 |
| &nbsp;&nbsp;WH Group Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109316 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249927 |
| &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Kerry Group PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105694 |
| &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** | &nbsp;&nbsp;**JAPAN—0.7%** |
| &nbsp;&nbsp;**Communication Services—0.4%** |  |  |  |
| &nbsp;&nbsp;KDDI Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162466 |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;MEIJI Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113460 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**275926** |
| &nbsp;&nbsp;**MACAO—0.1%** | &nbsp;&nbsp;**MACAO—0.1%** | &nbsp;&nbsp;**MACAO—0.1%** | &nbsp;&nbsp;**MACAO—0.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.1%** |  |  |  |
| &nbsp;&nbsp;Galaxy Entertainment Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27845 |
| &nbsp;&nbsp;Sands China Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24001 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51846 |
| &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** | &nbsp;&nbsp;**NETHERLANDS—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Koninklijke Ahold Delhaize NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107240 |
| &nbsp;&nbsp;**NORWAY—0.3%** | &nbsp;&nbsp;**NORWAY—0.3%** | &nbsp;&nbsp;**NORWAY—0.3%** | &nbsp;&nbsp;**NORWAY—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Mowi ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123487 |
| &nbsp;&nbsp;**SINGAPORE—0.1%** | &nbsp;&nbsp;**SINGAPORE—0.1%** | &nbsp;&nbsp;**SINGAPORE—0.1%** | &nbsp;&nbsp;**SINGAPORE—0.1%** |
| &nbsp;&nbsp;**Industrials—0.1%** |  |  |  |
| &nbsp;&nbsp;BOC Aviation Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24151 |
| &nbsp;&nbsp;**SWITZERLAND—0.4%** | &nbsp;&nbsp;**SWITZERLAND—0.4%** | &nbsp;&nbsp;**SWITZERLAND—0.4%** | &nbsp;&nbsp;**SWITZERLAND—0.4%** |
| &nbsp;&nbsp;**Health Care—0.4%** |  |  |  |
| &nbsp;&nbsp;Novartis AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153062 |
| &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** | &nbsp;&nbsp;**THAILAND—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** |  |  |  |
| &nbsp;&nbsp;Charoen Pokphand Foods PCL |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110881 |
| &nbsp;&nbsp;**UNITED STATES—13.4%** | &nbsp;&nbsp;**UNITED STATES—13.4%** | &nbsp;&nbsp;**UNITED STATES—13.4%** | &nbsp;&nbsp;**UNITED STATES—13.4%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;AT&T, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164855 |
| &nbsp;&nbsp;Verizon Communications, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338950 |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** |  |  |  |
| &nbsp;&nbsp;Dollar General Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147402 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **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;**Consumer Staples—4.4%** |  |  |  |
| &nbsp;&nbsp;Campbell Soup Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;$101679 |
| &nbsp;&nbsp;Coca-Cola Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp; 146677 |
| &nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111168 |
| &nbsp;&nbsp;Hormel Foods Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp; 100724 |
| &nbsp;&nbsp;Ingredion, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 108351 |
| &nbsp;&nbsp;Kroger Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp; 99391 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp; 120567 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp; 147502 |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp; 157758 |
| &nbsp;&nbsp;PepsiCo, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 141776 |
| &nbsp;&nbsp;Procter & Gamble Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 145512 |
| &nbsp;&nbsp;Sysco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 96128 |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 103688 |
| &nbsp;&nbsp;US Foods Holding Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 | &nbsp;&nbsp;&nbsp;&nbsp; 112598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693519 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;BlackRock, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163990 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151538 |
| &nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470323 |
| &nbsp;&nbsp;**Health Care—3.1%** |  |  |  |
| &nbsp;&nbsp;Abbott Laboratories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157423 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137817 |
| &nbsp;&nbsp;CVS Health Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132418 |
| &nbsp;&nbsp;Danaher Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148317 |
| &nbsp;&nbsp;Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140705 |
| &nbsp;&nbsp;Medtronic PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160768 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155700 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143268 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176416 |
| &nbsp;&nbsp;**Industrials—0.6%** |  |  |  |
| &nbsp;&nbsp;AGCO Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108018 |
| &nbsp;&nbsp;John Bean Technologies Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131394 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239412 |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143153 |
| &nbsp;&nbsp;Adobe, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167023 |
| &nbsp;&nbsp;Cisco Systems, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150731 |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149677 |
| &nbsp;&nbsp;PayPal Holdings, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168032 |
| &nbsp;&nbsp;Visa, Inc., A Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941375 |
| &nbsp;&nbsp;**Utilities—0.3%** |  |  |  |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134856 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5142253** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7700520** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—36.2%** | &nbsp;&nbsp;**GOVERNMENT BONDS—36.2%** | &nbsp;&nbsp;**GOVERNMENT BONDS—36.2%** |  |
| &nbsp;&nbsp;**BRAZIL—10.1%** | &nbsp;&nbsp;**BRAZIL—10.1%** | &nbsp;&nbsp;**BRAZIL—10.1%** | &nbsp;&nbsp;**BRAZIL—10.1%** |
| &nbsp;&nbsp;Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027 | &nbsp;&nbsp;BRL | 21364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866367 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**FRANCE—5.3%** | &nbsp;&nbsp;**FRANCE—5.3%** | &nbsp;&nbsp;**FRANCE—5.3%** |
| &nbsp;&nbsp;French Republic Government Bond OAT, 1.75%, 05/25/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;$2038631 |
| &nbsp;&nbsp;**GERMANY—9.9%** | &nbsp;&nbsp;**GERMANY—9.9%** | &nbsp;&nbsp;**GERMANY—9.9%** |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesanleihe, 1.50%, 02/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3792516 |
| &nbsp;&nbsp;**ITALY—5.6%** | &nbsp;&nbsp;**ITALY—5.6%** | &nbsp;&nbsp;**ITALY—5.6%** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro, 0.65%, 10/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129398 |
| &nbsp;&nbsp;**JAPAN—5.3%** | &nbsp;&nbsp;**JAPAN—5.3%** | &nbsp;&nbsp;**JAPAN—5.3%** |
| &nbsp;&nbsp;Japan Government Five Year Bond, Series 135, 0.10%, 03/20/2023 | 267000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051899 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;**13878811** |
| &nbsp;&nbsp;**Total Purchased Options (see detail below)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**162700** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—46.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—46.7%** |  |
| &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—22.9%** | &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—22.9%** |  |
| &nbsp;&nbsp;**CANADA—3.9%** | &nbsp;&nbsp;**CANADA—3.9%** | &nbsp;&nbsp;**CANADA—3.9%** |
| &nbsp;&nbsp;Bank of Montreal, 4.10%, 02/01/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;1503055 | &nbsp;&nbsp;&nbsp;&nbsp; 1503055 |
| &nbsp;&nbsp;**FRANCE—7.5%** | &nbsp;&nbsp;**FRANCE—7.5%** | &nbsp;&nbsp;**FRANCE—7.5%** |
| &nbsp;&nbsp;Credit Agricole CIB, 4.28%, 02/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1467246 | &nbsp;&nbsp;&nbsp;&nbsp; 1467246 |
| &nbsp;&nbsp;Societe Generale, 4.00%, 02/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1400343 | &nbsp;&nbsp;&nbsp;&nbsp; 1400343 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2867589** |
| &nbsp;&nbsp;**NETHERLANDS—7.7%** | &nbsp;&nbsp;**NETHERLANDS—7.7%** | &nbsp;&nbsp;**NETHERLANDS—7.7%** |
| &nbsp;&nbsp;ING Bank NV, 4.10%, 02/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1466795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466795 |
| &nbsp;&nbsp;Rabobank Nederland, 4.25%, 02/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1467224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467224 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2934019** |
| &nbsp;&nbsp;**UNITED KINGDOM—3.8%** | &nbsp;&nbsp;**UNITED KINGDOM—3.8%** | &nbsp;&nbsp;**UNITED KINGDOM—3.8%** |
| &nbsp;&nbsp;BNP Paribas SA, 4.15%, 02/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1463350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463350 |
| &nbsp;&nbsp;**Total Certificates of Deposit** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8768013** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—13.4%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—13.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5128379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128379 |
| &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5128379** |
| &nbsp;&nbsp;**U.S. TREASURIES—10.4%** | &nbsp;&nbsp;**U.S. TREASURIES—10.4%** |  |
| &nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 02/02/2023<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 03/02/2023<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24%, 04/06/2023<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%, 05/04/2023<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988350 |
| &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3976725** |
| &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17873117** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $38,680,901)—103.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $38,680,901)—103.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**39615148** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.4%) | &nbsp;&nbsp;&nbsp;&nbsp;(1306394) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$38308754** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

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

(b) Non-income producing security.

(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) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

(e) The rate shown is the discount yield at the time of purchase.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNY | Chinese Yuan Renminbi |

---

---

| | |
|:---|:---|
| DKK | Denmark Krone |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| PLC | Public Limited Company |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |

---

At January 31, 2023, the Fund held the following futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Market<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Long Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;ICE U.S. MSCI Emerging Markets EM Index | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;$1523129 | &nbsp;&nbsp;$1514670 | &nbsp;&nbsp;$(8459) |
| &nbsp;&nbsp;United States Treasury Note 6%–10 year Ultra | &nbsp;&nbsp;103 | &nbsp;&nbsp;3/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;12354733 | &nbsp;&nbsp;&nbsp;12483922 | &nbsp;&nbsp;&nbsp;&nbsp;129189 |
|  |  |  |  |  | &nbsp;&nbsp;$120730 |
| &nbsp;&nbsp;**Short Contract Positions** |  |  |  |  |  |
| &nbsp;&nbsp;Euro-BTP Italian Bond | &nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;3/08/2023 | &nbsp;&nbsp;$(2680083) | &nbsp;&nbsp;$(2605378) | &nbsp;&nbsp;$74705 |
| &nbsp;&nbsp;ICE U.S. mini MSCI EAFE Index | &nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(1584957) | &nbsp;&nbsp;&nbsp;&nbsp;(1589250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4293) |
| &nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(4209569) | &nbsp;&nbsp;&nbsp;(4294500) | &nbsp;&nbsp;&nbsp;&nbsp;(84931) |
|  |  |  |  |  | &nbsp;&nbsp;$(14519) |
|  |  |  |  |  | &nbsp;&nbsp;**$106211** |

---

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** | &nbsp;&nbsp;**Australian Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;139472 | &nbsp;&nbsp;&nbsp;$155333 | &nbsp;&nbsp;$15861 |
| &nbsp;&nbsp;03/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;4338869 | &nbsp;&nbsp;&nbsp;&nbsp;4417637 | &nbsp;&nbsp;&nbsp;&nbsp;78768 |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;154813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 |
| &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** | &nbsp;&nbsp;**Brazilian Real/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1451170 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;269331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285439 | &nbsp;&nbsp;&nbsp;&nbsp;16108 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;19761466 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3878781 | &nbsp;&nbsp;&nbsp;3886992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211 |
| &nbsp;&nbsp;04/20/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;4110000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;776629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798435 | &nbsp;&nbsp;&nbsp;&nbsp;21806 |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;480375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524035 | &nbsp;&nbsp;&nbsp;43660 |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;2340000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;2893855 | &nbsp;&nbsp;&nbsp;&nbsp;2885514 | &nbsp;&nbsp;&nbsp;&nbsp;(8341) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;524739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| &nbsp;&nbsp;**Canadian Dollar/United States Dollar** | &nbsp;&nbsp;**Canadian Dollar/United States Dollar** | &nbsp;&nbsp;**Canadian Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;225717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7282 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541477 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;401946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406979 | &nbsp;&nbsp;&nbsp;&nbsp;5033 |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;230684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** | &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** | &nbsp;&nbsp;**Chinese Renminbi/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22560000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3338611 | &nbsp;&nbsp;$3345597 | &nbsp;&nbsp;&nbsp;&nbsp;$6986 |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;378968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055 |
| &nbsp;&nbsp;**Danish Krone/United States Dollar** | &nbsp;&nbsp;**Danish Krone/United States Dollar** | &nbsp;&nbsp;**Danish Krone/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028398 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;149070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;149086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430414 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;449757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18399 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;980089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74967 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296032 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11073768 | &nbsp;&nbsp;&nbsp;&nbsp;11198875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125107 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876068 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2041210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058966 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2132360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107155 |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 |
| &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928696 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;246254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) |
| &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** | &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** | &nbsp;&nbsp;**Indonesian Rupiah/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/20/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;12000000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;798882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 |
| &nbsp;&nbsp;**Japanese Yen/United States Dollar** | &nbsp;&nbsp;**Japanese Yen/United States Dollar** | &nbsp;&nbsp;**Japanese Yen/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013389 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304214235 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2337458 | &nbsp;&nbsp;&nbsp;&nbsp;2339386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;423890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52886 |
| &nbsp;&nbsp;04/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582200000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;4523662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8350) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;482491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 |
| &nbsp;&nbsp;**MXN/United States Dollar** | &nbsp;&nbsp;**MXN/United States Dollar** | &nbsp;&nbsp;**MXN/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/20/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;785288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477 |
| &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** | &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** | &nbsp;&nbsp;**New Taiwan Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;456644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 |
| &nbsp;&nbsp;**NOK/United States Dollar** | &nbsp;&nbsp;**NOK/United States Dollar** | &nbsp;&nbsp;**NOK/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473796 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;246521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109226 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** | &nbsp;&nbsp;**Singapore Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4961807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215687 |
| &nbsp;&nbsp;**Swedish Krona/United States Dollar** | &nbsp;&nbsp;**Swedish Krona/United States Dollar** | &nbsp;&nbsp;**Swedish Krona/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;229243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2948) |
| &nbsp;&nbsp;**Swiss Franc/United States Dollar** | &nbsp;&nbsp;**Swiss Franc/United States Dollar** | &nbsp;&nbsp;**Swiss Franc/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66729 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630209 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;650942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37958 |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4312168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35754 |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;403022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357 |
| &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** | &nbsp;&nbsp;**Thai Baht/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344732 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;828092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54896 |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2521860 | &nbsp;&nbsp;&nbsp;&nbsp;2694480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172620 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$61368712** | &nbsp;&nbsp;**$1128189** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Australian Dollar** | &nbsp;&nbsp;**United States Dollar/Australian Dollar** | &nbsp;&nbsp;**United States Dollar/Australian Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154284 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;$155333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1049) |
| &nbsp;&nbsp;03/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4269244 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148393) |
| &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** | &nbsp;&nbsp;**United States Dollar/Brazilian Real** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1221928 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;6556730 | &nbsp;&nbsp;&nbsp;&nbsp;1289680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67752) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2752899 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;14655905 | &nbsp;&nbsp;&nbsp;&nbsp;2882752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129853) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3815822 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;19761466 | &nbsp;&nbsp;&nbsp;&nbsp;3824583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8761) |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523720 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1996327 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;2046989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50662) |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830414 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8111) |
| &nbsp;&nbsp;04/20/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3969293 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp;3963640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 |
| &nbsp;&nbsp;**United States Dollar/Canadian Dollar** | &nbsp;&nbsp;**United States Dollar/Canadian Dollar** | &nbsp;&nbsp;**United States Dollar/Canadian Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;394260 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12719) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;230496 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2503) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361531 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3937) |
| &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** | &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** | &nbsp;&nbsp;**United States Dollar/Chinese Renminbi** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3608055 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;25190000 | &nbsp;&nbsp;&nbsp;&nbsp;3735620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127565) |
| &nbsp;&nbsp;**United States Dollar/Danish Krone** | &nbsp;&nbsp;**United States Dollar/Danish Krone** | &nbsp;&nbsp;**United States Dollar/Danish Krone** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136136 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;1028398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14231) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43690 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126025 | &nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116490 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3156) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;390200 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12245) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141956 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;12022360 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;12202363 | &nbsp;&nbsp;&nbsp;13272368 | &nbsp;&nbsp;&nbsp;(1250008) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3120961 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959117 | &nbsp;&nbsp;&nbsp;&nbsp;3218597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97636) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;8405467 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716740 | &nbsp;&nbsp;&nbsp;&nbsp;8438468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33001) |
| &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245957 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1928696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902424 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| &nbsp;&nbsp;**United States Dollar/Japanese Yen** | &nbsp;&nbsp;**United States Dollar/Japanese Yen** | &nbsp;&nbsp;**United States Dollar/Japanese Yen** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476383 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;62000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2107331 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;308227624 | &nbsp;&nbsp;&nbsp;&nbsp;2370249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262918) |
| &nbsp;&nbsp;04/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522827 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;67500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(676) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2367426 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;304214235 | &nbsp;&nbsp;&nbsp;&nbsp;2369420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1994) |
| &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** | &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** | &nbsp;&nbsp;**United States Dollar/New Taiwan Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3167107 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;95900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31037) |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3700603 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;112700000 | &nbsp;&nbsp;&nbsp;&nbsp;3758403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57800) |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1202898 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;36200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15834) |
| &nbsp;&nbsp;**United States Dollar/NOK** | &nbsp;&nbsp;**United States Dollar/NOK** | &nbsp;&nbsp;**United States Dollar/NOK** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;246042 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;2583022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12823) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247588 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;2473796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429) |
| &nbsp;&nbsp;**United States Dollar/Singapore Dollar** | &nbsp;&nbsp;**United States Dollar/Singapore Dollar** | &nbsp;&nbsp;**United States Dollar/Singapore Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1660534 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;2270000 | &nbsp;&nbsp;&nbsp;&nbsp;1728369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67835) |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208164 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2743) |
| &nbsp;&nbsp;**United States Dollar/Swedish Krona** | &nbsp;&nbsp;**United States Dollar/Swedish Krona** | &nbsp;&nbsp;**United States Dollar/Swedish Krona** |  |  |  |  |  |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4237524 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;43260000 | &nbsp;&nbsp;&nbsp;&nbsp;4148108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89416 |
| &nbsp;&nbsp;04/20/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1193982 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;12300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Swiss Franc** | &nbsp;&nbsp;**United States Dollar/Swiss Franc** | &nbsp;&nbsp;**United States Dollar/Swiss Franc** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;726296 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696938 | &nbsp;&nbsp;&nbsp;&nbsp;$761843 | &nbsp;&nbsp;&nbsp;&nbsp;$(35547) |
| &nbsp;&nbsp;03/23/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;337829 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2625) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;283431 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3768) |
| &nbsp;&nbsp;**United States Dollar/Thai Baht** | &nbsp;&nbsp;**United States Dollar/Thai Baht** | &nbsp;&nbsp;**United States Dollar/Thai Baht** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;115523 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;4344732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16201) |
| &nbsp;&nbsp;02/17/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;331376 | &nbsp;&nbsp;THB | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400) |
| &nbsp;&nbsp;05/11/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;132926 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;4344732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$75425816** | &nbsp;&nbsp;**$(2380087)** |

---

At January 31, 2023, Fund's open forward foreign cross currency contracts were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase/Sale<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Contract<br> Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Euro / British Pound** | &nbsp;&nbsp;**Euro / British Pound** | &nbsp;&nbsp;**Euro / British Pound** | &nbsp;&nbsp;**Euro / British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1889426 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1660000 | &nbsp;&nbsp;$1956972 | &nbsp;&nbsp;$1965602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8630 |
| &nbsp;&nbsp;02/13/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;777416 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$2796389** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$15901** |
| &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;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$1273203** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(2509200)** |

---

\* Certain contracts with different trade dates and like characteristics have been shown net.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: | At January 31, 2023, the Fund held the following centrally cleared credit default swaps: |
| &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Credit Index** | &nbsp;&nbsp;**Fixed Rate** | &nbsp;&nbsp;**Implied<br> Credit<br> Spread\*** | &nbsp;&nbsp;**Frequency of<br> Payments Made** | &nbsp;&nbsp;**Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Buy Protection:** | &nbsp;&nbsp;**Buy Protection:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to (1.00%) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;$(5442) | &nbsp;&nbsp;&nbsp;$(31079) | &nbsp;&nbsp;&nbsp;$(25637) |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;10800000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to (1.00%) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198177) | &nbsp;&nbsp;&nbsp;&nbsp;(146496) |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;6720000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to (5.00%) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;266989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287531) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$209866** | &nbsp;&nbsp;**$(249798)** | &nbsp;&nbsp;**$(459664)** |
| &nbsp;&nbsp;**Sell Protection:** | &nbsp;&nbsp;**Sell Protection:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;23260000 | &nbsp;&nbsp;CDX.NA.HY | &nbsp;&nbsp;Equal to 1.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;$24845 | &nbsp;&nbsp;$340355 | &nbsp;&nbsp;&nbsp;$315510 |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to 5.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104829 |
| &nbsp;&nbsp;12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;iTraxx Europe Crossover | &nbsp;&nbsp;Equal to 5.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86858 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$(99226)** | &nbsp;&nbsp;**$407971** | &nbsp;&nbsp;&nbsp;**$507197** |

---

\* Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swaps agreements on corporate issues or sovereign issues and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made prior to entering into the agreement. For credit default swap with asset-backed securities or credit indices as the underlying assets, the quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Global Absolute Return Strategies Fund

------

At January 31, 2023, the Fund held the following over-the-counter total return swaps:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Receive (Pay)<br> Total Return of<br> Equity Index** | &nbsp;&nbsp;**Equity Index** | &nbsp;&nbsp;**Floating<br> Rate Index** | &nbsp;&nbsp;**Frequency of<br> Payments Made** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;(1600679) | &nbsp;&nbsp;04/05/2023 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;S&P 500 Low Volatility Net Total Return Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;$(31920) | &nbsp;&nbsp;$(31920) |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2411200 | &nbsp;&nbsp;03/06/2023 | &nbsp;&nbsp;Receive | &nbsp;&nbsp;MSCI World Consumer Staples Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;51893 | &nbsp;&nbsp;&nbsp;&nbsp;51893 |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4557630 | &nbsp;&nbsp;03/31/2023 | &nbsp;&nbsp;Receive | &nbsp;&nbsp;MSCI World Quality Index | &nbsp;&nbsp;1-month SOFR | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67317 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**$87290** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following purchased options: |
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;&nbsp;&nbsp;**Contracts** | **Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Value** |
| &nbsp;&nbsp;**Put Options Purchased 0.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Index Options 0.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;07/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;4050.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;$163515 | $162700 | &nbsp;&nbsp;&nbsp;&nbsp;$(815) |
| &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: | &nbsp;&nbsp;At January 31, 2023, the Fund held the following written options: |
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;&nbsp;&nbsp;**Contracts** | **Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Value** |
| &nbsp;&nbsp;**Put Options Written 0.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Index Options 0.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;07/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;3650.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) | &nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;$(35767) | $(37900) | &nbsp;&nbsp;&nbsp;&nbsp;$(2133) |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;07/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;3250.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) | &nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15593) | &nbsp;&nbsp;&nbsp;&nbsp;(15580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(51360)** | **$(53480)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2120)** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Global High Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—93.1%** | &nbsp;&nbsp;**CORPORATE BONDS—93.1%** |  |
| &nbsp;&nbsp;**BRAZIL—2.4%** | &nbsp;&nbsp;**BRAZIL—2.4%** | &nbsp;&nbsp;**BRAZIL—2.4%** |
| &nbsp;&nbsp;**Chemicals—0.7%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 4.50%, 01/10/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;$765855 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.5%** |  |  |
| &nbsp;&nbsp;Rede D'or Finance Sarl |  |  |
| &nbsp;&nbsp;4.95%, 01/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 352526 |
| &nbsp;&nbsp;4.50%, 01/22/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp; 178500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531026 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—1.2%** |  |  |
| &nbsp;&nbsp;Petrobras Global Finance BV, 5.60%, 01/03/2031 | 1236000 | &nbsp;&nbsp;&nbsp;&nbsp; 1188995 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2485876** |
| &nbsp;&nbsp;**CANADA—2.0%** | &nbsp;&nbsp;**CANADA—2.0%** | &nbsp;&nbsp;**CANADA—2.0%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Rogers Communications, Inc., (fixed rate to 03/15/2027, variable rate thereafter), 5.25%, 03/15/2082<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp; 530088 |
| &nbsp;&nbsp;**Environmental Control—0.4%** |  |  |
| &nbsp;&nbsp;GFL Environmental, Inc., 4.75%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp; 331232 |
| &nbsp;&nbsp;**Machinery-Diversified—0.5%** |  |  |
| &nbsp;&nbsp;Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513624 |
| &nbsp;&nbsp;**Oil & Gas Services—0.6%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635556 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2010500** |
| &nbsp;&nbsp;**CHINA—0.4%** | &nbsp;&nbsp;**CHINA—0.4%** | &nbsp;&nbsp;**CHINA—0.4%** |
| &nbsp;&nbsp;**Real Estate—0.4%** |  |  |
| &nbsp;&nbsp;China Evergrande Group, 9.50%, 04/11/2022<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47757 |
| &nbsp;&nbsp;Country Garden Holdings Co. Ltd., 3.13%, 10/22/2025<sup>(a)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;9.75%, 09/28/2023<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41492 |
| &nbsp;&nbsp;9.38%, 06/30/2024<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94050 |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375279 |
| &nbsp;&nbsp;**FRANCE—1.9%** | &nbsp;&nbsp;**FRANCE—1.9%** | &nbsp;&nbsp;**FRANCE—1.9%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Iliad Holding SASU, 6.50%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503780 |
| &nbsp;&nbsp;**Electric Utilities—0.5%** |  |  |
| &nbsp;&nbsp;Electricite de France SA |  |  |
| &nbsp;&nbsp;(fixed rate to 01/29/2025, variable rate thereafter), 5.38%, 01/29/2025<sup>(a)(d)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210907 |
| &nbsp;&nbsp;(fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518191 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.5%** |  |  |
| &nbsp;&nbsp;Chrome Bidco SASU, 3.50%, 05/31/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;$528841 |
| &nbsp;&nbsp;**Packaging & Containers—0.4%** |  |  |
| &nbsp;&nbsp;Verallia SA, 1.88%, 11/10/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 434480 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1985292** |
| &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** |
| &nbsp;&nbsp;**Apparel—0.5%** |  |  |
| &nbsp;&nbsp;CT Investment GmbH, 5.50%, 04/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 472929 |
| &nbsp;&nbsp;**Auto Parts & Equipment—1.0%** |  |  |
| &nbsp;&nbsp;Schaeffler AG |  |  |
| &nbsp;&nbsp;2.88%, 03/26/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356721 |
| &nbsp;&nbsp;3.38%, 10/12/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195788 |
| &nbsp;&nbsp;ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;2.00%, 02/23/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196325 |
| &nbsp;&nbsp;2.50%, 10/23/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026710 |
| &nbsp;&nbsp;**Building Materials—0.3%** |  |  |
| &nbsp;&nbsp;HT Troplast GmbH, 9.25%, 07/15/2025<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314730 |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345762 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;395639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409602 |
| &nbsp;&nbsp;**Machinery-Diversified—0.2%** |  |  |
| &nbsp;&nbsp;TK Elevator Midco GmbH, 4.38%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172798 |
| &nbsp;&nbsp;**Pharmaceutical—0.4%** |  |  |
| &nbsp;&nbsp;Gruenenthal GmbH |  |  |
| &nbsp;&nbsp;3.63%, 11/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198808 |
| &nbsp;&nbsp;4.13%, 05/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426059 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3168590** |
| &nbsp;&nbsp;**HONG KONG—0.5%** | &nbsp;&nbsp;**HONG KONG—0.5%** | &nbsp;&nbsp;**HONG KONG—0.5%** |
| &nbsp;&nbsp;**Lodging—0.5%** |  |  |
| &nbsp;&nbsp;Melco Resorts Finance Ltd., 5.75%, 07/21/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478784 |
| &nbsp;&nbsp;**IRELAND—0.4%** | &nbsp;&nbsp;**IRELAND—0.4%** | &nbsp;&nbsp;**IRELAND—0.4%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.00%, 06/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381167 |
| &nbsp;&nbsp;**ISRAEL—1.6%** | &nbsp;&nbsp;**ISRAEL—1.6%** | &nbsp;&nbsp;**ISRAEL—1.6%** |
| &nbsp;&nbsp;**Pharmaceutical—1.6%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;7.13%, 01/31/2025 | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580721 |
| &nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652250 |
| &nbsp;&nbsp;4.75%, 05/09/2027 | &nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610972 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**ITALY—2.2%** | &nbsp;&nbsp;**ITALY—2.2%** | &nbsp;&nbsp;**ITALY—2.2%** |
| &nbsp;&nbsp;**Commercial Banks—0.4%** |  |  |
| &nbsp;&nbsp;UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter), 6.63%, 06/03/2023<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;$355621 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.7%** |  |  |
| &nbsp;&nbsp;Autostrade per l'Italia SpA, 2.00%, 12/04/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 703087 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Telecom Italia Capital SA, 6.38%, 11/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 510138 |
| &nbsp;&nbsp;**Entertainment—0.4%** |  |  |
| &nbsp;&nbsp;Lottomatica SpA/Roma, 6.25%, 07/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 430512 |
| &nbsp;&nbsp;**Hand/Machine Tools—0.2%** |  |  |
| &nbsp;&nbsp;IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp; 219740 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2219098** |
| &nbsp;&nbsp;**JERSEY—0.4%** | &nbsp;&nbsp;**JERSEY—0.4%** | &nbsp;&nbsp;**JERSEY—0.4%** |
| &nbsp;&nbsp;**Commercial Banks—0.4%** |  |  |
| &nbsp;&nbsp;HSBC Bank Capital Funding Sterling 1 LP, FRN, 5.84%, 11/05/2031<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 413865 |
| &nbsp;&nbsp;**LUXEMBOURG—3.4%** | &nbsp;&nbsp;**LUXEMBOURG—3.4%** | &nbsp;&nbsp;**LUXEMBOURG—3.4%** |
| &nbsp;&nbsp;**Biotechnology—0.5%** |  |  |
| &nbsp;&nbsp;Cidron Aida Finco Sarl |  |  |
| &nbsp;&nbsp;5.00%, 04/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284361 |
| &nbsp;&nbsp;6.25%, 04/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547536 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.7%** |  |  |
| &nbsp;&nbsp;Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.25%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239363 |
| &nbsp;&nbsp;Albion Financing 2Sarl, 8.75%, 04/15/2027<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679216 |
| &nbsp;&nbsp;**Diversified Financial Services—0.1%** |  |  |
| &nbsp;&nbsp;Garfunkelux Holdco 3 SA, 7.75%, 11/01/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130744 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.2%** |  |  |
| &nbsp;&nbsp;Altice France Holding SA, 8.00%, 05/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471496 |
| &nbsp;&nbsp;Matterhorn Telecom SA, 3.13%, 09/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177817 |
| &nbsp;&nbsp;**Energy-Alternate Sources—0.4%** |  |  |
| &nbsp;&nbsp;Cullinan Holdco Scsp, 4.63%, 10/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448756 |
| &nbsp;&nbsp;**Entertainment—0.0%** |  |  |
| &nbsp;&nbsp;LHMC Finco 2 Sarl, PIK, 7.25%, 10/02/2025<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12151 |
| &nbsp;&nbsp;**Machinery-Diversified—0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(a)(b)(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Media—0.4%** |  |  |
| &nbsp;&nbsp;Altice Financing SA, 5.75%, 08/15/2029<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;$377118 |
| &nbsp;&nbsp;**Packaging & Containers—0.1%** |  |  |
| &nbsp;&nbsp;Kleopatra Finco Sarl, 4.25%, 03/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 102766 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3476104** |
| &nbsp;&nbsp;**MEXICO—2.5%** | &nbsp;&nbsp;**MEXICO—2.5%** | &nbsp;&nbsp;**MEXICO—2.5%** |
| &nbsp;&nbsp;**Chemicals—0.1%** |  |  |
| &nbsp;&nbsp;Braskem Idesa SAPI, 6.99%, 02/20/2032<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 148120 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.7%** |  |  |
| &nbsp;&nbsp;Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 699375 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—1.7%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;6.49%, 01/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 281703 |
| &nbsp;&nbsp;5.35%, 02/12/2028 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 897973 |
| &nbsp;&nbsp;6.70%, 02/16/2032<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp; 506340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686016 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2533511** |
| &nbsp;&nbsp;**NETHERLANDS—2.6%** | &nbsp;&nbsp;**NETHERLANDS—2.6%** | &nbsp;&nbsp;**NETHERLANDS—2.6%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;OCI NV, 3.63%, 10/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;517500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556536 |
| &nbsp;&nbsp;**Commercial Banks—0.4%** |  |  |
| &nbsp;&nbsp;Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049<sup>(a)(d)(i)</sup> | &nbsp;&nbsp;&nbsp;355750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386270 |
| &nbsp;&nbsp;**Home Furnishings—0.3%** |  |  |
| &nbsp;&nbsp;Nobel Bidco BV, 3.13%, 06/15/2028<sup>(a)</sup> | &nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261270 |
| &nbsp;&nbsp;**Internet—0.1%** |  |  |
| &nbsp;&nbsp;United Group BV, 5.25%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105861 |
| &nbsp;&nbsp;**Media—0.6%** |  |  |
| &nbsp;&nbsp;Summer BidCo BV, PIK, 9.00%, 11/15/2025<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;367063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298845 |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624849 |
| &nbsp;&nbsp;**Packaging & Containers—0.7%** |  |  |
| &nbsp;&nbsp;Trivium Packaging Finance BV, 5.50%, 08/15/2026<sup>(a)</sup> | $&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662359 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2597145** |
| &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** |
| &nbsp;&nbsp;**Engineering & Construction—0.7%** |  |  |
| &nbsp;&nbsp;IHS Netherlands Holdco BV, 8.00%, 09/18/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684988 |
| &nbsp;&nbsp;**PANAMA—0.4%** | &nbsp;&nbsp;**PANAMA—0.4%** | &nbsp;&nbsp;**PANAMA—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;C&W Senior Financing DAC, 6.88%, 09/15/2027<sup>(a)</sup> | &nbsp;&nbsp;436000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414758 |
| &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** | &nbsp;&nbsp;**REPUBLIC OF IRELAND—0.1%** |
| &nbsp;&nbsp;**Media—0.1%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103097 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**SOUTH AFRICA—0.4%** | &nbsp;&nbsp;**SOUTH AFRICA—0.4%** | &nbsp;&nbsp;**SOUTH AFRICA—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;$445464 |
| &nbsp;&nbsp;**SPAIN—1.9%** | &nbsp;&nbsp;**SPAIN—1.9%** | &nbsp;&nbsp;**SPAIN—1.9%** |
| &nbsp;&nbsp;**Commercial Banks—0.2%** |  |  |
| &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, (fixed rate to 03/05/2025, variable rate thereafter), Series 9, 6.50%, 03/05/2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195752 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Lorca Telecom Bondco SA, 4.00%, 09/18/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498005 |
| &nbsp;&nbsp;Telefonica Europe BV, (fixed rate to 06/22/2026, variable rate thereafter), Series ., 3.88%, 06/22/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005034 |
| &nbsp;&nbsp;**Engineering & Construction—0.4%** |  |  |
| &nbsp;&nbsp;Cellnex Finance Co. SA |  |  |
| &nbsp;&nbsp;1.00%, 09/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93196 |
| &nbsp;&nbsp;1.50%, 06/08/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93515 |
| &nbsp;&nbsp;2.00%, 09/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443428 |
| &nbsp;&nbsp;**Entertainment—0.1%** |  |  |
| &nbsp;&nbsp;Cirsa Finance International Sarl, 6.25%, 12/20/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78313 |
| &nbsp;&nbsp;**Pharmaceutical—0.2%** |  |  |
| &nbsp;&nbsp;Grifols SA, 2.25%, 11/15/2027<sup>(a)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188938 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1911465** |
| &nbsp;&nbsp;**SWEDEN—1.1%** | &nbsp;&nbsp;**SWEDEN—1.1%** | &nbsp;&nbsp;**SWEDEN—1.1%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.6%** |  |  |
| &nbsp;&nbsp;Verisure Holding AB, 3.25%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319498 |
| &nbsp;&nbsp;Verisure Midholding AB, 5.25%, 02/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566312 |
| &nbsp;&nbsp;**Diversified Financial Services—0.5%** |  |  |
| &nbsp;&nbsp;Intrum AB, 4.88%, 08/15/2025<sup>(a)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510281 |
| &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1076593** |
| &nbsp;&nbsp;**SWITZERLAND—1.4%** | &nbsp;&nbsp;**SWITZERLAND—1.4%** | &nbsp;&nbsp;**SWITZERLAND—1.4%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA, 5.63%, 10/15/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567240 |
| &nbsp;&nbsp;**Commercial Banks—0.6%** |  |  |
| &nbsp;&nbsp;Credit Suisse AG, 7.50%, 02/15/2028 | &nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643206 |
| &nbsp;&nbsp;**Retail—0.3%** |  |  |
| &nbsp;&nbsp;Dufry One BV, 2.50%, 10/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265672 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1476118** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** | &nbsp;&nbsp;**TURKEY—0.4%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Turk Telekomunikasyon AS, 4.88%, 06/19/2024<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;$386343 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** |
| &nbsp;&nbsp;**Aerospace & Defense—0.7%** |  |  |
| &nbsp;&nbsp;Rolls-Royce PLC, 4.63%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722703 |
| &nbsp;&nbsp;**Diversified Financial Services—0.4%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC |  |  |
| &nbsp;&nbsp;4.88%, 01/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144419 |
| &nbsp;&nbsp;5.25%, 01/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463647 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.3%** |  |  |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd., 3.88%, 02/20/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp; 292925 |
| &nbsp;&nbsp;**Entertainment—0.6%** |  |  |
| &nbsp;&nbsp;Pinewood Finance Co. Ltd., 3.25%, 09/30/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573189 |
| &nbsp;&nbsp;**Food & Staples—0.6%** |  |  |
| &nbsp;&nbsp;eG Global Finance PLC, 4.38%, 02/07/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 578907 |
| &nbsp;&nbsp;**Food Products—0.4%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;3.25%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281897 |
| &nbsp;&nbsp;4.50%, 02/16/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392316 |
| &nbsp;&nbsp;**Media—0.5%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560848 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.6%** |  |  |
| &nbsp;&nbsp;Ithaca Energy North Sea PLC, 9.00%, 07/15/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;581000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570724 |
| &nbsp;&nbsp;**Pharmaceutical—1.2%** |  |  |
| &nbsp;&nbsp;180 Medical, Inc., 3.88%, 10/15/2029<sup>(a)</sup> | 1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192022 |
| &nbsp;&nbsp;**Water Utility—0.3%** |  |  |
| &nbsp;&nbsp;Thames Water Kemble Finance PLC, 4.63%, 05/19/2026<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322693 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5669974** |
| &nbsp;&nbsp;**UNITED STATES—56.0%** | &nbsp;&nbsp;**UNITED STATES—56.0%** | &nbsp;&nbsp;**UNITED STATES—56.0%** |
| &nbsp;&nbsp;**Advertising—0.6%** |  |  |
| &nbsp;&nbsp;Summer BC Bidco B LLC, 5.50%, 10/31/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592600 |
| &nbsp;&nbsp;**Aerospace & Defense—2.5%** |  |  |
| &nbsp;&nbsp;Boeing Co., 5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823466 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;6.88%, 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44287 |
| &nbsp;&nbsp;3.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396988 |
| &nbsp;&nbsp;5.95%, 02/01/2037 | 1244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520435 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income 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;**Agriculture—1.4%** |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc., 6.00%, 06/15/2030<sup>(a)</sup> | $1013000 | &nbsp;&nbsp;$1007935 |
| &nbsp;&nbsp;Turning Point Brands, Inc., 5.63%, 02/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp; 455753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463688 |
| &nbsp;&nbsp;**Apparel—0.3%** |  |  |
| &nbsp;&nbsp;Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp; 318469 |
| &nbsp;&nbsp;**Auto Manufacturers—2.6%** |  |  |
| &nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;9.63%, 04/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp; 496736 |
| &nbsp;&nbsp;6.10%, 08/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 547539 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;4.54%, 03/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp; 192731 |
| &nbsp;&nbsp;4.95%, 05/28/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;364000 | &nbsp;&nbsp;&nbsp;&nbsp; 347354 |
| &nbsp;&nbsp;7.35%, 11/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp; 738320 |
| &nbsp;&nbsp;2.90%, 02/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp; 340598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663278 |
| &nbsp;&nbsp;**Auto Parts & Equipment—1.7%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 3.50%, 08/15/2024<sup>(a)</sup> | &nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531886 |
| &nbsp;&nbsp;Goodyear Europe BV, 2.75%, 08/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307634 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;9.50%, 05/31/2025 | $&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623434 |
| &nbsp;&nbsp;5.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101307 |
| &nbsp;&nbsp;5.25%, 07/15/2031 | &nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692668 |
| &nbsp;&nbsp;**Building Materials—1.2%** |  |  |
| &nbsp;&nbsp;Builders FirstSource, Inc., 4.25%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234847 |
| &nbsp;&nbsp;MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329262 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182719 |
| &nbsp;&nbsp;**Chemicals—0.8%** |  |  |
| &nbsp;&nbsp;ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233044 |
| &nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;6.17%, 07/15/2027 | &nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390984 |
| &nbsp;&nbsp;6.38%, 07/15/2032 | &nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787219 |
| &nbsp;&nbsp;**Coal—1.0%** |  |  |
| &nbsp;&nbsp;SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(a)</sup> | 1153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014640 |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.4%** |  |  |
| &nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.38%, 03/01/2029<sup>(a)</sup> | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005750 |
| &nbsp;&nbsp;Sabre GLBL, Inc., 11.25%, 12/15/2027<sup>(a)</sup> | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408550 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Computers & Peripherals—0.7%** |  |  |
| &nbsp;&nbsp;Banff Merger Sub, Inc., 8.38%, 09/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;$319754 |
| &nbsp;&nbsp;McAfee Corp., 7.38%, 02/15/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 386228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705982 |
| &nbsp;&nbsp;**Diversified Financial Services—0.5%** |  |  |
| &nbsp;&nbsp;Encore Capital Group, Inc., 4.88%, 10/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508879 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.5%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;6.00%, 01/15/2030<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp; 63250 |
| &nbsp;&nbsp;8.75%, 05/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp; 265280 |
| &nbsp;&nbsp;Lumen Technologies, Inc., 4.50%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 336250 |
| &nbsp;&nbsp;Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp; 180802 |
| &nbsp;&nbsp;8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp; 108680 |
| &nbsp;&nbsp;T-Mobile USA, Inc., 3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp; 566440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520702 |
| &nbsp;&nbsp;**Electric Utilities—1.7%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;3.38%, 02/15/2029<sup>(a)</sup> | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855667 |
| &nbsp;&nbsp;3.63%, 02/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190896 |
| &nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;5.63%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486729 |
| &nbsp;&nbsp;4.38%, 05/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727627 |
| &nbsp;&nbsp;**Energy Equipment & Services—4.2%** |  |  |
| &nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779578 |
| &nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158797 |
| &nbsp;&nbsp;EnLink Midstream LLC, 6.50%, 09/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608194 |
| &nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;4.25%, 02/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380976 |
| &nbsp;&nbsp;5.50%, 10/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95126 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)</sup> | &nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597700 |
| &nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;3.88%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226950 |
| &nbsp;&nbsp;6.25%, 01/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107991 |
| &nbsp;&nbsp;4.13%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570058 |
| &nbsp;&nbsp;3.88%, 11/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348275 |
| &nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;3.95%, 06/01/2025 | &nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251165 |
| &nbsp;&nbsp;4.65%, 07/01/2026 | &nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274960 |
| &nbsp;&nbsp;**Entertainment—2.8%** |  |  |
| &nbsp;&nbsp;Affinity Gaming, 6.88%, 12/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650847 |
| &nbsp;&nbsp;Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315 |
| &nbsp;&nbsp;CCM Merger, Inc., 6.38%, 05/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494393 |
| &nbsp;&nbsp;Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/01/2028 | &nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483588 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income 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;International Game Technology PLC, 3.50%, 06/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;$869020 |
| &nbsp;&nbsp;Six Flags Theme Parks, Inc., 7.00%, 07/01/2025<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp; 376060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892223 |
| &nbsp;&nbsp;**Environmental Control—0.7%** |  |  |
| &nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;4.88%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 540277 |
| &nbsp;&nbsp;6.38%, 02/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671689 |
| &nbsp;&nbsp;**Food Products—0.7%** |  |  |
| &nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 02/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp; 239665 |
| &nbsp;&nbsp;Post Holdings, Inc., 4.50%, 09/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721802 |
| &nbsp;&nbsp;**Healthcare Providers & Services—4.3%** |  |  |
| &nbsp;&nbsp;Centene Corp., 4.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp; 619688 |
| &nbsp;&nbsp;Encompass Health Corp., 4.63%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836186 |
| &nbsp;&nbsp;HCA, Inc., 5.63%, 09/01/2028 | 1319000 | &nbsp;&nbsp;&nbsp;&nbsp; 1342350 |
| &nbsp;&nbsp;IQVIA, Inc., 1.75%, 03/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619843 |
| &nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;4.63%, 07/15/2024 | $&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512850 |
| &nbsp;&nbsp;6.13%, 10/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144002 |
| &nbsp;&nbsp;6.13%, 06/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393312 |
| &nbsp;&nbsp;**Home Builders—0.4%** |  |  |
| &nbsp;&nbsp;Adams Homes, Inc., 7.50%, 02/15/2025<sup>(a)</sup> | &nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381007 |
| &nbsp;&nbsp;**Home Furnishings—0.6%** |  |  |
| &nbsp;&nbsp;Tempur Sealy International, Inc., 3.88%, 10/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646769 |
| &nbsp;&nbsp;**Internet—1.3%** |  |  |
| &nbsp;&nbsp;Netflix, Inc. |  |  |
| &nbsp;&nbsp;4.88%, 04/15/2028 | &nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220171 |
| &nbsp;&nbsp;4.63%, 05/15/2029 | &nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376732 |
| &nbsp;&nbsp;6.38%, 05/15/2029 | $&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498258 |
| &nbsp;&nbsp;Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110500 |
| &nbsp;&nbsp;Shutterfly, Inc., 2021 Term Loan, 9.57%, 09/25/2026<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328467 |
| &nbsp;&nbsp;**Leisure Time—2.6%** |  |  |
| &nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;10.50%, 02/01/2026<sup>(a)</sup> | &nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301222 |
| &nbsp;&nbsp;6.00%, 05/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414750 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440114 |
| &nbsp;&nbsp;NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;5.88%, 02/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277995 |
| &nbsp;&nbsp;7.75%, 02/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279477 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;11.50%, 06/01/2025<sup>(a)</sup> | &nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224420 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;5.50%, 04/01/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;$233060 |
| &nbsp;&nbsp;Viking Cruises Ltd., 13.00%, 05/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 493035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664073 |
| &nbsp;&nbsp;**Lodging—0.5%** |  |  |
| &nbsp;&nbsp;Travel & Leisure Co., 4.63%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp; 501698 |
| &nbsp;&nbsp;**Machinery-Diversified—0.2%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;7.50%, 01/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119633 |
| &nbsp;&nbsp;9.50%, 01/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp; 96001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215634 |
| &nbsp;&nbsp;**Media—3.3%** |  |  |
| &nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(a)</sup> | 1206000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004659 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(a)</sup> | 1126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877773 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;6.50%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp; 256093 |
| &nbsp;&nbsp;5.75%, 01/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326970 |
| &nbsp;&nbsp;DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | &nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484267 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365559 |
| &nbsp;&nbsp;**Metals & Mining—0.7%** |  |  |
| &nbsp;&nbsp;Novelis Corp., 3.25%, 11/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696191 |
| &nbsp;&nbsp;**Oil & Gas Services—0.5%** |  |  |
| &nbsp;&nbsp;Weatherford International Ltd., 8.63%, 04/30/2030<sup>(a)</sup> | &nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467357 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—3.8%** |  |  |
| &nbsp;&nbsp;Chesapeake Energy Corp., 6.75%, 04/15/2029<sup>(a)</sup> | &nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483164 |
| &nbsp;&nbsp;CNX Resources Corp., 7.38%, 01/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404556 |
| &nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501270 |
| &nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;6.63%, 09/01/2030 | &nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316371 |
| &nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822374 |
| &nbsp;&nbsp;Southwestern Energy Co., 4.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694638 |
| &nbsp;&nbsp;Transocean Titan Financing Ltd., 8.38%, 02/01/2028<sup>(a)(h)</sup> | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119338 |
| &nbsp;&nbsp;Transocean, Inc., 8.75%, 02/15/2030<sup>(a)(h)</sup> | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117534 |
| &nbsp;&nbsp;Viper Energy Partners LP, 5.38%, 11/01/2027<sup>(a)</sup> | &nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880299 |
| &nbsp;&nbsp;**Packaging & Containers—3.6%** |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618264 |
| &nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;2.88%, 08/15/2030 | 1336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095246 |
| &nbsp;&nbsp;3.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258380 |
| &nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;2.63%, 02/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107733 |
| &nbsp;&nbsp;3.50%, 03/01/2029<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330056 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income 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;3.75%, 02/01/2030<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;1113000 | &nbsp;&nbsp;$963873 |
| &nbsp;&nbsp;Sealed Air Corp., 5.00%, 04/15/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp; 260073 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633625 |
| &nbsp;&nbsp;**Pharmaceutical—2.2%** |  |  |  |
| &nbsp;&nbsp;Organon & Co. / Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/2028<sup>(a)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;908000 | &nbsp;&nbsp;&nbsp;&nbsp; 860089 |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 4.40%, 06/15/2030 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp; 478303 |
| &nbsp;&nbsp;Viatris, Inc., 2.70%, 06/22/2030 |  | 1132000 | &nbsp;&nbsp;&nbsp;&nbsp; 932829 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271221 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—3.3%** |  |  |  |
| &nbsp;&nbsp;GLP Capital, LP/GLP Financing II, Inc. REIT, 5.75%, 06/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;951000 | &nbsp;&nbsp;&nbsp;&nbsp; 968679 |
| &nbsp;&nbsp;Iron Mountain, Inc., 5.00%, 07/15/2028<sup>(a)</sup> |  | 1537000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413292 |
| &nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;7.50%, 06/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp; 138883 |
| &nbsp;&nbsp;4.88%, 05/15/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;491000 | &nbsp;&nbsp;&nbsp;&nbsp; 424470 |
| &nbsp;&nbsp;Starwood Property Trust, Inc., 3.63%, 07/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp; 422718 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368042 |
| &nbsp;&nbsp;**Retail—1.6%** |  |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576871 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;5.88%, 04/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346895 |
| &nbsp;&nbsp;5.88%, 03/15/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14604 |
| &nbsp;&nbsp;6.13%, 03/15/2032<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43855 |
| &nbsp;&nbsp;Staples, Inc., 7.50%, 04/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654861 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637086 |
| &nbsp;&nbsp;**Software—0.8%** |  |  |  |
| &nbsp;&nbsp;Consensus Cloud Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;6.00%, 10/15/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205463 |
| &nbsp;&nbsp;6.50%, 10/15/2028<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773743 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**56892213** |
| &nbsp;&nbsp;**ZAMBIA—1.7%** | &nbsp;&nbsp;**ZAMBIA—1.7%** | &nbsp;&nbsp;**ZAMBIA—1.7%** | &nbsp;&nbsp;**ZAMBIA—1.7%** |
| &nbsp;&nbsp;**Metals & Mining—1.7%** |  |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |  |
| &nbsp;&nbsp;6.50%, 03/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538272 |
| &nbsp;&nbsp;6.88%, 03/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950084 |
| &nbsp;&nbsp;6.88%, 10/15/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740394 |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**94537590** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.7%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.7%** |  |
| &nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;21922 | &nbsp;&nbsp;$1673306 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1673306** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—3.8%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—3.8%** |  |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—3.1%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—3.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(k)</sup> | &nbsp;&nbsp;3197855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3197855 |
| &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3197855** |
| &nbsp;&nbsp;**U.S. TREASURIES—0.7%** | &nbsp;&nbsp;**U.S. TREASURIES—0.7%** |  |
| &nbsp;&nbsp;U.S. Treasury Note, 3.88%, 12/31/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 662391 |
| &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**662391** |
| &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3860246** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $108,353,932)—98.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $108,353,932)—98.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**100071142** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435881 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$101507023** |

---

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

(b) Security is in default.

(c) Illiquid security.

(d) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents
the next call/put date.

(e) Payment-in-kind security for which part of the income earned may be paid as additional principal.

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

(g) The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net
assets as of January 31, 2023.

(h) Sinkable security.

(i) Step bond. Rate disclosed is as of January 31, 2023.

(j) Variable or Floating Rate security. Rate disclosed is as of January 31, 2023.

(k) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| EUR | Euro Currency |
| FRN | Floating Rate Note |
| GBP | British Pound Sterling |
| PIK | Payment-In-Kind |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |

---

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;378473 | &nbsp;&nbsp;USD | &nbsp;&nbsp;411712 | &nbsp;&nbsp;$413405 | &nbsp;&nbsp;$1693 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Global High Income Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;303851 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;245065 | &nbsp;&nbsp;&nbsp;&nbsp;$302627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1224 |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3784307 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;3122067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71084) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1288562 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1177205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;18301760 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;16835057 | &nbsp;&nbsp;&nbsp;&nbsp;18388888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87128) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$23832764** | &nbsp;&nbsp;**$(154284)** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**$5621** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(158212)** |

---

\* Certain contracts with different trade dates and like characteristics have been shown net.

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Intermediate Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.2%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.2%** |  |
| &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** | &nbsp;&nbsp;**CALIFORNIA—3.9%** |
| &nbsp;&nbsp;Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;$345665 |
| &nbsp;&nbsp;Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 425365 |
| &nbsp;&nbsp;M-S-R Energy Authority Gas Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.50%, 11/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496104 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1894823** |
| &nbsp;&nbsp;**COLORADO—0.3%** | &nbsp;&nbsp;**COLORADO—0.3%** | &nbsp;&nbsp;**COLORADO—0.3%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy), 4.00%, 05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152100 |
| &nbsp;&nbsp;**CONNECTICUT—3.3%** | &nbsp;&nbsp;**CONNECTICUT—3.3%** | &nbsp;&nbsp;**CONNECTICUT—3.3%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority Revenue Bonds (Masonicare Corp Obligated Group), Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1155606 |
| &nbsp;&nbsp;State Of Connecticut General Obligation Bonds, Series B, 3.00%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441291 |
| &nbsp;&nbsp;**Total Connecticut** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1596897** |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** |
| &nbsp;&nbsp;Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 556733 |
| &nbsp;&nbsp;**FLORIDA—7.2%** | &nbsp;&nbsp;**FLORIDA—7.2%** | &nbsp;&nbsp;**FLORIDA—7.2%** |
| &nbsp;&nbsp;City of Lakeland Revenue Bonds, Series B, AMT, 5.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 640513 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Glenridge On Palmer Ranch), 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213076 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter AC), Series A, 4.00%, 06/30/2041<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634724 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward), Series A, 5.00%, 12/15/2039<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520658 |
| &nbsp;&nbsp;Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277470 |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057<sup>(b)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532869 |
| &nbsp;&nbsp;Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), Series A, 5.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152560 |
| &nbsp;&nbsp;Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254089 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3492214** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.1%** | &nbsp;&nbsp;**GEORGIA—1.1%** | &nbsp;&nbsp;**GEORGIA—1.1%** |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/15/2035 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;$267529 |
| &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;261230 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**528759** |
| &nbsp;&nbsp;**HAWAII—1.2%** | &nbsp;&nbsp;**HAWAII—1.2%** | &nbsp;&nbsp;**HAWAII—1.2%** |
| &nbsp;&nbsp;City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 600848 |
| &nbsp;&nbsp;**ILLINOIS—0.4%** | &nbsp;&nbsp;**ILLINOIS—0.4%** | &nbsp;&nbsp;**ILLINOIS—0.4%** |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group), 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177347 |
| &nbsp;&nbsp;**KENTUCKY—2.5%** | &nbsp;&nbsp;**KENTUCKY—2.5%** | &nbsp;&nbsp;**KENTUCKY—2.5%** |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-1, 2.11%, 08/01/2061<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501062 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1201062** |
| &nbsp;&nbsp;**LOUISIANA—1.7%** | &nbsp;&nbsp;**LOUISIANA—1.7%** | &nbsp;&nbsp;**LOUISIANA—1.7%** |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10179 |
| &nbsp;&nbsp;New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), (AGM), 5.00%, 01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 559087 |
| &nbsp;&nbsp;New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), (AGM), Series B, 5.00%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 278669 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**847935** |
| &nbsp;&nbsp;**MARYLAND—6.2%** | &nbsp;&nbsp;**MARYLAND—6.2%** | &nbsp;&nbsp;**MARYLAND—6.2%** |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.36%, 03/01/2030<sup>(a)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Massachusetts Seven Hills Foundation & Affiliates Issue), 5.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289236 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Wellforce Obligated Group), Series A, 5.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512813 |
| &nbsp;&nbsp;**Total Massachusetts** |  | &nbsp;&nbsp;&nbsp;&nbsp;**802049** |
| &nbsp;&nbsp;**MICHIGAN—3.8%** | &nbsp;&nbsp;**MICHIGAN—3.8%** | &nbsp;&nbsp;**MICHIGAN—3.8%** |
| &nbsp;&nbsp;Flint Hospital Building Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2038 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697404 |
| &nbsp;&nbsp;Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192779 |
| &nbsp;&nbsp;**Total Michigan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1874539** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Intermediate Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**MISSISSIPPI—8.2%** | &nbsp;&nbsp;**MISSISSIPPI—8.2%** | &nbsp;&nbsp;**MISSISSIPPI—8.2%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 2.95%, 11/01/2032<sup>(a)</sup> | $4000000 | &nbsp;&nbsp;$4000000 |
| &nbsp;&nbsp;**MISSOURI—0.3%** | &nbsp;&nbsp;**MISSOURI—0.3%** | &nbsp;&nbsp;**MISSOURI—0.3%** |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.), 4.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146704 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.1%** |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/01/2035 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269948 |
| &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;&nbsp;&nbsp;261850 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**531798** |
| &nbsp;&nbsp;**NEW JERSEY—5.7%** | &nbsp;&nbsp;**NEW JERSEY—5.7%** | &nbsp;&nbsp;**NEW JERSEY—5.7%** |
| &nbsp;&nbsp;New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded @ $100, 07/01/2026), Series F, 4.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F, 4.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30779 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186397 |
| &nbsp;&nbsp;Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511743 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2802934** |
| &nbsp;&nbsp;**NEW YORK—16.0%** | &nbsp;&nbsp;**NEW YORK—16.0%** | &nbsp;&nbsp;**NEW YORK—16.0%** |
| &nbsp;&nbsp;Build NYC Resource Corporation Revenue Bonds (Kipp NYC Public School Facilities - Canal West Project), 5.25%, 07/01/2052 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105298 |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682510 |
| &nbsp;&nbsp;City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153266 |
| &nbsp;&nbsp;Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069036 |
| &nbsp;&nbsp;Metropolitan Transportation Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, VRN, 5.00%, 11/15/2045<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1, 5.00%, 11/15/2027 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186219 |
| &nbsp;&nbsp;Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028422 |
| &nbsp;&nbsp;New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037 | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318395 |
| &nbsp;&nbsp;New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170126 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$250611 |
| &nbsp;&nbsp;Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 596274 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7814177** |
| &nbsp;&nbsp;**OHIO—3.8%** | &nbsp;&nbsp;**OHIO—3.8%** | &nbsp;&nbsp;**OHIO—3.8%** | &nbsp;&nbsp;**OHIO—3.8%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, Series B-2, 5.00%, 06/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp; 581646 |
| &nbsp;&nbsp;Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp; 125395 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission Revenue Bonds, 4.00%, 07/01/2030 |  | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141267 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;**1848308** |
| &nbsp;&nbsp;**PENNSYLVANIA—4.6%** | &nbsp;&nbsp;**PENNSYLVANIA—4.6%** | &nbsp;&nbsp;**PENNSYLVANIA—4.6%** | &nbsp;&nbsp;**PENNSYLVANIA—4.6%** |
| &nbsp;&nbsp;Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward), 4.00%, 12/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301601 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission Revenue Bonds, (AGM), Series A, 5.25%, 07/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 999635 |
| &nbsp;&nbsp;School Dist. of the City of Erie, General Obligation Limited Bonds, Series A (AGM ST AID WITHHLDG), Series A, 5.00%, 04/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 931694 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;**2232930** |
| &nbsp;&nbsp;**PUERTO RICO—0.2%** | &nbsp;&nbsp;**PUERTO RICO—0.2%** | &nbsp;&nbsp;**PUERTO RICO—0.2%** | &nbsp;&nbsp;**PUERTO RICO—0.2%** |
| &nbsp;&nbsp;Electric Power Authority Revenue Bonds, Series VV, 5.25%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100765 |
| &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** | &nbsp;&nbsp;**RHODE ISLAND—1.3%** |
| &nbsp;&nbsp;Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 |  | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653392 |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.2%** |
| &nbsp;&nbsp;City of Rock Hill SC Combined Utility System Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2025 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2026 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535311 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1057627** |
| &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519117 |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034 |  | &nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377748 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504303 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1401168** |
| &nbsp;&nbsp;**TEXAS—12.1%** | &nbsp;&nbsp;**TEXAS—12.1%** | &nbsp;&nbsp;**TEXAS—12.1%** | &nbsp;&nbsp;**TEXAS—12.1%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools), Series A, 4.00%, 08/15/2036 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88172 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Intermediate 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;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | &nbsp;&nbsp;$| 1240000 | &nbsp;&nbsp;$1336769 |
| &nbsp;&nbsp;Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001448 |
| &nbsp;&nbsp;Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 4.00%, 01/01/2050<sup>(b)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 745262 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), Series A, 5.00%, 11/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 858622 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017237 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 876786 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5924296** |
| &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** | &nbsp;&nbsp;**UTAH—1.4%** |
| &nbsp;&nbsp;Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105813 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 567627 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**673440** |
| &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** | &nbsp;&nbsp;**WASHINGTON—0.4%** |
| &nbsp;&nbsp;State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179058 |
| &nbsp;&nbsp;**WISCONSIN—4.7%** | &nbsp;&nbsp;**WISCONSIN—4.7%** | &nbsp;&nbsp;**WISCONSIN—4.7%** | &nbsp;&nbsp;**WISCONSIN—4.7%** |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2029 |  | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2034 |  | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2038 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016237 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035 |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270047 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2303835** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**48395738** |
| &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;18386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18390 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18390** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $49,296,781)—99.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $49,296,781)—99.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $49,296,781)—99.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**48414128** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.8% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.8% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371350 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$48785478** |

---

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2023. 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.

AMT Alternative Minimum Tax <br> VRDN Variable Rate Demand Note <br> VRN Variable Rate Note

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.9%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.9%** |  |
| &nbsp;&nbsp;**ALABAMA—0.2%** | &nbsp;&nbsp;**ALABAMA—0.2%** | &nbsp;&nbsp;**ALABAMA—0.2%** |
| &nbsp;&nbsp;Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;$230681 |
| &nbsp;&nbsp;**ARIZONA—4.3%** | &nbsp;&nbsp;**ARIZONA—4.3%** | &nbsp;&nbsp;**ARIZONA—4.3%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.13%, 01/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.13%, 01/01/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507572 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation), 5.00%, 07/01/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp; 406604 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), Series A, 3.00%, 12/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp; 586895 |
| &nbsp;&nbsp;Arizona Industrial Development Authority Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2029<sup>(a)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244585 |
| &nbsp;&nbsp;La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417786 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438970 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.), 4.00%, 07/01/2026<sup>(a)</sup> | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002024 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6386299** |
| &nbsp;&nbsp;**ARKANSAS—1.1%** | &nbsp;&nbsp;**ARKANSAS—1.1%** | &nbsp;&nbsp;**ARKANSAS—1.1%** |
| &nbsp;&nbsp;County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A, 5.00%, 09/01/2026 | 1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578365 |
| &nbsp;&nbsp;**CALIFORNIA—1.9%** | &nbsp;&nbsp;**CALIFORNIA—1.9%** | &nbsp;&nbsp;**CALIFORNIA—1.9%** |
| &nbsp;&nbsp;California Municipal Finance Authority Revenue Bonds (Simpson University), Series A, 5.00%, 10/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40209 |
| &nbsp;&nbsp;California Public Finance Authority Revenue Bonds (Kendal at Sonoma Obligated Group), Series B-1, 3.13%, 05/15/2029<sup>(a)</sup> | 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757863 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2798072** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**COLORADO—5.7%** | &nbsp;&nbsp;**COLORADO—5.7%** | &nbsp;&nbsp;**COLORADO—5.7%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2024 | $&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;$149905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2029 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2030 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2036 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165227 |
| &nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds, Series B, 5.00%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 100667 |
| &nbsp;&nbsp;Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 05/15/2030 | 6950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.63%, 05/15/2029 | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549970 |
| &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8534997** |
| &nbsp;&nbsp;**CONNECTICUT—2.9%** | &nbsp;&nbsp;**CONNECTICUT—2.9%** | &nbsp;&nbsp;**CONNECTICUT—2.9%** |
| &nbsp;&nbsp;City of West Haven General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2025 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2026 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2025 | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2026 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 11/01/2027 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221625 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group), Series A, 5.00%, 01/01/2030<sup>(a)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506687 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (University of Hartford) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2025 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2027 | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series N, 5.00%, 07/01/2029 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317547 |
| &nbsp;&nbsp;**Total Connecticut** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4379432** |
| &nbsp;&nbsp;**FLORIDA—7.8%** | &nbsp;&nbsp;**FLORIDA—7.8%** | &nbsp;&nbsp;**FLORIDA—7.8%** |
| &nbsp;&nbsp;Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286386 |
| &nbsp;&nbsp;Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25178 |
| &nbsp;&nbsp;Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566370 |
| &nbsp;&nbsp;Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97917 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**FLORIDA (continued)** | &nbsp;&nbsp;**FLORIDA (continued)** | &nbsp;&nbsp;**FLORIDA (continued)** |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Glenridge on Palmer Ranch Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2023 | $&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;$114224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2024 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103526 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter Academy Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/30/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550986 |
| &nbsp;&nbsp;Florida Development Finance Corp. Revenue Bonds (Mayflower Retirement Center, Inc. Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.38%, 06/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 1.75%, 06/01/2026<sup>(a)</sup> | 3065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777688 |
| &nbsp;&nbsp;Lee County Industrial Development Authority Refunding Revenue Bonds (Shell Point Obligated Group), 4.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;Palm Beach County Educational Facilities Authority Revenue Bonds (Palm Beach Atlantic University, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2023 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2024 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2025 | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249927 |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355246 |
| &nbsp;&nbsp;Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029<sup>(a)</sup> | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460649 |
| &nbsp;&nbsp;Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228839 |
| &nbsp;&nbsp;Seminole County Industrial Development Authority Revenue Bonds (Galileo School Foundation, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 06/15/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277773 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11703745** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**IDAHO—0.5%** | &nbsp;&nbsp;**IDAHO—0.5%** | &nbsp;&nbsp;**IDAHO—0.5%** |
| &nbsp;&nbsp;Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;$603804 |
| &nbsp;&nbsp;Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80503 |
| &nbsp;&nbsp;**Total Idaho** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**684307** |
| &nbsp;&nbsp;**ILLINOIS—7.4%** | &nbsp;&nbsp;**ILLINOIS—7.4%** | &nbsp;&nbsp;**ILLINOIS—7.4%** |
| &nbsp;&nbsp;Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621593 |
| &nbsp;&nbsp;Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 433820 |
| &nbsp;&nbsp;Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110247 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Acero Charter Schools, Inc. Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2033<sup>(a)</sup> | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391574 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Benedictine University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2029 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104774 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2027 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2028 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2029 | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2030 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/15/2032 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233490 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2028 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2029 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334146 |
| &nbsp;&nbsp;Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2033 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2034 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2035 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2036 | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308944 |
| &nbsp;&nbsp;Village of Matteson Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2028 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394551 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11085991** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**INDIANA—0.2%** | &nbsp;&nbsp;**INDIANA—0.2%** | &nbsp;&nbsp;**INDIANA—0.2%** |
| &nbsp;&nbsp;City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;$71245 |
| &nbsp;&nbsp;Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 224860 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**296105** |
| &nbsp;&nbsp;**IOWA—3.5%** | &nbsp;&nbsp;**IOWA—3.5%** | &nbsp;&nbsp;**IOWA—3.5%** |
| &nbsp;&nbsp;Iowa Finance Authority Revenue Bonds, FRN, Series B, 3.56%, 05/15/2056<sup>(b)</sup> | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5222088 |
| &nbsp;&nbsp;**KANSAS—0.5%** | &nbsp;&nbsp;**KANSAS—0.5%** | &nbsp;&nbsp;**KANSAS—0.5%** |
| &nbsp;&nbsp;City of Manhattan Revenue Bonds (Meadowlark Hills Retirement Community Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.88%, 06/01/2028 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.38%, 06/01/2027 | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392330 |
| &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**729937** |
| &nbsp;&nbsp;**LOUISIANA—3.0%** | &nbsp;&nbsp;**LOUISIANA—3.0%** | &nbsp;&nbsp;**LOUISIANA—3.0%** |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984353 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155332 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2024 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2025 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2026 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2028 | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2029 | &nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414359 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872777 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401463 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4536376** |
| &nbsp;&nbsp;**MARYLAND—4.6%** | &nbsp;&nbsp;**MARYLAND—4.6%** | &nbsp;&nbsp;**MARYLAND—4.6%** |
| &nbsp;&nbsp;Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2027<sup>(a)</sup> | &nbsp;&nbsp;$| 1495000 | &nbsp;&nbsp;&nbsp;$1519624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2032<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747810 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.36%, 03/01/2030<sup>(b)</sup> |  | 4500000 | &nbsp;&nbsp;&nbsp; 4500000 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6817459** |
| &nbsp;&nbsp;**MASSACHUSETTS—2.7%** | &nbsp;&nbsp;**MASSACHUSETTS—2.7%** | &nbsp;&nbsp;**MASSACHUSETTS—2.7%** | &nbsp;&nbsp;**MASSACHUSETTS—2.7%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 230277 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454754 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1528438 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2033 |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2034 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313866 |
| &nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;**Total Massachusetts** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4063679** |
| &nbsp;&nbsp;**MICHIGAN—0.9%** | &nbsp;&nbsp;**MICHIGAN—0.9%** | &nbsp;&nbsp;**MICHIGAN—0.9%** | &nbsp;&nbsp;**MICHIGAN—0.9%** |
| &nbsp;&nbsp;Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024 |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508143 |
| &nbsp;&nbsp;Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19949 |
| &nbsp;&nbsp;Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group), Series B-2, 2.63%, 05/15/2025 |  | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110085 |
| &nbsp;&nbsp;Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029 |  | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675357 |
| &nbsp;&nbsp;**Total Michigan** | &nbsp;&nbsp;**Total Michigan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1313534** |
| &nbsp;&nbsp;**MINNESOTA—3.0%** | &nbsp;&nbsp;**MINNESOTA—3.0%** | &nbsp;&nbsp;**MINNESOTA—3.0%** | &nbsp;&nbsp;**MINNESOTA—3.0%** |
| &nbsp;&nbsp;Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058<sup>(a)(b)</sup> |  | 4465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427792 |
| &nbsp;&nbsp;**MISSISSIPPI—3.0%** | &nbsp;&nbsp;**MISSISSIPPI—3.0%** | &nbsp;&nbsp;**MISSISSIPPI—3.0%** | &nbsp;&nbsp;**MISSISSIPPI—3.0%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 2.95%, 11/01/2032<sup>(b)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal 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;**MISSISSIPPI (continued)** | &nbsp;&nbsp;**MISSISSIPPI (continued)** | &nbsp;&nbsp;**MISSISSIPPI (continued)** | &nbsp;&nbsp;**MISSISSIPPI (continued)** |
| &nbsp;&nbsp;Mississippi Development Bank Obligation Bonds (Mangolia Regional Health Centre) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2023<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;$418672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680133 |
| &nbsp;&nbsp;Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039<sup>(a)</sup> |  | 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1869558 |
| &nbsp;&nbsp;**Total Mississippi** | &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4418318** |
| &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** | &nbsp;&nbsp;**MISSOURI—1.1%** |
| &nbsp;&nbsp;Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp; 303750 |
| &nbsp;&nbsp;Plaza at Noah's Ark Community Improvement District Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2023 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2024 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2025 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2026 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95715 |
| &nbsp;&nbsp;State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2029 |  | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2031 |  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2036 |  | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244506 |
| &nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;**Total Missouri** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1595720** |
| &nbsp;&nbsp;**NEW JERSEY—0.0%** | &nbsp;&nbsp;**NEW JERSEY—0.0%** | &nbsp;&nbsp;**NEW JERSEY—0.0%** | &nbsp;&nbsp;**NEW JERSEY—0.0%** |
| &nbsp;&nbsp;New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50107 |
| &nbsp;&nbsp;**NEW YORK—12.3%** | &nbsp;&nbsp;**NEW YORK—12.3%** | &nbsp;&nbsp;**NEW YORK—12.3%** | &nbsp;&nbsp;**NEW YORK—12.3%** |
| &nbsp;&nbsp;Amherst Development Corp. Revenue Bonds (Daemen College) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2025 |  | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026 |  | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2037 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456461 |
| &nbsp;&nbsp;Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2026<sup>(a)</sup> |  | &nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2032<sup>(a)</sup> |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504030 |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2033<sup>(a)</sup> |  | 2635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877461 |
| &nbsp;&nbsp;City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480938 |
| &nbsp;&nbsp;Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022<sup>(d)(e)</sup> |  | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Westchester County Local Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.60%, 07/01/2029<sup>(a)</sup> | &nbsp;&nbsp;$| 2000000 | &nbsp;&nbsp;&nbsp;$1766697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 3.20%, 07/01/2028<sup>(a)</sup> |  | 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 2.88%, 07/01/2026<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965193 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp. Revenue Bonds, 3.00%, 12/01/2026<sup>(a)</sup> |  | 1060000 | &nbsp;&nbsp;&nbsp; 968505 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;**18398891** |
| &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 Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp; 798228 |
| &nbsp;&nbsp;**OHIO—0.1%** | &nbsp;&nbsp;**OHIO—0.1%** | &nbsp;&nbsp;**OHIO—0.1%** | &nbsp;&nbsp;**OHIO—0.1%** |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 185906 |
| &nbsp;&nbsp;**OREGON—2.8%** | &nbsp;&nbsp;**OREGON—2.8%** | &nbsp;&nbsp;**OREGON—2.8%** | &nbsp;&nbsp;**OREGON—2.8%** |
| &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County Oregon Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 06/01/2027 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 1.20%, 06/01/2028 |  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538999 |
| &nbsp;&nbsp;Yamhill County Hospital Authority Revenue Bonds (Friendsview Manor Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.50%, 11/15/2028 |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 11/15/2027 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343286 |
| &nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;**Total Oregon** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4203650** |
| &nbsp;&nbsp;**PENNSYLVANIA—2.6%** | &nbsp;&nbsp;**PENNSYLVANIA—2.6%** | &nbsp;&nbsp;**PENNSYLVANIA—2.6%** | &nbsp;&nbsp;**PENNSYLVANIA—2.6%** |
| &nbsp;&nbsp;City of Scranton PA General Obligation Bonds, 5.00%, 09/01/2023<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004553 |
| &nbsp;&nbsp;Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026<sup>(a)</sup> |  | 2135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123370 |
| &nbsp;&nbsp;Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100723 |
| &nbsp;&nbsp;Lehigh County Industrial Development Authority Revenue Bonds (Seven Generations Charter School), Series A, 4.00%, 05/01/2031 |  | &nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633586 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3862232** |
| &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** | &nbsp;&nbsp;**PUERTO RICO—0.8%** |
| &nbsp;&nbsp;HTA HRRB Assured Custodial Trust CTFS Revenue Bonds, 5.50%, 07/01/2030 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031845 |
| &nbsp;&nbsp;HTA TRRB Assured Custodial Trust CTFS Revenue Bonds, 5.50%, 07/01/2023 |  | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200594 |
| &nbsp;&nbsp;**Total Puerto Rico** | &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1232439** |
| &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** | &nbsp;&nbsp;**RHODE ISLAND—0.3%** |
| &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B, 5.00%, 09/01/2023 |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503880 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (Lowcountry Leadership Charter School), Series A, 4.00%, 12/01/2029<sup>(a)</sup> | $1030000 | &nbsp;&nbsp;$1014454 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), Series A, 5.25%, 02/01/2027<sup>(a)(c)(d)(e)</sup> | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 424000 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1438454** |
| &nbsp;&nbsp;**TEXAS—6.9%** | &nbsp;&nbsp;**TEXAS—6.9%** | &nbsp;&nbsp;**TEXAS—6.9%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2023 | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2024 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2025 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2026 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/15/2036 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202797 |
| &nbsp;&nbsp;Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group), 5.00%, 07/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300611 |
| &nbsp;&nbsp;Calhoun County Navigation Industrial Development Authority Revenue Bonds (Max Midstream Texas LLC), AMT, Series A, 3.63%, 07/01/2026<sup>(a)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639063 |
| &nbsp;&nbsp;Change Desertexpress Enterprises LLC to Brightline West Passenger Rail Project, VRN, Series B, 2.00%, 11/15/2061<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;708386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325177 |
| &nbsp;&nbsp;Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276503 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.00%, 07/01/2023 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.(Outlook at Windhaven Forefront Living Obligated Group), Series B-3, 4.25%, 10/01/2026 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999229 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corporation Education Revenue And Refunding Bonds (Jubilee Academic Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2023<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469298 |
| &nbsp;&nbsp;SA Energy Acquisition Public Facility Corp. Revenue Bonds, 5.50%, 08/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50480 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10328390** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**UTAH—2.7%** | &nbsp;&nbsp;**UTAH—2.7%** | &nbsp;&nbsp;**UTAH—2.7%** |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 10/15/2028<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;$496497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.63%, 10/15/2048<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989645 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), Series A, 3.25%, 06/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 487019 |
| &nbsp;&nbsp;Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048<sup>(a)(b)</sup> | 2000000 | &nbsp;&nbsp;&nbsp; 1999430 |
| &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3972591** |
| &nbsp;&nbsp;**WASHINGTON—5.3%** | &nbsp;&nbsp;**WASHINGTON—5.3%** | &nbsp;&nbsp;**WASHINGTON—5.3%** |
| &nbsp;&nbsp;Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2025<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306170 |
| &nbsp;&nbsp;Washington State Housing Finance Commission Revenue Bonds(Eliseo Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 2.50%, 07/01/2028<sup>(a)</sup> | 4375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.13%, 07/01/2027<sup>(a)</sup> | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493180 |
| &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7906525** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** |
| &nbsp;&nbsp;Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419848 |
| &nbsp;&nbsp;**WISCONSIN—10.0%** | &nbsp;&nbsp;**WISCONSIN—10.0%** | &nbsp;&nbsp;**WISCONSIN—10.0%** |
| &nbsp;&nbsp;Public Finance Authority Educational Facilities Revenue Refunding Bonds (The Methodist University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869411 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 10/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 6.00%, 01/01/2027 | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774545 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 03/01/2027<sup>(a)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 3.00%, 03/01/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747758 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Washoe Barton Medical Clinic) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2031 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696774 |
| &nbsp;&nbsp;Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954619 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bond, Series A, 5.00%, 11/01/2023 | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358565 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Short Duration High Yield Municipal 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;**WISCONSIN (continued)** | &nbsp;&nbsp;**WISCONSIN (continued)** | &nbsp;&nbsp;**WISCONSIN (continued)** | &nbsp;&nbsp;**WISCONSIN (continued)** |
| &nbsp;&nbsp;Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2026 | &nbsp;&nbsp;$| 685000 | &nbsp;&nbsp;&nbsp;&nbsp;$694374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2027 |  | 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844123 |
| &nbsp;&nbsp;Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2024 |  | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2026 |  | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2027 |  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168380 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14916575** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**149020613** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $162,847,336)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $162,847,336)—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $162,847,336)—99.9%** | &nbsp;&nbsp;&nbsp;**149020613** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107971 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$149128584** |

---

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

(b) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2023. 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.

(c) Security is in default.

(d) Illiquid security.

(e) Security is in forbearance as of January 31, 2023

AMT Alternative Minimum Tax <br> FRN Floating Rate Note <br> VRN Variable Rate Note

See accompanying Notes to Statement of Investments.

------

### Statement of Investments <br> January 31, 2023 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.5%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.5%** |  |
| &nbsp;&nbsp;**ALABAMA—7.1%** | &nbsp;&nbsp;**ALABAMA—7.1%** | &nbsp;&nbsp;**ALABAMA—7.1%** |
| &nbsp;&nbsp;Black Belt Energy Gas District Revenue Bonds, FRN, Series B-1, 3.84%, 12/01/2048<sup>(a)</sup> | $20000000 | &nbsp;&nbsp;$20003078 |
| &nbsp;&nbsp;Chatom Industrial Development Board Revenue Bonds Powersouth Energy Coop., Inc. F/K/A Alabama Elec Coop, Inc., VRN, Series A, 2.38%, 08/01/2037<sup>(a)</sup> | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 3.05%, 11/15/2037<sup>(a)</sup> | &nbsp;&nbsp;7050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.33%, 11/01/2042<sup>(a)</sup> | 15925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15925000 |
| &nbsp;&nbsp;The Industrial Development Board of the Town of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 1.42%, 12/01/2038<sup>(a)</sup> | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;**45278078** |
| &nbsp;&nbsp;**ARIZONA—3.0%** | &nbsp;&nbsp;**ARIZONA—3.0%** | &nbsp;&nbsp;**ARIZONA—3.0%** |
| &nbsp;&nbsp;Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 3.30%, 09/01/2024<sup>(a)</sup> | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200547 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, Series 2022-MS0005, 2.21%, 06/15/2050<sup>(a)(b)</sup> | 3055000 | &nbsp;&nbsp;&nbsp;&nbsp; 3055000 |
| &nbsp;&nbsp;The Industrial Development Authority of the City of Chandler, Arizona Industrial Development Revenue Bonds, AMT, VRN, 2.70%, 12/01/2037<sup>(a)</sup> | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2242403 |
| &nbsp;&nbsp;The Industrial Development Authority of the City of Phoenix, Arizona Solid Waste Disposal Revenue Bonds (Republic Services, Inc. Project), AMT, FRN, Series D, 4.10%, 12/01/2035<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19497950** |
| &nbsp;&nbsp;**ARKANSAS—4.0%** | &nbsp;&nbsp;**ARKANSAS—4.0%** | &nbsp;&nbsp;**ARKANSAS—4.0%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority Revenue Bonds (Baptist Memorial Health Care Obligated Group), VRDN, Series B-4, 2.33%, 09/01/2044<sup>(a)</sup> | 25462000 | &nbsp;&nbsp;&nbsp;&nbsp; 25462000 |
| &nbsp;&nbsp;**CALIFORNIA—6.6%** | &nbsp;&nbsp;**CALIFORNIA—6.6%** | &nbsp;&nbsp;**CALIFORNIA—6.6%** |
| &nbsp;&nbsp;California Infrastructure and Economic Development Bank Brightline West Passenger Rail Project Series Revenue Bonds, FRN, Series A, 3.65%, 01/01/2050<sup>(a)</sup> | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999514 |
| &nbsp;&nbsp;California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.), Series A, 4.10%, 08/01/2023<sup>(a)(b)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14999920 |
| &nbsp;&nbsp;California Statewide Communities Development Authority Revenue Bonds (CommonSpirit Health Obligated Group), (AGM), Series E, 3.00%, 07/01/2040<sup>(a)</sup> | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Change Commonspirit Health to Dignity Health |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGM, Series D, 3.00%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;2275000 | &nbsp;&nbsp;$2275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGM, Series F, 3.00%, 07/01/2040<sup>(a)</sup> |  | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;**42224434** |
| &nbsp;&nbsp;**COLORADO—0.2%** | &nbsp;&nbsp;**COLORADO—0.2%** | &nbsp;&nbsp;**COLORADO—0.2%** | &nbsp;&nbsp;**COLORADO—0.2%** |
| &nbsp;&nbsp;E-470 Public Highway Authority Revenue Bonds, FRN, Series B, 3.23%, 09/01/2039<sup>(a)</sup> |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493593 |
| &nbsp;&nbsp;**CONNECTICUT—0.9%** | &nbsp;&nbsp;**CONNECTICUT—0.9%** | &nbsp;&nbsp;**CONNECTICUT—0.9%** | &nbsp;&nbsp;**CONNECTICUT—0.9%** |
| &nbsp;&nbsp;City of West Haven General Obligation Unlimited Bonds, 5.00%, 03/28/2023 |  | 5680000 | &nbsp;&nbsp;&nbsp;&nbsp; 5694027 |
| &nbsp;&nbsp;**FLORIDA—3.5%** | &nbsp;&nbsp;**FLORIDA—3.5%** | &nbsp;&nbsp;**FLORIDA—3.5%** | &nbsp;&nbsp;**FLORIDA—3.5%** |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority Revenue Bonds (Waste Management, Inc.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, FRN, Series A, 2.04%, 11/01/2033<sup>(a)</sup> |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, FRN, Series B, 2.04%, 11/01/2048<sup>(a)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943865 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, FRN, Series MS0006, 2.21%, 06/15/2062<sup>(a)(b)</sup> |  | &nbsp;&nbsp;17510000 | &nbsp;&nbsp;&nbsp;&nbsp; 17510000 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;**22369663** |
| &nbsp;&nbsp;**GEORGIA—0.2%** | &nbsp;&nbsp;**GEORGIA—0.2%** | &nbsp;&nbsp;**GEORGIA—0.2%** | &nbsp;&nbsp;**GEORGIA—0.2%** |
| &nbsp;&nbsp;Development Authority Of Burke County, Pollution Control Revenue Bonds(Georgia Power Company Plant Vogtle Project), 1.75%, 11/01/2052<sup>(a)</sup> |  | 1500000 | &nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;**ILLINOIS—1.5%** | &nbsp;&nbsp;**ILLINOIS—1.5%** | &nbsp;&nbsp;**ILLINOIS—1.5%** | &nbsp;&nbsp;**ILLINOIS—1.5%** |
| &nbsp;&nbsp;State of Illinois General Obligation Unlimited Bonds, Series A, 5.00%, 10/01/2023 |  | &nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044922 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates Revenue Bonds, VRDN, Series MS0003, 2.06%, 11/01/2048<sup>(a)(b)</sup> |  | &nbsp;&nbsp;8290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8290000 |
| &nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9334922** |
| &nbsp;&nbsp;**INDIANA—4.6%** | &nbsp;&nbsp;**INDIANA—4.6%** | &nbsp;&nbsp;**INDIANA—4.6%** | &nbsp;&nbsp;**INDIANA—4.6%** |
| &nbsp;&nbsp;Indiana Finance Authority Economic Development Revenue Bonds (Republic Services, Inc.), Series A, 3.40%, 05/01/2034<sup>(a)</sup> |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000146 |
| &nbsp;&nbsp;Indiana Finance Authority RevenueBonds (ArcelorMittal SA), 2.50%, 08/01/2030<sup>(a)</sup> |  | 26400000 | &nbsp;&nbsp;&nbsp;&nbsp;26400000 |
| &nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;**29400146** |
| &nbsp;&nbsp;**KENTUCKY—5.7%** | &nbsp;&nbsp;**KENTUCKY—5.7%** | &nbsp;&nbsp;**KENTUCKY—5.7%** | &nbsp;&nbsp;**KENTUCKY—5.7%** |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-1, 2.11%, 07/01/2060<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 |
| &nbsp;&nbsp;County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2021A-1 Industrial Building Revenue Bonds, AMT, VRDN, Series A-1, 2.11%, 08/01/2061<sup>(a)</sup> |  | 28850000 | &nbsp;&nbsp;&nbsp;&nbsp;28850000 |
| &nbsp;&nbsp;Kentucky Industrial Building Revenue Bonds (Nucor Steel Brandenburg Project), AMT, VRDN, Series B-1, 2.00%, 08/01/2061<sup>(a)</sup> |  | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (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;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** |
| &nbsp;&nbsp;Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048<sup>(a)</sup> | &nbsp;&nbsp;$| 5000000 | &nbsp;&nbsp;$5010624 |
| &nbsp;&nbsp;Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 2.88%, 08/15/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700137 |
| &nbsp;&nbsp;**Total Kentucky** | &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;**36920761** |
| &nbsp;&nbsp;**LOUISIANA—1.6%** | &nbsp;&nbsp;**LOUISIANA—1.6%** | &nbsp;&nbsp;**LOUISIANA—1.6%** | &nbsp;&nbsp;**LOUISIANA—1.6%** |
| &nbsp;&nbsp;Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 2.35%, 07/01/2033<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;Louisiana Stadium And Exposition District Bond Anticipation Notes, 5.00%, 07/03/2023 |  | 10175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10189376 |
| &nbsp;&nbsp;**Total Louisiana** | &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10259376** |
| &nbsp;&nbsp;**MARYLAND—6.7%** | &nbsp;&nbsp;**MARYLAND—6.7%** | &nbsp;&nbsp;**MARYLAND—6.7%** | &nbsp;&nbsp;**MARYLAND—6.7%** |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 3.36%, 03/01/2030<sup>(a)</sup> |  | 42405000 | &nbsp;&nbsp;&nbsp;&nbsp; 42405000 |
| &nbsp;&nbsp;Washington County Revenue Bonds (Conservit, Inc.), 2.01%, 02/01/2023<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;**42830000** |
| &nbsp;&nbsp;**MICHIGAN—0.1%** | &nbsp;&nbsp;**MICHIGAN—0.1%** | &nbsp;&nbsp;**MICHIGAN—0.1%** | &nbsp;&nbsp;**MICHIGAN—0.1%** |
| &nbsp;&nbsp;Michigan Strategic Fund Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc.), AMT, VRN, 0.58%, 08/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 475039 |
| &nbsp;&nbsp;**MINNESOTA—0.2%** | &nbsp;&nbsp;**MINNESOTA—0.2%** | &nbsp;&nbsp;**MINNESOTA—0.2%** | &nbsp;&nbsp;**MINNESOTA—0.2%** |
| &nbsp;&nbsp;Minnesota Housing Finance Agency Rental Housing Revenue Bonds, (HUD SECT 8), Series B, 0.30%, 02/01/2023 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;**MISSISSIPPI—12.7%** | &nbsp;&nbsp;**MISSISSIPPI—12.7%** | &nbsp;&nbsp;**MISSISSIPPI—12.7%** | &nbsp;&nbsp;**MISSISSIPPI—12.7%** |
| &nbsp;&nbsp;Jackson County Water System General Obligation Bonds, VRN, 2.00%, 11/01/2024<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), 1.50%, 05/01/2028<sup>(a)</sup> |  | 13400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400000 |
| &nbsp;&nbsp;Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 2.95%, 11/01/2032<sup>(a)</sup> |  | 62000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000000 |
| &nbsp;&nbsp;Mississippi Business Finance Corporation Revenue Bonds (Mississippi Power Company Project), 1.51%, 12/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 |
| &nbsp;&nbsp;Mississippi Business Finance Corporation Solid Waste Disposal Facilities Revenue Bonds (Mississippi Power Company Project), AMT, VRDN, 1.50%, 07/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 |
| &nbsp;&nbsp;**Total Mississippi** | &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**81600000** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**NEW HAMPSHIRE—0.8%** | &nbsp;&nbsp;**NEW HAMPSHIRE—0.8%** | &nbsp;&nbsp;**NEW HAMPSHIRE—0.8%** |
| &nbsp;&nbsp;National Finance Authority Solid Waste Disposal Refunding Revenue Bonds (Waste Management, Inc. Project), FRN, Series A3, 3.50%, 04/01/2024<sup>(a)</sup> | $5000000 | &nbsp;&nbsp;$5000464 |
| &nbsp;&nbsp;**NEW JERSEY—0.9%** | &nbsp;&nbsp;**NEW JERSEY—0.9%** | &nbsp;&nbsp;**NEW JERSEY—0.9%** |
| &nbsp;&nbsp;Camden County Improvement Authority Health Care Redevelopment Project Revenue Refunding Bonds The Cooper Health System Obligated Group Issue, 5.00%, 02/15/2023 | 2840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841888 |
| &nbsp;&nbsp;Township of Mendham NJ Notes, 4.00%, 05/04/2023 | 3273000 | &nbsp;&nbsp;&nbsp;&nbsp; 3278006 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6119894** |
| &nbsp;&nbsp;**NEW YORK—4.8%** | &nbsp;&nbsp;**NEW YORK—4.8%** | &nbsp;&nbsp;**NEW YORK—4.8%** |
| &nbsp;&nbsp;City of Elmira General Obligation Limited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685431 |
| &nbsp;&nbsp;City of New York General Obligation Limited Bonds, VRDN, Series 2, 1.60%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;Liberty New York Development Corp. Revenue CTFS, VRDN, Series 2015-XM0106, 2.01%, 10/01/2035<sup>(a)(b)</sup> | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 |
| &nbsp;&nbsp;Metropolitan Transportation Authority Revenue Bonds, FRN, Series D-1, 3.21%, 11/01/2035<sup>(a)</sup> | 4490000 | &nbsp;&nbsp;&nbsp;&nbsp; 4479076 |
| &nbsp;&nbsp;New York City General Obligation Unlimited Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B-3, 1.50%, 10/01/2046<sup>(a)</sup> | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-4, 3.00%, 10/01/2027<sup>(a)</sup> | &nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series J-2, 3.10%, 06/01/2036<sup>(a)</sup> | &nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series J-3, 3.00%, 06/01/2036<sup>(a)</sup> | &nbsp;&nbsp;4525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525000 |
| &nbsp;&nbsp;New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, Series A, 5.00%, 01/01/2024 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514404 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority Revenue Bonds, Series B, 3.26%, 01/01/2032<sup>(a)</sup> | &nbsp;&nbsp;3915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879683 |
| &nbsp;&nbsp;Village Of Johnson City Broome County, New York Bond Anticipation Notes, Series C, 5.25%, 09/29/2023 | &nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4576955 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**30864315** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.2%** | &nbsp;&nbsp;**NORTH CAROLINA—0.2%** | &nbsp;&nbsp;**NORTH CAROLINA—0.2%** |
| &nbsp;&nbsp;Fayetteville State University Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502860 |
| &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1345646** |
| &nbsp;&nbsp;**OHIO—1.4%** | &nbsp;&nbsp;**OHIO—1.4%** | &nbsp;&nbsp;**OHIO—1.4%** |
| &nbsp;&nbsp;County Of Scioto, Ohio Hospital Facilities Refunding Revenue Bonds (Southern Ohio Medical Center), 5.00%, 02/15/2023 | &nbsp;&nbsp;&nbsp;2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121480 |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (continued)<br> January 31, 2023 (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;**OHIO (continued)** | &nbsp;&nbsp;**OHIO (continued)** | &nbsp;&nbsp;**OHIO (continued)** | &nbsp;&nbsp;**OHIO (continued)** |
| &nbsp;&nbsp;State of Ohio Hospital Revenue Bonds (University Hospitals Health System, Inc.), VRDN, Series C, 1.95%, 01/15/2051<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;$885000 |
| &nbsp;&nbsp;State Of Ohio, Capital Facilities Lease-Appropriation Variable Rate Bonds (Adult Correctional Building Fund Projects), VRDN, Series C, 1.41%, 10/01/2036<sup>(a)</sup> |  | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9006480** |
| &nbsp;&nbsp;**OKLAHOMA—1.7%** | &nbsp;&nbsp;**OKLAHOMA—1.7%** | &nbsp;&nbsp;**OKLAHOMA—1.7%** | &nbsp;&nbsp;**OKLAHOMA—1.7%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group), VRDN, Series B, 2.21%, 08/15/2031<sup>(a)</sup> |  | 10680000 | &nbsp;&nbsp;&nbsp;&nbsp; 10680000 |
| &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** | &nbsp;&nbsp;**OREGON—0.0%** |
| &nbsp;&nbsp;Gilliam County, Solid Waste Disposal Revenue Bonds, (Waste Management Project), VRN, Series A, 3.00%, 08/01/2025<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99908 |
| &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** | &nbsp;&nbsp;**PENNSYLVANIA—13.7%** |
| &nbsp;&nbsp;Central Bradford Progress Authority Revenue Bonds (The Guthrie Clinic Issue), VRDN, Series D, 2.23%, 12/01/2041<sup>(a)</sup> |  | 23405000 | &nbsp;&nbsp;&nbsp;&nbsp; 23405000 |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority, VRDN, Series D, 2.17%, 09/01/2050<sup>(a)</sup> |  | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds (PPL Energy Supply, LLC Project), VRDN, Series C, 2.90%, 12/01/2037<sup>(a)</sup> |  | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 4.00%, 08/01/2045<sup>(a)</sup> |  | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9999947 |
| &nbsp;&nbsp;Philadelphia Redevelopment Authority City Service Agreement Revenue Refunding Bonds, Series B, 5.00%, 04/15/2023 |  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2507844 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**88012791** |
| &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** |
| &nbsp;&nbsp;Richland country Revenue Bond (International Paper Co.), AMT, Series A, 3.88%, 04/01/2023 |  | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1715096 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, Series C, 2.20%, 05/01/2048<sup>(a)</sup> |  | 18825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18825000 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20540096** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TENNESSEE—0.2%** | &nbsp;&nbsp;**TENNESSEE—0.2%** | &nbsp;&nbsp;**TENNESSEE—0.2%** |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Industrial Development Board, 0.58%, 08/01/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;$332528 |
| &nbsp;&nbsp;Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 2.03%, 06/01/2037<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1222528** |
| &nbsp;&nbsp;**TEXAS—9.1%** | &nbsp;&nbsp;**TEXAS—9.1%** | &nbsp;&nbsp;**TEXAS—9.1%** |
| &nbsp;&nbsp;City of Houston TX Hotel Occupancy Tax & Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438833 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County Revenue Bonds (Flint Hills Resources LP), AMT, VRDN, Series A, 1.65%, 07/01/2029<sup>(a)(b)</sup> | 10775000 | &nbsp;&nbsp;&nbsp;&nbsp; 10775000 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, 1.68%, 01/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series F, 1.68%, 01/01/2032<sup>(a)</sup> | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds, 2.20%, 04/01/2040<sup>(a)</sup> | 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9200000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises Class C), VRDN, 2.21%, 04/01/2040<sup>(a)</sup> | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises LLC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.20%, 04/01/2040<sup>(a)</sup> | &nbsp;&nbsp;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series M, 2.48%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2024 | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2025 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557216 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**58527462** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** | &nbsp;&nbsp;**WEST VIRGINIA—0.3%** |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 2.18%, 06/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 |
| &nbsp;&nbsp;**WISCONSIN—4.6%** | &nbsp;&nbsp;**WISCONSIN—4.6%** | &nbsp;&nbsp;**WISCONSIN—4.6%** |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series C, 2.28%, 02/15/2053<sup>(a)</sup> | 20800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800000 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority Revenue Bonds (Marshfield Clinic Health System), VRDN, 2.28%, 02/15/2053<sup>(a)</sup> | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;**29600000** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**639009573** |

---

See accompanying Notes to Statement of Investments.

------

### Statement of Investments (concluded)<br> January 31, 2023 (Unaudited)

#### abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—1.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—1.6%** |  |
| &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—1.6%** | &nbsp;&nbsp;**CERTIFICATES OF DEPOSIT—1.6%** |  |
| &nbsp;&nbsp;**UNITED STATES—1.6%** | &nbsp;&nbsp;**UNITED STATES—1.6%** | &nbsp;&nbsp;**UNITED STATES—1.6%** |
| &nbsp;&nbsp;Mercer County Pollution Control Revenue, 2.75%, 02/21/2023 | $10000000 | &nbsp;&nbsp;$10000000 |
| &nbsp;&nbsp;**Total Certificates of Deposit** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10000000** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—0.0%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88382 | &nbsp;&nbsp;&nbsp;&nbsp; 88399 |
| &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88399** |
| &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10088399** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $649,616,380)—101.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $649,616,380)—101.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**649097972** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7213108) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$641884864** |

---

(a) Variable or Floating Rate security. Rate disclosed is as of January 31, 2023.

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

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| FRN | Floating Rate Note |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |

---

See accompanying Notes to Statement of Investments.

------

Notes to Statement of Investments <br> January 31, 2023 (unaudited)

------

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Aberdeen Funds (the "Trust" and each of its series a "Fund," or collectively, the "Funds") in the preparation of their financial statements. The policies conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.

a. Security Valuation:

The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Investment Adviser as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.

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

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

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

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

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

**52** 

------

Notes to Statement of Investments (concluded)<br> January 31, 2023 (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 closed before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.

**53**

## 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 China A Share Equity Fund

- **b. EDGAR series identifier (if any):** S000020289

- **c. LEI of Series:** 549300K59CL5KE8LVF91

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $46898802.81

**Total Liabilities:** $118759.34

**Net Assets:** $46780043.47

**Cash Not Reported:** $127.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000056929 | 16.80%               | 4.90%                | 9.93%                |
| Class ID C000056926 | 16.84%               | 4.89%                | 9.97%                |
| Class ID C000056930 | 16.88%               | 4.96%                | 9.99%                |
| Class ID C000056928 | 16.80%               | 4.83%                | 9.92%                |
| Class ID C000056931 | 16.90%               | 4.92%                | 9.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-360447.41              | $5646904.26                                |
| Month 2  | $-687464.63              | $2410462.27                                |
| Month 3  | $-92258.79               | $3981496.74                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| By-health Co Ltd                                     | By-health Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    195688 | NS      | $669572.87    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGi Green Energy Technology Co Ltd                 | LONGi Green Energy Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |    189788 | NS      | $1360864.94   | 2.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd               | Contemporary Amperex Technology Co Ltd                     | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     27179 | NS      | $1885817.15   | 4.03%             |  |  |  | No            |                  2 | On Loan: No      |
| G3 Exploration Ltd                                   | G3 Exploration Ltd                                         | CUSIP: 000000000<br>LEI: 213800DGQQW9OKOAAC20 | Long             | EC               | CORP              | KY        |     53000 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kweichow Moutai Co Ltd                               | Kweichow Moutai Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     13763 | NS      | $3774461.87   | 8.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuliangye Yibin Co Ltd                               | Wuliangye Yibin Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     29937 | NS      | $931801.80    | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                  | Shenzhen Inovance Technology Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     62489 | NS      | $661403.52    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd                 | China International Capital Corp Ltd                       | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    100600 | NS      | $597127.83    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                          | China Merchants Bank Co Ltd                                | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    360332 | NS      | $2209319.32   | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd                        | NAURA Technology Group Co Ltd                              | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |      7500 | NS      | $261876.45    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Conch Cement Co Ltd                            | Anhui Conch Cement Co Ltd                                  | CUSIP: 000000000<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |    121356 | NS      | $529979.84    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                                   | Midea Group Co Ltd                                         | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    186942 | NS      | $1534588.63   | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd               | Jiangsu Hengrui Pharmaceuticals Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    108855 | NS      | $682092.74    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Yonyou Network Technology Co Ltd                     | Yonyou Network Technology Co Ltd                           | CUSIP: 000000000<br>LEI: 30030017NBX3U80ANB35 | Long             | EC               | CORP              | CN        |    214299 | NS      | $780793.28    | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd               | China Tourism Group Duty Free Corp Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     49795 | NS      | $1577137.10   | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Bank Co Ltd                                  | Ping An Bank Co Ltd                                        | CUSIP: 000000000<br>LEI: 549300W9MKNIVWXFM679 | Long             | EC               | CORP              | CN        |    432500 | NS      | $964302.48    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co Ltd          | Inner Mongolia Yili Industrial Group Co Ltd                | CUSIP: 000000000<br>LEI: 3003002Q2A863JPQFH06 | Long             | EC               | CORP              | CN        |    197700 | NS      | $955502.87    | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| China Vanke Co Ltd                                   | China Vanke Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900E66UJ2DWY7KW55 | Long             | EC               | CORP              | CN        |    309673 | NS      | $840036.42    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd                          | Sungrow Power Supply Co Ltd                                | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     44978 | NS      | $871076.32    | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangzhou Baiyun International Airport Co Ltd        | Guangzhou Baiyun International Airport Co Ltd              | CUSIP: 000000000<br>LEI: 300300HCH80SKW83W383 | Long             | EC               | CORP              | CN        |    200400 | NS      | $415904.62    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Aier Eye Hospital Group Co Ltd                       | Aier Eye Hospital Group Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    280111 | NS      | $1368507.93   | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Luxshare Precision Industry Co Ltd                   | Luxshare Precision Industry Co Ltd                         | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |    195370 | NS      | $946393.71    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                    | Fuyao Glass Industry Group Co Ltd                          | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |    216741 | NS      | $1256397.72   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd                               | Proya Cosmetics Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     36567 | NS      | $895118.60    | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxscend Microelectronics Co Ltd                     | Maxscend Microelectronics Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     28380 | NS      | $565429.36    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ningbo Co Ltd                                | Bank of Ningbo Co Ltd                                      | CUSIP: 000000000<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |    276416 | NS      | $1347116.07   | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                  | Hangzhou Tigermed Consulting Co Ltd                        | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |     58367 | NS      | $1009280.34   | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                               | NARI Technology Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    180052 | NS      | $705765.38    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Wanhua Chemical Group Co Ltd                         | Wanhua Chemical Group Co Ltd                               | CUSIP: 000000000<br>LEI: 3003002H0G2KDG6CR124 | Long             | EC               | CORP              | CN        |     53917 | NS      | $773761.61    | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Hangzhou Tigermed Consulting Co Ltd                  | Hangzhou Tigermed Consulting Co Ltd                        | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |     14800 | NS      | $194141.52    | 0.42%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | KraneShares Bosera MSCI China A 50 Connect Index ETF       | CUSIP: 500767405<br>LEI: 549300COS8LSFBN8GG59 | Long             | EC               | RF                | US        |     31521 | NS      | $902446.23    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Chacha Food Co Ltd                                   | Chacha Food Co Ltd                                         | CUSIP: 000000000<br>LEI: 300300AJZ9YPIRBJZN87 | Long             | EC               | CORP              | CN        |     83100 | NS      | $562428.85    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Foshan Haitian Flavouring & Food Co Ltd              | Foshan Haitian Flavouring & Food Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     96193 | NS      | $1133646.71   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free Corp Ltd               | China Tourism Group Duty Free Corp Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     12300 | NS      | $376878.62    | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Glodon Co Ltd                                        | Glodon Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    154289 | NS      | $1497094.51   | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Venustech Group Inc                                  | Venustech Group Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    184500 | NS      | $816914.48    | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Hundsun Technologies Inc                             | Hundsun Technologies Inc                                   | CUSIP: 000000000<br>LEI: 3003003LS77D1DRDDE25 | Long             | EC               | CORP              | CN        |    144795 | NS      | $1015574.20   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Centre Testing International Group Co Ltd            | Centre Testing International Group Co Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    445188 | NS      | $1568249.82   | 3.35%             |  |  |  | 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        |   2474815 | NS      | $2474815.34   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai M&G Stationery Inc                          | Shanghai M&G Stationery Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    117280 | NS      | $933908.26    | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai International Airport Co Ltd                | Shanghai International Airport Co Ltd                      | CUSIP: 000000000<br>LEI: 3003000CIJ7O6AOQF345 | Long             | EC               | CORP              | CN        |     32910 | NS      | $295738.89    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Micro Corp                                        | SG Micro Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     14410 | NS      | $381466.47    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd                 | China International Capital Corp Ltd                       | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    270400 | NS      | $604242.92    | 1.29%             |  |  |  | Yes           |                  2 | 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        |     32810 | NS      | $1622589.56   | 3.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd              | Ping An Insurance Group Co of China Ltd                    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    201037 | NS      | $1524432.82   | 3.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Energy New Material Co Ltd                    | Yunnan Energy New Material Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     24020 | NS      | $557939.69    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** abrdn Funds

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer